10,000 Hours Starting Online Businesses Taught Me This...

This video is about the lessons the speaker has learned from spending over 10,000 hours building online businesses, including the importance of focusing on one business model at a time, outsourcing tasks to avoid burnout, and investing in help to scale the business.

This video by Greg Gottfried was published on Jun 25, 2023.
Video length: 06:08.

This video is about the lessons the speaker has learned from spending over 10,000 hours building online businesses.

The speaker shares that they started with online business 10 years ago after being laid off from their job, and they have since accumulated over $2 million in profit. The speaker emphasizes the importance of focusing on one business model at a time and giving it all of your energy. They also discuss the benefits of hiring help once your business starts making a profit and not being afraid to invest in good help to take the business to the next level.

Lastly, they mention the importance of seeing even small amounts of profit as proof that the business is working.

• Focusing on one business model at a time leads to better results and faster growth.
• Outsourcing tasks can prevent burnout and allow for more focus on core strengths.
• Investing in help can significantly increase profits and scalability.
• Starting to make money early on provides proof of concept and motivation to continue.
• Choosing the right business model can lead to faster growth and higher profits.

10,000 Hours Starting Online Businesses Taught Me This... - YouTube

Lesson 1: Focus on One Business Model at a Time

• Trying to do multiple business models at once spreads you too thin and hinders progress.
• By focusing on one business model, you can give it 100% of your energy and see better results.
• Picking one business model allows you to build it up faster than if you were juggling multiple models.
• The speaker chose print on demand as their business model because it is free to start, has no ongoing costs, and has unlimited scalability.
• By dedicating all their effort to print on demand, the speaker was able to build their business faster.

Lesson 2: Outsource Tasks to Avoid Burnout

• Initially, the speaker did everything themselves, but eventually got burnt out.
• They realized that by delegating tasks they didn't enjoy or were least favorite, they could focus on what they were best at.
• Bringing on the right person to help can add value to the business and lead to higher profits.
• Investing in help can take the business to the next level and increase profitability.
• The speaker's profits skyrocketed after bringing on help, going from $150,000 per year to $800,000 per year.

Lesson 3: Invest in Help to Scale the Business

• Once the online business is making a nice profit, it's important to invest in good help to take it to the next level.
• Bringing on the right person can help increase profits and scalability.
• Investing in help allowed the speaker to significantly increase their profits from $150,000 per year to $800,000 per year.
• Don't be afraid to invest in help when your business is ready to scale.

10,000 Hours Starting Online Businesses Taught Me This... - YouTube

Lesson 4: Start Making Money Early as Proof of Concept

• Even in the first month of starting an online business, the speaker was already making money, even if it was just a few dollars.
• Seeing that the business was making money early on gave the speaker confidence that it was a viable business model.
• Over time, the business started making a couple hundred dollars in profit per month, and eventually grew to making thousands of dollars per month.
• Starting to make money early on is proof that the business is working and can motivate you to keep going.

Lessons Learned from Building Online Businesses

• Many people quit too early when starting their own online businesses, possibly due to unrealistic expectations set by social media.
• Starting a business requires hard work and delayed gratification.
• It may feel like climbing up a hill in the beginning, but once you reach a certain point, you can start enjoying the downhill ride.
• Setting the right mindset is crucial for building a successful business.
• There are detailed step-by-step tutorials available on the YouTube channel for those interested in starting their own online business.
• If you enjoyed the video, please give it a thumbs up and subscribe for more content.

Watch the video on YouTube:
10,000 Hours Starting Online Businesses Taught Me This... - YouTube