The Vegas Money Formula teaches you how you can make small bets on to break through the noise and accelerate return on your efforts.
If you are ever listened to a professional in the online marketing or startup area,you’ve probably heard advice that seems somewhat like this,”Figure out how to get an extra hour out of each day and use that opportunity to work.” Or perhaps you’ve heard this one,”Live as little money as you can until you’ve got a profitable startup.”
I’m here to tell you that this advice isn’t just outdated,but it may very well be the reason whyyou haven’t made much progress on your business idea.
The Vegas Money Formula may be the piece of the puzzle you’ve been missing. Your big break.
Why Most Startup Advice Out There Doesn’t Work Now
Organic Reach online Has Declined Dramatically
Many of the gurus offering advice online have been in existence since the early days of the Internet,when getting fans and views had been easier to hack than it is now. These”experts” expect you to be able to publish something and get an organic audience exactly the same they did.
In March 2013 Google stated they were conscious of 30 trillion pages on the web. By 2016 that amount was 130 trillion and 576,000 new websites are created each and every day.
Because the Internet has grown so hugely,it is more difficult to break through the noise and get discovered. Plus,platforms like Facebook and Google rely on ads to make money so their incentive to surface content is closely tied to earnings.
Take this for instance. When I started marketing years back,when a Facebook company page posted,16 percent of fans saw that post. That number has steadily declined. Unless you specifically pay to”boost your post,today’s average organic reach sits well below 1 percent.
If you want feedback from someone besides your mother or your best buddy,you have to figure out how to break through the noise and get through to your target audience.
Later in this post I’ll teach you some techniques for actually reaching your audience so you get the feedback you require. But first,let’s debunk the”save your pennies” advice that kills the advancement of numerous entrepreneurs.
Why A Scarcity Mindset Rarely Works,Especially for Entrepreneurs
Entrepreneurs tend to be dreamers. They solve problems because they are able to imagine a bigger,better world that exists beyond the present moment.
Most startup coaches who assert”internet freedom” state that if you can hold on and save your pennies for long enough,you will come to hustle your way to success.
To ask an entrepreneur to pull back from their vision and place their physical self in an uncomfortable position is the most surefire method to detach them from their dream.
Instead,I recommend a mindset change. If you can place yourself in a position in which you are not worried about how you are going to pay next month’s rent,you can turn your startup endeavors into a hobby.
This allows you to live comfortably,fuel up on real food and sleep,and spend your free time on leveling up with your business.
Mindset is critical to what we do. A mindset of drama,pursuit,and healthful gambling is fundamental to the Vegas Money Formula.
What is The Vegas Money Formula?
The Vegas Formula for Entrepreneurship is the regular practice of taking a small amount of extra budget from the close of each month and investing it in an experimentation framework that puts you in front of individuals who would potentially encourage your company.
I call the volume you should invest Vegas Money since it ought to be the amount of money you can afford to lose without negatively impacting your everyday life.
The difference between this and actual Vegas is that the house is actually just you (and not some massive smoke-filled casino dinging with slot machines).
Rather than throwing your money at a pair of aces,you are making small,incremental investments in your future.
Later in this article I’ll describe how to implement the Vegas Money Formula,but first let’s explore why it skyrockets your odds of success.
Why The Vegas Money Formula Works So Well
What I enjoy most about the Vegas Money Formula is two things:
- Unlike actual gambling,the odds are not inherently stacked against you. In actuality,when it comes to entrepreneurship or publishing on the internet,the more attempts you make,the more likely you are to get a hit or go viral. Publishing more and getting feedback from people increases the odds that you’ll find your people and hit on something big.
Ji Lin of Andreessen Horowitz came out this year and said this to make a comfortable wage in america,you just need 100 people who care enough about what you are doing that they will support you. The more you get out there,the more likely you are to connect with these 100 people.
Examples and models where these kinds of direct to money support channels exist comprise Substack,Mighty Networks,Memberpress,Thinkific or alternative course platforms,and more.
If you monetize via e-commerce or something like BuyMeACoffee you are still likely to need more than 100 fans,but the principle still stands.
The Vegas Money formula puts you in front of people consistently. If you’re willing to learn from the comments that the formula provides you,you are increasing your odds of locating the supporters you need to succeed.
- If you win big,the payouts offer an outsized return on your investment.
There was a window after World War II when faithful office employees were basically guaranteed a job for a very long time. Workers higher up on the corporate totem pole got company cars and expense accounts that allowed them to wine and dine without making a dent in their ever growing pool of wealth. For instance,this was a set of the wealthy class who always knew they could rely on an increasing savings account.
Those times no longer exist and most people nowadays are made to work on an hourly basis with perks,bonuses,or an expense account. In the modern world,the most likely way to make outsized returns for yourself is to either increase your hourly rate or break away from snare of trading your time for money.
The Vegas Formula functions to boost your value or assist you experiment with new monetization models that disassociate your time from money.
Now that you have context for what the Vegas Formula is and how it works,let’s discuss how to incorporate it into your daily life.
How to Implement the Vegas Money Formula For Your Thought
Start with an Experiment (or Collection of Experiments)
Map the Parameters and Key Performance Indicators (KPIs)
Spend Your Money Wisely
Observe the Results
Start Over,Only Smarter This TimeFor a free tutorial on how to do this,go to Read More