Why Reinvent The Wheel...
Published: Wed, 06/09/21
entrepreneurs come and go.
A small percentage came onto the scene, tried a business model, and
thrived.
The vast majority, sadly, tried, failed, and went back to jobs that they
hated, or simply faded into obscurity.
I actually wish that I could tell you what the real big difference was,
but I'd just be offering my OPINION... and "everybody has an opinion"...
right?
I will say that I consider myself fairly successful, and I'll attribute
that to traits drilled into me by my military background, and also to
my simply being too pig-headed to EVER consider giving up!
Today, I'm a fairly rare, lucky individual in that I not only have a
military pension, a social security pension, "savings"... but also my
fairly substantial online "empire" that I slowly but steadily built
over the past 25 or so years!
While I live my business life largely in the online world, I am firmly
grounded in the larger business world... and today I find myself asking
what are common success principles in both worlds.
One answer that jumps out at me is that it's often FAR EASIER and
wiser to buy an existing, already successful, business than it is to
build your own from scratch... especially if you can purchase that
existing business at a substantial discount.
In fact, numerous times I've considered purchasing brick and mortar
businesses... ones that are proven profitable and readily available.
One of the phenomenon that is occurring is that you have a lot of "old"
people ready to retire from family businesses that they built from the
ground up. They look forward to having their children take the helm.
SADLY, a lot of the younger generation have absolutely no desire to
take over the family businesses. That often forces the ready-to-retire
owners to liquidate... selling their businesses at a discount to
"investors."
I don't see that as much in the online world of the solopreneur,
but I DO from time to time get people approach me... asking for help
in finding buyers.
What I DO see a lot in the online world is far too many people
insisting upon building a business from scratch when there is often
a much faster, easier solution.
That solution is akin to the offline franchise model, but it's much
cheaper, simpler and less risky.
That model is to license someone else's product, marketing it with
proven marketing materials, to a hungry market.
I often make no secret of the fact that I LOVE membership sites, and
than I have a number of them.
I currently have about 20 :-)
Here's the key though...
I have these site that offer me either monthly recurring income, or
that offer me recurring income using some other model. One of those
other models is known as the "Freemium" model. That model is where
you offer one level of membership that is absolutely free, but then
offers upsells and backend products that pay on those sales.
The Freemium model is very effective because it allows you to
build a database of members, provide real value in their lives,
and then when they need your offered upsells or backend products,
you are a natural choice to purchase from.
The key is to provide REAL value, and build a real RELATIONSHIP,
with your customers BEFORE asking them to buy ANYTHING from
you, and then when they see things that they need, they naturally turn
to you.
… that key for me is to have someone else do the “work”...
Getting back to the point of not reinventing the wheel, the best
membership sites are those that you can "franchise" or "license"
with someone else providing a proven system, and ideally even all
of the content and support.
Does such a creature exist?
Of course... anything that the market wants exists if you just know
the right place to look... or have the right connections.
I'll show you a quick example of 10 membership sites that I
currently own, and that you can too. These sites all use the
Freemium model... but give you the option of even charging for the
frontend memberships.
Take a look at this:
===>>> http://OneLittlePush.com
I'll give you time to study the model, and in a follow-up email in a
day or two, I'll show you an example... or two... of where I'm using
the second membership site model mentioned above.
For now, study the model, and let me know if you have any questions.
Just hit reply to ask questions, make observations, etc.
Thanks for listening.
Willie