Tuesday, August 30, 2011

The Million Dollar Expert's Revenue Model

Extract from Matt's soon to be released new book; Sell Your Thoughts - How to become a million dollar expert...

In traditional Japanese martial arts (Karate, Judo, Jiujitsu, Kendo, Aikido) originally there were only two belts - a white belt and a black belt. For years you wore a white belt and then eventually got your black belt. Typically, it would take seven to ten years to get a black belt. Some schools and some styles still operate in this way. In the early nineteenth century one of the Judo Masters decided to begin using multiple coloured belts to help students to identify their progress through this journey. It has been since adopted in many other forms of martial arts and is widely used today.

The purpose was to create a more efficient and effective training model based on gaining proficiency in certain techniques at each level before moving onto the next level. At white belt level the student would practice and become proficient at the most basic techniques - a straight punch or a simple throw. At the higher levels more complex moves would be introduced and the student would have a sense of their progress toward their goal of a black belt.

This process allows people to run before they walk. It also creates a trusted framework for focus. Focus on this now and you will then be able to focus on harder things. In martial arts there is always someone who comes along and wants to perform advanced moves on day one, sometimes they pull it off. More often than not though they hurt themselves (which can create great learnings) or others (which is not so great).

Through our work with thousands of infoprenuers over the last decade we have created the MDE Revenue Ladder. We borrow the martial arts belts to identify the different stages, and what to focus on at each stage. The journey to black belt and beyond typically takes three years.

We have identified several pitfalls that commonly occur when people are climbing the levels.

  • Failing to clarify their message and their market
  • Attempting to move up the Million Dollar Expert Revenue Ladder too quickly
  • Writing a book too early
  • Over-investing in office, staff and overheads
  • Doubting their ability to generate a million dollar practice

Like learning a martial art, you will progress more quickly in your practice if you take the appropriate actions at the right time in your practice. This methodology tells us what to focus on and what to do at each level in order to move through the belts to black belt and beyond as efficiently and painlessly as possible.

M@

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