How to Step Away From Your Business So It Grows on Its Own | Ep. #493

In episode #493, Eric and Neil discuss how you can create paid ad funnels through which you can drive traffic to your site and earn revenue through sales. Tune in to hear some great tips on how to automate your business in your absence. Time-Stamped Show Notes: [00:27] Today’s Topic: How to Step Away From Your Business So It Grows on Its Own. [00:35] Neil believes you need a “funnel”. [00:47] If you can take your marketing funnel and fine tune it, you can constantly make income whether you are there or not. You can use tools like ClickFunnels. [01:07] Use Facebook to advertise, get people to register for a webinar, and then pitch your ebook or course (all of which brings in income). [01:27] You can also drive traffic through Google AdWords or YouTube. [01:52] You can also upsell (or downsell) different products and generate more interest and income. [02:22] The more products that you have to offer, the easier it is to step away from your business and still generate income. [02:38] It’s a similar concept for service businesses when using funnels. [03:15] When hiring people, you need to make sure you have a solid training process. [03:50] Eric likes to let new hires know about his shortcomings so they are prepared and understand the office culture. [04:30] Neil likes to hire people who can hit the ground running; he likes to hire from competitors within the industry, because they are already trained. [05:20] Set up a 365 day timeline for you business, so it will help you focus on goals and make sure the business can grow without you. [06:22] If people aren’t motivated by the same things the boss is, it will make it hard to keep the business growing in the boss’ absence. [07:02] Find employees who are willing to take the lead and incentivize their goals by giving bonuses. [07:30] Set up a bonus structure. [08:00] Employees stay much longer when they are incentivized by bonus structures. [08:20] Make sure your bonuses reset, so each quarter or year you’re coming up with new (but realistic) bonus numbers. [08:41] That’s all for today! [08:43] Eric and Neil recommend the Problem Solvers podcast, because there is an episode about Burrow, the Dollar Shave Club for couches. To listen go to singlegrain.com/solve. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.