Do you want to build an empire as an entrepreneur?
One of the best ways to learn how to do so is to look at what the greats are doing.
One modern entrepreneur has built a wealthy empire out of teaching a VERY specific financial…and only teaching that one strategy.
If you have spent much time at all trying to beat the debt monster, you have probably heard the name Dave Ramsey or spent some time listening to clips from “The Dave Ramsey Show.”
Dave Ramsey’s radio program is heard on more than 500 stations across the country and is currently the most popular business podcast available through iTunes.
Yet Ramsey did not start out as a household name.
In fact, he started out in the throes of bankruptcy.
So how has he built so much wealth to bring himself out of financial ruin?
The answer to this question shows how you, too, can grow a successful business empire.
The Dave Ramsey Story
Dave Ramsey has somewhat of a Cinderella story, yet without the magic and with a lot of hard work.
His story begins in the 1990s, when he was dealing with the aftermath of bankruptcy. Seeing how awful being broke felt, and doing what was necessary to get out of debt, Ramsey was able to gain first-hand knowledge about getting out of debt. While he was digging his way out of debt, he was learning all he could about personal finance.
What he learned got him excited about getting out of debt and staying out of it, and that excitement translated into a desire to teach others.
He started a financial counseling company, The Lampo Group, and wrote his first book.
Yet he wanted to get his message out to more people so, with the help of a friend, he pitched a financial talk show to a Nashville radio station. Even without experience in radio, his program became wildly successful, and within the next six months, Ramsey was hosting seminars in town.
While those early seminars drew only 50 or so people, it was a start, and over the next decade Dave Ramsey’s radio show and seminars grew by leaps and bounds.
This led to syndication, followed by the development of his Financial Peace University seminar, and the rest is history.
Today, Dave Ramsey’s name is known across the country as the expert of choice for debt reduction principles.
The Dave Ramsey Business Model
How has Ramsey built such a successful empire?
While his charisma and no-nonsense attitude has played a role, it is not the only thing that has led to his success. One of the reasons Ramsey has been so successful is because of his business model.
Everything Dave Ramsey does, from his Financial Peace University to his book and his radio show is an example of what we call “1-Problem/1-Solution”.
Ramsey only talks about the problem of debt reduction. Even when he mentions investments, insurance and all of the other topics…he talks about all point back to the idea of debt reduction.
This one problem has one solution, and for Dave Ramsey it is avoiding debt at all cost, and paying off existing debt with the “debt snowball” approach.
Without debt, people can have financial security. His mantra – pay cash, avoid debt – is built into all of the products and services he offers.
Everything he talks about, teaches and advocates points back to snowballing the debt until it is gone, paying cash for purchases and then using the money once paying off debts to fuel investments and savings.
Focusing on 1-Problem/1-Solution Across a Brand
Today the Dave Ramsey brand is huge. From his book to his DVD-based classes to his radio show and even a deal with Fifth Third Bank to provide financial education to the bank’s customers, Dave Ramsey has extended his reach well beyond the radio, and he has built a loyal following in the process.
Yet through it all his advice is the same: pay cash, and avoid debt. Through this, you can build financial security.
So what can an entrepreneur, like you, learn from Mr. Ramsey?
As you work to build your own empire, focus on 1-problem/1-solution.
Keep it simple, and you will find it much easier to create a following. Then, expand your brand, keeping that one problem and one solution as the focus of what you do.
By sticking with this from the beginning of your business, you, too, can build a successful empire just like Dave Ramsey.
This is a video of Ramsey talking about success…its one of the best rants I’ve ever heard on the subject.
Watch it now….its a classic.