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MBA2082 How to Stop Wasting Money on Marketing That Doesn’t Work + Free Ride Friday Jul 01, 2022

Show notes

For a small business trying to build a following, every cent counts.

Too much of marketing seems like magic, or hack-based advice that makes empty promises of results if you just do x, y, or z. The reality is much more fluid, and requires you to be very careful with your marketing dollars.

Today, we share what we know to be true about marketing fails — based on our own failures.

These are the marketing truths we wish we’d known from the beginning, but can only be learned the hard way. In this episode, we discuss how not to spend your marketing budget, but also where and when to spend more for better results.

By sticking to some tried-and-true fundamentals, you can forget the hacks and start building real marketing momentum — the kind that self-reinforces and multiplies over time. Your business can’t be “lean” if you throw the marketing budget into the wind.

Click Play!

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MBA2081 How to Prepare For a Recession Jun 30, 2022

Show notes

There’s a storm coming.

But it’s not time to batten down the hatches and head for the cellar just yet. With a recession on the way, it’s definitely time to prepare — but not to duck and cover.

Today, we discuss how to minimize the damage our impending recession will do to your business. But more importantly, we explain how to take advantage of the recession to position yourself for greater success in the long term.

Recessions happen. You don’t fight the cycle; you ride it.

No period of economic growth carries on forever. The swings are the only constant. Businesses that endure and thrive don’t depend on a good overall economy; they make the most of the market they’re in. In this episode, we explain how.

Zip up your raincoat and face the storm with confidence. Click Play!

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MBA2080 Q&A Wednesday: Do I need to quit my job to see my startup succeed? Jun 29, 2022

Show notes

It’s the classic conundrum for aspiring entrepreneurs: can I build a truly successful business without ditching the 9 to 5?

It’s Q&A Wednesday, and we’ve got a listener who’s caught between the safety of a regular paycheck, and the promise of independence.

Their side-hustle is established, but its growth is held back by the demands of a conventional job. Is it possible to reach “escape velocity” while holding down a regular gig? Can you only quit once your business is thriving enough to support you, or is thriving only possible after you quit?

The answer may vary, depending on what kind of business you’re building.

Today, we lay out the path from regular job, to side-hustle, to full-blown entrepreneurship. By meeting certain benchmarks (and being ready to cut certain expenses), you can make a relatively safe transition.

How long it takes is subject to variable, which we’ll explore. Get the basic breakdown of what needs to happen before you hand in that resignation, and how long it should take. Click Play!

To submit your questions, visit 100mba.net/q.

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MBA2079 Should You Give Up Equity to Attract Talent? Jun 28, 2022

Show notes

What’s top talent really worth? Is it worth giving up a piece of your business?

Offering equity can be a smart move. But too many entrepreneurs do it when they think they have to, rather than investigating whether it’s prudent.

If you can’t afford a salary that’s tempting enough to assemble the best team, it might be wiser to step back and retool, rather than bet the farm on someone (or several someones) who might not be the answer to all your challenges.

Also, there are performance-based alternatives that incentivize great work — without risking profits you haven’t created.

All that doesn’t mean you should never share equity with the right team members. Today, we explore the risks and advantages of equity-sharing, and help you decide whether it makes sense for your business.

The decision is ultimately yours — but it’s never good to go in blind. Tune in, and weigh the options. Click Play!

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MBA2078 Guest Teacher – Jon Ostenson – How to Select a Franchise Jun 27, 2022

Show notes

You don’t have to start your own business to run your own business.

Franchising is a viable, lower-risk way to get your entrepreneurship on. Instead of building something from the ground up, you can take ownership of an existing, proven business.

It may not be entirely “yours,” but a franchise is yours enough to provide the flexibility, autonomy, and financial benefits of independent business. But of course, you have to find the right franchise for you and your specific needs and goals.

Fortunately, we have an expert to help with that.

Jon Ostenson is a franchise pro, with deep experience with franchises in almost every imaginable industry (that’s right, franchising isn’t just for food vendors). Today, Jon explains how to get into this lucrative model — and how to pick a business based on its proven potential for success.

Learn how to choose a franchise that offers you the profits (and lifestyle) you want. Click Play!

FranBridge Consulting

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MBA2077 5 Strategies for a Successful Launch on Product Hunt + Free Ride Friday Jun 24, 2022

Show notes

Got a digital product to sell? Get it on Product Hunt.

Product Hunt is a wildly popular, seriously trusted resource where real consumers share their thoughts on everything from apps to websites to tech hardware. If you can make a splash there, you can build a customer base.

…but of course, you have to know how to stand out.

With countless products up for review, it can be a real challenge to rise to the top, or snag the game-changing “Product of the Day” designation. Today, we share 5 ways to get your product some attention, create engagement in the Product Hunt community, and capitalize.

Naturally, we put our own products on Product Hunt, including our webinar SaaS. Learn how we approach this unique site, and how you can get its influential community behind your next product. Click Play!

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MBA2076 Is Selling a Lifetime Deal a Good Idea? Jun 23, 2022

Show notes

Lifetime deals are the ultimate long-term sales tactic. But can the sales you score now hurt your business years (or decades) later?

Like any strategy, offering neverending deals has its strengths and weaknesses.

We know — we’ve done lifetime deals for our SaaS company, some of which panned out better than others. If you don’t carefully weigh all the variables, your lifetime deal can be a lifetime drag on your bottom line!

Today, we explain exactly what to avoid if you’re considering a lifetime offer, so you reap the benefits without hurting yourself down the road.

With examples from businesses that execute this strategy well (plus our own experience), this episode offers a clearer picture of how the lifetime approach works, and why it’s so easy for it to backfire.

Take a beat, run the numbers, and make sure that if you make a lifetime commitment, it’s one you won’t regret. Click Play!

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MBA2075 Q&A Wednesday: Why is my sales funnel not working? Jun 22, 2022

Show notes

There’s a flaw in the “funnel” approach.

It’s not that marketing and sales funnels don’t work generally, or that they’re not useful. It’s that funnels can only do so much.

With packaged funnel-building programs and software making big promises, it’s easy to think funnels are more powerful than they really are. Can you really set up a few assets, sit back, and watch the conversions roll in? Not exactly.

It’s Q&A Wednesday, and we’ve got a listener who bet their chips on a funnel software, only to make exactly zero sales.

It’s not for lack of effort, but something is clearly not working. Why not? Today, we get back to basics, and unpack what sales funnels can’t do. Over-reliance on clever conversion schemes can take your focus away from the fundamentals of good business.

By putting first things first, you can make your funnels work better. Learn how the rest of your business can support your funnel — not the other way around. Click Play!

To submit your questions, visit 100mba.net/q.

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MBA2074 4 Cold Emailing Tips if You Hate Cold Emailing Jun 21, 2022

Show notes

Cold emailing works — just maybe not the way you think it does.

Sending an unsolicited message to a complete stranger is…awkward at best. But ask any successful independent business founder, and you’ll find that it’s almost unavoidable.

Creating a stronger network (and a stronger business) means you can’t be afraid to reach out, even when it’s downright uncomfortable. You have to power through the awkwardness to get results!

But first, you can take a few steps to raise your odds of success.

Today, we share 4 things that make our cold emails work more often. Note we said “more often,” not always. Yes, you will be ignored. Yes, you will be rejected. But not every time.

It’s a simple matter of doing everything you can to improve your stats, and realizing that even one successful cold email can be worth a dozen fails. Tune in, and learn how a few consistent practices can make your cold emails a little warmer.

Click Play!

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MBA2073 Must Read: Price for Growth by Jeff Robinson Jun 20, 2022

Show notes

Are you charging too much?

Most small business advice encourages higher prices for higher profits. But the somewhat controversial Price for Growth goes against that grain, suggesting entrepreneurs should play a longer game — even at the expense of profit.

And frankly, we’re convinced.

Jeff Robinson’s book flies further under the radar than it should. Today, we unpack its growth-centric pricing model, and share the philosophy behind the strategy. This isn’t abstract stuff; this book’s argument is so well-conceived that it led to a significant decision re: pricing in our own software company.

There’s a sweet spot between low-balling yourself out of business, and strategically sacrificing profit for long-term customer loyalty. Hear about this book, and decide if that approach is right for you. Click Play!

Price for Growth by Jeff Robinson

Discover all our must-read book reviews at https://100mba.net/bookreviews.

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