Today I talk with Paul Wright about the concept of information marketing and packaging your thoughts for profits. Paul Wright is a Physiotherapist, business coach and mentor, and author of the best selling book How to Run A One Minute Practice.
It’s important to point out that you can learn a lot from other professions, outside of what you would usually listen to, which is why Paul Wright is the perfect guest for today’s episode.
If you’ve been in business for many years, you’ll have intellectual property that people are willing to pay for, such as:
• Templates
• Tools
• Resources (audio and video)
• Systems and protocols
Getting Started
If you’re running an event, workshop, or guest speaker, you need to record it because you don’t know if it’s something that will be worth packaging at a later date. Paul did this very early on, and it is now a profitable business.
Continuity Income
If you sell a DVD, a book or an audio series the deal ends when cash changes hands, but long-term income comes from creating continuity income. So instead of just creating a product, you start to develop a membership.
Paul’s first membership program was called PhyisoProfessor, and it was only $69/month.
“Do the work once and get paid forever”.
Team Members
If Paul had a team member attend an event he would pay for them to attend, but afterwards, the team member would do a presentation for the rest of his team, and this was recorded, which is perfect for his membership group and future team member training.
Quality of Sound & Light
Paul believes people care more about ‘quality of content’, then the quality of sound and lighting. It’s better to be 80% right and out the door, than striving for 100% right and it’s in the draw.
What Else?
Keep asking yourself – WHAT ELSE? Paul continually asks himself this question, and it has served him very well. By asking this question, he developed Profit Club, which is another membership site full of newsletters, forms, a membership forum and CD of the month.
Most people don’t realise the value they’ve got in their head, and this applies to all professions, from Law to Interior Design.
Scarcity Mentality
A lot of small business owners fear to share their knowledge. They have a scarcity mentality. They need to understand the more you share, the more you learn. Therefore, keep asking yourself, “What else can I do?”
Critical Success Factors
What made the most significant change in Paul’s business and philosophy towards business was when he identified 12 things he needed to fix in his company, and he focused on two of these a week for 6-weeks.
He then thought if these 12 critical success factors worked for him, then he should share this information, so why not record it as he went, and this is how his Practice Acceleration Program developed.
Exhausted Intellectual Property
Once Paul felt he had exhausted all his intellectual property he asked himself, “Who do I know?’
Paul decided to team up with other small business owners to develop new products, where they both benefited by sharing their knowledge.
Package Correctly
We all have information people are willing to pay for if it's packaged correctly. People will pay for your knowledge and experience, and this will save them time and money.
For example, putting up your prices. Usually, it’s the business owner who has a problem with the price rise. An experienced business coach will explain how to do this correctly.
Don’t Fall In Love
Package what you know well and then find a hungry market, but don’t fall in love with the product, especially if the product is not right or not wanted by the market.
There are two key drivers of any business:
1. Available market: Is there a market for your product or service? If there’s no market, you need to stop, but this is hard to do if you fall in love with your product.
2. Available labour supply: If your business increases are there an adequate labour supply to sustain growth. Starting a business in a remote or regional area can be difficult if you cannot find skilled staff.
What’s Your Freedom Score?
Ask yourself how many hours you want to be at work? Do you still have enough hours for your family and lifestyle?
Remember you should run your business on your terms because what are you going to remember when it’s all over, your time at work, or time with family enjoying holidays.
Paul’s Biggest Business Mistakes
• Hired wrong people
• Thought technical excellence would grow his business
• Wrong locations
• Didn’t know his numbers
• Grew too quick with no labour supply
Monday Morning Tip
Go home and spend time with your family and never put a monetary value on your family time. There’s no such thing as quality time; your family wants quantity time.
If you want to connect with Paul, you'll easily find him on Linkedin or check out one of his many informative websites:
Healthbusinessprofits.com
How to run a one minute practice
Physioprofessor.com
If you have any questions about this podcast please email me at
Save The Date
17th and 18th August 2018. I will be holding a 2-Day It's No Secret Business Conference in Cairns and this year's theme is 'Communication, Persuasion and Influence'. My Keynote Speaker is David M Frees from Pennsylvania, who was also my guest on Podcast Episode 2. Keep an eye on my EVENTS page.
FREE DOWNLOADS:
First 16 Pages of My Book – It’s No Secret There’s Money in Small Business.
