Gain new customers without costs

Russell Brunson started his 1st business while in college. Now he owns 3 online businesses and probably will start several more. That’s what entrepreneurs do.

Russell told MaryEllen Tribby he calls his businesses “funnels,” as in sales funnels. 

That makes sense. You make your offer and prospects either buy or they don’t. 

If they buy, you’re in business. If they don’t, you try something else.

His goal in creating funnels is to break even. If he spends $1 and make $1 from the other end of the funnel, he’s won. 

A funnel that breaks even on cold traffic – not his existing list – means he gained new customers at no cost. Anything else they buy from him is pure profit.

When we started publishing, it took us 11 months to break even. Most new companies take longer. After that, it was profit.

Russell’s mentor, Mike Litman, told him that “Amateurs focus on the front end.” That didn’t make sense until he grasped the concept of a “break even funnel.”

Rarely is Russell profitable on his initial front end funnels. In fact, a lot of them lose money on the front end. But as he attracts more customers and they buy more from him, the profits begin to arrive.

That’s why you need sound research and a strong business plan. Before you’re through, knock 10% off your projected sales and add 10% to your projected costs. You will come closer to becoming profitable.

We share such field-tested strategies in “Killer Secrets of Successful Entrepreneurs.”  For details, email JerryBellune@yahoo.com

Next: Concentrate on ideal customers

Copyright 2021, The Bellune Co., Inc.

Trends to help – or hurt -your business

Alert business owners and entrepreneurs need to be aware of new consumer trends that may help – or hurt – their business.

A local ad agency survey found that some behavioral changes may be long-lasting. While 92% of consumers wanted to go out to eat, 67% planned to cook more at home and 41% planned to order take-out once the covid-19 crisis subsides.

67% missed going to movies but 56% were more likely to stream movies at home.

Bringing manufacturing back to the US, especially in critical products such as drugs and technology, could have positive impacts on South Carolina. Low labor costs and lack of union resistance to modern production methods will make right-to-work states appealing to manufacturers.

Consumers who rarely if ever bought products online have been forced to turn to the internet. Now that they realize how convenient it is for many products, they are expected to continue to buy there. As for shopping in women’s fashions, they can watch shopping channels and buy there,

We share such ideas in “Maverick Entrepreneurs’ Million Dollar Strategies.” For a $20 personally autographed copy, contact us at 803-331-6695.

Do you see other trends? Please let me know at JerryBellune@yahoo.com

Next: More trends that could help or hurt your business’s bottom line.

Copyright 2020, The Bellune Co., Inc.