The Healthcare Business Primer

The best part about owning a business is that you can do anything you want.  Coincidentally that’s also the worst part about owning a business.

Why?

The more choices you have, the harder it is to choose any one thing.  I think this is doubly true if you’re a business owner.  We always want to make the best choice.

Unfortunately, that option rarely exists.

But we have to choose something. Otherwise, nothing gets done, and that is the worst outcome of all.

You’ll never go anywhere if you don’t take the first step after all.

Not every choice you make will be a great one, some might not even be very good, and every once in awhile, you’ll make the wrong choice.  But even the wrong ones have value.

The value is in the lesson that you learn from each choice and how you can apply that lesson to future choices in your business or personal life.

I’ve been stuck with a decision for some time now that I’m finally addressing.

How can I help and provide value to the people who haven’t done business with me yet?

Whether or not you’ve started your business yet pay attention, this is important.  And it doesn’t matter what sort of business you have.  This is something you should be thinking about.

Only a tiny percentage of people will be ready to give you money in exchange for your product or service right away.  That’s one of those immovable laws of business.

Typically in the range of 1-5% of people.

So the question becomes, what should we do with the other 95%?  They still matter. They matter a lot.

These were people who raised their hands and said they were interested but ultimately decided it wasn’t right for them at that time.

Nothing wrong with that. We all do it.  Something interesting catches our eye, and we get super excited for a minute, but then for one reason or another, decide now isn’t the right time, and we move on.

Maybe we come back to it later. Maybe we don’t.

I’m a bit biased, but I believe entrepreneurship is amazing, and I try to convince everyone they should start their own business.  

Whether that’s a side hustle that makes them less dependent on a regular job…

Or a full-fledged business with employees and everything else…

Or anywhere in between. One of the beautiful things about the world we live in and the power of the internet.  We have so many options on what to do.

It’s also one of the biggest drawbacks because it’s so easy to let all the shiny objects pull us in 50 different directions that we ultimately end up suffering from analysis paralysis.

I’d like to be your guide on that journey and help point you towards good decisions and, when possible, steer you away from bad ones.  While you ultimately decide if starting your own business is right for you.

It’s pretty common for most businesses to disregard the 95% of people who don’t transact right away.  What they don’t realize is that’s where most of their profits are.

WickedReports found that, on average, across all industries, it takes 45 days for someone to become a customer.  Yet most businesses only follow up for a week or two, at best, if they do at all…

Remember, that’s an average. Some businesses or industries could take longer, especially if you’re selling something at a higher price.

Dean Jackson of I Love Marketing found that 85% of leads become a customer after 90 days.

Two important metrics for every business are cost per lead and cost per acquisition (CPA).

Cost per lead is how much you spend to get someone’s contact information so you can continue to add value and market to them.  

Cost per acquisition (CPA) is how much you have to spend to get a customer.

Let’s say it costs you $10 per lead, and one out of every ten leads turns into a customer.  That means your cost per acquisition is $100.

To keep things easy, let’s say your product sells for $200 and it costs you $50 to produce the product.  With a CPA of $100, that means you’re making $50 for each sale.  

Awesome, you’re making $50 in profit.

But what if you converted 2 out of 10 leads into a sale?  Now your cost per acquisition is only $50, and you’re producing $100 in profit for every sale.  Huge difference.

The catch…  It took that second lead eight months to purchase.  If you weren’t continuing to build that relationship, they likely forgot about you.

And maybe that lead spent their money with a competitor.  

But if you’re playing the long game… 

And continue building that relationship over months (and sometimes years), knowing that more people would become customers eventually…

Your profits would increase, your business would grow, and you’d be impacting and helping a lot more people.

This is why I’m starting an email newsletter.  I’d like to keep building a relationship with you.

Yes, I’m being mildly selfish by hoping you’ll buy one of my products someday.  If I want to continue to be in business, I need to create more customers.

But my goal is to create more happy customers.  People who are excited to invest in one of my products (when they’re ready) consume it and take action on what they learned.

The reality is you might not be ready yet, and that’s ok.  

By building a relationship with you now, I can better serve you when you are ready.  Or find new ways to help you that neither of us knows about right now.

To build that relationship… build that trust with you… I’d like to share valuable insights and knowledge I’ve learned along my journey that might help you too.

Feel free to browse around the website and read the blog posts, check out any of the free trainings we have or connect on social media.

Interact in whatever way suits you best while you figure out if becoming a healthcare entrepreneur is right for you or not.

GET BEHIND-THE-SCENES ACCESS TO LIVE INTERVIEWS – JOIN THE HEALTHCARE ENTREPRENEUR ACADEMY FACEBOOK GROUP.

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