In episode #1544, we discuss the value of building a defensible moat around your income. People like Warren Buffett and Charlie Munger like to invest in businesses with a moat for a good reason – they don’t fall as easily when things go awry. Tune in to hear examples of the kind of moats you can build around your income and business to shield yourself from uncertainty.
TIME-STAMPED SHOW NOTES:
- [00:25] Today’s topic: How to Build A Defensible Moat Around Your Income.
- [00:35] What we talk about when we refer to businesses that have a moat.
- [00:58] Examples of what a moat in your business can be.
- [01:19] Over the years, moats have become harder to build but brands still seem to work.
- [01:41] Brands take a long time to build and you have to offer a quality product.
- [02:21] Get people to interact with your brand seven times by going omnichannel.
- [03:00] The importance of diversifying your income to protect yourself and how to do it.
- [04:00] Survey and ask your audience what they need and expand by offering the solution.
- [04:21] Building multiple income streams and making it defensible takes time – so be patient.
- [04:56] A list of things you can do to create defensible moats.
- [05:37] That’s it for today!
- [05:39] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information or call us on 310-349-3785!
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