MBA937 3 Business Rules You Should Never Break + Free Ride Friday!

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Hey, welcome to the $100 MBA show, the business podcast that gives it to you straight to make sure that you make the most out of your business without wasting any time with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenh. I'm also the co founder of the $100 MBA, a complete business training and community online over at 100mba.net. And in today's episode you will learn the three business rules you should never break. These are the three golden rules in my book that you need to make sure that you abide by. If you break these rules, you're asking for trouble. I cannot see a business succeed if you Break these rules. We're going to go through each rule and show you how to make sure you don't break them, even accidentally. These are the three things you cannot ignore. You need to make sure that it is in sight, in mind at all times. Your business depends on it. So, so important. So let's get into it. Let's get down to business. Business rules you should never, ever, ever break. These are the tenants. These are the basics. These are the pillars. You break these, the whole house comes down. Some of these are not going to seem so obvious, but for those who have been in business for some time, I will get it. They'll be like, yes, this is so true. I overlooked this in the past and it cost me big time. By making sure you don't break these rules, you're gonna save a ton of money, a ton of time, a lot of headaches. It's gonna fast forward you and put you ahead of a lot of people. So let's begin with business rule number one, that you should never break, and that's no audience equals no business. You need to make sure that this rule is like a fact in your head, like the sky is blue or you live on earth. You need to know this for a fact. Now, what do I mean by no audience equals no business? Any business in the world needs an audience, needs somebody to speak to, somebody to pay attention, somebody to say, hey, that's something I need. I'm interested in buying that. You gotta get in front of people. And most businesses struggle because they do not have an audience. I'll be honest with you, when I started the $100 MBA the program, it didn't get a lot of traction until I launched the podcast. Because I started to focus on building an audience. I had a small email list and it wasn't enough for me to get enough traction to be sustainable. So I really buckled down and stopped everything I was doing to make sure I don't break this rule that I grow my audience. Now, for most startups, for most businesses, small businesses, people that are not multi millionaires or have crazy amounts of money in investment, they need to build great content in order for them to have an audience. Whether it's a YouTube channel, a podcast, a great blog, you create great ebooks or full length tutorials to attract people to you, to build that audience and grow your email list and you know the rest. Now if you're a company or an organization like Apple or Tesla or Amazon or the National Basketball association, how do you get your audience? Well, they have tons of Money. And they need an audience. They know that. So what they do is they use that money to. To market. They market the hell out of it so they can get people to know who they are with billboards and commercials and merchandise and all this other stuff to market their brand. They know they can't break that rule. They need to get people interested in what they have to offer. Now they just do it by just throwing money at the problem. Now all of us have that luxury of just throwing money at the problem to make people understand who we are and to build that audience. Instead, we need to put in some sweat equity. We need to really put in some work to build great content to be able to attract people to us. We need to grow our community. We need to, you know, leverage social media. We need to leverage using webinars. Whatever it is, whatever your superpower is, you need to be able to build your audience and grow your email list and grow your audience. Without an audience, if you don't have anybody to talk to, you have nobody to sell to. That's just the facts. So I highly recommend you work on building your audience with or you will have no business. Remember, no audience equals no business. That's the rule. Don't break it. Business rule number two, if the value you offer in your product is less than you charge, you will lose. So your value needs to be more than your price. That's when people buy. When you say, hey, this is such a good value that I'm getting more out of this than what I'm about to pay. Why do people buy anything? They buy an iPhone, if they buy a new computer, they buy a new car. If they go out for a meal, why do they actually put out their money and actually pay for it? They say, hey, whatever I'm getting, it's worth more than what I'm going to spend very hard to get that perfect exchange where it's like exactly the same value as money. Usually you have to deliver more value than what you're actually charging. And I mentioned eating out, I mentioned a restaurant. So there's a great Egyptian restaurant we love that's close by to us called Cairo. Now, this is not an expensive place by any means, but it's not the cheapest place either. It's not McDonald's prices, right? But Nicole and I can have a meal together for roughly around $50. Appetizer, main and a drink, so around $50. I'm going to get this meal. Now, it's not just the food I'm getting, it's just Also, the experience, the atmosphere, the fact that I'm going out and having dinner, fact that we don't have to clean up after dinner, all that stuff factors in the value. So when I think about it, fact, $50 is easy to part with if I'm going to get that in exchange. Great food, great atmosphere, a great experience. And in a lot of ways, I can't think of a better way to spend $50. So take a look at your product or your service. Are you delivering more value than you're charging? Let's take my software, Webinar Ninja, for example. Our lowest monthly plan is at $49 a month. So they can run as many live webinars or automated webinars for $49 a month with Webinar Ninja. So how can I qualify that? Well, what are you paying for really, when you run webinars or you do webinars? One, you're paying so you can get leads. Get people on your email list that are interested in what you have to offer. Two is to cultivate some sort of sales process so you can be able to sell your product and service on the webinar. Let's just take a look at the leads. How much would you spend to get some leads off Facebook if you did Facebook ads, somewhere between five and ten dollars per lead. It depends on the niche, all that kind of stuff. So if you offered a webinar on your website, said, hey, I'm running a webinar. Click this link to register, and you got five to 10 people to register, not attend your webinar, but just to register to your webinar. It would be worth it because it would be more than what you would spend. The value would be more than what you would spend on an ad. Now, you haven't even done the webinar yet. Now imagine you ran the webinar and you made just one sale on the webinar. A lot of people like 20, 30, 50, 60, 80 sales on a webinar, easily. But let's just say you made one sale and your product is worth $100. You just made 100% return on investment by just running one webinar. Now imagine if you ran two webinars or three webinars that month. So you just got $100 in value as well as another $100 in value of getting $100 worth of leads. So they got like a 400% return on paying $49. So yes, that's a good example of showing how I'm giving more value than they're actually paying for. So you need to break this down because rule you're not going to make the sales you need be sustainable. People are going to question if it's really worth it. And it doesn't mean you price your product slow. You just make sure the value is more than the price. I mean, look at Apple's iPhone X. It's $1,000 before taxes and that's the base model. Starts at $1,000. But did you know the iPhone X sold more iPhones than ever before? More than the previous year, Even though it's the most expensive iPhone yet. But because they were able to show you how it's more valuable than $1,000. You get the point. Do not break this rule or you're going to be asking for trouble. Make sure your value is exceeding the price you're charging.

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The third rule you should never break in business is it's a lot easier to cultivate and serve a customer you have than to always bring in new customers. This is a big oversight that a lot of people don't think about. They think once they make the sale of the customer, they kind of just forget about them. I highly recommend you check out Kevin Kelly's article A Thousand True Fans. If you just Google A Thousand True Fans, it's going to be at the top of the list and it's all about all you need is a thousand solid customers and you are golden. You have a great business on your hands. So if you have any number of customers, let's say for example, you have 20 customers, don't take that for granted. You need to make sure that they're happy and they want to continue to buy from you regardless if you have a SaaS model business where there's a reoccurring membership or, or if it's a one time buy like you have a retail store. But if somebody loves your product, they're going to buy it again and again and again and they want to buy it from you. So make sure that they're happy. Make sure that you're giving them a great experience every single time. Because these are your biggest fans. They're the ones that are going to tell other people about you. The ones are going to market for you for free. They're the ones who are going to buy from you and gift your product to other people. So make sure you take care of these people. If you have a thousand customers, it's a lot easier to make them happy and to maintain their happiness rather than trying to get a thousand customers every year or every month. It's a lot of work, it's a lot of money. I mentioned iPhones earlier, but Apple has a great statistic where it's 69% of all their sales come from somebody who has an Apple product already. Think how powerful that is. Nearly 70% of all the sales they make, all the money they make are from people who already have something from Apple. They've already experienced something from Apple. They're happy with the product, with the service, and therefore they buy something again. So focus on the customers you have. Obviously if you're starting new, you need new customers, right? You need some customers to start with. As you're trying to acquire new customers, make sure you focus on the ones you have and you make sure you treat them right. This has a lot to do with lowering your churn. We talked about that with the guest lesson we have earlier this Monday with Stefan Priddy. So capitalize on the fact that you already have customers. Make sure they keep buying. Make sure they remain customers. And as you bring in new customers, do the same with them. Do the same with them. Let me give you a quick equation to really drill this home. Let's say, for example, Your business makes $10,000 a month and you're really growing in sales. Let's say, for example, you're growing at 10% every month. That's tremendous. Let's say, for example, 15% of your customers every month decide not to buy again. Now, it doesn't seem like a whole lot. 15% and you got to deal with some churn. Even though your Sales numbers are 10% increasing every month and you're doing a great job bring bringing in new customers, you're leaking on the back end. In fact, what's happening is you're losing 5% every month. You get 10% of new customers, but you're losing 15%. So the best way to stop the bleeding and really make money is to lower that churn. Make sure that 15% goes to 10, down to 8, down to 7, down to 5, as low as possible. And then you're really going to be making some profits in the long run. Alright guys, that wraps up today's lesson three golden rules. The three rules you should never break in business. Number one, no audience equals no business. Number two, your value has to be more than what you charge for your product or service. And number three, it's a lot better to make your current customers happy while you bring in new customers than just focusing on new customers. Thank you so much for listening to the 100 MBA show. But today's episode is not over because it's free ride Friday. I got to see who won this week's free ride to easy course. Every Friday we give away a lifetime membership to one of our courses, one of our programs. All you gotta do is leave us an itunes rating and review and you enter our weekly random draw. Let's see who won this week's free ride. And the winner is. Justin dk. Justin DK says awesomeness. Five stars. Great podcast. Love the bite sized nuggets. This podcast is a total keeper. Omar rocks. Well, thank you Justin for those awesome words and for your rating and review on itunes. And you are a winner. Congratulations. Just email me at omar100nba.net so we can hook you up with that lifetime membership to Ezcores, a $500 value. Guys, if you're listening, you can win too. Just leave us an itunes rating and review. We do a weekly random draw every Friday, so get your review in. It takes two minutes. And then tune in every Friday to see who won. Alright, that's it for me today guys. But before I go, I want to leave you with this. Sometimes we get busy in the doing. We just get to work. We build, we try to sell. We try to make it happen every single day. And we forget what really matters. And that's why I wanted to do today's episode. Remember these rules. Make sure you don't break them because sometimes we get caught up in everything in the day to day and we don't realize what really is important in our business. So if it helps, put this on a post it note, put it on a monitor, put it on the wall next to you when you work so you don't forget these three rules. All right. I'll check you in Monday's episode, a must read episode where I share with you a book I really enjoyed that helped me and influenced me and this book is Born to Run by Bruce Springsteen, his autobiography. This book was full of surprises. I can't wait to share it with you. I'll check you then. Take care.

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