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In this episode, Joel and Antonia talk about the product vs service business models, the difference between B2B and B2C businesses, and lifetime customer value.

In this podcast you’ll find:

  • Check out part 1 in this series where we talk about the philosophical aspects of starting your own business.
  • Check out our book recommendations relating to the topics we discussed in part 1: Rich Dad’s Cashflow Quadrant and Rich Dad Poor Dad by Robert Kiyosaki
  • Business models – the difference between a product and a service business.
  • What are some of the benefits and drawbacks of product business and service business models?
  • Scaling up your business: how does this differ between service and product businesses?
  • How to transition from a service-based offering to selling products.
  • The value of feedback from a service-based offering.
  • Who is your customer? The difference between selling to a business and a consumer.
    • What are the benefits and drawbacks to both types?
  • Considering what’s important to you – Joel and Antonia talk about why they’ve chosen to do mentorship groups and hold live events.
  • The spiritual rewards of running your own business.
  • How platform companies have been gamechangers over the last few years – and the societal Graves level shift this is instigating.
  • The value of considering how you serve your customers:
    • Why do we give away a lot of free content?
    • What does it look like to serve a customer for the long term?
    • The importance of over delivering
  • Overcoming the limiting beliefs that can prevent you from starting your own business.

In this episode, Joel and Antonia talk about the product vs service business models, the difference between B2B and B2C businesses, and lifetime customer value. #business #personalgrowth

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  • Carmine Castiglione
    • Carmine Castiglione
    • June 11, 2020 at 9:40 am

    I really like how you guys talked about the service industry in these episodes. I’ve been trying to come up with a way to help people start a business on their own. I personally think a service business is the best to start with because they leave a lot of time for learning and developing a company. I started a landscaping business at 16 and all of my friends worked for me through our 20’s. Now most of them are licensed contractors and I am building developments so it worked out well.

    I would love to discuss some of the thoughts I had with you guys as I have noticed it may be tough to discuss the service industry. I think for a long time, the topics you guys are discussing were ignored by business owners in the service industry but I have spent a lot of time teaching my employees about the MBTI and personal development. They have slowly taken interest to it and I would love to see this be more common.

    Thanks for all you do.

  • Cortney
    • Cortney
    • June 7, 2020 at 3:09 am

    Thank you both so much for this series! I am an ESFJ woman with an INTJ husband. My husband is starting his own business but requires a lot of my work to make that happen. I have ZERO interest in starting a business and never have, but I have every desire to help my husband. Your podcast is helping me shift my focus from the scary, “out on our own” fears I have to a more excited, “this is going to be massive personal growth” mindset. Thank you for giving us $1,000 worth of advice (far more than that really) for a $0 price. You definitely keep building your credibility with me!

  • Alex
    • Alex
    • June 5, 2020 at 5:41 pm

    Thank god for this podcast lol. I am starting a business and everything about being an INTP makes me like “yes I obviously want to do this” and “I am totally incapable of doing this” simultaneously. It’s essentially the feeling of my Ti being really independent and the knowledge of my Ne derailing things constantly. So yeah, Antonia, I will be regularly returning to your pep talk, cause, tears.

    I also returned to the Goal setting podcast episode (0025) and found that so helpful right now. Your guest talked about starting with the feeling and making goals from there. I think that in making my initial business goals, I did naturally have several feelings in mind, which was good to realize. Basically I started from a place of not liking how I felt at my job, and I made initial goals based on wanting the opposite. Some of them were not really “feelings” but more “I want to use my brain in this way,” so I went back in and tried to refine it to discover the feeling.

    And I think that the overall thing that I want is to feel “honest.” I don’t know if that’s a feeling really, or just a very INTP-phrased version of a feeling hahaha. But using the episode’s advice, I can use that feeling to guide my day to day tasks and choices- so that it’s not just an “end” goal, but a through-line.

    I will bake the feeling of honesty into marketing, so that I am always being my honest self and connecting genuinely with people. That makes me excited because previous jobs required me to lie to people’s faces / be the face of a company, instead of myself, and i constantly felt gross. I love connecting with people when I get to share my honest mind and they get to share theirs back.

    I will bake the feeling of honesty into day to day organization by being personally responsible for how I spend my time- Not based on other people’s methods of “getting shit done” that don’t work for me. This involves mixing in stimulating tasks with draining ones; noting small wins to help me feel capable, even if I overall am overwhelmed or unorganized. Basically, acting on the idea that I am the one in control of myself, not the outside world. It’s hard to shift to that mindset when I am used to organizing my day to day within outside systems (school, work). But when I think about it as being honest, i realize that I already have a lifetime of practice— I NEVER like to give myself over to outside systems when it comes to my thoughts/self image. So why on earth do I need to follow a day to day system that feels dishonest to me?

    I broke down “I want to feel honest” into “I want to feel ___” statements for those specific things like marketing and organizing. “I want to feel connected” for example. I find it very helpful to see how doing things that I “have” to do can (and should) make me feel positive things in the process.

    Well, I’m rambling now… I found the goals episode and this one to be extremely useful and affirming about the choices I have been making recently- and actionable in terms of refining my next steps.

    “Our core competency is talking too much.” <3 <3 <3 <3

  • Heather Bailer
    • Heather Bailer
    • June 4, 2020 at 10:49 pm

    It’s so exciting to leave a comment for you. I’m a huge fan of your podcasts! I began a journey of self discovery a few years ago. After 3 decades of marriage and raising six kids…I realized that I had no idea who I what I wanted. I was thrilled to finally have the time to discover myself . After years of searching and learning…I believe I am an ENFP. When covid hit… it wiped out our family business of 30 years as we took pictures of school sports teams and little leagues. I started a small business to keep us going through the pandemic. So far it is struggling… but knowing that I am a starter type and that I easily become bored and distracted…I have been able to talk myself into focusing and keeping up the hard work. I also needed the shot in the arm (from your podcasts) to have the courage to do it in the first place! You have helped me immensely in my adventure of self discovery and growth! Thank you for the business podcasts as well! I feel as if you are good friends!

  • Elise Allan
    • Elise Allan
    • June 4, 2020 at 3:43 pm

    Thank you so much for over-delivering over the years – I really appreciate it and am so grateful for all that you’ve given. I’ve found the last two podcasts on Starting a Business surprisingly inspiring. Really useful not only for my own life, but also for helping me understand how I might better support some of the people I coach and teach. I’m finding myself increasingly addicted to listening to these podcasts, and delighted to see when a new one’s available.

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