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EPISODE IN BRIEF
If owning the race course – and not the racehorse – hits you right in the entrepreneurial bread basket, you’re going to love this latest coaching conversation…
It’s all about revenue streams and casting that net wide – but only after proving your business has what it takes for at least, 6 months of steady, consistent performance.
So, let’s start thinking about what you can do with your business in terms of growth and greater expansion – and enjoy new ideas in this episode of Coaching Conversations….
Time Code/Show Notes
0.26 Intro: Business coach experts Nick and Chris shoot the breeze – and slide into the curious but brilliant race course metaphor that covers multiple streams coming into your business….
2.30 The racehorse only wins money if it runs a place. And it can lose its currency when it is injured or scratched. The race course earns revenue through everything from the turnstile – to food and bev – to car parking….multiple revenue streams….
You need to extend your income streams to avoid the pitfalls of having one racehorse. You need to own the racecourse.
3.20 Nick says having all your eggs in one basket – or investing in just one racehorse – is setting yourself up for failure.
You can add to your income streams by having multiple clients or adding to your product.
5.10 You must first look to stabilise a proven track record for your business. Ensure an abundance of leads, conversions, and a team that operates successfully. Get your processes right so it’s sustainable month on month.
Nick advises a six-month period to prove that whatever you are doing, is working.
7.48 Look at multiple streams of leads with the same product.
9.00 Alternatively, you can add complimentary services to the business. Consider what compliments your ecosystem.
12.50 Efficiency. Hospitals and airports are held aloft as fine examples – as much so if not more, than a racecourse. Airports do not service just one airline. They have more than one café.
14.30 With these considerations, you need to look at your marketing. Is it all in one place; are you running the whole ship based on a small team; or are you the racehorse itself….
15.20 You must own the greater scope of what your business can provide versus just selling one product or supplying one service.
15.50 If your business is ticking over efficiently, now you can start thinking about the race course – and really start aligning with the thinking of growing your business.
Nick urges everyone to look closely at 3-D printing. Robotics is coming in a big way. For example, Uber in San Francisco is testing driverless deliveries.
18.30 If you’d like to know more about owning the whole ‘race course’ email ask@upcoach.com.au for more information on today’s podcast.
EPISODE SUMMARY
To understand and build your racecourse potential, you must first prove your track record for sustainable month-on-month operation.
You must then re-evaluate that you are not the business owner masquerading as the ‘`racehorse’.
This means you must never put all your eggs in one basket. Multiple income streams are more likely to prove your business in an uncertain economic future.
Working to be profitable; smarter, not harder, is as always, the key.
And moving towards building a racecourse, in case your ‘horse’ stalls at the barrier, is the best advice you’ll hear this year.