16 – The Middle Man
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When James Reynolds attended James Schramko’s talk in Dubai, he was up against a wall and in debt. With James’ help, he identified a business model that worked for him and in a few years built a seven-figure business from nothing. In this episode of Sales Marketing Profit, James shares the steps and phases in his student’s inspiring journey.
Profit from being in the middle
In this episode:
00:48 – The impact of export marketing
02:05 – Holiday globetrotting
04:48 – The unique Dubai environment
05:28 – A do-or-die situation
07:32 – The right action is crucial
08:15 – The middle man model
10:40 – Someone else selling, someone else supplying
12:50 – $110K in the first 5 months
13:45 – Why the model works better now
15:18 – The step-by-step
17:57 – A simple analogy
18:43 – Some pricing guidelines
20:14 – Recapping the process
20:59 – How to scale the business
22:58 – Finding the right customer
23:37 – What most business owners should do
24:09 – Overcoming capacity issues
26:39 – The next phase: Team and systems
28:30 – Adding a hull to the catamaran
28:03 – The Mastermind effect
29:39 – Business-building steps
31:15 – And here’s the situation now
32:51 – Fixing one constraint at a time
35:15 – Lessons learned
Tweetables:
Taking the wrong action accelerates failure. [Click To Tweet]
What’s the shortest line between you and the money? [Click To Tweet]
Have someone else create the solution. [Click To Tweet]
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