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Do you have a new business or a new product? Are you looking for leads and clients? Undercover Billionaire is a show trying to prove anyone can become a billionaire in America. One of the show's stars, Grant Cardone, presents an incredibly in-depth behind-the-scenes commentary on what he was thinking, feeling, and doing to endure and accomplish this challenge. Grant Cardone has to build a million-dollar business in 90 days, starting only with $100, a cell phone, and an old truck. In the last couple weeks of the challenge, behind on his goals, why would Grant push for a grand opening party?
Day Seventy-Seven - Ninety: The Grand Opening
Undercover Billionaire Behind the Scenes with Grant Cardone
Once your new business has proof of concept with a few paying clients, you may seek space to present and deliver your products or services. Opening a new workspace is an ample opportunity for gaining more clients and adding an external asset to your portfolio. The goal of a new space is to generate and maintain revenue as soon as possible. Most businesses make the mistake of spending debt on perfecting their building instead of using their area to generate revenue. The first impression is not the most important; every impression counts. Spend money on making your space functional and a part of your marketing. Find creative ways to turn the outside of your office into a giant billboard for your business. Remember, the contacts you need to renovate your new space may also be potential clients or lead generators.
A grand opening provides you with a deadline and demands accountability. You must meet your publicly announced goals or risk your new business's credibility. Never change your plans; instead, increase your activity. You can return to your previously contacted list when looking for new leads to increase your number of clients. You only know if something has changed in your favor once you ask. Time is not on your side; on sales calls, stick to why you are there; they make a sale. Grant Cardone referenced one of his favorite closes in the show called "Worst Case." Show your potential client that what they will get, even in the worst-case scenario, is still beneficial.
An effective grand opening will bring in new clients, but you must continue focusing on keeping the business operations going. On top of keeping the hustle strong within your business, you must also take care of your physical, mental, and spiritual health. You may not be able to find balance during a start-up phase, but your well-being plays a critical role in your business success. An easy mental trap to fail into is that you will find balance after the grand opening. You know that is untrue, so how do you complete everything on time? You must build and trust your team. Once they are training and moving in the right direction, you can allow them to do their job so you can do yours.
Here are tips for a successful grand opening and beyond. Grant Cardone used each of these tips to build a 5.5 million-dollar business and over a million dollars in real estate revenue in 90 days during Covid.
- Expect problems and remain calm. If you can stay calm, adjust your plans, and move forward, your team can follow you with the same mindset.
- Don't settle for yesterday's success. Whether your business is doing well or struggling, it would be best to continue promoting. Post promotional material like you were trying to fill the grand canyon with bricks.
- Invest in multupliers. For every dollar you spend, you should get two dollars back. Every employee you hire should be worth more than you pay them. Refrain from spending money on anything that will not bring you a return. If you can't get it all, you have to get something. Maximize your return with your employees and clients by showing appreciation early and often. Consistently present them with new opportunities, and they will reward you with loyalty and more leads.
- The fear of failure will increase as you get closer to your deadline. Do not make decisions based on fear. Set goals that are sooner and higher than you need. In doing so, even if you fail, you will win. Train your team to sustain their activity even when things look bad.
- The primary goal is new paying clients; the success of your business depends on it.
- Start-up valuation is a guessing game based on the evaluator's experience, thought process and comparable companies sold. Investors look for how much money they put in their pockets after taxes. What is your cash flow after taxes? Start-ups will always be risky because it's new, but the strength of your paying clients can relieve some risks. Your business is only worth what someone will pay for it.
Parties such as grand openings are a fantastic way to bring in new and reengage current clients. You can throw a party for almost anything, including celebrating a new product launch, birthdays, and anniversaries. How often you throw a party should be based on your industry and market area, but you should celebrate something at least once a year. The success of your party is the guest list. Remember, it's not just about having fun; you are trying to get more leads. However, you can enjoy a little fun time after you get contacts!
Did you know how much money you can earn by throwing a party? Grand Openings or product launches are a fantastic tool to attract potential clients and reignite current clients. So when are you planning your next party? Do you have a new product to launch? Do you have an anniversary coming up? Your parties don't have to be wildly elaborate. Just provide people with something to drink and snacks; most will come for at least long enough to hear what you have going on. Throw your next party soon!
Works Cited
Cardone, Grant "Day Seventy-Seven - Ninety: The Grand Opening" Undercover Billionaire Behind the Scenes with Grant Cardone, Grant Cardone Companies 2023. pp. 6:01:21 - 8:03:59
