A business that stops growing will fail. Build multiple revenue streams: physical stores, online sales, wholesale, dropshipping, social media ads, direct mail, training programs, commission-based vendors. Review your growth strategy every three years and watch for new customer segments.
Chapters
Hey, my friend. I know you are doing so, so, so well. We are dealing with, you know, how to really, really get in business and face any obstacle, you know, be able to navigate it when a problem occurs. Not only that, but you know, how do you really, really, really get in business and not plateau? The truth is that it doesn't matter how great is your business plan. It doesn't matter how where you plan your business. Everything grows, right? Everything grows. And whatever is not growing will never stay constant. If a thing doesn't grow, it dies. So, if your business is not growing, your business will die. You'll be out of business. In other words, if you're in a business and you are selling rice, and you sell, you know, you start your business last year, you sell 100 bags of rice per week. And a year later, you are still selling $100 a week, trust me, you'll go out of business. You'll go out of business. So, we are dealing with a different way. I mean, what really, really causes people to go out of business? You know, what causes business to die, you know, when they hit that bump? Either if it's an obstacle or just plateau the business or— You know, just structure the business where it's not growing, right? So, the point number 10, 10 ways to pivot, will be actually the engine of growth. The engine of growth. Believe it or not, whatever strategy you have to grow your business, you must revisit that every, every 3 years. 3 years. I would say to revisit every year. Matter of fact, I check and retweet my process almost like every month just to get a feeling. You don't want to wait until, you know, you get where the competitor has actually snagged all clients. Remember your population growth. Kids today, kids that were 16, I mean 17, next year they will be 18. How many— I mean, million people will be 18. So, if you're not prepared to target this new market, you may go down. So, one of the ways is to make sure you develop a different engine of growth. Now, how could you develop this engine of growth? There's so many ways today. And I think I talked about that briefly. On the last previous section, let's say this is your business and then you do conventional sale. That means you have a shop. When you sell, that's the only channel to actually— that's how you make money, that's how you grow your business. So you just do everything from the shop, right? You do everything from your shop. Now If you start an online store, the online store, that's going to be another channel. So let's call this channel number one, and then channel number two. That's another channel. Let's say you start selling. You know, you you start even though you start here and you were doing. Only, uh, um, you were selling directly to consumer. Now if you add a wholesale on that and do the same thing wholesale online, that means either dropship if you don't have a capital to stock. That means you take the order, collect the payment, and then the wholesaler deliver for you. That's another channel again. Or we can We can call that a combination of the channel 1, 2, or, and 3. So we have a regular shop, you have an online, online shop, you have a wholesale that is going to close all days. Um, what else could you do? You can do training. You can develop a training system to teach people exactly what you are doing. We are talking about increase your engine of growth. You probably have just one mechanism to grow, but add this one and that one. If this one was give you 100% on your first year, 100% growth first year, you depend totally on the first initial growth. That means direct sales from your shop. The second year, you take 10% on this. Start selling online. But, you know, do a Facebook ad to present your product before your client. Do a YouTube ad to present your product before your client. Do a, you know, Instagram. Start promoting on Instagram. Because the goal is to move from a shop, single shop that people can come to, to different other channels to release your product before your client. Based on your service and actually, or product that you are offering, you can develop way more channels. You, like I said, you can do dropship. You can do dropship. You can do a wholesale. You can sell online. You can do dropship. You can do wholesale. You can sell on Facebook. You can sell on Instagram. You can tag a client. You can do a direct mail. That means just purchase people address in your neighborhood. I mean, in your city. Let me just call that DM, direct mail. That's number 4. And you can create a group on Facebook. Even just on Facebook alone, you can develop make more mechanism. The point for this lesson is think about the engine of growth. And remember, you probably start your business with one or only. And you function with it for some time, and maybe you want to do more. The goal here is to develop other engines of growth. It doesn't matter how many. Maybe it's also to recruit outside vendors that will be selling on commission. Go from your shop and add outside vendors, right? That will be commission-based. They can come in. Promote, bring client, and get paid. My point here is I want you to be able to develop multiple engines of growth. Go from a single shop, or if your business was just a single website, and come up with other ways to present your product or service in front of the customer. If you do this, you save yourself from from crisis because you anticipate the growth. Even if it's just 3% market cap that you can take from with other product, you'll continue growth. And then you'll be able to deal with any crisis within the business. Now, I want you to share with me, what are you putting in place now to really, really grow your machine, grow your business? you know, the way you are placing your product or service before the client? Go ahead and put it in the chat room, and I'll see you tomorrow.
