In the latest “Listener Question of the Week,” James and Phoebe answer an infamous question. If you had to start all over again, what would you do first?
James notes that when you’re just starting out and having a smaller business, you can make adjustments much quicker and easier than when you are larger. When you’re lean, you have the advantage of your time, along with possibilities that come with it.
You need to start first with your goals and intentions. Think about what you want for yourself 5 to 10 years in the future.
“Start to form the vision of the company and the lifestyle that you want”
It’s important to remember that you don’t need to do everything all at once, and you can take “baby steps” to get to where you’re going.
“I always look back on all these experiences I’ve had in my life that led me to this point”
Next, you need to know who your customer is and what problem he or she is facing. If you want to make more money, then solve bigger problems.
James adds that you have to describe the problem in the customer’s terms, then sell them your biggest asset: your time. This could be through coaching or consulting, or some other service.
Phoebe shares that once you learn how to do a service, you can offer your service for free to them. James says this will create a case study and experience that you can test and prove.
“If you’re not willing to do that, then you shouldn’t start a business”
If he were starting over, James would first reach out to online authorities and make them a video, asking to do the same for each of them. He would then market them and manage their YouTube channels. He would invest the money he made from this venture into a studio that local businesses could use, and start hosting workshops, offer online courses and boot camps. By doing all of these steps, without having the advantage of his previous name or brand, he feels he could generate $100,000 in revenue in only 6 to 8 months.
Phoebe sees many people not planning for the long-term and are skipping steps to try to get to 6-figures in their business as soon as possible.
James believes people replace passion with fear, and often get distracted when comparing themselves with others.
Phoebe wishes she had her mindset straight when she started her latest business.
“I wish I had that confidence to just go for everything”
James masked his fear with logic, and if he could go back in time, he would embrace that fear and realize that everything we do is going to come with that feeling of uncertainty.
He would raise his prices in order to work with more extraordinary people, and to solve bigger problems. He would also learn lessons sooner!
“Not believing in myself really held me back for a long time”
Submit Your Question!
“The E-Myth Revisited” by Micheal E. Gerber