How to Build a Profitable Business: The 4 Pillars Explained with Jill Knerr
Jul 13, 2022
In order to build a profitable business, you need to have a firm understanding of the four pillars that support it. In this Cash In On Camera episode, Jill Knerr from HeyTaxi breaks down each pillar and explains how it contributes to your bottom line. Watch and learn!
Here’s a glimpse of what you’ll hear…
▶️ [1:02] So, one of our first pillars is about earning more and earning more. Yes. You wanna have a hundred thousand dollars a month, but you don't wanna spend $600,000 getting there. You don't want to be in debt. A lot of people build up to that, but they haven't made wise choices in their business.
▶️ [3:02] We realized that there were so many people out there launching small businesses and especially home businesses, and they might take six months or a year. They might invest in setting themselves up. Professional development. They put a lot of money into a business and then they haven't made anything.
▶️ [5:18] Well, I would say we all start out from somewhere. We all have different knowledge bases. When we start Hey Taxi during the pandemic, I actually took a course on doing courses. I don't know how to do courses. And to this day know just enough about our platform Kajabi to know enough to manage a VA and thank God she's very skilled. But at the beginning I said, I need to know basic things to get us up and running because until we launched and until we figured things out, I was just paying for a platform and taking a course or self-teaching.
▶️ [7:33] And it's something actually I developed for our members and you didn't know about this, but I have a Swiss cheese survey and I created it actually to help our members. And it helps you find the holes in your business profitability, and it's a quick survey that you can take it. And I would send you a follow-up little report, but yourself scoring yourself.
▶️ [9:24] So, I think people need to pause and say, "What's actually gonna bring me?" Emails, right. That's part of your profit, not just getting on social media and not just going live, not just being on events, but actually getting the contact information so you can continue to touch on those prospects. I mean, a lot of people put a lot of noise into TikToks and into Instagram and I love all of them.
▶️ [11:33] Well, actually this is a great way to segue into our third pillar of profitability, which is access. Access is part of it. Access to the community access, to trusted mentors and colleagues in this virtual space, it's unlimited. But finding people that will tell you, you know, you can probably pay a graphic designer, $150, but you're starting out to find a VA for eight. Just somebody who's been there. Lessons learned are one of the most valuable ways to bootstrap or anything is learned.
▶️ [14:01] I think that one of the tenants that we teach with profitable podcast method is the idea that your building relationships so that you can then have the avail of going to someone in your network and being able to ask that question that could be worth $25,000. The answer to that question could be worth a lot of money to you, but being able to build your network and connections, to be able to rely on people in your network to ask questions, I think is a big part of it.
▶️ [16:35] The entire process is a process. And it's just great to be able to have a framework like you've described here of these four pillars of profitability so that we can really think about it from the perspective of, "Do I have a hobby or do I have a business?" And I think that is often the case where we have people who are behaving as if they have a hobby or they have other people telling them it's a hobby.
▶️ [19:10] But if you show up with your personality and small bits, I think videos when you show up live, when you go on video, when you do an interview, any chance you have to show up, share your story, share who you are, that is the way to connect with your ideal client. Not just putting up pictures of pretty houses or lakes, or you, you and your family, as much as you wanna share, but sharing who you are in essence is what's going to attract the people you wanna attract.
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