My Key Business Criteria For (F.A.S.T.)2 Profits!

Entrepreneurs are usually full of great ideas. Lots of them.

And if you’ve even had a mild taste of success, you’ll find more and more opportunities come to your desk every day, each promising good returns. Someone like Donald Trump would get hundreds of people knocking on his (well gate-kept) door to do projects with.

My question to you is, do you have a system of identifying what projects you choose and what you don’t choose? I ask this question as it is one that I have been and regularly face when people come to me for joint ventures, and it’s forced me to look at specifically what I want out of business, and life.

And at a recent mastermind group, my peers shared their thoughts on not being clear about what you want. Because this is a guaranteed way to get nowhere fast.

So I’ve tried to keep it simple, and used the acronym…. (F.A.S.T.)2!

“F” is for FUN and FIRE

If what you’re doing isn’t fun, you shouldn’t do it. Period. You’ve only got one shot at life, and shame on you if you’re doing something you hate, just for the money. I couldn’t think of a worse way to torture yourself than to wake up each day and be bored out of your brains doing unchallenging, unrewarding work.

The anti-thesis of this, lighting your own fire. Choose something that lights you up in conversations, something you’re so excited about you can barely fall asleep at night and practically jump out of bed in the morning with anticipation for. Trust me, you’ll know when you’ve hit your sweet spot because you’ll admit that you’ll do this even if you didn’t get paid for it!

“A,” is for Automation & Accessibility

You want to be able to automate the process in your venture and take advantage of it through leverage. When it’s in full swing, you have either put in place software and scripts to run and manage your business, or people and processes to make the engine’s turn while you’re not there. There’s nothing worse than creating a venture that starts to swallow up all your time. So begin with the end in mind, and start from the very beginning thinking, how can this work without me? It will drastically change the way you approach things, and might even cost a little more initially. Don’t let that stop you.

Accessibility means I can access my ventures from anywhere on the planet (with an internet connection of course). It’s all good and well to have an automated business, but any successful person will tell you, you still need to know your numbers and have input into the strategy and growth of your ventures. So to be able to access the specs and progress of your projects remotely, even if you’re on holidays in the Greek Islands, is a must. Some great tools I use to do this are logmein and teamviewer. I often access my pc remotely from my iphone with these awesome apps!

“S,” is for Simplicity and Scaleability

Your projects should also be evaluated on its scaleability factor. What I mean by that is, if it REALLY kicks off and starts growing like a bushfire, will you be able to handle it? If you got a thousand orders overnight, could you fulfill them and keep all your customers raving happy? If your site suddenly got 1 million hits overnight, could your server and bandwidth handle it?

As an example, I know some people who have a passion for copywriting. Problem is, it requires you to be present for every client and every letter. If you got 1000 orders overnight, you’d probably have a hernia! There’s no way you could fill that in reasonable time, let alone in the 2-3 weeks expected of a good copywriting service. But here are some real life cases where some smart people have used to scale things nicely in thier favour:

** Bret McFall produced a copywriting PROGRAM, that writes your sales letters for you!

** Pete Godfrey ran a masterclass teaching copywriters then refers clients to his ‘protege’s’!

** Bret Thomson has put out a copywriting membership site where clients perpetually pay him to stay a member!

** Dan Kennedy runs an elite copywriting group

** and many others sell information products on copywriting.

Same skill, different approach. Think about how you can scale your passion!

Simplicity refers to a business model that is relatively easy to understand, implement and promote. It doesn’t have a gazillion different contingencies and processes. I’ve seen structures that take a phD just to understand and products that are so complex in its delivery and usage that it would be way too much of a headache to run, develop and easily sell your USP (Unique Selling Proposition).

The ‘elevator pitch’ couldn’t be more appropriate here – imagine yourself stepping into an elevator and by chance your ideal client or partner steps in, but you only have 30 seconds to explain it to them before it reaches the lobby. Could you do it?

“T” is for Time-Off and Tranquility

You want to be able to create a business that allows you to take long vacations and return with more $ in your bank account than when you left. One that allows you to do whatever you want, with whomever you want, for as long as you want. And because of the systems, processes, structures and people you’ve assimilated, your business can and does run without you, allowing you to do just that.

Tranquility means that you sleep well at night. You aren’t promoting or selling something you don’t believe in, or feel you don’t have the credibility or runs on the board to claim expertise on. You also know your products work 110% and you use it and endorse it on your own life. It also means that you’ve chosen a simple business model with a clearly defined benefit for the customer and headache free procedures to counteract any potential customer conflict.

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