Over the last four years building my online business, I believe that what I've done to succeed has come down to five things, I call them my five dares. And today I want to share with you, if you are building an online business, how it is you need to incorporate the five dares into your business.
Hi, my name is Jimmi Bradbury, I'm an International Executive Business Coach. And I'm also the founder of the young entrepreneurs Academy. So there's there's an acronym for five letters and five words, let me share those with you. Now!
Number one, D. D is for digital, I believe today, the fastest way to grow an online business is to have a digital product, a program a course a service. I know that in growing my online business over the last four years, it has helped me enormously to be able to do that by having digital products, coaching programs, membership programs, online courses, they're all digital products. That's D in the first letter in dares.
The second letter is A. A is for automation. Today, we're living in a world full of systems and courses. And it's so important that if you want to really grow your business, you try and automate as much as possible. AI, artificial intelligence is becoming a big part of our life. So that if you want to be able to really grow your business fast, you need to get as much of what you've got into your business automated, meaning you're getting out of manually doing things doing tasks, and letting it be more automated, that the systems do the work for you. So that's a for automation.
R is recurring income, one of the great ways to build a sustainable business where you can see into the future is to have recurring income. So then you can plan for your expenses, you can plan for your investments, because you know the income that's coming in the future, a great way to be able to do that is to have a membership program where you charge people monthly a fee to join your program. And as long as they can keep paying monthly then that income is coming in on a recurring basis. A great example that we all know today is Netflix, you pay a monthly subscription to get as many movies and documentaries that you can download and watch as many times as you want. And that is a recurring income that they've got also Spotify, we can listen to as much music as we want now, and we pay a monthly fee to do that. Those are great examples worldwide that we know of recurring income. I was at a conference recently where a leading person who values businesses was now saying that recurring income is more important than cash flow, because cash flow is how much cash you've got in your bank or in your business at that moment in that point in time, whereas recurring income is your ability to be able to see income into the future. So R is recurring income.
E is for evergreen, making sure things are out there, and they're always working 24/7. For example, some of my courses and programs are out there at the moment, people are buying them when I'm sleeping. And when I come in in the morning, I can see these Pay Pal notifications coming in from people who bought my courses and programs. Because they're evergreen, they're out there 24/7.
The final part of the dares is S and that's scalable. It's so important today that we actually able to really compound our growth and scale our business really quickly. And to be able to do that in an online business, particularly where you've got a digital product, you need to be able to do it not by having more time put into the business, not more expenses, not a more team effort, not more systems and processes, but having the ability to be able to scale your business by having the right programs, courses. And being able to do that and scale your business is really important.
So those are my five there's... D for digital, A for automated, R for recurring income, E for evergreen, and S for scalable. I'm wondering where you are in the dares love to have your comments, maybe comment below.
Don't forget if you want to know more about me, check out my website. So that's jimmibradbury.com.
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