TMBA 694: A 6-Year Journey to 7 Figures by Not Productizing
Podcast 58:42 | Download | Spotify| Stitcher | iTunes
How one entrepreneur has achieved huge growth in his business by ditching the low-cost ‘productized service’ model and pursuing upmarket enterprise clients.
That person is Harry Morton, founder of the podcast production service Lower Street. Harry talks to Dan about how pivoting has allowed him to reach a low to mid seven figure annual revenue, and grow a team of over 20. They discuss why building a network and evolving a strong company culture has been so crucial, the importance of getting a grip on your financials, how accepting who you are and what drives you is crucial, and the challenges and opportunities afforded by AI:
‘I think that while AI is coming for all of our lunches it's coming for the productised end first because you have a very clearly defined list of deliverables and you point Chat GPT or whatever at it and it's not going to take too long, I don't think, for that to catch up and make the make the drop the price even further. So I think for anyone in an agency business, certainly something I spend a lot of time thinking about is: How is AI going to affect us? How do we incorporate AI? How do we embrace it?’
Listen and learn:
The importance of going where ‘the fish are already biting’
Factors in Harry’s decision to ditch the productized service model
Why it's crucial to master your financials
The growing impact of AI
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Mentioned in the episode:
Before the Exit – Our New Book
Partner With Us
The Dynamite Circle
Dynamite Jobs
Post a Remote Job
Tropical MBA on YouTube
Dynamite Jobs – Remote Recruiting Sales Page
Harry Morton
Lower Street
Justin Tan
Video Husky
South By Southwest
1000 True Fans
Kevin Kelly
StartUps For The Rest Of Us
Insight Matters
Rob te Braake
Stanford Graduate School of Business
Sam Floy
Extract from Harry’s Post
Enjoyed this podcast? Check out these:
TMBA 190 (LBP158) - 1,000 True Fans, 100 True Customers, or 10 True Clients
TMBA 686: Preparing To Take Time Away From Your Business
TMBA 555: Are Productized Services Overrated?
This week’s sponsors:
Don’t Get Held Up While You’re Trying to Scale Up. Experience the ease of remote hiring with dedicated experts by your side. Book a call at https://www.remotefirstrecruiting.com/
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Cheers,
Dan & Ian