Money, but miserable

and the perfect lead magnet

Yesterday, I told you about how I got pushed off the cliff into business ownership.

And how a high quality customer list saved me from going splat.

But of course, there’s more to the story.

And it’s probably a story you’ve heard before.

“Innocent, starry-eyed newbie finds some success, then begins to compromise his values and self-destruct.”

You see, early on, we made some decisions about how we’d run the business.

Decisions that seemed like good ideas at the time…

For example, we chose not to keep any retained earnings in the business.

This means each month, we took in revenue, paid expenses, then withdrew all of the profits according to our ownership stakes.

Every month.

Every month, the business was starting from zero.

Every month, we each had no idea how much we were personally taking home.

Sometimes it was a LOT.

Other times, it was nothing. Zero.

As a result, each one of us was highly motivated to maximize profits each month, because our own livelihoods depended on it.

This led to very short-term thinking about every decision that we faced.

Our procurement guy underspent.

Our sales guy overpromised.

And I was the chump in charge of fulfillment. It was my responsibility to keep our Big Promises using scarce resources.

So let me ask you, if you haven’t been paid in 2 months, and your checking account is running slim…

…And you’re faced with a deadline to ship a product that isn’t quite 100%…

…Maybe it’s at 85%?…Still a B…

Do you ship it? Hope for the best? Kick the can?

Because if you don’t, you may not make payroll.

And there’s a strong possibility your mortgage check bounces next month.

Let me tell you, I settled for more B’s than I’d care to admit.

And by some miracle, it worked out 85% of the time.

But the other 15% was killing me.

I was miserable.

Did not like myself much.

Needed to find a way out.

The exit ended up being messy. There are some details I cannot share, even years later.

But tomorrow I’ll tell you what I can, and all the good that came of it.

See you then,

Greg

P.S. No one wants your eBook.

(Maybe they will if you don’t call it an eBook…)

If you’ve ever tried to create a digital “lead magnet” and fallen on your face, here’s why.

With rare exceptions, few average customers place any value whatsoever on digital resources like eBooks, PDF’s, etc.

And it has nothing to do with the content, and EVERYTHING to do with the form.

For whatever reason, people still place far more value on a physical book than on a virtual one.

But the good news is, people who buy physical books end up being higher quality leads for your business.

There are entire multi-million dollar operations build on this model. Sell a book, offer more to the readers, then upsell. Sky’s the limit.

You’ve probably seen this in the “expert” or “guru” space. A $15 book is the “lead magnet” for a far more expensive product or service.

But product and service brands can do this too.

However, writing a book is a LOT of work. And how do we create a book that ties in to our business?

One answer - Create a low-content physical book like a journal, planner, etc.

Journals and planners can be customized to solve very specific problems, meaning the buyers are highly qualified for the rest of your products and services.

They are one of the most targeted and effective lead magnets you could possibly create.

Next problem, though, is how do you create and distribute something like this?

Luckily, I have a friend who does this as a service.

Elizabeth has created hundreds of journals, planners, and other low content books for herself and others.

I’ve worked with her a couple of times on various projects, and each was a great experience.

Elizabeth works with you to create exactly what you want, then she delivers the electronic file that you can upload to Amazon KDP.

(Kindle Direct Publishing)

This allows you to offer it as a physical book, available on Amazon!

(When someone orders the item, Amazon literally manufactures copies on-demand to fulfill orders.)

This means you can have your very own physical journal or planner available on Amazon, without figuring out the design and creation yourself, without spending a dime on inventory, and without needing to figure out storage and shipping.

You earn royalties on each sale, and hopefully you’ve included a strong incentive and call to action back to your website or email list.

Presto, a money-making audience building tool.

Sound cool?

It is.

If you want more details about working with Elizabeth, click here.

I think she’s massively undercharging for her service right now, and she can only take on 4-5 clients each month.

If a powerful, physical lead magnet is something that would benefit you, apply to work with Elizabeth quickly before her spots fill up.