☠️ The kryptonite of business

☠️ The Kryptonite of Business

Businesses all have one kryptonite.

Profit.

Think of cash in the bank as a burning fuse. The more cash you have, the longer the fuse.

If the fuse hits zero, the bomb goes off.

It’s that simple.

I always get the same question: “But John, I don’t have money. How do I survive in the beginning?”

Great question. That’s exactly what I’m going to break down today.

So, here’s what we got for ya:

  • 💰 Getting an Unfair Advantage

  • 📱Views Mean Dollars

  • 🛠 Smooth Skills

💰 Getting an Unfair Advantage

Before we move on, you need to understand something.

Cash isn’t the only currency.

Every business has multiple “currencies”.

There are four core currencies in business:

  1. Cash

  2. Attention

  3. Relationships

  4. Skills

OR “C.A.R.S” to make it easy to remember.

Luckily, each of these currencies feed off of each other.

For instance, attention and relationships funnel into forming your skill

Let me show you how.

There are two guys who want to start a cleaning company in Albuquerque, NM.

Guy #1 - Jeremy. A normal guy wanting to make it big in business.

Guy #2 - Adam. Has a dad who owns 80% of the commercial real estate in Albuquerque, and who just happens to be looking to hire a cleaning company.

Obviously, Adam has a better shot at making money.

Why? Because Adam has more ‘Relationship Currency’ than Jeremy. Regardless of how he got it,

Here’s a truth that took me way too long to realize: Most successful people didn’t know “the right people” either when they started.

But thankfully, there is a science to this.

The best way I’ve found to do this is called a Dream100. 

The strategy is simple.

1/ Compile a list of 100 people in your industry that are already serving your future customers.

2/ Start interacting with them daily. Comment on their posts. Go to the same conferences.

3/ Provide more value than you can ever ask for.

Pro Tip: Remember everyone on your Dream 100 is playing with the 4 currencies too.

  • If you have attention, shout them out.

  • If you have relationships they would want, connect them with the right people.

  • If you have skills they don’t, offer free help.

4/ Over time you build a genuine relationship with them. The important thing is to be consistent.

Here’s a perfect example.

In Medellin, I ran into a guy at the Airbnb who also had a newsletter. Being in email for the last 3 years, I offered to take a look at this newsletter and see if there is any help I could provide.

This resulted in being connected with multiple other newsletter owners, and the founder of Beehiiv (the platform we send our emails with).

The great thing about relationships is you only need one person who likes you to be introduced to multiple of the right people.

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📱Views Mean Dollars

If you want attention in 2023, you need social media.

Not only is it free, but it’s very effective.

Content breaks into 2 major buckets:

Long Form Content - YouTube, Podcasts, Blogs, Newsletters

Short Form Content - Tiktok, Instagram, Twitter

Short form is good for casting a wide net. Long-form is good for building relationships.

For example, Hayden (one of the Co-Founders of Profit Snack) gained 308K subscribers and over 19M views, all by posting a daily YouTube video.

Hayden said that if he were to do it all over again in 2023, he would stick with short-form content.

Here’s how he would do it:

1/ Post one great short-form piece of content daily. Take a look at “Our Future”, a business that was built on short-form content - posting one great video a day.

2/ Find motion graphics artists and video editors on Fiverr.

3/ Perfect your skill. Look at the feedback and analytics daily and try to improve your videos one piece at a time.

🛠 Smooth Skills

I’ve found for myself, the biggest bottleneck in my business boils down to this one thing: Skill sets.

Either you don’t have the right skill sets, or you’re not using them.

Skills are learned in two ways:

  1. Experience

  2. Education.

Here’s my rapid skill acquisition process:

1/ Try it first. You get the basics pretty quickly. After 10 hours of trying a new skill, you build up a bit of scar tissue because it’s clear where you fell short.

2/ Spend an hour a day in deliberate practice for 30 days. This is time spent learning the skill through YouTube or mentors. Here’s my favorite blog on deliberate practice.

3/ Stay Consistent. Skills are like languages, if you don’t use it you lose it. So practice using the skill set every chance you get.

Love Profit Snack?

If you share this link with a friend or family member today: {{rp_refer_url}}

1/ They’ll get to enjoy all the freebies shared today.

2/ You’ll get access to our private discord where you can ask the founders of SM questions + connect with our community.

Win - Win. ❤️ 

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