Getting rich in your business requires just three simple things. Forget all that complicated MBA claptrap; if those business profs really knew what they were doing, why wouldn’t they be out there doing it instead of teaching?
Ditto for all those specialized business books crowding the shelves of the chain bookstores. It just breaks my heart whenever I go to the bookstore and see all that hogwash.
I’ve browsed thousands of those books, it seems, and they’re nothing but one frustration after another — because the people who write them tend to be either business professors who’ve never been in business for themselves, former CEOs of gigantic Fortune 1000 companies who don’t have the first clue about running a small business, or accountants who love to try to make business seem as complex and confusing as possible.
It breaks my heart to see this because I love being self-employed — and so many people are scared away from that possibility by all these baffling business books. So forget about them. In the real-life business world, you can make massive profits just by remembering these three things:
- Get enough people…
- … to consistently give you some of their money on a regular basis…
- … at a large enough profit per transaction.
Now, you do have to do a few other things, like managing your customers correctly. People aren’t going to do more business with you unless you treat them right, provide great service, and understand them at an intimate level.
Otherwise, these steps are all you have to worry about. They intertwine with excellent customer service anyway, so if you practice them well and consistently, you’re going to make all the money you want.
It’s simple when you get down to it, but don’t assume it’s easy. Business can be very frustrating, challenging, and confusing.
But at the end of the day, you’ll figure it out if you just keep going back to the basics. Just sell enough stuff to enough people enough times for enough profit, with maximum efficiency. Keep it simple.
Again, there are plenty of intricacies involved within these three steps. You definitely have to work hard to attract as many prospects as possible in the first place, and then winnow them down to a solid core of customers.
When you get right down to it, business is all about having exciting products or services to offer — whether it’s the best hamburger in town, or the best plumbing in the county, or any of hundreds of other things. You just want your products or services to be top-quality and unique, so you can be the one business in your industry that really stands out.
If you have a restaurant, include something special on the menu, something outrageous that people will talk about: a two-foot hoagie or a five pound burger, for example.
Do something that draws attention to you, because again, the key here is to get enough people to come in consistently, giving you their money at a nice profit.
You don’t need 300 pages worth of abstract theory to figure that out. Let’s be blunt here: most of those writers couldn’t care less about the business market anyway, especially small businesses.
They’re trying to appeal to the general public. Worse, most of the ideas they present aren’t easy to apply on a practical level, so oftentimes when you seek out information, you end up more frustrated than ever before.
Stop bothering. Boil it down to basics. Find or develop a simple formula that gets enough people to give you enough money during each transaction to make a nice profit. The same ideas that work on a small scale can be expanded to million-dollar industries if you play your cards right.
I’ve got the cover of a book about “business success secrets” hanging on my wall as a reminder of just how misleading these so-called “experts” are. It’s by a famous author who’s written a number of other business books — and there’s not one thing in there about marketing.
Nothing. Well, folks, marketing is everything. Your business is marketing: the process of constantly trying to attract and retain more of the very best clients or customers in your market. That’s it.
It makes me sad that so many people are being misled this way — that so many businesses are dying because they just don’t realize that marketing should be their #1 focus. Whenever business gets complicated, go back to that one basic reality and stay there until you get your head straight.