Podcast Summary
Adapting to Change: Growing Businesses During the Pandemic: Some businesses have thrived during the pandemic by adapting to new revenue streams and market conditions. Innovation and adaptability are key to overcoming economic uncertainty.
Learning from this podcast episode is that not all businesses have been negatively impacted by the coronavirus crisis. Some entrepreneurs, like Mark Simpson, have adapted and found new revenue streams, such as online sales and physical shops with social distancing measures. Mark's business in the hospitality sector has continued to grow, and he has even seen a decrease in the use of cash. The shift towards electronic transactions is likely to continue post-pandemic. The Entrepreneurs University, as mentioned by James Sinclair, is a valuable resource for business owners looking to learn from successful entrepreneurs and adapt to changing market conditions. Despite Mark's reluctance to grow his business, James aims to help him expand and overcome challenges during their discussion. Overall, the episode highlights the importance of innovation and adaptability in the face of economic uncertainty.
Affordable Business Growth through Coaching Programs: Coaching programs like Entrepreneur's University offer affordable access to entrepreneurship and business growth resources, including weekly coaching, proven strategies, and tools. Hospitality business owners can benefit from these programs by shifting their focus to securing direct bookings and growing their businesses.
Entrepreneurship and business growth can be accessed at an affordable cost through coaching programs like James Inclair's Entrepreneur's University. For less than the price of high-end coaching, members receive weekly coaching, proven strategies, and resources to grow their businesses. Hospitality business owners, in particular, have seen success in recent times by shifting their focus from relying on third-party booking sites to securing their own bookings through direct marketing efforts. Mark Simpson, a guest on the podcast, shared his experience of this trend and how he's grown his business by helping hospitality owners gain the confidence and tools to secure their own bookings. The Entrepreneur's University offers a low-risk, two-week free trial, allowing potential members to test the program and see the growth it can bring to their businesses.
30 pieces of social media content and training per month: Bug Direct Membership provides social media content, training, and a booking platform to help hospitality businesses manage their online presence and bookings effectively.
The Bug Direct membership offers three main components to help hospitality business owners effectively manage their social media presence and bookings. Firstly, members receive 30 fresh pieces of social media content each month, designed by an in-house team, which can be easily copied and pasted, and scheduled for various platforms including Facebook, LinkedIn, and Instagram. Secondly, members have access to training videos to help them understand and use various social media and booking platforms. Lastly, members can benefit from the Book Direct Map, a listing site that encourages direct bookings, providing members with their own white-labeled website to attract potential guests. With over 400 monthly members since its launch in November 2019, this membership aims to simplify the process of managing social media content and bookings for hospitality businesses.
Leveraging Facebook groups for lifestyle business success: Engage with niche-specific Facebook groups to build relationships, generate word-of-mouth marketing, and run a flexible lifestyle business.
Building a successful lifestyle business involves leveraging social media communities, specifically Facebook groups, to reach potential customers. The approach is different from competing with big platforms like booking.com or Airbnb through search engines. Instead, engaging with group administrators and members in niche-specific Facebook groups can lead to powerful relationships and word-of-mouth marketing. This strategy is effective because there are numerous groups for every interest, making it a valuable resource for entrepreneurs and small business owners. The business model is based on providing a 3-pronged membership with various benefits, and the flexibility to run the business with just a laptop and Wi-Fi connection. While some may argue that building a business to sell is essential, having a clear intention of creating a lifestyle business can lead to unique opportunities and growth.
Expanding a Lifestyle Business into a Valuable Investment: The interviewee, inspired by Tim Ferriss, runs a successful lifestyle business with a team of virtual workers. Despite contentment, there's potential to expand and increase revenue, aiming to serve 1,000 people and turn it into a profitable investment.
While the interviewee is content with running a lifestyle business and outsourcing tasks to virtual team members, there's potential for him to grow the business further into a profitable investment. Currently, the business brings in around £240,000 annually, with an average monthly income of £20,000 and expenses of £10,000. The website design side of the business contributes to a total revenue of £250,000 a year. The interviewee, who is based in the UK but lives in Spain, expressed a desire to expand the business to serve 1,000 people. The 4-Hour Workweek author Tim Ferriss' concept of outsourcing and hiring virtual team members has enabled the interviewee to maintain the business with minimal involvement. However, the interviewee was open to growing the business to a level where it becomes a valuable investment for potential buyers.
Setting clear financial goals for business and personal life: Focusing on specific financial goals can lead to significant business growth and personal income of £150,000-£200,000 per year
Setting clear financial goals for your business and personal life can help you build a successful enterprise and create the lifestyle you desire. Mark Simpson, as discussed in the conversation, aims to have 1,000 members in his Bug Direct membership in the academy, which would lead to a significant impact on the hospitality industry and provide financial independence for these members. By focusing on this goal, Mark can reverse engineer the steps needed to achieve the desired revenue and profit, ultimately leading to a personal income of £150,000-£200,000 per year. Visualizing and consistently reminding yourself of these goals can accelerate the process towards achieving them.
Writing down goals and keeping them visible: Writing down goals and displaying them visibly can help accelerate their achievement by creating a sense of accountability and motivating action.
Writing down your goals and keeping them visible can help accelerate their achievement. The speaker shares his personal experience of writing a will at a young age and maintaining it every year, which he believes helps him focus on his long-term objectives. He also suggests using a photo frame instead of a journal to keep larger, more ambitious goals in sight. The speaker emphasizes that committing goals to paper creates a sense of accountability and motivates action. He encourages business owners to invest in a photo frame as a simple yet effective tool for staying focused on their long-term vision. While some may prefer the traditional journal, the speaker argues that a photo frame offers a more holistic view of one's goals and can help keep the bigger picture in mind. Overall, the speaker's message is that taking the time to write down and visualize goals can lead to faster progress towards achieving them.
Flexible Education for Families on the Move: Flexible education allows children to adapt to new environments, learn new languages, and broaden their horizons through cultural experiences.
Flexible education is crucial for families who move frequently. The interviewee shares their experience of homeschooling and sending their children to various schools in different countries, including Spain, Bulgaria, and the UK. They emphasize the importance of adapting to new environments and learning new languages. The children have been able to learn Spanish fluently while living in Spain for over a year, despite not being fully fluent in speaking it. The interviewee also mentions their experience with the Waldorf method in an international school, which has shown significant improvements in their children's learning. They conclude that children are resilient and can adapt to new situations, and that a flexible education approach allows them to experience different cultures and languages, ultimately broadening their horizons.
Building a Lifestyle Business in Hospitality Industry with Direct Bookings: Mark Simpson and his family built a lifestyle business in the hospitality industry by focusing on direct bookings and traveling the world. They teach businesses how to increase direct bookings and have seen significant growth in their membership group.
Mark Simpson and his family have built a lifestyle business in the hospitality industry by focusing on direct bookings and traveling the world. They started by teaching football in America and later transitioned to helping hospitality owners in Scarborough with marketing workshops. In 2017, they took their business online and began traveling while building a remote team. Mark's focus on direct bookings led him to help serviced accommodation businesses, which rely heavily on platforms like booking.com and Airbnb. By teaching these businesses how to increase direct bookings, he has seen significant growth in his membership group. If you're in the hospitality industry and looking to increase direct bookings, Mark can help. You can find him at Boostly.co.uk. Mark's story demonstrates that with determination, a laptop, Wi-Fi, and a focus on direct bookings, it's possible to build a successful lifestyle business while traveling the world.
Build with the intention of selling: Building a business with the goal of selling it offers tax benefits and financial security for future generations. Consider this approach to mitigate the risks of entrepreneurship.
While it's great to explore different business ideas, Mark strongly advises building a business with the intention of selling it. According to him, this approach offers significant tax benefits and can provide financial security for future generations. Mark believes that taking the risk to build your own business is already a significant undertaking, so building something sellable can mitigate that risk. He encourages entrepreneurs to consider this option and emphasizes the potential rewards. Overall, Mark's perspective offers valuable food for thought for anyone considering self-employment.
