Business 101 | Building Revenue

When it comes down to any business, revenue is what matters. Without it, what’s the point of starting up at all? Of course, building a business is hard enough, but building revenue? That takes some serious consideration and practice no matter the industry. In the business of hemp processing, building revenue is equally critical to success. But, in such a competitive, growing industry, how do you ensure building revenue in your business?

At extraktLAB, Dr. Jon and Randall Thompson know a thing or two about building revenue in the hemp processing industry. In fact, they each have five critical steps to ensure a profitable business is possible.

Randall’s top five steps are to:

  1. Clearly identify your ideal client/customer,
  2. Being the authority,
  3. Inviting your client behind the scene,
  4. Expanding the definition of a “customer,” and
  5. Work really, REALLY hard.

To hear Dr. Jon’s top 5, you’ll need to listen to the episode. “What does all this mean?” you may ask. You’re about to find out.

In this episode of extrakTALKS, Dr. Jon and Randall Thompson discuss the ins and outs of building revenue in your CBD and hemp processing business. Listen in to hear Dr. Jon’s and Randall’s top 5 secrets to building a profitable business and get the answers you need to create a successful hemp extraction company from the start to finish.

LISTEN to this episode:

00:00 Intro
00:49 Introductions
01:30 Housekeeping
06:00 Next weeks topic
07:51 Business Revenue
09:13 Who is Randall Thompson?
10:32 Bootstrappers
13:05 Randall’s Top 5
13:12 #1 Clearly Identify your ideal client/customer
13:25 #2 Be their authority
13:47 #3 Invite them behind the scenes
14:06 #4 Expand your definition of who your customer is.
14:33 #5 Work really, really hard!
15:24 Jon’s Top 5
20:26 Who’s List is better?
20:30 Who’s your customer?
22:05 Core Capabilities
23:11 Choose your focus
24:13 Authority and value
25:34 Become the expert
28:11 How do i find more customers?
33:22 Use Influencers
35:06 Find experts
36:09 SEO & Ad words
36:59 Your next hire
37:40 Passive employees and corporate America
38:45 Should I hire mercenaries?
39:23 Who should I hire?
40:24 Build Relationships and give value
42:03 Solve your customers problems
44:33 What do your customers care about?
45:25 How big is the industry?
47:00 Do we direct compete?
50:11 Thoughts on split contracts?
51:35 Blood, Sweat, and Tears
55:39 Questions?
56:00 Closing Comments

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