03 Jun Be A Copy Cat!
For those of you in the beginning stages of creating a Cash Machine some of the best advice I can give you is to do your research and find a business model. Someone out there is doing the same thing or, at least, darn close. Doesn’t it make sense to learn how others are doing what you want to do?
When I teach people about modeling after a similar business we’re not just looking at the surface, we’re really digging in. What is their marketing system? How are they reaching out to their customers? What has worked for them? What hasn’t?
We also want to take a good hard look at general operations. What are their procedures for hiring? How small did they start? What was their rate of growth? What are the administration practices?
Do you see where I am going here?
Modeling your Cash Machine after a successful existing entity is smart business. Now I am by no means saying to completely rip off an idea or practice, but I am saying find out what works so you don’t make avoidable mistakes. When you look at a business plan process, the guessing is eliminated when you follow a model company.
Being unique with your Cash Machine is great but make sure you’re not so out there as to lose your audience. The idea here is to create wealth. It may not be the most exciting product or service in existence but if gets you in a cycle of wealth. You can start to take bigger risks later.
In addition, you want to be looking at how things are packaged. How does your model company offer its goods and services? Packaging is a huge part of creating a successful Cash Machine business. Even if your product or service is basic it’s imperative that you offer your customer some choices.
There’s an example I’ve used in my live Cash Machine Workshops for a window washing service. Window washing is pretty straight forward. Generally the pricing varies by the amount and size of the windows and most people would think that would be it — BUT there’s so much more you can be packaging along with this service. What if said window washer offered “green” cleaning products to the client? Or even in between window wipes for the customer? Seasonal window painting? That sure would bring in some extra cash! Offering discounted annual contracts would guarantee steady work. The ideas are endless once you get on the right track.
Creating a Cash Machine is not brain surgery folks. Don’t make it harder than it has to be. There’s hardly nothing new under the sun these days so find out who’s doing it right and also who has done it wrong. Learn from businesses doing what you want to do and don’t be shy talk to your competitors/future colleagues about their ups and downs.
Be creative and innovative but avoid trying to be too out there or unique. Once you’ve got your Cash Machine up and running and creating a profit you can be free to try new things. Follow what works and avoid practices that don’t.