Every so often we get requests from many of our readers and clients to investigate some of the latest business and investment opportunities doing the rounds, such as the now notorious self-improvement (financial self-improvement) industry which usually takes the form of being invited to a seminar and then essentially being pitched some income generation opportunities to invest in by some rather talented speakers. So what we did was attend just another one of these seminars, having opted for the “VIP” package, which simply means you pay and get to sit closer to the stage, whereas there was a free attendance option available.
With a reasonable budget to sign up to about three or four of the opportunities being sold, we tried our best to be as objective about everything as possible, only signing up to those which most people in attendance genuinely appeared to be convinced of the success of. The outcome?
Well, we sifted through the many offers as our experience in the field of business development had us concluding that we were indeed seeing right through all the guru-type training courses which, in all honesty, if they worked for whomever is selling them, there would probably be no need for them to sell them, would there? So no, we didn’t sign up to any training programme, “mastermind,” etc.
What we did sign up to though was a lifestyle entrepreneurship boot-camp, which was free and here’s what we learned:
There is so much beauty to be enjoyed from places you would never think beauty could arise, such as the realisation that certain myths around operating a lifestyle business can be really profitable to debunk! One such debunked myth we’d go on to learn about was that of how it’s been a common belief that lifestyle businesses cannot really be scaled. They can definitely be scaled, and then some!
It’s simply a matter of building a network of people who are not competing with you directly, but are given the reciprocated privilege to market and sell to your market as well. As an affiliate seller of save the date postcards for weddings, just to make an example, how many opportunities for sales do you have if at least 1,000 people who are in your lifestyle business network each allows you to sell to their lists of prospects?
Partnership can be an indication of legitimacy
When someone offers you a business opportunity to invest in, which is common practice with lifestyle businesses, you can often accurately gauge the legitimacy of that opportunity by proposing a 50/50 split on the start-up and operational costs, to be shared between yourself and whomever is offering the opportunity!
Business success is all about market reach and access
Getting back to the wedding dates postcard example, another lesson we learned from the lifestyle entrepreneurship boot-camp was that pretty much everything and anything under the sun has a market. In order to make a success out of its sale however, you simply need to reach enough people.