Building a Pocket Business comes down to simplicity. The simpler you can make it, the better your results.
This means that if you’re going to build a business you need to understand how business works.
And not just an online business.
All businesses.
That’s where the Pocket Business Formula comes into play. It’s a simple formula to help you understand what you need in your business.
Ready to write it down?
Audience x Offer = $$$$$$That’s it.
Every single business that has ever existed and will ever exist follows this formula.
Their success is dependent on how well they can grow each variable.
So as we move through this pocket course and discuss how to build a Pocket Business, this is the formula that we will always keep in mind.
What can we do to increase our audience and provide better offers?
If One Variable Goes to Zero…
There have been many times where I’ve made a substantial amount of money in a short period of time.
And almost every single time I didn’t continue to make more money. Why?
Because I continued to forget the formula.
I would bust my ass to increase the Audience variable (we’ll get to that shortly) and when I had it, I would present them with an offer and make the money.
The problem?
I wouldn’t continue to grow the audience. I simply nurtured the one that I had which doesn’t sound so bad, but in this online game, you always have to be building an audience.
So what often happened is that eventually, my Audience went to zero. How is that possible? Well, you can only sell to the same people so many times.
This is why the variable has to keep on growing.
But what exactly is an audience?
Great question and let’s talk about it in the next lesson.
Many Tasks or Few?
The reason why we’ve started this course with the Pocket Business Formula is because you need to see that you get to decide how chaotic you make your business life.
You might see some people say that you need to be on every social media platform, create a massive product portfolio, and send out emails every single day.
And you could do those things. They work for some people but they only work because they’ve made them work with the formula.
With your Pocket Business, you need to do the things that increase each variable. You don’t have to do more but can never do less.
A Simple Pocket Business
I run a brand that helps people with personal finance called Struggle.co. What do we do to “run” the brand?
Every once in a while we create a new set of blog posts and then we pin them on Pinterest.
That’s it.
At the moment, we have a single offer that we sell.
So looking at the Pocket Business Formula you can see that we take care of each variable:
- Audience: blogging + Pinterest + emails
- Offer: Budget Notion template
And currently, that’s all we do.
Does the site make insane amounts of money? No, but it gets by.
If we wanted to increase the money variable then what would we need to do? Increase one or both of the other variables (audience & offer).
What matters is that we have the power to decide how far we want to push it. Do we want to accelerate growth (put more time into it) or continue to do what we’re doing and let it grow at its own pace?
That’s our call.
So when thinking about your own business don’t fall into the trap of believing that everything in the world must be done with it. Look at what you’re capable of doing, see how it applies to each variable in the formula, and then make it happen.
It’s called a Pocket Business for a reason. You get to decide how big the pocket will be.
But to make this happen you need to build an audience which for many is the toughest part of this whole game.
So what is an audience and how do you build one?
Next Lesson: Building an Audience >>>>
