In this episode, #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham talks about the concept of leveraging and scaling a Thoughtpreneur business which is about sharing knowledge and ideas in the marketplace to have an impact and make money while doing it.
The Practice Spectrum
It determines the level of involvement/process and access to intellectual property that you have. Your expert business might fall in one or more of these categories:
- 1 to 1: You share your packaged thoughts on a singular basis as a coach or a trainer.
- 1 to Many: You have a bit more process when you deliver 1 to many in the form of live events or webinars.
- 1 to Few: You deliver in small groups and they have more access to the knowledge.
- Many to Many: Train people to do what you do; certify and license them to deliver your expertise.
Scaling & Leveraging a Practice
Models
- Time: A traditional model where we sell our limited hours for financial returns.
- Product: To get over time limitations, you take what you know and create a product out of it to package and sell.
- Hybrid: When you give a bit of your time as well as products, the model becomes hybrid.
- License: After systematizing your knowledge, teach it to someone and give them the license to use the package.
Scale
Scaling grows your revenue but it also increases the expenses. Here are the things that you can scale:
- Marketing: Putting in automated funnels of connection with the market will allow you to scale your marketing process.
- System: You can create a systematized framework which someone else can use and they can do the work that you are doing.
- Duplication: Create guides and online programs that duplicates the experience without the need to deliver them repeatedly.
- Licensing: Create a certification so that you can license your intellectual.
Leverage
Leveraging will help you to deliver better, faster and in more ways. The things that you can leverage are:
- Time: Instead of doing 1 on 1 switch to 1 to few or many.
- Products: Create jump start products that gets people in the process.
- Groups: This is when you deliver in groups that can be of different sizes.
- Licensing: After having a well-developed portfolio of intellectual property, license it.
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ABOUT MEL ABRAHAM
Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he hel
Building Your Money Machine