Top Business Tips for 2020

Best Business Tips for 2020

Entrepreneurship is the backbone of this country sorry of any nation. And yet people fail in business all day long. According to fundera, in the first decade, 70% of all businesses will fail. And it's because they're missing some of the most fundamental training and aspects of how to succeed.
I've been in mini business for last 15 years. And you know what? I've lost alot of dollars but I've also made a lot more than that. And today, for 2020, I'm going to share the top 3 things most important for every business to have must don't.  It's that, just by Reading  this article, some of you should decide to close shop and some of you going to hunt somewhere else, so you can have the level of success that you deserve. If the business doesn't have at least a 50% margin, I usually don't look at. If you don't have that, then who cares about your business?

Ultimately businesses are going to succeed or fail based on their understanding of 3 fundamental principles. Margin, leads and difficulty. And today in this Post, I want to dive deep into them because you may have a business that is destined to be broken and you don't know it. Because a broken business ultimately leads to you being broke financially.

We're going to actually evaluate this theme park, Harry Potter world. We're going to talk about how it's doing in these 3 categories. And at the end of this post  I'm actually going to share with you my favorite business model that I've used to make more money than anything else and how you can copycat it.

 Alright, let's talk about these 3 components of a successful business. 

The first one is margin, okay? So, your typical average business operates on a 10% margin. And a good business might have a 20% margin. And the poor business might have a 5% margin. Now, one of my rules is if a business doesn't have at least a 50% margin, I usually don't look at. Why? Because if I have a lot more money, it means a lot of good things come into my world. One, I don't have to take a position with the organization. There's enough money that I can actually focus on being an owner business versus an operator that's getting tired working inside of the business. So, if you take a look at Universal Studios in Orlando, Florida, right now in 2018 after they launched Harry Potter world, they brought in revenues of 1.25 billion dollars. They saw a 15% increase from just the year before. But more importantly, their profit was right around 500 million dollars. Now 500 million dollars and 1.25 billion of revenue means that they're sitting at a 40% margin. That is 4 times more margin than the average business. So, guess what? As far as that goes, they've got a fantastic business model.

The second one is Leads.  A business that doesn't have a predictable set of qualified leads is always going to struggle. You know how many people I know they're like, "I've got the most amazing product. My product is so amazing." But bottom line, they don't have enough lead flow which means prospects, people, customers, clients. If you don't have that then who cares about your business? People make the mistake all the time of supporting businesses that have amazing products but they have no way of marketing. So, take a look at where we're at again. They have movies coming out. In fact, they've got all these movies that drive people into the park and as a result, they have really good margins but only because they have lots of customers. Over 10 million visitors a year flock to Universal Studios Orlando. And you know what? Harry Potter has only increased that number. So, guess what? They've got leads. And that's why they have margin and that's why it works.

 The third thing that you need for your business to thrive, best advice that I can give you is you have to evaluate the difficulty of business. One of my mentors, Tony Robbins says that the enemy of execution is complexity. So bottom line, is when something becomes harder then the more difficult it is. There's opportunity for errors and for things to break down. And you know what? When you actually look at Universal Studios, it is a crazy complicated business. That doesn't mean it's bad. It doesn't mean it's not worth it. They're clearing a half a billion dollars a year in this park alone. But for you and your business, one of the things that you need to ask yourself is how difficult is my business? Because the more difficult it is, the harder it is to duplicate. The harder it is to actually grow or the harder it may be to actually systematize. Doesn't mean it's not worth it but it does mean that you might have a problem.

Now, as you evaluate your business and take a look at these 3 aspects, ask yourself number one: Do you have a normal margin, a low margin, a high margin or an extraordinary margin? If your margin is normal like 10%, then I think that you have a problem. Look at how successful you have to be to get that business to produce something. And you might spend years building it. But what if you started right now with the business that had like a 30, 40, 50 or a 60 percent margin. If it existed and if it was out there, you'd have to work way less hard to way more money.
The second thing that would happen is that you'd find yourself be more of a business owner versus an operator. Because when you have a 10% margin, the problem is that you actually need to insert yourself in the business and work the business to actually justify the little bit of money that you actually make. The second thing I would evaluate is leads. If you don't have a dependable, consistent flow of leads in your business, you might be in the wrong business. Because you're going to spend all of your time hustling diluted by the fact that you think your products are great but you don't know how to put it in people's hands.

 And thirdly, difficulty. If your business is super difficult, is super complicated, you might be able to pick a different idea this year and zoom around a decade of results in your old business. Sometimes we find ourselves comparing ourselves to some of the biggest names of business, some of the most successful iconic people. JK Rowling has the most amazing story. Think about it for just a moment. I mean, A woman submitted her manuscript of Harry Potter to 12 publishing houses. All of them rejected her. And finally, one of them went with it. And then in like a 20-year spans created a 25 billion net result of that franchise. But you know what? Not all of us are going to be what I call the Lucky Sperm Club. Not all of us are going to be the people out there out there crushing it with like these mega businesses. But that doesn't mean that there's not a piece of the pile with your name on it where you can absolutely kill it. This is what I've learned in all my years of business. If your business has low margins, you're in trouble. If your business doesn't have a good lead source, you have problems. And more importantly, if your business is difficult, you have more problems. How do those problems you currently have in business? But I want to do right now is I want to share with you a perfect business. And this is just an example

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