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A status update - Empowering MBA Day 48 & 49
Update on startup 2
Crusade: turning real estate agencies into personal monopolies
(Consumers start to view agencies as commodities. Agencies start to act that way.)
Service: digital growth agency
(To create personal monopolies: digitization x personalization)
Personal
- Internal: focus on one's own talents, interests and experience to become a "business of 1"
- External: become a lifetime advisor instead of transaction facilitator
Monopoly
- Moat: create a unique brand
- Financial: improve margins and add income streams
Context
The bar for real estate agencies in the Netherlands is low.
Little differentiation. Most compete on price. This will soon prove deadly (down market).
Most view themselves as brokers/salesmen, instead of entrepreneurs/business owners.
Many opportunities to improve margins with tech (customer acquisition/retention and internal processes).
But a traditional industry means longer lead times and relationship building.
Recent progress
- There are 2 marketing automation companies for realtors in the NL. We're becoming official partners with 1. Currently working out the details.
- Created 5 1-hour+ masterclass videos on each aspect of our service (FB/IG ads, landing pages, automation, email marketing, personal monopoly).
This week: 1 episode/day on the only realtor YT/podcast in the NL (which I own).
It's the only free content of its kind in the NL and more practical than the available premium offerings. They're evergreen assets; I don't expect a sudden influx but value over time.
The goals this month were
- Top 5% knowledgeable in the industry (on track)
- Create a crusade and educate evangelists (on track)
- Perform audits and call with prospects, partners and practitioners (next)
Next
- Half of the videos are audits of existing real estate agencies. Will cut clips and send these directly to start conversations.
(Leverage: create evergreen assets, which can simultaneously serve as value-first outbound.) - Invite potential partners for (1) public podcast appearances or (2) private conversations. Either way, exchange information and explore partnerships.
FAQ
- Why an agency and not a tech company?
Our niche is traditional and prefers done-for-you services. Most DIY companies have died. Agency first and transitioning to a tech(-enabled) company makes more sense.
- Biggest struggle?
Focus.
I see opportunities in every direction: vertically, horizontally, internationally. Shiny objects everywhere.
Reminder: get clients and traction first. Keep an eye out for talent and lifelong partners.
Summary: some progress, excited for 30-day results, likely a multi-month/multi-year play. Good prospects.
Question: How has your progress been over the past 2 weeks?
Day 49 (almost) finished. 491 to go.
Love,
Jim
P.S. Expect some "philosophical" journal entries (on life and/or entrepreneurship) in the next few days. The last 4 days produced 3 pages of notes and bullet points. Gotta decide what's worth exploring & sharing.
I'm building 18 startups in 18 months.
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