Many entrepreneurs in the early stages of business are on the hunt for a quick fix or easy access to success. They invest a lot of money into things that don’t equate to generating revenue and end up in the negative when the end of the year comes. Today we’re focusing on the fact that it doesn’t take something high tech or elaborate to create a million dollar business. Sometimes it’s best to start small and work your way to your ideal product or service.
Last week we had a live interview with Freddie Taylor the founder, and CEO of Urban Intellectuals, Inc. He explained how he grew a million dollar business using black history flash card. In this article, I’m going to share my top 3 takeaways from his interview.
Here’s what you should know about Freddie Taylor:
Freddie Taylor is a serial entrepreneur, philanthropist, Founder, and CEO of Urban Intellectuals, Inc, an international business dedicated to shining a light on the missing pages of history, Black History that is. The company has sold over 150,000 decks of their world-renowned Black History Flashcards in the last 18 months all over the world and believes everyone has a right to be proud of their ancestors, including the global Black community.
Urban Intellectuals is on a mission to engage, educate and empower the community with their website, mobile app, their own social media network, a line of historic educational products and social media assets including over 1 Million fans on Facebook.
The brand has been featured in the HuffPost, CBS Chicago, Good Morning Washington, Milwaukee PBS, Sister Circle TV show, Essence, and has a corporate partnership with JetBlue during Black History month at the JFK International Airport.
In this article:
Don’t Over Complicate
You don’t need an elaborate product or service to be successful. Don’t over complicate the process of creating your offer. Keep in mind that low ticket items can result in big-time revenue as well. Ultimately you want to listen to your customers and provide them with something they need. This all ties back to getting to knowing exactly who your customer is and what your customer buys.
Knowing the buying habits of your customers will give you enough insight to determine what product(s) you should keep in stock. This also helps prepare you for any shift that may occur in the market. Freddie started with 500 decks of black history flashcards. Once he saw the high demand he was able to gauge and better customize his offer and provide adequate resources for his customers.
Now that you have determined who your customer is and what they will buy from you. You can shift your focus on keeping inventory in stock. Segment your money. Always set aside enough to reinvest in your business.
Lastly, build relationships and connect with your customers. The more connected you are to your customer the more they trust you and as a result, they are eager to buy. Connect with them on social media and through email marketing. This is vital in growing profit and retargeting old clients.
Also, connect with like-minded business owners. Build an inner circle of people who are striving for similar goals. Educate and explore the idea of building a culture around your brand story.
For more topics like this and to connect with other entrepreneurs on the path of success join us like this June at TSP Live. Visit TSPLiveTickets.com for more information and to reserve your seat before they are gone.
Also make sure you join our FREE Facebook group called Traffic, Sales & Profit with Lamar Tyler
See you soon!