EFP 67: 5 Advantages Of A Transparent Business Model

Justin Cooke

October 11, 2013

Worried that someone is going to “steal your idea”? What if someone takes your approach and does it better than you? If you have something that’s working…isn’t it better to shut your mouth and not tell a soul while you cash in?

These seem to be (surprisingly) some of the major concerns of those that prefer the “stealth mode” approach in their business.

5 Benefits of a Transparent Business Model

In this episode, Joe and I wanted to challenge the idea that “stealth mode” is the superior model when it comes to getting your business up and running and we’ll discuss 5 major advantages to baking more transparency in your approach. If you’re old-school business like we were but want to know more about the reasons why transparency might be better for you, this is definitely a must-listen episode!

The sound quality is a bit weaker this week – sorry about that…Joe and I are both traveling right now!

Check Out This Week’s Episode Here:

Direct Download – Right Click, Save As

Topics Discussed This Week Include:

  • Why making the pie bigger trumps the “zero-sum game” mindset
  • Why the protectionist approach is a symptom of a weak mindset
  • Clarity > Being Vague
  • How being vulnerable opens up conversations
  • Transparency as an accountability tool

Mentions:

So, are you ready to head down the “transparency” path with your business? What’s holding you back? Let us know on Twitter or leave us a comment – we’d love to hear from you!


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Discussion
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  1. Tristan Boyd says:

    LOL. “If only I had known this in 2008”. How many times have I said that? Great pod cast guys. Love your work!

    • Justin Cooke says:

      I know, right Tristan? It’s easy to kick yourself on things you’ve missed, hehe. The trick (of course) is to see what you can spot in 2014, 2015, etc. today! :-)

  2. Ryan says:

    I agree with the contrast between accountability and protectionist mindset. It truly does make sense with the amount of backhanded internet marketers out there trying to pitch you everything under the sun to make a sale. Not to mention all of the anecdotes that follow suit and promise you all seven seas.

    Be legit, act legit, do legit, and receive the benefits!

    – Ryan

    • Justin Cooke says:

      Absolutely, Ryan.

      It’s particularly striking in our industry, but there are plenty of other industries where being transparent can be disruptive too. Whenever I hear about a niche that consistently sells information I instantly see opportunity, hehe.

  3. civillibros says:

    i want to understan 1000$ per adsense, you have 190 sites???
    190×10=1900$ buy the domains
    190×20=38000$ buy 5 articles per site
    1000×12=12000$ (1000$ per month all your sites according to your last post)

    you will need at least 4 years to start making money, this is too bad
    you don´t see a problem there??

  4. bobdak says:

    If you can … while you are on the podcast panel … can you find out what everyone thinks about all the new extension that are available? .com, .shop, .car, .restaurant, .repair, ect .. 1and1.com says there will be about 700 new extensions? what do you guys think about this? thanks bob

  5. Josh Escusa says:

    Just listened to the podcast and I loved it. I’ve been a big follower of the transparency model ever since I found blogs like yours. It’s been a real eye opener and I can attest to the fact that it does work! I think some people are finally starting to catch on and be a little more open about their businesses, but there’s still a long way to go. Hope you guys have a great time in Bangkok!…and whats with the rocket launcher!? Remind me not to never say the wrong things to Justin!

    • Justin Cooke says:

      Thanks, Josh!

      Yeah, we’re seeing quite a few more in the online biz space open up which is great to see and great for the industry, IMO. Glad to see you’re back in action!

      Had the opportunity to meet Tung Tran this week here in Bangkok and I was really impressed…what a sharp, cool dude!

  6. Awesome episode guys, thanks for all the love. Can’t wait to see your new shopping cart integration! ;)

    • You’re welcome Damian, now if we could just get FirstData to cooperate.

    • Iain Robson says:

      For sure. I’m also curious as to how they are going to hook up the shopping cart and how it gets integrated.

      I guess they will tie it into office autopilot

      • Hey Iain, we are indeed tying it into OAP (Office Autopilot), it wouldn’t make sense for Joe & Justin otherwise. They have this powerful marketing dB now, we just need to get it to play nicely with everything else ;)

        It should be pretty sexy when we get it all setup correctly. Joe is making reference to the fact that the payment processing part has been a real bitch and time drag so far, but hopefully the finished product is worth all the effort!

        • Iain Robson says:

          Ah I must have missed a bit there.

          I hear you can do some pretty amazing things with OAP these days. I think James Schramko is going to try some fancy things with OAP and Wistia.

          Setting up the whole cart with OAP will help with segmenting I guess too eh.

          • Yeah Jake Hower is the guy who built Fuzed, an app that does awesome segmentation for marketing automation services like OAP & Infusionsoft to GoToWebinar & Wistia. Some really powerful and sexy stuff.

            James does some video waterfall sequences that are very effective.

            Automation is a pretty cool space.

          • Iain Robson says:

            Yeah it is a pretty cool space right now. A lot of possibility. However, people have to remember that there needs to be human interaction right.

          • It’s all about connecting absolutely nothing beats the human touch. It’s why Joe & Justin have been so successful with this business.

  7. toddbeuckens says:

    Great episode as always. You guys always deliver. As for transparency, that is why your podcast is the best. You guys do it in the real world and back it up and share the good and the bad.

  8. bobdak says:

    Great episode … While listening to your podcast I came up with 2 ideas that I think would take off in the mobile app area but my first reaction is to stay stealth on the ideas until I at least get the domain names and structure of the product together … Not sure why that would be bad … Here’s another weird thing … because most of your listeners, I think are movers and shakers I would also be very hesitant to share the idea here too, I guess getting a good mastermind group or a set of like mind friends together is a must !! Timing on when to become transparent is important or is this just an old mind set … Let me ask you a question about one of the products you sell the – Mobile app creation … do you send out a questionnaire on this after I buy in so that you can be ready for the initial phone call? — funds are tight but scared money produces NO money!

    • Hey Bobdak, that’s exactly what we do. A small questionnaire is sent out after the initial payment asking you to fill in some details. The rest will be worked out on the phone with our mobile app development partner.

  9. “Back-blast area clear!” I’ve only fired the AT4 and LAW. How’d you like the RPG?
    As always, great episode.

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