How To Build An Un-Cancelable Business

TL;DR

Own your platforms to secure long-term business success.

Transcript

hey miles here milesbechtler.com and this video is about the concept of own the racecourse now this has come up a couple of times recently on the channel and i'm devoting this video to it because it is such an important idea and analogy for you to understand so you can be sure that as you're building your business that you're doing so where your bu... Read More

Key Insights

• The 'Own the Racecourse' concept emphasizes the importance of controlling the platforms on which your business operates to avoid sudden disruptions.
• Relying solely on third-party platforms like Facebook or Medium for business operations is risky due to potential account bans or platform changes.
• Building a business on your own platform, such as a personal website or email list, ensures you maintain control and can withstand external changes.
• Using platforms like WordPress allows for greater control and flexibility compared to proprietary services like Wix or Squarespace.
• Successful entrepreneurs diversify their presence, using third-party platforms to drive traffic back to their own controlled environments.
• The analogy of owning the racecourse suggests that controlling the environment in which your business operates increases your chances of success.
• The video highlights the risks of building a business dependent on platforms that can change policies or algorithms unexpectedly.
• Creating and owning an email list is a crucial strategy for building an un-cancelable business, as it ensures direct communication with your audience.

Questions & Answers

Q: What is the main concept discussed in the video?

The main concept discussed is 'owning the racecourse,' which refers to the importance of controlling the platforms your business operates on. This ensures long-term stability and reduces the risk of sudden disruptions caused by changes or bans from third-party platforms.

Q: Why is relying on third-party platforms risky for businesses?

Relying on third-party platforms is risky because these platforms can change policies, algorithms, or even ban accounts without warning. This can lead to sudden business failures. By depending solely on these platforms, businesses risk losing access to their audience and revenue streams unexpectedly.

Q: How can businesses mitigate the risks associated with third-party platforms?

Businesses can mitigate these risks by building their own platforms, such as personal websites or email lists. This ensures they maintain control over their content and audience. Using third-party platforms strategically to drive traffic back to these owned platforms can help grow the audience while minimizing dependency.

Q: What role do email lists play in building an un-cancelable business?

Email lists play a crucial role in building an un-cancelable business by ensuring direct communication with the audience. Unlike third-party platforms, email lists are owned by the business, providing a reliable way to reach customers and promote products without the risk of being 'canceled' by external changes.

Q: What is the analogy of 'owning the racecourse' meant to illustrate?

The analogy of 'owning the racecourse' illustrates the idea of controlling the environment in which your business operates. By owning the platform, businesses increase their chances of success and reduce the risk of being affected by external changes or disruptions from third-party platforms.

Q: Why is WordPress recommended over platforms like Wix or Squarespace?

WordPress is recommended because it is an open-source platform, providing greater control and flexibility. Unlike proprietary services like Wix or Squarespace, WordPress allows businesses to own their content and customize their websites without relying on the solvency or policies of a third-party company.

Q: What are some examples of third-party platform risks mentioned in the video?

Examples of third-party platform risks include Facebook banning accounts or groups, Medium changing its algorithm, or Amazon shutting down product listings. These changes can have significant negative impacts on businesses that rely solely on these platforms for their operations.

Q: How can businesses use third-party platforms effectively while maintaining control?

Businesses can use third-party platforms effectively by leveraging their large audiences to drive traffic back to their own controlled environments. By using these platforms as tools to attract new customers, businesses can grow their audience while maintaining control over their primary operations on their own platforms.

Summary & Key Takeaways

• The video discusses the concept of 'owning the racecourse' as a metaphor for controlling the platforms your business relies on. This control ensures long-term stability and reduces vulnerability to external disruptions from third-party platforms.

• Relying solely on platforms like Facebook, Medium, or Amazon can lead to sudden business failures if those platforms change policies or ban accounts. Building your own platform, such as a website or email list, mitigates these risks.

• The speaker emphasizes using third-party platforms to drive traffic to your own controlled environment. This strategy allows for audience growth while maintaining control over your business operations and reducing the risk of being 'canceled.'