In this week’s episode of Freedom Fast Lane, Ryan Daniel Moran talks about the product creation process. At the start of a new business there can be confusion, so if you are wondering what direction to take your business, Ryan has some awesome solutions and strategies to implement. Whether you are a new or seasoned entrepreneur, you will get a lot out of this episode!
Key Lessons Learned:
Business Comes Down To Two Things
1) Having a product, and selling that product.
2) Having a way for people to give you money, and getting that message out into the market place.
Daily Activities Needed To Grow A Successful Business
1) Working on your product.
2) Working on your marketing.
- Much of the time we focus so much on the marketing but little on the product.
- The best marketing is having a great product that works well.
- Product and marketing need to be kept separate or have a strategic transition between the two.
Two Paths To Business
1) Cash flow.
2) Scalable business.
- There is often a confusion of goals, and if you aren’t clear about what you want your business to do for you, then you will listen to advice that will confuse you rather than serve you.
- Most new entrepreneurs want to build cash flow.
- Experienced entrepreneurs with existing cash flow want to look for scalable or ‘real or sellable’ businesses.
- Your product creation process always needs to match your goals.
The Cash Flow Approach
- Tim Ferris believes the number one way to cash flow is having a product.
- Find what is already selling, give the market what it wants, and sell it better.
- Look at channels where sales are already made, identifying where the markets opportunities are, and duplicate the process.
- It helps if you have one specific tweak that stands out in the market place and allows you to attract a certain segment of the market.
- If your goal is cash flow, then you don’t need to follow your passion.
- Remember, you can always find out who the manufacturer of any product is and get them to create an exact replica, put your logo on it, call it a ‘white label’ product, and sell it.
The Scalable Sellable Businesses Approach
- Every time you watch Shark Tank, you are looking at market disrupters who are following the scalable business model (which is hard to cash flow at the beginning).
- If you are looking for a scalable sellable business, don’t confuse the strategies with the cash flow approach.
- If you are creating something new, then you don’t really know if there is a market for it and if that is what people actually want.
- As a market disrupter your goal is to identify where there is a need in the market, fill the need, and market the solution to the target market.
- These types of businesses take longer to build and scale, but become bigger in the long run.
- Venture capitalists aren’t looking for cash flow businesses, they are buying market disrupters.
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Links to Resources Mentioned
2 click to tweet links (clicktotweet.com)