My mentor, Brian Tracy, has a new super popular seminar all about reinventing your current business model. It’s sold out years ahead of time. That’s not a mistake. See, while it might seem overwhelming and excessive, it’s imperative to examine your business model from a whole bunch of different angles! You’ve got to make sure that the business model you’re actually using – or attempting to use – is still the correct business model for YOU.
Listen, in today’s day and age, with the advent of social media, you’ll find dozens and dozens of competing business models to choose from. What’s even more insane is that all these pre-determined systems, if you will, cover 90% of the world’s businesses.
Here’s the catch: About 80% of them are wrong. Partially wrong or totally wrong. Meaning, you have to stand back and ask,“Is my business model the correct one?”
But how do you know?
Answer: if your sales and profitability continue to grow, it means you have the right business model. If you’re struggling hard, it means that the world has changed and you’ve gone down the wrong road.
And when you find that you’re fighting hard in your business with little to no positive results, then what?
Answer: you have to offer a product or service that is superior to anyone else offering a similar product or service.
This is because human beings are expedient. We’ll always choose the fastest and easiest way to get the things we want in the shortest period of time. If you’re going to offer a product, make sure it’s something that people want and care about. And, again, better than that of anyone else you’re competing with.
Case in point: Steve Jobs came up with the phone that’s in your pocket right now. The heads of both Nokia and Blackberry dismissed it as a toy. Five years later, both of those companies – who controlled half the world of cellular telephones – were gone because they didn’t realize their phones would no longer be superior.
That leads me to two questions you should ask yourself to determine whether or not your business model is working…
1) Does my product matter?
In terms of changing and improving lives in an important way.
2) Am I better – in some capacity – than anyone else who performs this service?
For example, have you ever had the experience of getting in your car, driving off to work, and about a mile into your trip you suddenly realize, “Oh my God. I left my phone at home!”
I’m guessing, you have. And, when that happens, you turn right back around, head home, and grab your phone!
That’s a product that matters to you.
If you ask,
- “What is the most superior smartphone in the world?”
- “Which company is the most profitable right now?“
- “What company sells the most?”
Apple, Apple, and Apple.
There’s an interesting statistic that came out recently. 500 million iPhone owners were asked, “Based on your experience with the iPhone, what are your plans for purchasing another iPhone in the future?” 90% said they were going to purchase another iPhone.
The following day, Warren Buffet bought $18 billion worth of shares in Apple!
So, while you might constantly be hearing people argue about Apple’s holding power and ability to stay relevant… remember that 90% of their customers are going to buy again as soon as a new iPhone hits the market.
That’s what matters. You must constantly ponder, “Does my product or service matter – improve lives in a significant way?”
We’re here to help people. In business and in life.
Look, this blog just scratches the surface of all the golden nuggets you’ll hear in my podcast with, in my humble opinion, the greatest mentor ever, Brian Tracy! You’ll find out:
- Why people commonly believe there is a shortcut to success.
- The key to success for self-made billionaires.
- What happens when you doubt your ability to follow through.
- How can you know when it is an appropriate time to give someone advice? What if they aren’t ready to hear your advice?
To listen to this life and business changing interview NOW, go to Build Your Tribe RIGHT HERE! You’re welcome in advance.