Tuesday, February 9, 2010

Playing The Bigger Game - PART 4

The MEGA World of Lil Mogul
by Lil Mogul

STEP 4: Reduce The Number Of Steps It Takes To Get To Your Goal
Scary food for thought: How hard are you going to have to work to get to where you want to be? Think about it, seriously. With your current business model, how much time and effort is it going to take you to hit your goals? If you want to make 6 figures or 7 figures and you’re starting out with no audience or REAL plan.

Maybe you have a $50 an hour consulting business and want to make $500,000 a year … not going to happen unless you change your business model.
At the first marketing conference I ever went to, I remember talking to a “big shot” who was selling $20,000 a month worth of products. He asked me how much money I wanted to make with my business, and I told him.

He then asked me this question:
“How many steps do you want it to take to get there?”
That’s a game-changing question if I ever heard one. If you truly want to play a bigger game, you need to ask it at EVERY step in your business. If you don’t, you’ll be using small strategies and trapping yourself in the prison of limited thinking.

If you want to make $500,000 a year, being a $50 an hour consultant means it takes 10,000 steps (hours) to get there. Not good, considering there aren’t even that many hours in a year. Sure, you could try and raise your rates to $100 an hour, but 5,000 hours a year is still a 100-hour work week, 50 weeks a year. So what if you didn’t want to take 10,000 steps, or even 5,000? What if you wanted to take … 50? Well… you’d have to change your entire strategy and completely alter your way of doing business.

Yeah, that’s what the bigger game is all about. $500,000 / 50 = $10,000 a step. So how do you get that when you’re used to making $50 an hour?
Maybe you create a product.
Maybe you hold workshops.
Maybe you start a certification program and train people you can outsource.
Maybe you look for affluent clients.
Maybe you … do something crazy … like pick a more profitable industry entirely.

Here’s the insanely powerful effect of reducing the number of steps it takes to get to your goal: It forces you to ask questions that open up opportunities you would have never thought of at the 10,000 step level.

10,000 steps = tiny steps. 50 steps = big steps, requiring a bigger game.
What if you looked at your current business model and cut the number of steps by a factor of 10? In other words, if your average sale is $25, what would you have to do differently to make it $250? If your average client is worth $1,000, what would you have to do differently to start bringing in $10,000 clients?

Chances are you’d have to do a lot of things differently. But if you shorten your journey by a factor of 10, isn’t this question worth asking? Oh, one important thing: This process only works when you reduce the number of steps by a factor of at least 5 or 10. If you just try and reduce the number of steps by a factor of two, you’ll probably just try to work harder at the game you’re already playing. You want to open your mind to a whole new game.

This whole process is kind of scary, kind of fun, and extremely liberating. I’ll walk you through it. Game on.
Until the next time, have a GREAT Week.
Lil Mogul

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