After a week of gleaning from podcast episodes, this is the best episode based on its takeaways.
The primary goal of PodcastTakeAways.com is to help listeners choose podcasts by providing information before they even listen to an episode. This will help them assess which one will provide them with maximized learning and enjoyment.
The Podcast Episode of the Week winner is:
Lifestyle Business Podcast EP129: Business Idea Smackdown
The Lifestyle Business Podcast and Tropical MBA hosted by Dan Andrews and Ian Schoen are often confused as two similar shows. In this episode, Dan and Ian finally made it clear that the two shows provide different line of contents to give podcast listeners a more diverse source of topics.
In the case of The Lifestyle Business podcast, Dan and Ian meet once a week to share business information, while “everything else under the sun” is discussed in the Tropical MBA Podcast.
Moving forward to today’s topic, Dan and Ian talked about the advantages of having multiple domains when you have a cohesive, solid, separate product. Having said this, The Dynamite Circle is a perfect example of a product that Dan and Ian have been working on.
For the rest of the episode, Dan and Ian combat against each other in giving the best ideas they have as they answer four challenge questions sent by the listeners of the show. The episode moves as the ring is set for a Business Idea Smackdown!
Here is what you’ll learn from this episode:
- When is it best to have different multiple domains?
- What to market and where to market?
ROUND I: “Give yourselves the exact same situation when you first started your business in terms of cash and situation concerns… Looking back at what you’ve already done, what would you do differently?”
- Pick markets that are big enough to keep my interest 5 years down the road.
- Know the difference between a niche and a market place.
- Construct a road map of your goals.
“When we first started, we never really planned on success.”
“Back then, it was easy to get discouraged and wonder when we’re going to get that money because we didn’t have anybody around us doing what we’re doing.”
- Have a clearer product rubric. Be more positive!
- Learning the strength of the information product business.
“What I’ve wished I would have done is to have a little bit more intent and design behind what I knew I was good at and I knew we could do.”
ROUND 2: “You have 5-10 thousand in the bank and no current income, with all the background skills needed, how do you get to 2 thousand monthly income as soon as possible? Where do you get leads? Where will you live and how do you manage your clients?”
- Be in a place where you are surrounded with mentors.
- Build a paid traffic team and services.
- Distribute E-commerce customers on different platforms.
ROUND 3: “You have the two to three thousand dollar monthly income and your costs are low… How do you take it to the next level?”
- Figure out what’s delivering the most value for your clients.
- Progressive production of products that give your clients more value.
- Know which deliverable products are making the most difference in the market place.
- Understand your Profit Margin (The scope of what you value most)
“That first $2-3k that comes in the door is not my salary, that’s something an entrepreneur uses to build a team and a system.”
- Start hiring people immediately and get yourself out of the cash flow.
- Work only on what entrepreneurs can do in the present situation.
- Move to the next step: freedom of time, movement and new ideas!
- Have other people around to build your business and get yourself a partner.
- Build your salary by staying on a freelancer vortex.
ROUND 4: “What is the best opportunity right now to rip, pivot and jam?”
- Model what other successful entrepreneurs are already doing.
MY BIGGEST TAKEAWAY!
“I’m not just gonna hire people to grow my business, I’m gonna hire myself to grow my business.”
- Hire people for expansion but be wholly involved with your business. You are your business’ core foundation.
- “It’s a lot easier for us to make decisions in real life than it is in our inbox.”
- “You have to choose to deny yourself on certain things in order to get other things in life.”