"I'm Broke, What Should I Sell?"

Introduction

In this tutorial, we'll explore what to sell when you're in a tight financial spot. Drawing from insights shared by entrepreneur Alex Hormozi, we'll categorize different types of products and services you can sell, leveraging your skills and resources to generate income.

Step 1: Identify What You Can Sell

Start by defining the different categories of things you can sell. There are 14 potential options when you consider both physical and digital formats. The main categories include:

• Products

  • Physical products (e.g., water bottles)
  • Digital products (e.g., eBooks, PDFs)

• Services

  • Physical services (e.g., lawn mowing, car repairs)
  • Digital services (e.g., ad creation, media buying)

• Access

  • Physical access (e.g., renting a venue)
  • Digital access (e.g., subscriptions to services)

• Attention

  • Physical attention (e.g., billboards)
  • Digital attention (e.g., social media ads)

• Risk

  • Insurance for physical goods or services
  • Cybersecurity insurance in digital formats

• Money

  • Physical money (cash)
  • Digital money (cryptocurrency)

• Endorsements

  • Physical endorsements (e.g., using a logo)
  • Digital endorsements (e.g., verified accounts on social media)

Step 2: Analyze Your Skills and Resources

Evaluate your personal skills and experiences to determine which category suits you best. Consider:

• Your past jobs and family backgrounds:

  • Leverage knowledge gained from family members or jobs.

• Your available resources:

  • Assess what you have at hand (e.g., time, money, skills).

Focus on problems you can solve with your existing knowledge and resources.

Step 3: Start Small with Services

If you're starting with limited funds (e.g., $100), it’s often best to sell your time and skills through services. Consider:

• Offering services to those who can benefit the most from your help.
• Identifying a niche where you can provide value for less money.

Step 4: Scale Your Offerings Using the Delivery Cube

Once you've identified your offering, think about how to enhance it using the Delivery Cube framework:

1. One-to-One vs. One-to-Many

   • Decide if you will serve clients individually or in groups.
   • Group services can increase your revenue potential.

2. DIY vs. Done-With-You vs. Done-For-You

   • Assess whether to offer a do-it-yourself product, guide clients through the process, or do everything for them.

3. Support Levels

   • Determine how you will provide support (e.g., chat, email, phone calls).

4. Consumption Methods

   • Choose how clients will consume your product (live sessions, recorded content, text).

5. Speed and Convenience

   • Offer services 24/7 or restrict to business hours, and set response time expectations.

6. 10x to 1/10th Test

   • Consider how to increase the value of your offering to justify higher prices, or how to provide value at a lower cost while maintaining quality.

Conclusion

Identifying what to sell when you're broke involves understanding the categories of products and services available, leveraging your skills, and starting small. By applying the Delivery Cube framework, you can enhance and scale your offerings, ultimately leading to more significant revenue opportunities. Start by assessing your resources and skills, and take actionable steps toward building your business. Remember, the key is to remain adaptable and responsive to the market and your clients’ needs.