And How You Can Use This Question To Grow
Your Business Quickly And Efficiently
No matter what product or service you sell these days, there is going to be competition.
And often this competition has more marketing money, a bigger network and better connections than you.
So the question is: How can you compete if you are a new business in a cutthroat market.
To find out the answer, I caught up with Steve Grant.
Steve is a very successful fitness entrepreneur who started a new gym in the competitive Sydney area. He grew this gym into one of the busiest in the city and eventually earned as much as $300,000 a year while working just a few hours a week.
Here’s what he says about getting an advantage over your competition…
How To Quickly Grow A New
Business Into A Market Leader
Unless you are in the industry, you may not know that the gym market is a ruthless arena.
So when Steve first opened his new gym many years ago, he was up against it from the very start.
How can you get ahead when you have a similar service at a similar price point than the competition?
Steve revealed that “systems were important…” and “joint ventures helped”. But the real cornerstone of his success was “thinking outside the box”.
He explained that many people work in the same industry all their lives. They accept the way that people in that industry do things as normal. They follow the crowd, use similar business growth strategies to everyone else.
The problem is that when you do things the same as everyone else, the best you can hope for is average results. If you want to overtake your competition you have to look at new ways of doing things.
After realising this, Steve started looking at how businesses in completely unrelated industries operated.
For example, instead of following the typical gym marketing strategies, he looked at how recruitment agencies and real estate agents generated leads.
Then he asked himself a simple 9-word question:
“Can I Adapt These Winning
Strategies To My Business?”
Of course, sometimes the strategy couldn’t be ‘transferred’, but in many cases it could.
These breakthrough strategies helped Steve’s business to grow rapidly. Clients flocked through the doors and his gym quickly became one of the busiest in Sydney.
His idea of taking winning strategies from other industries and adapting them to the gym business worked… and he was able to generate a great income while spending more time with his family than ever before.
Since then, Steve has used the exact same strategy to build his new business GymHub.com, where he teaches gym owners his success secrets.
And Steve is not alone in using this idea…
A $10 Billion Success Strategy
- Ride sharing App Uber took the freelancer model developed by Elance and Upwork, applied it to the taxi industry – and turned drivers into casual contractors. The result: A business valued at $10 billion.
- Amazon adapted Gillette’s famous loss leader razor-blade model (i.e. sell the razor cheap and make money on the blades…) by selling Kindle devices ‘at cost’ so they could profit more from Kindle eBook sales in the long term.
- And many of Sir Richard Branson’s successes comes from replicating an almost identical business model across multiple markets: He finds an industry dominated by slow-moving corporations that have lost their way with service… and offers a fresh alternative.
Most people will spend their entire lives in one industry.
As Steve realised, this gives you tunnel vision. You only experience one way to do things – the same way as everyone else in that industry.
But by looking at new strategies and ideas from outside your market, you’ll have a huge advantage over your competition… and whether you are a new business or not, you can potentially multiply your results almost overnight.