#267 – The Path to $3M in 3 Years as a Solopreneur with Justin Welsh
Feb 8, 2023
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Justin Welsh, a successful solopreneur, shares how he scaled his businesses to $3M in just three years. He discusses the importance of setting ambitious goals while maintaining work-life balance. Justin dives into leveraging social media, especially LinkedIn, for engagement and trust-building without aggressive sales tactics. He reflects on his journey from corporate burnout to thriving in autonomy, emphasizing the need for consistent brand storytelling and crafting memorable content to foster customer loyalty in a digital landscape.
Building trust and credibility on social media platforms, such as LinkedIn, through consistent valuable content and engagement.
Transitioning from burnout in an executive job to self-employment by strategically utilizing LinkedIn and creating knowledge-based products.
Adopting a customer-centric approach with affordable pricing, exceptional value, and customer satisfaction to generate positive reviews and build a loyal customer base.
Deep dives
Building an Audience on Social Media
The speaker discusses how he successfully built an audience on social media platforms, particularly focusing on LinkedIn. He adopted a consistent and professional approach, providing a predictable emotional experience for his audience. By delivering valuable content and engaging with his followers every day, he gained trust, authority, and expertise in his niche. Rather than employing aggressive sales tactics, he focused on discovery and gradually deplatformed interested individuals, leading them to his website. He emphasized the importance of building trust before offering his affordable information products, ensuring that they exceed customer expectations and provide exceptional value.
Transitioning from Burnout to Self-Employment
The speaker shares his personal journey from experiencing burnout at his previous executive job to transitioning into self-employment. After seeking help and making significant positive changes in his lifestyle, he decided to leave his job and focus on building his own business. He strategically utilized LinkedIn as a platform to share his expertise and attract clients. By consistently providing valuable content and creating trust, he successfully generated consulting and advising opportunities. Eventually, he expanded into creating knowledge-based products, starting with a course on LinkedIn that he sold for $150. Through this experience, he recognized the importance of predictable emotional experiences and exceeding customer expectations.
Creating Value-Driven Information Products
The speaker emphasizes his customer-centric approach to creating and selling information products. Rather than adopting a drip-email campaign strategy, he focuses on delivering great value upfront and pricing his courses affordably. He aims to make his products accessible to a wide audience globally, using the concept of purchase power parity. By providing exceptional value in his courses and ensuring customers are pleasantly surprised by the quality of his content, he generates positive reviews and word-of-mouth recommendations. The speaker believes that by prioritizing value and customer satisfaction, he can build a loyal customer base and potentially upsell higher-priced products in the future.
Using social media to grow a consulting business
Justin Welsh discusses his journey of leveraging social media, particularly LinkedIn, to grow his consulting business. He emphasizes the importance of consistent content creation and experimentation to attract attention and generate leads. By sharing his knowledge and insights on LinkedIn, he was able to connect with CEOs and founders who were experiencing pain points that he could help solve. Through this process, he honed in on specific topics, like reaching doctors in healthcare sales, which resonated with his ideal customer profile and allowed him to charge premium rates for his consulting services.
Building a successful information product business
The podcast episode explores how Justin Welsh transitioned from consulting to creating and selling information products. He highlights the importance of offering affordable and specific solutions that address the needs of his target audience. By creating online courses and a subscription newsletter, he provides premium knowledge and guidance at accessible price points. Welsh shares his approach of constantly iterating, experimenting, and learning from his audience, which has resulted in consistent growth of his business. He also mentions his interest in trying new ventures in the future while continuing to prioritize time with his family.
Justin Welsh (@thejustinwelsh) talks setting a high bar for yourself, releasing products without knowing how to code, growing on social media (esp. LinkedIn), selling courses, dealing with burnout, and growing his solopreneur empire to $3M in 3 years with Courtland (@csallen) and Channing (@ChanningAllen).
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