The Best Wealth Creation Tip For ANY Entrepreneur
Do you have this essential asset baked into your business?
We all know that building a business isn’t easy, but the harshness of the climb becomes sobering when we realize that we have to build two businesses in order to make one work. This ends up being a blessing in the long-run (I’ll explain why in a little bit), but let’s first break down what I mean by this.
1) Your first business focuses on the gargantuan task of creating buzz and audience-building so that you cultivate potential customers. You want this audience to be big enough that it makes you about $20K in sales during your first go at it.
2) The second business is where you actually get to sell your product or service, and everything that goes into that effort.
Creating a thriving business around any product or service like dog leashes, consulting services, artisan chocolate, your SaaS product all require these two businesses in order to make the whole thing work.
The challenge? This first business is where most entrepreneurs struggle. This is where many pause, quit, pivot the wrong way, or ghost their own business because the strain gets overpowering.
In order to succeed at this first business, you need an audience-building plan that rallies your target customers around you. You can do this in various ways, but content marketing is usually the way to go. Here’s some guidance I put together on creating irresistible content.
This doesn’t have to always exist within the social media universe, it can also be a newsletter, writing on Medium, a podcast series, any place where someone can tune in consistently, counts (just make sure to get everyone’s email so that you can reach out when the time’s right).
Audience-building will take time, it will take you months or years if you are starting from 0. This is why so many of us are anxious to speed business #1 up — it really throws a wrench into things when this part isn’t activated or pumping new customers through the door consistently.
This is why someone like Kylie Jenner hits the ground running as soon as she opens her business’ doors — the first leg of her business was already built from being on a reality show for years. The second business was a breeze to launch as a result.
For all of us initially, seeing this audience-building summit ahead of us will feel dreadful. There will be a lot of sweat, hard work, and frustration. Many of us will stop here and move on to something else. Sometimes it’s this first business that helps you realize that you don’t love what you’re selling enough to make the necessary sacrifices. Which is valid — take this realization as a blessing, it’s time to move on.
For those who stick with this first business and keep going, it’s wise to keep at it if you’ve got a good thing going. You’ll want to hold on to this first business so that you can use it as a first business for the next thing you start up.
Want to write a book? Start an online course? Create a different business in the same industry? Or a different business that speaks to your existing audience? Leverage your first business to fund many second businesses.
If you’re in the thick of building business #1, use this as a North Star to inspire you to keep going. You’re not just building business #1 for your current business, you’re also building an asset for the next, next, and next second business.
Stop looking at your audience-building efforts (all that marketing and promotion stuff that’s a ton of work) as a slog that’s a necessary evil to sell your product. Look at it instead as a smart asset-building opportunity that’ll lead you to more wealth in the future.