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Guruship: A new business model that converts your expertise into a REAL business
Guruship: A new business model that converts your expertise into a REAL business
Have you ever felt so excited about something that you can't wait to share it? You feel as if you're just going to burst if you don't tell someone? Know what I mean?
Well that's exactly how I feel right now as I type these words. You see, I've developed a brand new business model that's based on some of the most successful businesses today and for the first time I've put it into a 5-step process that can be used in just about any business.
It's designed to bring in more sales, give your business more credibility and make your life easier. Who wouldn't want that, right?
I call it the Guruship Business Model and it's based on the principle of turning your expertise into a profitable enterprise. In fact, I go into much greater detail than I have room here in my new e-book, Guruships: How to Convert Your Expertise into a REAL Business. And as a Business GPS Gold Member, I wanted you to be the first to get it. It includes a blueprint of the model, exercises to help you design your Guruship and best of all, it's FREE. Go to www.Guruship.com to get yours.
Based on my many years of building Guruships for myself and for my clients I decided it was time to show others how to do it for themselves and profit from their 'intellectual capital.'
Heading 2 - What's your expertise?
We're all experts in something. Each of us is blessed with unique talents, skills and experiences that no one else has. You owe it to the world to share them. Every business has an expertise. And your customers want to know what you know. A car mechanic is a great example. If my car broke down today, I'd only be guessing what the problem may be. And like most people, I'd have to call my mechanic because he's the expert. He knows my car best and he probably has experience fixing similar problems.
He's probably not going to start teaching other mechanics, but he is still sort of a guru because of his expertise. Look if he is funny he could even score a talk show. Just look at the radio show, 'Car Talk.' Yes, when you are good at what you do and can present it in a good way people will listen and this will drive sales. Who would have ever thought that a couple of nut cases could have one of the most popular radio shows in the country talking about used car problems?! Don't discount this idea. You too could be a guru!
Martha Stewart, Dr. Phil, Steven Covey and many other popular names are gurus. We're willing to pay money for their books, CDs, DVDs, etc. to get their advice and if we want to get one-on-one personal guidance from them we would have to pay top dollar for their expertise. That's the position you want to be in! But you don't have to be a big name to benefit from this strategy. That's the beauty of it. I'll show you how in a moment, but you're probably wondering what the Guruship Business Model looks like.
At the very foundation of the business model is your Irresistible Bait. Your bait may include free reports, e-letters, or other gifts you can offer free or at very little cost to generate leads. You want to create what I call a 'Free Line' -- a long line of people who want what you have to offer so you get as many hungry fish as possible into your sales funnel.
If you owned a candy store and gave out free fudge, people would stand in line to get it. If you give out 10 pieces, 7 will come into the store. Four of them will buy right away and 3 may buy later!
Your sales funnel is designed to covert those prospects into customers with low-priced or even free introductory products. As you do, continue to stay in touch with your hungry fish with an e-letter, newsletter, an audio series, etc. Remember, your goal is to build a relationship with your hungry fish so they can begin to trust you for advice. Then you can offer them higher priced products and services including how-to kits and group coaching.
Ultimately, the goal is to offer them one-on-one coaching that you can provide at a premium price. The key is to position yourself as the expert. As people move up the pyramid, they get closer to getting personal advice from you, but they also pay more for your expertise.
Secret #1: Leverage your expertise
One of the best ways to rise above the competition is to establish yourself as the expert in your field. People will be more likely to trust you and come to you instead of you constantly trying to reach out to them. That's the first secret of successful guruships! They're built on leveraging your expertise.
Martha Stewart, Dr. Phil and Steven Covey capitalized on a breakthrough idea in their field. Martha Stewart: do-it-yourself cooking and gardening; Dr. Phil: self-help; and Steven Covey: effective habits of successful people.
Secret #2: Narrow your focus
There are other gurus you may have never heard of, either, who are just as well-known and sought after in their niches. That brings us to the second secret of successful guruships! Narrow your focus on a niche within your market. The more you can narrow your market, the better.
Dr. Alvin Schamroth created a prep course for OB/GYNs taking the oral exams for board certification. After years of success buying and selling apartment buildings, Dave Lindahl created a system for other real estate investors who are only interested in investing in apartments. Christina Hills teaches marketers how to build online shopping carts. She's now known as the Shopping Cart Queen. They've built their Guruships by filling a need in a niche market.
By focusing on a niche, you can target your products and services better, which will cost you less in marketing; and because your services are unique, you can charge more for your expertise. The most valuable service you can offer is your expertise. Everything else is built around supporting you and making sure your skills and passions are spent educating others by creating new teaching tools such as reports, manuals and courses. No longer will you be trading dollars for hours. You'll be trading your expertise and making more money than ever! Here's how in 5 steps...
Step 1: Simplify. The first step is to simplify what your Guruship is all about. This is your promise. It's a short description that tells your prospects how you can help them solve their challenges.
Step 2: Codify Once you've established your your message, you can begin to plan your core product: your system manual. This is where you begin planning the process of putting your ideas down on paper for others to follow. As a guru, you're in the information business. You'll be sharing your ideas in a system you can sell.
Step 3: Multiply
Next, you'll multiply your ideas by building your products. Over time, you'll create system manuals, reports, books, course materials, a website, marketing promotions, conference presentations, webinars and coaching tools. Don't get overwhelmed. Most of your products will be spun off from your system manual.
Step 4: Satisfy You're probably asking, 'Who's going to do all this work?' You will probably do most of it yourself ' in the beginning. As you build your revenue, you'll want to hire a Freedom Team. These are people who will support you as you work on those things you're most passionate about, which may include developing training materials, writing the marketing, speaking or promoting the business. Hire people to support you so you can concentrate on building the business.
Step 5: Intensify
When you build you products, don't worry about making them perfect. It's more important to get your products out and then make changes later. It's what I call the Miracle of 1.0. Software makers never build a product with the idea they won't modify it, and neither should you. Go back, make changes and modify your manuals and training based on the feedback you get from customers. As you do, you'll intensify your relationship with your customers. Then, as you add new products start at Step 1 and begin the process again.