When you finally have success in one business, you will be able to easily translate what you have learned into a new business. That’s why you see serial entrepreneurs like Elon Musk, Richard Branson and Tai Lopez continue to find success in new businesses. So what is their secret? Well, serial entrepreneur, Garen Armstrong has found success in multiple industries and can share what he has learned in order to help you find continued success in any industry.
1). Bringing Over Customers from Each Business
A serial entrepreneur entering a new industry never really starts from scratch. That’s because a serial entrepreneur has one of the most valuable assets in any business – a customer list. Even if that entrepreneur is going into a business that seems like the polar opposite of his previous business, he can harvest his list to see whom he could contact. This is why serial entrepreneurs always seem to get the edge on others.
Here is an example: Tai Lopez has made his initial big online success by selling courses. Since then, Mr. Lopez has gone on to sell everything from book club memberships to clothing and even food. In the case of his food brand, Butcher Box, he marketed to many people on his customer list from his course sales. This allowed Mr. Lopeze to essentially run a free “cold traffic” campaign to see what parts of his audience would respond to the Butcher Box campaign. From there, he can retarget that audience and get sales.
The lesson here. Once you have success in one business, hold on to your list and use it as a springboard to get sales for your second business.
2). Be a Brand
Right now, entrepreneurs have become the new rock stars. Currently, Elon Musk has tens of millions of followers on Twitter. Even serial entrepreneur and President Donal Trump knows a thing or two about leveraging his brand. It is important that you put your name out there as the founder of your first successful company. If many people have a positive experience with your first company, they are likely to follow you to your second company.
Elon Musk is the perfect example of an entrepreneur who has built a brand from his name along. As the successful seller of electric cars from Tesla, Mr. Musk has been able to sell many solar energy home kits with his other company Solar City.
The lesson here: Become a brand that your customers can see. That will help you launch your future businesses fast.
3). Create a Recurring Billing System
The final success tip for a serial entrepreneur entering a new industry is to create a product or service with a recurring billing system. When Tai Lopez launches his first course, he didn’t sell it for a one time fee. Instead, the course costs $67 per month. The same holds true for many of Mr. Lopez’s other businesses. Butcher Box is sold on a subscription basis as well as Mentor Box, Mr. Lopez’s monthly box club subscription service.
The average customer will stay on a subscription plan for three months. That means selling to one customer equals three sales!
The lesson here: Sell a recurring product and you can easily enter any new industry and get triple the sales.
Learn More Success Tips
If you would like to learn more about becoming an entrepreneur, visit Garen Armstrong at his homepage where you will find more top success tips, business building and achieving your goals.