BD012 – Done For You vs Building An Asset?

Is there a conflict between doing done-for-you services (productized or not) vs building an asset by owning the process that customers get results by? We discuss on this week’s episode.

SCALE 1/10 HOW DID YOU FEEL THE LAST WEEK WENT

Ben – 6

Rich – 6

It’s been a brutal March already.

SHOUTOUTS SECTION – 01:19

  • New slack members: Daniel, Rene & Jon
  • We’re now up to 32 members and it’s free to join for the first 100. Just subscribe here.
  • Our slack member Justin McGill is kicking our butts by getting to a six figure annual run rate within 90 days with LeadFuze.com
  • Super inspired by Ryan Shell in the DC who pitched on Shark Tank for his The Home T t-shirt company, got offered a $1MM valuation by Daymond John and turned it down to the respect of Mark Cuban.

UPDATE

BP: 04:22

  • Ben got a campaign setup and ready to go
    • includes a domain, landing page, adwords campaign, and a whole bunch of telephony stuff
  • spent a fair amount of time researching the competition
  • thinking about setting up own affiliate network for local businesses based on offers negotiated by clients
  • created another campaign to test an idea for a productized service & saas hybrid

“I just want to create something that people want” – [BP 11:15]

“Start with the only thing people care about which is a new qualified lead that can become a customer” [RP 11:43]

“With this type of model this lends itself to owning the process and renting out the outcome. I’m kind of done doing done for you” [RP 12:13]

“If you’re just doing done for you for other people there’s no asset” [RP 14:15]

“They can basically stop paying you and you have nothing” [BP 14:53]

“Owning the actual account, owning the racecourse as James Shramko would say of superfastbusiness.com that’s where you want to be” [RP 15:03]

RP: 17:15

  • Been writing too many proposals and been doing far too much client work vs working on my own businesses – realising how important it is to have your own products. For me the role of building an agency, i.e. the focus being the success of other people’s businesses,  is to either:

1) cashflow your entrepreneurial education

2) enable you to have the time & money to work on your own businesses

3) go for an exit – I sold off my clients before we met in Boulder

  • building out shopify site – will be launched iPanorama Prints – and then looking to set up additional stores with own products as as the Minaal or Tortuga backpacks in our community
  • still trying to figure out what type of productized service and what niche works best for outbound

“My ultimate goal in doing this as well is to have the luxury and resources to create more assets, the entire concept behind Rich Dad Poor Dad” [BP 26:30]

The best asset short term for Rich is the print business vs monthly packages for accountants- 27:00

“Value-based consulting is as far away from an asset as you can get” [RP 27:33]

“You’re trying to use that to cashflow your situation to a point where you are able to finally have the resources to work on other things” [BP 27:40]

Productized services are very much an asset.

NEXT WEEK IN 30 SECONDS – 28:13

Rich – hoping to get first few order with ecommerce biz, got previous email list, following up with client proposals, more prospecting for accountantengine.com

Ben – launching campaign, looking to get useful metrics to start conversation with potential customers.

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