The 3 Times We Grew Our Business 10X
In 2007, my wife (Michelle Bosch) and I (Jack Bosch) decided to start a second business, one whose purpose would be closer to our hearts. This new business would revolve around real estate education and would fit in well with our larger purpose of helping people to improve their lives.
We prepared the educational materials, set up a website, and started spreading the word.
The first month, our new business made us a whopping $74, leaving us feeling pretty discouraged.
Then we remembered the 10x thinking process that had helped us grow our land business and realized what we had to do: we had to define and address the main primary question. We would go on to do this three times with our online educational business.
Our first main question was pretty straightforward: “How can we take this business to seven figures?” Once we did that, we identified the time collapsing strategy that would get us there and we took it from $74 to multiple seven figures in six months through the path of a product launch, and have kept it there ever since.
The second main question came later, after we had a baby and sensed a shift in our priorities. You see, a constraint in the online educational industry is time – you have to be present at seminars, webinars, and on the phone with customers if you want to make any money. But with our new baby, we wanted to have more time to be with her and raise her. So our second main question was “How can we keep the business running even when we aren’t physically present?”
The solution was getting the right people into the right seats in the bus.
We had to set up a business that had the right culture and the vision to attract the ideal workers, like moths to the flame. Once we had those people in place, we found that we could travel several times and year, and while were gone our business continued to operate just fine.
Finally, a about half a year ago we came up against another constraint – the lack of trust in our industry. After some consideration, we defined the third main or “Primary” question that we continue to address still today: “How can we earn the trust of our customers?” The answer was simple: Be transparent and trustworthy?”
We identified we already had the vehicle and product line to do it and we implemented some new strategies to address this constraint, and by giving full access to all our knowledge bank for a minimal fee within just a few weeks we had doubled that area of our business. The amazing part is that it was already a six-figure product line, and just by redefining our primary question we were able to double that product line in just seven days. My expectation is that it will be an eight-figure business in the next two years.
On each of these three occasions, we were at a crossroads where we could either continue with business as usual or define and address the main primary question again that would lead to growth. We chose to ask the question and to make the change, and the results speak for themselves.