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Letter from the Editor
Welcome back to the latest issue of the Shoestring Entrepreneur Newsletter!.
In this week's newsletter, I'll share an article titled "The Ultimate Success Formulas - Business Success Formula." The first of a two-part series on what it takes to build a successful business as well as a successful life.
To your success,
The Ultimate Success Formulas: Business Success Formula
by Brian Carson
This is the first in a two-part series focusing on the ultimate formula for success – in business and in accomplishing all your lifestyle goals.
In part one you will be introduced to the two formulas that comprise business and goal setting success. We will also focus on the first success formula - business success. In part two we will look at the lifestyle success formula in complete detail.
Systems and formulas are used everywhere – from science and mathematics – to recipes and business.
By following a proven formula that works you can achieve a definite result, knowing without a doubt if you follow the formula success is assured.
There are many different formulas for success – in life and in business – but the two I’ll share with you have been proven by my own experience to be the most effective for achieving any goal.
I’ve used the business formula to create multiple successful businesses across a variety of niches. Also, I utilized the lifestyle formula to achieve many of the individual goals I’ve set.
Remember this as you go through this series: The formulas work – but only if you apply them to your own life and situations.
If you just read these articles and do not take action, nothing will happen in your life. Action is the key. Read the posts, follow the formulas, and succeed.
I will leave you now with the first Ultimate Success Formula - The Business Success Formula.
The Business Success Formula:
BM + EMS + S + V + I = Business Success and Growth
The Lifestyle Formula:
T + FO + FA + PA = Success
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The Business Success Formula
Let’s look at the business success formula again and break each piece down in complete detail.
The Business Success Formula:
BM + EMS + S + V + I = Business Success and Growth
BM is business model; EMS stands for effective marketing and sales process; S is for systems; V equals value; and I means implementation.
The formula written out looks like this:
Business Model + Effective Marketing & Sales + Systems + Value + Implentation = Business Success and Growth.
You must have all of these in place if you want your business to reach its peak potential for profit and growth.
There are many different business models; choosing the one that’s right for you depends on the type of business you have.
Some of the most popular business models include membership sites, franchises, ecommerce stores like Amazon, and consulting.
One of the best on the Internet right now is the automated webinar model. That’s where you record a webinar once and use it over and over again with special software so your webinar is running every day, making sales. It's also know as EEDM - Evergreen Event Driven Marketing.
Effective Marketing & Sales
The most important component in this whole equation. Without strong marketing and sales processes you don’t have a business.
Marketing is anything that brings people to your business, like lead generation strategies, copy, and your content. Your sales process is how you convert those prospects into customers.
I don’t have the space to get into an in-depth discussion about marketing and sales strategies. That will be done in future articles. Suffice to say without effective marketing and sales a business won’t last for very long.
From McDonald’s to Wal-Mart, systems have been an integral part of all business success.
McDonald’s can get a burger to you faster and more efficiently than anyone, while Wal-Mart has a distribution system unlike any other. No retail organization can compete with them on price.
These are just a few examples of business systems that work.
Make it a habit of designing a systematic process for everything you do – whether that’s product creation, distribution, customer service, etc. It will save you a lot of headaches in the end, especially if your business goes through a rapid growth spurt.
You must provide incredible value to your customers if your business is to thrive and grow.
Be willing to go the extra mile for your customers. Under promise and over deliver. Give more than they expect and when you do that, give even more value.
Value is a cornerstone of a successful business. Quality alone is not enough. Every customer you have expects quality. Provide true value above and beyond the expected norm and you’ll set your business apart from the competition.
Speed of implementation separates the haves from the have nots.
Knowledge is useless unless you apply what you learn. Speedy implementation is one of the fundamental differences between a successful entrepreneur and one who’s struggling to make ends meet.
When you get information that can help your business, a new marketing or product idea, anything at all, be sure to immediately put that knowledge into action.
Don’t just gloss over this. Think of how many times you’ve had an idea, didn’t act on it, and you find out months later someone else ran with it and is rolling in the dough.
The Business Success Formula works, but only if you work it.
Take this formula, tailor it to your business, act on it, and watch your profits soar.
Brian Carson is the president and CEO of the Market Ownership Group. Before founding the Market Ownership Group, a marketing consulting/business coaching company, Brian owned three brick-and-mortar businesses that he ran profitably for over 15 years. Brian sold them off to focus all his attention to the formation of the Market Ownership Group, founded in 2008. Brian has created marketing strategies, done for you marketing materials and given advice in a diverse range of businesses, from restaurants to barber shops to online only businesses to small retail stores, and financial advisors. If you would like to grow your business to new levels of profit and growth, or if you need help starting a business from scratch, email the Market Ownership Group at firstname.lastname@example.org.
On this week's episode of THE BRIAN AND LEE SHOW, our guest will be author and business attorney Michael Friedlander. Michael specializes in representing new business owners. He’s also recently written and published a new book "Detecting the Scam: Nelson Mandela's Gift," which is scheduled for a formal launch in August or September.
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Using these seven principles will open up a new understanding of how the world works, and give a person the tools to take control of his or her own destiny.To learn what these principles are...Click Here.
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