Every Sunday I like to talk about 3 random things that are on my mind.
Sometimes these are related to marketing…
Sometimes they’re about being an entrepreneur…
And other times they’re just about life…
So with that said…
Let’s hop into the first thing on my mind this Sunday morning.
1. Are you in the right business for your goals?
One of the most common things I hear from people who start supplement companies is that they want to build a company and sell it.
Which is fine…
But if your goal is to sell your company, then starting a supplement company is probably a bad idea.
Why?
Well just look at our space…
There’s hundreds, if not thousands of companies selling supplements.
And I couldn’t tell you one person who has sold their company.
I know BioTrust got close a few times…
But in the direct-response world, there’s just not a lot of buyers when it comes to supplement companies.
So if your goal is simply to build a company and sell it, you’d be better off in a different industry.
For example if you look at the food/beverage niche, those companies are getting bought up like crazy.
Brands like Epic bars, Rx bars, Primal Kitchen and more have sold for TONS of money.
Why?
Cause big food companies missed the boat when it comes to healthy foods.
So now they’re snapping up these companies and adding them to their rolodex.
So going back to my original thought – are you in the right business for your goals?
Most people don’t focus on this enough. But you need to give it some thought if you’re serious about your end-goal.
You have to be in a business that has a realistic chance of allowing you to reach your goals.
Make sense?
I hope so.
Let’s jump to the next thought on my mind…
2. If you’re new, focus on one thing until you’re good at it
I got an email this morning from a guy on my list who said that over the last year he bought multiple courses on copywriting.
Specifcally he bought RMBC, Ian Stanley’s 80/20 course, Derek Johanson’s email course, AWAI’s course and Lukas Resheke’s email course.
Now there’s nothing wrong with buying a bunch of courses if you’re using them and getting an ROI.
However…
He mentioned that he’s just starting out.
And trying to get his first client as a copywriter.
The problem was that he was hopping back and forth between all these courses and not making any progress.
My advice?
If you’re new, focus on ONE thing and get really damn good at it.
For example…
When I mentored my friends Tanner and Alec back in 2017, I only let them write email copy.
Nothing else.
They didn’t write sales pages, or headlines, or even Facebook ads.
It was email all day everyday.
And guess what?
After 3-4 months of writing emails everyday, they were both good enough to take on their first client.
And within 12 months, they were both on pace to make 6-figures in a year.
This would NOT have happened if they were trying to learn email, sales pages and Facebook ads.
They wouldn’t have been as successful.
Why?
Because their focus would have been diluted.
So if you’re just getting started, my advice is simple…
Focus on one thing and one thing only.
Get really good at it.
And then start making money with it.
This is a proven path.
It’s what I would do if I was starting over today.
And it’s what I recommend every newbie does as well.
Alright, let’s shift gears for our last one here.
Here’s the third thing on my mind this morning…
3. Things that are a good fit for others, might be a really bad fit for you
I spent a good amount of time over the last week going over my investments.
And one thing that I’m a big believer in with investing is that your investments have to be a good fit for YOUR personality.
For example…
I have an uncle that has like 10 rental houses that he bought as investments.
Which are usually good investments when it comes to cash flow.
However, they also require a lot of work if you don’t have a team.
In my uncle’s case he’s playing landlord all the time. If a pipe is leaking, he’s racing over there to fix it. If someone’s AC unit stops working, he’ll drop whatever he’s doing and go fix it.
Now to me this sounds like a nightmare…
That’s literally hell on earth for someone like me.
But in my uncle’s case…
He actually enjoys it!
I have no idea why he enjoys it, but he does.
So for him the rental houses are a good investment.
They give him good cash flow…
And he enjoys fixing stuff.
So it’s a fit.
However for me, they would be a terrible investment.
I’d rather stick my money in an index fund, and get an 8% return and never have to think about it.
That’s more my style.
So again, something that’s a good fit for others might not be a good fit for you.
Let’s look at another example…
I recently ventured into crypto (back in early December), and put like 4% of my portfolio into Bitcoin, Ethereum and some other crypto assets.
For me this is an amount I’m ok putting into a speculative investment like crypto.
If shit hits the fan and it goes to 0, it’s not really gonna affect me much.
And if it keeps skyrocketing and Bitcoin is $200k in a few years, then I’ll have a nice return.
So for me, 4% of my portfolio in crypto is a good fit.
Having said that, I have other friends who have 80% of their investments in crypto.
On the surface this sounds awesome to me…
Especially after watching Bitcoin go from $4k to $33k this year.
However, I know I would have never been able to emotionally handle the swings from 2017 until now.
Seeing that investment go from $18k all the way down to $4k would have been too much for me to stomach.
So whilehaving a bunch of money in crypto has been a good fit for my friends, it wouldn’t have been a good fit for me.
And that’s the big point I want to make.
You have to know yourself – what you like, what you don’t like, what you can tolerate etc…
Just because something works for someone else doesn’t mean it’s right for you.
Make sense?
I hope so.
That’s a big lesson.
And one that can make ya a lot of dough.
Hope you enjoyed these 3 Sunday morning thoughts.
Talk soon,
– Justin
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