Thread by @BowTiedElephant

Mistakes We Have Made In The Past (Part 3/3)

⤗ ⤗ ⤗ The BUSINESS Edition 🙎‍♂️🙎‍♂️

A @BowTiedBull Wisdom Thread 👇

1) GET THE A- NOT THE A+ UNLESS YOU OWN EQUITY

There is no reason to go above and beyond unless the results are going to accrue to you

This is seen most in the work environment

Trying to be the #1 person is unlikely a good use of time

Using Wall Street as an example, if you’re in the “top bucket” you’re going to make roughly the same as the #1 ranked person in your class

Maybe you’re off by a few percentage points

This really doesn’t matter because the #1 guy has a much higher bar to keep up with

AND

he is going to be forced to work more (everyone wants the guy on his team)

The only exception (getting an A+) is if you’re in a revenue generating role and have nothing else to work on (unlikely)

A- work is not good enough if you own Equity (your own business)

This is because you obtain all of the benefits

The A+ worker in a corporate environment is almost always the “highest operating margin employee” this means the extra few thousand he is paid is more than offset by the revenue he generates

Otherwise he wouldn’t be so loved, would he?

Put these two together and you’ll realize that it is better to be “liked” but not extremely liked in any corporate setting

This gives you a lot more time to build your own stake in something that flows directly to your bottom line

A+ work is only necessary if it is going to benefit the person who matters: you!

You should only be motivated to do A+ work if you see the benefit of said work

2) SMALL MONEY MATTERS IF IT DOESN'T TAKE TIME

You should never sell tiny websites

Well, it depends but the point is pretty simple

If you have an extremely small website that makes $500 a month, you should not laugh at it

If it makes $500 a month but requires a lot of time to run, then you should dump it

The key here is how much effort are you really putting in?

If you have an old website that makes a few 100 dollars a month but spend 15 minutes a month on it... keep it

Just because a website wasn’t a success doesn’t mean it was a failure

There is definitely a middle ground and the middle ground is determined by time

We’ve sold quite a few websites that we considered failures

Making between $300-600 a month

We should have kept them

They are still up and running today and probably make the exact same amount of money

That was many years ago!

All of that money could have been sent into a bank account without doing anything

In fact, if you have 20 “failed” websites, that would be $6,000-12,000 a month...

with minimal work

This is a simple reminder to see if you can automate any “failed” project you hav

If you can reduce the time to practically zero, you should keep it until it goes into the red (could last several years in the green)

3) TRYING TO SELL TO A NEW MARKET

Yes everything is sales
And, No, sales are not equal

We wrote it is better to sell to the masses since you learn basic communication skills with a wider audience that allows you to improve your social life as well

That said, if you know how to sell to the elite, there is no need to change gears

While this is a high level view, it makes absolutely no sense to try and change your target group

Assume that you have a solid business that targets women in their 30s-50s

Now you want to start a second idea

Is it better to try and target men in the same bracket or a different set of women?

Trick question

Neither

You’re better off finding another product to sell to the same age group!

This is because you’ve already figure out how to tap into the sales funnel for that group

This is also why you find that specific affiliate marketers sell to certain niche’s

Gambling websites do not hit the same group as cosmetics

Diet does not target the same group as Lead Gen

While there are some specific instances where they do overlap, it is much smarter to stay with your core competency

This is also why we are quite impressed by people who succeed in various types of businesses

Most can only tackle 1-2 industries or target audience (not throwing shade, one industry is *more* than enough)

That said, targeting multiple at the same time takes a lot of skill

Also. We’ve noticed that this is typically where people blow their money

They succeed in one area then try to expand in an unrelated area... only to fail and lose a large amount of money

While we did lose a good amount of money trying an endeavor that was unrelated to a core business, it didn’t break the bank

We’ve learned our lesson and hope that anyone reading this will be sure to max out their core competency before moving on

Remember, if you know where your talent is, you need to maximize it before moving on to more risky ventures

Targeting a completely new group of people is a big risk

Thread FIN!!!

Retweet the first tweet if got something out of this 👇

The lesson came from @BowTiedBull
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https://twitter.com/BowTiedElephant/status/1399402654019825664?s=19