From 0 to 10K: The Entrepreneur's Guide to Building Successful Businesses

I've built multiple 10 million dollar plus companies I don't know how to do anything I don't have any web

development skills I don't have video editing skills I don't have design skills I don't have any skills I can

write all right I can write books and I can speak but that's it I'm an organizing Force I'm the guy who just

organizes it what you're about to hear is a round two interview between me and the incredible Daniel Priestly now

Daniel is actually one of the most popular episodes that we have ever had of the podcast and the first episode

that we did which was around a year ago still continues to get thousands and thousands of views every single day in

this episode we talk specifically about how to go from 0 to 10K a month as an entrepreneur and then we talk a bit

about how to go from 10K to 100K a month and then we talk a little bit about how to go from 100K a month to a million

dollars a month as an entrepreneur 10 grand is not a lot to certain people if you've already got a half a million

pound business a half a million dollar business 10 Grands okay yeah we can do that and we're going to be talking about

a bunch of Frameworks that you can learn and apply to whatever stage of the business career you're at we're going to

talk about the four different types of products including the Eiffel Tower metaphor and throughout the episode we

Riff on a bunch of different business ideas and we apply the principles to these ideas kind of in real time so you

can see how they apply in a real world context anyone who can run a pub can run your business a pub has drunk people and

people like hooking up and having relationships a pub is like got razor thin margins you just do not need to be

running your business that's not what you're good at as a key person of influence you should be out there doing

the thing that only you can do oh by the way if you have a couple of minutes I would love it if you could possibly fill

in a little survey we are surveying the audience people who watch or listen to this podcast and trying to figure out

what are the things you Vibe with what are the things you don't who are the sorts of guests that you'd like to see

more of and what sort of topics should we continue covering on the Deep Life podcast so if you've got a couple of

minutes it would mean a lot there's a link in the video description or in the show notes would love it if you could

help us out and help us make the podcast better for you guys so yeah check it out Daniel welcome back to the podcast it's

good to be back this is sick like you are one of the high most viewed episodes of all time and if we sort of excluded

the people who are already like like super celebrities you are the most viewed episode of all time I'm totally

stoked about this this is incredible what do you think landed so much with people from the previous time you came

on on the podcast I think we just went through a journey and we hit a whole bunch of bases I'm hoping we can deliver

as much value today as well yeah um and also here's the other thing I think everyone's interested in becoming an

entrepreneur um the world has changed so much in the last 10 20 years and the rules that many

people grew up with have changed the schooling system is preparing people for a world that doesn't really exist for

you know as far as many people see there's a lot of people who are dissatisfied with the game of work

because it doesn't pay enough um and the conditions aren't good enough and it doesn't feel like it's giving you

enough freedom and flexibility and you know something that's going to be exciting and interesting and engaging

and a lot of people are turning to entrepreneurship and they want to know how to do it nice so we're going to be

talking about how to do it in this episode we're going to go over the entrepreneur Journey from zero to 10K a

month 10 to 100K a month and then 100K to 1 million a month no pressure and we'll split up the other podcast into

these three chunks and we'll try and just sort of Blitz through as many of the Frameworks and ways and the

philosophies and the ways of thinking about it as we can love it so that people can at least know what the

roadmap looks like and then they can fill in the gaps with specific implementation based on other reading

and other resources and things like that here's the thing I want to say up front um a lot of people think that

entrepreneurship is a really unpredictable Road they think that it's uh you know dangerous and risky and all

of those sorts of things I've got an analogy that I think is worth saying right up front

um so as you know I've got three little kids a four-year-old a five-year-old and an eight-year-old so we do lots and lots

of Lego so imagine you you start with this Lego box and you look at the front of the box

and on the front of the box is the picture of what it should look like at the end and then you tip the Legos on

the carpet it's a big mess and you go how do I get from that mess to that box and then there's a little set of

instructions that says do this then this then this and it breaks it down just step by step by step and then you don't

have to really think if you just simply do the steps very rapidly it starts looking like the front of the box now

entrepreneurship is actually very similar to that there are a series of steps and you go step by step by step by

step and then it starts looking like the front of the Box pretty quickly so that's what I want to cover today I want

to like basically try and demystify it a little bit I want to take all the kind of weird risky kind of misconceptions

out of Entrepreneurship okay but surely this is too good to be true I've heard that like you know entrepreneurship is

like you know 99 of startups fail or whatever that number is I know so many people who've bought a course on day

trading trying to make money online and like they're they've just failed and seems like the only people getting

ritual for this are the people selling the courses yeah so what's what's going on there okay so great great uh first

frame the first thing I'd say is entrepreneurship and trading are very very different right so trading is a

zero-sum game you're buying and selling equities or you're buying and selling a financial instrument and these are

zero-sum games there's winners and losers and there's nothing in between or there's brokers in between but you can't

value add you can't buy some shares or some currencies and value add those you have to basically trade those and try

and get in and get out at the right time the reality is because it's a winner and loser sport something like trading

um you are not going to beat the winners right so the people who are the best in

the world it would be as silly for for me to go into the NBA and say that I'm going to try and score a few points

against the professional basketballers I could try for 10 years I wouldn't score eight point not one

um because they're professionals they're they're built for it and they're like paid crazy amounts of money so that's

who you're up against when you're in the trading space so entrepreneurship is not trading that that is definitely not the

case um when we go into the world of Entrepreneurship you can value ad and

you can do all of those sorts of things why is it that um it's not uh more predictable for most

people well for starters entrepreneurship you're figuring out what the market

wants and most Market needs already met there's already businesses there's millions of businesses yeah so most

Market needs are already met um and people it's like yeah I already have a company that makes great um

cupcakes I don't need another Cupcake Company um so the thing is is that we're trying

to go through a process of discovery to find something that is an unmet need something that the marketplace wants but

doesn't actually have access to and that is hard right so it's not that it's easy but there are a series of steps that

allow you to de-risk it and to Dey mystify it and to not over commit not you know take yourself into a position

of of being throwing money at something that's not going to work okay that makes sense

um before we get into the I guess the entrepreneurial Journey um you know you've written a book called how to

raise entrepreneurial kids and you have some thoughts about the school system and kind of

how how we got here I wonder if you can just sort of Riff on that for a moment like why is entrepreneurship so alien to

the way that most of us were educated yeah so entrepreneurship feels very counter to The Way We Were educated

because the education system was created in the Industrial Age when they had to create something called component labor

component labor was creating um nicely machined parts that fit into somebody else's organization someone

else's machine if you think about the world prior to the digital Revolution you had local economies and you

basically graduated school and had to fit into a local economy so some kids were going to grow up and become local

police officers and some were going to become local doctors and nurses and some are going to become local teachers and

some are going to be butchers Bakers and Candlestick makers so all the things that were in that local environment and

you essentially had to graduate school and then fit into a business that was already up and running and established

in the local environment so the model for schooling was to create component labor people who fit nicely into other

people's businesses where we're at right now is very different so the world that we live in right now

is teams that are geographically spaced out um business opportunities that could be

incredibly narrow and Niche but a mile deep customer base that's all over the world

um and you can in that environment you can actually be very different you can be highly creative you can be Innovative

you can be um exclusive you can be specialized uh all of those sorts of things so it's a

very different environment in the digital age the next thing that I would say that's different is that when you're

an entrepreneur you're looking at a problem that exists and you're trying to come up with a solution that fits that

problem when you've come out of a school system you're developing a skill set and you're trying to find an employer that

needs those skills so nice slightly different yeah so when when we think about like

um a Porsche 911 Porsche 911 they don't say what are we good at and they go okay we're really

good at making the chassis of the car but we don't do tires and we don't do stereo systems so we're just going to

sell the thing that we're good at they say what does the customer want well the customer wants to be able to drive the

car straight off the dealership and feel great about their purchase and to do that they need tires and they need a

stereo system in the car so what Porsche does is they ask what does the customer actually want what's the experience

they're looking for and how do we bring together everything that's required for that to happen so they say okay let's

get Pirelli tires on there and let's get a Bose stereo system in there and let's get two and a half thousand suppliers

and let's pull them bring them all together so what businesses do is they find a solution to what the customer

wants what employees do and especially when you've come out of school is they have skills and they try and Market the

skills to an employer so these are slightly different they sound similar but they're they're quite different and

that's why entrepreneurship feels a little bit different when you move from employment into entrepreneurship nice

and how do you define entrepreneurship so entrepreneurship is a couple of things number one you are trying to do

something that commercially is successful you want to make money right so let's not beat around the bush

entrepreneur a big part of Entrepreneurship is you want to make money you're doing something for

commercial success it's it's not a charity um you're trying to make a profit the

next thing is you're taking a risk so entrepreneurship has an element of risk um and normally it's even it's a risk

for the entrepreneur you're in some way risking your time without a certain outcome or you're risking money or

you're risking someone else's money um you're you're doing all of those sorts of things

um and the next thing you're doing is you're organizing the resources beyond your own control right so you're

starting with limited resources and then you're expanding your sphere of influence over resources so when we

think about those three things if you weren't really taking a risk you'd just be a leader or an asset manager

um if you weren't trying to make money you might be a change maker you might be a

positive force in the world but you're not an entrepreneur right so it has to combine all of those elements and when

you say uh what was that thing you said sort of organizing resources so if you had all the resources right let's say

you're a trust fund kid you've got millions and millions of pounds already that your dollars that you're starting

with and you've got all these people and it's it's all there you're essentially you're a leader you're leading the money

or your asset managing an entrepreneur is normally someone who's accessing resources beyond their control so they

have to enroll other people to join their team they have to enroll investors to put money in they have to enroll

customers to buy something that isn't really proven so you're kind of influencing people outside of your

current sphere and how would you define entrepreneur versus solopreneur

you know a thing that's become popular recently on Twitter and like one person businesses and things like that yeah

so you're still commercial you're you're still taking a risk you're not really organizing a lot of human labor you're

not organizing um people outside of your control I'm not a big fan of solopreneur and the

reason for that is because if you're a quote-unquote solopreneur you're basically

if you go on holiday the whole business goes on holiday and you can imagine what it would be like if Microsoft said

everybody's on holiday this month we're all going away at the same time right Microsoft would shut down and it would

like the stock price would crash so if you're a solopreneur and everyone goes away all at once uh which is you

um then that's a very precarious position and the truth is you never really switch off as a solopreneur so

what you're trying to do is you're trying to like create something and sell something and deal with customers and

all this sort of stuff all on your own and the truth is as soon as it starts showing sign of working why wouldn't you

have a salesperson why wouldn't you have an assistant why wouldn't you have someone who's you know customer service

role why wouldn't you start bringing together a few people to make this thing actually a proper business and to also

specialize your own time on the most high value thing that you do I mean people famously say oh I don't want to

manage people well I think managing people is when you go past

in some cases six or seven people sometimes you can manage up to like 12 um but certainly once you go past 12 you

are into management teams and all that sort of stuff and it's it gets hairier and more complex let's just call it 10

people so under 10 people you normally find that you're a self-organizing team think about it like a dinner party

if you have six or seven people around for a dinner party it really does self-organize people just like get their

own drinks and they like bring things to the table and everything kind of works and it's kind of a flowing conversation

if you go over 10 11 12 people 13 people now it's kind of like you've you're organizing people and you really the

stress comes on and it's like guys it's time to sit down to the table over here now and who's got the drinks and who's

doing this have we got enough food so suddenly it's like a it's a much more complex production to bring that many

people together so there's something magical that happens which is a self-organizing little team certainly

three four five six seven eight people eight people you're definitely a self-organizing little team there's not

a lot of managing people um in in that okay nice cool so um apologies for taking us on a little bit

of attention down that route but I know that people you know are interested in the whole sort of situation

um so 0 to 10K a month that's like our first step of the process

um and so I wonder if you know this is something we tried on a previous podcast if we can sort of pretend to be coaching

me as a beginner to entrepreneurship I don't really know anything about entrepreneurship but I like the idea

sure I've maybe listened to you on Deep dive without and I'm like oh this down in Priestly guys knows what he's talking

about I would like to engage his Services as a coach I know you don't really do one-on-one coaching anymore

but like how how would we approach that conversation if I were say working a full-time job as a junior

doctor two years out of med school and I want to start a business but like I don't I don't really know what's next so

I love a good framework and my framework for this would be chaos chaos stands for concept audience offer sales so concept

is we need to come up with something that is a good idea a good concept when people say Ali what on Earth are you

doing why are you quitting your job to do this thing they're going to say what are you what is it you're going to do

what are you going to start so the first thing is you've got to have a good answer to that so you've got to have a

concept so let's talk about concept um and I want to do this nice and quick but do it justice yeah so the first

thing that I want to do with the concept is I want to know do you want a lifestyle business or a performance

business right what are we building what does that mean so lifestyle business is going to be

are we keeping it small so that you can have fun freedom and flexibility is that the purpose do you want to just travel

and work and um and have a little you know gang of people that are you know Rebels and

misfits and we keep it small and deliberately the whole purpose is fun Freedom flexibility and especially we

don't want debt or investors right so that would be a lifestyle business lifestyle Boutique and

um the second thing would be a performance business which is we're building something to sell it we want to

become big and valuable we want to be 50 million 100 million plus in valuation we want 50 employees we're happy to take on

investors we want investors we want debt we want to build something that's going to be valuable so the first thing I'd

want to know is do you want a lifestyle business or do you want a performance business I think of it like a property

developer with a block of land do you want to put your dream home on the block of land or do you want to build a

10-story building and sell it um like a property development okay I want to make if I could make 3K a month

that and that that will allow me to quit my job and then I'll be happy so it sounds like a lifestyle the beginnings

of a lifestyle Boutique right so and this is not a bad place to start normally a performance business is

something that you would do um if you've got really good guidance and and you know you might have it might

be your second time through so um that would be the first thing the next thing I'm looking at is what we call omv

Orange origin story mission and vision so what is your background and we need to do something that lines up with your

background there's no point where we don't have any passions or any you know like when you talked about trading

before I see people they watch some trading videos online and then they're like oh I'm going to be a Trader why

well because so and so said that I could end up with a helicopter okay amazing um and it's like what about your

background says trading nothing you know you've never done you're not analytical you're not you don't have any of the

kind of background that a trading firm would want to see in a Trader that they hire none of that's there you've just

seen something you think money so there's no origin story whereas let's look at you you became a you know

amazing YouTuber but your background was teaching people you were um helping you know Cambridge you were

talking to people about how to um you had one of your first businesses teaching people how to you know study

for exams so there is actually a background there you also were passionate about media and you were

doing stuff in the media space so you had a bit of origin story that was leading up to this so what would that

look like for someone who maybe like I've spoken to a lot of people who would say oh but I don't have anything I'm

passionate about like I'm studying insert generic degree at Insurgent Eric University and in the evenings I go home

and watch Netflix and scroll social media and hang out with my friends like uh what in in that context how how do we

approach talking to that person about this origin story if I had time with that person I would discover that around

age 10 there were moments where there were the early moments of empowerment now I've worked with enough

entrepreneurs to discover the that always around age 10 to 13. there was a moment where you discovered that you

were actually independently powerful separate to your parents um and you have a moment of like

wow okay you know what I'm not just a dumb kid I've actually there's something going on

here so you might have stood up to a bully you might have um taken ownership of something you

might have you know put together a little play something like that so there's always clues in that

um and psychologically one thing I've found about entrepreneurs is that they're at a very deep level they're

trying to get back to that feeling that feeling of empowerment and it started early so let me ask you the question

around age 10 to 13 do you remember a particular early memory where it was like I had a moment of empowerment I had

a moment that feels like wow I'm I'm on my own and I'm actually a powerful individual yeah it was when I started to

learn to code coding yeah and when I started making websites and the The Joy um I'm kind of getting emotional for

like even just talking about it just the joy of creating something without my mom's permission and like just making

the thing and then started like advertising my services on a freelancer website back back in the day so there's

some elements here of Technology and there's some elements of putting stuff out to the world like you're actually

creating something and putting it out to the world um and there's elements of like no

permission right now if we go and fast forward to YouTube it's a no permission platform you're creating something for

the world and you're putting it out there in the world so there's all these kind of Echoes of that early memory um

so what happens is that this ingrains in this pretty early and everyone's got one right so we all have a moment sometimes

it's a negative experience so sometimes um like a silly example the origin story for Batman is he's a victim of crime his

parents are killed and he realizes that he is on his own right he has to figure it out real fast on his own that he's

now a 10 year old kid who's orphaned right so that's his origin story and he has to wake up one day and say I'm gonna

work with this situation that I'm in right so that is his moment of empowerment I know it's a fictional

story but it resonates and it's a story that stood the test of time but it's a good origin story example that everyone

relates to so sometimes it's negative as in like something bad happens and you have to just face it yeah and in many

cases it's very positive I had one I was 10 years old um and I hosted my own garage sale so um

we had some stuff in the house that was damaged we had a little kitchen fire and it damaged some stuff and I decided to

clean it and sell it and one of the things was a microwave and this guy comes up to me at the garage sale and he

says um how much for the microwave and I say twenty dollars he says can I talk to your dad I say oh

okay I must have done something wrong so I go and get Dad and dad comes out and he says um what what's the problem and

he says well your son says the microwave's 20 but will you take fifteen dollars and dad looks at him and he says

well it's his business you'll have to negotiate with him hmm and I just in that moment just went whoa

It's my business you'll have to negotiate with me so here's this adult and he looks at me like embarrassed yeah

and he says oh uh can I give you 15 and I'm like no it's 20. so in that moment I'm feeling incredibly

like empowered and I heard this word called business and it's my business and I started an entrepreneurial venture I

took something that was a negative which was a little house fire or something got damaged I cleaned it I fixed it I sold

it I made money I ended up with a green bicycle and Sega Master System so for me this was like whoa you can take bad

situations and through this thing called business you can make it into good things

um so that was my moment of empowerment and it's no surprise that I ended up as a serial entrepreneur and so we're

saying that the concept for your business should ideally be linked to some sort of origin story when you try

and do things purely to make money right money is a part of it right money is a big part of it when you try and do

things purely to make money it never works it just doesn't work

um everyone who makes money whether it's Warren Buffett or some amazing hedge fund manager my goodness it runs deep in

their veins there's something about it they're not just they're not just trying to make money they're trying to get back

to a certain feeling nice there's something in there that's uh that needs to be unpacked so what would you say for

someone who's listening to this and thinking damn you know 10 to 13 I don't really have anything I was just like

hanging out with my friends TBH you might be an NPC uh look honestly if you're really that

stuck yeah entrepreneurship is an advanced strategy you need to go and work for an entrepreneur you need to go

and do six months with this company six months with this company you need to go fishing around

um this is not like entrepreneurship is not some Ticket To Riches entrepreneurship is a really good ticket

to be stressed all the time to sit up late thinking about your business to get really freaked out about where the

customers like stuff or not um you know entrepreneurship is is an advanced move it's something that you

should do but you should actually be an entrepreneur begrudgingly you should go

there's this thing that has to happen in the world no one's doing it I'm gonna do it right but it's not you know it's a

bumpy road that ends smooth it's not a smooth Road it's not for everyone it's not for everyone

um and there are six million businesses already in the UK there's 30 million plus in the in the USA go join one go

and join a team stop trying to get a job at Goldman Sachs where you're going to be shoved in a corner and you're not

going to know how that business runs or what you know who makes the decisions or where things come from go work with a

team of eight people find out how they make the sales get to know how they generate leads get to know

you know what do you do when a customer is upset about you right how do you handle a customer complaint go and work

in a small business start working side by side with entrepreneurs and if you can work for an entrepreneur for six

months to two years and you go actually I could do this and I've got an idea that's that's the thing so

I'm not going to try and tell someone if you're struggling with this just keep pushing through maybe you're just not

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story was age 10 to 13 I made I made a few quid uh playing guitar busking on the street and people give me

money and then I recorded a CD of cover songs and I sold it for five pounds here and there and age 13 to 16 I was playing

gigs in local bars and stuff and making a few quid there is that the a potential origin for a potentially entrepreneurial

Journey it's certainly An Origin story there are there are literal elements to that there are also just emotional

elements to that story so there's performing in front of people being the star of the show there's creating a

physical product and being out there selling it so there's those elements that that can also play a role it

doesn't literally have to be that you have to be a musician but it could be that you want to work in that space what

we're trying to do and we're really early on right so we're just having a look at basically we're just having a

look at origin mission and vision so origin is what's your background vision is what would you love to see happen in

the future what do you what do you know what do you see happening like um lifestyle or performance business you

know do you see yourself selling this business do you see like what what is the exciting element what do you want to

do for the world so all that's in the vision okay and Mission is what is the most high value thing

that you can do right now so mission is um like in World War II uh the vision was to defeat the fascists and the

mission was to storm the beaches so you can see that there's a big Vision this is the end result that we're looking for

and today today this is what has to be done or this is the thing that is most important so in business a vision is

where do we want to get to and a mission is what is our high value thing so for me my mission is develop

entrepreneurs who Stand Out scale up and make positive impacts in the world and if I wake up and do that mission then

there's a pretty good chance I'm delivering high value hmm right so that we start with we start

with those basics let's make it more practical right it's all philosophical at this point so

practically you then want to ideate you want to come up with 10 Concepts um you want to look at what problems can

you solve um and who's willing to pay the most for those problems so it's really important

that we combine those other other elements a lot of people are very hung up on passion but there's two other

elements of a good concept and that is that you're solving a problem in the world and that people are paying for

that problem okay so here's the unfortunate truth when it comes to any problem in the world there are people

who throw their time at the problem in order to solve it and there are people who've got loads of money and they want

to throw money at the problem to solve it and if you want to run a great business you need to talk to people

who've got money to throw at the problem so yeah this is the issue I often find with students in that the only Market

they know is students and students famously do not enjoy throwing money at a problem they throw a time at problems

yeah and then they're like oh why why is my business struggling yeah it's like because you're trying to appeal to

students yeah exactly exactly you're trying to get Market uh you you're trying to appeal to a market that loves

to spend time on stuff they're not they got no money to throw at it right um whereas if you simply had three clients

who were multi-millionaires and you were solving some sort of problem for them uh you know you'd make loads of money hmm

how does one go about finding ideas is it a case of you lock yourself in a room with you and your

buddies and you're like think of some business ideas or what's the you come up with 10 ideas and you pick the best

three okay yep and you go and then you test them

and you test them as fast and as cheap as you possibly can so you're looking for an idea where you push the door and

people respond Push the door and it opens you're not you're not trying like I hate how people think

entrepreneurship's really hard it is really hard but it's hard the good types of businesses are hard because there's

too much to do and not enough time so like that the hard problem that you want to have is there's too many people who

want this and I can't keep up with them um you know I've got 40 people to call back today and I don't have time to call

back all 40 people that's the problem you want that's a good kind of hard yes you don't want to have a problem that's

like oh this is like no one's interested yeah the bat so I remember when I was um in my third year of uni I was the

president of the Pakistan society and we had a ball um like a charity ball every year and it was such an absolute

nightmare trying to sell tickets for this ball because we were selling 35 pound tickets to students who did not

have any money who 35 pounds a lot it was a lot of money I was really like oh like it felt so like hard because it's

like there was no demand for this and it was like having to message Facebook message people that knew other

universities to be like guys you're gonna love this event it's really fun and like in the back of my mind I knew

that like it's a lot of money these guys don't have money it's it's not gonna be that good objectively but like having to

be a sort of snake or salesman in that context um I hope no one from the packs of days

is listening to this but I really felt like I was a snake oil salesman and that gave me a real sense of uh when I came

to trying to sell that whereas when we open the door for our YouTuber Academy suddenly oh crap we've

got more more demand than we even know what to do with yeah one of the one of the great questions is like does this

product deliver someone a return like what's the return on investment for them and if there's if there's like a ten to

one if you can think about a ten to one return it normally is going to be a good people are going to pay for it yeah so

um YouTuber Academy clearly is worth ten to one all right if I start a YouTube channel

um and it succeeds I'm going to earn money I've got sponsorship opportunities I'm going to build a personal brand it's

going to create digital assets that last forever there's all these positives that could easily be defined as a ten to one

ratio so whatever I spend there's a great return and it's nice and clear that there's a there's a nice return so

um a lot of good products you can actually explain how it Returns what what is the return on this product and

there's a there's a quite a clear imbalance hmm okay so coming back to our idea thing generating 10 ideas so what

does an idea look like at this stage is it like a A3 business plan or is it like a tweet or like what makes a business

idea a concept so yeah it's probably a page of notes about the idea in the in the early stages so we're going to talk

about what's the product going to look like who might it be for um those sorts of things but then pretty

quickly we want to test it so I've got three ways that I like to test ideas I like to run an intro event which is

purely and simply just an introduction to blank um I like to run a quiz which is

um uh are you ready to blank answer 10 questions and find out on score app so um and I like to do a WhatsApp group so

yeah WhatsApp group is like um so WhatsApp group is like um for example if I was going to do the

Pakistan ball I would say we're thinking about doing a um a Pakistan ball all the tickets will be released in this

WhatsApp group would you like to join the free WhatsApp group and get early access to tickets

so it's like just purely and simply if I can get people to join the WhatsApp group yep I'll give you a real life

example A friend of mine Max he wanted to create a product for what's called a family office a family office is a very

high net worth family who employs people to manage their money full-time all right yeah exactly it's a yeah the

people who've got so much money they need to have a full-time money manager so

um he wanted to put together a group of people who do that who are family office managers

and what he did is he started a WhatsApp group and he basically said I'm putting together a WhatsApp group for people

whose families um Family office managers hundreds of millions and um and it's a place for you

to talk to other people who run family offices so you put together a WhatsApp group and immediately he got about 19

people joined and that was the beginning of a very successful business how did he know these 19 people he reached out to

them yeah message them on LinkedIn I'm launching a family office group I've got this

company who've already agreed to come and join would you would you like access to my um my my group

um and people sure because here's the thing it's like well I can always leave like it's a WhatsApp group so who cares

but it's a really good first test hmm um I know someone who did a clinic a fertility clinic and they created a

pop-up WhatsApp group um five days to better fertility awareness

um and it was basically a five-day pop-up group uh joined the group and it's basically looking at research and

um uh what's called Miner and macro markers or something like that and it basically helps people to have five days

to better fertility understanding and fertility awareness and I think four or five hundred people joined it so yeah

so quizzes WhatsApp groups and events okay Zoom events free events online things so let's say my business idea was

I want to I I really enjoy making Burgers I want to make one of those Burger Vans and go into Cambridge town

center and sell my Burgers okay for starters please don't do food oh okay it's one of those Capital intensive hard

to scale businesses um it's normally a recipe to lose money um for Burger not good well look if you

want to use it as an example we can use it as an example but I would almost instantly rule it out because it's

Capital intent okay I'm gonna throw some more examples at you and perishable you're dealing with a perishable product

um allergies uh food safety requirements and also it doesn't really scale like if you want to serve twice as many people

you need twice as much employees in stock and floor space and everything has to be twice as much okay so like

software if I build software and I want to serve 10 times as many people I just onboard them yeah they have a username

and a password if I want to have a thousand times more people I just have a username and a password and they just

get access to the software so um you know that is a very different business to a burger okay business idea

I want to make the ultimate productivity app notion and things and todoist like they're Evernote they're all a bit like

uh they don't have they're not quite right yep I think me as a 26 year old Junior doctor

um with a vague background of coding you know what I want to build the best productivity app in the world so don't

do a productivity app um because there's a J curve you're gonna have to raise a bunch of money

it's going to be a performance business but you're gonna have to raise a bunch of money you'll lose money before you

make money anyway you can here's how you start it yeah you would start by doing a first up you would do a little event and

it would be an introduction to productivity hacks and it would be 30 people on a zoom call yeah and you would

present four or five productivity hacks and see if you can get 30 people um and that's that's test number one

test number two is are you ready to be more productive take the scorecard um answer 10 questions and find out if

you could be improving your productivity right so a three minute a three minute productivity assessment how's your

personal productivity answer the score app scorecard boom uh now what happens then is if you can get 150 people to

fill that in that's a good sign doesn't cost you much to set that up so now you're actually getting validation and

then the third test is productivity hacks WhatsApp group I'm going to be doing a lot of research into

productivity um improvements would you like to join the productivity work um WhatsApp group

every day there'll be a productivity idea and there'll be other people sharing their ideas and you can share

your ideas as well well that sounds pretty good to be honest those three things cost you

nothing yeah right a zoom account is free or almost free yeah a WhatsApp group is free

um and a score app account you can have a free 30-day trial and then it's like 29 pounds a month so we haven't spent

100 pounds yet yeah and we've hopefully tested the idea to see whether people are engaging we're going to reach out to

people on Instagram we're going to reach out to people on LinkedIn we're gonna um you know drop in on like some

communities that we're already part of we're going to tell some people that we already know we're going to kind of

reach out to friends and friends of friends and just see if they want to engage with this thing okay two things

uh first one you mentioned J curve uh for people who may not have gotten halfway through our previous episode uh

what is a Jayco business and why would you advise against doing that the J stands for the shape of the cash flow so

it stands for losing money losing money losing money all not losing so much not losing so much oh we're making money

we're making money we're making a lot of money right so that's the J so there are certain businesses that are

sales businesses that are not J curves and then there are businesses that are volume businesses that are typically J

curves okay sales versus volume so if it's a sales business it's normally making a sale of over a thousand pounds

or over a thousand dollars at a time um so for example if I pick up the phone and talk to you and say

um uh Ali I do Studio setups and um we actually come in and we do all the microphones and we do all the setup and

we actually set you up a whole podcast studio and Video Production Studio and we have a studio Management Service and

it's seven thousand dollars to to to do all of this stuff for you you say yes you sign an agreement yes I

want that and then I go away and actually bring all the stuff and I get all the things that I promised you and I

can literally take that agreement and then go off and and uh get the microphones and all that stuff that I

need after you've signed so I'm making a sale and then I'm fulfilling the sale and

each sale is more than a thousand dollars so many more than a thousand dollars because the time and effort that

it takes to make a sale um and then the time and effort to look after a client it needs to be over a

thousand dollars oh okay because this is where I definitely would have gone wrong back in the day when I was trying to

build businesses in school and at University I could not have even remotely imagined paying a thousand

pounds for anything yeah except maybe like a Macbook and I would have gone for the student discount MacBook Air Base

version for 800 quid so as to not have to pay the thousand pounds and therefore all of my business ideas were around

like okay if I could do this thing for a tenor this thing 50 Quid this thing for 100 quid this thing for 120 like I'm

sort of stuck in that price pricing Zone well here's the thing if you were to go get a job as a doctor you'd be selling a

package called a year of employment for forty thousand pounds yeah right so you were selling something for forty

thousand pounds but it was a it was I have one client the NHS and I allocate my entire stock my time uh to this one

client so if you were to um have uh 20 clients who you do some sort of Health intervention with and

they all pay two grand each well now you've got 40 Grand but it's split between 20 clients

um so ideally when we want to do a non-j curve business we've got to be selling

something that's meaty we've got to be normally selling B2B as in business to business

so we're normally making some sort of a sale and it's typically a solution sale we're packaging up product Services

outcomes and we're we're selling that to a business that wants all those things they're going to sign up for it they're

going to sign a little agreement and then you're going to go ahead and do all of that and it's going to add up to at

least a thousand and mind you this could go all the way up to tens of thousands or Millions

um so you could actually you know sell lots of stuff so those are sales businesses I'll give you some examples a

financial planner normally sells Financial Planning and then delivers it an accountant normally sells an

accounting package An accounts management bookkeepers sell a Year's worth of bookkeeping as a rolling

contract business coaches might sell a business coaching package or a life coaching package

um so all of those would be examples of businesses where you're not in a J curve you're selling something up front and

then you're you know you know how much you're going to earn and yeah the sale comes first interesting and then the

other type is volume businesses yeah J curve businesses this is where you have to invest a lot of money into something

that you're going to sell little bits at a time so for example yeah like a productivity app so if the productivity

app is six pounds a month yeah you're going to have to build like let's be real if

you're going to build an app at the very basic it's going to be 20 or 30 grand yeah yeah like super basic and there's

people I know who built apps yeah so most software projects end up being hundreds of thousands to Millions

especially if they take off but granted I do see people who start little businesses software businesses and them

and a couple of people they work on it and they build something for a few thousand right so fair enough but you're

building something that's few thousand and then you're trying to sell it for like six bucks a month and you need you

know well you need like a thousand people paying six dollars a month and you've got six thousand a month and if

there's two of you working on it that's only three grand a month you might as well have jobs so yeah you've got to get

a lot of people and the reality of getting thousands of people to sign up to this is it's probably a six or seven

person team um to manage thousands of people signing up so you're perpetually in this kind of

J curve where you're trying to get enough people to subscribe to this thing or pay for this thing and it's even by

the way it's even worse if it's not subscription if it's not recurring Revenue like I see people saying oh I'm

gonna sell cupcakes it's a one-off sale of 15 for a few for a thing of cup cupcakes yeah and it's not repeat

business it's not on auto renew um so somehow you have to make hundreds of sales every month just to Simply keep

your kitchen cooking okay so this is a big I think I think this is a big firmware update for me as well because

I've never really thought of it in this way and therefore I suspect people listening to this haven't thought of it

in this way game for like ages now but like still when I think of a business what I

imagine is a productivity app or a cupcake store or a laundromat or a restaurant or a coffee shop or a I enjoy

making Burgers let me go and set up a food van and 100 of these things that come to my mind when I think business

are volume based jco businesses where I'm selling a low ticket item and trying to sell lots of it whereas when the

things you were describing Financial Planning and like that that guy it wouldn't wouldn't even

cross my mind those are businesses much better businesses yeah yeah much better businesses like if you have a five

thousand dollar package and you can make four sign ups per week that's a million dollars a year and all you have to do is

make four signups a week so to make four sign ups a week you might only need to talk to 20.

um and a million dollars a year pays for quite a few stuff so let's say you've got this five

thousand dollar package and you have a sales person and you've got a little ads budget and the goal is we talk to 20

people per week and we make out of 20 presentations we make four sales great you've just made 20 grand a week times

50 weeks of the year you've got a million dollars I've I've started having similar conversations with you know

there's there are very various people I know now either sort of former team members of mine or people who used to be

in in interns here in our team who have gone away and they're like all right cool I wanna I wanna make it as a

freelancer and I'm like all right cool what's what's the goal like oh man if I could make 2K a month I'd be I'd be I'd

be absolutely like that I'd be flying and I'm like all right cool and they'll start off selling that time like

offering YouTube video editing as a service for like a hundred dollars per video it's like cool I need to do 20

videos a month to get my 2k I don't like hang on hang on hang on hang on like

imagine you were able to charge 2K a month for something how many clients do you need to make a 2K just the one just

one client it's a way easier to deal with one client imagine you want to go 10K a month five clients five clients a

two camera that gets you to 10K a month how would that feel and also Imagine you didn't sell them you imagine you sold

them your team yeah so that it's scalable so you just run around you know signing up the clients and then

you've got an amazing team yeah yeah I think the whole High ticket low volume thing you know one of our friends was

over yesterday and he was he's trying to make like 5K a month and was selling his product for forty dollars well that's a

lot of sales that's a lot of sales yeah and I was like that's a J curve that's a joke exactly it's a Jayco business and

he was kind of happy because he was like yeah I'm getting Excel every few days through my Twitter and this kind of

stuff and I was like okay you know imagine I mean he's doing higher ticket

consulting stuff which is which which takes up his time but I was challenging him like what if you could sell a 300

product how many sales are 300 100 product would you need to be financially free as it

were yeah from me right and he was like just if I could get 10 sales a month yeah and he's like oh my god wow

here's the other thing too it's unfortunate but a very small number of people have a lot of money and they

are massively underserved in most cases so you if you look at if you look at um

wealth the top 10 of people over 55 have three quarters of the economy in wealth so

it's a very small percentage of older people who have all the wealth basically like three quarters of it 65 is the top

ten percent of baby boomers so it's all in locked in that cookie jar so you need to go to that cookie jar if if you want

to go and do something that involves like proper money um and then if you want to go to income

the top one percent of income earners earn 163 000 in the UK 163 000 pounds plus per uh per year and then once you

get in there the average earnings of a top one percenter is 360 000 a year so they're on about a grand a day 360 days

a year um so you don't need many of those people and they've got no time and

everything that they do is benchmarked against what they do to create that income so like let's say they're a

surgeon anytime they're not being a surgeon like mowing their lawns or you know dropping kids at school or any of

that sort of stuff they're losing money because they can be earning a lot of money in the thing that they're earning

a lot of money at so if you can figure out how do I sell to people who've got that kind of money

that's helpful um so a really good idea is to just start

by thinking who has the highest return on investment is a Ferrari an expensive car

depends who's asking good depends who's looking at it sure so to an average income earning person a Ferrari is a

very expensive car to a billionaire it's just a toy it's no big deal to an influencer who makes their money

influencing young men and that's their like it's just their marketing budget right it's just part of marketing

um to someone who owns a luxury car company that rents the Ferrari out it's capex it's just a capital expense so a

Ferrari it may or may not be an expensive car depending on who's buying it so when you say what's expensive it

really only comes down to who's buying it if I said setting up a home podcasting studio is

that expensive for 10 grand well if I'm selling it to a kid yes if I'm selling it to a famous YouTuber who can easily

like Leverage it then it's probably not so it's actually really down to who's buying so you've got to get good at

figuring out who has the most to get to most to gain from what you can do by the way we're still at the really

beginning I love doing it but we're yeah we'll we we've got a long way together yeah we might have to do part three of

the podcast um okay hang on so would it be fair to say that

the non-jco businesses the ones that we that make for better business ideas for a beginner

tend to be service businesses and the Jacob tends to be product businesses yeah so the real J curve has set up

costs big setup costs restaurants have big setup costs software big setup costs um

courses not so much but you're in competition with everyone else who's got a course

um so you've got to have a big brand to to make sure that it gets cut through um yeah I mean I had a set of cost of

three years of building a YouTube channel before we made any money from courses that was the J yeah so

um yeah so there's those I mean if you're selling something like these that you need a whole professional kitchen

um so this this would involve a commercial kitchen contract they probably wouldn't even take you on as a

client without a minimum three four hundred grand worth of commitment orders so you know anything that is a physical

product is probably a J curve business um anything that you've got to do an initial order of tens of thousands and

then try and move that yep um they're all J curves this episode is very kindly sponsored by

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will let you sign up for a totally free trial so you can try Shopify out and see if it Vibes with you so thank you so

much Shopify for sponsoring this episode so we're trying to think narrowing narrowing the focus down I want to come

up with a business I area that I can charge more than a thousand pounds or a thousand dollars for ideally where the

person I'm targeting has a lot of money yeah for a thousand bucks is not a lot of money and where probably it's some

kind of service that I will do for them yep it's something that they are frustrated they you know it's it takes

up their time and their times more valuable or whoever's looking after them isn't doing a reliable job

um ah okay so that really Narrows things down because what I was thinking oh you know I used to play guitar back in my

youth I was like okay can I start a business as a guitar teacher uh yes you can but it's not going to be

a massive you're not going to sell that for you know you might sell some courses you could

yeah these are not the kind of businesses I get excited about you know these are this is a hobby hobby

businesses do you want to talk about Hobbies or proper businesses I think let's go proper businesses so proper

businesses we want to get to 10 000 a month we want here's what here's what my rule would be five sales of two grand is

it is it feasible that we can do five sales or two grand so if we're gonna do guitar lessons and we're not

um it would have to be that we're signing up people for a commitment of 200 a month times 12 months and we're

doing like family guitar lessons and we come around and we we have a guitar teacher who comes into your house and

does the thing and it's 200 a month and it's a minimum 12 month commitment okay fine uh now we're in two grand packages

can we make five sales of that per month then delivering on that well then yeah we need guitar teachers not very

scalable we could be I don't know how many guitar teachers are out there yeah all right but maybe

um so but that would be the only way that it would meet my criteria I have to see that I can make a good 10 grand a

month there has to be a clear model a back of a nap can spreadsheet that just says yeah if we make this many sales

it's sensible that we could get to 10 grand a month pretty quickly with like one or two

people like me and me and a friend we could get to 10 grand a month yeah damn okay and it's good to be damn it's

good to go oh that rules a bunch of stuff out yes it does that rules out like 99.9 of what I would consider a bit

quick business idea fantastic fantastic because it's not going to lead anywhere yeah yeah because remember you started

this we want to get to hundreds a month hundreds of thousands a month I mean yeah absolutely millions of months we

said we were going to get two in this podcast oh my gosh okay fine so concept concept we're in the chaos model okay

then we're doing audience right concept audience so we said um we said the WhatsApp group and the event and the

quiz uh the next thing is offer so the offer is constructing an offer that is a couple of grand and um the fourth thing

is sales so we kind of covered it so it's concept audience offer sales um the offer is where we present people

with either a slide deck or a brochure um or sometimes a web page but I really love to present it physically to people

I love to be sitting eyeball to eyeball when I present this because I want to see how they actually react oh wait so

you're saying I have to actually talk to people and sell them this thing yes nah come on that's not that's not my idea of

what a business is I thought I'd just sit in my bedroom and make something and then suddenly become a you become a

millionaire you eventually do uh but the the yeah when you're starting business you want to get close enough to lick

their face you want to be right up close to your customers you want to see exactly how they interact isn't that

such an old-school way of like thinking about business surely the world has changed surely I can just like make an

app or something yeah um the best the best tech entrepreneurs I know they love to get hand hands hand

really hand on with a client with a with a potential client so in the early days we're talking about going in stages and

stage one we just want to see how does the person react when I tell people this is what we've created for you would you

like to sign up and they go hmm does it come in Blue uh yeah we can make it in blue oh could I get it in extra large

yeah we could do it in extra large I need it to be spaced out over six payments can we do six payments yeah we

can do six payments okay cool yeah I will sign up if it's blue and extra large and six payments fantastic

um so that's what we need to do and they won't do that online they won't actually they won't drop you an email and say

well if it was this and this isn't is then I would have done it they'll just go no not for me

so you have to be you have to do at least 30 sales meetings to get any um data whatsoever you know you know um

because you did statistics and and science um statistical analysis you need 30

samples uh as like a the basics of statistical significance um 150 is like at next level up so I'm a

big fan that you don't judge your product or service until you've sat down with 30 customers and see how 30 people

respond damn okay I'm Feeling by my big bird right now even though I've done this business thing business thing for a

while but like yeah I just never thought yeah so like when I launch Score app I literally sat down with people like lots

of people I booked out a boardroom and I just had appointment after appointment after appointment after appointment I

spent an hour with each person sitting down and saying we're going to create a scorecard here's what we need

to do here's how we do it this is the this is the kind of process and the framework what what would it be and I

wanted to see how they would interact with it and we would also get on the phone and say hey we're launching these

scorecards um they're two grand each would you like to buy one oh well what does it do how

does it work well here's what it does and here's how it works and we can build these and in the early days I actually

sold them at two grand a pop um because I wanted to just see if people would pay a couple of grand for

them um and and I had my team building them on WordPress

so we were sitting down with customers after customers after customers and we refined it and refined it like a

blacksmith sharpening and sharpening and sharpening we were sharpening our pitch and we were sharpening our sales process

and we're sharpening what the product looked like and we're just going to right so okay I did not judge until I

had 30 30 pages of notes after every single one to one take lots of notes what did they like what did they not

like what did they see a value what did they not see a value what did they get what did they not get so like all of

that nice what did they want to do with it what were they excited you know what outcomes were they excited by so all of

that okay nice okay so let's say I'm gonna make up a random offer so

let's say I lose my everything on my YouTube channel I get canceled overnight but I still have the skills I'm keeping

in mind that my business ideas have to be something I can solve for ideally 2K ideally five sales a month I might be

thinking either web design agency type situation potentially but I've kind of been

outside of that market for a while or I'd be thinking uh video content just quickly yeah

you've been outside of that market do you know someone who's credible web development do you know someone who's a

web developer yeah yeah sell them hmm yeah that could work actually in my head was defaulting to oh I guess I'd

have to do it myself I need to learn quite a lot of stuff no you don't you can find someone who's good at web

development and you can just go running around selling two grand packages for them to build oh

okay that could work too there you go there's 10 grand a month what if I was like uh hey I know how to

use a camera I know how to do video editing uh therefore if I do personal brand video content for startup Founders

who I know have money or yeah business owners like you who I know have money and I could be like Dan you have books

you want to be on all the con to social platforms I'll show up to your house once every month and we'll film a bunch

of stuff I'll just ask you the questions I'll chop it up content for Instagram Facebook LinkedIn etc etc sign me up

yeah of course so that's that's a great example yeah and um and you just sign me up and you might say it's initially two

grand and see if you like it then it's two grand a month after that yeah um now you might say uh by the way I've got a

whole team I've got an amazing team of people uh I've actually found um I've got lead uh content uh creators

here in the UK I've also got an international team so that we can do um an initial style guide and some

signature content and we can also do Brute Force content you know through our team in the Philippines and then we've

got a team in Ghana and actually we send all the raw footage to them and they create lots of videos and we then put

that on Tick Tock and all that sort of stuff we see where it sticks and bring it all together I'm like whoa that

sounds really great so yeah that would be you like I'm really big on the idea of the entrepreneur's job is to be the

organizing force not to do the work so like you keep getting into like oh I know how to edit videos it's like it's

like that's doing the work you you're not being an entrepreneur you're being in a video editor so the the

entrepreneur's job is to be the organizing Force you're the organizer I don't know how to do anything like just

just on that I I've built multiple 10 million dollar plus companies I don't know how to do anything

like as in I don't have any web development skills I don't have video editing skills I don't have design

skills I don't have any skills like I can write all right I can write books but and I can speak but that's it I'm an

organizing Force I'm the guy who just organizes it I bring together talented people and I say hey you're good at

video editing you should join my team as a video editor and you're good at designing you should be a part of our

team so all I'm good at is enrolling people in stuff so the sort of person who enjoys organizing people who enjoyed

like organizing University societies back in the University days and like organ bringing people together and like

keeping people entrepreneur's job is to be the organizing Force it's not to do the work damn

still keep on thinking it's like yeah you know what skill do I have what what skill can I offer that's the schooling

system that's the school system yeah your component labor you're like which component do I fit in it's like none

you're not in the business you're the entrepreneur you're building the business your job is to get really clear

about what the customer is trying to achieve yeah and then be the organizing Force to fill that for them

um and bring together all the people that you might need in order to do that so that's your first 10 grand concept

audience offer sales that's all you have to do it's cheap to do you can do it with Microsoft Word you can do it with

Apple Pages and Keynotes okay before we go into the next stage let's talk about sales so sales

sales is scary sales is a dirty word I don't want to be a Salesman huh I feel that like emotional response to the even

the word sales uh how how do we how do how do I approach sales for my web design agency or for my assuming I'm not

doing the work I'm just going out there almost everyone's had a positive experience with a salesperson and a

negative experience with a salesperson but that could be true for any profession I've had negative experiences

with bookkeepers I've had negative experiences with lawyers I've had negative experience with doctors fairly

um there are good doctors and bad doctors there's people who've got amazing bedside Manner and people who

are really not um that great so when it comes to sales the word that everyone says about a good

salesperson is professional they were professional they they approached it professionally so what does professional

mean it means that they ask great questions they give you guided advice they are not pushy but they also do give

guidance um they've done their homework they've done their research they've got great

product knowledge they listen they understand they're trying to get on your side to figure out what it is you

actually genuinely need and they're making sensible recommendations so all of those things are professionalism so

sales is a science and it's a very valuable skill that you can use in any profession it doesn't matter what you

are or what you do a sales skill is a powerful skill because sales is listening understanding and

then creating a good argument for the right solution and being able to marry up this is what you this is what you're

trying to achieve this is what I think you need and here's why right so you're creating a path of least resistance

here's the mental model you should have with sales there is the current reality that the person has that is their

current situation there is their desired reality that's what they want and then there's the obstacles and criteria that

are in the way right these are all the things that stop them from getting what they want and then there's you who says

this is the path of least resistance here's what you need to do you need to go and do this this this this and this

and that is going to get you from your current reality to your desired reality and it's a lot like being a doctor

so if you're a doctor you're actually it's so similar to sales when you see someone who's not happy with their

current reality you ask them ask them a lot of questions what's going on all right you ask them a load of questions

yeah and then you might say the first thing I want to do is a diagnosis I want to do some sort of assessment yeah right

so then you do an assessment and then you say okay so I think I've got a treatment plan which is just a path of

least resistance or a solution oh okay what do I have to do well you're gonna have to do some antibiotics but

you have to take these every day for seven days okay what else do you need to well you need to do this thing with this

thing okay great what else do you meant to do well you have to stop doing this okay great so that's the treatment plan

and essentially you are recommending a treatment plan so in there you've you're talking to them you're asking a lot of

questions you're doing an assessment you're figuring out where are they now whether they want to be what's in the

way what's stopping them and then you're advising them about a treatment plan and that's sales that is sales that's great

sales I guess when I think of sales I think the combative adversarial relationship

that I go into a used car dealership where thinking they're going to try and get me to spend

10K have you actually ever had that uh like have you actually ever had a used car salesman do that to you no I haven't

but I've I just imagine I've been yeah I've been imagining and expecting it like and I've been to these dealerships

with my mom and she approaches it with that kind of if you went and bought your Apple stuff yeah and the Apple Genius

came up and asked you like what are you going to use it for and you know what like what do you do and all that sort of

stuff here's what I recommend yeah was it a positive or A negative experience experience yeah right do you know they

do 40 minutes of sales training every day what 40 minutes a day 40 minutes a day oh well it's like Peloton they have

a central sales trainer who does video uploads to the iPads they do 40 minutes of sales training every day oh well they

do a combination of product knowledge and they do uh Rapport building objection handling

and they actually make suggestions as to things you can buy right now today that's part of their process they want

you to walk out of the store with something but it's positive they're professional

right they're not pushy they are making recommendations they're trying to solve your problem if you go in there and say

I'm a professional speaker and I like to give talks they're going to go okay so you use a lot of keynote yeah okay did

you know that this thing here this is like a touch bar and it actually shows you your slides as you're going through

and you can see your slides when you're speaking and you can jump to slides from slide it's like oh that I would use that

all the time yeah that's that's a really good thing that you might want to use I want that great

let's back it let's box it up okay so they're doing 40 minutes of sales training a day

right and it's a positive experience Everyone likes Geniuses yeah but they're sales people

okay so it sounds like to go from zero to 10K all we need to do is come up with some

kind of concept that we can charge ideally 2K4 yep and find a way to land five clients a month through a sales

process through sales process I will say one more thing about sales you need to learn how to do laps leads appointments

presentations sales so you just keep a little spreadsheet who are your leads who are the people that might buy

can you book an appointment to speak with them right actually get their their commitment to just focus yeah can you

present them with a solution can you actually do a presentation or an actual conversation

um and then can you ask them whether they would like to go ahead or not and those are the four steps lead

appointment presentation sales so great sales people do a rhythm of weekly laps they do leads appointments presentation

sales and they just have a a good good salesperson has a dashboard digital or physical and they just have a set of

leads appointments presentations and sales so laps laps lap slaps laps and entrepreneurs need to do that as well

when they're launching something and I suspect ninety percent of people listening to this were previously like

oh I want to be an entrepreneur it sounds easy and now they're like you know it's horrible you've turned me off

you know what the day job sounds pretty sounds pretty compelling let me be honest with you

the other day I was on the train I bumped into a friend of mine who works in a big job big big corporate and he's

sitting on the train reading fiction reading a fiction book and I'm looking at this and I'm going

wow like if I've got spare time I am not reading a fiction book I'm like trying to you know do some self-improvement or

I'm trying to read a book about business but just the Casual ex you know the Casual relaxed I'm reading a fiction

book and I'm like that must be what it like that's what it must feel like to have a job like to have certainty that

that level of certainty it's lovely what a delight for your kids would you feel a bit

disappointed if they got a real job and not if they not if they loved it no not at all um provided they're you know

they're enjoying it they're adding value um like entrepreneurship is as I say it's something you do reluctantly you do

it because you spot something in the world that you want to bring to life you want to do this thing and it's like you

go in eyes wide open but look I will say this the the upside with entrepreneurs while uh one entrepreneurship is wild if

you get it right like so 10 000 a month is where you kind of like 10 000 a month is where you're on par with a basic job

because you're gonna have a few overheads so you know if you take a basic job and you say okay four or five

grand a month like NHS uh doctor is there would they be on about five grand a month yeah four or five okay

so you know depending on what level but yeah yeah so essentially that 10 grand a month of sales minus an assistant minus

some cost of doing business is going to leave you with about four or five grand a month

um so if you can do that you're on par with a job but you've got extra work extra stress and if you stop the whole

thing stops so you're you're kind of like just benchmarking you know those games where there's like a a shadow

person and you're trying to keep up with that shadow person so at 10 grand a month you're you're kind of like neck

and neck with your employed shadow person at that at that stage nice um any final tips or Red Resources for

the 0 to 10K a month bracket before we move Beyond 10K a month uh final tips or resources so concept audience offers

sales um yeah I would just say just take it stay

curious be embrace the critics when someone says they don't like it just ask why

um you know if someone says oh I like no I'm not at all interested in that oh that's really that's really curious I'm

so surprised because I imagined you would be interested in this so just don't take anything personally you're a

scientist conducting experiments and it's like whoa that worked well that didn't work but don't be emotionally

invested in it you have to start the pro the process has to begin with curiosity of this probably won't work let's see if

it does uh you know a bunch of this I think I've got a bunch of this right but I've probably got a bunch wrong got it

and then final thing on this front like this sort of thing and I I I still have residual bits of this myself sort of

emotional feelings about money and about how like selling something is kind of

evil or bad or you're a bad person for like and and I I still got these residual narratives in my mind and in my

heart and I know rationally that like yeah I imagine a lot of people are having capitalism and money is the most

pure and Brilliant transaction it's the most incredible system the the marginal utility of a cup of coffee

for a coffee shop owner is really low they don't want that cup of coffee right the marginal utility of the coffee for

the person who doesn't have a cup of coffee is high and the marginal utility of their two

pounds 50 or the three dollars is low so everyone wins isn't that incredible like think about that just

for a moment the coffee shop owner is so happy that you gave them three dollars for the coffee you're so happy that they

have this coffee shop and that they were just willing to give you this delicious coffee and for three dollars and you're

like I didn't want the three dollars I didn't care there's my three dollars yay hot cup of coffee fantastic and and then

they're like Yay I got three dollars I didn't need that extra cup of coffee so this is the beauty of business that you

essentially have two people who are super happy super stoked so this is what every transaction involves

every single transaction that happens in the economy is two people who felt that they want two people felt that they

walked away going that is so great I I paid for something that I was I'm getting a great deal and the person who

sold it is like yay I made a sale I love it this is capitalism and it's so amazing it's the most incredible system

it sounds so obvious when you put it like that but even hearing you say that like has sort of triggered some kind of

surprise in me I was like oh yeah I've just never considered that I just sort of like float around thinking oh people

just buy and sell stuff and but if I'm selling something that's bad and if someone's buying from me then like oh

like I better make sure like I'm like not selling them snake oil and the palpitations start yeah so yeah of

course there's a couple of things snake oil doesn't work and that's the problem with it yeah right so like for example

trading courses they don't work you're not going to beat the Traders uh you're not going to beat the professionals so

it is snake or because it doesn't work um if you sold a trading course to a professional Trader to make them go from

good to great um then it wouldn't be snake oil um if you sell a Ferrari to someone who can

afford a Ferrari if someone sells their company for 100 million dollars and they've always wanted a Ferrari and it's

their childhood dream to have a Ferrari and they've got loads of money and for them it's just a great thing and they've

always wanted it yeah that's that's not a thing if if I pressured someone into getting a Ferrari and they couldn't

really afford it and I signed them up to a payment plan that they couldn't really afford that's a horrible thing it's

actually not the product that is the problem it's picking who you're going to sell to making sure that they actually

feel good about it you know you want to and anything can be missiled anything can be really well sold to the right

people and if you're worried about it then you're the type of person who's only going to sell to the right people

anyway the only people who who are bad in the economy are the ones who don't care yeah so by virtue of the fact that

you're worried about this means you're one of the good actors hmm at this point our hypothetical business is doing 10K a

month what does our team look like at this point and then how do we go to 100K a month you're right because that seems

like bloody hell and millionaire yeah exactly uh you're either two to four people at this point so 10 grand a month

is normally a two person three or four people um so two to four people typically

um you normally would have a salesperson you would have someone who's like customer service or fulfillment maybe