Start a Business with No Money: 5 Ideas from Shark Tank Star Sabri Suby

ACKNOWLEDGEMENT
5 Business Ideas To Start Today With $0 ft. Shark Tank's Sabri Suby: MyFirstMillion Episode

In this episode of My First Million, we delve into the mind of Sabri Suby, the Australian marketing genius and Shark Tank Australia star. Host Sam Parr picks Sabri's brain on current business opportunities, focusing on how to build successful ventures with minimal resources. From innovative advertising strategies to leveraging emerging platforms, Sabri shares his unique insights and practical advice for aspiring entrepreneurs. Tune in to learn how to make compelling offers, the importance of focus, and Sabri's life philosophies that drive his success

MAIN POINTS
Top 10 Marketing Insights from Sabri Suby

1. Start with One Traffic Channel: Focus on mastering a single traffic source before expanding. This allows for deep expertise and better results.

2. Godfather Offer: Create irresistible offers that clients can't refuse. Make it risk-free for them by doing all the work upfront.

3. Leverage Different Ad Platforms: Use different advertising platforms like TikTok or Facebook tailored to each business’s needs and compliance.

4. Amazon Expansion: Approach Shopify stores not on Amazon and offer to manage their Amazon presence, highlighting potential revenue increases.

5. Affiliate Marketing: Utilize high-commission affiliate programs from SaaS companies like HubSpot or Hyros to generate significant revenue.

6. Free Funnel Offer: Build free marketing funnels for potential clients and earn through affiliate commissions, ensuring no upfront cost for clients.

7. Live Chat Services: Offer after-hours live chat support for businesses to capture leads they might be missing.

8. Focus on Revenue-Generating Activities: Prioritize activities that directly contribute to revenue, like high-impact ad campaigns.

9. Skill Acquisition: Invest in learning skills with long-term value, such as copywriting and consumer psychology.

10. Social Commerce Explosion: Tap into the booming TikTok Shop and other social commerce platforms to generate sales with minimal upfront investment.

IDEAS FOR IMPROVEMENT AND IMPLEMENTATION
Strategies to Elevate Your Business

• Focus on One Channel: Start with one advertising channel and master it before expanding. This helps in understanding the nuances of that platform and ensures better performance. Regularly monitor and optimize to maintain efficiency.

• No-Risk Propositions: Offer to manage a new advertising channel for businesses without upfront payment, taking a percentage of the sales instead. This makes it easier to convince businesses to try new strategies without financial risk.

• Expanding to Amazon: Identify Shopify stores not yet on Amazon and offer to manage their Amazon sales channel. This can help them tap into a new revenue stream with minimal effort on their part.

• Live Chat Services: Provide live chat services for small businesses with high Google traffic but no after-hours support. This can significantly increase their sales and customer satisfaction.

• Cost-Effective Advertising: Focus on delivering customers with a lower cost of acquisition, especially as advertising costs on platforms like Facebook continue to rise. This can be achieved by leveraging high affiliate commissions from SaaS companies.

• Affiliate Marketing: Create niche-specific funnels for high-commission affiliate programs, offering these services for free in exchange for sign-ups through your affiliate link.

• TikTok Shop and YouTube Shopping: Use platforms like Cowdat and Fastmoss to find best-selling products on TikTok shop. Utilize AI tools for creating content without showing your face or using your voice.

• Creative Marketing Campaigns: Inject fun and creativity into your marketing campaigns. Think outside the box and focus on what would entertain and engage your audience, not just what converts best.

• Learning and Mastery: Focus on acquiring skills that have long-term value and can be applied to various aspects of business and marketing. This includes copywriting, understanding consumer psychology, and mastering social media platforms.

• Engage with Strangers: Networking and engaging with new people can lead to unexpected opportunities and growth in both personal and professional life. Be open to conversations and building relationships.

STORIES
In-Depth Discussion Topics

The Importance of Focus in Business

Sabri Suby stresses that one of the biggest challenges for new entrepreneurs is maintaining focus. He explains how early in his career, he struggled with "shiny object syndrome," constantly jumping from one opportunity to another. This lack of focus led to financial ups and downs. By concentrating on one traffic channel and perfecting it, businesses can avoid these pitfalls and achieve steady growth. Sabri advises entrepreneurs to say no to distractions and opportunities that don't align with their primary goal. This disciplined approach not only helps in stabilizing the business but also builds a strong foundation for future expansion.

No-Risk Business Propositions

A key strategy Sabri discusses is offering businesses a no-risk proposition. For instance, he suggests managing a new advertising channel for a business without charging upfront. Instead, you take a percentage of the sales generated from that channel. This approach lowers the entry barrier for businesses to try new strategies and reduces their financial risk. It also aligns your incentives with the business’s success, fostering a partnership mentality. This model can be applied to various platforms, such as running Facebook or TikTok ads for businesses already successful on Google ads, ensuring a broader reach and diversified marketing efforts.

Leveraging Multiple Traffic Channels

Sabri emphasizes the importance of diversifying traffic channels once a business has mastered one. Many businesses focus on a single channel like Google ads, missing out on potential customers on other platforms. Sabri suggests reaching out to these businesses and offering to manage additional channels like Facebook or TikTok ads. By creating customized funnels and managing compliance issues, you can show businesses the potential for growth without additional effort on their part. This approach not only helps in capturing a wider audience but also mitigates the risk associated with relying on a single traffic source.

Maximizing Affiliate Commissions

Sabri highlights the lucrative opportunity in affiliate marketing, especially with high-commission SaaS products. He advises creating niche-specific funnels and offering these for free to businesses in exchange for signing up through your affiliate link. This strategy not only helps businesses get started with minimal effort but also generates significant passive income for you. For example, HubSpot offers up to 30% recurring commissions for a year, making it a highly attractive affiliate program. By focusing on niches like chiropractors or e-commerce stores, you can build targeted campaigns that convert effectively.

TikTok Shop and Social Commerce

The rise of TikTok shop presents a unique opportunity for entrepreneurs. Sabri explains how you can use tools like Cowdat to find best-selling products and create content without showing your face or using your voice. By leveraging AI for voiceovers and video creation, you can produce engaging content that drives sales. This method allows you to participate in the booming social commerce market without the need for extensive resources. Additionally, the skills gained from mastering platforms like TikTok can be applied to other areas of digital marketing, enhancing your overall business acumen.

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SEE YOU NEXT ONE
Thank you for your attention!

This episode with Sabri Suby offers a treasure trove of insights for aspiring entrepreneurs. From focusing on a single traffic channel to leveraging high-commission affiliate programs, Sabri's advice is practical and actionable. Listeners will learn the importance of maintaining focus, the value of no-risk business propositions, and the potential of social commerce platforms like TikTok shop. By implementing these strategies, you can build a strong foundation for business success and achieve steady growth. Thank you for tuning in, and we hope you find these insights as valuable as we did.

Want more? Check out the whole podcast episode on 5 Business Ideas To Start Today With $0 ft. Shark Tank's Sabri Suby - YouTube

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