hey miles here miles Becker calm and
this video is about the concept of own
the racecourse now this has come up a
couple of times recently on the channel
and I'm devoting this video to it
because it is such an important idea and
analogy for you to understand so you can
be sure that as you're building your
business that you're doing so where your
business can survive in a long term and
many times that people's entire
businesses go from hero to zero to get
absolutely crushed after potentially
years and years of building them and
some of really really valuable
businesses can literally disappear
overnight
when people don't understand and follow
this principle so what is the own the
racecourse idea I first heard about it
from James Schramko and the basic
analogy is this right like your business
is a racehorse that is going to a
racecourse to race in a race right and
there might be ten other racehorses that
you're up against and this puts your
odds at winning maybe one in ten right
there's going to be one horse that's
going to win in that specific race you
have a chance to be one of them maybe
got a little better odds than the next
guy maybe not who knows the next level
of this idea is when you own the
racecourse and all horses are racing on
your racecourse you win every single
time and that is the analogy so how does
this play out to an online business
you're like miles racehorses and
racehorses what the so let's let's break
this down into your business the real
concept and Dave Wooden and I talked
about this on the interview I did with
him last week the real concept here is
that you need to own the platform that
you're building your business on if
you're building an entire membership
business and you're 100% on Facebook and
you're running your whole business
through a Facebook group you have the
potential of getting crushed Facebook
could drop your account they could ban
your account they could ban your group
Facebook does crazy things from time to
time I've seen it so many times over in
my business that you just can't put all
of your eggs in someone else's basket
you need a way to be able to build
that community in this example on your
own what's another example I see friends
doing this right now and it pains me to
see this people are doing 100% of their
blogging on medium.com now medium.com
is a hip and trendy kind of blogging
platform right now that a lot of people
are interested in and it's got a good
buzz
but what where's medium.com going to be
in two years three years five years down
the line what happens if you put all
your energy into medium comm and they
ban your account what happens in medium
falls out of graces from Google's
algorithm right and it starts displaying
now I think there's a time and a place
for a Facebook group or for putting
content on medium.com
but those should always be supplements
and you should always own that
racecourse right so with a Facebook
group that's your membership you need at
least a slack channel or maybe a forum
or at least a membership website of your
own you can have that kind of extension
of your business be a part of the
Facebook group but if that if something
happens to your Facebook account or your
Facebook group your business is still
alive and thriving on medium I think
every once in a while it's okay to write
a piece of content for medium that can
link back to your blog for example
that's going to be your WordPress blog
but if you're going all-in on medium you
are playing a very very risky game and
you're putting a lot of trust into their
platform another thing think about this
you're putting your energy to build
their machine right you become a cog in
their wheel and as entrepreneurs are we
really trying to build that out
ourselves and kind of hold this
ownership ourselves now you're probably
watching this video on faith on YouTube
excuse me and you might be thinking of a
mile like all of your videos are here on
YouTube you're totally right they are
but a lot of these videos are designed
to funnel people back to my website
miles bechler com back to my email list
miles Becker com Ford / FB ads right and
at that point I'm able to add pixels to
the traffic that comes to the site you
can't do that if it's a medium com
blogger so I could retarget these people
on Facebook if I so choose or retarget
them anywhere with Google or whatever
platform I choose right because I
control it
I own that racecourse or I can get them
on my list and at that point I own that
relationship
and I'm able to continue to build that
relationship with them in the way that I
deemed the way I want and if anything
ever happens to my autoresponder company
or my email service provider I export my
list I go create it somewhere else
upload it and boom I'm right back in
business because I own it if you're on
medium.com and they shut down your
account are they going to give you time
to go get all your content off of medium
comm so you can move it somewhere else
probably not so yes medium.com has a
good readership and it's kind of trendy
right now so put an occasional blog post
out there to get users and audience and
use it as an audience building tool to
bring them back to your website where
you have a landing page you have a
funnel you have all these things built
so you can get them into your ecosystem
but don't build your entire business on
medium.com
unless you want a day a rude awakening
right like is it will happen at some
point in the future if you put all of
your eggs in that basket got a lot of
friends playing the FBA game if you
don't know what that is its fulfillment
by Amazon essentially they're having
products made in China they're shipping
them to Amazon warehouses here in the
United States and Europe and around the
world and then they're selling those
products on Amazon what are most of
these people doing right now the
successful ones in the smart one they're
building their own stores off of Amazon
so they're not 100% at the bay and we'll
of the Amazon gods because someday you
could be the number one product for
whatever you are on Amazon and the next
day they could shut down your listing
someone else could win the Buy button
someone else could beat you out with a
better price product etc etc and you
then get engaged in potentially a race
to the bottom for the cheapest product
in your area your margins shrink and
there goes your business right or
obviously the worst case scenario is
Amazon just shut down your account which
does happen from time to time or a new
competitor Amazon themselves comes in
and white labels of product and just
destroys you and they price cut you and
you can't beat it
so what is your option a lot of people
are building up their own web stores
whether it's on Shopify or WooCommerce
etc etc now as you're building your blog
I want to talk about the blog
specifically right WordPress is an open
source content management system what
does this mean it means that the code
that
and runs WordPress is out there 100%
free for everyone for you and I to use
and it has contributors from all over
the world who are debugging it who are
adding improvements to it building plug
on plugins for it etc etc you get to
leverage all of this value from this
entire community of WordPress creators
and coders and hackers and all these
people who build and make WordPress what
it is there's a reason why 30% of
websites online run WordPress what about
when you use something like Wix calm or
Weebly or Squarespace your again you're
putting all of your eggs in their basket
you're relying on that company's ability
to remain solvent you're relying on that
company's kind of you're trusting that
company that they're not cooking the
books that they're not messing with
their accounting that they're not
reliant on the next round of VC funding
for them to potentially keep their doors
open and if they ever shut their doors
what can happen to your content gone got
a story for you I got a really a friend
of mine is not really close but I've
known him since junior high school and
in high school and he went to Stanford
an instant while at San Berdoo met a guy
and they built a blogging platform
called Posterous now posters was a great
blogging platform that came up out of
the ranks he ended up selling it he had
a big exit he's now kind of an advisor
for Y Combinator and he does a lot of
like angel investing and kind of venture
capital stuff and he sold it to Twitter
right so he built this blogging platform
got thousands and thousands of people
using it daily active users numbers went
up caught the attention of a big company
he sells it to Twitter what did Twitter
do after they paid him over a hundred
million dollars for it and not just to
him right to all the people involved
what did Twitter do they crushed it they
turned it off they literally shut down
his baby they killed his baby to be
perfectly honest with you that is
exactly what they did why they saw it as
competition and they felt it was a
better move for them strategically to go
crush that competition than it was to
continue to grow and add functionality
so what has he done he's actually
created another one and in his mission
statement of this new blogging platform
he's created
he has noted that he is absolutely never
going to sell it no matter what
because this really hit him emotionally
but it's it's a great truth of like your
look what could happen a medium right
mild
this kind of stuff could happen right
they sell it out to a competitor a
competitor gets it just crushes it just
wipes it off the face of the earth you
might see that it's like why would a
business ever do that doesn't matter why
they would do that it happens all the
time
so as you're building your business
online really really take this thought
and ask yourself as you're putting out
content where you're putting your
content do I own this race course is
this something I own is this something I
control is this something I can remain
and have control over for years and
years and years to come so I can be sure
to steer that ship because if you are
just a passenger on someone else's ship
and that captain decides to run aground
on some rocks off the coast of Italy and
what are you going to do right you're
the passenger there you have to remain
this you have to keep this control so as
you're building your business as you're
publishing your content if you're
growing your audience
sometimes we leverage other platforms
that have gigantic audiences to connect
with new people who don't know about us
this video you and I this moment right
now is a great example of this but we
always need to have a home that we own
and we must own that when I say own that
I mean if your server space it's your
hosting you've bought into the theme so
you've got all that code you're using a
system that you own right and then that
becomes your home online everything else
that's the hub that's the hub right
everything else is a spoke off of that
so your Facebook groups and your
Facebook efforts King men bring people
back to your home your YouTube efforts
can then bring people back to your home
your content they're on your blog when
it gets indexed by Google that traffic
is yours you're not sending traffic to
someone else's website
you're not putting all of your energy
out building someone else's baby being
kind of a piece of content you don't to
be a horse in their race you need to own
the racehorse you need to own the
racecourse and the racehorse and that's
the analogy so Dave and I drop that is
been bouncing around in my head like I
don't think I've clarified what own the
racecourse means that's my take on it it
might be a little bit different than
what his original take on was on it I
don't really follow Schramko I don't
recommend his content personally but
like I really think that this core
idea is very valuable so as you're
moving forward in your business
just be mindful where are you putting
all of your content where are you
putting all of your energy do you own
those platforms and are you in a
position that you have enough control to
be able to kind of guide that ship as
needed so you can really make sure
you're building a long-term business
that's going to be there for you for the
long term because if you're not you're
kind of risking it and if you want to
build a real lifestyle business that
allows you to pay for mortgages and pay
for retirement accounts and have
employees and all that stuff that comes
with the real business you need to make
sure you're building this thing for the
long term on a proper proper foundation
so that's the idea I hope you found this
to be helpful give me a thumbs up here
in youtube if you've enjoyed it give any
questions about this concept feel free
to hit me in the comments here and I
look forward to connecting with you on
the next video be well and I'll see you
next time
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