Whenever you set out to start a new business, a new project or a new website, you inevitably try to weigh risks against rewards.
“How likely am I to succeed at this?” – it’s an important question to ask, but most people don’t know how to properly answer it.
In today’s podcast episode, you’ll learn about two different business models and why one of them should be avoided at all costs. You’ll see why Paul and I often seem to give counter-intuitive advice about what kind of business to start and what kind of business we deem to be too risky.
If you want to make sure not to waste your time working on the wrong kinds of projects, don’t miss this episode!
Podcast Video
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Podcast Audio
Click here to download this episode in mp3 format.
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Great Podcast! Thanks for all the advice on what to avoid! Myself, I have to commit to something, focus on it, see it through, set a deadline, release product, then tweak and re-release. If its successful then great, if not then find out from your customers why, then learn from your mistakes!
Exactly, that’s the process I also use. And trust me, even after years of doing this, I still sometimes struggle with finding my focus. I think that’s just one of the things you have to deal with, as an entrepreneur.
Great podcast Shane. I suppose that’s why ive always hesitated starting a blog because at the end of the day I didnt want to just do it just because that’s the thing to do but you’ve helped clarify that a blog is to be a marketing channel. A channel in which having your own product will bring the best ROI.
Cheers.
Thanks for the comment, Andrew!
That’s exactly it. My first blog was also kind of “for the sake of blogging”. As you can imagine, it didn’t lead to anything. :)
Thank you Shane and Paul. I am incredibly grateful to you. I do not know how to do the iTunes rating, so this will have to do. Sincerely, Lauren
Thank you very much, Lauren!
Thanks guys for the great blog. Seems like a blog is a good example of a 80:20 activity and then another 80:20 of the top 20%. You have presented it very well.
Andreas
Yeah, it’s 80/20 all the way down. :)
From my experience: blog + business = awesome.
Blog on it’s own = nothing much…
Great info guys, loved the podcast! “Ramping up” vs. being a superstar—excellent concept that was very well explained. So when’s your course coming out that will let us know how best to ramp up? Sign me up! ;)
Hey, also wanted to get the latest scoop on Impact Insider. Haven’t heard anything about it for awhile. Is there going to be a deadline for signups, or will you be leaving that open for awhile?
All the best,
David Coleman
Thanks, David!
We don’t really have a plan for a course (other than “maybe something before the end of the year”). There will be a lot of content on the blog, that details the steps we use to create and market products.
Impact Insider: I wanted to close that last week, but didn’t mail about it. Also forgot to mention it today, so I guess it will stay open until I send another email. :)
i always think that i should have audience(list) first then to make my own product for them.but this podcast really give me some new thought.i need to digest it for a while.
It doesn’t really have to be one after the other. You can build up both at the same time and that often works better.
Thanks Shane and Paul,
Brilliant as always but ……
I’ve spent so much time trying to build niche sites that I’m depressed now. I’m starting to think it’s all a waste of time.
What else can I do with my skills? I was thinking about a local social network/directory site for the town I live in, with a view to selling wordpress site building services to local businesses.
Is that more like it?
Mark
Thanks, Mark!
Okay, I think we can agree that the niche site thing is not working for you, so you need to ditch that.
The next thing is basically this:
What are your skills? What do you like to and want to do? And where is there an overlap between those things and market demand?
If your goal is to sell site building services to local businesses, that’s exactly where I’d start. Go find some local businesses, have a chat with the owners and get some clients. Build a directory if you see a demand for it arise from your other work.
Thanks Shane,
Good solid advice.
I think there should be a clinical definition for an addiction to chasing rainbows and (maybe ….) stiff prison sentences for pushers and dealers!
Mark
That’s a bit harsh, mate… (although I don’t entirely disagree). :)
Thanks Shane,
My last comment was a bit harsh but, mostly tongue in cheek.
I suppose the serious point is – it’s difficult to know sometimes when grit and determination have turned into an obsession that’s leading you nowhere.
Knowing when to give in and try something new is probably the hardest thing to get right.
Thanks for this great podcast Shane. I love all the stuff you do. As with other comments I have seen concerning your podcasts or videos, etc, I feel I can trust what you say. This particular podcast however has made me realize, as a newbie to internet marketing, I am just spinning my wheels. I have no clue about having my own product and this podcast has proved to me that all the stuff I’ve been trying isn’t going to work. This podcast has proved to me that I’m wasting my time and money and I am going to quit altogether. Thanks again for your honest approach to teaching people.
Thank you for your comment, Mary!
Whatever it was that made you first pursue some independent income and/or a business of your own: I hope you don’t abandon that. If you have the entrepreneurial spark, don’t let a bunch of misinformation quell it.
Very insightful and helpful post.
E commerce or membership sites sound like solid avenues unless you want to and can become the leader in your information niche.
Art
Gosh, ITunes don’t make it easy, do they. Left a 5-Star review for you :)
Thank you so much, Sandra!
When I grow up I want to be like you Shane!
You guys talk so much sense. Plenty of ‘light-bulb’ moments! Many thanks.
Thank you very much, Clive! Glad you liked it. :)