Tim Stoddart Story (Owner of Sober Nation, Co-founder Copyblogger)
I started my first company in 2010.
12 years and over $10 million in revenue later, I’m just starting to feel like I “get” online business.
Here are 12 things that I wish I knew sooner:
1. Follow Your Natural Inclinations
There are endless options for businesses you can start.
Don’t pursue one that doesn’t feel natural.
If you’re a people person, consider services.
If you can code, try software.
The path that feels most natural is probably the right one.
2. Use Your Unfair Advantage (If You Have One)
Pursue any business that you have an “unfair advantage” in.
Mine was my history with addiction, which led to starting a marketing agency for addiction treatment centers.
If you have a similar leg up on the competition, use it.
3. Specificity Sells
If my partner and I had tried to serve every business on earth, we probably would’ve failed.
Instead, we specialized in addiction treatment.
This led to more specific skills and higher close rates.
4. Value Is The Foundation Of Profit
No matter how nice you are, people aren’t going to pay you if they don’t think they’re getting a fair deal.
So, focus on the value of your offer.
Deliver profit, time savings, or something else that’s deeply valuable.
5. Think In ROI
If a product/service saves you time, saves you money, or makes you money, it’s not really an expense.
It’s more like an investment.
Once you have a bit of money, spend it liberally on things with positive ROI.
6. Graduate From Freelancing ASAP
Some people are employees or freelancers for life, and that’s fine.
But if you want to be an entrepreneur, you can’t do all the work yourself.
Once you can afford it, start hiring and building systems.
7. Prioritize Team-Building
You’re only as good as the team you surround yourself with.
Don’t be careless about who you hire.
Interview for ability, personality, and culture fit.
Only accept great prospects, and once you do, set them up for success.
8. Prioritize Automated Systems
Software tools are like employees who do basic tasks for very little pay.
I use them in all my companies.
One example is automated email flows that sell products and services.
Brainstorm systems you can create, then test/optimize them.
9. Tunnel Vision Pays Well
If you try to build five income streams at once, you’ll end up with zero.
Instead, get tunnel vision on one thing at a time.
Put almost all your time and attention into building it.
Then, once you’ve “made it,” you can split your attention more.
10. Writing Is The World’s Best Habit
On the personal side, writing gives you mental clarity.
On the business side, writing gives you content, which leads to SEO and social media leverage.
Do it daily or close to daily.
11. Start Building Your Personal Brand ASAP
I spend years just building my income.
If I could go back, I would’ve started a personal brand sooner so I could document the journey, help people, and build a following.
Start yours now.
12. Connections Are Everything
Partners make building businesses easier.
Strategic partners make getting clients easier.
Network connections answer questions, make introductions, and open doors.
The old cliché "your network is your net worth" is true.
Act accordingly.
I started my first company in 2010.
12 years and over $10 million in revenue later, I’m just starting to feel like I “get” online business.
Here are 12 things that I wish I knew sooner:
1. Follow Your Natural Inclinations
There are endless options for businesses you can start.
Don’t pursue one that doesn’t feel natural.
If you’re a people person, consider services.
If you can code, try software.
The path that feels most natural is probably the right one.
2. Use Your Unfair Advantage (If You Have One)
Pursue any business that you have an “unfair advantage” in.
Mine was my history with addiction, which led to starting a marketing agency for addiction treatment centers.
If you have a similar leg up on the competition, use it.
3. Specificity Sells
If my partner and I had tried to serve every business on earth, we probably would’ve failed.
Instead, we specialized in addiction treatment.
This led to more specific skills and higher close rates.
4. Value Is The Foundation Of Profit
No matter how nice you are, people aren’t going to pay you if they don’t think they’re getting a fair deal.
So, focus on the value of your offer.
Deliver profit, time savings, or something else that’s deeply valuable.
5. Think In ROI
If a product/service saves you time, saves you money, or makes you money, it’s not really an expense.
It’s more like an investment.
Once you have a bit of money, spend it liberally on things with positive ROI.
6. Graduate From Freelancing ASAP
Some people are employees or freelancers for life, and that’s fine.
But if you want to be an entrepreneur, you can’t do all the work yourself.
Once you can afford it, start hiring and building systems.
7. Prioritize Team-Building
You’re only as good as the team you surround yourself with.
Don’t be careless about who you hire.
Interview for ability, personality, and culture fit.
Only accept great prospects, and once you do, set them up for success.
8. Prioritize Automated Systems
Software tools are like employees who do basic tasks for very little pay.
I use them in all my companies.
One example is automated email flows that sell products and services.
Brainstorm systems you can create, then test/optimize them.
9. Tunnel Vision Pays Well
If you try to build five income streams at once, you’ll end up with zero.
Instead, get tunnel vision on one thing at a time.
Put almost all your time and attention into building it.
Then, once you’ve “made it,” you can split your attention more.
10. Writing Is The World’s Best Habit
On the personal side, writing gives you mental clarity.
On the business side, writing gives you content, which leads to SEO and social media leverage.
Do it daily or close to daily.
11. Start Building Your Personal Brand ASAP
I spend years just building my income.
If I could go back, I would’ve started a personal brand sooner so I could document the journey, help people, and build a following.
Start yours now.
12. Connections Are Everything
Partners make building businesses easier.
Strategic partners make getting clients easier.
Network connections answer questions, make introductions, and open doors.
The old cliché "your network is your net worth" is true.
Act accordingly.