WEBVTT 1 00:00:00.000 --> 00:00:04.960 If you want to help a million people, then you can help a million people with the content 2 00:00:04.960 --> 00:00:10.160 you make, and then you can monetize through the elite, and so you can sell to the few and 3 00:00:10.160 --> 00:00:14.000 help the men, so if you think about what I do, I make the majority of my money on my portfolio, 4 00:00:14.000 --> 00:00:18.560 just be very candid with you guys. We make a lot more on the deals that we do than on the tickets 5 00:00:18.560 --> 00:00:24.480 you guys bought. I get my fulfillment from making all the content I make writing the books that I do, 6 00:00:24.480 --> 00:00:30.960 that stuff fills me up, but I do the deals because I also like making money. This is why I'm not a big 7 00:00:30.960 --> 00:00:36.880 like, follow your passion thing guy, because I started being really into fitness, and then I started 8 00:00:36.880 --> 00:00:41.760 to gym, and then I did well with my gym, and then realized that nothing in my day had anything to 9 00:00:41.760 --> 00:00:46.960 do with fitness, and I'm doing payroll, rent, marketing, sale, I'm doing all the stuff of business, 10 00:00:46.960 --> 00:00:51.200 and I'm basically never doing fitness. And so unless you want to be a personal trainer, unless you 11 00:00:51.200 --> 00:00:55.360 want to do hair styling, that's like the true passion, then eventually you're going to get out of it, 12 00:00:55.360 --> 00:01:00.480 and so if you want to keep that cup filled, you just have to find a way that you can still scratch 13 00:01:00.480 --> 00:01:04.960 that itch in a way that doesn't disturb the business. If you try to start a second business, 14 00:01:04.960 --> 00:01:09.840 because you have this other thing, it'll also quickly become another business that isn't the 15 00:01:09.840 --> 00:01:16.720 passion. I've done a lot of quarterly and strategic planning for portfolio companies. I've been 16 00:01:16.720 --> 00:01:23.200 doing enough of them to know how to do them well, and how to do them shitty. And so what I want to 17 00:01:23.200 --> 00:01:30.240 do is give you kind of a framework for leaving here with the highest leverage action items to go 18 00:01:30.240 --> 00:01:38.960 home with, and then we'll do all the Qs and A's. Number one is what? Number two is how? Number three 19 00:01:39.920 --> 00:01:46.000 is who? You have to be able to track any of your initiatives to increasing number of customers, 20 00:01:46.000 --> 00:01:52.400 increasing up to GDP, so lifetime risk profit, or decreasing risk. And so I use this as the first 21 00:01:52.400 --> 00:01:57.280 filter when I met a strategic discussion with the team and saying, okay, we have limited resources, 22 00:01:57.280 --> 00:02:00.880 obviously we can't do everything we possibly want to do, we want to have time, money, 23 00:02:00.880 --> 00:02:05.120 human capital, that we have to then invest, because that's fundamentally why we like to think about 24 00:02:05.120 --> 00:02:09.040 every entrepreneur as an investor, fundamentally, within the assets that you have, and we have to 25 00:02:09.040 --> 00:02:14.480 get a better return on it. When we're looking at this, I think, okay, in what way can I clearly see 26 00:02:14.480 --> 00:02:19.200 that this investment is going to either get me more customers, make my customers worth more, 27 00:02:19.200 --> 00:02:23.200 or decrease the risk that the first two things don't continue to happen in the business. 28 00:02:23.840 --> 00:02:26.960 Once someone says, hey, you know, one of your employees says, hey, I think we should read it on 29 00:02:26.960 --> 00:02:31.360 our website, which for some reason is something that a lot of teams just love asking to do, right? 30 00:02:31.360 --> 00:02:35.200 Like, I hate our website. I'm like, well, you know what, it converts, so just chill. All right, 31 00:02:35.200 --> 00:02:41.120 but you say, okay, fine, tell me how it increases the number of customers, increases lifetime value, 32 00:02:41.120 --> 00:02:45.360 or decreases our risk. Now, if they can't even ladder it up to that, then it's like, 33 00:02:45.360 --> 00:02:49.680 maybe we shouldn't do it. Great idea, though. Come back later. If they say, okay, 34 00:02:49.680 --> 00:02:54.000 well, I think it would get us more customers, then you can say, cool, how many? 35 00:02:54.960 --> 00:03:00.320 By how much? And how much time and effort is it going to cost us? So then we have an expected return 36 00:03:00.320 --> 00:03:05.440 and an expected investment that's going to take from us. Once we understand that, we can then say, 37 00:03:05.440 --> 00:03:11.600 okay, how likely is that? And is there another thing we could do for the same investment that would 38 00:03:11.600 --> 00:03:17.040 get us more customers or increased value, lifetime value more? And most times, when you have the entire 39 00:03:17.040 --> 00:03:23.440 universe of options, that one thing probably isn't the best one. And so that gives me the big picture 40 00:03:23.440 --> 00:03:27.520 of what do we need to do? We're going to do this thing. What's the what? We're going to increase 41 00:03:27.520 --> 00:03:30.960 number of customers because that's the thing we have in the business. Okay, cool. So let's say that 42 00:03:30.960 --> 00:03:34.320 we're going to say everything else is okay in our business. We just need to get more customers. 43 00:03:34.320 --> 00:03:38.960 Fine. So the second order that we go through is how are we going to do that? Are we going to do 44 00:03:38.960 --> 00:03:45.520 more? Are we going to do better? Are we going to do something new? Nine times at 10, especially if 45 00:03:45.520 --> 00:03:49.600 you're the zero to zero to one million category, which is about half the people here, you probably 46 00:03:49.600 --> 00:03:54.240 just need to do more. And I'll give you an actual like a rational explanation for this. If you have 47 00:03:54.240 --> 00:04:01.200 one sales guy and you go to two sales guys, you can double your sales. When you're big and you've 48 00:04:01.200 --> 00:04:07.600 got 20 sales guys, sometimes you just think you can get 20% more out of the guys you got. And 49 00:04:07.600 --> 00:04:15.120 that'll be less effort than hiring and training for more guys. So it'd be a 20% improvement versus 50 00:04:15.120 --> 00:04:19.920 me increasing the size of my team by 20%, which would be getting whatever 4.8 more sales guys. 51 00:04:19.920 --> 00:04:24.000 So call it five sales guys that have to hire a trained recruit and make sure they were good. 52 00:04:24.000 --> 00:04:28.080 Well, which one is more likely and which one is faster to do? Well, once you get big enough, 53 00:04:28.080 --> 00:04:32.080 sometimes you get bigger gains on better. But once you make that 20% improvement, 54 00:04:32.080 --> 00:04:36.000 now you might have to go back to more. So in the beginning, a lot of times more is the answer 55 00:04:36.000 --> 00:04:40.880 without doing anything new. When you get a little bit bigger, sometimes better and more alternate, 56 00:04:40.880 --> 00:04:45.520 more frequently. And then when you can't do any more, any better, that and only then is when you 57 00:04:45.520 --> 00:04:51.040 look at new stuff. And so most times entrepreneurs love doing new stuff and it's usually the last thing 58 00:04:51.040 --> 00:04:55.600 the business actually needs. So right now you probably have a way to get customers and you're like, 59 00:04:55.600 --> 00:04:58.560 I don't know if it's scalable. Yeah, do 10 times more, but it's probably scalable. 60 00:05:01.360 --> 00:05:04.880 So once we know our what, okay, we got to get more customers. What's our strategy? We're going 61 00:05:04.880 --> 00:05:10.240 to go with more. Then we finally have, okay, who's going to own this? Who's the person who's going 62 00:05:10.240 --> 00:05:14.640 to own this? And I can tell you just from experience that if I've had the same quarterly objective, 63 00:05:14.640 --> 00:05:19.680 two quarters in a row, and we feel pretty solid about what our more strategy is or what our better 64 00:05:19.680 --> 00:05:24.480 strategy is to get more customers or increase lifetime value, then we usually have a hoop problem. 65 00:05:24.480 --> 00:05:28.240 It's like, hey, Sandra, you've been in charge of this two quarters in a row. For me to think 66 00:05:28.800 --> 00:05:32.320 somehow magically this quarter is going to be the quarter after the first two times you messed it 67 00:05:32.320 --> 00:05:37.040 up, that's a me problem. Right? I'm the one who's making terrible judgments here. Once you go 68 00:05:37.040 --> 00:05:42.480 through these three frames, I remember Michael who was here, he sits on some of the portfolio meetings. 69 00:05:42.480 --> 00:05:46.880 He was like, you know, it's crazy. I expected there, this is when he started with us. He's like, I 70 00:05:46.880 --> 00:05:51.440 thought there was going to be way more like, hey, do this and this one, due to move. He's like, but 71 00:05:51.440 --> 00:05:55.680 90% of the time you guys are like, Becky sucks. Let's move over. I think we need to replace this 72 00:05:55.680 --> 00:05:59.280 person. Well, how's recruiting going so we can scale up this department? That's usually what the 73 00:05:59.280 --> 00:06:04.960 discussions are because past a certain size, it's all about people. And so you need very little of this 74 00:06:04.960 --> 00:06:09.200 when you get big and a lot of this. And when you're smaller, you feel like you need a lot more of 75 00:06:09.200 --> 00:06:13.920 this and very little of this. Okay? So that's my little framework for you guys in terms of thinking 76 00:06:13.920 --> 00:06:18.160 through what you're going to leave with here today with your sticky note of things that you want to 77 00:06:18.160 --> 00:06:22.960 do is make sure that you can very clearly see, is this thing going to get me more customers? Is 78 00:06:22.960 --> 00:06:26.720 it going to make it worth more or is it going to make my company worth more by decreasing the risk? 79 00:06:26.720 --> 00:06:30.640 And if that's what the objective is, am I going to pursue a more path, a better path or a new path? 80 00:06:30.640 --> 00:06:36.160 And once I know that, who's going to own it and buy when? Yes, sir? We offer a checking account that 81 00:06:36.160 --> 00:06:42.640 pays 5.25% interest, 125 million FDIC insurance. Just wanted to get your perspective inside on who the 82 00:06:42.640 --> 00:06:47.680 ideal, ideal customer profile would be to offer something like that to. I mean, it's a very interesting 83 00:06:47.680 --> 00:06:53.200 offer. So I mean, who here is getting 5% on their business cash? Probably no one. You could 84 00:06:53.200 --> 00:06:57.440 grow that on any channel right now because the vast majority of business owners aren't doing it. 85 00:06:58.000 --> 00:07:02.720 And so like it's just business owners. And then you'd probably just want the business owners to 86 00:07:02.720 --> 00:07:07.600 have the most cash on hand. So probably businesses that have higher catbacks would be the ones that 87 00:07:07.600 --> 00:07:11.440 would make more sense. So I would say like physical products businesses will be helpful because they 88 00:07:11.440 --> 00:07:15.680 have to like, they always have to keep cash on hand so they can buy more inventory, like manufacturing 89 00:07:15.680 --> 00:07:18.960 businesses, things like that. Those are the ones that are going to have the most cash. Otherwise, 90 00:07:18.960 --> 00:07:23.040 like service-based businesses is typically just keep what they need in payroll for a month or two, 91 00:07:23.040 --> 00:07:26.080 whereas some of the other ones want. You basically just want the ones that have to have the biggest 92 00:07:26.080 --> 00:07:30.400 war chest because for you guys, it's basically just how many dollars are in their account. So it is 93 00:07:30.400 --> 00:07:34.400 very much a whale business. And so I would look at, and you probably already have some data on this in 94 00:07:34.400 --> 00:07:38.800 terms of your existing customer base, I would cut the crap out of that data and just say, okay, okay, 95 00:07:38.800 --> 00:07:44.240 is that who's the 80-20 of this base? Try and do it by industry because size, obviously, like the 96 00:07:44.240 --> 00:07:48.480 bigger the size, the more money they're going to have, but if I could also get size times industry, 97 00:07:48.480 --> 00:07:53.040 then I would just start there. It makes my search a lot narrower. My messaging can be more targeted 98 00:07:53.040 --> 00:07:56.640 based on outreach or how you guys doing it right now outreach. Are you doing content or are you 99 00:07:56.640 --> 00:07:59.280 guys doing outreach? Yeah, cool outreach. You're doing cold outreach. Yeah, I mean, I think it makes 100 00:07:59.280 --> 00:08:03.200 sense. You can be more highly targeted. The outreach is probably the strategy I do. I think content 101 00:08:03.200 --> 00:08:06.080 to supplement that is going to be important because they're going to give you all their money, 102 00:08:06.080 --> 00:08:09.920 right? Like that's kind of things that they want to make sure that you're legit. And so I think 103 00:08:09.920 --> 00:08:13.920 putting having the content there is going to do more on the conversion side than on the lead 104 00:08:13.920 --> 00:08:17.840 gen side so that when you're doing your outbound stuff, people are going to come to the page, 105 00:08:17.840 --> 00:08:20.720 they're going to look at all your stuff and then be like, oh, these guys are legit. Maybe I will 106 00:08:20.720 --> 00:08:25.200 shop for that call, right? So it's like, that's for all you guys who aren't. So if you do outbound or 107 00:08:25.200 --> 00:08:30.800 even if you do paid ads, content's kind of like this really nice baseline layer that you want to have 108 00:08:30.800 --> 00:08:34.320 just because if they click the ad, the next thing they're going to do before they like actually 109 00:08:34.320 --> 00:08:38.800 opt in or show up for the call is they're going to like look at you before they're going to go give 110 00:08:38.800 --> 00:08:42.960 you money. Like that's probably what you do too. And only the crazy people don't do that. So 111 00:08:42.960 --> 00:08:49.280 have that baseline layer of content. And I think for you guys especially, I would basically want to 112 00:08:49.280 --> 00:08:53.680 increase their problem awareness of this is how much money you didn't know that you're losing. 113 00:08:53.680 --> 00:08:58.160 And if I were trying to sell to business owners, a lot of business owners don't like other people 114 00:08:58.160 --> 00:09:01.040 making money on their business. And so you're like, let me show you how much money everyone's 115 00:09:01.040 --> 00:09:06.560 making on you. And I would like to just put that back in your pocket. Sell it. Thank you. Yeah. 116 00:09:06.560 --> 00:09:10.000 Hey Alex, thanks so much for all the content you put out. It's been great help. You bet. 117 00:09:10.000 --> 00:09:14.960 I help people avoid surgery, especially in the knees. That's what I'm biggest on on YouTube and 118 00:09:14.960 --> 00:09:22.400 those knees. Yeah. Okay. Nearthritis is our biggest seller. Cool. I have four other programs for 119 00:09:22.400 --> 00:09:27.120 other knee conditions. Do it yourself type programs. Do yourself. Okay. We're starting to build the 120 00:09:27.120 --> 00:09:31.920 do it with you service as well. Was going to go into writing a book for all knee pain. 121 00:09:31.920 --> 00:09:35.040 Including all of it in there. And now I'm thinking maybe I should just niche down on 122 00:09:35.040 --> 00:09:38.160 knee arthritis since that's the biggest thing going back to your more better. How? 123 00:09:38.160 --> 00:09:42.800 Sure. Also, you said stick to one channel. If you're under a million, which that's where we're at, 124 00:09:43.440 --> 00:09:47.600 approaching a million. Are you do, are you a via content? Is that how you have all your customers? 125 00:09:47.600 --> 00:09:51.920 YouTube. Okay. Cool. What do you think today? Stick to knee arthritis or 126 00:09:52.720 --> 00:09:56.880 write everything about the knee? I think knee arthritis is that's your number one seller right now. 127 00:09:56.880 --> 00:10:01.200 I think it would make sense to continue to do that stuff. I mean, to me going knee arthritis to 128 00:10:01.200 --> 00:10:05.680 knee doesn't feel like, you know, like this is a major to like, oh my god, I can't 129 00:10:05.680 --> 00:10:09.120 please talk about knee stuff now. This guy's just like, he doesn't have authority to talk about 130 00:10:09.120 --> 00:10:13.040 this. Just talk about arthritis, man. You know, like, I don't I don't think you're going to have 131 00:10:13.040 --> 00:10:17.760 that. So I'll say this. This is kind of what there's unique scenario. It's not that unique. But like, 132 00:10:18.400 --> 00:10:23.760 if you talk about knee stuff in general, I don't know I have knee arthritis. So I'm problem 133 00:10:23.760 --> 00:10:28.960 where not solution aware as a customer or a prospect. And so I think talking about knee 134 00:10:29.040 --> 00:10:33.440 stuff in general, all they know is they have knee pain. You can then help them diagnose the type 135 00:10:33.440 --> 00:10:36.880 of pain and then funnel them to whatever solution that they have. Can you solve other problems 136 00:10:36.880 --> 00:10:41.040 besides knee arthritis? All day. Okay. Great. So then yeah, I think that makes sense in terms of 137 00:10:41.040 --> 00:10:46.720 front ends. But in terms of increasing the monetization of the business, if I were to build this, 138 00:10:46.720 --> 00:10:50.720 if I were like, buy your business tomorrow, I would do the done with you service first. 139 00:10:51.360 --> 00:10:54.880 That'll increase your cash for the business and they can reinvest in more front end stuff. 140 00:10:55.840 --> 00:11:01.200 Like the book. Right. Sure. Exactly. So you have your front end now, add the back end, increase 141 00:11:01.200 --> 00:11:05.920 cash flow, and then you can put the people in place or or free up some of your your time so that you 142 00:11:05.920 --> 00:11:10.560 can put more time into more front ends. So I'm thinking, right, I'm thinking if it right, the 143 00:11:10.560 --> 00:11:15.040 book would be like an adding of the channel whole of distraction versus if I just keep chipping 144 00:11:15.040 --> 00:11:18.480 away at YouTube. I mean, the books, the books, not even a channel. It's just like a lead magnet. 145 00:11:19.120 --> 00:11:23.520 Okay. The books not going to do a time to be really honest with you. Like, the only way books 146 00:11:23.520 --> 00:11:28.400 actually become a channel is if you climb up the rankings, get a zillion five stars in 147 00:11:28.400 --> 00:11:32.240 Amazon because people buy it and love it. And then Amazon actually becomes your channel. 148 00:11:33.200 --> 00:11:36.960 They become a traffic source for you. So like we sell like 2000 books a day on Amazon. 149 00:11:36.960 --> 00:11:40.480 So that means that there's some people who obviously come from my stuff and then go to Amazon. 150 00:11:40.480 --> 00:11:44.640 But there's tons of people who just search marketing on Amazon and my books are number one and 151 00:11:44.640 --> 00:11:48.640 number two. For those people, they don't know who I am. And so there's a lot. Anyone find the book 152 00:11:48.640 --> 00:11:55.280 and then find my stuff later? Who's in here? Okay. So like that, that happens. But that's a very 153 00:11:55.280 --> 00:11:59.760 small amount compared to everybody else in this room. And so you doing the book is not going to like 154 00:11:59.760 --> 00:12:03.840 really do much. I think if you take that same content and just make it public and start some video 155 00:12:03.840 --> 00:12:08.320 format, it's probably a lot faster for you. It'll probably make you more money. Cool. Thanks Alex. 156 00:12:08.320 --> 00:12:13.520 Yeah, you bet. Yes, ma'am. Hi Alex. I talked to you before on that live. You on the writer. 157 00:12:13.520 --> 00:12:19.600 Yeah, I remember. I have two businesses. One is a personal brand, right? So the typical 158 00:12:19.600 --> 00:12:24.880 I'm a writer, speaking engagements, that whole thing. I came here, though, for help with my 159 00:12:24.880 --> 00:12:28.800 academic branding company because I teach ten-year professors how to build brands. 160 00:12:28.800 --> 00:12:32.160 Okay. Basically, how to be me. That's cool. Yes. Branding company. 161 00:12:32.160 --> 00:12:38.160 If money and no business that way, it's great. Yes, exactly. My question is I'm running the 162 00:12:38.160 --> 00:12:42.960 branding company through LinkedIn. So like outreach and content. Yes, that's where all the sales 163 00:12:42.960 --> 00:12:48.640 one that was coming. My personal brand is crushing it on like Instagram and TikTok and stuff, 164 00:12:48.640 --> 00:12:54.240 right? Sure. But the branding company is not doing that well. And I just want to know, 165 00:12:54.240 --> 00:13:00.080 am I doing too much? I just focus on my personal brand stuff and just put the branding company. 166 00:13:00.080 --> 00:13:04.880 What is the personal? So what's the difference? So the personal brand stuff is what? I understand 167 00:13:04.880 --> 00:13:08.880 the avatar for the academic tenured thing. Yep. Who's the avatar for your personal brand? 168 00:13:08.880 --> 00:13:14.240 So it's basically I teach creatives how to get the six figures. Basically, what I've done 169 00:13:14.240 --> 00:13:20.480 as a writer is what it's all directed towards creatives. Basically, I'm teaching creatives and PhDs 170 00:13:20.480 --> 00:13:25.680 the same thing. How to build their brand and monetize. It probably makes sense to marry those two 171 00:13:25.680 --> 00:13:30.240 things. Yeah, how do I do that? I mean, to make content. You want to make content about the stuff 172 00:13:30.240 --> 00:13:35.280 that you sell, right? Like, whatever you make the most money money is the stuff you should talk 173 00:13:35.680 --> 00:13:39.920 about. The thing that'll differentiate your examples is like, you can start talking about the PhD 174 00:13:39.920 --> 00:13:45.280 stuff and just weaving those examples into your personal brand stuff. Yes. They don't feel like 175 00:13:45.280 --> 00:13:49.520 different businesses to me. If you teach the same thing, then it's just like, I have two 176 00:13:49.520 --> 00:13:53.520 avatars that I teach the same thing to. Right. And my personal brand, I don't do much content on 177 00:13:53.520 --> 00:13:59.360 this other avatar. In which case I'd ask, why do we have the avatar? If I start talking to PhDs 178 00:13:59.360 --> 00:14:04.320 on my personal brand. Sure. Well, I lose those creatives though, because now I'm not specifically 179 00:14:04.320 --> 00:14:09.040 talking to them. Totally. Ready? Yes. That's right. You'll lose them on the content that's not 180 00:14:09.040 --> 00:14:12.560 about them. Right. So if you made one piece of content that was about creatives and then one 181 00:14:12.560 --> 00:14:16.000 piece of content that's, I mean, if you look at my content strategy, right? Like, I think about it 182 00:14:16.000 --> 00:14:21.600 from terms of slices. Like, so I have school, right? So school is for people who are they want to 183 00:14:21.600 --> 00:14:25.920 start a business. And right now that's still 70% of my audience because I talk about business stuff. 184 00:14:25.920 --> 00:14:30.160 And then 30% of my audience is business owners. Guess who's 100 times more valuable? That's 185 00:14:30.880 --> 00:14:34.480 right. But I still have school and I have the investment. Part of the reason just so you guys know, 186 00:14:34.480 --> 00:14:37.200 the reason I did that investment is I was like, okay, I have all these people who are like, help me 187 00:14:37.200 --> 00:14:41.360 start a business. Like, nah, like, why don't you just go to school and I'll make a way that's 188 00:14:41.360 --> 00:14:45.440 scalable for me. I mean, I can't help 10,000 people today. It's not feasible. But with school, 189 00:14:45.440 --> 00:14:48.720 it's like, I can do that. I can kind of just direct them in a way that I can help one to many. 190 00:14:48.720 --> 00:14:52.320 But then for the businesses, then it's like, go here. And so if you see my CTAs, it's like, hey, 191 00:14:52.320 --> 00:14:56.320 if you're a business and you want to scale, go here. And if you want to start a business, go there. 192 00:14:56.400 --> 00:15:00.880 I will sift traffic if it makes sense because they're, they're still related. It's just what level 193 00:15:00.880 --> 00:15:07.040 of stuff I'm talking about. Now, with your thing, I think it's okay for you to talk about the 194 00:15:07.040 --> 00:15:10.960 other stuff that you do in your business. And I'm guessing you use, you could use your LinkedIn 195 00:15:10.960 --> 00:15:14.800 business as an example in your personal brands. It feels like it's more separate in your head 196 00:15:14.800 --> 00:15:19.200 than it is in reality. If you teach the same thing, you just have to have a chart. So just use 197 00:15:19.200 --> 00:15:23.680 them as different examples. Okay. I got it. I mean, that's, that's really it. And the thing is, 198 00:15:23.680 --> 00:15:27.520 if you teach a process, the process can work for just about anyone. The examples is the thing 199 00:15:27.520 --> 00:15:31.200 that really makes people think, like, I don't use a lot of e-commerce examples. Most 200 00:15:31.200 --> 00:15:34.960 things I don't really like a lot of e-commerce brands. Nothing wrong with them. I just haven't, 201 00:15:34.960 --> 00:15:39.200 I haven't done as many of them. I like a lot of service. I like financial stuff. I like software, 202 00:15:39.200 --> 00:15:43.040 like 40% of our portfolio software. I like brick and mortar. Like those are, those are games that I 203 00:15:43.040 --> 00:15:46.320 know how to play really, really well. So that's what I focused on. Those are all my examples. 204 00:15:46.320 --> 00:15:52.160 And so in this room, if I slice this, it's like 90% here. We'd be covered with service, 205 00:15:52.160 --> 00:15:57.600 brick and mortar, info, and sass. So your examples will tell your audience who you're looking for. 206 00:15:57.600 --> 00:16:01.840 The method of the thing that you teach is really just like the vehicle. Does that make sense? 207 00:16:01.840 --> 00:16:05.760 Yeah. Yeah. So just think about it like that. It probably applies to more than one person here. 208 00:16:05.760 --> 00:16:08.960 That's how you can basically segment yourself in the audience. Thank you. 209 00:16:08.960 --> 00:16:11.120 Is that help? Yes. Okay. Cool. Yes, sir. 210 00:16:11.120 --> 00:16:15.680 Something you said to me yesterday, which you've said to me like 50 times already, but 211 00:16:15.680 --> 00:16:20.800 and I need sunk in yesterday, was the easiest thing to sell someone is more of what they already 212 00:16:20.800 --> 00:16:26.400 bought. Yeah. In that van process, I identified like straight away, you know, flashing red lights, 213 00:16:26.400 --> 00:16:31.600 the biggest thing got it fixes our LTGP is got to increase. We can't really sell a 5K front end, 214 00:16:31.600 --> 00:16:37.040 which is a certification for what? For Pilates. We teach online. We teach people to be instructors. 215 00:16:37.040 --> 00:16:42.560 Cool. We can't only have zero back end on that. The obvious thing is sell them more of what they 216 00:16:42.560 --> 00:16:47.120 already bought. Yeah. So my question is, you know, I heard what you said about the school community, 217 00:16:47.120 --> 00:16:50.240 what you're families, you don't want to overwhelm people, you see, do like one life call a month, 218 00:16:50.240 --> 00:16:55.280 one piece of content a week. Like our front end price at 5K, I want to price the back end 219 00:16:55.280 --> 00:17:00.240 higher because obviously you've got to less than 100% uptake, so you want to WLTP, you've got to 220 00:17:00.240 --> 00:17:04.960 have a higher price. So how would you price it and how would you, you know, how would you structure it? 221 00:17:04.960 --> 00:17:10.400 You're at 5K. Yes. Just I would do this. So there's basically two options. So yesterday, 222 00:17:10.400 --> 00:17:14.320 I talked about like, please have some sort of auto renewal, everyone. So this would be applying to 223 00:17:14.320 --> 00:17:18.400 you. So the auto renewal level, I probably do it like 997 per year. And so think about this, 224 00:17:18.400 --> 00:17:22.400 like you're in the fitness world. So like CrossFit, for example, like you basically just get the name 225 00:17:22.400 --> 00:17:26.880 and then you have to get certified through L1 or whatever. That model works if you defend the brand. 226 00:17:26.880 --> 00:17:31.200 And there are some benefits that you can, like NSCA for familiar with them, they certify personal 227 00:17:31.200 --> 00:17:35.520 trainers. And the model there is you pay for whatever your bootcamp is, two days and you get a 228 00:17:35.520 --> 00:17:40.080 certification if you pass the test. Awesome. Now you're allowed to be a personal trainer. And then 229 00:17:40.080 --> 00:17:44.880 they have an annual renewal that's significantly less, 500 bucks, whatever. And that allows you 230 00:17:44.880 --> 00:17:50.000 to say that you are an NSCA certified personal trainer and they stack a couple benefits here. 231 00:17:50.000 --> 00:17:55.600 So they say we will give you insurance up to a million dollars on any injury that occurs. 232 00:17:55.600 --> 00:17:58.960 And so then personal trainers were always afraid of like, what if I heard somebody, 233 00:17:58.960 --> 00:18:02.960 it's like, don't worry, we got you covered. And so for 500 bucks a year, they have the insurance 234 00:18:02.960 --> 00:18:06.480 and they get to say the name. And so, and most people especially beginners think they need 235 00:18:06.480 --> 00:18:10.000 certifications. We don't know, by the way, that's not true. But they think that. And so, 236 00:18:10.000 --> 00:18:14.320 sure, we can sell that to them. Now, the ascension part is probably going to be, I'm going to guess, 237 00:18:14.320 --> 00:18:17.680 because I don't think Pilates Instructors make a ton. I'm going to guess it's somewhere in the like, 238 00:18:17.680 --> 00:18:23.680 if you just kept people, honestly, like in five to five to 10k a year, that would be the price point 239 00:18:23.680 --> 00:18:29.520 that I'd be looking at for the Pilates Instructors. And so when you sign someone up, you say, hey, 240 00:18:29.520 --> 00:18:34.240 it's 5,000 bucks. It renews annual at a thousand. Here's the benefits of renewing annually. 241 00:18:34.240 --> 00:18:38.560 By the way, global insurance policies, you can run like 90% margins on this. And the certification 242 00:18:38.560 --> 00:18:43.360 margin is 100%. That's cool. So they can just do that. And they get a community. Very simple 243 00:18:43.360 --> 00:18:47.680 delivery. And then the upper level is like, hey, we meet twice a year and we talk about the 244 00:18:47.680 --> 00:18:52.000 strategies of like increasing your income, getting more side clients and like the more businessy 245 00:18:52.000 --> 00:18:56.160 stuff. And I think in that price point, you'll probably be okay. So this is something I would test. 246 00:18:56.160 --> 00:19:00.240 I could start at five and then say, it renews annual at five and you get these other benefits. 247 00:19:00.240 --> 00:19:05.600 And if they're like, not dog and you hear that a lot of not dogs, then then just make the 248 00:19:05.600 --> 00:19:10.320 standard of the one K and then upsell them, you know, a month or two in. So you wouldn't do like 249 00:19:10.320 --> 00:19:16.880 a one off five or ten K follow one program. You'd make it renewing. Yeah, I like recurrent. 250 00:19:16.880 --> 00:19:21.280 Okay. How do I sell that? Right. So if you're if you're running, call it three events a year 251 00:19:21.280 --> 00:19:26.560 for your base. Right before you have your events, you hit up everybody who's been sold into this, 252 00:19:26.560 --> 00:19:30.800 but has been sold into this, right? As the events come up and then they have this nice deadline 253 00:19:30.800 --> 00:19:34.880 that they have to buy have to buy have to buy and you give some sort of incentive. So a nice one 254 00:19:34.880 --> 00:19:39.520 would be like five K. We'll put it towards the 10, which means it's five. If you do it before 255 00:19:39.520 --> 00:19:42.960 the first event that we have, that's what I would do. That's a very simple model. Thank you. Yeah, 256 00:19:42.960 --> 00:19:46.880 you bet. Hey Alex, how are you doing? What's up? Yeah, my name is Said. After recovering from my 257 00:19:46.880 --> 00:19:52.240 addiction, I started like a YouTube channel took off on three years. I have like a community. 258 00:19:52.240 --> 00:19:57.360 Then I follow you, I started my business. Then after actually reading your book, I 259 00:19:57.600 --> 00:20:03.840 6.8 my business within four months. It was great. So you overpaid for the 99 cents. Okay. 260 00:20:06.000 --> 00:20:10.560 How you manage between how you balance between helping people and not focusing on money, 261 00:20:10.560 --> 00:20:14.800 especially like if the business industry, like, especially have a personal brand in the middle 262 00:20:14.800 --> 00:20:19.680 east, where my business is located, like there is a lot of like crab and health care. We don't have 263 00:20:19.680 --> 00:20:23.440 really good addiction treatment. So I think a lot of people following me, I really want to help 264 00:20:23.440 --> 00:20:27.840 a lot of people at the same time, but also I love the entrepreneurship. I love the money. Yeah, 265 00:20:27.840 --> 00:20:32.880 one of the things that happens like when you start growing your business is the you have a customer 266 00:20:32.880 --> 00:20:36.480 that you kind of got into business for and then you start following also in love with business and 267 00:20:36.480 --> 00:20:41.680 sometimes your lover of the business can exceed your love for the customer. And so then people are 268 00:20:41.680 --> 00:20:48.320 like, oh, you know what? I love hairdressers and so I also love helping them and I want to find a way, 269 00:20:48.320 --> 00:20:52.880 but like I have this business that I do that and I don't want to get distracted. Right? The big 270 00:20:52.880 --> 00:20:57.600 thing that I think entrepreneurs in general like we all do this is we think we need to monetize 271 00:20:57.600 --> 00:21:02.240 everything and I just don't think that's the case. If you want to help a million people, my 272 00:21:02.240 --> 00:21:07.360 sure, then you can help a million people with the content you make and then you can monetize 273 00:21:07.360 --> 00:21:11.840 through the elite. And so you can sell to the few and help the many. So if you think about what I 274 00:21:11.840 --> 00:21:16.000 do, I make the majority of my money on my portfolio, just be very candid with you guys. Like, 275 00:21:16.000 --> 00:21:21.440 we make a lot more on the deals that we do than on the tickets you guys bought. I get my fulfillment 276 00:21:21.440 --> 00:21:26.640 from making all the content I make writing the books that I do. That stuff fills me up. But 277 00:21:26.640 --> 00:21:32.080 I do the deals because I also like making money. This is why I'm not a big like follow your passion 278 00:21:32.080 --> 00:21:38.400 thing guy because I started being really into fitness and then I started to gym and then I did 279 00:21:38.400 --> 00:21:42.640 well with my gym and then realized that nothing in my day had anything to do with fitness and I'm 280 00:21:42.640 --> 00:21:47.680 doing payroll rent, marketing, sale, I'm doing all the stuff of business and I'm basically never 281 00:21:47.680 --> 00:21:52.000 doing fitness. And so unless you want to be a personal trainer, unless you want to do hair selling, 282 00:21:52.000 --> 00:21:56.160 that's like the true passion, then eventually you're going to get out of it. And so if you want to 283 00:21:56.160 --> 00:22:01.440 keep that cup filled, you just have find a way that you can still scratch that itch in a way that 284 00:22:01.440 --> 00:22:06.320 doesn't disturb the business. If you try to start a second business because you have this other 285 00:22:06.320 --> 00:22:11.680 thing, it'll also quickly become another business that isn't the passion. You can say a certain 286 00:22:11.680 --> 00:22:16.480 percentage of your like if you want to tie the two goals together, you can say that no matter what 287 00:22:16.480 --> 00:22:21.840 we always give 5% or 10% of our profit every year to help these cases. And so then that way it 288 00:22:21.840 --> 00:22:26.240 motivates you to make more and more money, which you like because you know that the more money you make, 289 00:22:26.240 --> 00:22:31.600 the more people you help. Thank you. Yeah, shoot. Should I go into a bulk or a cut and I'm just getting 290 00:22:32.560 --> 00:22:40.960 bulk for sure. My arms just shrunk two inches from here. So referring to your sales 291 00:22:40.960 --> 00:22:46.720 fulfillment continuum. Sure. So you basically recommend that starting off a smaller business 292 00:22:46.720 --> 00:22:52.560 just need to prioritize the easier to sell harder to fill, additionally like higher ticket, 293 00:22:52.560 --> 00:22:58.800 same category. So in our particular business, at least for my understanding, the lower ticket 294 00:22:58.800 --> 00:23:04.000 is easier to sell harder to fill and the higher ticket is like the opposite. And so... 295 00:23:04.000 --> 00:23:07.680 Easier to fill in harder to sell? Yes, interesting. At least for my understanding, 296 00:23:07.680 --> 00:23:13.280 I could have a belief. So we do short-term rental management, Airbnb management. So like with 297 00:23:13.280 --> 00:23:19.440 that understanding, would you recommend that I still do like the lower ticket potential client 298 00:23:19.440 --> 00:23:24.560 or do you recommend I still go high ticket as we scale? It's a great question. I'll give a different 299 00:23:24.560 --> 00:23:28.720 example to answer the question. So I had a lady a couple months ago who was in the same position as 300 00:23:28.720 --> 00:23:34.320 you. And so she did hair style stuff. And so she's like, okay, I can teach hairdressers how to do 301 00:23:34.320 --> 00:23:38.400 this particular type of cut. So that was her low ticket thing. And she's like, oh, I've got this 302 00:23:38.400 --> 00:23:43.440 business coaching thing that's like $15,000. So one thing was 15 grand. The other was 2 grand. 303 00:23:43.440 --> 00:23:49.200 And so I just asked, what's the biggest LGBT cash ratio for each of these products? And so 304 00:23:49.200 --> 00:23:55.680 for the 2K product, it was 30 to 1. And for her 15K product, it was 12 to 1. But this one was 305 00:23:55.680 --> 00:24:01.040 more money. And so I was like, okay, well, we've got bigger LGBT cash here. So the only reason I wouldn't 306 00:24:01.040 --> 00:24:05.040 do this is if there's way fewer of these clients. But there's way more hair stylists that just want to 307 00:24:05.040 --> 00:24:09.040 learn a new style than people who want business coaching. I was like, okay, so we have a way bigger 308 00:24:09.040 --> 00:24:13.440 market and a bigger discrepancy in LGBT cash. Well, let's just do as much as this to assume 309 00:24:13.440 --> 00:24:18.240 the possible. And then take this thing and put it behind. So you acquire customers as 310 00:24:18.240 --> 00:24:22.400 profitably as soon as possible. And then your focus goes on ascension. So that makes sense? Yep. 311 00:24:22.400 --> 00:24:27.040 And so within your thing, if you have one thing that's really, really easy to sell, use that as the 312 00:24:27.040 --> 00:24:31.680 front end. And then basically your focus as the entrepreneur is on the ascension for those people 313 00:24:31.680 --> 00:24:36.720 who then become qualified by the more expensive one. So basically like having to like two offers 314 00:24:36.720 --> 00:24:41.840 depending on like who's coming in basically? Yes, perfect. But the idea is that you want to sell, 315 00:24:41.840 --> 00:24:46.080 you want to sell the thing or want to promote the thing that has the highest LGBT cash 316 00:24:46.080 --> 00:24:50.080 discrepancy. Because then you're profitable in the acquisition and that everything else is gravy. 317 00:24:50.080 --> 00:24:54.720 Makes sense? Yeah, is there? Yeah, Alex, my business is Avi AI. We're a mobile app that allows 318 00:24:54.720 --> 00:24:58.960 realtors to capture professional quality photos using just their smartphones instead of needing 319 00:24:58.960 --> 00:25:03.520 a higher photographer. Cool. They just use our app. It's a credit-based system. So one credit 320 00:25:03.520 --> 00:25:07.760 is one photo basically. Okay. And offer is don't pay for photos on your next listing. Cool. 321 00:25:07.760 --> 00:25:13.280 Here's 25 free credits just for signing up. No credit card required. Okay. My question is how do we 322 00:25:13.280 --> 00:25:19.600 monetize from that offer and someone having a good experience with the app to getting them to 323 00:25:19.600 --> 00:25:24.000 actually become a paid customer? That transition I think is the biggest green light we need to get. Okay. 324 00:25:24.000 --> 00:25:27.760 So are you getting a lot of people who are doing the free credit thing? 325 00:25:28.320 --> 00:25:33.120 So we're beta phase and we're launching live right now. Beta phase has been amazing. 326 00:25:33.120 --> 00:25:36.640 Okay. Everyone loves we had 0% turn with our smaller user voice. 327 00:25:38.400 --> 00:25:42.080 We're actually doing it. It's actually a charge beta. Okay. We are actually are good. 328 00:25:42.080 --> 00:25:46.720 Okay, good. Otherwise, let's give you a little poke. Okay. My turn on my book is zero too. 329 00:25:46.960 --> 00:25:52.160 I'm fucking with you. I got you. Okay. People are skeptical, right? 330 00:25:52.160 --> 00:25:56.080 Because it's a novel new product. It's kind of writing this whole AI wave. 331 00:25:56.080 --> 00:25:59.520 Yeah. It's pretty cool. So once they use it once, they love it. 332 00:25:59.520 --> 00:26:03.520 Yeah. We have people forcing growth in our beta phase. We're like stop sharing. 333 00:26:03.520 --> 00:26:08.240 Yeah. It's like a good problem to have. Yeah. Just that sticky point of like here's the offer 334 00:26:08.240 --> 00:26:12.960 cool. Now how do we monetize them? Well, you're going to charge for the credits after the first 335 00:26:12.960 --> 00:26:17.440 25, right? Right. But if they in a world where they only use 20 credits, they have a five credit 336 00:26:17.440 --> 00:26:22.160 remainder, right? Like how do we retarget them to get them to come back to the second shoe? 337 00:26:22.160 --> 00:26:26.640 Hopefully that is doing on their own or just kind of yeah, how do we make that process just as 338 00:26:26.640 --> 00:26:31.520 smooth as possible? It's like removing that friction there, right? You'd have to find a way 339 00:26:31.520 --> 00:26:35.440 because when they're coming to you, they have a house they need to sell, right? So then they have 340 00:26:35.440 --> 00:26:39.600 that. Now, I would imagine that you're going to have because of the way that the real turn 341 00:26:39.600 --> 00:26:44.080 industry is it's like 95 five. It's like five percent of realtor sell 95 percent of houses. 342 00:26:44.080 --> 00:26:48.800 And so you're going to get a ton of the intro realtors who only have one house that's been sitting 343 00:26:48.800 --> 00:26:52.560 on the market forever because they don't, they're not real realtors. And so they'll use up their 344 00:26:52.560 --> 00:26:56.080 20 credits and then they'll still sit there and they'll get another house in a year or whatever. 345 00:26:56.080 --> 00:27:02.880 And there's our useless for you and the pain. So I think it's targeting the super users and 346 00:27:02.880 --> 00:27:07.200 probably the brokerages is probably like if I had like what would be my fastest way of doing this? 347 00:27:07.360 --> 00:27:13.360 I'd probably do outreach to brokerages because they're going to have 10 agents, 20 agents, 50 agents 348 00:27:13.360 --> 00:27:18.960 underneath of them. And if you sell the brokerage on it, then you say listen, 349 00:27:18.960 --> 00:27:24.560 our average, like you have stats around average sale of house that uses your pictures versus not 350 00:27:24.560 --> 00:27:29.040 that uses your pictures. Not yet, but we have before and after. So that would be the first 351 00:27:29.040 --> 00:27:35.680 stat that I capture. Okay. Is okay. Figure out what the average home sale length in the US is. 352 00:27:35.680 --> 00:27:38.640 And then look at the average home sale length of people who use your pictures. 353 00:27:39.600 --> 00:27:44.400 Show the graph and then say what is this time to close worth to you? And it's going to be far more 354 00:27:44.400 --> 00:27:48.640 than whatever you charge for your credits. I think one of our big, big value props is like you could 355 00:27:48.640 --> 00:27:52.560 use our app and literally list the same day instead of hiring a photographer who's speed. Not only 356 00:27:52.560 --> 00:27:56.240 more expensive, but it might take you a week by the time you schedule. Yeah. It photos back and 357 00:27:56.240 --> 00:28:00.720 actually go live. Yeah. So those are two different speeds. So one is speed to close, the other speed to 358 00:28:00.800 --> 00:28:05.200 list. Yeah. And I think those are separate, but also really cool. But in terms of the 359 00:28:05.200 --> 00:28:08.480 ascension process, one, I would go to brokerages because it's going to be more leverage. You can get 360 00:28:08.480 --> 00:28:15.200 50 agents at a time. And then in terms of getting the realtors to come back, I would, I mean, 361 00:28:15.200 --> 00:28:19.200 this is me, I like hopping on the phone with people, especially in the beginning. And so I'd be asking 362 00:28:19.200 --> 00:28:23.280 how many houses do you have right now? And so if I can get all of the houses, you know, like can I 363 00:28:23.280 --> 00:28:28.880 get them to buy a big bulk of credit? So they have 10 houses worth or 20 houses worth, get them 364 00:28:28.880 --> 00:28:33.440 prepaid, increases cash flow for you, and it gets the commitment. Yeah. One thing we want to do 365 00:28:33.440 --> 00:28:37.680 is like sell a yearly plan, but then also offer like an after pay situation where they don't have 366 00:28:37.680 --> 00:28:41.440 to pay in bulk, but we get the cash collected and then they can kind of use the credits through. 367 00:28:41.440 --> 00:28:45.760 I would use the audible system since people are already familiar with it. So they get credits 368 00:28:45.760 --> 00:28:50.160 every month. That's that's what we're going to do. And then when audible, when you cancel, you lose all 369 00:28:50.160 --> 00:28:53.840 your course, you choose to cancel. So you kind of have that way of reducing trouble. Yeah. I would 370 00:28:53.840 --> 00:28:57.760 just use the credit system. We have a what the largest portfolio community we have. That's how our 371 00:28:57.760 --> 00:29:01.920 software works is it's it's a usage based credit system, but they still build annually. Thank you. 372 00:29:01.920 --> 00:29:07.760 Cool. Yes, sir. Yes. So my partner and I came here with the intention of to learn how to grow our 373 00:29:07.760 --> 00:29:13.200 business. Sure. 10 medspas. Oh, sweet. Yes. Love that space. And then after yesterday when you're 374 00:29:13.200 --> 00:29:17.520 talked about like building your company for to sell it. Sure. I was like, okay, we can we can 375 00:29:17.520 --> 00:29:21.120 probably do that. Like that's that's something that made all, you know, perfect sense and four 376 00:29:21.120 --> 00:29:26.640 million sounds pretty good. But then the cash cow that we make now, like the way the way that we 377 00:29:26.640 --> 00:29:31.520 build it was different partnerships, different states, different we like we opened one by one. 378 00:29:31.520 --> 00:29:35.680 And the strategy always changed and we grew. All right. And now that we figured out now we have 379 00:29:35.680 --> 00:29:40.160 the winning formula. You're the model. Yes, we have like the perfect model. My question is really, 380 00:29:40.160 --> 00:29:45.280 do we go back with the existing partnerships that we have with like a non-compete contract that 381 00:29:45.280 --> 00:29:49.600 we have with certain partners in different states? Well, do we go back and change the existing 382 00:29:49.600 --> 00:29:54.080 or do we leave it like a cash cow and slowly grow it and then open a new company with the 383 00:29:54.080 --> 00:29:58.800 intention to sell it from scratch with our winning formula? Grow that and try to sell it in like 384 00:29:58.800 --> 00:30:01.840 49. I think you can definitely merge the companies. If you're familiar with do you know what a 385 00:30:01.840 --> 00:30:07.200 private equity roll up is? So basically with a roll up, you have many businesses that are similar. 386 00:30:07.200 --> 00:30:11.520 So let's say I'm doing a roll up for car practice. So I would go knock on doors and be like, 387 00:30:11.520 --> 00:30:16.160 hey, Mr. Carpractor, can I buy your business? And so they might say, yes, sure. But if I get 10 388 00:30:16.160 --> 00:30:21.360 car practice together that have John, John Smow Diet Carpractor, Jim Crackback dot Carpractor, 389 00:30:21.360 --> 00:30:24.800 they have all these different car practice. That's not a very valuable asset yet. 390 00:30:24.800 --> 00:30:29.520 So I have to get them all to convert to the same CRMs, same backend systems. I can consolidate 391 00:30:29.520 --> 00:30:34.000 all the payrolls. I get all of that. I can centralize the phone system so it goes to one person. 392 00:30:34.000 --> 00:30:37.760 And so I get lots of EBITDA that drops to the bottom line just by consolidating systems. And then 393 00:30:37.760 --> 00:30:42.160 I get them all on the same colors, same logo, same whatever. And so then you make the deal where you 394 00:30:42.160 --> 00:30:46.400 say, hey, what are your partnerships like 50, 50 or like what's the deal? Yes, they're different 395 00:30:46.400 --> 00:30:50.720 based in the situation because we kind of always improve the deal as we went. Understood. 396 00:30:50.720 --> 00:30:54.880 And so once you have more proof, you could access from it. I get it. So what I would end up 397 00:30:54.880 --> 00:30:59.520 doing is probably making some sort of hold co and saying, I'm going to try and swallow all of 398 00:30:59.520 --> 00:31:03.520 these up. You guys are going to get way smaller slices of hold co. So you might get 5% of 399 00:31:03.520 --> 00:31:08.320 hold co. But we're going to sell hold co for like 200 million. And so the thing is is the way 400 00:31:08.320 --> 00:31:13.520 you explain this, your individual asset is probably not that sellable. Like let's say they own 50% 401 00:31:13.520 --> 00:31:17.120 of one of your MetSposs, right? You being able to sell this is going to be really hard and you're 402 00:31:17.120 --> 00:31:23.120 probably going to get like a 3x multiple on it because buying a one off MetSposs is not super valuable. 403 00:31:23.120 --> 00:31:29.360 If you sell with us, we're going to get 10x. And so your half is still worth more. The smaller 404 00:31:29.360 --> 00:31:34.640 slice of this big thing is worth more than the 50% slice of this smaller thing. And so basically 405 00:31:34.640 --> 00:31:41.280 hold co takes 100% ownership of the new entity of the old entity. And then they get a tiny slice 406 00:31:41.280 --> 00:31:45.360 of the big thing that owns everything. If we just sit down and think of a new name, new concept, 407 00:31:45.360 --> 00:31:50.480 new color, whatever, and just continue growing parallel. And then we can just keep the partnerships 408 00:31:50.480 --> 00:31:54.960 and make a new one from scratch with the winning formula without these partners wouldn't just 409 00:31:54.960 --> 00:31:59.040 make more sense to do it like that. If it's the same effort, like to change it. I mean, do you think 410 00:31:59.040 --> 00:32:03.600 it's the same effort? I think we created not a mess, but let me explain why private Google 411 00:32:03.600 --> 00:32:09.040 rollup exists because it's much easier to combine 10 than start 10. Okay. And so if you have the 412 00:32:09.040 --> 00:32:13.040 relationships and it's like let's just, and I'm sure you use the same backend systems probably 413 00:32:13.040 --> 00:32:17.920 because you, right, you just have to change the fucking logo. Not even. Right. Okay. So like, 414 00:32:18.560 --> 00:32:22.400 you're already like 90% of the way there. This is why I'm bringing this up. So you're 90% of 415 00:32:22.400 --> 00:32:26.960 the way there. And when you see how much money that you would make in being able to sell all of 416 00:32:26.960 --> 00:32:32.480 these 10 for your slice, you're not going to want to not include this. I see. So I would do that. 417 00:32:32.480 --> 00:32:37.360 If you have the better model, the smart cookie move is let's go to other men's spots that already 418 00:32:37.360 --> 00:32:42.000 exist. We've done that also. Some of them are like that. Right. So you want to convert like, 419 00:32:42.000 --> 00:32:45.520 that's the model. Like, this is the private equity models. This is who we're looking for. They 420 00:32:45.520 --> 00:32:48.560 do between one three million. They got a solar guy. He's kind of older. He wants to get out, 421 00:32:48.560 --> 00:32:52.160 whatever. And we take over with our systems. And then we can solid it. We put everything central. 422 00:32:52.160 --> 00:32:56.080 And so we get more profit. We have, you know, way better systems. And that's how you can gobble up 423 00:32:56.080 --> 00:32:59.680 a marketplace. And then the equity arbitrage that you have is you can buy for three and sell for 424 00:32:59.680 --> 00:33:04.800 10 or sell for 12 when it's big enough. Like, that is the PE play. That's how it works. Okay. Could 425 00:33:04.800 --> 00:33:08.000 you start scratch? You absolutely can't. I mean, obviously you guys are good at you'll make one 426 00:33:08.000 --> 00:33:11.840 either way. It's just a question of which one will make you the most money, the fastest. 427 00:33:11.840 --> 00:33:16.000 If you already have 90% of the conversion here, I would lock everyone in. They don't have any voting 428 00:33:16.000 --> 00:33:20.800 power. I have all the voting. You guys don't. You have to agree to these terms up front. And then 429 00:33:20.800 --> 00:33:24.640 I mean, just make the deal. Okay. Thank you. And the day to day wouldn't change. It's just what the, 430 00:33:24.640 --> 00:33:28.000 what your ability to sell changes. That's it. And I wanted to say thanks for everything. 431 00:33:28.000 --> 00:33:33.200 No, you're welcome. Thank you. Yes, sir. Hey, Alex. Hello. I am a dentist. I created a course to 432 00:33:33.200 --> 00:33:39.440 teach dentists how to do clear liners. Okay. They can visit one. Yeah. But brand agnostic. Yeah. 433 00:33:39.440 --> 00:33:44.960 Went all in on this last year. So I don't practice anymore. My wife helps me with a lot of, 434 00:33:44.960 --> 00:33:51.520 like, the back end financial stuff. Yeah. I struggle with whenever the numbers come up. She's 435 00:33:51.520 --> 00:33:56.400 big into data. And like, I've learned super important. I tend to get just like, really emotionally 436 00:33:56.400 --> 00:34:00.880 charged about that. Okay. Excel numbers down here. Like, I paid this thing like yesterday, 437 00:34:00.880 --> 00:34:05.200 the roller coaster. Yeah. Zero for 10. Let's kill everybody. Partially that. But also she'll 438 00:34:05.200 --> 00:34:08.640 just kind of tell me like, Hey, like, business isn't doing that great. And then kind of like, 439 00:34:09.280 --> 00:34:13.600 kind of live in my own like hedge. Sure. I guess like, what is a better way to kind of like 440 00:34:13.600 --> 00:34:18.560 approach that and just be more still have passion for the business. But like, remove the emotion 441 00:34:18.560 --> 00:34:23.360 out of like the decisions. I mean, this just gets into like anxiety management, which is, you know, 442 00:34:23.360 --> 00:34:28.640 for me, I mean, I talk about my philosophy, you know, philosophical views because I just remind myself 443 00:34:29.120 --> 00:34:32.880 that I'm a little monkey on a tiny little rock in the middle of a galaxy that no one gives a 444 00:34:32.880 --> 00:34:36.800 shit. And I will die and I will be forgotten. And so the fact that my page isn't converting that 445 00:34:36.800 --> 00:34:42.160 will just doesn't bother me that much. And so that's how I get around it. I'm just being really honest. 446 00:34:42.160 --> 00:34:47.920 So like, I mean, I go through that mental loopty dupe like probably 20 times a day. And it's like, 447 00:34:47.920 --> 00:34:52.800 right, when I'm like, Oh, I'm about to be upset. I'm like, Oh, wait, nothing matters. Okay. Got it. 448 00:34:52.800 --> 00:34:56.800 Back. And so I mean, that's that's how I diffuse me. I think everyone's a little bit different. 449 00:34:56.800 --> 00:35:01.120 Some people work out. Some people, you know, do kumbaya, whatever. That just works for me. But I think 450 00:35:01.120 --> 00:35:04.400 probably answering the question is like, what am I so afraid of? You have some emotional charge 451 00:35:04.400 --> 00:35:07.520 because you're afraid of something happening. And so a lot of times it's like the fear of it is a lot 452 00:35:07.520 --> 00:35:10.960 greater than what the reality of it is because the absolute worst case scenario in this entire thing 453 00:35:10.960 --> 00:35:14.480 is that you go back to practicing your worst cases. You're a rich dentist. 454 00:35:18.400 --> 00:35:22.880 Like, what are we talking about? You know what I mean? So it's just like, the only upset I have is that 455 00:35:22.880 --> 00:35:26.240 my greater ambition doesn't achieve. But like, I will be able to eat and live in the best 456 00:35:26.240 --> 00:35:30.160 neighborhoods and travel whenever I want to make my own schedule. Like, that's guaranteed for you. 457 00:35:31.920 --> 00:35:34.480 It's just, you know what I mean? I just don't want to go back to practicing dentist. 458 00:35:34.480 --> 00:35:38.080 I can get that. Yeah, but I'm saying like the worst case is that, which is like, you know, 459 00:35:38.080 --> 00:35:45.120 there's people who have it a lot worse. I'm just being real like that's all I think about it. 460 00:35:46.160 --> 00:35:49.040 But yeah, I mean, if your wife brings up the data, then it also might be just like, hey, 461 00:35:49.040 --> 00:35:54.160 um, when she brings it up and how she brings up, it probably just be a conversation, which is, 462 00:35:54.160 --> 00:35:58.160 okay, if I just get off stage and I just did a big pitch and then you're like, that sucked, 463 00:35:58.160 --> 00:36:04.800 not the right time, right? Like, like, give me a cool down period. And if it's like, hey, 464 00:36:04.800 --> 00:36:09.680 when you have bad news, by the way, for everybody, humans have like a really, really big capacity to 465 00:36:09.680 --> 00:36:14.720 take bad news if you brace them. So they train doctors on this and you might know this, but like, 466 00:36:14.720 --> 00:36:17.840 they train physicians on like, if you have to say like a family member died or they have cancer, 467 00:36:17.840 --> 00:36:22.560 there's some sort of big bad news. They train the doctors on how to get someone to brace themselves 468 00:36:22.560 --> 00:36:26.000 and say, hey, I have bad news. You might want to sit down for this, right? So if you were like, 469 00:36:26.640 --> 00:36:32.240 okay, I'm ready. And so training her on how to give you news would be really valuable. 470 00:36:32.240 --> 00:36:37.360 Okay. Thanks. Yeah. Hey Alex, my name is JC. I have a company called Master Injector. And 471 00:36:38.240 --> 00:36:42.880 we provide education and training to people that work or practice at Med Spa. We've been doing 472 00:36:42.880 --> 00:36:47.600 live events. We've been doing live events. So on the live events side, we charge about $4,000 473 00:36:47.600 --> 00:36:51.600 for the weekend. And then we're doing virtual events. And now we're trying to leverage. We have 474 00:36:51.600 --> 00:36:57.040 about 10,000 followers on Instagram, about 10,000 through our database. And we want to do a membership 475 00:36:57.040 --> 00:37:01.440 model that's more of an online education. It's curious to see how you would approach this for the 476 00:37:01.440 --> 00:37:07.200 strategy to start this membership. So I think selling workshops on the front end is really good 477 00:37:07.200 --> 00:37:11.520 because people understand that they get a big deliverable. The reason I do it, right, is you can 478 00:37:11.520 --> 00:37:15.360 control out about the experience, make sure you know, over delivering everything. And I think 479 00:37:15.360 --> 00:37:19.360 that I would probably sell it on the back end of that. So I'd be front end would be the workshop, 480 00:37:19.360 --> 00:37:24.080 the back end would be the membership. And how long is the two days the workshop? Okay, yeah. 481 00:37:24.080 --> 00:37:27.120 With two days, you could sell the membership. And then we should have to think about what are the 482 00:37:27.120 --> 00:37:30.080 benefits of being a member? You can have the continued education, but no one's going to really 483 00:37:30.080 --> 00:37:34.160 watch it anyways. And so I like the kind of like magical things like the reason I like that 484 00:37:34.160 --> 00:37:38.080 insurance thing so much is that they don't have to do anything and they just get this benefit. 485 00:37:38.080 --> 00:37:42.160 I'm going to imagine injectors also have like they have hard costs, right? They have to buy 486 00:37:42.160 --> 00:37:46.560 the stuff, Moderna or whatever, right? And so if you did group buying for all of those injectors, 487 00:37:46.560 --> 00:37:51.040 you could improve their margins. And so basically if I know the average injector, I can save them 488 00:37:51.040 --> 00:37:56.480 $5,000 a year on the hard costs that they're going to have for their injectables, then my membership 489 00:37:56.480 --> 00:38:01.360 at $2,000 a year, they'll never cancel because why would you? It's like you can be a solo practitioner 490 00:38:01.360 --> 00:38:06.880 or you can be with the co-op and the difference in prices is obvious. And we'll give you insurance 491 00:38:06.880 --> 00:38:10.400 in case you inject somebody in the eyeball and then those are probably my two major benefits. 492 00:38:10.400 --> 00:38:16.320 You can include the the education piece, but I would say that like education mostly is commoditized. 493 00:38:16.320 --> 00:38:20.160 I think those other things would be more valuable to people because it's like this covers your 494 00:38:20.160 --> 00:38:25.680 downside, this drops your bottom line for sure. So value stack and make it sticky? The discount would 495 00:38:25.680 --> 00:38:29.440 make it sticky is basically as long as they're practicing, they're going to buy through your 496 00:38:29.440 --> 00:38:33.680 your reps that you can negotiate down the rates for because of volume because you have a lot of 497 00:38:33.680 --> 00:38:44.080 people who are doing the injection. You have a ton of injection volume that you're buying or 498 00:38:44.080 --> 00:38:49.760 that is being bought in your community. I would go to Moderna or whatever and then be like hey, 499 00:38:49.760 --> 00:38:55.840 I represent 1,000 injectors, can you give me 30% off or whatever? And then with that you can 500 00:38:55.840 --> 00:39:00.800 put your markup on or you just pass that savings on in general and then you just like Costco. 501 00:39:00.800 --> 00:39:04.560 So they pass all the savings on and they just charge a membership. So just be that for the 502 00:39:04.560 --> 00:39:09.440 injections, add the insurance on top and then the baseline can be the continuity with the education 503 00:39:09.440 --> 00:39:12.720 and you sell that on the back of the workshop. Okay, that makes sense? Yeah. 504 00:39:12.720 --> 00:39:17.120 I own a brick and mortar health and wellness business. Patients have to come in on a repetitive 505 00:39:17.120 --> 00:39:22.160 basis, 20 mile radius for marketing. So what I learned yesterday is obviously your ad spend, 506 00:39:22.160 --> 00:39:27.520 you want to get to about a million a month for that one channel. So right now we're about a six 507 00:39:27.520 --> 00:39:32.480 row as. So obviously I want to keep putting money into that. At what point do you say, 508 00:39:33.200 --> 00:39:37.520 okay, because your rush is going to go down as you put more that money in because you should have 509 00:39:37.520 --> 00:39:43.440 such a limited market. At what point do you say, okay, now I need to change or add in other channels? 510 00:39:43.440 --> 00:39:46.640 Is it like a three to one? Is it? Honestly, if you're at six to one and you're 511 00:39:46.640 --> 00:39:51.200 selling high-end health and wellness stuff, we do regenerative medicine. Yeah, I think that you're 512 00:39:51.200 --> 00:39:56.080 something's wrong because most of the guys that I never in that space just murder it, especially for 513 00:39:56.080 --> 00:40:01.200 local. I would basically keep tweaking the model until I'm getting like 15 or 20 to one because we 514 00:40:01.200 --> 00:40:05.840 were selling high-ticket local. You're going to get the best return and if I had to bet on one 515 00:40:05.840 --> 00:40:11.200 business that I for sure would get the highest row as for, it would be a pseudo medical business 516 00:40:11.200 --> 00:40:17.040 for local. You can absolutely just print for those businesses. So you're doing meta ads right now. 517 00:40:17.040 --> 00:40:22.000 What's the process for getting lead to the close? Basically on meta goes to landing page. I have 518 00:40:22.000 --> 00:40:27.040 go high level running, I have VA's that reach out, get them scheduled, they pay a deposit, come in, 519 00:40:27.680 --> 00:40:32.720 then basically from when they come into the office until close, that's pretty much a fixed, I mean, 520 00:40:32.720 --> 00:40:38.720 we pretty much know how that close rate's going to be. Okay, so what's the average ticket? 5600. 521 00:40:39.360 --> 00:40:44.880 Why is CAC so high? I don't know. Yeah, I will say this, we don't get a lot of referrals. Okay, 522 00:40:45.680 --> 00:40:52.720 do you have financing? We do. Huh? Average income in the area is 56,000. When we first started, 523 00:40:52.720 --> 00:40:57.360 it was good because we were just doing chiropractic, $2,000 care plans for a year. Yeah, 524 00:40:57.360 --> 00:41:01.920 are you like the neuropathy and all that stuff? Yeah, I know the footprint stuff. Yep, got it. 525 00:41:03.120 --> 00:41:07.360 It might be, and I don't like saying this because I never like doing outside forces, 526 00:41:07.360 --> 00:41:11.360 but you might have like a 10 out of 10 model in like a two out of 10 city for it. You know, 527 00:41:11.360 --> 00:41:15.440 I mean, there's a reason that Barry's bookamp is only in 15 markets or whatever. It's just because 528 00:41:15.440 --> 00:41:19.200 that's the market that's going to sustain that price point in that margin. I mean, the fact that 529 00:41:19.200 --> 00:41:22.800 you're getting six to one's great, are you do the diabetic dinners and like all that stuff? Or no? 530 00:41:22.800 --> 00:41:26.080 Yeah. So yeah, I mean, you have the acquisition system. I don't know if your close rates 531 00:41:26.080 --> 00:41:29.680 is the thing that's suffering, but I mean, it seems like you have that down. I'm guessing you're 532 00:41:29.680 --> 00:41:34.960 basically trying to pool squeeze blood from a stone, is that there's just not enough of those 533 00:41:34.960 --> 00:41:40.960 high ticket buyers in an area where the meeting comes. Yeah, and a lot of these people have low income, 534 00:41:40.960 --> 00:41:45.200 low credit scores, sometimes they can't get a financing anyway. So you have to down. So like, 535 00:41:45.200 --> 00:41:48.480 then you down sell the $500 thing. Right. And one of the things that I think is an issue, 536 00:41:48.480 --> 00:41:52.320 why we're not getting referrals that we do have to down sell. So like, let's say they say yes 537 00:41:52.320 --> 00:41:57.680 to a 10 K care plan, they only get approved for 1,800. We can only do like one PRP. They're not 538 00:41:57.680 --> 00:42:01.520 going to get the results. They get pissed off because they only have $5,000 in their bank 539 00:42:01.520 --> 00:42:05.360 account. They just paid 1,800. Yeah, I mean, there's a reason that brick and mortar is they're 540 00:42:05.360 --> 00:42:09.200 so specialized in terms of picking markets like it's super important. And I'm guessing that you 541 00:42:09.280 --> 00:42:13.200 started this business, then you went down the rabbit hole. How do I make more money in this business? 542 00:42:13.200 --> 00:42:16.400 You bought stuff that gave you the sales system. You made a lot more money. And then you're like, 543 00:42:16.400 --> 00:42:22.240 okay, well, now what do I do? So I think next steps would probably be except the fact that that 544 00:42:22.240 --> 00:42:27.760 particular location might not be like, I mean, it makes money, obviously. So I would try and 545 00:42:27.760 --> 00:42:33.760 double down on how can I make this thing completely turn key and automated without me? I would test 546 00:42:33.840 --> 00:42:41.680 Facebook ads in 20, 50 other markets, spend 20 grand testing, and then just look at your lead costs 547 00:42:41.680 --> 00:42:46.000 across those markets. And then you'll be like, oh, this thing is a fucking pocket. And then you can 548 00:42:46.000 --> 00:42:51.440 put your next location there. Yeah, okay. Thanks. Yeah, Norris. Basically, I'm a real estate coach. 549 00:42:51.440 --> 00:42:56.320 All right. I took your gym launch secret gym. Honestly, gym launch secrets changed my life. 550 00:42:56.320 --> 00:43:00.640 I applied it to real estate coaching. I've productized the entire thing. 8,000 hour high ticket. 551 00:43:00.720 --> 00:43:05.920 Absolutely amazing. You guys should read the book. It's it's just actually how to do a coaching 552 00:43:05.920 --> 00:43:11.120 business. Not a, I mean, a gym is a coaching business, but anyways, yeah. So I took the entire book. 553 00:43:11.120 --> 00:43:15.920 I had a $99 community. The term was absolutely crazy. Developed a high ticket. It's been absolutely 554 00:43:15.920 --> 00:43:21.520 awesome. Right. And four months ago, I did an annual conference. We had 1100 people in New York City 555 00:43:21.520 --> 00:43:26.240 sold out. Absolutely amazing. Increased my conversion for all of my sales because of brand 556 00:43:26.240 --> 00:43:31.360 association, all that stuff. The issue is conference made no money whatsoever. So we're ready to 557 00:43:31.360 --> 00:43:36.080 pitch from the event you made no money. Actually, didn't have a pitch. Okay. Yeah. So that's yeah. 558 00:43:36.080 --> 00:43:40.800 So for the next conference now, it's like, what do I sell from stage? Because I saw Jim 559 00:43:40.800 --> 00:43:45.600 Khan. The offer was amazing. Do I sell my high ticket? Do I sell the community? That's kind of 560 00:43:45.600 --> 00:43:50.080 where I'm stuck on. So if you're 8K thing, right? Yeah. What did they get for that? It's an eight 561 00:43:50.080 --> 00:43:53.920 week transformational bootcamp. They get every single system they need in their business to go 562 00:43:53.920 --> 00:43:58.960 from zero to 40K a month. Okay. So either you can just sell that from 563 00:43:58.960 --> 00:44:03.120 stage, but most times, if you're going to sell something from the stage, you want it to be higher. 564 00:44:03.120 --> 00:44:09.040 You want it to be 25K or higher is usually like 25, 35K is kind of the sweet spot for most 565 00:44:09.040 --> 00:44:12.800 most stage pitching. If you're like curious, like, why was your thing 15? It's because this is the 566 00:44:12.800 --> 00:44:17.840 last week and we're just trying it out. It'll be 25 next week. 25 for 35K. Okay. How many days is it? 567 00:44:17.840 --> 00:44:23.120 Two days. And there's a networking event. So it's kind of like a two and a half. I like end of day one. 568 00:44:23.200 --> 00:44:29.120 Obviously. And then just make a soft toss, you know, like day two for it. And the big thing is 569 00:44:29.680 --> 00:44:34.000 that's cool with events is that you'll be able to have your customers there. And so you can show 570 00:44:34.000 --> 00:44:39.440 social proof live, which is more compelling than anything. And so do a panel before you do the 571 00:44:39.440 --> 00:44:44.000 big pitch of like look at realtor one, two, three, four, five. Okay. And then they'll be like, 572 00:44:44.000 --> 00:44:48.720 holy cow, this guy's awesome. It's just more compelling. Cool. When I did gym launch, I did delivery 573 00:44:48.720 --> 00:44:53.360 events the same way. And I never sold it our events. And they were just, I didn't even break even 574 00:44:53.360 --> 00:44:58.800 I just lost money on them. That was it. And so what I got from this event was just proof. And so 575 00:44:58.800 --> 00:45:02.880 for everyone, if you if you're not doing events for your business, I think just about any business 576 00:45:02.880 --> 00:45:08.240 can do events. Don't go to hotels, go to an event space. It's a thousand times cheaper. But also 577 00:45:08.240 --> 00:45:12.320 the main thing you can get out of it is marketing material. And so, but part of the reason that we were 578 00:45:12.320 --> 00:45:18.320 able to sell gym launch. So obviously Kale was able to go in the ads. But 80% of the winners that we 579 00:45:18.320 --> 00:45:24.080 had from our ads were just customer stories. And so we were able to extract as many customer 580 00:45:24.080 --> 00:45:29.920 stories in person from those events. And that is what more than paid for the events in terms of 581 00:45:29.920 --> 00:45:34.560 long tail. And so we had whatever three or four events a year that we held, we would collect as 582 00:45:34.560 --> 00:45:38.400 many testimonies as we could from those events. And then those became our entire ad creative strategy 583 00:45:38.400 --> 00:45:42.400 for the next 12 weeks. Until the next event. And so we got pretty pretty good. The social proof, 584 00:45:42.400 --> 00:45:46.960 the brand, absolutely amazing. The thing is that the event still has to be banger. Like you always 585 00:45:46.960 --> 00:45:50.160 want to still do that. But like there's always going to be people who are more qualified or want 586 00:45:50.160 --> 00:45:52.480 more. And it's like you just want to make the offer for cool. Cool.