Is Running An 80/20 Biz Realistic?

by Jeff W
18 replies
Hi Folks,

I'm new to WF and have been really pouring myself into learning this biz all hours of the day / night and am in the process of launching soon... but there is one thing that keeps nagging at me, something that I'm not sure if it's 'realistic' at all ... or something that simply wouldn't work (or at least as I describe it) in the reality of running an Internet marketing biz

Before I mention It, there is one obvious reality of this business - it's made up of a gigantic jigsaw puzzle - the pieces of which you have to learn how to put together.

That said, is running a very simplified, streamlined '80/20' Internet business even possible... or are there just a way too many unknowns and trial / error and course corrections necessary to ever nail it down to one nice, neat clean formula?

Enter 80/20.

20% of one's tasks every day will be those few high-value vital tasks that give you 80% of the results of those tasks.

80% of those tasks are generally speaking low-value tasks that will give you little return but yet use up just as much time as the vital few 20% - these should be either delegated, outsourced or eliminated... or at least put off until the vital few - the 20% - are done first.

20% of the tasks one does in their Internet biz will give them 80% of their results:

If the '3' core components of an Internet business are:

1) Offers
2) List-building
3) Traffic

Could one not then take each of those 'core' topics and then further break them down into 'sub-topics' within their respective core topic:

E.g. -

1) Offers
a)
b)
c)

2) List-building
a)
b)
c)

3) Traffic
a)
b)
c)

The 'a,b,c' would be the vital 20% of tasks that need to get done each day within the vital core topic it's placed under.

In this way, you're always working on those few vital 20% tasks in each of the 3 vital core components which are giving you most of your results.

Now, those sub-tasks would be determined by tweaking and testing what works and what doesn't for your particular biz model, but you'd never start your day without very clearly working ONLY on what matters most to your biz - the vital 20%.

Even if you did nothing else all day long, knocking off the vital 20% would still leave you feeling as if you had a very productive and effective day. Everything else for the most part wouldn't matter or it's something that 'some day' you will or won't get around to if you find the time.

You simply simplify and streamline every aspect of your day-to-day schedule working only on the vital few and either delegate or outsource everything else that's giving you little in terms of return - the 80%.

In this way, you're running a very tight, simple and streamlined biz bent totally on maximum effectiveness in a bid to get maximum returns from every task you do during your day.

Realistic... or pie-in-the-sky??

I ask this because as someone who hasn't launched yet, it 'seems' really nice... on paper... but having no experience in the trenches of this business, is it something that should stay just there - on paper? lol

Is the 'reality' much much more a case of ... 'life being messy'... and therefore trial and error and course corrections?

I'd be curious to hear some other opinions out there on this!

Thanks guys and loving the helpfulness and immediacy of the folks on WF!


#80 or 20 #biz #realistic #running
  • Profile picture of the author writeaway
    I can vouch for the Pareto Principle's truth. Only 20% of your activities produces 80% of your results. It makes lots of sense to focus more on this 20%.
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  • Profile picture of the author bss2t
    Focus on the 20% but make sure you don't get bogged down in the details too much. I have seen so many people miss the big picture by a mile because they are concerned about little ole xyz.
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    • Profile picture of the author Jeff W
      Thanks Bss2t!

      Your response was appreciated!

      Cheers!
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  • Profile picture of the author PerformanceMan
    Why start a new project with rigid, but essentially meaningless 'rules?' Flexibility is what matters IMHO.
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    • Profile picture of the author Jeff W
      Hi Barry,

      That's exactly what I'm looking for - straight answers.

      Thanks and much appreciated sir!
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      • Profile picture of the author PerformanceMan
        Originally Posted by Jeff W View Post

        Hi Barry,

        That's exactly what I'm looking for - straight answers.

        Thanks and much appreciated sir!
        You're welcome Jeff. It's okay to have guidelines based on common sense wisdom. But, IM is an extremely dynamic field.

        Things are changing all the time. I honestly think the best skills anyone can bring to the table to succeed in IM are:
        • Open mind - willing to try new things.
        • Ability to handle rejection/failure.
        • A keen eye for observation.
        • Flexibility to change on a dime if things need adjusting

        There's a bit of a danger in trying to make sure you're always doing things 'just right!'

        In any event, I like the line of reasoning your post here shows. It looks like you'll do well
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        • Profile picture of the author Jeff W
          Thanks Barry for your great input and all the best to you sir!
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  • Profile picture of the author mrgoe
    You`re thinking too much of the math behind that and too little on bringing something new to the table, something that will make your subscribers happy and you rich.
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    • Profile picture of the author Jeff W
      Thanks Mrgoe!

      Well put! That's exactly what I was starting to feel - as if I'm making thinking a little too rigid for myself.
      Thanks and much appreciated!
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  • Profile picture of the author Paul Hill SEO
    The 80/20 rule is something which can be applied to an already established business model. It seems illogical to me to try and determine the value of a task / function until you have actually tried it for real....try everything first and then sart to streamline your processes. I read the 4 hour work week and thought, this is all excellent information but I need to let things things mature before deciding if it is a low value exercise. I think too many people try and set out for the perfect business model rather than letting things evolve over time.
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    • Profile picture of the author Jeff W
      Hi Paul,

      A good point indeed that you made!

      Sometimes I think as someone who hasn't launched yet (me), it's easy sometimes to get blinded by numbers and details and trying to nail things down as a form of trying to get one's head around this biz, whereas I guess in reality one has no choice but to just get out there and then see what works and then streamline things if one feels the need to do so with of course taking into consideration what the general consensus seems to be here which is that in this biz nothing stays static for very long.

      Thanks very much for your reply as it was well said and made good sense!
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  • Profile picture of the author thedanbrown
    Ya I think your core principles are accurate and I can vouch for the fact that 20% of your efforts produce 80% of revenue but you have to understand that IM is constantly changing so you have to be capable of adapting to survive. But ya, if you list out the A,B,C's of List-Building, Traffic, and Offer you will do fine. Just focus on trying to build your list by offering great content and dont worry so much about the offers. If you plan on building a deep list in one niche then it would be a good idea to create your own product instead of marketing other peoples (which you could do also if you create your own product).
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    • Profile picture of the author Jeff W
      Thanks thedanbrown!

      Good advice indeed bud!

      Thanks a lot and all the best!
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  • Profile picture of the author conanedo
    just do it and then you can see which 20% that bring 80% result and then focus on that 20%
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    • Profile picture of the author Jeff W
      Thanks conanedo!

      That seems to be the general consensus here. Rather than trying to figure out ahead of time what 20% you 'think' is the best plan of attack, first jump in and then determine the important stuff as you find out from experience.

      Thanks for the reply!
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  • Profile picture of the author hirechrisgunn
    I think the 80/20 rule that was brought up on another topic last week out of Tim Ferris' book really comes with an approach more along the lines of paying attention to where any problem areas are in your business that hold you back from being able to progress further, stress less, and have more time to yourself.

    As much as this range may be the case in your company, I wouldn't be looking for it right off the bat. I would be revisiting all of the issues that you run into at the end of each week and look at your sales, asking yourself "do I need to focus on x vs. x." I think that's the goal from right off the bat.
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    • Profile picture of the author Jeff W
      Thank hirechrisgunn!

      Very wisely said and I couldn't agree with you more now when I think about it.

      Thanks very much for your reply as it was much appreciated.
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  • Profile picture of the author curly sue
    80/20 can also apply to email marketing; give value and free stuff 80% of the time and sell 20%
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