How to get rich in the niche using the 3P Process
This is Step 2 in the DYB Process
Grab a piece of paper and draw 3 vertical lines making 4 columns.
In the first column, write the name of the last ten projects you have completed and closed out.
And then the second column is your 1st P.
That’s for Profit.
Put a check next to each one that you earned at least 50% gross profit.
Then the third column is your 2nd P.
That’s for People.
Put a check next to each project where the person involved or in charge was a pleasure to work with.
Meaning that you’d love to work with 100 more people just like them.
The fourth column, which is your 3rd P
That’s for Process
Here’s the big one.
This is the P that most people don’t hone in on and is your biggest opportunity.
And once honed in on, it’s where life gets much easier, and profits start to skyrocket.
This is what Michael Gerber was trying to get across to us in his book The E-Myth Revisited.
Once you get this P dialed in, you’ll start flipping jobs over and like McDonald’s Big Macs and printing money.
Here it is:
Put a check next to each project that was simple to
- set-up
- execute
- & closeout
That’s stage 1
Now go back through your list and find those that have all 3P’s.
Those with all 3 checkmarks next to them.
Now put them together and ask yourself what are they having common?
What type of jobs are they?
What neighborhoods and industries are they in?
What’s the average age demographic?
Are they white collar or blue collar?
Income range?
Hobbies?
That’s stage 2.
Now to 10X your insight, run the 3P process with 100 of your most recent closed-out projects.
From here you’ll be crystal clear on who your true target market really is.
Moving forward only take on work for your true target market and refer all of the other ones to your competitors.
Yes, I said to your competitors.
For 2 reasons:
1st The market is SO much bigger than all of us. You have nothing to worry about except for your own limiting beliefs.
2nd As you refer them away, they won’t feel snubbed by you for declining, and they will be grateful for the referral.
Your competitors will be busy painting anything and everything, while you’re laser focuses on just your cream of the crop. Your 3Ps.
This is how you get rich in the niche 😀