IceCreamKid
With Great Power Comes Great Electricity Bill
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
Templates and processes.How about time?
Can we disprove that it takes a lot of time to see real results. i.e. less than three years.
How would you expedite the process?
I'm pretty confident that I can move to another state and start a carpet cleaning biz that generates 6-figures profit by the end of year 1. The reason behind that is because I already know what machines and vehicles to buy, solution ingredients to use, employee training procedures to use, and marketing strategies to deploy.
If I was getting into a biz that I had no experience in then I'd go the Tim Ferriss route and locate guys who are absolute experts in that craft and use their templates/processes. You'd be surprised how generous people can be with their info/time.
True story...
During my high school days I worked for Teavana loooong before they got bought out by Starbucks for $630M cash. It was the greatest biz lesson I ever had. It was store #12 and I was there for the grand opening. Today they have more than 350 stores.
Before they even opened up, they already had templates and processes for EVERY little detail of the store. The cabinets, tile floor, ceiling fans, etc. No detail was overlooked. The sales process and upsells were already perfected down to a science. The founder was a ruthless mofo who was clearly out to make a killing.
We were trained to tell stories about the products to increase their perceived value. Here's an example:
"As legend has it, ancient Buddhist Monks trained monkeys to gather the youngest leaves from the tip-top of wild tea trees for this special Imperial Reserve blend. The legend lives on, now with the deft hand-plucking of the broken, evenly sized leaves that unfurl to create a light, orchid aroma, and the highest grade of oolong in the world."
That product was $25 for 2 ounces of leaves. 2 OUNCES MAN!
By the end of year 1, the store was averaging $30k/day on weekends and $10k/day on weekdays. Profits margins were outrageously healthy.
So yes it's possible to make good money in year 1. The catch is that your execution has to be very well planned.
Teavana was the most expertly executed biz I've ever taken a part of:
1. They caught the beginning of the health trend and knew it
2. They chose products that could command a premium
3. They perfected the sales/upsell process
4. They knew how to position everything to create a brand
I was paid a measly 10 bucks an hour to work there, but the lessons were worth millions.