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This video is from FastWebFormula3
Is your business structured for growth?
Transcription:
Okay, next up we’ve got saleable. Can you sell it? As I’ve mentioned, I’ve built trademark domains that I can’t sell. I’ve built businesses that no one will want to buy. And this really is one of the rules of my businesses now. I don’t start something unless I can sell it. If I’m going to commit energy and time to something, I want a repeat leveraged payoff. That’s worth writing down because it’s one of my guiding rules. Can I get a repeat leveraged payoff or can I just sell this to someone who’ll see a huge amount of value in it and therefore, I get paid for all that future earnings and I can leave it when I’m not passionate about it anymore and move on?
Deal with the legal aspects
Continuing on, and this is good if you’re starting out. Make sure you consider your legal and your tax implications. Get the right structure before you go and register stuff. I’ve had to change things. I’ve had to set up. We have a number of trusts and proprietary limiteds, even in different countries now. I can tell you, the further you get down the business track, the harder it is to move things around. For me to log in and move 2000 domain names is a big exercise. So try and think about it in advance, because that’s really smart to do. And I would suggest you go and see a tax specialist and a law specialist and make sure that you’re protecting yourself from someone taking all your money. That’s the whole point. You want to keep it, so don’t let someone sue you for it. Don’t let someone make a claim on it. And make sure that it’s not all just going straight back out the other end.
Mapping out your business
Here’s a little map that I made of the ideal dealership. I sit there and draw it out, and actually think about the system. When someone comes in the front door, we’re like a marble run and they’d go through the various sequences of the coffee shop, the display, the test drive, the valuation and then they’d pop out the other end with the sales order. You can do this with your business. I used to do it with my websites, so what we’re talking about here is what sort of strategy have you got? What’s the plan? What does it look like? You should map it out. Firstly with design, put some effort into design. I’ve really increased the designs on all the things I do now. We have design and the design actually increases the perceived value. Little tiny things like the aspect of your videos. The attention to detail will create a perception about the value of your product. The name of it, the style of it, pay a designer to do it. I think the days of cheap ugly websites being profitable is finished.
Choosing the business model
In business model, we’re going to cover a stack of business models this weekend, so choose a business model that suits your lifestyle and your passion, and that you’re reasonably proficient in. That could be a local business marketing which we’ll cover with Kyle. It could be domaining which we’re going to hear about today with Simon Johnson. It could be building portals which we’ll find out from Leanne. It could just be being an expert authority like Ed Dale. Whatever your business model is, stick to it, get good at it and this is something that’s often overlooked. People look at my business and they think, “Gosh! James you’ve got like 10 different profitable businesses,” and then they go and try to copy it all and that would be a mistake. Firstly, it’s hard for me to keep up with. Secondly, I’ve been at this for six and a half years.
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