5 Golden Nuggets
Business Lessons to Learn from McDonald’s
Recently I watched a film called “The Founder” the story of Ray Kroc and of how he “invented” the McDonald’s Billion Dollar Business.
Well, at least that’s what I thought had happened until I watched the movie.
Kroc was certainly responsible for making the food chain a worldwide phenomenon. However, McDonald’s and its ground-breaking systems were the conception and creation of the McDonald’s brothers. Their restaurants were already highly successful (albeit in only 2 or 3 locations) long before Ray Kroc came on the scene.
If you haven’t seen the movie (and I highly recommend you do) there are MAJOR business lessons to be learned from it (although how to conduct yourself in integrity isn’t one of them without giving too much away)
These 5 Golden Business McNuggets (sorry I couldn’t resist it) were the essence of this multi-billion-dollar success story:
1. CLARITY ON YOUR TARGET MARKET is CRITICAL to your success. The McDonald brothers knew this when the aimed their product at families and Kroc the same by aiming his franchise owner module at Couples.
2. SOLVE THE PROBLEM your target market has! It took many permutations, thousands of dollars and lots of time for them to HONE the solution to the problem of how to serve fast, convenience food and maintain standards. Customers were served in 30 seconds NOT 30 minutes.
3. SELL YOUR MARKET WHAT THEY WANT (not what you think they need) Their market wanted burgers, fries, and shakes. Not tacos, not chilli, not seafood. By simplifying their offer, their SALES went sky high!
4. FOLLOW A SUCCESSFUL SYSTEM. They created a system for EVERY single action required THEN SOLD those systems which guaranteed success to those who used and implemented them.
5. CREATE ASSETS. With McDonald’s, it was the aforementioned systems they created and the subsequent land they bought. How do you and I build assets quickly without major capital investment? We package and productise our expertise, creating our own intellectual property.
These 5 key elements are as relevant to you and me today as they were to Ray Kroc.
Although I didn’t like Kroc one little bit, his success highlighted it’s NEVER TOO LATE to reinvent yourself or your business. He was a mediocre, failing salesman in his mid-fifties but when he saw the opportunity he grabbed it with both hands. He knew a golden opportunity when he saw one.
Every month, I work with a handful of professionals and entrepreneurs to launch their Online Marketing Consultancy or Virtual Coaching business.
Whether that would be a reinvention for you or the addition of an extra profit center, I will show to apply each one of these billion-dollar elements to ensure your success and create your own golden opportunity.
LET’S BOOK YOUR FREE LASER COACHING CALL IT’S TIME TO GET CRYSTAL CLEAR on THE ONE THING, you need to focus on RIGHT NOW to LAUNCH or SCALE your online business.
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