The Principle of Going Back to the Well of Money

I am an avid listener of the podcast 'My First Million' hosted by Shaan Puri and Sam Parr. In this podcast they talk about a lot of business ideas and discuss business owners who have done exceptionally well. Over time I have noticed some entrepreneurs being discussed have been able to build multiple successful businesses by doing the same thing again and again. Shaan calls this going back to the well of money. Today I am gonna talk about it.

So you are an entrepreneur that has had some success in your business. You feel that the business you have can run almost independently without your input and you still wanna hustle and grow bigger. Or you have already grown your business a bit and you feel there is no much upside left within your business and you feel there is more success elsewhere. Or you have just caught the starting business bug and you just wanna start something new after having some success with your current business. What do you do?

The well of money is essentially the source of one's first significant success in business. It could be your own success or someone else's. If its your own its better because you will be able to adapt to it much faster. If its someone else's then you have to take sometime to learn the business well before adapting it to your profit well adventure. For this article we will focus on if the business that gave you success for simplicity. Follow the following steps to go back to the well of profit if that's so.

First, list all the niches that are close to your business niche and you could understand them relatively easily. Say you opened a successful women's salon. It would be easy for you to understand utensils or pleasure food since women make a bigger potion of end users of those businesses. Or say you started a firm selling land, then construction would be a close area to look at. Make a list of all these niches first and remain with top 3 niches that interest you, have high profit potential and you are relatively likely to adopt to fast.

Second, list all the good things that you are doing in your current business that you can adopt to your new upcoming business. Focus on things that your customers talk about. Examples are fast deliveries, prompt responses, branding, messaging etc. You want to have these set up as fast as possible when you start your business so its important to have them listed and ready to go for implementation.

Also, list your unique strategy or unfair advantages that you can use with the new businesses. If its client connections, ready audience, capital reserves, pricing strategy, organizational structures, supplier connections etc. List them and write some details about them. You want to write how those unfair advantages can be used in your new business to grow as fast as possible.

Do a final selection of your new business. Match the business you chose and your resources to see which business has a higher chance of fast success when launched. Then launch it. If you are successful, you can launch another business from your list. If its not then you can choose another option from your list. METL and Azam have used this strategy to sell everything to almost the same people.

And thats how you go back to the profit well people. May you keep growing and prospering, fellow hustler.