5 commandments for starting your first business.
Index:
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Hello, World!
Good Morning!
1) How to determine what business to start or how to make money besides a job. This includes freelancing.
2) Lots of noise, find something that suits your Unfair Advantage and natural inclinations and just go for it.
3) I do YouTube because I can communicate complex ideas in a way that makes sense and is applicable. My mind can see realities that others cannot.
4) A fantastic way to know if something that you’re thinking of doing is viable, is if it abides by the 5 Fastlane Commandments. These are sourced from deep within the hard-hitting and ruthless realms of M J Demarco’s book, “The Millionaire Fastlane”.
5) They are CENTS: Control, Entry, Need, Time, Scale. An extra one is magnitude, but that’s not necessary.
6) Control is having control over how many leads you generate, how many impressions you make, how much profit you take, whether your business advertising is existent or not, and other stuff. Does YouTube abide by these?
7) Entry is the difficulty in which new businesses can come in and compete with your business. Things like freelancing actually have very low entry requirements. In a way, people can easily start YouTube channels, but it’s hard to get right because there’s a lot to learn. Could be researching, writing, scripting, communications + body language, video-recording, camera angles, lighting, editing, marketing, data analytics.
8) Need is how much people need your product. Even if your thing solves a problem, how big of a problem is it? How easy will it be to make your business stand out in a way that makes people think that they need it? This is partly about marketing and perception to be honest.
9) Time is whether your business type and model comes with opportunities to either liquidate to a new owner, or to have other people or even robots do most of the work for you. I can delegate tasks to others for YouTube, pretty much everything but recording the video.
10) Scale is the ability to get your business or product in front of people’s eyes from all over the country, or even from all over the world. YouTube abides by this heavily.
11) Magnitude is the ability your business has to get high customer Life-Time-Value (LTV). This could be the viability of increasing your prices, offering valid bundles, charging a high price to begin with, or whatever. I can do this easily with memberships on YouTube, and then the Peaky Empire, and then anything else I want.
12) So basically, think of what your Unfair Advantage is, like from the other Day. Then think about whatever you’ve ALREADY seen or heard of or can think of as common sense to be a business. Then brainstorm what you could best pull off. Then compare which of those most healthily abide by the 5 Fastlane Commandments. Do that thing.
13) Join the Peaky Pines Email Community!
Would you start a business?
Now I dare you… to Become a New Person in 30 Days.
