EP#51 – Transcript

Hello, ladies and gentlemen, Jo here. How are you doing? We are live again on today, which I think is day four of my Facebook live challenge and I’d like to say I’m getting a lot more comfortable with coming on live still a little bit uncomfortable. But we’re getting there. We are getting… certainly a lot easier to set everything up and no technical issues and all the rest of it. So that’s a good thing.

So today, let’s get straight into the content Today we are talking about what business are you in? So this is for you if you are really unsure as to what business you want to create and build or it might be for you if you have way too many ideas and you’re like literally just they’re coming out of you from everywhere and you think I want to do this I want to do that and there’s so many opportunities and so much stuff to do and you can’t quite sort of drill it down to the one thing you want to go for. Or it’s for you if you literally just have no idea whatsoever. You know, or you may have started a business and actually now you’re a little bit into it you’re thinking I’m really really not sure, you know what business I want to run so I will come to all questions and comments and everything at the end of the presentation. So thank you so much for joining me. I really appreciate you and I hope that you get a lot of value out of today’s session.

So, number one. I want to ask you what kind of Lifestyle entrepreneur are you?

And I’d ask you actually to put that in the comment section. Tell me what kind of Lifestyle entrepreneur you think you are and I’m going to pick on three dominant personality types. Now. I am not a personality profiler. So this is not exhaustive. But these are the three personality types that I’ve kind of identified regards creating and building a lifestyle business.

So personality type 1 – you are upfront and personal. Oh yes, baby, you have no problems whatsoever getting yourself in front of a video camera, getting on a podcast, promoting your blog posts, approaching people, talking, networking, chatting. You probably love being around people. You love chatting to people. You really enjoy networking. And you are just an enthusiastic, extroverted go-getter. Okay?

Personality type number two is that you are a data-driven introvert. So actually you don’t really like talking to too many people. You like to kind of stay, you know, close within yourself. You quite enjoy getting in front of your computer, you like to keep yourself to yourself. Those are the words I was looking for and there’s nothing that excites you more than looking at data and numbers and things that are measurable, stuff that you can actually measure.

Personality type number 3 – you were born to serve, you have collected a group of skills over the years and there’s nothing you like more than going out there and utilizing those skills to plug gaps in other people’s businesses or help other people really catapult their brands or businesses through utilizing your knowledge, your experience and you love to kind of fix things that aren’t quite working and stuff like that. Okay?

So those are kind of the three main types of Lifestyle entrepreneur that I have identified and number one, the upfront and personal type, that really lends itself to becoming an information marketer, an influencer, somebody who wants to educate and teach people and have an impact and maybe you’re going to do video courses, maybe going to write books, PDFs, ebooks. Maybe you want to be a speaker on stage or an Instagram influencer or a YouTuber or something like that. Okay? So that kind of real extroverts – that’s me. Okay? That’s my personality type. I’m upfront and personal baby. I like to get out there like to get in the mix and I love chatting to people. And you know just getting out there and educating and impacting as many people as possible.

If you are personality type number two, sort of a data-driven introvert then that really lends itself to like an e-commerce style business where you don’t necessarily.. let me just say here actually before I carry on that there’s gonna be a crossover. Okay? So like with my business ventures, I also want to do some eCommerce as well. I want to build my brand and I want to sell some stuff on e-commerce as well. So none of these are mutually exclusive but I’m just saying what dominant personality types lend themselves to OK? So if you’re a data-driven introvert that’s going to lend itself to a business style where you don’t have to be the front-facing person in that business, you are not the public face. You’re not the public figure and that lends itself quite well to a nice e-commerce business where your far more promoting a product rather than you being the product which is what you are when you are an influencer or an educator.

Okay, and then if number three you’re kind of born to serve and you love doing all that then that really lends itself to a service-based business. So maybe you love building websites. Maybe you adore customer service. Maybe you’re great at Facebook ads or email marketing or some element of a business and you can then go and work with somebody else who’s a bit of a trailblazer who’s that upfront and personal extrovert and you can add massive value to what they’re doing and you just love doing that because you love working with other people, you love being part of a team, even if you’re home on your own you, just love being part of a virtual team or a physical team and you love to add that kind of value and add your skills into the mix. Alright?

One of your tasks would really be to consider your personality type and really think about the kind of person you are and be really honest with yourself and don’t be, you know, don’t think because you’re not a trailblazer or an extrovert that makes you anything less or don’t think that by being somebody who actually really wants to be part of a team and wants to work with other people and be part of a bigger picture that makes you any less or that by being an extrovert and not being into the numbers and stuff. You know, there’s no right or wrong here. It really is finding what works for you. That is the most important thing. So really sit down and think about who you are, what is your personality type, and what does that lend itself to when thinking about your online business model. Okay?

Alright, then number two. It might be a mix. Remember that it might be a bit of a mix of those things because funnily enough you may not know this about me, but I can be quite data-driven as well you know. I can get quite excited about my Facebook ads and my conversion rates and things like that. So, you know, I can. You might not know that about me. That might not come across as obvious.

Anyway, alright number two then the five – what I’m calling the five approaches to considering your business model. So the first one is to really consider your passions and interests. So what is it you love to do. Look you’re going to read and hear so much online. Do follow your passion. Don’t follow your passion. Don’t follow your passion, follow your gift. Following your passion is going to lead to disaster or you must follow your passion because… I mean, oh my goodness, but look, there are no rules. This every single time you consider anything is what works for you.

Let me give you an example in my household. I have to follow my passion I have to do something I love to do. If I do not do something I love to do, I am miserable. If I am in a business model or doing stuff that I really hate. It makes me hell to live with I’m telling you. I hate it. I have to do something I love to do. It’s how I’m wired. However, I am married to somebody who doesn’t have to do something they love to do they can literally just go through the motions provided its earning money. They are totally motivated by cash. So they can sit and do the most boring jobs day in day out because their motivation is financial as opposed to what they love to do on a daily basis.

So it really comes down to you as a person. So for me personally, I find that focusing on something you are passionate about gives you the strength to carry on when times get tough and times do get tough. So if you are somebody who really needs that kind of – ‘I love what I do. I really want to, you know, this is what I enjoy doing’, then go for that. If you are somebody who that’s not as important, you’ve got a bigger result at the end of it. There’s something else that’s driving you maybe just the whole thought of being in business is what really floats your boat then you focus on that. Okay?

So it’s whatever works for you. But start with what are you into when you have no idea what you want to do start with what are you interested in? What do you enjoy? What things float your boat when you’re scrolling around Facebook or Instagram or wherever what’s floating your boat? What’s getting you going? What’s making you laugh or making you smile what you love to read about or talk about, chat with your friends about? What are your interests? And what could you talk about and build a business around that you think you would really enjoy? Okay?

Number two is focused on your strengths and your weaknesses. So what are you naturally good at now this again kind of comes from a personality and then moves through to your skill sets. What are you just naturally good at that you could actually do?

One of my skills, without a doubt, is taking some real sort of complex scenarios and breaking them down into simple step-by-step. I am a very chronological person. I mean it holds me back actually sometimes that I do like to think of things in a chronological way, but where that gives me a skill is I’m able to break things down and say well step one, you do this. Step two, you do this. Step three, we do this.

In fact just this morning. I was on a call with an amazing group of ladies. And we’ve got a conference or summit, whatever you want to call it coming up in May and very quickly, I was able to take all the skill sets and say right. Well, we need to do.. This needs to be step one. Then this needs to be step two, then that needs to be step three.

That’s my kind of skill set of breaking things down into, you know, actionable steps, and that’s why I love teaching how to build a lifestyle business because I can break all the different things down and say well here’s what you need to do. And hence my 30-day lifestyle guides, my 30-day start your business guides. There’s step by step. Each day, go, and do this, right?

So, what are you good at? What are the things that you’re really really good at and how can you turn those into a business? And equally think about the things you’re really not good at think about your weaknesses and things that you are bad at because that will help you determine businesses you don’t want to do so if you are actually really bad at certain things, you might think, you know what that’s not a business model. I want to go into because I’m just not good at that Amazon is a great example, you know going into an Amazon business. You have to be somebody who’s willing to get in there every single day and tweak numbers and tweak things. You have to be somebody’s willing to go out and approach people and ask for reviews and send lots of emails and all that kind of stuff. If that’s just not you, if that’s not what you’re good at, then that’s not a good business model for you. So it’s really about thinking what are your strengths and what are your weaknesses and what skill set lends itself to different businesses.

All right, number three think about the kind of people that you’d love to work with. This is a great way to determine what business you want to be in and who do you want to work with? Do you want to work with women? Do you want to work with guys who are over 40? Do you want to inspire people who have become really unfit or something, entrepreneurs maybe that have become unfit and you want to go out and you want to help them get fitter and healthier? Do you want to work with parents who struggle with teenagers because it’s something that you’ve been through yourself?

Think about the kind of people that you would love to work with, the kind of people that you would love to help. And remember, again these strategies aren’t mutually exclusive. I’m just giving you lots of different suggestions on how you can approach thinking about the kind of business that you want to be in. Okay?

So you might go down the route of “I’m going to go something I’m interested in that’s the route I want to go down” or you might go down the route of “I am going to go and do something I’m really really good” at so let’s say you’re a great writer for instance. So you say, “Right, I’m going to go out and I’m going to become a published author. I’m going to go and become a specialist in maybe Kindle. I’m going to do two books a month. I’m going to build my whole business based on publishing books on Kindle because I’m a great writer and that’s what I do. And that’s what I do well and I’m just going to, that’s what I’m gonna do.” Okay?

Or you might think, “You know what? I’ve always had this passion to go and help parents who struggle with teenagers It’s my passion. I’ve been through it myself. I want to go work with those people.” So how do you build a business out of that? Does that make sense?

So number three was really looking at your audience.

And then number four. The fourth approach is to look at current problems and challenges. Is there a problem or a challenge that you currently have? Yeah? That you’re not sure how to achieve and you are really immersing yourself in how to solve that problem and challenge and you know that other people have those problems or challenges and therefore through your experiences, you can now go and help those people.

It’s a little bit how I started back in the day with Facebook because I couldn’t understand how on earth you use these Facebook pages to build an audience and build a business, how I could generate leads. I wanted to generate leads and all of a sudden Facebook came up as an opportunity to do that. I didn’t understand how. I taught myself. I immersed myself. I realized then other people had a similar challenge. So I became the go-to person for how to use Facebook pages to build and generate your email list.

So what problems or challenges might you be having you’re essentially scratching your own itch? Yeah? You’re going into a business model because it’s a problem you solved for yourself and then lastly is, can you do it better than somebody else out there? Have you actually seen somebody running a business that you think “Oh my goodness, you know, I could do so much better than that”? “If only that person did this, this, this, and this then I would be able, you know, then it would be a great business.”

Well, when you’re there. in the evening having a cup or a glass of wine with your spouse and you’re saying, “Oh my goodness if only this person would do this, this, this, and this” Light bulb. That’s an opportunity. If they’re not doing it, maybe you could. Maybe you can swoop in and do a much better job. All right?

So there are five approaches that you can go down to start trying to think about what business you want to be in. All right? So, your passions or interests, your strengths or weaknesses, who it is you want to serve, any problems or challenges that you might be having that you have now resolved and you can go and help other people or what you could actually get out there and do better. Okay?

All right, then, number three. Is there a buyer’s market for what you want to do? This is so important because you may have a passion or an interest in something that you really want to pursue but the niche is so small that there just isn’t any money in it and it’s really important as much as you might want to do something for the love of it, as much as you might want to do something just because you’re passionate about it and you want to do it every day.

The simple fact is you cannot create a business that generates enough income to fund your lifestyle unless there is a buyers market. So you need to be looking and asking yourself. Are there actually people out there who are going to buy this? Who might buy a product that I create from this brand? Okay?

So as an example, let’s say that one of the things you really want to do is help teens go through something. Maybe you’re passionate about the fact that teenagers spend so much time on social media at the moment and it’s coming out in mental health issues and all the rest of it and you want to get directly to those young 13, 14 year-olds problem is they don’t have any money. So you need to think about that and ask yourself. Okay. Well, I probably need to get to the parents of the teens. So how do I work my business model? So I’m directing what I’m doing at parents rather than teenagers. Yeah?

Or maybe you have a passion to really go and help people who are on the streets or something like that and help them to turn their lives around and stuff like that. But the problem is they’re on the streets because they don’t have any money. So the simple fact is you may have some things you’re passionate about and interested in that you may just have to put on the back burner that you can then do as a more philanthropic or charitable mission once you’ve built a business that funds your lifestyle. Does that make sense?

So just really consider. Is there a buyers market? It’s very easy to find out there is a buyers market, you simply go out there, you type your idea into Google and you go and you see whether there are other businesses doing something similar to what you’re doing, and they are actually selling any products or services and if they are the chances are there’s a buyers market. You just need to do a little bit of digging. Okay?

Number four. This is a biggie. Alright? This is a real biggie, and I’m talking to some of you out there. You know who you are. I’m not going to name any names, you know who you are. And if you’ve been with me for the last 10 years you have heard me say this on more than one occasion, and that is my friend. Pick one thing or pick one niche.

“If you go out and start chasing more than one rabbit, you will lose them all” is an old saying. And unless you have unlimited energy and unlimited resources. It’s nigh on impossible to go out and build two or three businesses off the bat. Let me tell you right now. We are actually looking at doing this ourselves. Okay? My partner is my husband is looking at building a business, building businesses, right? But in order to do that, we have to go out and hire people that can run the individual businesses because we need people to run each business. We cannot go and run ten businesses ourselves and you cannot definitely start a business from ground zero. You can’t start more than one or two. The amount of effort it goes into to build an audience, to figure out how to tell the story of your brand, to get out there and tell people what you’re doing, to grow that awareness, to build your profile to create your sales funnels, to do all of that kind of stuff. It’s a really hard job just doing it with one. So if you currently have your fingers in three or four different pies, then take all the ones that you’re not sure about write them in a little black book and start with one.

I think you’ve heard me say this before Keith Cunningham who was the inspiration behind the Rich Dad the Robert Kiyosaki Rich Dad series. He always said, “Get rich doing one thing, stay rich diversifying.” So that’s what you do. You put all your energy and focus on one thing. Until that one thing builds and builds and builds and builds and you’ve got loads of money coming through the door and then you can employ the resources to help you manage that one thing while you then go and you start diversifying.

Guys, when we started our Amazon business, we did our first seven figures with one product. Seven figures with one product. In fact, I’ll go as far as to say that when we build out what is called SKU’s skews. Our products, when we built those out, we actually started to have issues with our business. We spread ourselves too thin, and we had to trim down in order to increase our margins again in order to increase our income again. Yeah?

So pick one thing, stick with one thing. Oh God. My old technical manager, Neil, God Rest his soul. He made a tape once of me going “Pick one niche. Pick one niche.” really fast. It was very funny, but I can’t tell you how important that is. If you are constantly trying to do three, four, five different things then you’re never going to get anywhere. All right? And look, there’s the outliers if somebody is suddenly going to come up and say, “Jo, well, actually I did this.” There are the outliers. But for the bulk of us trying to multitask like that just leads to disaster.

All right, and then number five is once you’ve kind of gone through this exercise, you need to get real clarity on your business and the way to do that is to plan for profit. So I’d ask you to go back to day two and watch the “Planning For Profit” Facebook live that I did because again, this comes back to – imagine you’re in the gardening niche, right? You’ve decided you want to start a business doing gardening. I’m using gardening as an example and because my sister is a hugely keen gardener, and I’ve been talking to her for ages about her starting a business doing gardening.

So imagine that you’re in the gardening niche, and you are passionate about gardening, and you really want to build a business all-around gardening. Okay? That is your goal and you want to do it just because you love it. All right? That’s it. That’s your love and you want to make videos and show people all your different plants and garden designs and stuff like that.

But the problem with that is if you don’t earn money from it. Unless you’re retired or have got funds coming from somewhere else or whatever, then it’s not going to be long before you can only really do gardening at the weekend. You got to go and get a job in order to fund that passion that you love talking about. Okay? So start with the end in mind. Start asking okay, how can I monetize this passion of mine? How can I actually make a profit from this so I can do it all day everyday? This is what I love to do. So, how do I create a profit and do this all the time? And if you start from there, then all of a sudden you are so clear about exactly what your business is.

Your mission might be to help people create beautiful gardens the world over. Your business is what they buy from you. They’re two different things. My mission in life is to help people build lifestyle businesses they can run from anywhere in the world. My mission is to help people reach a point where they have ultimate freedom. My business is in the products that I sell. My business is in the affiliate links people click on or the books and the products that I put on my Your Lifestyle Business shop when I launch that, or the sponsorship I get for my podcast. Do you understand? That’s the business.

The mission and the business are slightly different so go back and have a look at Planning For Profit which was day two and go through that exercise because that will give you absolute clarity on the direction that you’re moving with your business.

So let’s head over to the comment section because I’ve Heard lots of pops pops pops as I’ve been going through and let’s say hello. So hi, Charlotte. Charlotte is the introvert marketer awesome. And Randy is the publisher data-driven introvert Joyce is “I’m an INFJ. What’s an INFJ? A blogger, podcaster, affiliate promoter. Yeah, all of the above. Me too, Joyce. I am a blogger and a podcast, an affiliate and a promoter. That’s fine and Bob’s your uncle. Charlotte said, I’ve stopped saying and Bob’s your uncle. It’s my favorite. It’s my favorite saying, “Bob’s your uncle”. Yes, so any… use your words, Jo. Has anybody got any questions or queries on that? I’m here to help. Please make sure that you any questions you have just ask in the comments below.

I hope that that has been a helpful and useful look at how to get clarity on your business goals. This is a tough one because a lot of people struggle with this a lot of people struggle with, “I just don’t know where to get started, Jo”, and I sometimes you just have to get started even when you’re not a hundred percent clear on exactly what you want to do because you can just get so inside your own head that you never start anything. So I think I’m going to leave you with my two biggest pieces of advice which are, number one – really hone in on that one.

But I love the fact that Vicki literally just popped up there saying I’m finding it difficult to choose one. At the end of the day if you are really struggling to choose one, sometimes you just have to go that one Eenie meenie miny moe, that one. That’s the one I’m going to do. And the reason that you struggle to choose one is fear. It’s fear-based. You’re worried that the one you pick might not be the one you can monetize, right? So you just have to try and get over that fear and you have to say I am going to commit and I’m going to go all in on this. This is the one I’m going to go all in on. Yeah, that’s really, it’s fear-based when you’ve got more than one because you’re trying to essentially kind of you know, diversify the risk. All right? and the other one is sometimes when you don’t know what to do. You just have to do. You just have to get started. Okay?

I just wanted to comment on something. That’s why I lost my train of thought. I know it was Joyce. Because Joyce said, “oh my gosh, I’m a podcaster. I’m a blogger.” but what you are Joyce is somebody who is obviously going to go out there to build some kind of information marketing business if you’re a blogger and a podcaster and all the rest of it which I am, that doesn’t mean necessarily that you’re spreading yourself too thin I’m in one niche which is to teach people how to build a lifestyle business that they can run from anywhere in the world. The fact that I then distribute my content across my podcast, my blog, my emails, my Instagram, etc. That’s simply content marketing, but my niche is very clear. So if you are a blogger and a podcaster and what have you as long as that’s all in the same niche, that’s fine. That’s that’s content. That’s something slightly different. All right?

But it’s the niche that you need to niche down. So yeah fear of missing out. That’s exactly it, Charlotte when you have when you can’t work out which one, if you’ve got two or three things, and you can’t decide on one it’s because you are worried you’re going to miss out on the benefits something else will give you but I can tell you right now, by focusing on more than one you’ll miss out on all of them. So my advice today is to pick one, and absolutely go for it. Commit to that and give it your all. All right?

I can’t believe it’s been 10 years, and I’ve been saying that, pick one niche, pick one niche, the same thing. All right guys. Thank you so much for listening. I hope that you have enjoyed today’s live. I will be back again tomorrow. I can’t remember the subject matter for tomorrow, but I will be back tomorrow at 8:00 a.m., tomorrow morning my time. And any questions at all, just put them underneath this video and I’m here to help. Thanks. Thanks so much for watching guys. Have an amazing day. See you later.

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