I hope the article heading got your attention.
When a mentor said this to me a couple years ago he got my attention: I felt angry and insulted!
Actually what he said was this: “Until you have products you what I consider a have a successful practice…nothing wrong with a successful practice…but you do not have a business.”
I argued, “Look at everything I’ve accomplished. Look at everything I’ve learned. I actually made a profit last year. The IRS certainly thinks I have a business!”
“Those are all amazing accomplishments,” my mentor said “but if, God forbid, you got hit by a bus and couldn’t do any work for six months or longer what would happen to your business?”
“I’m the business,” I replied, “If I can’t work there is no business.”
Exactly
======================================= A Practice Begins and Ends with You =======================================
Even if you have an amazing assistant. Even if you have clients who LOVE you and sing your praises: no you, no business.
One year later, two years later, there isn’t even a vapor trail.
Now for a lot of people, this is completely cool. You may be reading this article and thinking “Hey its enough that I take good care of my clients and my business pays the bills for me and my family.”
You have a successful practice and that is something to be very proud of.
And the success of your practice depends entirely on your ability to show up and be present. If you can’t show up, there is no business.
My dad was a dentist for over 40 years. He was a very good at his work and his patients adored him. When he retired he sold his practice to another dentist.
When my dad is at the grocery store or running errands people still come up to him and tell him how much they appreciated him and that they miss having him as their dentist.
I’m always impressed by the warm feelings my dad’s former patients still express to him. You can’t buy that kind of good will.
But the practice itself winked out of existence when my dad took his name off the door. Any special processes my dad knew, the things he said to calm nervous patients, the skills and knowledge he honed over the years; that’s all gone.
======================================= It’s About Influence and Making a Difference =======================================
This is not to belittle my dad’s accomplishments. He taught me a lot about working hard and with integrity. I’m proud of my dad.
At the same time, when I close shop for my business, in addition to having contributed to my clients success, I want to have products: books, classes, software, and tools that hundreds of thousands of people can use and benefit from my skills and knowledge.
When you create products, your business no longer depends on you because in a sense, you have replicated yourself. You’ve duplicated what made your business yours. The reason you got customers to begin with.
With products you can influence thousands, hundreds of thousands, maybe millions of people. That’s a LOT bigger than what any practice can do.
======================================= Not that the Money isn’t Nice too =======================================
Most small business owners are attracted to creating information products because they love the idea of earning passive income from multiple sources.
It’s a great reason to sell products. Not such a great reason for creating products.
Seriously. If you’re into products primarily because you want multiple streams of revenue, I’ve got one word for you: Affiliates. Sell other people’s products and make commission.
It’s easy. Most of the e-commerce products I use: my web host, my email and list management, and my shopping cart all pay me a percentage when people find them through me.
And I’m an affiliate for several businesses whose programs I’ve used and gotten good results from including Amazon.com.
======================================= Bottom Line =======================================
Having a successful practice is huge accomplishment and you can make a huge difference–as long as you’re around.
If you want a profitable BUSINESS whose influence goes well beyond the clients and customers you serve: then you want to create and sell information products.
It’s the best way I know to take what you know and make money making a difference in the world.
…
Judy Murdoch helps small business owners create low-cost, effective marketing campaigns using word-of-mouth referrals, guerrilla marketing activities, and selected strategic alliances. To download a free copy of the workbook, “Where Does it Hurt? Marketing Solutions to the problems that Drive Your Customers Crazy!” go to http://www.judymurdoch.com/workbook.htm
You can contact Judy at 303-475-2015 or judy@judymurdoch.com
Read more articles written by Judy Murdoch
Related posts:
- Create Information Products – Detailed Blueprint To Making A Fortune Selling Information Products
Create information products to solve people’s problems is one of the most profitable and easiest online business to be in. It’s much cheaper than setting up a traditional brick and mortar business, there’s no inventory to keep and you make 100% of what you sell. Here’s a business plan of... - When (and When NOT) to Charge for Your Info Products
One of my clients recently asked me whether she should charge for a series of tip sheets she created for families traveling with young children. Great question. There’s quite a bit of confusion around whether you should sell or give away your information products. About half the advice I hear... - Dont Get Emotional In Forex Trade
Getting emotional in the stock market is the worst thing that can happen to investors. The same goes for Forex traders as well. Seeing paper losses in everyday trade is pretty common. Once to take a decision to buy something and make losses, you still hold on even if situations... - How To Sell Your Products Online And Cash In On What May Be The Only Recession Proof Industry
Tens of thousands of people all over the globe are quietly cashing in on what may be the only recession proof industry — at the very least it’s one of few industries maintaining consistent and enormous growth! These people… well, these are just regular folks who have decided they want... - Create Information Products – Step by Step On Using Ghostwriting Services
Successful online marketers create information products that are in-demand and sell them online. It’s one of the most popular and effective ways to make money on the internet. An information product, or an ebook requires no inventory and the profit margins are huge. In this article, I’ll summarize the crucial... - How to Build a Really Great Business? (Super Success Secrets from a Legendary Business Master)
Times are tough. The economy is in a constant state of upheaval. Is your company doing better than most? Are you placing greater emphasis on pure performance? If you haven’t maybe it’s time for a serious round of intense corporate soul searching. But do you know how? Business consultant Chet... - 4 Keys to Choosing the Best Affiliate Programs for Your Business
A couple weeks ago, one of my clients sent me an email with this question: “I’ve been checking out a couple programs that say I can make lots of money by including affiliate links on my website. I could really use the extra cash right now. What do you think?”... - Marketing that Takes Your Business to the Next Level
During a discussion about small business marketing, one owner asked me “How do you get big?” In other words, what did he need to do with his marketing to take his business to the next level. Great question because the marketing you do to take your business from $0 to... - Organic Products – What Does It Mean To Be Organic
In 1933, Lord Northbourne published a book titled ‘Look to the Land,’ in which he outlined certain methods of food production he termed ‘Organic.’ His goal was to establish a view of the farm as an organism, self-contained and self-sustaining, in opposition to what he termed unsustainable ‘chemical farming’ relying... - The Secret To Making Successful Business Connections
If you have a hard time making successful business connections, don’t despair. Anyone can be good at meeting people-if they use the right technique. The whole secret to making a positive connection is knowing how to attract people and inspire them to want to give you a chance. Here are... - How Proactive Networking Can Dramatically Boost Your Business
Dear Friend, Do you know why most people fail at marketing anything on the Internet? Even though the products or services they are trying to sell are awesome? Regardless of your present level of success, pause for a minute and try to find out the #1 reason for failure so... - The Secret to Starting a Successful Online Business
It goes without saying that everyone who starts up an online business wants to be successful. Having an online business means you can “retire” and work online. With your own successful online business you quit your day job. No more commuting. No more boss. No more 9-to-5 drudgery. But how... - Business Turnaround: An Overview of How to Best Enhance Your Company’s Finances
A successful business turnaround requires the owner to take certain steps to become a profitable enterprise. By taking the following actions, you can reorganize your company and produce positive cash flow. 1. Good decision making requires a stable environment. In order to transform your business into a more profitable enterprise... - 10,000 Reasons Why You Should Do Your Homework Before Investing In An Online Business Opportunity
I have been providing advertising services to online businesses since 2000. I have helped many people become successful online through the use of my services. Too often, I only hear from people on the phone after they have lost tens or hundreds of thousands of dollars trying to launch their... - Retire From Your Full Time Job With The Best Internet Business To Start
Do you know how many people are quietly earning a six or seven figure income from information publishing? People like you who are earning it from the comfort of their spare room, with no employees, no overhead and almost pure profit? Without a doubt the best way to make money...