Rank #1: Playing To Win vs Playing to Not Lose, A Stupid Mistake That Cost Me Millions
I had an important mental shift this week about business and life. So I went to Facebook live to share and take a couple questions...
Rank #2: 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?
Rank #3: #TBT — Million Dollar Offers — How Idiots Get Rich w/ Travis Sago
This episode is about what it looks like to put together million dollar offers and about why it would go much faster if you were dialed in: even idiots get rich.
(Or to paraphrase Michael Scott from The Office: K.I.S.S.: Keep it simple, stupid)
Tune in for some great insight and straightforward tricks from Travis Sago of Bum Marketing.
[3:26] Ryan introduces one of the people that has had the most impact on his life, his mentor Travis Sago.
[4:11] Simplicity and specificity of offers is one of the lessons that Travis had been waiting for Ryan to understand.
Offers x Execution = Business Success.
If you have a great product for the market (Offer) and build it, market it, and distribute it well (Execution), then you’ve “won” at business. That’s all there is to it.
It’s possible to do well with an awesome product and okay execution, or with a mediocre product and great execution, but you’ll find greater success doing well at both.
[6:15] Ryan shares his struggles with ideas he thinks are great but end up failing and asks Travis what can be done to remedy the situation:
1. Identify the offer
[6:37] Anyone can sit in a corner and imagine something. But, if you don’t look at what people’s actual purchasing interests are, you’ll have no idea whether or not it’ll make a wave in the market.
Let’s say you’re relaxing at a farmers’ market. If you just observe what shoppers are looking to buy and where and how they are dissatisfied with what’s on offer, then you’ve found an opportunity to meet an unmet demand.
2. Test the offer in the marketplace
[10:25] So you have this idea and it seems solid and people seem interested, how do you gauge the markets?
The answer is pretty straight forward: ask people! Gather data, run pilots and market tests and from those results, either jump in, shift your focus or can the idea.
Ryan’s recent braingasm [13:38] There is no need to learn this the hard way: always have market intelligence before spending time or money developing or investing in something.
[18:41] Travis shares the acronym he uses to classify ideas into areas of business people get fed up with: TIMER
Time. Identity. Money. Energy. Reputation.
An idea that doesn’t fit into any area should be floated, there is no harm in discovering a new category and broadening your offer! Just be careful of polishing turds.
[23:54 — 27:22] The Backroom.
[24:54] How do you know if your offer is clear? People are simple really, the best conversion tool on the planet is your index finger: make it so that you can point to your customer’s need as well as your offer to fill that need. Travis gives examples of how that might look in different industries.
[28:00] So the offer has been identified and tested in the marketplace, what is the sales mechanism?
It’s a very, very simple G3 order form (Gimme, Gimme, Gimme) or a payment link. Don’t overcomplicate this part.
[29:00] When you really start to dial-in on your offer, you will multiply value.
You can tweak and optimize your page 5% a month and see where that gets you overtime, but wouldn’t you be better off making a change in the direction of your offer to be something that really resonates with the market? That could multiply your revenue!
[39:10] Scaling what works: throw your spaghetti against the wall and then throw more of what sticks.
[41:08] Ryan thanks Travis for everything and gives him the floor to talk about where people can find and follow him.
Mentioned in this episode
Rank #4: How to Build an Audience For Your Brand And Get to 7 Figures
I just had a blast going to Kiev, Ukraine to meet with and talk to lots of entrepreneurs. In this presentation I talk about how to kill it in the physical products space.You can make a million in a year
How can you do it? Offer 3 to 5 products. Price them at $25 to $35 each. Sell 25 to 35 of them a day. If you can keep that up, you’ll have made a million dollars after 12 months. It’s a simple formula, but It’ll take hard work to get to that point and keep it up.Build a community of superfans
If you can find a thousand people who are really interested in what you have to offer - whether it’s through Facebook, Instagram, a blog, or whatever - you can find 100 people in that group who to become your brand’s superfans. They’ll buy your products at full price and incessantly rave about how awesome your brand is to their friends and family online and offline until they buy it to get them to shut up about it.
Who wouldn’t want fans like that? You can find people that dedicated by targeting a superniche in a way that really speaks to them as human beings, even in a market that seems otherwise saturated.Don’t worry about how well everyone else is doing
Don’t feel like you’re a “bad” entrepreneur because you’re “only” making hundreds of thousands of dollars a year when you see others who have scaled up to 7, 8, or 9 figure success. Even multimillionaires have their insecurities. It’s all about the chase to live a life on your own terms, not someone else’s. Don’t lose sight of that.
- There’s a simple formula to become a millionaire in 12 months
- Target a superniche to build a faction of raving fanatics for your brand, and
- Don’t focus on how well others are doing.
Connect with Ryan
Find more amazing podcast discussions on FreedomFastLane.com.
Rank #5: How To Start Hiring and Outsourcing When Starting Your Business #TheOnePercent
Ryan sits for an interview on the Outsourcing and Scaling Show with Nathan Hirsh he shares his thoughts on “Amazon businesses” and tips on how to break from that and into a real business.
Also, did you ever wonder what Capitalism.com’s structure is like, how Ryan structures his schedule and what he’s learned about building company culture? Tune-in for a peek behind the curtain!
[2:35] Nathan takes a minute to introduce Ryan “Delicious Leftovers” Moran to his podcast and asks him to share a little bit about how he was as a child: try to remember how you used to have fun.
First ventures and umpiring lessons [5:16] Ryan doesn’t consider ever having had a first “serious adult” venture. It was really more of an accumulation of all of his smaller endeavours, driven by the goal of becoming a real estate investor. Both Nathan and Ryan used to umpire, they talk about the kinds of lessons they learned and skills they developed.
“An Amazon business” [8:15] The tools have changed drastically, from the time Ryan was coding dreamweaver on a dial up modem. But with more resources and ease of opportunity, there are now more players competing, so the game has become about quality — both in product and customer experience.
Most people are short sighted though and will start thinking that they run an Amazon business. No one ever says “I have a Walmart business” or an “affiliate business” but people do say I have an “Amazon business” the reality is that Amazon is a customer acquisition strategy, not a business.
People who win are the ones who do digital marketing, who focus on people.
Where to start [11:48] Ryan’s advice for people who want to start marketing starts with a mindset change: an AMazon business doesn’t exist, you need to start building your own asset.
1. Budget your profits — the cheque you get from Amazon is not your money, it’s the company’s money.
2. Invest in customer experience.
3. Build an audience — either build it yourself or create a long term partnership with an influencer.
4. Try your hand at search engine optimization, no one is doing it: you’ll have an edge.
People [15:04] Making money is about people, it’s about who you surround yourself with, and it’s about your emotional intelligence. You have to learn how to succeed through others.
Ryan shares what he hates to do that is critical to moving forward in building your business: job descriptions… What is required to move you forward? It’s always the right time to hire when you know what you’re hiring for.
The opposite never ends well, Ryan has failed that way many times and he shares a few.
Structures, meeting and company culture [22:53] Ryan shares a bit about how he structures his businesses: who’s in charge of what… He also touches on the traits he looks for in his teammates and colleagues, how he runs meetings and what kind of culture he is trying to develop at Capitalism.com.
Two things Ryan learned through personal experience: if your culture sucks, something about you sucks, and people need more guidance and feedback than he thought from the get go.
Scheduling [30:13] Ryan touches on which parts of his schedule he protects and which are more flexible, his current objectives and focuses as well as what he chooses to do weather it’s morning or evening.
Owning the Cleveland Indians [31:37] When Ryan was 12, he wanted to be the General Manager of a Baseball team but he also realised that if you are the general manager, someone has to hire you — you are not in control. The owner is in control.
Nathan and Ryan nerd out on Baseball.
Thanks for listening!
Rank #6: How to Set and Hit BIG Goals w/ Ryan Daniel Moran
There is no such thing as "big goals" or "small goals", there are just targets.
I started lining out some targets for the next steps in my career and what's coming next from the Capitalism office.
I'm also trying to create as many millionaires as I can and give more away for free without taking such a salesy direct response approach these days.
One of the most common questions that entrepreneurs ask me is, "how can I grow my business without feeling like I'm pushing my products or services SO hard on my audience?" No one wants to feel needy or desperate. I have some thoughts on that...
I want to work with people who WANT to work with me. It's energizing. People who feel they NEED my tutoring, or my course, or my event to get to the next level are energy-draining.
Think about what will energize you in your business and then providing value to others will be rewarding... and FUN!
Rank #7: How To Grow Your Business and Yourself with Aubrey Marcus #TheOnePercent
Aubrey Marcus is an author, experimenter, unconventional fitness junkie, and human optimizer.
He is the CEO of Onnit, the optimal human performance fitness company that he has built into one of the fastest growing companies in America.
In this conversation we had in the living room of my lake house, my mastermind The Backroom got to ask Aubrey a few important questions about how he's been able to partner with Joe Rogan, use influencers, scale to 190 employees, and enjoy the process.
Come see more conversations like this at our next event Learn more at: http://www.CapitalismConference.com
The Capitalism Conference is our event for entrepreneurial empire builders. January 21st-23rd, 2019. Dallas, Texas.
Rank #8: Freedom IS The Doing: How to Discover What You Want And Get There #TheOnePercent
How much do you need to earn to live the life you want?
As entrepreneurs so often we chase freedom and work ourselves to death waiting for a payoff to come later.
This is my keynote from The Capitalism Conference 2019. My first keynote ever at my own event.
In this presentation I wanted to communicate my own path in the empire I am building with Capitalism.com.
I wanted to communicate this idea that freedom IS the doing of what you really want. Today.
And ironically, when we are in alignment with our purpose and zone of genius, the money just comes easily.
Rank #9: Turn Likes and Clicks From Your Audience Into Loyal Buyers w/ George Bryant #TheOnePercent #BrandBuilderPodcast
George Bryant is a marketing wizard who helps companies ethically scale. This means dialing in what is really important to the customer.
Finding what message will resonate on a large scale so that you can advertise to your ideal audience and ultimately grow a massive brand.
We sat down with George on The Brand Builder Podcast to discuss building trust and genuine relationships with customers to create loyal buyers. To hear more interviews and case studies like this subscribe to The Brand Builder Podcast.
Rank #10: 1 Million Per Month On Shopify Alone: How I Started Selling Online Without Touching Amazon w/ Garret Akerson #BrandBuilderPodcast
Today’s episode is a keynote by Garrett Akeson on the company he bootstrapped with his wife: Kindred Bravely. He shares a mountain of examples on how they company managed different aspects of growing a business out of Amazon.
Tune in for some practical tips on how to run a remote team, why culture matters and how much money you need to actually run ads!
[2:58] Garret introduces himself and his brand Kindred Bravely.
[4:54] Launching a business can have a clear path but it’s rarely smooth, this talk will cover 7 areas to help you navigate growing a business:
2. Telling a story
7. Remote teams
However, Garrett’s overarching advice, will always be focus.
Brand [6:10] it matters from the very beginning, but don’t be afraid to change if it doesn't feel right — Kindred Bravely was called Davy Jeans for the first three months!
Story [7:56] is what you use if you and to get out of Amazon, and that story is how you connect with your customers and how you build that relationship. So the first thing you have to do is get to know your customer, the numbers are there: use the information and identify the core values your customers resonate with.
Communicate your story and your values everywhere you can. Use imagery to create emotional connection and make sure all of your copy is brand coherent — you can outsources ads, but you have to keep your content in-house, no one can talk about you better than you!
Vision [13:08] is how you shape what’s to come, build a vision for your company that projects far into the future, make it detailed and share it with the whole team so that everyone aims in the same direction.
Timing [15:11] means that there are never any guarantees. So getting off Amazon may not lead to greener grass. Garrett shares some indicators that the timing may be right for you.
At less than 200k per year on Amazon, don’t bother with anything else, focus on increasing sales. When you hit 100 to 200k a month, now might be the time to start thinking about building your off channels.
You will need deep pockets for Facebook and Shopify ads, Garrett recommends no less than 100k dedicated in cash. Acquiring a new customer on Shopify averages 23$, you will burn through money to test your funnels, and your ads, and get your target audiences right. Let Amazon foot the bill for that, launch all your new products there!
Hiring [23:22] people that love what you do will ensure they require less management! When Kindred Bravely posted their first job application, it was a flood of their own customers that came, a flood of moms.
Garrett shares some tangible tips on hiring practices:
1. Use long form questionnaires that get really specific, this will enable you to screen out people that are not right for the job — Kindred Bravely uses a google form they developed in part from Topgrading questions.
2. Do skill specific testing — Kindred bravely does typing and phone typing tests since most of their work is with social media online.
3. Do group interviews to see people dynamics and immediately compare and grade applicants — Zoom is a good tool for this.
4. Don’t be afraid of hard questions, they give you insight on the type of person you are meeting — Garrett shares the last question he always asks and what kind of insight it gives him.
5. Keep your 2nd, 3rd and 4th choices as potential employees on future positions.
Culture [28:39] ties in to vision and core values. By attracting applicants that identify with the brand it’s much easier to build that internal culture and brand. Empower your employees to embody the vision and values both at, and outside of work — Garrett shares the Kindred Bravely monthly giving program initiative.
Remote teams [30:27] means that people rarely get a chance to meet, so you have to pay extra attention to building and fostering connection, support and growth for your employees in order to drive success.
Garrett shares how he adapted Ryan’s TRIBE 5 into his own company culture and rembraded it BRAVE (Body, Relationships, Assets, Vigilance and time, Expansion) as well as integrated The One Thing’s “One Thing” to implement quarterly 90 day goal sprints for his employees. Kindred Bravely also uses GetGuru as a way to centralize all company workings information including, vision, mission and values so that the employees always have something to measure up against.
[39:06] Garrett wraps up with details on Kindred Bravely’s progression and talks about SBA loans — have a business plan and remember it’ll take about 4 months to get the loan, Amazon lending — with high enough sales, and after having 3 years of financial history, you can get a traditional Bank loan.
Q. How do you figure out and reconcile salary ranges for full-time and part time positions in a remote setting?
A. Ask how much the applicant would expect to make for the job! Set yourself up into a negotiating position by asking 2 simple questions:
1. “How much would you like to make now or?”
2. “How much would you like to get in a year from now?”
With the answers to these, you get a range to work with.
Mentioned in this episode
Book: Double Double: How to Double your Revenue and Profit in 3 Years or Less by Cameron Herold
Book: The One Thing by Gary Keller and Jay Papasan
Rank #11: 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
Rank #12: $121k/mo With Facebook Live : How Roxelle Built Raving Fans & Launched A 7-Figure Brand #BrandBuilderPodcast
Not long ago Roxelle Cho was making products in her garage.
After she gained the loyalty and support of a growing customer base through Facebook Live, Instagram, and emails she had to scale quickly.
Fused Hawaii is a handmade swimwear brand that empowers women to live comfortably in the skin that they're in.
In this episode Roxelle shares how she has created a community of superfans who want to buy from the company again and again while spreading their message and telling their friends.
Rank #13: Getting Your First Sales: How To Launch A Lifestyle Brand (ft. MLB Pitcher Nick Hagadone) #FreedomFastLane
Former pitcher for the Cleveland Indians Nick Hagadone joins the podcast today — a dream comes true today for Ryan and a great learning opportunity for listeners to find out what tips Ryan had for the ex-MLB star to maximise his businesses returns.
Are you looking for some pointers on how to how to craft a launch plan? What about things you should do to get daily sales? Sit-in on this star-struck interview.
Rank #14: #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.
Rank #15: How Kevin Used Influencers, Shopify, and Cold Advertising To Pass 8-Figures | #BrandBuilderPodcast
When starting your own product business, it’s easy to tackle a million and one problems at a time. Starting on the simplest problems first sets you on a much better path.
In this episode, Kevin Lavelle, founder of Mizzen+Main, shares how he made “the best damn dress shirt for men” that’s now worn by men across 50 states.
We uncover how Kevin built credibility through a crowded market, boosting immunity through making mistakes, and the risks of scaling too early.
Rank #16: #TBT — Buying Websites: The Most Overlooked Tax Loophole & Cash Positive Asset
This episode is about what ryan has come to conclude is the most overlooked investment opportunity in the world: cashflowing websites. They are sellable and buyable as assets and are somehow taxed differently!
Ryan talks to Ken Courtright, Founder of Income Store, an inc. 500 and 5000 Fastest Growing Company. They have built and manage a 2000+ portfolio of revenue producing websites and have big plans for the near future.
[3:26] How big is Ken Courtright’s… portfolio? Is 800 to 1000 contracted revenue producing website and an additional 1000 outright personally owned good enough for ya?
[4:38] Ryan buys websites at about 2 ½ times their yearly profits, looking for websites that have a very specific target market. Ken weighs in on those numbers and shares his his own.
[9:10] You don’t know tech? Don’t buy a website on your own…
But to anyone looking to buy websites Ken recommends going to www.smrush.com and look at 2 things:
1. How many backlinks are being added monthly? (Take a screenshot and come back 90 days later — you want to know that there is an expansion of influence)
2. Is the website growing and healthy?
[11:59] Ryan personally looks for websites that serve a specific niche market or audiences to develop a business around whereas Ken looks for more competition, why?
There has to be so many competitors in the space that no matter where the landscape shifts in the niche, the competitors will do the trial and error for you!
[16:36] Ryan and Ken recap why revenue producing websites are such fantastic assets:
1. Immediate ROI of 33-40% (!!!!)
2. Profitability scales in very short spans
3. Assets taxed differently
Disclaimer: Neither Ryan nor Ken are CPA, associated with CPA or accountants in any regard and no one should understand these statements to be financial or investment advice. In fact, Ryan advise you do nothing of what he talks about, ever.
In 48 of 50 states in the US people can write off the purchase of revenue producing websites in 3 years, and as of January 2019, the full amount of the purchase can be written off in that same year — this effectively means a 50% ROI as soon as you buy it.
There are downsides to watch for as with any industry which Ken openly shares.
[25:08] Ken shares his overarching play which was never about managing a site, it was about managing a massive portfolio of millions of eyeballs so we could crossmarket different things.
Goal number 1 was a thousand sites.
Goal number 2 is cross marketing between assets and generating legitimate backlinks, growth and free traffic.
[30:50] Ryan asks why that was not the front and center of monetization models. Ken talks about the winning moves model.
1. Solidify the team
2. Generate an email list from every single asset
3. Any site that is Adsense only will be added an affiliate
4. Bypass Google Ads
5. Cross market
[33:49] Ryan asks what their biggest acquisition was?Ken explains why size doesn’t matter: what makes websites so sexy to a seller is that they are funded immediately and in full.
In that context, for a client with a million dollars, it is better to build a portfolio where they get 3 websites on which they can then do cross marketing rather than buying the one 1 million dollar monster.
Ken does suggest to stay away from anything under 100k because the website will not have enough data on its own life to be reliably predictable.
[39:00] Ken breaks down the Income Store model:
1. Take the client funds and buy websites at 2.2 to 2.4 earnings
2. Lock the websites in a consulting performance agreement
3. Permit the sale of the website at anytime for the buying price plus 50% of the overage growth
[43:10] Ryan thanks Ken for everything and shares how this business model might be one for him to pursue full time someday.
Thanks for listening!
Mentioned in this episode
Rank #17: From $300k to $15m+ In 3 Years (Working 3 Days Per Week) w/ Brooke Castillo #TheOnePercent
Brooke Castillo inspires me as an entrepreneur. She is the founder of The Life Coach School, a massive empire that trains and certifies life coaches. She really likes money and her results speak for themselves. She has built a thriving 8-figure business while just a few years ago it was generating only 300k annually. She has done all this while working only... THREE DAYS PER WEEK. I thoroughly enjoyed this conversation and I think you will as well if you like money, if you like smart people, and if you'd like to have more free time I think you'll get a lot out of it. Listen to more from Brooke Castillo on her podcast "The Life Coach School Podcast"
Rank #18: What Do We Mean When We Talk About Brand? #BrandBuilderPodcast
Because you asked: today, we diverge from the usual interview and Max breaks down the very concept of ‘brand’ into easily digestible parts.
So is it just a logo?
[2:49] Max asked the community what it is you would like to see on the Brand Builder Podcast and you responded!
Over the next few weeks and months, he’ll be covering a lot of the questions raised but for today:
What do we mean when we talk about brand?
[5:15] A lot people think of brand as logos, palettes, packaging, marketing funnels and copy... All of those things are important aspects, but they are not enough.
Your brand is the collective emotional response to your product or service, and that includes your customer's expectations, memories, stories and relationship with regards to your company.
[6:32] In a perfect world, you are not selling someone something the one time, you are entering in a relationship that will last and spans months, years or even a lifetime.
That relationship is built on three principles:
1. Brand promise — the guarantee, quality and efficacy of your product
2. Meaningful differentiation — how are you different in answering your customer’s wants and needs
3. Elevating your customer — help them be the hero in their own story
[9:42] Your brand is the only thing that will keep your customers with you when the competition pops up.
[11:22] So brand is something you have do across every single touch point with your customer, and each of those points is an opportunity to strengthen or weaken that relationship.
Reinforcing that relationship requires two things:
1. Agreement on brand direction — you need to know where you are headed
2. Consistently strong communication — everytime someone gets something from you is an opportunity
[15:00] The best brands in the world are built with a specific customer in mind, a singular message that resonates with that customer and they communicate that message consistently across all channels.
That is how you build the equity that makes your brand valuable.
[16:30] Max recaps and invites listeners to share their comments, questions and suggestions with the Capitalism.com community.
Thanks for listening! Visit capitalism.com/events for upcoming events and additional content.
If you have feedback, guest ideas or topics to explore for this podcast, email max Kerwick at email@example.com
Because it really does make a difference: don’t forget to subscribe and leave a review on iTunes.
Mentioned in this episode
Rank #19: 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!
Rank #20: How To Find A Mentor in 3 Steps #FreedomFastLane
For some reason, entrepreneurs seem to forget that mentorship is also a relationship like any other: you have to add value to it, or else you’re just another askhole.
Tune in for a 3 step on how where you need to be and what you need to do to find and keep a good mentor.
[:24] “Hey Ryan! will you mentor me?” No.
[1:42] The one-on-one mentor/mentee relationship is very important — and just like any relationship — you have to make deposits in order to withdraw.
Here is what you need to do to find a mentor:
Right place [2:28] put yourself in a position to identify and meet the type of person you want to enter into a mentoring relationship with. Join communities, pay for masterminds, events and conferences!
Right person [3:50] identify the person who has built or done what you want to do, regardless of the area, marriage, business, fitness.
Right price [4:55] find the give! Find out what they want, what they don’t have and give it to them.
[5:54] Human beings have a limited capacity for people who they can pay attention to. If you want a mentor to pay attention to you, you have to offer them value, and offer it to them strategically.
Comment, subscribe and share!