Rank #1: How to buy a business with little to no money
Shakil Prasla has a unique business model which generates a huge passive income.
Acquiring a business bypasses the time spent on building a business from scratch.
But, when you get a business which hasn’t been reaching it’s full potential, how do you change it into something which makes you money without you needing to spend all of your time on it?
Shakil buys online companies for as little money as possible, sits in the owner’s seat, and delegates systems and processes to a manager.
This has allowed him to purchase eight different online businesses, all of which he has turned into profitable enterprises which makes him money while he has little involvement.
In this episode of Freedom Fast Lane, Shakil explains how his business model works, how he acquires new companies, and the process he takes to make his income passive.Key takeaways:
- How to pick profitable products for a long-term investment
- Finding good people for a successful online business
- Spotting growth potential in companies you’re interested in acquiring
Connect with Shakil Prasla For more information on Shakil’s passive income business model, go to his website at www.szventures.com.
On LinkedInConnect with Ryan
Nov 06 2017
Rank #2: #TBT - How To Get To $1 Million With Zero Employees w/ Elaine Pofeldt
If it seems unlikely at first glance, an employee-less million dollar company is possible. You don’t have to have everything figured out to start your business, but there are a few key things to consider if you’re going to go it alone.
Your business is a means to an end, your ‘end’ is ultimately the lifestyle you want, and so that needs to be the first thing you establish. Find out what non-employee options exist out there. Tune in for an expert breakdown of what is required to launch and grow your one-person show.
Apr 11 2019
Rank #3: The Secrets And The Mindset Of The $100m+ Man w/ Joel Marion #BrandBuilderPodcast
Joel Marion is the founder of Biotrust Supplements but he caught Ryan’s eye when his own personal brand blew up overnight. How do you develop the right mindset around advertising, marketing and brand building in 2019.
Tune in for some actionable strategies on how to scale your business and your message 10x bigger and 10x faster. The proof is in the results: from 0 to 100 million in one calendar year. More than once
[3:57] Joel introduces himself and explains that the strategies he’s about to share are all things he has spent the last decade successfully implementing into his business ventures.
[10:48] When it comes to income vs impact opinions differ, Joel sets everyone straight:
Go for impact and income will follow? Nope. You may have a fantastic products but it will go unsold if insufficient energy is focused on generating sales.
Go for Income and impact will follow? Nope. If you only push the sale and don’t have a great product, you will have short lived income.
In truth, both are equally important: you can’t have scalable impact without scalable income.
[14:12] Everyone needs traffic to convert customers but traffic is an auction: pay more, get more. So the lion’s share of traffic goes to the one who can pay the most for it, without fail.
Organic growth is very nice, but it’s not repeatable or sustainable. The only 2 sources of scalable traffic are the ones you pay for:
1. Warm traffic (pay for someone’s audience)
2. Cold media (CPA, CPM, CPC)
[21:05] “Okay Joel, how can I afford to may more than everyone else, Joel? I’m not rich, Joel!”
To scale a business you have to dial in these 2 aspects of your business:]
1. Front end — Increase traffic to acquire more customers.
2. Back end — Build a sales funnel and monetize your customers.
To scale a business fast the trick is to get confident enough to go negative upfront to increase traffic, and maximize your sales funnel.
How do you get confident enough to front all this advertising money and fast-track your front end?
KNOW. YOUR. NUMBERS. [24:13] This is actually the name of the game. Do you know your cost to acquire a customer, down to the dollar? Do you know your cost to acquire a customer for every traffic source?
You need to figure out what is the value of that customer at 2 weeks, 60 days, 90 days, 180 days.
This is the information you use to determine how long you will be in the hole before you break even. If you know exactly when and how much a customer will pay you, you can know how much to pay to acquire that customer and how long you can front the money for it.
How do you maximize your sales funnel and fast track your back end?
UPSELL [27:07] You should upsell immediately, on the order confirmation page, on the order confirmation email. The shipping confirmation email has a 95% open rate, you never see that elsewhere, use it.
[40:46] The real scaling of a business comes from dialing in the back end, knowing your numbers and being able to comfortably lose money upfront.
Learning all of this is complex and complexity can be scary, but the more you put yourself in complex situations, the less fear you will feel.
[51:34] Joel recaps the 4 steps to scale any business fast:
1. Maximize front end offers through testing, optimization and refining your marketing skills — never outsource marketing.
2. Dial in your back end and know your numbers, know your numbers, know your numbers.
3. Do the work and get comfortable with back end reporting.
4. Be willing to go negative upfront to outbid your competition — don’t go beyond 180 days.
Thanks for listening!
Mentioned in this episode
Other Joel Podcast
Dan Fleishman — social media presence build
May 21 2019
Rank #4: Step By Step To Ecommerce Sales Beyond Amazon w/ Ezra Firestone
If you’re making sales on Amazon but are struggling to convert through your own channels, you probably haven’t built a brand.
During the recent Content & Commerce Summit in Los Angeles, Ryan caught up with the incredible expert marketer Ezra Firestone to discuss strategies for positioning your company as a business that takes orders from Amazon — not an “Amazon business."
Ezra Firestone is an expert when it comes to building a brand and community. He’s the CEO of Smart Marketer, Inc. and founder of Zipify Apps, a company building solutions for Shopify stores. Plus, he is speaking at The Capitalism Conference in Austin, Texas this December.
Ezra teaches business owners the trick to turning cold advertising into profit. It starts with focusing on building your brand (not just your Amazon store) and being willing to test strategies for engaging your audience.
In previous episodes with Ezra, we’ve discussed ways eCommerce entrepreneurs can leverage Facebook Messenger to add more customers to your business.
This time with Ezra, Ryan zeroed in on his belief that if you’re making sales on Amazon but struggling to convert through your own channels, you haven’t built a brand.
On this episode of Freedom Fast Lane, Ezra talks to us about the solid strategies for building a brand beyond Amazon, strategies for turning social media views into conversions, and creating a long-term view of your model using a direct response funnel.
Plus, Ezra shares an exciting new solution by Zipify Apps called Zipify Pages, which allows Shopify users to create landing pages quickly. Zipify Pages gives entrepreneurs the ability to write long-form sales pages which they can test and optimize to turn visitors into converters more effectively.
- Building a brand which is bigger than its Amazon sales
- The strategy for turning social media views into conversions
- Using Zipify to create a long view of your model with a direct response funnel
Check out Smart Marketer for loads of great content on how to build your eCommerce site with an effective marketing strategy.
Ezra on Facebook
Ezra on Twitter
Ezra on LinkedIn
Ezra on YouTube
Ezra on InstagramConnect with Ryan
Tickets for this year’s Capitalism Conference (Formerly Freedom Fast Lane LIVE) are now on sale. Go get your tickets here!
Sep 28 2017
Rank #5: The Brian Lee Strategy: How He Built 3 Billion Dollar Businesses (With A Fourth On The Way) #TheOnePercent
If you mixed Brian S. Lee and Gary Vaynerchuk together, what you’d get is who Ryan wants to be when he grows up. Don’t miss this game changing interview with Brian Lee, the incredibly humble man behind 3 different billion dollar companies.
How does he identify opportunities and build exciting companies? Tune in for an in-depth talk about his philosophy for bringing together people, products and capital.
[5:22] Brian’s latest project recently launched, he talks us through how the idea turned into what is now Art of Sport. Shopping for sunscreen and realizing there were no mission-driven sports body care brand out there started it all.
[8:56] In a pile of thousands of entrepreneurial ideas how does one pick? it’s all about the idea that sticks with you, the one that keeps coming back.
[9:44] If you’re going to make and sell a product, make it the best possible product. Vet the formulations, the ingredients, the scents. When your idea or product resonates with someone, that’s when you can get them involved — that’s how Art of Sport attracted Kobe Bryant as well as a long, long list of other athletes — always focus on the product.
[11:52] The “Producer Mindset” is a good key, and it helps to palliate all of your weaker areas. Be the architect of your project, find and bring together the pieces and people you need for your business: product, capital and audience.
[13:18] Sometimes though, producer mindset won’t help you, only good ‘ol grind and hard work, that’s how Brian’s Legalzoom was started. The Honest Co. was a different story...
[15:36] Brian needed to decide if he wanted to be a CEO, again, after doing it for so long, so he thought about how and where he could bring more value to the capital he had raised.
[16:26] Most people want to build companies to sell them so they can leave but Brian wants to build sustainable, generational businesses.
[17:44] How does Brian define success? Am I Henry Ford, Steve Jobs, Jeff Bezos, Mark Zuckerberg, have I reached the pinnacle, changed the world, revolutionized the game and will I transcend time? It’s a tall order, he’s still working on it. Ask him if he is fulfilled and satisfied instead.
[20:26] Go for audience first, what else is there? When considering who to partner with to launch consumer brand its about the relationship between the market and influencer, it’s got to relate. There needs to be a 1:1 relationship between what the person is marketing and what the audience expects them to market.
[23:07] BAM Labs is a place for Brian to start his own companies. BAM Ventures is a seed stage fund: we have to love the entrepreneur and not hate the idea. Too many investors fall in love with ideas. How does Brian chose his entrepreneurs? “Tell me about your best friend and I’ll get an idea of your character, passion, fire, smarts and and trustworthiness.
[26:50] The surprisingly simple way Brian funds the companies he starts.
[28:53] Brian shares an investment story from Legalzoom. Sometimes just 750$ will do it.
[29:29] Ryan asks for Brian’s advice on where to go next.
Mentioned in this episode
Apr 29 2019
Rank #6: You Are Enough: The Most Important Lesson Of My Life and Career #TheOnePercent
This is the most important podcast I have ever done.
I had a major breakthrough in my life, that was THE most impactful shift I have ever had in terms of personal development, and I want to share that with you.
Oct 18 2018
Rank #7: How To Invest $1 Million For Long Term Wealth w/ Sam Prentice
Ryan had a very motivating chat with Sam Prentice, an investment expert and the co-founder of Wealthpoint, about generating passive income through investments. Here’s some of what Sam had to say about what to do if you get a big windfall (from selling a business for example):Use 1031 exchanges wisely
Some of Sam’s clients used a 1031 exchange to take money from one depreciated property, reinvest it in another property, and defer all capital gain taxes. You can actually 1031 between asset classes as long as they are considered like-kind. Some people exited real estate for a great profit and reinvested the money in oil and gas.Set up a capital warehouse and then go for the cash flow
First set up a capital warehouse, which means that you will have a limit to how much you can put into it each year. This is basically a liquid place to store capital which earns a return. For the rest of the money, go for anything cash flow.Keep it simple
Look for assets that have a value and buy countercyclical assets when you don’t know what you’re doing so that you can trade them later. Always keep it simple. Look for sweet spots, aka places where you have a strategic advantage either in knowledge, or in the people that you know, or the sector you are familiar with.
It was great listening to Sam!
- Take advantage of 1031 exchanges
- Set up a capital warehouse and then go for the cash flow
- Keep it simple and look for sweet spots
Connect with Ryan
Find more amazing podcast discussions on FreedomFastLane.com.
Connect with Sam
Find out more about Sam’s company, Wealthpoint, at https://gowealthpoint.com/
Jul 30 2018
Rank #8: How To Invest Like The 1% To Enjoy Passive Cash Flow, Create Generational Wealth, and Reduce Taxes
Website: https://wealthfactory.com/Show Notes
Garrett Gunderson gave a great talk at Capitalism Conference 2017 about how to invest your money properly and save a ton of cash. There’s so much great information in his 50 minute talk that we can only cover some of the best tips here; you really need to check out the whole thing to make sure you’re not flushing tens of thousands of dollars (or more!) down the drain. Here are some of his awesome, actionable tips:
Focus, don’t diversify
Diversifying your investment portfolio makes no sense if you don’t think about why you’re putting your money where you’re putting it. The key is to focus in on a couple things that will actually pay off in the long-run, which means paying proper attention to your investments.Compounding interest over decades is super slow
Anybody can invest in a safe plan with their bank, with a tiny bit of growth compounding over decades. That’s really slow wealth creation. Garrett prefers wealth acceleration, by taking advantage of high-return investments that will pay off in a few years, not a few decades.
Have a brainstorming session with your accountants
Look at all your annual expenditures, and meet with your CPAs to figure out how to write off as much as possible. Garrett’s written off housing expenses, travel expenses, and lots more by being creative but still working within the IRS’s regulations.
It was awesome getting all this great advice (and more) from Garrett!
- Focus, don’t diversify
- Compounding interest over decades is super slow, and
- Have a brainstorming session with your accountants
Connect with Garrett
Learn more about Travis at https://wealthfactory.com/Connect with Ryan
Find more amazing podcast discussions on FreedomFastLane.com.
May 21 2018
Rank #9: Jeff Hoffman Q&A: Raising Funding, Scaling, and Selling Companies
We had such a great response to Jeff Hoffman’s talk that we wanted to share his brief Q&A with Ryan. Even in just 14 minutes, he tells us three awesome, actionable tips that you can use now to build your business and plan for the future.
No matter how good you are, Jeff says, you can’t scale up your company without hiring other people. You can’t do everything, so you shouldn’t try to. Get the best people for the right job and put them to work for you.
Jeff also dispelled myths about initial funding. You don’t need to take on debt, talk to venture capital, sell private equity, or try all those other “traditional” approaches to get early cash. Jeff built his airline kiosk company by asking airports for a 50% deposit in advance. That way, he told them, they would be at the front of the line when the kiosks were completed.
It worked! He got a big pile of cash directly from his customers.
Jeff notes that we build businesses to chase our dreams. But sometimes they seem impossible to reach. Jeff’s managed to reach his, and he told us how.
Picture your goal, and work your way backwards in time from that moment. Jeff imagined meeting Elton John, and worked backwards from that imagined meeting to figure out how to make it happen (Jeff figures out products that the music industry wants to buy -> Jeff makes that product -> someone in the music industry takes his phone call -> he gets introduced to Elton John).
You can make it happen, too!
- You can’t scale a business without hiring a team
- You can raise funding without taking on debt or talking to venture capital, and
- You can chase “impossible” dreams if you work backwards from the dream to where you are now.
Connect with Ryan
Find more amazing podcast discussions on FreedomFastLane.com.
Feb 12 2018
Rank #10: How The Rich Use Infinite Banking For Tax Free Wealth
Many of Ryan’s students have successfully built businesses that they have then sold for millions of dollars. When you’re suddenly endowed with that much cash, what do you do with it? It’s prudent to invest, but there are so many options... how do you know which are the best not only for the sake of security but also for the sake of continued growth of your assets? On this episode of Freedom Fast Lane, Ryan chats with Sam Prentice of Wealthpoint, a company that offers life insurance policies that are also assets in their own right. It may sound strange but once you hear this episode you’ll understand how it could be one of the smartest investment decisions you could ever make.Imagine an asset with a limited downside that continues to grow even when you borrow against it.
In this conversation, Ryan chats with Sam Prentice of Wealthpoint to find out what infinite banking is all about. Ryan is interested because he’s had some bad experiences with insurance companies before regarding this kind of policy and he wants to know the truth about how it is supposed to work and why it is a good tool for investing. Ryan does his best throughout the conversation to stop for clarification and to keep things simple so you’re likely to get a lot out of the episode. Be sure you listen.What if you could have an investment that will never go south when the economy does?
The type of insurance policy typically referred to as “infinite banking” is one that has incredible tax benefits but is also set up so that it earns better than average interest. But what happens if the markets go south? In that case, the policy will never lose money, plain and simple. So if interest rates drop into negative ranges the cash in this type of policy will remain safe. No worrying about losing money. And when the market turns around, your policy goes back into its steady climb. Ryan and Sam go into detail about how infinite banking policies work, on this episode, so don’t miss it.Why is infinite banking called infinite banking?
While today’s guest, Sam Prentice, doesn’t like to use the term “infinite banking,” he does explain why the insurance product he’s describing often bears that name. The insurance policies at the heart of these financial instruments are two-part investments. One is a “death benefit” of sorts that pays out like a typical life insurance policy, should you die. The other is an account that can be borrowed against, in the amount of the insurance policy. Funds borrowed can then be used to purchase other investments while the original policy itself earns interest at a better than average rate. It sounds too good to be true, but is a real thing. You can find out more on this episode.What could go wrong in an infinite banking arrangement? What are the risks?
When you hear financial tools like infinite banking discussed it can sound too good to be true. That naturally leads you to ask, “What is the downside?” Ryan was very careful to make sure that his guest, Sam Prentice answers that question clearly. Sam says there are 3 main risks to an infinite banking policy, the first one being that should the insurance carrier that holds the policy go under, your investment will be gone. But the chances of that happening are very remote according to Sam. If you’d like to hear the other two risks associated with this type of investment, you need to hear this conversation.Outline Of This Great Episode
- [0:22] Who is Sam Prentice and how Ryan has vetted him and his company.
- [2:20] Ryan’s definition of “infinite banking” and how it can be used for tax-free investing.
- [7:14] Why people use this approach to invest and save on taxes.
- [8:45] The tax benefits and 2 ways these accounts can grow.
- [11:40] How does the cash value of the life insurance policy grow?
- [16:57] Why is it called “infinite banking?”
- [24:20] Why diversifying over asset classes is key for building wealth.
- [31:10] Ryan’s simple version of this this vehicle works.
- [33:31] Leveraging this asset in a variety of ways at the same time.
- [37:18] At what point should you consider this sort of investment vehicle?
- [40:25] What’s the worst-case scenario for this financial instrument?
- [47:35] The best way for you to connect with Sam’s company.
- [50:01] Additional questions Ryan will be asking Sam in the future.
FOR GETTING STARTED: Consider the cash you have on hand to invest - and how you can best leverage that cash for wealth building instead of just saving. Once you’re ready to do more with the money you’ve earned you are able to consider the advantages of tax strategies and investment instruments like Sam and Ryan discussed on this episode.
FOR GREATER SUCCESS: Consider one of these “infinite banking” accounts as a way to not only have a tangible asset that banks will view very favorably when it comes to lending, but also how you can use the loan to invest in real estate and other assets that provide even more ability to build wealth.Connect With Today’s guest: Sam Prentice
Jun 26 2017
Rank #11: The Predictable Path To Get (Really, Really) Rich By Age 50 w/ David Osborn #TheOnePercent
David Osborn is one of the largest real estate investors in the United-States and runs the largest Keller-Williams franchise in the world.
Ever wonder how you can get to 9 figures? Tune in for some weird and serious advice refined over David’s 20 plus year entrepreneurial career.
[5:19] There is no amount of hours that will get you to 9 figures, so what do you have to do?
The first lesson David learned was that it’s not about you: change the question.
The right question for a 9 figure business is always: who. Who do you have to hire to get to the next step?
What’s a key hire you could make right now that would drive your business forward? What’s the title, the job description?
Start making yourself the least talented person in your organisation.
Get your Whos [8:17] Once you know that “who” is the question, you need to figure out who you have to become to attract that person: the right “who’s” don’t work for just anybody.
What do the “whos” look for? Purposeful people. Learn how to goal set and make yourself accountable for those goals.
Never forget your agenda: if you don’t have an agenda for your life, the first person you meet everyday gives you an agenda.
The matrix is real [12:03] But it’s not like taking the red pill: we usually don’t stay awake tough, so it’s important to get your implicit system on board:
The implicit and explicit systems:
Explicit: is the part of you that you think you are, your inner voice its a slow system, a row boat — as fast as the language you use.
Implicit: is the unconscious, everything that runs in the background and it’s much faster, like a jet — think of the difference in reading speed when you mouth the words!
When you do wake up and get that clarity on what you want, set those goals down in writing and let your implicit engine take you closer to your goals.
Ok, weird, so how do I align my implicit system?
[15:45] First, nurture your 8 life gardens:
1. Relationship and family
2. Spiritual contribution
3. Physical health
4. Intellectual growth
5. Lifestyle and adventure
6. Environment tribe
7. Personal financial
Set goals [19:17] The clichés do work… for each of the aspects of your life, set goals and have a very clear vision it’ll create a massive vision of what you want your life to be.
Then break it down into the day to day goals.
Be careful of accomplishing the goals you set, or adjusting them if necessary. If you just write stuff down and don’t do it, all you’re doing is training your implicit system to recognise that what you say doesn’t matter.
Do what you say and say what you mean.
Manage your energy [27:30] Money is energy, you get energy by spending energy. Make sure you have energy to spare:
Nurture your primary relationships: your significant other, your kids, your friends, your peers
Nurture your health, your brain, your spirit, your community
Be ruthlessly honest with yourself and cut out what doesn’t work.
Contain your environment and eliminate the chaff so you can focus your attention like a laser beam. The beautiful thing about capitalism is that everybody has a job and you can hire them to get your time back for your own agenda.
Pay people to:
● Pay bills
So you can focus on:
● Hiring talent
● Looking for opportunities
● Creating vision
Check your peers [32:04] Hang out with winners, winning is contagious. Dump the losers, charity belongs in charity.
Coaches [42:05] invest in coaches, be around leaders and teachers.
[46:19] Set goals, manage your energy, check your peers, get coached and be ruthless honest.
We are forgetful creatures, put it in your flight plan.
Q&A [52:00] David opens up the floor:
How do you cut out family?
People don’t have to do what you do, but they can’t be resisting you. Phase them out, they will notice less than you think.
How can I attract the mentor I want?
Come from a point of service, add value and be prepared if they say yes.
Did he grow organically?
What is your hiring process?
Personality assessment, Behavioral assessment.
3 sets of interviews: Screening, Comprehensive and Hiring.
Spend at least 10 hours with every new hire, always ask yourself what’s going to bug you about that person in two years and listen to your gut.
What can you do to empower your unconscious brain?
Stop listening to your conscious brain!
How do you segment your life without losing your business time?
Miracle morning, goal setting, writing it down and once you have the revenue: outsource the things that eat away at your time.
- What is in David’s flight plan?
Jun 17 2019
Rank #12: How To Charge Higher Prices & Attract Your Best Buyers w/ Max Kerwick
Today’s episode is a presentation Max did on how to increase your pricing by focussing on your ideal customer and serving them the way they are looking to be served.
Tune in to learn about the story building process that works across every single industry, how to push past some of Amazon’s restrictions, and why going from product to people will open up a world of marketing opportunities.
[4:30] Parental advisory: Max will be poking fun at Amazon despite it being the best place to launch products profitably, acquire cash flow and scale a new business, sensitive ears beware.
[6:20] Creating a consistent customer experience and making sure that that every touch point with your customer tells your brand story is the only way to ensure success at the same level as major brands.
[8:33] The very first step of any good brand building process is to target and attract your ideal customer, the one that will ensure your future success. And in order to do that you have to get to know everything about them. Everything.
[14:15] So you have your archetype human, now you have to understand how they will look at your product: they will put it in a pyramid reminiscent of the Maslow’s pyramid of needs.
Pyramid base: Basic product requirements. In every product category there is an ante to be paid, a set of basic requirements your product has to have in order to be considered acceptable as such — wheels and a chassis for a car for example.
Pyramid middle: Product features. Once those basic requirements are met, you may add value — product features, customer service, options packages, etc. — keep in mind that this added value is not your brand and you should never build around them: they can be copied.
Pyramid top: Brand story. This is where the good stuff is and it’s where the right brand story can take you: higher prices, customer loyalty and positive word of mouth.
[17:12] Amazon lets you compete at the product feature level — middle of the pyramid — with keywords. But they keep control over the emotional drive to purchase with ratings and reviews: how your product makes customers feel is the brand. In essence, Amazon lets you sell products that ultimately strengthen their brand, and Jeff Bezos is laughing all the way to the bank with your money.
[18:35] Customers use products and brands to tell stories about themselves to others. You need to participate to that in a meaningful way, and at every opportunity: customer relationship are built on consistent experience delivered over time.
[21:35] So how do you get to the top of the pyramid?
- 1. Communicate with your customers any way you can — if you can talk to them it’s great, in person is even better. Get to know who they are as human beings, what their goals and aspirations are. Address their concerns and don’t reduce them to a set of attributes.
- 2. Establish core values and beliefs as a composite of what your customers care about and want and the promises your product makes in addressing those — it goes without saying you should never make unrealistic promises. Be certain all your products align with these and adjust or get rid of the ones that don’t.
- 3. Put it everywhere the foundation of your brand experience is your core values and beliefs and for that message to be strong, it needs to happen at every touch point with your customer. Apply it across every channel.
- [26:45] If you’ve done all this you will be able to increase your prices. Keep in mind some customers may be lost — Deal seekers have a functional relationship with a brand, you wont keep them around — but it shouldn’t affect the overall profit margin.
- [27:23] Max wraps up his spiel and thanks the audience. Ryan jumps on the opportunity to brag about Max and invites listeners to check out the video of Ryan and Max building Ryan’s personal brand story.
- Mentioned in this episode
- Maslow’s Hierarchy of Needs
- Max and Ryan Video
- Max Kerwick’s instagram
May 07 2019
Rank #13: #TBT - Only Invest In Multipliers: How To Quickly Multiply Your Success In Business
Are the things you are currently working on going to bring you the greatest long term results?
In this #ThrowbackThursday episode Ryan Daniel Moran shares the lessons he has learned about "multipliers", the things you can invest in that will compound your results.
Mar 21 2019
Rank #14: How To Go From Zero To 8 Figures Using Amazon And Direct Response
In this talk at Traffic & Conversion Summit 2018 in San Diego Ryan talks about how to build a REAL brand that is SELLABLE... how to create a company that "old money" would like to buy from you for a big exit some day. It’s filled with actionable advice that you can implement right now. Here are some of the key takeaways:
You can turn any marketing stream into a physical products brand
Do you know how to build an audience of tens of thousands? If you do, even if you don’t sell physical products right now, you can launch a line of three or four of them and sell them to people who you already know are interested.People will always buy stuff
The market may change in many ways, but one thing always stays the same: people will always need to buy physical products to meet their daily needs. There will always be demand for that. That alone creates a huge incentive to get into the physical products market..Make and brand stuff that speaks to people
If you come up with a unique idea for a product that really embodies the values of your target market, they will adore you. Not only will they buy your stuff, they will tell everyone they know who might be interested to buy your stuff. You’ll see a multiplicative growth in revenue.
It was great hearing Ryan’s talk!
- You can turn any marketing stream into a physical products brand
- People will always buy stuff, and
- Make and brand stuff that speaks to people
Connect with Ryan
Find more amazing podcast discussions on FreedomFastLane.com.
Jun 04 2018
Rank #15: Buying Businesses: How Carl Allen Acquires Profitable Companies (With Other People's Money) #TheOnePercent
Carl Allen is a U.K. based business buyer specializing in leveraged buyouts (LBO). Over 26 years he has perfected a proprietary methodology for buying business without using any of his own money.
Today he shares how to find deals, what he looks for how he structures them so that the businesses he buys are not dependent on him, and how he sleeps with all of this overhead!
[1:47] Ryan is fascinated by this since it’s kind of his goal for the future: he is currently building the infrastructure for entrepreneurs to be able to launch brands within his sphere of influence.
What kind of businesses? [7:00] Carl became the leverage buyouts guy, which was an alternative to building his own business.
Sweet spot: businesses with revenue in the 1 to 5 mil range. Below that you will find that the owner and the business are the same! And above 5 you have a lot of competition.
Some sectors do better than others: IT, engineering, manufacturing, professional services, etc. but ultimately if you’re new to this, buy a business that you understand.
Seller psychology [12:38] Carl’s method looks for in a particular type of owner: highly motivated to leave the business — you can craft a more human deal, psychology is key!
Carl touches on a key aspect of the owner perspective: they want someone who is going to care for their loyal employees and customers, someone who will take the business to the next level but preserve the legacy
A classic LBO structure [13:36] A big part of the LBO strategy is that the sellers do want some money but it can be paid overtime with the business profits. Let’s posit a business with a million dollars in revenue and a couple thousand dollars in free cash flow.
5k to buy with the following structure:
200k at closing — which you finance through debt based financing, SPA or asset based lending — and 100k a year for 3 years off the profits.
Beware deal heat [16:40] Are there andy asset purchases that keep Carl up at night? Yes, but if you do If you do your due diligence and target the following traits in the businesses you buy, it should reduce that amount significantly:
1. Find businesses that do little to no marketing, so you can come in, do it and ramp up revenues!
2. Businesses older than 10 years tend to get bloated with overhead, you can take this off at the start.
[19:19] Beware of deal heat! Go look at 20 deals, pick 4 or 5 you like best and play them off against each other. Always play the numbers game.
Finding a deal [20:35] brokers are the usual first step for newbies, the problem with brokers is that they will generally overvalue the business to get a better fee.
The real way Carl finds deals is with events, networking but also social media marketing! He explains why.
First things first [26:04] Once the business is acquired, what do you do to increase cash flow? In the first 6-9 months:
1. Get a management team or a GM in the business
2. Look at the overhead base
3. Drive marketing (direct sales people)
4. Strategic joint ventures may come into play
Choosing a GM [28:51] How do you choose those managers?! It’s integrated into the deal: the best place to find a GM is usually within the business:
1. Look for businesses with a solid number two and promote from within.
2. Find someone in your network.
3. In some cases the owner will stay on and GM for you, Carl explains how the type of owner you meet can dictate if this happens: people are good and love doing different things. (Set the founder free!!!)
[34:00] How did Carl come to understand all this? He shares his journey from HP and buying big software companies, to leaving the corporate world and stumbling into his very emotional first ever buyout — around which his entire process was built.
Work with people [39:55] Carl run an entire business that buys businesses, what is the infrastructure that controls infrastructure.
The whole infrastructure is the due diligence and deal, Carl then relies on a strong CEO that he gets by way of a promoted number 2, the existing owner or someone from his network:
Carl’s training and mentoring business was meant to generate partnered deal flow, working with people is the key to reducing the amount of work you have to do.
[44:48] What does Carl look for in a deal and what should be avoided.
Avoid: a cash out; B to C businesses typically doesn’t have a lot of asset; Amazon doesn’t give you control over the customer...
Look for the deal making triad:
1. Deals that serve you in some way (do you like the sector, or is there a value add for another business you own?)
2. Always bet on seller psychology.
3. Will this work for an LBO and is there a strong number 2.
[49:37] Ryan wants to buy the Cleveland Indians, what is Carl’s guiding light? And considering he does his deals with other people’s money, where does he put his own!?
[53:20] Where do people find more of the Carl Allen sweet sauce? Carl has put together a 90 minute masterclass for Ryan’s tribe at:
Mentioned in this episode
8 figure exits: Capitalism.com/8
Jun 24 2019
Rank #16: #TBT - The 4 Step Formula to Success in Any Business w/ Mark Ford aka Michael Masterson
Would you believe that there is a formula to growing your business, one that generates millions of dollars?
Mark Ford (pen name Michael Masterson) created it and has applied it dozens of times. There are four steps in this formula, and Mark shares them with us on today’s episode.
After growing a business to $65 million in four years, Mark took the process and duplicated it over and over again. Entrepreneurs who apply this process in their businesses experience success, and you can too.
Marketing is everything, and copy is king. Once you have those nailed, your business growth will take off.
Mar 07 2019
Rank #17: How I Went From 0 To 1 Million Per Month Selling On Shopify w/ Garret Akerson #TheOnePercent
Having trouble growing your sales?
This week Ryan presents a keynote by successful business entrepreneur, Garret Akerson. Throughout his presentation, Garret teaches 7 Key Takeaways that he used to grow his Shopify sales to 7 figures per month - and you can use no matter where you are taking sales.
Jan 06 2020
Rank #18: AJ Vaynerchuk - An Inside Look Into The Vayner Empire
AJ Vaynerchuck – the seemingly mysterious other half of the VaynerMedia empire – shares his life lessons about launching and scaling the client service business that started with a $80,000 account to turning over 9 figures a year.
Speaking at this year’s CapCon, he uncovers the work ethic he shares with his brother Gary, and his experience of launching VaynerSports compared to VaynerMedia.
Mar 18 2019
Rank #19: 5 Elements Of A High Converting Ad Campaign w/ Molly Pittman
Molly Pittman had an awesome talk on creating high-performing ad campaigns at the Capitalism Conference this past December. She had a ton of great information, so you definitely need to listen to the whole episode to make sure you make the best use of her tips, but we’ll give you a sneak peek at a few of her main points here:
Craft a great offer
If your offer is bad, your ads won’t work. Period. Think about how the market would value your product and its competitors, and how you can play around with that to offer something really compelling to your target audience.Write great ad copy
This ties in with the earlier point, as if you can’t figure out how to write great ad copy for your product, then maybe you don’t have a very good offer. Again, reflect on the value proposition that your product gives consumers, and try out a variety of ad copy “chunks” to see how your target market responds.
Produce awesome ad creatives
Make sure that the ads you end up making visually adhere to your branding. When you put your messaging out, if people can immediately realize which company’s ad they’re looking at based on its style and use of color, then you’ve made a strong impact before they’ve even finished going through the whole ad!
It was awesome listening to Molly at the Capitalism Conference!
- Craft a great offer
- Write great ad copy, and
- Produce awesome ad creatives
Connect with Molly
Learn more about Molly at https://www.digitalmarketer.com/author/molly-pittman/
- On LinkedIn
Find more amazing podcast discussions on FreedomFastLane.com.
Jun 18 2018
Rank #20: Where To Invest For The Highest ROI: Part 2 With Patrick Donohoe #TheOnePercent
This is part 2 of a 2-part discussion with Patrick Donohoe, the go-to wealth management guy for Ryan’s wealthiest peers and today’s discussion is centered on how everything comes back to ‘who’. Where do The One Percent really invest their money for the highest ROI? This second part of the interview explores this very idea.
Everything is people [6:36] everything that has to do with money involves people, successes, demises, everything - Patrick shares how some of his clients and friends use the Kiyosaki B-I Triangle to audit new companies they purchase.
The Pareto principle [10:00] Products are a reflection of what you are doing as a team in the world - choosing who your team is, who your customers are and what systems and structure underly a business is more important than the actual product.
Shifting mindset [13:10] there is an enormous step to take from being self employed to building a sound company and most people will not be able to take it.
Old clues [14:17] Partick shares how he learned to look for clues from older generations and how he understood that you need to not wait to live your life.
The solutions [19:33] most people are in their own way: the actual hard work is to define what it is you want and why you want it. When you figure that out, all of the solutions are there.
Pick an aim [23:10] Because most of us live in a world of plenty, where lethargy can lead to survival, picking a goal just to get up and start is critical. You will be able to adjust the aim as you learn and refine your values.
Bespoke investment strategies [25:54] Finance isn’t as complicated as people believe, and there are so many options to choose from that one solution will not fit all, you should customize your investment plan to your specific needs.
Is this for you? [28:38] You can find Patrick Donohoe’s book Heads I Win Tails You Lose: A financial strategy to reignite the American Dream, in hard copy and in audio version by following this link. For more information visit paradigmlife.net
Relationships [30:58] Patrick shares how he came to understand that he had to move away from his introverted tendencies and that the ultimate value proposition is in relationships.
Subjective pleasure [35:32] Patrick takes the discussion home: figure out why, and Ryan shares the 5 steps to freedom:
2. Cut out
Editorial [37:52] Ryan shares his impressions from the interview.
Thanks for listening!
Aug 05 2019