Recently, I had the opportunity to attend the 10x UK tour, a live event hosted by Grant Cardone. Grant is a bestselling author, as well as a sales trainer, speaker, and entrepreneur.
He’s built a $556 Million portfolio of multifamily projects virtually from scratch. It’s safe to say he knows a thing or two about business. So, when he talks, I listen.
He shared a ton of valuable information during the event, but what piqued my interest were the 5 untold truths about business he revealed.
I’ve been in the online business world for over a decade now. During that time, I’ve seen countless aspiring entrepreneurs struggle to get their business off the ground.
And I’ve noticed a certain trend with most of these people. They all have amazing business ideas, but horribly fail the execution.
The biggest problem, as I see it, is that everyone’s too focused on starting their business. However, that’s just the first step on the journey to success.
What’s far more important is knowing how to run, manage, and scale the business, so you can enjoy consistent and reliable income.
That’s why I’ve decided to share Grant’s 5 truths with you in this article. I’m convinced that every marketer, entrepreneur, and business owner NEEDS to know them.
They will help you avoid some of the common pitfalls, adopt the right mindset, and start your business on the right foot, so to speak.
Here is my interpretation of Grant Cardone’s truth about online business:
1. The Only Reason Businesses Fail Is Due To Lack Of Attention
There are quite a few things that can go wrong, and cause a business to crumble. However, at their core, they all have a common denominator – lack of attention.
It can be the lack of attention from you, the business owner, and your team. You might not pay enough attention to the target market, their wants and needs, and trying to promote a product they’re not interested in.
Or, you’re not keeping a close eye on your marketing campaigns and metrics, and are wasting a ton of money without getting any results.
There might be a number of signals indicating that something is wrong, or not fully optimized. But, if you’re not keeping a close eye on your business, you’re bound to miss them.
That’s why you can’t just “set it and forget it”. You need to work on your business daily. You must constantly monitor all the parameters, tweak your campaigns, update your offers, create new content, and engage your audience.
Speaking of audience, the other side of the coin is the lack of attention from potential customers. If your business is not top of mind, people will simply forget about it.
And if someone doesn’t even remember your brand, how can you expect them to buy from you? So, don’t just send a handful of emails out and call it a day…
Think of strategies you can employ to keep the communication between your business and prospects flowing. Figure out ways to constantly keep them engaged, and give them a reason to return to your website.
The more exposed they are to your business; the easier it will be to close the sale.
2. Best Product Almost Never Wins
This is one of those things that can be difficult to believe, but it’s absolutely true in today’s business world.
The best product seldom wins out in the marketplace. And the reason is quite simple…
Let me put it this way… Say you’ve got the best possible product on the market. Nothing can compare with it. Nothing can even come close.
But, you have no clue about marketing, and you’re struggling to get it in front of people who are interested in what you have to offer.
Do you think you’ll find enormous success with your fantastic product, if nobody ever hears about it? Of course not…
That’s why effective marketing is arguably much more important than the quality of the product. The people with the best marketing strategies, who can present their offers in the best light, will always win out.
In fact, they will stomp the competition. So, focusing solely on creating the perfect product won’t get you very far.
Now, don’t get me wrong, the quality of your product still plays an important role. You do need to provide value to the audience, if you’re hoping to consistently generate a hefty monthly income.
If you’re exaggerating in your sales pitches, and your product fails to deliver on the promises you’ve made, you’ll be in a pickle.
The bottom line is – you need a decent product and an extraordinary marketing strategy. After all, you have limited time and resources available to invest.
So, don’t heavily prioritize the product creation process. You don’t need the best product on the market to make it BIG. You just need a good product.
However, you DO need outstanding marketing to get it in front of your audience, beat the competition, and consistently drive sales.
3. People Don’t Cost Money
Aspiring entrepreneurs often have a skewed perception about employees.
They view the paychecks at the end of the month as cost, rather than as an investment in the business.
Grant Cardone, on the other hand, is the strong advocate of the attitude that “people don’t cost money.”
Paying your employees at the end of the month is never the problem. It’s not the thing that will make or break your business…
Do you know what actually costs money?
Lack of production costs money. It’s not that you’re paying someone for their work, it’s that they’re not contributing enough to justify it.
The work they’re producing needs to generate MORE income than what you’re paying them. It’s just common sense.
No sales is what’s costing you money. If your employees don’t have the knowledge, experience, and skills that will enable you to generate sales, THAT is the problem. Not the fact that you’re paying them.
Opportunities also cost money. You must carefully choose which business opportunity you want to invest in. If it turns out to be a bad call, regardless of everyone in your team performing at 100%, you’ll still lose money.
Also, not having business, and having nobody in the pipeline is what will cost you money. Failing to acquire new customers will quickly be the death of any business.
If your team helps ensure everything runs smoothly, and their efforts bring in new sales, they’re making you money, not costing you.
The takeaway is that people DON’T cost money. Invest in your people, help them grow and develop their skills. They’ll make you far more money in the long run.
4. Build A Brand Before Advertising
Aggressive marketing is no longer a thing. Spamming people with promotional emails every day and shoving your products down their throats will get you nowhere.
And that’s where most aspiring entrepreneurs get it wrong. They build their online business and immediately dump all their money into advertising.
But the thing is, next to no one will buy during the first interaction with your business…
They’ve never heard of your brand, and have no reason to trust you. If your offers are perceived as valuable, they might be interested to learn more about your business.
But if all that it comes down to is just product pages and promotions, there’s a high chance they’ll be skeptical. After all, there are so many self-proclaimed gurus and experts out there.
So, what’s the workaround? How do earn the prospects’ trust and ensure your business stays top of mind?
You need to build your brand first.
Your logo, brand colors, and marketing message all need to be uniform and aligned. The potential customers need to instantly recognize your brand, whenever they run into it online.
To effectively build your brand and generate exposure, you need to create valuable, relevant, and engaging content. It’s vital to position yourself as an authority and an expert in your field.
You must show the audience that you have the knowledge and expertise necessary to help them solve their problems or achieve their goals.
That’s the only way to earn their trust. So, work on providing value before you go all-in on promoting your products or services.
For instance, you can create a blog or host a free webinar. This will help engage your audience, boost your credibility, and solidify your brand.
5. Studying Small Is Guaranteed Failure
Always remember that you’re not the first person with a great idea, trying to turn it into a profitable online business.
Countless others have done the same before you. Some have failed, some have had incredible success.
And you can always learn from both groups. The failures will help you avoid the common mistakes and pitfalls. The successes will help you figure out what strategies and approaches work best in practice.
However, whatever you do, you don’t want to study small. Now, what exactly does Grant Cardone mean by this?
From Grant’s perspective, studying small is a guaranteed failure. And I have to say I agree 100 percent.
Modeling your business on a similar small business in your niche is a lose-lose situation.
They evidently have trouble scaling their profits. And I firmly believe nobody goes into business with the mindset of being content with mediocrity.
Worst case scenario, if you’re studying a small business, is that you’ll struggle to make ends meet. But the real problem is that the best case scenario isn’t much better either.
You’ll reach their level, and be able to make minor profits. And then what? You’ll just be left stuck in place…
The point Grant is trying to get across here is that you can’t grow your business if you’re studying small.
Instead, you should learn from experts in your niche who have had outstanding success with a similar product, idea, or business model.
You want to learn from the best of the best, if you’re hoping to one day scale to 6 figures and beyond.
The online business world is far more complex than it appears from an outsider’s point of view. There are quite a few wrong turns you can take, and each of them can lead to an inevitable downfall.
That’s exactly why I decided to share these 5 truths with you. Hopefully, now you have a better idea of what running an online business entails.
If you’ve found this article helpful, feel free to share your thoughts in the comments below! Also, don’t forget to share it with others who might find this information valuable.
Want more valuable tips that will help you start your business the right way, scale your profits fast, and fast-track your journey to success?
About The Author
Your Millionaire Mentor
Shaqir Hussyin is the founder and CEO of WealthAcademy.com & Funnels.com. Nicknamed the “Backpack Millionaire”, he’s invested $350,000 into his own education and training. Whilst traveling to 100+ countries, Shaqir has built over 10+ million dollar brands and attracted over 500,000+ subscribers.
His signature program is now available: Max Income System; 14 Simple Steps To Making Your First First Income Online
Shaqir is also a highly sought-after speaker and direct response “Sales Funnels” global leader. Shaqir’s work has impacted over 100,000 businesses in 65 different countries. Connect with Shaqir on Instagram, YouTube, LinkedIn & FB Group.