Do you dare to be like Dumas? Do – and you’re doomed. In this episode we talk about why being too much like John Lee Dumas and Entrepreneur On Fire will put your podcast show in the calm after the storm and that’s a terrible place to be. We’ll tell you why.
Speaking of turbulence, we are experiencing a major shake up at Entrepreneur Next Door. Starting today we are charting a new course. Since we are talking storms, think of our new direction as a tornado being spawned off a hurricane. You’ll understand after you listen to the broadcast todTune in there’s a new storm beginning to blow.
Introduction to Today’s Show
- What’s going on at Entrepreneur Next Door? Are we too “Dumasy”?
- Why are we making changes?
- Where do we go from here?
The Turbulent Tornado (Show Outline & Links)
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I. What is going on at Entrepreneur Next Door?
- Why we started
- Looking for next big thing after selling business
- We want to promote entrepreneurship for seasoned pros and for wantrepreneurs
- We enjoy people
- Create revenue streams
What We’ve Learned
- Able to secure amazing guests on our show
- We’ve attracted a very nice audience
- All of the branding pieces and automation we put together are beautiful and function well – website, show intro and outro were done by Music Radio Creative, automation we have in place (Libsyn, Amazon s3, Aweber, ScheduleOnce, and of course iTunes & Stitcher Radio)
- We started off with the wrong show
- As a married couple we practice mutual agreement
- Started in April buying equipment and listening to as many YouTube videos and reading as many articles about podcasting as we could. Listened to podcasts as I rode my bike.
- Took way longer than we thought it should take to learn the technology and get everything set up by trying to do everything without a coach.
- Launched first week of June
- We wanted a soft launch because we felt a little unsure of ourselves.
- Didn’t necessarily care about making the New & Noteworthy section
- We focused on sound quality, perfecting the systems we had in place and securing the best guests possible for the show.
July Numbers Doubled
- Some of our guests began referring potential guests – our first chance to network
- Our sound improved and we were getting guests coming to us making application to be on the show.
August Numbers Were Only 7% Higher Than in July
- Despite pumping out more social media and more episodes that a subscriber could download our growth numbers were dismal.
- We were disappointed because we love podcasting and we want our guests and our audience to grow not only in numbers but also from the information that is presented on our show.
- Which means we are stagnant, really no growth at all.
So What Did We Do?
Began scratching our heads a lot
Began asking ourselves questions.
- Why aren’t we growing?
- How do we get people to listen, to subscribe to interact with us.
- In a nutshell, and borrowing a phrase from Michael Hyatt’s book called Platform – “How do you get noticed in a noisy world”?
Then We Remembered Something From Our Past:
Herman Saved our tree company in 1998 – I asked him a question and he provided a great solution
So we reached out to two of the guests we had on END who also have podcasts
Began asking Piers & Josh questions
- We gave them permission to 100% brutally honest
- Asked them to look at our website, our guest list, our topics.
- Feedback went like this: website gorgeous! Guest list impressive. Topics great.
- Not niched down enough. Your show is too broad.
- It’s too much like John Lee Dumas’s Entrepreneur On Fire
- In other words, “It’s too Dumasy”
Do you see the importance of asking others questions that result in tough answers?
Josh went on to share a very powerful video with us that deals market sophistication and niching down in to that market
- So powerful that we will be using it to change Entrepreneur Next Door and all of the products that we produce in the future
- You will want to tune in next Wednesday as we begin laying out the powerful things we learned in the video.
- We can tell you right now that if you don’t know what we are going to begin teaching next week then the chances of your podcast or product in the market place is likely to fail. It’s that important so make sure you tune in next Wednesday.
The Problem was Exposed
So, here is what we learned, “Your podcast is doomed if you’re too much like @JohnLeeDumas
Let me begin by saying that we think the world of John Lee Dumas.
- His accomplishments are truly amazing.
- He is a great leader.
- Although we have never met him, he seems honest and we know he works hard. Kudos to Kate who works with him. We hope to have the opportunity to meet John & Kate one day.
- He deserves the success he is having right now.
- We hope he continues to be successful.
- We have listened to several of his episodes at Entrepreneur On Fire.
- We did not purchase his how to podcast course but have learned from him by studying him from the free material that he supplies on his website.
- No where do we see him breaking any FTC rules by saying be like me and you can make a fortune. He is playing by the rules as far as we can tell.
But we do see a problem. Lot’s of people are jumping into the entrepreneurial space thinking they can start a podcast, interview some great guests and presto, instant money.
- We have made that mistake ourselves. With that said, our show is too much like Entrepreneur on Fire. We accidentally became too much like him. It’s very difficult to be original, even when you are really trying.
- In fact we thought we were differentiating enough by choosing different colors, different guests, moving away from story a little bit and getting the quest to share more “how to” information, plus our podcast has a husband and wife host. That sounds different enough, right?
- In a nutshell we made the same mistake that we see so many other podcasters making now that they’ve purchased a microphone, created a gorgeous podcast cover art graphic and produced a slick show intro.
- The idea that you can just come up with a catchy show title, choose different colors, interview successful entrepreneurs and watch the moolah roll in is not going to work.
- Guess what. A lot of these new start ups ain’t gonna make it. In fact we already see lots of them dropping like flies.
- Why is this? Well I’m glad you asked.
- To answer this question we have to analyze the path to success JLD took.
Analyzing the success path of JLD and EOFire
1. He was first
- He was first to come up with idea to interview entrepreneurs 7 days a week – everybody told him he was nuts in the beginning
- He created a lot of buzz in the world because people turned their attention to him to see if he could pull it off
2. The Buzz Created the Storm
Suddenly everybody is talking about Entrepreneur On Fire – creating an energy storm
i.e. Hurricanes in Wilmington
- Unlike tornados you can plan for a hurricane
- One time we experienced the eye of the storm
- After the storm passes it takes with it all of that excitement, the energy leaving a stillness in its aftermath
Entrepreneur On Fire
Comes in like a hurricane stirring up the entrepreneurial market
- It has tons of energy
- People are paying attention
- They are studying it
- They are seeing everybody posting, and talking about the Entrepreneur On Fire hurricane
So the EOFire is cutting a wide path
John Lee Dumas is in the eye of the storm
- It’s calm
- It’s fun
- He’s having the time of his life watching the swirling motion of this storm he has created.
But the storm has already passed
Leaving calm in the Entrepreneurial podcast space
3. This Means All of the Energy Has Been Sucked Out of the Entrepreneurial space – Generally speaking
- When you think about it EOFire cuts a wide path. It’s only niched down to successful entrepreneurs.
- With that said, if you try to go down that same path – good luck – all of the energy has been absorbed by John Lee Dumas with his Entrepreneur On Fire
4. What Should We Do?
- So Should We All Close Our Libsyn Accounts and Sell Off Our Podcasting Equipment on eBay or at our next garage sale? Absolutely not, unless you are a quitter.
- Should We Spend Hundreds of Thousands to Advertise and Try to Get into the eye of the storm with him? I don’t think that would be a wise investment.
II. Why are we making changes?
We plan to cut a new path and create our own new storm
- Much like the tornados that are spawned off a hurricane
- These spinoff tornados create a lot of energy and excitement
- But they are very focused and create a frenzy of their own.
What does this mean?
- We mean that we are going to niche down in the entrepreneurial space
- The entrepreneurial storm has passed sucking all of the energy out of the space so we must feed off the power of the hurricane but simultaneously take things into a wildly different direction
- i.e. Read the book by Seth Godin called the “Purple Cow”
- Purple cow in a field is noticeable when it is the only purple cow
- Imagine after a while several of the cows are purple – not so amazing any more
- Hence the need for something uniquely different – another purple cow experience.
Examples of People Who Have Niched Down Extremely Well
Dana Wilde – Website: http://danawilde.com/
The Mind Aware
- Created 2 x million dollar businesses within 19 months
The Mind Aware Umbrella
- Ten Minutes Before Bedtime
- How To Pick Up the 500 lb Phone
- Training Other Peoples Brains
- How To Approach Anyone About Your Business
Shane & Jocelyn
Flipped Lifestyle – Website: http://flippedlifestyle.com/
Shane High School (Football Coach)
- Sells a football defense training he created
Jocelyn School (Librarian)
- Started selling trainings to librarians
- Sells lesson plans for teachers
- They started from scratch about 2 years ago
- They quit their teaching positions within a year.
- In July of this year they grossed $142,000 and were on track to exceed that amount in August.
- They are niched way down!
- BTW – their first revenue was $0.11 and that’s when they knew they were on to something big.
- Listen to their story on the Smart Passive Income podcast with Pat Flynn. Truly amazing. Here is the link to the episode in iTunes: https://itunes.apple.com/us/podcast/spi-122-from-teachers-to-totally/id383084001?i=317684294&mt=2
So the question is “Why are we making drastic changes?
The answer is and you’ve heard it many times – “The Riches are in the Niches
3. Where do we go from here?
We are reducing the number of interview episodes to one per week.
- No longer going to have such a variety of entrepreneurial guests
- Don’t get me wrong our guests have been superb
- But there is too much diversification – we need to streamline to align the guest expertise with the niched down version of our show
- This may mean we lose some listeners – we will be sorry to see you go
- The interview based show will be broadcast on Mondays from now on.
On Wednesdays we will produce an educational based show.
- Jan and I want to help teachers, coaches, speakers, authors and trainers how to get their unique voices into the market place so they can help others and make a great income.
- We love podcasting for many reasons so have chosen to create a product to help people use podcasting to get their powerful messages to the masses and grow their influence with their followers and potential clients.
- So we plan to create our own digital product about podcasting and teach the step-by-step process about how we created it on the Wednesday podcasts. Even if you never plan to run a podcast you will learn a ton as we let you in on what we learn in our product creation laboratory.
- We will also provide exceptional show notes where you can download a PDF of each show so you can do the step-by-step process for yourself as you create your own product – They will be Josh Denning style (Tropical Entrepreneur show) he is excellent note taker
On Friday shows we will deliver the results
- We will talk about what we accomplished, the tools we used, our successes, our failures, our income and our expenses.
- We will also provide a downloadable PDF for your perusal.
- We will invite you to engage with us on our website at entrepreneurnextdoor.net so we can answer questions too.
4. Our Mission: We want to help 100 people start, grow and monetize their business past the $1,000,000 mark.
Of course we want to be in the 100 so we are going to work feverishly to arrive there as quickly as possible so we can help you get there as well.
Why are numbers important?
- First of all it is one way people declare that you have added value to their lives.
- Secondly, it greatly improves your livelihood and the extra things you will get to do with your family
- Third, you will be able to take some of the extra proceeds and spread it around in meaningful ways by contributing to worthy individuals and causes.
- Fourth, it’s fun to work together as a team to cheer one another on. To help one another. To learn from one another.
- i.e. Running a 10k
So there you have our vision.
We ask you, does it resonate with you?
- If so, would you please go to the link provided in the show notes and go to iTunes? Subscribe, rate and leave a comment
- Would you also go to our website at entrepreneurnextdoor.net and look at the top right corner. You will see a place where you can opt in with your email address.
- You will get a very detailed step-by-step list for setting up a podcast
- As a subscriber you will also get advance notice of special events
- You will also get special discounts on any future products we sell.
- There is no obligation and you can opt out at any time.
You will not find one of those crazy drop down option boxes on our websites. They are so annoying I can’t stand them and you probably don’t like them either.
- I’m probably dumb for not utilizing one of those boxes but I feel like if you want to hook up with this organization bad enough you would probably crawl across broken glass to get in.
- If not, enjoy all the free stuff on our site and remain enonymous.
Click to Listen
So let’s recap what you can expect on Mondays, Wednesdays and Fridays
- Mondays – our interview show with guests who will give us step-by-step how to’s in specific elements of product creation
- Wednesdays – Jan and I will teach right out of our product creation laboratory and will hold nothing back. You will get a ton of information for free
- Fridays – are results. You will get the spreadsheets, the financial details, everything we are doing in one detailed report
This coming friday, two days from now you will get the first report.
One last thing
- Some recorded guests are already in production and will be released and some of them may not be as highly targeted as they will be in about 4 to 6 weeks.
So are you with us?
- If so please tune in again on Friday and tell your friends who might be interested in this very specialized and niched down podcast
- Remember this tornado is going to spin off the hurricane taking place in the entrepreneurial space
- And a special shout out to John Lee Dumas – if you are listening – great job! You’re an inspiration to hundreds of thousands and have in effect run the first four minute mile. Now more of us will be able to do the same in a short amount of time.
- Thanks for listening today. Until Friday stand tall business pros.
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