The Only 3 Ways To Grow A Business – FA105

Get Exponential Growth By Doing Just 3 Things

Jay Abraham, Consultant Extraordinaire, teaches that there are only 3 ways to grow a business. Since I’m creating training for Foolish University on Maximizing Profit Centers in a Business, I thought I’d share the 3 ways to grow a business and several simple ways that you can implement them in your business.

What we didn’t cover in this episode is what happens to your business when you increase each of these 3 ways by just 10% each. What happens is you don’t increase your total business by 10% or even 30% — you end up getting a compounding effect. Jay Abraham says by simply increasing each of these 3 areas by 10%, you’ll grow your total revenue by 33.1%. This is a tremendous boost in income.

If I said you should grow your business by 33.1%, you might feel overwhelmed, but if I said increase just these 3 areas by only 10% each you would believe it’s possible to achieve.

Here’s the math used by Jay Abraham in his book, Getting Everything You Can Out Of All You’ve Got:

1000 customers x $100 per transaction x 2 transactions per year = $200,000

Increase by 10% in each area:

1100 customers x $110 per transaction x 2.2 transactions per year = $266,200

Just following this simple formula, you could double your business with a 25% increase in each area. I’ve always liked this idea since it gives you a concrete idea of what to do to grow your business rapidly.

My guest co-host, Samuel Woods, joins me in this discussion. I’ve been mentoring Samuel for over 6 months now and he has come a long way. He’s an action-taker and is becoming a knowledgable marketer in his own right. I think Samuel brings a different perspective to the Show especially when he asks questions that I’m sure are on the minds of listeners.

So, join Samuel and I as we talk about how to grow your business. Make sure to take notes and then put them into action in your business.

Mentioned in this episode:

Getting Everything You Can Out of All You’ve Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition

Enjoy your Foolish Adventure,

Tim “3 Way” Conley

Photo Credit: Tommy Schultz, RFG

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  1. Okay…definitely more motivation to create my second product. Never quit hustling until you break free, I guess. Time to start surveying!

    I threw so much effort into creating the first product, I didn’t even realize I’m still at the starting line!

    1. Yeah, the first product is just the beginning of a business. Try to think in terms of product line — extending the product you’ve already created into more advanced territory before you start creating less related products for your customers

      1. Will do. Already in the works for the second product. This one, will be easier for me, but I know I can charge way more. Expert interviews in my industry.

        Plus, I guess I can do a Chris Gillbeau and just throw out there that I can be consulted fro $97 an hour. Why not?

        But, thank you for this podcast. It came at the perfect time.

        1. I think the consulting thing is a great idea for a short time because it allows you to engage directly with the needs of your market. Then you can create new products from that.

          The expert interviews should be a great product especially if you add “action guides” that reinforce the info from the interviews.

          1. Connecting the theory with what it looks like “in the real world” and with execution seems to always increase the perceived value of something.

            People seem to always prefer to have something done for them, and if that’s not possible, at least given clear instructions on what to do tends to go a long way.

  2. Tim – are you using a podcasting plugin & feedburner?

    It seems like a plugin may be overwriting your feedburner settings – the feed has the graphic, but if you’ve also set up PowerPress to edit your feed that could be the issue. If you don’t already have an expert on the case I’d be happy to help! 🙂
    It may be that you are changing it in one spot and it’s being overwritten by the other.

    For this episode you email addy is coming through in the author spot!

    I’d be more than happy to take a look if you don’t already have an expert on the case – you know where to find me!
    Love the show by the way – I’m thinking I’ll be raising some prices now!

    1. Melissa, I don’t use a podcasting plugin. Seems like an extra step in the process. It turned out that it was a section in Feedburner that I didn’t know about that was conflicting with the tags in the RSS. Also, I set up my RSS to show my email. Most readers show see it as Email the Author.

      Thanks for the offer. And raise your prices.

  3. As with strategy, networking, and other concepts, they’re multipliers.

    Meaning, if you don’t have anything to apply it to (like, actual content, products, skills, etc), you’re going to end up with 0 (ZERO), anyway.

    But if you get started and build something, these 3 things can make a world of difference.

    @TimConley:disqus, how useful would these be for something starting out? How would you modify them?

    My gut instinct is to model what I do based on a successful model in existence, then pivot and tweak.

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