Season 1,

68: How to Lose Money by Not Asking Hard Questions with Nick Raithel

July 14, 2017

Nick Raithel is the creator of the 7-Hour Book. This proven system allows any business owner to get their own professionally-published book while spending only 7 hours of their time.

With the 7-Hour Book, Nick is on a mission to help business owners become influential authorities by helping them publish a professional book telling their incredible stories. Time and again, he’s seen owners in nearly every community who have incredible stories and expertise to share. A book would be the ultimate way for them to share their insights and become recognized authorities.  It’s also a way to leave a legacy and be more than just a business owner.

Time Stamped Show Notes

[5:35] Before coming up with the idea of the 7 hour book, Nick was in the copywriting and marketing business.

[6:08] Coming from the advertising world, Nick finally decided to specialize in producing books for business people.

[8:35] After a booked call with a soon to be client, Nick and his team realized that they didn’t ask “Why a book?” which later proved to be important to ask that.

[10:35] The first red flag was when the day of the first call came and they were no-show and had to reschedule.

[11:23] Being in the third section of the book, the paying client didn’t let them know if he got the material and there was no way of knowing if they liked it.

[13:09] More than halfway through of the project, the client was unresponsive phone calls or emails and there was no way of contacting the client.

[14:10] Six weeks after searching, Nick decided to stop looking for the client and had to move forward.

[15:03] The lesson learned was to do a better job understanding the clients before accepting them and what they’re looking for.

[16:20] Working time and effort Nick and his team put into the book was the major loss from this failed relationship with the client.

[18:15] Sometimes the clients don’t realize how they’re hurting the business when they suddenly disappear, cancel or change plans after starting.

[19:48] Failing Forward Segment

  • What is the bottom line reason of this failure? – “We did not ask this person the hard questions, we did not probe into why they wanted this book in the first place.”
  • What is the single most important lesson they and you learned from this? – “I think that in business, is tempting to have a client come and be only seeing what they’re telling you and not being afraid to turn away business (…) not everybody will be a fit for your business.”
  • What are the major ways you protect yourself from future failures? – “We slow things down so when someone comes to us, we probe deep asking why they wanted a book to gain the best understanding.”
  • Who do you turn to when you need help? – “Close friends, I have a mastermind groups. I also sometimes turn to dead historical people.”
  • What advice would you give to someone in a similar position? – “Relax, understand that unfortunately it’s a situation where you don’t have any control, keep trying to get ahold of them but know that you’re doing all you can do.”

[29:40] Connect with Nick at www.contentcorps.net to learn more about his 7 hour book

[30:12] Nick’s final thought: “Think about and ask the hard questions.”

To hear this episode and many more like it on your mobile device, you can subscribe to How To Lose Money via iTunes or Stitcher.

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