Your business costs might be in the wrong place

Yesterday, I sat in a room full of 7-8 figure entrepreneurs.re4df

Boy, did I feel small.

You know how I always complain about my RM5.5k shop rental? These guys were spending that amount in USD... on Facebook ads alone!

And here's the crazy part. Some got 3X returns. Others hit 5X. One lady was scared to spend MORE on ads because her sales team couldn't handle all the leads. (#wahlauwei)

As I listened to their "problems", I naturally reflected on mine, and how I was spending all my money in the wrong places - nice shop, fancy equipment, high-paying crew, premium location.

But I neglected the most important thing: Getting customers through the door!

I wasn't able to convincingly tell people why they need me. Neither did I show how I solve their could problems.

In traditional retail, renting a premium location meant getting more footfall - more customers through your door.

But today, the Internet puts your shop everywhere. The social media "algorithm" everybody bitches about is your weapon to bring the right customers to you, if you set them up right.

Those entrepreneurs I met yesterday don't simply throw their money. They test small, find what works, then pour fuel on the fire.

Before spending any money, they ask: "How many leads will this generate?"

Meanwhile, in my previous business: "Wah, this shop lot very nice ah!" (But customers where?)

The lesson I learned (so you don't have to). It doesn't matter if you have the most beautiful shop, or the best equipment, or the most skilled team

If nobody knows about you? You're just burning money in style. Gaya mutu keunggulan.

What I learned in the room yesterday, reinforced some useful learnings for me. Costs are inevitable in business. But you want to spend your money where it is worth, where every dollar out brings 10 back.

If you'd like to build a business without being held back by costly overheads, so that you can spend your money where they matter, sign up for my blueprint to check out the business model I'm currently working on:  

• One-time start-up cost below USD5,500

• No salary

• No rental

• Systems built for you

• Leads we teach you how to generate

• ... without calling your friends and family

[Sign up now.]

Always cheering you on,

Kon

P.S. Stop spending money to look successful. Start spending money to become successful.