In today’s episode, Stewart Townsend takes us on a journey exploring what it took for him to transform his idea into a mature business. He shares insights on how you can sell more while spending and hiring less through channels. Tune in to learn more about channels and how you can start using them to grow your business.
On today’s podcast:
You have more of an impact working within entrepreneurial spaces than you do in large corporations.
At corporate spaces you get marching orders with instructions telling you what to do, in software, as a service startup space there is more experimentation and excitement
At its core, channels are about relationship building and strategic development
90% of Microsoft’s business goes through a channel, top corporations are heavily involved in selling through a channel
You can expect 23% more revenue within one year when using channels
Without structure, methods, and processes that you can repeat, it is very hard to grow as a business.
- How today’s show is different - 00:57
- Stewart’s journey: from selling steel to million-dollar deals with Spotify - 03:49
- Oracle didn’t believe in startups 11 years ago - 07:42
- Living corporate life and start-up life at the same time - 10:04
- An offer he can’t refuse to have enough of it - 11:58
- How Stewart found his way after losing his savings - 14:33
- What is channel building? - 18:41
- Why you shouldn’t pay attention to the misinformation around channels - 19:30
- How did the business take off? (there was no grand plan) - 21:35
- What is Stewart’s vision for his business...and why he is not exiting- 25:07
- How Stewart sets himself up for a nomadic lifestyle - 29:42
- Do you have to be young to be nomadic? - 33:28
- How products transform from their original purpose - 34:28
- Revolutionary video service that will save you days of work - 35:21
- Write like this if you are making videos - 37:09
- How Stewart automates his content cycle - 37:54
- How channels help you scale your business and reduce your costs - 39:38
- How much you can grow your revenue through channels - 41:52
- What you need before you can start using channels - 42:43
- One of the first things that ever went viral - 46:00
- Before any company invests in you, you need to have this - 47:13
- What are the points? - 49:14
- How are multiple routes to market created (the marketplace model)? - 51:44
- How you can now create a one-man million-dollar business - 54:23
- Is it still true that 80% of businesses fail? - 55:31
- What today’s fast entrepreneurship culture needs - 58:36
- How to get on a free call with Stewart - 1:01:16
- You have more of an impact working within entrepreneurial spaces than you do in large corporations.
- At corporate spaces you get marching orders with instructions telling you what to do, in software, as a service startup spaced there is more experimentation and excitement
- It takes longer than 6 months to start driving revenue through channels when you are starting from scratch; founders have difficulty understanding this strategically.
- Using channels is basically selling through third parties (affiliates, resellers, distributors) - it is an indirect sale.
- Channels are looked at as second class, this is a misconception. Affiliates are a powerful mechanism to get a product out to a market at a low cost.
- At its core, channels are about relationship building and strategic development
- 90% of Microsoft’s business goes through a channel, top corporations are heavily involved in selling through a channel
- Channels are a way to grow revenue without growing a headcount around that revenue.
- You can expect 23% more revenue within one year when using channels
- Companies who want to use channels must have a belief that indirect sales will add value to their business.
- Your customers tell you who your partners should be.
- Marketplace models such as Shopify reduce barriers to entry and make life easier for entrepreneurs. However, this makes it more competitive to come out on top. That being said, each person defines what success means to them. For some people, setting up a lifestyle business and being happy is the success they aim for.
- Without structure, methods, and processes that you can repeat, it is very hard to grow as a business.
- Channel as a service website: channelasservice.com/
- Stewart Townsend’s personal website: stewarttownsend.com/
- LinkedIn: Stewart Townsend
- Stewart’s email: firstname.lastname@example.org
- Stewart’s Desert Rat Van on Instagram
- Website: ajlawrence.com
- Email: email@example.com
- Instagram: @ajlawrence
- LinkedIn: A.J. Lawrence
- Twitter: @ajlawrence
- Medium: @a.j.lawrence
- Website: Beyond8Figures.com
- Twitter: @beyond8figures
- Facebook: Beyond 8 Figures
- Email: firstname.lastname@example.org
What is Beyond 8 Figures?
Starting a business is hard. Scaling a business is even harder. And, exiting a business is harder still. So, why do some companies struggle to reach six figures while others scale to 7, 8, or 9 figures while achieving lucrative exits for their founders? Join A.J. Lawrence, the journeyman entrepreneur, with several 7 figure exits but still trying to get past 8. He interviews successful entrepreneurs and brings on experts in the various tools or processes to accelerate your growth. In each episode, he’ll delve deep into entrepreneurial successes and failures, the realities of running a business, and the strategies to go down the road to eight-figures and beyond.