3 Ways To Increase Wealth Through Business Now

Summary

• Pick the right market for your business because a good entrepreneur can't overcome a dying market. For example, a friend with a tech company targeting newspapers struggled as the newspaper market shrinks by 25% annually.
• Ensure your market isn't a negative one. If you're in a good or neutral market, you can focus on the next growth lever.
• The second lever is your offer, which includes your products, services, pricing, and terms. A unique and compelling offer can make a huge difference in a normal market.
• Avoid having a subpar or standard offer. Aim to present a "Grand Slam" offer that is irresistible, repackage your services attractively, and you can significantly grow your business.
• Work on your persuasion skills because, without them, even a great offer won't reach its potential. Persuasion is the last of the three levers but requires significant effort and practice to master.
• To grow a business quickly, rework your offer into a Grand Slam one, then improve your persuasion skills, and once you excel at these, find a great market to apply your skills.
• If you're not growing, assess which of these three levers – market, offer, or persuasion – needs work and take action to address it for better success.

Video

How To Take Action

I would suggest picking a market that is either stable or growing for your business. Avoid markets that are getting smaller, like newspapers. Even with great products and sales skills, a shrinking market can hurt your success. If the market is good, then focus on your offer.

Make sure your offer is hard to resist. It should be like a "Grand Slam" – rare and powerful. A good way of doing this is by making your services or products unique and attractive to customers. If your offer is already strong, then work on improving your persuasion skills.

Here's what to do step by step:

1. Check your market:

   • Is it growing, stable, or shrinking?
   • If it’s not shrinking, you’re set. If it is, consider targeting a new market.

2. Improve your offer:

   • Can you make it a "Grand Slam" offer?
   • Repackage your products or services. Think about what makes your offer special and how to show that to customers.

3. Boost your persuasion:

   • Are you good at convincing people?
   • Practice your sales and marketing skills. The better you get, the more customers you'll bring in.

If your business is not growing, look at these three areas. Ask yourself which one needs more work. Maybe your market is fine, but your offer is just okay, or you need to be better at selling. Once you know what to fix, take action!

Remember, start with creating an amazing offer first. This doesn't take long and can help right away. Then practice your selling and marketing to get even better results. Lastly, find the best market where you can apply your new skills and watch your business grow.

Quotes

"If you're in a horrible market, it doesn't matter how good your offer is, it doesn't matter how good your persuasive abilities are, you will not be able to outpower a bad market"

– Alex Hormozi

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"If you have an incredible irresistible offer, then more people will say yes and you can make a tremendous amount of money"

– Alex Hormozi

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"When you have a grand slam offer, you can knock the ball so far out of the park you can win for a thousand years"

– Alex Hormozi

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"Making the actual best offer is going to be the second biggest lever on your business"

– Alex Hormozi

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"The only way for you to be hyper successful is to develop persuasion abilities"

– Alex Hormozi