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DOGPOO and DOSAA
Nope, not referring to the Asian-Indian, mouth-watering dish Dosa.
Nor am I referring to actual dog doo-doo either.
DOGPOO stands for "Do Once, Get Paid Only Once".
DOSAA stands for "Do Once, Sell Again and Again".
Creating something once and being able to sell it over and over again - like an Online Video Course, Software or a Report – is way more profitable, productive and fun than simply putting a lot of your time and effort into something that is done just once where you get to benefit from it just once.
DOGPOO: Performing live on stage: You get to charge for tickets only once. The show happens one time. Once it’s over, it’s over.
DOSAA: Recording an album, or video recording of your live event and selling them to thousands.
DOGPOO: Speaking live on stage or doing a show live on the radio.
DOSAA: Doing a Podcast and getting a large number of people to listen to it.
Having a Day Job Sucks – And So Does Selling One-Time Products.
Selling one-time products is much like depending on your day job for income.
Day Job (DJ): You have to go to work every day.
One-time Products (OTP): You have to make sales every day.
DJ: You stop working, you no longer get paid.
OTP: You stop selling, you get no new customers, and you no longer get paid.
DJ: You start every month at $0.00 from your employer. You work first, then you earn (you have to work for a certain period even to get paid vacation and other benefits)
OTP: Your business starts with $0.00 in revenue each month.
You can see how there is absolutely no stability or security in either case.
When you are selling one-time products, the big issue is that no matter how well you do this month, you have absolutely nothing to show for the next month. So let's say this month you made say $3,000, but what happens next month?
On the first day of next month, on the very first day of every single month, you start at square 1 – with an income of $0.00. And that really sucks.
Sure, by selling one-time products, you still build a list of buyers, to whom you can continue selling other products. Simple, right?
If your business model is to keep creating products that you can keep selling to your past customers, then over a period of 3 or 5 or 10 years, think about how many darn products you will need to create and launch just to get those past customers to come back and buy from you again? It's just mind boggling.
No one can create 5, 10 or 20 new products every single year, year after year, just to stay in business. It is just a very exhausting and draining business model that is simply not sustainable.
80% Failure Rate
You've probably heard this statistic that says 8 out of 10 small businesses eventually fail. A colossal 80% failure rate. Only 20% survive.
So why did they fail?
The obvious answer: They failed to make more money than they were spending. So they went out of business.
But let's dive deeper: Why did they not make enough money to keep going? Why couldn't they make enough sales?
The non-obvious answer: They were selling one-time products, and could not find enough new customers, and could not sell enough to old customers.
With one-time products and services, you could have a huge surplus of business one month, and then very little the next month. So if you hired extra help when your business was doing well, you have to let people go when things get real slow.
You cannot reliably plan ahead for anything. And no, you cannot build a long-term business using just freelancers and part-timers.
And that is exactly why you need to read this book before you do anything with your existing business.