What do I mean by rinse, wash and repeat in a business context?
Let me explain. The wash, rinse and repeat idea is used by every franchise in the world, even McDonalds use it.
If your business is already scalable, then it’s a method of creating exponential growth within your business, sometimes quite quickly.
It’s not just an idea used by the big companies either, you can use the same principles.
Recently I’ve been dedicating a lot of my time to creating a new niche website so I can use this wash, rinse and repeat principle myself.
This is How Wash, Rinse and Repeat Works
The idea goes like this, find a niche with the following attributes:
- Plenty of demand – people are searching or asking for products or services in your niche.
- Little/weak competition – there are few competitors, or at least they’re weak and doing a bad job.
- Commercially viable – people are already spending money in your chosen niche.
What I do next is create a small website to cater for the niche. Advertising (eg AdSense) or affiliate products (eg Amazon.com) are the best way to monetise such a website.
This is simply because the income is truly passive, meaning you can earn money while you sleep.
As with most things which you wish to repeat, it’s important to Create Some Checklists as you go to record how you did everything and what worked/didn’t work.
When it’s all up and running and earning you a little money then it’s time to wash, rinse and repeat.
To multiply your income by ten times, simply repeat what you did another nine times.
With a website you’d look for another niche and repeat the process.
Ray Croc Did It, So Can You
McDonalds do the same with their 30,000+ outlets, they just find another location rather than another niche.
As a slight aside, I remember Ray Croc the founder of McDonalds telling a group of students that he’s not actually in the burger business, he’s in the real estate business.
Imagine their surprise, but he’s cleverly used this principle not only to exponentially grow his business, but to exponentially buy masses of property in prime locations too.
I hope you can see the potential of this wash, rinse and repeat principle now and how just knowing about it can strengthen your business mindset?
The principle works for big franchises, it works for internet marketers and it can work for you too.
If you have a more conventional bricks and mortar business then have a think about how you can apply the same principle.
Find what works, then repeat in a different niche, sub-niche, location or market.
Feel free to leave a comment and share how you intend to implement your own wash, rinse and repeat system.
