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MBA897 Turn Your Ecommerce Store into a SaaS Oct 16, 2017

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For a predictable revenue stream, nothing beats the subscription model. Customers sign up to pay a fixed rate, monthly or annually. The business owner gets to map their budget and growth goals with greater confidence and stability. Everyone wins. But unfortunately, this model doesn’t work for regular old e-commerce…or does it?

Typically, the subscription model applies to services, especially of the SaaS (Software as a Service) variety. The SaaS model is all the rage, one of the most lucrative ways to harness the Internet for a passive revenue stream. Wouldn’t it be great if e-commerce businesses could enjoy the same benefits?

Impossible, you say. I don’t sell a software, or a service. I sell clothes, or shoes, or hamster grooming products. My business just isn’t SaaSy enough for this model.

Think again.

You can convert your e-commerce to the subscription model, and enjoy all the stability of a SaaS business. You simply have to sell, package, and deliver your product like a service. You wouldn’t be the first. Great subscription services deliver physical goods to customers around the world every day— from Dollar Shave Club to Amazon Prime to Blue Apron.

This isn’t just a trick to gin up some extra income from your customers. It’s a way to reward your best customers by offering them something valuable: membership. Membership is a whole ‘nother level of brand loyalty, one that customers enjoy. More than ever, consumers like to identify with brands to which they’re loyal, especially small-business brands that declare their unique and discriminating tastes.

People love the extra personalization of membership, and they love having products curated for them, rather than just buying them. It’s a service in the truest sense: you not only provide the product, you essentially do the shopping!

On this podcast, we teach you exactly how to move your e-commerce business into the SaaS model. It’s not for every business, but so many purveyors of physical goods can use this method to substantially increase revenue. We discuss how to implement the service, market the service to your current customers, and integrate the revenue into your budget.

This model can work, as a replacement for a-la-carte shopping, or as a valuable supplement. Tune in to our in-depth lesson, hear how it’s done, and see if you might give it a try. Click Play!

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MBA896 Should You Buy a Business Instead of Starting One? Oct 09, 2017

Show notes

Most people think that being an entrepreneur means starting a business. But there’s another option, an alternative path to independent success: buying a business!

We don’t often think of this option, but with some capital and a smart purchase plan, it can be the right move. Pre-owned cars and homes can be great investments, so why not businesses? So much of the work that goes into building a business is done already. And while there is other work to be done when buying as opposed to building, that completed work represents a huge advantage.

So what does it take to be a successful business buyer? That’s the topic of today’s deep-dive lesson. We begin with the two essential questions every would-be entrepreneur should consider before they reach for their checkbook. First, is buying the right option for me? Second, what’s the right business to buy?

We detail where and how to find businesses with great potential, how to evaluate them, and how to determine what they’re worth. We walk you through the essential steps of identifying the right business, assessing what success you can reasonably expect, and calculating a fair price based on those expectations.

Whether you want the freedom and independence of profiting on your own terms, or the intrinsic creative joy of building a new brand and forging independent success, purchasing a pre-established business might just work for you. People are selling businesses every day, for reasons that don’t necessarily reflect a lack of success. Even failing businesses can make fantastic investments, if you’ve got the skill set the seller lacks!

All told, it’s worth considering.

The infrastructure is there. The overhead is established. The initial customer base doesn’t need to be chased down. Even if you plan on making drastic changes, starting with all the established baselines of a pre-owned business is a massive advantage. With today’s lesson, we’ll help you determine what a business is worth, what it should cost, and how much you should have in the bank when you take the reins.

Entrepreneurship is all about possibilities— especially the ones that people overlook! Tune in, learn how to evaluate the possibilities, and see if this entrepreneurial alternative is right for you. It just might be! Click Play!

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MBA895 Guest Teacher: Dorie Clark – Practical Steps to Taking the Leap Into Entrepreneurship Oct 02, 2017

Show notes

So you want to be an entrepreneur. Honestly, who doesn’t? Who hasn’t occasionally dreamed of that freedom and self-determination? Who isn’t intrigued by the thought of making their own living on their own terms?

Of course, dreaming is one thing. Doing is another.

That’s what we’re here for: to help you become one of the “doers” who actually takes concrete action. And that’s why this week’s special guest teacher is here: to share her incredibly valuable experience on the subject of breaking into entrepreneurship.

Dorie Clark knows more than most about transitioning from conventional employment to entrepreneurship. She literally wrote the book on it, and she’s written another one that hits the shelves this week. Today, Clark offers a special preview of Entrepreneurial You: Monetize Your Expertise, Create Multiple Income Streams, and Thrive. Her years of studying independent success and profiling great entrepreneurs has given Clark unparalleled insights. She’s here to share them.

On the podcast, Clark discusses 6 specific principles that make the difference between considering entrepreneurship and actually doing it. These 6 strategic concepts allow you to hone in on what actually creates independent wealth. With so much to know, being able to focus on what really matters is crucial. These 6 things are the pillars that can turn the desire for entrepreneurial freedom into something real, feasible, and sustainable.

These are not hacks. They’re not tricks. They are instructions. Honest, practical, actionable instructions that you can apply today. With Clark’s extremely well-informed advice, you can start laying the roadmap for your own success right now. Clark has found success over years of study and experimentation. She’s lived the trial and the error. Now, let her experience increase your chances of making it.

Stick around after Clark’s lesson for two fantastic bonuses: Our host Omar offers his own tips on building and sustaining entrepreneurial momentum— after all, he knows a thing or two about independent success himself! And, Dorie Clark would like to offer all of our listeners a special free download, one that can jumpstart your journey to entrepreneurship today.

That’s right: Free Gift!

There are no shortcuts. As Clark and Omar detail in this lesson, entrepreneurial success is earned, not taken. We’re not here to sell The Dream, and neither is Dorie Clark. What we can offer is the truth about exactly what it takes to do business— your business, your own way. It’s not easy, and it’s not quick. But it is possible. With some honest effort and the right guidance, you can do this.

Tune in. Hear Clark’s advice and Omar’s analysis. Get your free gift. Go forth into the future you make for yourself. Click Play!

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MBA894 Are You a Terrible Boss? Sep 25, 2017

Show notes

Worst. Boss. Ever.

We’ve all had a terrible boss. As entrepreneurs, we never have to have one again. But as our independent business grows, how can we avoid becoming one? That’s the topic of this week’s deep-dive lesson, and it’s one worth exploring. Do you have the courage, the honesty, and the wisdom to ask yourself the question:

Am I a terrible boss?

Right off the bat, let’s be realistic: you’re probably not. But just as realistic is the probability that you could be a better one. We could all improve, in whatever we do. But it’s especially important for entrepreneurs to stay on top of their personal development as leaders.

Your business depends on your ability to lead your team. As we expend our mental capital on product development, marketing, budgeting, and all the rest, we can forget this. We can neglect a skill that’s just as important to develop as salesmanship or technical expertise. We can forget to strive to be the best boss we can be.

Our team suffers as a result.

When our team suffers, the work suffers. When the work suffers, the business grinds along at a fraction of its true potential. It’s incumbent upon every entrepreneur to give their customers the best experience possible— but it’s just as incumbent upon them to give their employees the motivation they need to create that experience. There are ways to achieve this. There are strategies to ensure it.

We’re here to share them.

Fortunately, being great at bossing is just like being great at anything; you can learn how. You can practice. You can consciously develop the ability you need to lead. On this podcast, we explain how to evaluate and develop your leadership skills. We share our experience as bosses, and offer specific, actionable tips on how to be better.

We discuss the biggest pitfalls common to new bosses, the balance between high expectations and empathy for your employees, and how to be open to improvement. We offer examples of bosses to emulate, and reflect on the unique position of company founders.

When you’re the boss, the stakes are high. Tune in, and learn how to maximize your potential as a leader. Learn how to earn the loyalty and dedication from your employees that gives your business the edge. Boss “like a boss!” Click Play!

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Must Read: Total Recall by Arnold Schwarzenegger

Must Read: Shoe Dog by Phil Knight

Must Read: Elon Musk by Ashlee Vance

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MBA893 Do You Need a Product Road Map? Sep 18, 2017

Show notes

The product is never perfect. Smart entrepreneurs realize that in order for a business to grow, the product has to grow with it. But what if you could direct (or at least guide) the evolution of your product? What if you could time that evolution, and set goals for certain improvements? What if you could see the development of your product in the future, as you move your business forward into it?

Enter the Product Roadmap.

Increasingly popular as an organizational, motivational, and even marketing tool, the Product Roadmap can be applied to any kind of product (even a service). It is what it sounds like: a visual representation of the planned development of a product. You literally map out your own goals for your product, from the Minimum Viable Product (MVP) to the top-of-the-line game-changer you ultimately strive to create.

By aligning what your product could be with feasible timelines, you can turn possibilities into an actionable plan. These Product Roadmaps can be internal, strictly used to keep you and your team focused on your long-term product development goals. Or, they can be publicized, doubling as a marketing tool that lets your audience in on the process— even soliciting their opinions on what your product should do.

But for all its usefulness, is a Product Roadmap right for your business?

That’s what today’s podcast can help you determine. Today we discuss what a Product Roadmap is, how to develop one, and when it’s most applicable and helpful. With this lesson, you’ll learn exactly when Product Roadmaps are most effective.

We speak from experience. From our clothing line to The $100 MBA to our webinar software service, WebinarNinja, we’ve built plenty of products: some with roadmaps, and some without. We know their value, and their limitations. Our experience using Product Roadmaps can give you exactly the insight you need to determine whether it’s a good fit for you. In the right situation, the return on investment can be substantial.

A Product Roadmap can be an efficient repository for all your product ideas, even the most ambitious ones. It can allow you to branch out creatively, fearlessly saying “yes” to everything, and creating an action plan to make things happen. It can help you understand your own product better, and effectively prioritize all the development possibilities.

By establishing goals, deadlines, and expectations, a well-crafted Product Roadmap can keep your team’s work aligned with your overall mission. It can keep that work in context, from here to wherever you want to be.

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Trello

MeisterTask

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MBA892 How To Master The 3 Branches of Your Business Sep 11, 2017

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A successful business has many components, but all of them fall into one of 3 main categories. These 3 branches of business are the basic aspects of commerce. They are the pillars that hold up any company, big or small. And like any tripod, without each leg in place, the whole thing comes crashing down. By understanding the 3 branches, and applying appropriate levels of focus to each, you can give yourself the edge that means the difference between success and failure.

You can ensure that your business has a fighting chance.

It all comes down to these: smarketing, product development, and customer service. None of those are likely to come as a surprise, even if you’ve never heard the term “smarketing” before (that’s sales + marketing, the line between the two being a blurry one in the greater scheme of things). But too many entrepreneurs focus on one or two at the expense of the others. While they excel in one arena, they drop the ball in another. Their businesses suffer as a result.

This is a choice.

Proud tradespeople and artists devote themselves to their craft— their product— but put little time into marketing or customer service. Born sales people love the dance of securing customers and making deals, but allow the quality of their product to be sub-par. Devoted, loyal entrepreneurs put customer satisfaction above all else— including the acquisition of new business. As great martial artists are known to say, a fighter’s strength is his or her weakness. By relying too heavily on what comes easiest, some entrepreneurs never develop into well-rounded business people.

You can do better.

On today’s podcast, we discuss the importance of each branch in turn, and the vital role each plays in the development of a successful business, no matter what kind or what size. Going further, we discuss how to prioritize these branches at different points in the growth of your business. While one may be paramount at the beginning, another may become more important later on. Knowing when to focus on which branch is key to leveraging your efforts and maximizing your growth.

Beyond that, knowing which aspects you excel at (and which ones you don’t) is crucial to your development as an entrepreneur. With self-awareness, honesty, and the willingness to shore up your weak points while nurturing your talents, you can be the entrepreneur whose ideas go the distance. While a thousand great business ideas go no further than talk, a balanced approach to the 3 branches of business can turn the dream into a reality.

Tune in, listen to our in-depth explanation of the 3 branches and how to properly utilize them. Hone your skills, and learn how to apply your precious time, resources, and effort where they count the most. Be one of the entrepreneurs who make it. Know what forces need to be balanced, and how to balance them. Succeed. Click Play!

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Backlinko

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MBA891 Guest Teacher: Dale Beaumont- How to Use Marketing Partnerships to Scale Fast Sep 04, 2017

Show notes

No man is an island, or so they say. By the same logic, no entrepreneur succeeds entirely on their own.

Independent business doesn’t mean going it alone or taking a solitary approach. It just means you get to choose the terms upon which you partner with others. When you do, you further your success, and theirs. Mutually beneficial partnerships can fast-track the growth of your business by allowing you to access new markets. They can also plant the seeds of lucrative long-term business relationships.

The bottom line: why market alone?

That brings us to today’s podcast. We’ve got a special guest, Dale Beaumont of Brin.ai. Beaumont is one of Australia’s most successful young entrepreneurs, having started several million-dollar business and written 16 best-selling books. But he didn’t do it alone— he strategically partnered with other business people he could trust to help maximize his potential. In doing so, he accessed markets and customers that might’ve taken exponentially longer to reach. Beaumont is here to share his 7-step plan for establishing mutually beneficial marketing partnerships.

This man knows what he’s talking about.

Unlike joint ventures or affiliate marketing, marketing partnerships aren’t about sharing profits. They’re about sharing audiences. By cross-promoting with another trusted brand, you can find customers more quickly, more cheaply, and more efficiently. Through mutual value-sharing, two businesses can multiply their credibility. That means less time and money spent on things like advertising, which serve the same function at a much higher cost— and a much lower return on investment.

For great examples, look no further than the big boys of business. Every McDonald’s happy meal is a promotion for another major company like Disney. Ford sells Eddie Bauer edition vehicles, while Subaru sells LL Bean versions. All over the business world, creative leaders find ways to multiply the effect of one company’s marketing by that of another.

Here at The $100 MBA, we’re no strangers to marketing partnerships. Whether we’re co-hosting an event of webinar, guest-blogging, or guest-podcasting, bringing the value other thought leaders offer to our own audience makes sense. Our audience is happier and better informed, and we get the opportunity to demonstrate our value to their audience as well. Everyone wins! Following Beaumont’s lesson, we’ll offer our own 3 extra tips for optimizing marketing partnerships, in addition to the step-by-step plan from our guest.

Don’t go it alone. Learn how to take the fastest route to growth. Learn Beaumont’s steps, take our tips, and find the partners who can take your business where you want it to go. Click Play!

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dalebeaumont.com

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MBA890 Must Read: The Hard Thing About Hard Things by Ben Horowitz Aug 28, 2017

Show notes

Independent business is never easy. If it was, everyone would do it! Because we choose the path less traveled, we entrepreneurs need to reckon with challenges and obstacles that the conventionally employed never face. At first, that might seem like a negative. But challenge is what entrepreneurs thrive on. Independence is what we work for. No matter how tough the going gets, we don’t just persevere— we enjoy taking it on.

That’s the theme of this week’s in-depth podcast, and the lesson of our latest Must-Read book review for independent business people. It’s been a while, but we’ve finally had time to digest another great entry into our ever-growing library of essential books. Like our other Must-Reads, Ben Horowitz’s The Hard Thing About Hard Things is invaluable for anyone who wants to understand what it takes to succeed in business. It’s so good, reading it once wasn’t enough!

Horowitz is a legend in modern entrepreneurship, leading the way into the tech-scape we inhabit today from way ahead of the curve. He was an early pioneer in web-browsing and cloud computing, building companies that were eventually acquired by the behemoths of the tech industry. And while he met with undeniable success, it was never, ever easy.

That’s the beauty of Horowitz’s approach, and his book. Rather than offering strategies for avoiding the scariest pitfalls of business, he offers advice for dealing with them. His is not a guide to finding the path of least resistance. It’s about facing the most daunting aspects of entrepreneurship, and plowing through the challenges that business inevitably poses. It’s about facing the worst case scenario, fearing nothing, and making the right move when it seems like there are no moves to make.

Take responsibility. Take charge. Focus on results, not shortcuts. Your darkest moments will be your greatest victories, if you have the right attitude. Check out our podcast, read the book, and see how Horowitz’s approach can work for you. Click Play!

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Get the book
The Hard Thing About Hard Things
by Ben Horowitz
on Amazon

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MBA889 How to Grow Your Business With Webinars Aug 21, 2017

Show notes

At The $100 MBA, we’ve always believed in the philosophy of ABM: Always Be Marketing.

Succeeding as an entrepreneur takes more than a great product and a can-do attitude. While starting a business takes some work, it’s maintaining and growing a business that poses the greatest challenge. That’s why a constant, consistent marketing effort is the difference between a business that could’ve been and a business that continues to be, year after year. Marketing is everything— and webinars are the future of marketing.

Content marketing comes in many forms. Blogs, videos, email campaigns, social media outreach: they’re all well and good, and should all be a part of your content marketing arsenal. But the most undervalued marketing tool in existence is the webinar, hands down. Webinars are powerful. Webinars work. Webinars bolster and legitimize every other piece of content you put out there. Too many entrepreneurs are either intimidated by webinars, or aren’t yet convinced of their effectiveness.

We’d like to change that.

We know what you’re thinking, loyal listeners— don’t Omar and Nicole also run a webinar software company? Yes, we do, and we understand if our enthusiasm for webinars seems a little…convenient. But the truth of the matter is this: we don’t believe in webinars because we run a webinar company. We run a webinar company because we believe in webinars. Our message has always been that success rests on credibility. And there’s no more direct, effective way to build credibility than to turn on a camera, strap on a mic, and meet your audience face to virtual face. Potential customers need to know they can trust you. Webinars can prove you’re worth trusting.

Sales and marketing aren’t about manipulating consumers. They’re not even about convincing or persuading. They’re about educating. Webinars allow you to approach marketing like a teacher. Rather than trying to convince an audience of something you want them to believe (ie, that you and your product are genuinely valuable), you simply show them something true. Show your audience a genuine solution to their problem, and you won’t have to “sell” a thing! That’s what webinars can do.

Today we discuss why webinars are so effective, what you can do to prepare for one, and why everything that might scare you about webinars is nothing to fear. Our groundbreaking webinar platform, WebinarNinja 5.0, is coming just around the corner, and we want our $100 MBA audience to be ready.

Whatever platform you choose to use, give webinars a chance. They won’t let you down. Learn how— and why— they work. Click Play!
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MBA888 Guest Teacher Troy Stites- Three Strategies to Automate Your Business Growth Aug 14, 2017

Show notes

What’s your website doing right now? If it’s not growing your business for you, it’s not doing its job!

Optimizing your website to promote growth is key to your survival in businesses. It’s also the whole point of having one! Too many entrepreneurs put extraordinary time and effort into the design of their website, but that effort isn’t geared specifically towards growth. It may be beautiful. It may be intuitive. It may have the greatest content on the face of the Web— but if it’s not encouraging the right actions by your visitors, you’ve got changes to make.

To help you with that, we’ve brought one of the foremost experts in website optimization onto the podcast. Troy Stites is the growth and optimization specialist for Sumo.com, a business that’s certainly seen its share of rapid growth. Stites knows the tricks of the trade that turn websites into wellsprings of growth. His strategies are designed to start long, productive relationships with visitors, rather than turn them off with aggressive sales pitching or low-value bells and whistles.

With Stites’ easy-to-apply remedies, what your website is currently lacking in growth promotion can be a thing of the past!

Specifically, Stites is here to share 3 particular strategies that work well for any website, no matter the content, product, or industry. These strategies bypass the instinct to start selling right away, and instead establish a connection with visitors that builds your credibility, breeding the genuine trust that creates loyal customers.

There’s no maintenance in business. You’re growing, or you’re dying. If your website is being visited, don’t let that be the end of the story! Parlay those visits into relationships, and those relationships into sales. We’ll show you what you can do today to drastically boost the performance of your website in the never-ending quest for growth. Click Play!

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