Business Startup Guide: Steps to Successfully Launch Your First Venture w/ Brad Sugars

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<v Speaker 1>So how do I know that my marketing is working?

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<v Speaker 2>You're making money.

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<v Speaker 1>If you want to start a business, you need to listen to this podcast episode.

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<v Speaker 1>Brad Triggers has over 30 years of business knowledge and experience.

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<v Speaker 1>I got to ask him about marketing, about sales, about how to start a business.

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<v Speaker 2>People are like I don't want to invest it, I want to own it 100% myself.

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<v Speaker 2>Listen, you better have to have a small piece of a big pie than a big piece of a tiny pie.

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<v Speaker 2>Why are you building a social media following so you can find investors?

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<v Speaker 2>You do not need a company or a corporate structure or anything to get your first customers.

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<v Speaker 2>You just need to get going, take action.

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<v Speaker 1>If you want to start a business, please listen now and let's go into it.

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<v Speaker 3>Welcome to the Young Success Podcast, a special series of the Big Success Podcast.

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<v Speaker 3>This week, Brad Sugars is interviewed by Gona, a recent master's graduate and aspiring entrepreneur.

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<v Speaker 1>Brad, I recently completed your 30X business program and in one of the first 30 videos you explained the ladder of wealth.

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<v Speaker 1>Can you explain the different stages?

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<v Speaker 2>of the ladder of wealth and how individuals can progress from one stage to the next one effectively.

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<v Speaker 2>Yeah, so wealth follows a very simple path.

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<v Speaker 2>You start out as a student, which, as a student, you're an apprentice employee, so you're learning how to be an employee, and as a student, I call it level minus one, because it costs money to be a student, whether it costs you, your parents or society money.

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<v Speaker 2>Money being a student costs money, and so then you get a job and you pay taxes and it's to pay back the cost of you going to school or the cost of raising you, health care, all those sorts of things.

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<v Speaker 2>You pay taxes to pay back the first 20 years of your life where you were a cost.

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<v Speaker 2>Your parents obviously don't get paid back much, but the world gets paid back.

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<v Speaker 2>And so, as a student, you learn how to get a job, sort of thing.

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<v Speaker 2>You learn how to apply for a job, how to write a CV, how to do a resume.

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<v Speaker 2>Well, the challenge is, no one then teaches you the next phases of wealth, and so from having a job, a job is really just an apprenticeship to your own business.

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<v Speaker 2>So you should have lots of different jobs, you shouldn't just try and have one job.

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<v Speaker 2>You shouldn't just pencil yourself into one sector type thing.

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<v Speaker 2>You should aim with your job to become great at something so you can start a business in that area type thing.

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<v Speaker 2>If you're in the chimney sweep business, learn that business and become amazing at it so you can start your own chimney sweep business.

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<v Speaker 2>Because the goal of having a job is to learn enough to start a business.

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<v Speaker 2>Okay, and whether that's learning the thing you do or the marketing of it or the sales of it or whatever it is, but you've got to learn enough to start your own business, and that generally is going to take you between three and seven years.

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<v Speaker 2>Okay, if you've been in the same job 10 years, you don't people say, you know, I've got 10 years experience, and I call bullshit.

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<v Speaker 2>You've actually got one year's experience.

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<v Speaker 2>You just did it 10 times type thing.

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<v Speaker 2>It's like the photocopied year.

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<v Speaker 2>And so your job then, once you get into your own business, is to learn how to employ people.

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<v Speaker 2>So your first job is start a business where you do all the work, and then your job is to learn how to get other people to do all the work and you run the business.

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<v Speaker 2>Then your third phase is to go from.

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<v Speaker 2>So that's student employee, self-employed.

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<v Speaker 2>Then you go to manager, where you're managing employees who do the work, you're running the business.

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<v Speaker 2>And then ultimately you get to business owner, where the business runs without you type thing.

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<v Speaker 2>Your job is to do yourself out of a job.

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<v Speaker 2>You don't want to be the CEO, you want to be the owner of the business and have other people do the work From there.

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<v Speaker 2>It's about learning to invest.

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<v Speaker 2>So once you've got the business running, making good profits, you've then got to invest that money.

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<v Speaker 2>And there's three categories of investments and we do that in wealth 30X wealth, but it's businesses and then getting into real estate and then into the stock market and then, finally, you want to become an entrepreneur, which is where you're not investing.

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<v Speaker 2>You're building deals that other people invest in.

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<v Speaker 2>So that's as fast as I can tell you the latter.

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<v Speaker 1>I put a whole book, billionaire and Training together for that one latter, I put a whole book Billionaire and Training together for that one.

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<v Speaker 1>So, being in college, they don't really explain how to exactly go from being an employee to being self-employed, so I would love to dive deeper into that and see how exactly that works.

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<v Speaker 1>So what strategies or methods can I use to generate an actual business idea that is both realistic and promising?

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<v Speaker 2>I would say there's three ways to get into your own business.

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<v Speaker 2>First is a side hustle.

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<v Speaker 2>Start it as a business.

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<v Speaker 2>If you're a web designer by day, then start a side hustle doing it for friends and family, because the thing about about the side hustle and a lot of the people start with network marketing businesses or, you know, lawn mowing companies when you're a kid, or selling a newspaper that was me when I was a kid and what you're doing in that side hustle is learning.

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<v Speaker 2>It's not about whether you succeed massively in that or not.

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<v Speaker 2>You're learning sales and marketing, and you're learning all of the things that you need to learn.

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<v Speaker 2>The second would be to buy a business.

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<v Speaker 2>Now, unfortunately, a lot of people think you have to have a lot of money to buy a business.

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<v Speaker 2>You don't.

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<v Speaker 2>If you learn how to buy a business, you can actually buy one where you get what's called vendor finance, which means the current owner of the business lends you the money to buy the, so you buy the business and you pay them back out of future profits of the business.

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<v Speaker 2>I think that's possibly the best way to get into business.

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<v Speaker 2>I would suggest, though, that you need to have done a bit of learning beforehand.

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<v Speaker 2>See, if you've got a job where you're in sales and they're paying you to learn sales, they're sending you to courses.

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<v Speaker 2>Your first jobs should not be about how much you earn.

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<v Speaker 2>Your first job should be about how much you can learn from that position, how many connections you can make.

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<v Speaker 2>If you're at a job where you're doing no learning and no connecting, get the heck out of that job.

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<v Speaker 2>You want to be in a job where you're learning and connecting.

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<v Speaker 2>Build your resume, build your database.

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<v Speaker 2>A lot of young people don't think of building their database, but every person you meet is goes on your database of your future, their future investors, their future customers, their future buyers, their future.

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<v Speaker 2>Do you know what I mean?

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<v Speaker 2>Like, you got to build that database and that connectivity when you're young.

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<v Speaker 2>You got to.

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<v Speaker 2>I guess it's simple.

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<v Speaker 2>You got to make up in numbers what you lack in experience and skill.

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<v Speaker 2>So more networking when you're younger, not less.

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<v Speaker 2>I see young people get a job.

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<v Speaker 2>They don't do any networking.

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<v Speaker 2>It's like hang on.

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<v Speaker 2>Your job as a young person is to network.

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<v Speaker 2>Why did you get to that college?

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<v Speaker 2>So you could build a network.

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<v Speaker 2>And you've built a network of people who are all trying to build a network.

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<v Speaker 2>You know you got to get out there in the market, join clubs, join chambers of commerce, join networking groups, do all that sort of stuff and ultimately, for instance, gona, you're in marketing.

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<v Speaker 2>If you signed one customer to your business, that was more than your salary.

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<v Speaker 2>You start it, or at least half of your salary, type thing, and then it's not a side hustle, it's a dive in deep and get going, sort of thing.

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<v Speaker 2>But that's where those three methodologies is, where I would start with a business and a lot of people keep trying to come up with the idea.

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<v Speaker 2>You know, I'm going to sell widgets or I'm going to invent this software and I call stupid Sell shoes.

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<v Speaker 2>Shoes are the things that everyone already buys.

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<v Speaker 2>They already have a budget for.

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<v Speaker 2>Don't try and sell something new.

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<v Speaker 2>Sell something that people are already buying.

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<v Speaker 2>You know I was.

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<v Speaker 2>If you look at it this way, don't don't go dig for gold.

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<v Speaker 2>When there's a gold rush, sell pans to everyone.

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<v Speaker 2>Levi strauss, the jeans made more money in the gold rush than anyone else because everyone needed a pair of jeans to go digging for gold.

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<v Speaker 2>Ups makes more money out of the internet because everyone sends packages, type thing.

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<v Speaker 2>You've got to be that sideline person.

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<v Speaker 2>You know, the best way to build a successful restaurant is find a starving crowd with money.

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<v Speaker 2>Best way to build a successful restaurant is find a starving crowd with money.

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<v Speaker 2>Not hard when you think of it that way, but most young people try and invent a new product or a new idea or a new thing.

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<v Speaker 2>No, a new way of selling something that people already buy or a better way of selling it.

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<v Speaker 2>I mentioned shoes Zappos here in Vegas, tony, andy and Fred.

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<v Speaker 2>They didn't invent shoes, they just found a better way of selling shoes that made sense for everybody, gave everyone a better customer service.

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<v Speaker 1>Perfect.

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<v Speaker 1>So now that I realize, okay, I want to do marketing, that's what I want my business to be in.

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<v Speaker 1>I have my business idea.

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<v Speaker 1>It is realistic and promising.

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<v Speaker 1>What is my next step?

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<v Speaker 1>You mentioned the business plan in 30X Business.

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<v Speaker 1>What are some essential elements I should include in my business plan and how can I ensure I'm communicating it effectively in it?

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<v Speaker 2>Okay, so in the beginning you're writing a business plan for three reasons, right?

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<v Speaker 2>Number one is so that you think stuff through To actually document it.

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<v Speaker 2>You've got to have thought about it, type thing, and that's why the plan itself is less important than the planning, the bouncing ideas, the going to mentors or to going to groups and talking about your business and throwing ideas out there and getting people to debate you on your ideas.

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<v Speaker 2>Build a team around you, even if they're not going to work with you.

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<v Speaker 2>It could be friends, family, parents, other business people.

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<v Speaker 2>You know.

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<v Speaker 2>Having a mastermind group that you plan your business with is really important.

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<v Speaker 2>Having a mastermind group that you plan your business with is really important.

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<v Speaker 2>The second reason you're building a business plan is to raise capital.

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<v Speaker 2>Okay, so if you want to raise capital which every business wants to raise capital, right, the only way to raise capital is to have a great business plan that you put in front of people.

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<v Speaker 2>Now, a business plan is a lengthy document that you put in front of people.

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<v Speaker 2>Now, a business plan is a lengthy document.

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<v Speaker 2>The person investing is if I'm investing in a young person and I like investing in 20-year-olds, because by the time I'm 70, they're in their 50s and they're doing great.

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<v Speaker 2>Do you know what I mean?

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<v Speaker 2>It's like to me?

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<v Speaker 2>The older I get, the younger I want to invest in people, because then they've got the energy, I've got the money and the wisdom, they got the energy type thing.

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<v Speaker 2>And young people that don't make the mistake I made, which was thinking okay, I got to bootstrap this, I got to wear it as a badge of honor that I can work 24 hours a day, seven days a week.

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<v Speaker 2>Now that you want to work hard, but you want to also work smart, and working smart is raising capital.

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<v Speaker 2>Now you've got to do the right documentation, and that is a full business plan, a summary of the business plan and a pitch deck, right.

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<v Speaker 2>And so you want to get in front of people, and that's why you've built a database from when you started in business is who do you put it in front of all those people?

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<v Speaker 2>Who do you put it in front of All those people?

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<v Speaker 2>Most people's only database is mom, grandma and uncle Fred, and they wonder why they can't raise capital.

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<v Speaker 2>No, you've got to get in front of a lot of people.

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<v Speaker 2>Now, if you put the business plan in front of very smart people and they say, no, I'm not investing.

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<v Speaker 2>You have to ask them why and fix your business plan.

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<v Speaker 2>You know if very smart people are telling you I'm not investing in that?

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<v Speaker 2>And there's three things to get an investor.

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<v Speaker 2>Number one is a great business idea, but that's the smallest part of what will get you the capital.

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<v Speaker 2>Number two is a great team.

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<v Speaker 2>Right If I go out to do an investment.

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<v Speaker 2>Right, if I go out and I'm building a new business, I will get investment capital within a day.

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<v Speaker 2>Get investment capital within a day.

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<v Speaker 2>Why?

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<v Speaker 2>Because people believe in me.

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<v Speaker 2>It's not the idea or whatever.

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<v Speaker 2>Yes, they've got to like the idea, but they believe in me and know that I'll get them a return.

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<v Speaker 2>And the third thing is how am I going to get my money back?

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<v Speaker 2>If I'm an investor, I need to know.

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<v Speaker 2>Are we going to sell it at some point?

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<v Speaker 2>What's the goal?

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<v Speaker 2>Is it to you know?

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<v Speaker 2>I got to know how I'm going to get my money back.

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<v Speaker 2>And then, ultimately, the third reason for developing a business plan is to actually have something to follow when you start it.

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<v Speaker 2>But the business plan itself is not as important as the action plans, the 90-day plan and the weekly plans and the daily plans.

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<v Speaker 2>Daily plans are the most important plans in your life.

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<v Speaker 2>If you achieve what you set out to do every day, then guaranteed you'll achieve what you set out to do every month, every year and so on, but you got to achieve the daily plan to do that.

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<v Speaker 1>So you just said that if I want to create a business plan, I should surround myself with people who have gone through that process, know a little bit about business.

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<v Speaker 1>What if I don't have anyone in my circle that has?

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<v Speaker 2>Get a bigger circle.

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<v Speaker 2>How do I do that?

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<v Speaker 2>Well, books is a circle, podcasts is a circle, online forums is a circle.

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<v Speaker 2>There's a million circles for you to get into.

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<v Speaker 2>Out there, just go and join groups.

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<v Speaker 2>Go and be a part of things.

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<v Speaker 2>I think people are.

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<v Speaker 2>You know, we live in the loneliest generation in the world and the reason people are lonely is because they sit in front of their freaking computer and play on social media.

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<v Speaker 2>For goodness sake, that's not a circle.

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<v Speaker 2>Get out there, there's, I guarantee you, in every city in the country there is a young entrepreneurs group Guaranteed.

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<v Speaker 2>And if there's not, start one, get out there and do it.

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<v Speaker 2>You can leverage the internet to start it.

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<v Speaker 2>But you want to get together face to face.

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<v Speaker 2>Find 10 friends or 10 people that are all interested and meet up with the local dang sandwich shop.

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<v Speaker 2>Interested, and meet up with the local dang sandwich shop.

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<v Speaker 2>And you know, if you do that once a week and you start reading books together or start a book club or something like that, or my company Action Coach, find your local Action Coach.

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<v Speaker 2>They will put you in touch with people.

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<v Speaker 2>But you've got to.

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<v Speaker 2>You've got to be willing to get uncomfortable, to get comfortable.

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<v Speaker 1>And how do I, how do I find investors uncomfortable, to get comfortable, and how do I find investors Well, you don't find investors.

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<v Speaker 2>you get to know investors.

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<v Speaker 2>So investors are every single human being you ever get to meet.

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<v Speaker 2>If you're not out there meeting people.

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<v Speaker 2>If you go to a concert and you meet some gal or some guy that's sitting next to you, you find out who they are, you connect with them, you keep in touch.

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<v Speaker 2>What is your internet?

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<v Speaker 2>Why are you building a social media following?

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<v Speaker 2>So you can find investors.

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<v Speaker 2>You know, so you can find future employees, future customers.

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<v Speaker 2>Don't do it just so you know someone can like the photo of me at the beach.

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<v Speaker 2>Woohoo, that's dumb shit.

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<v Speaker 2>You know you've got to use your network and you've got to build that network.

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<v Speaker 2>And you know when people say I want to find investors, now you can go and find angel investor groups.

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<v Speaker 2>You can go and find the venture capitalists.

00:15:44.465 --> 00:15:50.041
<v Speaker 2>But if you're a young person starting out, no venture capital company is going to put you in front of them easily.

00:15:50.041 --> 00:15:53.544
<v Speaker 2>You have to work dang hard to get in front of groups like that.

00:15:53.544 --> 00:15:55.073
<v Speaker 2>I've even had to work hard.

00:15:55.556 --> 00:16:00.408
<v Speaker 2>I would go to investment seminars where there were big investors there.

00:16:00.408 --> 00:16:07.296
<v Speaker 2>I would pay to attend the seminar just to hang out with people that had lots of capital that needed to invest it type thing.

00:16:07.296 --> 00:16:14.904
<v Speaker 2>And you start chatting to people at an investment seminar and you find Bob sitting next to you who's got 600 grand in cash that he needs to invest.

00:16:14.904 --> 00:16:18.991
<v Speaker 2>You meet Mary, the other side, and she's got 200 grand she needs to invest.

00:16:18.991 --> 00:16:20.096
<v Speaker 2>And you're sitting there and they go.

00:16:20.096 --> 00:16:20.979
<v Speaker 2>What do you need to invest?

00:16:20.979 --> 00:16:22.865
<v Speaker 2>Well, I'm looking for people who need to invest.

00:16:22.865 --> 00:16:24.479
<v Speaker 2>I'm actually not here to invest.

00:16:24.479 --> 00:16:29.778
<v Speaker 2>I'm learning about investing so I can find investors who want to invest in my ideas.

00:16:30.899 --> 00:16:31.340
<v Speaker 1>Awesome.

00:16:31.340 --> 00:16:33.344
<v Speaker 1>So now I have my idea idea.

00:16:33.344 --> 00:16:34.865
<v Speaker 1>I have my business plan.

00:16:34.865 --> 00:16:36.229
<v Speaker 1>What is my next step?

00:16:36.229 --> 00:16:52.677
<v Speaker 1>So, when it comes to those legal requirements and choosing a business structure, how do I determine the most suitable business structure for me and for my venture, considering options like partnership, lcs, lscs or corporations?

00:16:53.399 --> 00:16:54.039
<v Speaker 2>you know.

00:16:54.039 --> 00:16:56.203
<v Speaker 2>Firstly, it's different in every part of the world.

00:16:56.203 --> 00:17:03.996
<v Speaker 2>When you first start out, people are worried too much about what their structure should be and they stop doing things just for a structure.

00:17:03.996 --> 00:17:08.282
<v Speaker 2>You know what you should do when you first start out Get a customer, have them pay you direct in your own name.

00:17:08.282 --> 00:17:09.367
<v Speaker 2>It makes no difference.

00:17:09.367 --> 00:17:14.099
<v Speaker 2>You do not need a company or a corporate structure or anything to get your first customers.

00:17:14.099 --> 00:17:18.846
<v Speaker 2>You just need to get going, you know, and he and so that's the thing.

00:17:18.906 --> 00:17:26.684
<v Speaker 2>Now, from a structure point of view, generally, a corporation is the best methodology in the world.

00:17:26.684 --> 00:17:29.836
<v Speaker 2>Now there's different types of corporations.

00:17:29.836 --> 00:17:35.749
<v Speaker 2>A partnership doesn't limit your liability, so you're looking at liability being one step removed.

00:17:35.749 --> 00:17:37.501
<v Speaker 2>That's what a corporation does.

00:17:37.501 --> 00:17:48.266
<v Speaker 2>So if I have a company and the company employs someone and there's something goes wrong, that person doesn't sue me, they sue the company.

00:17:48.266 --> 00:17:53.904
<v Speaker 2>So the only thing that can be lost is the company, not my personal assets type thing.

00:17:54.595 --> 00:18:03.306
<v Speaker 2>Now, that being said, you're going to need a decent accountant or a decent tax structure expert to set it up for you.

00:18:03.306 --> 00:18:05.175
<v Speaker 2>It's going to cost you some money.

00:18:05.175 --> 00:18:07.420
<v Speaker 2>You're going to need to pay it.

00:18:07.420 --> 00:18:09.505
<v Speaker 2>It's going to be the way it is.

00:18:09.505 --> 00:18:26.606
<v Speaker 2>But even you know very simple things that young people need to understand is basic investment structure, basic structure of a company setup, and you can read books on it and you can jump on blogs on it and podcasts on it.

00:18:26.606 --> 00:18:48.777
<v Speaker 2>Youtube is the favorite how-to network in the world type thing, and that advice for your state or your city or your country is going to be different depending on where you are, but usually it's a corporation for your trading assets, meaning your businesses, and usually it's some form of a trust for your holding assets, your investments.

00:18:48.777 --> 00:18:56.516
<v Speaker 2>That's usually the case, but you need to speak to a lawyer or an accountant in your marketplace to know exactly what that should be.

00:18:58.118 --> 00:19:02.787
<v Speaker 1>Perfect, so I decided on going with a corporation.

00:19:02.787 --> 00:19:08.623
<v Speaker 1>Now I'd love to take a look at the financing and funding side of businesses.

00:19:08.623 --> 00:19:16.596
<v Speaker 1>What are the different sources of funding available for startups, and how can I determine which ones are the most suitable for my business?

00:19:17.117 --> 00:19:17.479
<v Speaker 2>Okay.

00:19:17.479 --> 00:19:21.828
<v Speaker 2>So one that's very much overlooked is grants.

00:19:21.828 --> 00:19:25.901
<v Speaker 2>Governments in every part of the world give grants for people to start businesses.

00:19:25.901 --> 00:19:38.403
<v Speaker 2>If you're a minority, if you're a female entrepreneur, if you're starting your business in an area where they want new companies like you, can look it up, and everywhere in the world they have an area where there's grants.

00:19:38.403 --> 00:19:42.383
<v Speaker 2>For if you start your business in this part of the city, they'll give you money.

00:19:42.383 --> 00:19:42.742
<v Speaker 2>Why?

00:19:42.742 --> 00:19:45.960
<v Speaker 2>Because they want to regenerate that part of the city type thing.

00:19:45.960 --> 00:19:47.766
<v Speaker 2>So grants is number one.

00:19:47.826 --> 00:19:52.884
<v Speaker 2>Friends and family, not a super fan, because they'll say they're going to be silent partners.

00:19:52.884 --> 00:19:53.365
<v Speaker 2>They're not.

00:19:53.365 --> 00:20:02.458
<v Speaker 2>Banks is a great partner, but for a bank you've got to have some form of collateral, and most young people have no forms of collateral.

00:20:02.458 --> 00:20:04.761
<v Speaker 2>I like to think of.

00:20:04.761 --> 00:20:08.048
<v Speaker 2>The best way to fund a business is customers.

00:20:08.048 --> 00:20:11.642
<v Speaker 2>Your customers are the best format of starting a business.

00:20:11.642 --> 00:20:20.311
<v Speaker 2>Have them pay you for one year in advance for the service you do or you know, or have them on a subscription basis so that they're paying you every month.

00:20:20.311 --> 00:20:24.622
<v Speaker 2>But customers are the best form of financing in the beginning.

00:20:24.622 --> 00:20:29.096
<v Speaker 2>If you haven't raised capital or can't raise capital at that point, how would I set?

00:20:29.176 --> 00:20:30.097
<v Speaker 1>prices on my products and services.

00:20:30.097 --> 00:20:30.657
<v Speaker 1>Really great point.

00:20:30.657 --> 00:20:33.059
<v Speaker 1>How would I set prices on my products and services?

00:20:33.280 --> 00:20:33.921
<v Speaker 2>Really great.

00:20:33.921 --> 00:20:37.525
<v Speaker 2>Point Number one be as high as possible.

00:20:37.525 --> 00:20:39.967
<v Speaker 2>Do not try and undercut the market.

00:20:39.967 --> 00:20:42.308
<v Speaker 2>Don't try and be the cheapest one out there.

00:20:42.308 --> 00:20:44.570
<v Speaker 2>That's the dumbest way to get into business.

00:20:44.570 --> 00:20:53.307
<v Speaker 2>Businesses have overheads and need to make profits and you think, well, when I worked for someone, I did it for this much, so I can do it for that much.

00:20:53.307 --> 00:20:54.750
<v Speaker 2>No, no, no, no, no.

00:20:54.750 --> 00:20:56.006
<v Speaker 2>Look at the.

00:20:56.006 --> 00:20:57.815
<v Speaker 2>Do some market research.

00:20:57.815 --> 00:21:02.882
<v Speaker 2>When you're doing your business plan, you should be doing a SWOT analysis strengths, weaknesses, opportunities, threats.

00:21:02.882 --> 00:21:05.222
<v Speaker 2>You should be looking at the competitors.

00:21:05.976 --> 00:21:09.326
<v Speaker 2>Now you look at your competitors and you see the price points of your competitors.

00:21:09.326 --> 00:21:12.325
<v Speaker 2>You don't want to be anywhere near the lowest price point ones.

00:21:12.325 --> 00:21:21.123
<v Speaker 2>You probably aren't skilled enough yet to be at the highest price point ones, but you want to be between the mid-level and the highest price point on that.

00:21:21.123 --> 00:21:24.349
<v Speaker 2>Second thing, you want to be between the mid-level and the highest price point on that.

00:21:24.349 --> 00:21:26.334
<v Speaker 2>Second thing you want to look at is your cost.

00:21:26.334 --> 00:21:29.317
<v Speaker 2>If you're selling a product, you've got to look at the product cost and you want to be making percentage markup.

00:21:29.317 --> 00:21:31.585
<v Speaker 2>Now, every business has different percentages.

00:21:32.055 --> 00:21:32.836
<v Speaker 2>My restaurant.

00:21:32.836 --> 00:21:35.964
<v Speaker 2>We know that rent should be 8% of the business.

00:21:35.964 --> 00:21:36.606
<v Speaker 2>How do we know that.

00:21:36.606 --> 00:21:42.326
<v Speaker 2>Well, you go online and you research what cost should a restaurant have for food costs?

00:21:42.326 --> 00:21:45.664
<v Speaker 2>Well, it should have between 20 and 25% food costs.

00:21:45.664 --> 00:21:48.823
<v Speaker 2>It should have between 20 and 30% staffing costs.

00:21:48.823 --> 00:21:49.223
<v Speaker 2>It should do.

00:21:49.223 --> 00:21:49.925
<v Speaker 2>You know what I mean.

00:21:49.925 --> 00:21:57.944
<v Speaker 2>Like all of that stuff's on the internet, you can do your research and find those sorts of things, but as a philosophy you want to be.

00:21:57.944 --> 00:22:00.773
<v Speaker 2>Business is about profit, not revenue.

00:22:00.773 --> 00:22:04.546
<v Speaker 2>Okay, so you want to have a higher price so you can have more profit.

00:22:06.136 --> 00:22:07.742
<v Speaker 1>You mentioned the SWOT analysis.

00:22:07.742 --> 00:22:08.900
<v Speaker 1>What exactly is it?

00:22:10.296 --> 00:22:12.983
<v Speaker 2>So first of all, you're looking at your strengths.

00:22:12.983 --> 00:22:16.075
<v Speaker 2>Okay, what are your strengths out there in the marketplace?

00:22:16.075 --> 00:22:18.865
<v Speaker 2>So you got to know what am I good at that sort of thing?

00:22:18.865 --> 00:22:20.263
<v Speaker 2>Where do I fit in the best Weaknesses?

00:22:20.263 --> 00:22:21.068
<v Speaker 2>What am I good at that sort of thing?

00:22:21.068 --> 00:22:23.137
<v Speaker 2>Where do I fit in the best Weaknesses, what am I not good at?

00:22:23.137 --> 00:22:27.757
<v Speaker 2>And you got to be real honest about that in any business, otherwise you will not succeed.

00:22:27.757 --> 00:22:31.286
<v Speaker 2>Opportunities where do I have the biggest opportunity for growth?

00:22:31.286 --> 00:22:34.119
<v Speaker 2>And threats what are the threats to the business?

00:22:34.119 --> 00:22:41.128
<v Speaker 2>Now, a part of that is examining you, but a big part of that is examining the marketplace as well.

00:22:41.249 --> 00:22:47.896
<v Speaker 1>So it's external and internal when it comes to setting up the actual operational part of the business.

00:22:47.896 --> 00:22:54.761
<v Speaker 1>What should I keep in mind when establishing a physical or an online presence for my business?

00:22:55.023 --> 00:22:56.609
<v Speaker 2>number one keep your costs low.

00:22:56.609 --> 00:23:00.180
<v Speaker 2>You do not need a brand new desk with the most fancy stuff.

00:23:00.180 --> 00:23:07.084
<v Speaker 2>You need to go to an auction house or go to Amazon Marketplace what's it called Facebook Marketplace and buy a cheap, shitty desk.

00:23:07.084 --> 00:23:15.407
<v Speaker 2>Okay, do not high cost stuff, do not lease things or put yourself on repeat payments for stuff.

00:23:15.407 --> 00:23:21.195
<v Speaker 2>Okay, other than like you got to have a website, so you're going to have an annual payment for that you got to have.

00:23:21.195 --> 00:23:23.281
<v Speaker 2>You got to have a website, so you're going to have a annual payment for that.

00:23:23.281 --> 00:23:24.124
<v Speaker 2>You got to have, you got to have.

00:23:24.124 --> 00:23:28.737
<v Speaker 2>But you want to scrimp and save in as many spots as you possibly can when you start the operation.

00:23:28.737 --> 00:23:36.681
<v Speaker 2>Okay, use shared space if you can use whatever you can to cut your costs in the beginning, because that makes a massive difference.

00:23:37.142 --> 00:23:50.769
<v Speaker 2>What kills a lot of companies is that they have fixed costs and those things recur every month and they'll have one down month and it'll kill them, you know, or two down months in a row and it'll kill them, type thing.

00:23:50.769 --> 00:24:13.340
<v Speaker 2>So that's an important part of it as fast as you can your customers and work as hard as you can and have one person doing three people's jobs, if you can and just push it from every single thing, but deliver exceptional quality to the customers you have.

00:24:13.340 --> 00:24:23.075
<v Speaker 2>I see too many startup businesses take on too many customers and deliver very average results and therefore they lose their business.

00:24:23.075 --> 00:24:35.428
<v Speaker 2>You're better off to take on two customers, deliver amazing and then get more customers and deliver amazing, than you are to take on 10, deliver average and then lose all 10.

00:24:35.428 --> 00:24:42.054
<v Speaker 2>Repeat business is where there's profit, so deliver amazing, keep your customers then.

00:24:42.054 --> 00:24:43.237
<v Speaker 2>That way you get a great result.

00:24:43.917 --> 00:24:47.688
<v Speaker 1>When it comes to websites, do I figure that on my own?

00:24:49.010 --> 00:24:51.676
<v Speaker 2>Only if you're a website specialist.

00:24:51.676 --> 00:24:54.541
<v Speaker 2>If you're not, I pay.

00:24:54.541 --> 00:24:57.888
<v Speaker 2>I mean, I'm number one business coach in the world.

00:24:57.888 --> 00:25:02.655
<v Speaker 2>I've written books on marketing raise your hand marketing my latest book, all that stuff.

00:25:02.655 --> 00:25:05.704
<v Speaker 2>We still pay consultants every month.

00:25:05.704 --> 00:25:10.897
<v Speaker 2>I pay YouTube consultants, I pay Instagram consultants, I pay SEO consultants.

00:25:12.941 --> 00:25:24.779
<v Speaker 2>You know it all comes back to your budget, though in reality, you know, if you have no money, you're're gonna have to build your own website and you're gonna be in wordpress and you're gonna be learning it.

00:25:24.819 --> 00:25:37.040
<v Speaker 2>But here's the thing, right, you're gonna spend two years learning wordpress, doing it at night, and you're gonna go out and you're gonna ask someone a quote and and see, this is the thing.

00:25:37.040 --> 00:25:50.482
<v Speaker 2>People don't even ask for a bid, ask for a price for it, and and they find out that someone else would have done the whole dang thing for them for 1200 bucks and they sit there and go well, why did I not find someone else?

00:25:50.482 --> 00:25:58.121
<v Speaker 2>You know, most of the time I use a term called leverage right, which is do the work once, get paid forever.

00:25:58.121 --> 00:26:08.406
<v Speaker 2>But the flip side to that is get someone else to do the work and and work out a feasible economic situation where you both win.

00:26:08.406 --> 00:26:20.303
<v Speaker 2>I would rather have someone who is an expert at something do it than do it myself brad, what if I don't have the money to invest in someone who builds my website?

00:26:20.804 --> 00:26:25.170
<v Speaker 2>Yeah, well, the first thing is to make sure that your website is relevant.

00:26:25.170 --> 00:26:29.634
<v Speaker 2>Okay, and relevant means content, it means great articles.

00:26:29.634 --> 00:26:37.645
<v Speaker 2>It means video, it means infographics, it means answering people's questions that they have.

00:26:37.645 --> 00:26:40.343
<v Speaker 2>I wrote Raise your Hand Marketing.

00:26:40.343 --> 00:26:43.325
<v Speaker 2>Marcus Sheridan wrote they Ask you Answer.

00:26:43.934 --> 00:26:58.842
<v Speaker 2>These are a great starting point, but if your website is strong meaning you have enough stuff and brand story by Donald Miller if your website is strong to start with, what will get you the traffic is creating blog posts.

00:26:58.842 --> 00:27:16.344
<v Speaker 2>Basically, what will get you the traffic is see, the idea of your social media is to get people to your website, to get people on your database, to nurture those people, because you've got about 8% of the market when they start looking for a product are ready to buy.

00:27:16.344 --> 00:27:23.960
<v Speaker 2>So you've got to consider that that means 80 to 90% of the market when they contact you are not ready to buy.

00:27:23.960 --> 00:27:25.702
<v Speaker 2>They need nurturing.

00:27:25.702 --> 00:27:29.569
<v Speaker 2>So you need consistent new videos, new articles, all that stuff.

00:27:29.569 --> 00:27:49.974
<v Speaker 2>People create videos that then we turn into blog articles and emails and memes and all of that sort of stuff, so that there's new content every week and I think that's what makes a great website.

00:27:49.974 --> 00:27:50.856
<v Speaker 2>Today.

00:27:50.856 --> 00:27:57.489
<v Speaker 2>Google loves YouTube, loves social media, loves new, regular content.

00:27:58.476 --> 00:28:01.522
<v Speaker 1>So that brings us more into the marketing side of business.

00:28:01.522 --> 00:28:07.903
<v Speaker 1>I'd love to take a look at how I can generate leads if I do not have enough.

00:28:07.903 --> 00:28:09.826
<v Speaker 1>Okay, Marketing.

00:28:09.866 --> 00:28:12.619
<v Speaker 2>You got to break it into short, medium and long-term strategies.

00:28:12.740 --> 00:28:14.986
<v Speaker 2>Short-term strategies are more sales oriented.

00:28:14.986 --> 00:28:23.997
<v Speaker 2>They're more hunting oriented getting out and networking, knocking on doors, making phone calls, doing those things and you must in the beginning.

00:28:23.997 --> 00:28:36.198
<v Speaker 2>About 80% of your marketing in the beginning should be short-term strategies, should be immediate strategies, where you're just hunting and you know that only 8% are going to be ready to buy right now.

00:28:36.198 --> 00:28:49.044
<v Speaker 2>So you got to call 10 people to get one that is potentially ready to buy, or 100 to get eight that are potentially ready to buy right now, and then you got to talk to them and convert them, type thing.

00:28:49.044 --> 00:28:53.846
<v Speaker 2>So you got to again make up in numbers what you lack in experience and skill.

00:28:53.846 --> 00:29:02.464
<v Speaker 2>Then your medium term strategies, where you're starting to build some results and you got to invest money in medium-term strategies.

00:29:02.464 --> 00:29:08.320
<v Speaker 2>But what you're going to do there is start testing in the beginning, not putting a lot of money.

00:29:08.320 --> 00:29:15.026
<v Speaker 2>Like, if you've got a $10,000 marketing budget, the dumbest thing to do is put all $10,000 into one thing.

00:29:15.026 --> 00:29:26.375
<v Speaker 2>You want to put $20 on this and $20 on that and $20 over here, and so your Google or your Facebook or your YouTube ads or your Insta ads whatever you're doing?

00:29:26.375 --> 00:29:30.287
<v Speaker 2>You're doing tiny little things to see what works.

00:29:30.287 --> 00:29:38.942
<v Speaker 2>Now, if I look at breaking down an ad an ad you'll break it down into six different stages of testing on Facebook.

00:29:38.942 --> 00:29:40.981
<v Speaker 2>First is just the message.

00:29:40.981 --> 00:29:44.099
<v Speaker 2>Different stages of testing on Facebook First is just the message.

00:29:44.140 --> 00:29:54.366
<v Speaker 2>So you'll create a dozen messages and you need to do nothing more than put it on a blank background, like a blue background or any color background, and just put the words and that's it and have people click.

00:29:54.366 --> 00:30:00.549
<v Speaker 2>And once you've done that, you find that out of your 12 messages, probably only two of them get any response.

00:30:00.549 --> 00:30:08.730
<v Speaker 2>About 80% of marketing fails right, which means you got to test, and so you got to do it very small.

00:30:08.730 --> 00:30:15.906
<v Speaker 2>And so if I've tested 12 things and put $20 behind each one of them, $240 in I got two messages that work.

00:30:15.906 --> 00:30:26.825
<v Speaker 2>Then I want to take that message and refine that message and break it down into 12 again, but each one of them I get six different versions of that again blank background.

00:30:26.825 --> 00:30:33.586
<v Speaker 2>Then I want to add a cut a picture to it and then I want to test a dozen pictures with my message that's winning.

00:30:33.586 --> 00:30:43.137
<v Speaker 2>And then I want to test, and then I want to test and then I want to test and so you go through six or five phases of testing and then one phase of testing and pressure testing.

00:30:43.178 --> 00:30:47.428
<v Speaker 2>It's scaling it and seeing if it works, and you don't scale more than 10 times.

00:30:47.428 --> 00:30:52.366
<v Speaker 2>So if I had $10 on it, I don't go to more than $100 on it for the next phase type thing.

00:30:52.366 --> 00:31:03.857
<v Speaker 2>So there's a lot of science behind great marketing, but it starts with knowing who your customer is, knowing what your product or service is and going after them.

00:31:03.857 --> 00:31:08.461
<v Speaker 2>But then your long-term strategies are the relationship building strategies.

00:31:08.461 --> 00:31:11.864
<v Speaker 2>So short-term is really the direct strategies.

00:31:11.864 --> 00:31:12.845
<v Speaker 2>We start there.

00:31:12.845 --> 00:31:27.307
<v Speaker 2>Mid-term is more your relationship strategies where we can get those longer-term strategic partnerships and people that bring you business forever and a day.

00:31:28.296 --> 00:31:31.345
<v Speaker 1>How do I capture my leads and how do I nurture them?

00:31:32.654 --> 00:31:33.116
<v Speaker 2>Capturing.

00:31:33.116 --> 00:31:34.983
<v Speaker 2>Read my book Raise your Hand Marketing.

00:31:34.983 --> 00:31:37.815
<v Speaker 2>You know you've got to get them to raise their hand, to capture them.

00:31:37.815 --> 00:31:40.433
<v Speaker 2>They're called an MQL, a marketing qualified lead.

00:31:40.433 --> 00:31:50.540
<v Speaker 2>They've said, hey, I want to download your ebook or I want to get your brochure, or I want to download your podcast or I want to join your newsletter.

00:31:50.540 --> 00:31:53.248
<v Speaker 2>You've got to give them something to raise their hand.

00:31:53.248 --> 00:31:58.044
<v Speaker 2>Most websites ask people to get married on the front page.

00:31:58.044 --> 00:32:08.195
<v Speaker 2>You really should be asking them to say, hey, join our newsletter or hey, download our ebook and give us your email or give us your phone number or book a phone call type thing.

00:32:08.797 --> 00:32:11.825
<v Speaker 2>So once you've got them, you then nurture them with newsletters.

00:32:11.825 --> 00:32:13.955
<v Speaker 2>But you start with a nurture sequence.

00:32:13.955 --> 00:32:19.263
<v Speaker 2>Now, what a nurture sequence is is like season one of a TV show.

00:32:19.263 --> 00:32:23.750
<v Speaker 2>So my newsletter is season five, episode three.

00:32:23.750 --> 00:32:27.280
<v Speaker 2>You know I've been writing my newsletter every month and I get you there.

00:32:27.280 --> 00:32:29.261
<v Speaker 2>What my nurture sequence does?

00:32:29.261 --> 00:32:34.663
<v Speaker 2>It takes you back to season one, episode one, and says, okay, here's where we start.

00:32:34.663 --> 00:32:43.436
<v Speaker 2>This is, here are the characters, here's what we sell, here's what we do, and you get a brand new prospect to know your company.

00:32:43.436 --> 00:32:46.707
<v Speaker 2>Okay, you've heard the statement know, like and trust.

00:32:46.707 --> 00:32:50.237
<v Speaker 2>Well, this nurture sequence is that know, like and trust.

00:32:50.237 --> 00:33:00.425
<v Speaker 2>Get them to know who we are, what we do, get them to like us okay, and then get them to trust us so that we are actually a uh, a part of who they would go to See.

00:33:00.946 --> 00:33:02.609
<v Speaker 2>Sales is about helping.

00:33:02.609 --> 00:33:05.564
<v Speaker 2>People shouldn't come to you to be sold stuff.

00:33:05.564 --> 00:33:10.365
<v Speaker 2>They should come to you for help and if you help them, naturally they buy.

00:33:10.365 --> 00:33:13.041
<v Speaker 2>It's pretty simple like that.

00:33:13.041 --> 00:33:16.840
<v Speaker 2>So that's what we're aiming to do to get them to raise their hand.

00:33:16.840 --> 00:33:27.125
<v Speaker 2>And then, once we've got them, we're nurturing them to turn them into an SQL, a sales qualified lead Meaning we want them, got them, we're nurturing them to turn them into an SQL, a sales qualified lead Meaning we want them to say so they raise their hand to say I'm interested.

00:33:27.125 --> 00:33:30.038
<v Speaker 2>Now you got to get them to raise their hand to say I'm ready.

00:33:30.701 --> 00:33:33.366
<v Speaker 2>So interested and ready are two different things.

00:33:33.366 --> 00:33:37.722
<v Speaker 2>Interested means at some stage I think I might want to buy from you.

00:33:37.722 --> 00:33:40.355
<v Speaker 2>Ready means can we have a phone call?

00:33:40.355 --> 00:33:44.380
<v Speaker 2>So to get them ready, you've got to ask them to attend a webinar.

00:33:44.380 --> 00:33:46.465
<v Speaker 2>But you could use that webinar to get them to raise their hand.

00:33:46.465 --> 00:33:48.683
<v Speaker 2>But usually, if they're ready to buy.

00:33:48.683 --> 00:33:51.415
<v Speaker 2>You have a different style of webinar or a different style of thing.

00:33:51.415 --> 00:33:54.228
<v Speaker 2>Or book a phone call or make a phone call.

00:33:54.228 --> 00:33:56.935
<v Speaker 2>You know people over a certain age will make a phone call.

00:33:56.935 --> 00:33:59.460
<v Speaker 2>People in the mid range will book the phone call.

00:33:59.460 --> 00:34:05.827
<v Speaker 2>People of the younger age will text a message or DM or do something of that nature to say I'm ready to buy.

00:34:07.130 --> 00:34:09.697
<v Speaker 1>So how did I know that my marketing is working?

00:34:10.739 --> 00:34:11.442
<v Speaker 2>You're making money.

00:34:11.442 --> 00:34:15.775
<v Speaker 2>Simple Marketing that makes money is good marketing.

00:34:15.775 --> 00:34:18.438
<v Speaker 2>Marketing that doesn't make money is bad marketing.

00:34:18.438 --> 00:34:23.706
<v Speaker 2>You've got to measure every single aspect of your marketing and know what return.

00:34:23.706 --> 00:34:26.088
<v Speaker 2>What's my cost per MQL?

00:34:26.088 --> 00:34:29.097
<v Speaker 2>Okay, how much does it cost me to get someone to raise their hand?

00:34:29.097 --> 00:34:31.083
<v Speaker 2>What's my cost per SQL?

00:34:31.083 --> 00:34:32.286
<v Speaker 2>What's my cost per lead?

00:34:32.286 --> 00:34:35.983
<v Speaker 2>That is what's it cost me to do that and what's my cost per sale.

00:34:35.983 --> 00:34:39.076
<v Speaker 2>And then I got to look at what's my repeat cost per sale.

00:34:39.076 --> 00:34:43.724
<v Speaker 2>So you've got to know your numbers on everything marketing, because marketing is math.

00:34:43.724 --> 00:34:47.579
<v Speaker 2>If the math works, it's good marketing, if the math doesn't work, bad marketing.

00:34:48.643 --> 00:34:57.951
<v Speaker 1>So in your recent episode, on your recent podcast episode with Ryan Dice, you mentioned that marketing is changing.

00:34:57.969 --> 00:34:58.833
<v Speaker 3>In what way, is it changing?

00:34:58.873 --> 00:34:59.514
<v Speaker 1>Marketing is changing.

00:34:59.514 --> 00:35:01.135
<v Speaker 1>In what way is it?

00:35:01.155 --> 00:35:01.757
<v Speaker 2>changing.

00:35:01.757 --> 00:35:08.389
<v Speaker 2>Well, technology allowed us to scale marketing much faster than we'd ever done before.

00:35:08.389 --> 00:35:23.496
<v Speaker 2>So originally when I started marketing and I'm 50, odd, so when I started marketing it was all about the message and the medium sort of thing, and so we had to get the message right, because you couldn't get it to too many people.

00:35:23.496 --> 00:35:28.005
<v Speaker 2>It was direct mail or it was a radio ad or that sort of thing.

00:35:28.005 --> 00:35:37.097
<v Speaker 2>Now, with the internet, what it allowed us to do and things like click funnels and websites and stuff, it allowed you to go massive.

00:35:37.097 --> 00:35:40.025
<v Speaker 2>So that technology allowed you to scale.

00:35:40.025 --> 00:35:44.797
<v Speaker 2>Now what ai has done is said that we'll take over the scaling part.

00:35:44.797 --> 00:35:52.418
<v Speaker 2>So you go to meta ads right now and facebook and insta they will, through their ai, scale your ads for you.

00:35:52.418 --> 00:35:54.083
<v Speaker 2>Why do they want you to scale your ads?

00:35:54.083 --> 00:35:55.365
<v Speaker 2>Because they make more money.

00:35:55.365 --> 00:36:05.380
<v Speaker 2>If they make your ads make more money for you, meta gets paid a ton more because they're running a thousand ads for you, not 10 ads for you, type thing.

00:36:05.380 --> 00:36:08.608
<v Speaker 2>So they want you to spend more money advertising.

00:36:08.608 --> 00:36:18.583
<v Speaker 2>So they're putting all of their resources Google is, youtube is into getting great results, and so they will scale it for you through AI and technology.

00:36:18.583 --> 00:36:24.219
<v Speaker 2>So what that means is now we got to get better at the message, better at the offers.

00:36:24.219 --> 00:36:28.608
<v Speaker 2>And that goes back to the original marketing stuff of target offer copy.

00:36:28.608 --> 00:36:34.688
<v Speaker 2>Now the target, ai and platforms and technology are hitting your target perfectly for you.

00:36:34.688 --> 00:36:39.306
<v Speaker 2>They're watching your target and getting it better and better and better every single day.

00:36:39.974 --> 00:36:43.085
<v Speaker 2>The offer you've got to get the offer right.

00:36:43.085 --> 00:36:45.443
<v Speaker 2>You know you've got to test many different offers.

00:36:45.443 --> 00:36:48.063
<v Speaker 2>Am I better to do an e-book or a webinar?

00:36:48.063 --> 00:36:52.567
<v Speaker 2>Is the e-book subject of X better than the e-book subject of Y?

00:36:52.567 --> 00:36:55.275
<v Speaker 2>Like for me, I do one on how to be a great leader.

00:36:55.275 --> 00:37:01.775
<v Speaker 2>It performs much better than how to get better systems in your business, you know.

00:37:01.775 --> 00:37:03.302
<v Speaker 2>So you've got to get your offer right.

00:37:03.302 --> 00:37:12.246
<v Speaker 2>And then you got to get the actual wording right, the languaging, the copy, the actual words in the headline, the actual photograph that you use.

00:37:12.246 --> 00:37:14.735
<v Speaker 2>You got to test all of those tiny little things.

00:37:14.735 --> 00:37:20.088
<v Speaker 2>So AI and technology is allowing us to scale our marketing automatically.

00:37:20.088 --> 00:37:24.846
<v Speaker 2>See, 10 years ago you mentioned Ryan on the podcast.

00:37:24.846 --> 00:37:35.065
<v Speaker 2>Right when Ryan started Digital Marketer and the Traffic and Conversion Summit, he was the best guy in the world at Facebook ads Him.

00:37:35.065 --> 00:37:36.186
<v Speaker 2>He was great at it.

00:37:36.186 --> 00:37:39.105
<v Speaker 2>Now Facebook is the best guy in the world at Facebook ads.

00:37:39.105 --> 00:37:43.637
<v Speaker 2>Their technology and AI platforms can beat any human being out there.

00:37:44.300 --> 00:37:48.027
<v Speaker 1>I'm really good at generating leads, but I'm not converting any.

00:37:48.027 --> 00:37:51.463
<v Speaker 1>Am I having a problem with marketing or sales?

00:37:51.744 --> 00:37:52.065
<v Speaker 2>Both.

00:37:52.065 --> 00:37:56.016
<v Speaker 2>So marketing has to get a prospect ready to buy.

00:37:56.016 --> 00:37:59.001
<v Speaker 2>So let's look at again some stats.

00:37:59.001 --> 00:38:03.327
<v Speaker 2>A consumer well, it's five things actually.

00:38:03.327 --> 00:38:04.349
<v Speaker 2>Let's focus on Number one.

00:38:04.349 --> 00:38:11.036
<v Speaker 2>40% of consumers today we're in 2024, just over 40% don't want to deal with a human to make a purchase.

00:38:11.036 --> 00:38:19.898
<v Speaker 2>So Amazon's trained them, shopify has trained them how easy it is to make a purchase without talking to a human.

00:38:19.898 --> 00:38:23.603
<v Speaker 2>So if you make me talk to a human, you may lose me in certain areas.

00:38:23.603 --> 00:38:26.449
<v Speaker 2>You got to make it easy enough for me to buy online, okay.

00:38:26.449 --> 00:38:36.666
<v Speaker 2>Second thing is people want to be about 80% prepared between 70 and 80% prepared before they talk to a salesperson Okay.

00:38:36.686 --> 00:38:39.737
<v Speaker 2>When I was a kid to buy my car, my dad took me to all of the car dealerships.

00:38:39.737 --> 00:38:46.213
<v Speaker 2>We drove around all day for two straight days looking at every damn car, picking up brochures, and then go home and study it.

00:38:46.213 --> 00:38:48.159
<v Speaker 2>Today you just get online.

00:38:48.159 --> 00:38:53.456
<v Speaker 2>You do all that research in a few hours from your couch while you're watching tv on your phone.

00:38:53.456 --> 00:39:02.684
<v Speaker 2>You know we're a two and three screen society at this point in in our world, so your website has to give me enough information.

00:39:02.684 --> 00:39:04.317
<v Speaker 2>Google, the third statistic.

00:39:04.317 --> 00:39:22.065
<v Speaker 2>Google came out with the z mart to zero moment of influence, which said, on average, people need seven hours of uh research in 11 different places, and and they want four connections to sorry, 11 connections and four different areas to make it.

00:39:22.065 --> 00:39:25.643
<v Speaker 2>So you've got to give me seven hours of material to watch.

00:39:25.643 --> 00:39:40.900
<v Speaker 2>Now, if I can't get it from your site, I'm going to get it from other people's site, and the site that gives me the most help, the most knowledge, the most education around how to buy is probably the site I'm going to trust the most and therefore call their people.

00:39:40.900 --> 00:39:44.288
<v Speaker 2>You know, hubspot gives us great research.

00:39:44.407 --> 00:39:53.963
<v Speaker 2>There's a fourth one they say that unless a person has watched or viewed about 30 pages of your website, there's a low chance of conversion.

00:39:53.963 --> 00:40:00.088
<v Speaker 2>Once they've hit 30 pages plus of your website, there's a high chance of conversion.

00:40:00.088 --> 00:40:19.847
<v Speaker 2>So having e-books for them to read, webinars for them to watch, videos for them to watch and consume on your YouTube channel, on your site, in your blog, on your Pinterest, on all the different things, that builds credibility and therefore customer testimonials are vital to doing all of that sort of stuff.

00:40:19.847 --> 00:40:30.141
<v Speaker 2>Now they need multiple interactions, so they're going to want an email back, you know so, or a DM back If they message you on Insta, message them back on Insta.

00:40:30.141 --> 00:40:33.181
<v Speaker 2>You know, do it that way and keep in touch.

00:40:33.864 --> 00:40:53.431
<v Speaker 2>Um, and then the fifth and final one is that where the uh At Wharton University one of the professors there just came out showing us that one hour on face-to-face like in a meeting, having lunch in a human-to-human connection, is worth five hours of virtual time.

00:40:53.431 --> 00:41:02.509
<v Speaker 2>So you've got to mix in there the capability to have human-to-human connection for those that want that, because it speeds up the process.

00:41:02.509 --> 00:41:09.661
<v Speaker 2>I love doing webinars for sales because it speeds up the sales process.

00:41:09.661 --> 00:41:20.146
<v Speaker 2>In a 90-minute webinar, I can take someone who has a brand new MQL and turn them into an SQL in 90 minutes, whereas they might need seven hours if they were to do it on their own.

00:41:21.717 --> 00:41:28.945
<v Speaker 1>So, once I've created a great strategy around marketing and sales, is that when I look at expanding my team?

00:41:29.554 --> 00:41:34.757
<v Speaker 2>Yeah, I mean, look, once you've got customers coming on and you're getting too many customers, you look to expand your teams.

00:41:34.757 --> 00:41:38.628
<v Speaker 2>Expand from the bottom first, meaning hire an assistant first.

00:41:38.628 --> 00:41:39.998
<v Speaker 2>Don't go and hire a manager.

00:41:39.998 --> 00:41:47.115
<v Speaker 2>H know, hire from the bottom up of your hopefully.

00:41:47.115 --> 00:41:49.487
<v Speaker 2>In your business plan you did an old chart and they'll say, oh, you should do it reverse and all that.

00:41:49.507 --> 00:41:53.264
<v Speaker 2>It doesn't matter how your own chart looks, whether it's a circle or a pyramid or whatever the heck, it really doesn't matter.

00:41:53.264 --> 00:41:59.626
<v Speaker 2>What matters is you've thought through the type of employees you're going to need at some point to grow your business.

00:41:59.626 --> 00:42:05.460
<v Speaker 2>Right, you generally need to hire them 90 days before you need them.

00:42:05.460 --> 00:42:13.425
<v Speaker 2>Effective Rule of thumb when you're first starting out if you can afford half their wage, they'll make you the other half, but it's going to take them 30 to 90 days to do that.

00:42:13.425 --> 00:42:16.085
<v Speaker 2>Okay, depending on what type of position.

00:42:16.085 --> 00:42:25.797
<v Speaker 2>Like when you hire a personal assistant, they free you up from 80% of the dumb stuff you're doing and allow you to focus on the 20% that makes the money.

00:42:25.797 --> 00:42:33.282
<v Speaker 2>Type thing and that's one of the keys to success in life is what are the 20% of things that you, and only you, should be doing.

00:42:33.282 --> 00:42:35.188
<v Speaker 2>Hire other people to do the 80%.

00:42:35.735 --> 00:42:44.036
<v Speaker 1>When it comes to hiring and just having a business in general, what would you say are some of the common risks associated with starting a business?

00:42:44.536 --> 00:42:48.206
<v Speaker 2>The risk is that you're not willing to learn and therefore your business will fail.

00:42:48.206 --> 00:42:54.538
<v Speaker 2>What you thought the menu would be on your restaurant on day one is not what the menu will be by year one.

00:42:54.538 --> 00:42:57.364
<v Speaker 2>What you thought you're going to sell on day one.

00:42:57.364 --> 00:43:00.541
<v Speaker 2>By end of year one you're going to be selling something different.

00:43:00.541 --> 00:43:01.885
<v Speaker 2>You got to listen to the market.

00:43:01.885 --> 00:43:07.097
<v Speaker 2>You got to read.

00:43:07.097 --> 00:43:07.438
<v Speaker 2>You got to study.

00:43:07.438 --> 00:43:07.780
<v Speaker 2>You got to learn.

00:43:07.780 --> 00:43:09.487
<v Speaker 2>You got to listen to your customers when they say, hey, do you do this?

00:43:09.487 --> 00:43:10.311
<v Speaker 2>And you go, oh no, we don't do that.

00:43:10.311 --> 00:43:11.135
<v Speaker 2>Hey, do you do this?

00:43:11.135 --> 00:43:13.481
<v Speaker 2>You know when 10 of them ask, hey, do you do this?

00:43:13.481 --> 00:43:14.784
<v Speaker 2>Guess what you should start doing that.

00:43:14.784 --> 00:43:18.947
<v Speaker 2>You know there's risks inherent in everything.

00:43:18.947 --> 00:43:22.849
<v Speaker 2>There's more risk in having a job than there is in having your own business.

00:43:22.849 --> 00:43:25.289
<v Speaker 2>In your own business, you got a hundred people paying you money.

00:43:25.289 --> 00:43:27.090
<v Speaker 2>In a job, you got one person.

00:43:27.090 --> 00:43:28.311
<v Speaker 2>You lose that one person.

00:43:28.311 --> 00:43:29.932
<v Speaker 2>You're out of all, a hundred percent of your money.

00:43:29.932 --> 00:43:32.938
<v Speaker 2>You lose one person out of your hundred customers.

00:43:32.938 --> 00:43:34.822
<v Speaker 2>You still got 99% of your money.

00:43:36.085 --> 00:43:38.068
<v Speaker 1>How can I overcome that fear?

00:43:39.474 --> 00:43:39.856
<v Speaker 2>Knowledge.

00:43:39.856 --> 00:43:47.521
<v Speaker 2>Okay, fear is just lack of knowledge, lack of planning, lack of doing your research, lack of knowing what you're doing, type thing.

00:43:47.521 --> 00:43:51.177
<v Speaker 2>You know it's scary to jump out of an airplane.

00:43:51.177 --> 00:43:54.985
<v Speaker 2>And it's more scary if I told you you had to pack your own parachute.

00:43:54.985 --> 00:43:57.159
<v Speaker 2>You know, because you have no idea what you're doing.

00:43:57.159 --> 00:44:00.817
<v Speaker 2>It's more scary to jump out of an airplane if you don't have a lesson.

00:44:00.817 --> 00:44:08.166
<v Speaker 2>Once you take a few lessons, it's less scary type thing, and so it's, you know, shameless plug.

00:44:08.166 --> 00:44:14.780
<v Speaker 2>Do my programs, Read my books, join my podcast, read my blogs.

00:44:14.780 --> 00:44:22.068
<v Speaker 2>I give so much for free that someone should be studying as much as they can for free.

00:44:22.068 --> 00:44:30.496
<v Speaker 2>And then, yeah, yeah, buy the books at 20 bucks or something on amazon and read those where could I find a mentor who could help me right here?

00:44:32.840 --> 00:44:35.364
<v Speaker 2>uh, alive in your own world.

00:44:35.364 --> 00:44:37.467
<v Speaker 2>Uh, there's millions of them.

00:44:37.467 --> 00:44:38.690
<v Speaker 2>You just got to ask people.

00:44:38.690 --> 00:44:46.244
<v Speaker 2>You just got to ask someone if they'll help you out and what you got to do is just say to them hey, listen, I'm looking for a mentor to start my own business.

00:44:46.244 --> 00:44:50.242
<v Speaker 2>Is it okay if I call you once a month and just ask you a few questions?

00:44:50.242 --> 00:44:53.268
<v Speaker 2>You've got to make it specific.

00:44:53.387 --> 00:44:56.603
<v Speaker 2>If you want to ask for something in life, make it specific.

00:44:56.603 --> 00:44:58.708
<v Speaker 2>Don, would you be my mentor Now?

00:44:58.708 --> 00:45:03.556
<v Speaker 2>Would you mind if I called you once a month for a half an hour and asked you five questions?

00:45:03.556 --> 00:45:08.246
<v Speaker 2>Okay, and don't do the well, you know I'll buy you a coffee.

00:45:08.246 --> 00:45:09.835
<v Speaker 2>Listen, I can buy my own coffee.

00:45:09.835 --> 00:45:13.405
<v Speaker 2>Dude, I don't need you to buy me a coffee to be your mentor.

00:45:13.405 --> 00:45:14.045
<v Speaker 2>I need you.

00:45:14.045 --> 00:45:16.797
<v Speaker 2>I need to believe in you and you're probably going to.

00:45:16.797 --> 00:45:20.822
<v Speaker 2>If it's someone worthwhile, you're probably going to have to ask them five or 10 times.

00:45:20.822 --> 00:45:23.085
<v Speaker 2>I get a lot of people ask me to be their mentor.

00:45:23.085 --> 00:45:26.690
<v Speaker 2>I go no and they never come back.

00:45:26.690 --> 00:45:29.297
<v Speaker 2>It's like you obviously didn't want me to be your mentor.

00:45:29.297 --> 00:45:39.315
<v Speaker 2>If you're not willing to ask me five or 10 times, then obviously you're not actually wanting a mentor, or wanting me specifically to be your mentor, but books are mentors too.

00:45:39.315 --> 00:45:42.599
<v Speaker 2>Podcasts, ebooks, everything they're all mentors.

00:45:44.159 --> 00:45:50.644
<v Speaker 1>What are three tips you would give me going from being an employee to owning my own company?

00:45:51.025 --> 00:45:52.086
<v Speaker 2>I mean we've covered up most of it.

00:45:52.086 --> 00:45:54.628
<v Speaker 2>Get a plan, get an investor.

00:45:54.628 --> 00:45:58.791
<v Speaker 2>And people like I don't want an investor, I want to own it a hundred percent myself.

00:45:58.791 --> 00:46:06.061
<v Speaker 2>Listen, you better have to have a small piece of a big pie than a big piece of a tiny pie.

00:46:06.061 --> 00:46:08.204
<v Speaker 2>Get a plan, get an investor, get going, Take action.

00:46:08.204 --> 00:46:10.929
<v Speaker 2>Don't sit and twiddle and worry.

00:46:10.929 --> 00:46:14.125
<v Speaker 2>There's no perfect time or perfect business.

00:46:14.125 --> 00:46:14.967
<v Speaker 2>There's just now.

00:46:14.967 --> 00:46:18.960
<v Speaker 2>If we all waited until there was a perfect time, no one would have started a business.

00:46:19.862 --> 00:46:23.416
<v Speaker 1>Thank you so much for your time, Brad Sure Appreciate it, Thanks.

00:46:23.476 --> 00:46:23.817
<v Speaker 2>Gona.

00:46:24.056 --> 00:46:26.623
<v Speaker 3>Thanks for tuning into the Young Success Podcast.

00:46:26.623 --> 00:46:29.177
<v Speaker 3>Big thanks to Gona for today's great conversation.

00:46:29.177 --> 00:46:32.606
<v Speaker 3>If you'd like to be the next guest interviewing Brad, click the link below.

00:46:32.606 --> 00:46:37.264
<v Speaker 3>Keep aiming high and we'll see you the next time on the Big Success Podcast.