-Small business owner or entrepreneur, is there a difference?
If so, what the heck could it possibly be and what does it take to be a successful entrepreneur?
-Yeah. Let's talk about that.
-So what does it take to make it as an entrepreneur? -How to be a successful entrepreneur? It's a very
difficult word to say. Wouldn't it be better to just spell? -Yes, that is very hard to spell.
-Would it be better to just say an independent business owner. Is that the same?
Is it really the same thing? -I mean it's all the same to me. -Well okay, but when somebody calls you
an entrepreneur and they call... is that... isn't there something, isn't that a little
more cachet to it? -Yeah. I mean, it's hip. -Yeah. it just sounds like you're maybe more successful.
Because like if I say I'm a small business owner. They go, "Oh, so you're a commercial painter?". -What we
really want to know is are you self-employed or are you a business owner? Because there really is
a distinction there. Self-employed means you are your own boss but you're probably one
of the chief employees of your company as well you've created your own job versus
a business owner you work on the business you create systems and you hire other people to run.
-And then they're employees essentially or whatever. We know you're very sensitive about that word.
-Go watch another episode about that one. -Alright, so let's just dive in. I mean, just off the top of
your head. Are there are there things that we've never discussed before about what it takes to
make a successful entrepreneur? -Alright, so what I used to define success is if I were covering my costs.
I called that profit. I thought that I was profitable. See, I put on an event I had to rent.
This was like a video shoot event right around the stage and have speakers take turns on the
stage. So I covered the cost of the venue. I had enough you know payments come in. But over time,
like it took me three months to kind of market this event and when I really divided it down
this maybe 16,000 or 18,000 that I brought in. I'm like I had to divide that over three
months and I'm like. -Opportunity costs, time, all the money that you invested in marketing or whatever.
-I thought okay this is a profitable event or profitable thing to do. It wasn't only until just
a few years ago where I built a track record of success. You know, the Kris Krohn channel,
the Paul Jenkins channel others channel started to really take off and so I raised the prices of
my service to where there was actually... Sorry distraction my phone was buzzing, it's not buzzing.
-You sure, it's yours? -It was buzzing in my pocket. -Well, I know I felt the magic trick. -So, I raised
my prices and for the first time it wasn't until I experienced it I just thought, "Oh, that's what
profit is", so I thought that as long as I could cover my expenses and I paid myself enough that
I could survive I thought that that was profit. But then when I had extra money that I could put in
savings or reinvest in the company or things like that I'm like, "Oh, that's profit". I would really say
that only for the last three years has my business been successful. Because I now have extra money and
I paid off my debts. I don't have any debts. I didn't necessarily have that as a goal before
but how long has my company been successful out of the last 11 years? I'd say three. Because I've
been to that point. -So, is there a basic gauge for how long a person is starting their own
venture their own small business? To say, If I'm not probably... -8 and half years.
-Well, for you. But I mean you know. How long should the person...
If let's say that they're doing something like you do, right? They're not starting a lawn care
business or. -Well, hopefully, you can learn from my mistakes and shorten the length of time if
you want to build this similar type of business. -Well and how would like... -Like honestly the
service that I create is quite unique. I sell a package that's a six-figure investment for
my clients to make and to be able to sell that they have to have confidence in me and when I
first presented this package to someone I couldn't sell it. I couldn't sell it at cost what it cost me.
So I had to partner with people and essentially give my services for free in exchange for future
revenue. Took a couple of years of doing that to where I proved it and then it's like
okay now I can charge for my services. So, for this type of a business you've really
got to have a track record. You've got to have a portfolio. You've got to have some proof or some
some you know proof of concept to show that I know what I'm talking about and can help you.
Because instead of just saying, "Hey, I'm going to charge you this much per hour. You just just
hire me I'm a videographer and you tell me what you want in your videos and you pay me for hourly."
Like my service is an outcome. I say, "This is the result I'm going to give you and for that I
had to show that I could get people those results. So, I had to create a track record or
portfolio of look I know how to get people these results. But what that allows me to do
is really charge a lot more. The reason people are willing to invest that amount of money is because
I have a track record. -They see what it's done. -12 to 18 months I can help you generate seven
figures in your business. -So, here the question. Do you have or have you had clients
who aren't yet in a position to spend six figures on your services but have had to get
alternative ways to be able to pay that or have they been put on you know kind of a payment plan.
Where you pay me this much up front because the promise is that
fairly not in fairly short order but soon. The six figures you spend with Nate you'll be able to pay
in a month. But right now, maybe you can. -Well, the reality is it's not a get rich quick
thing like, "Hey, if you follow my strategy you're going to have a successful business".
No, that's not at all what I say. You've got to have a successful business. So I look at a business
having three different areas. You've got your leads you know where your leads or customers come from.
You've got sales and conversion so can you make a sale get them to pay you money and can you fulfill
can you deliver on what you promise and have happy clients. You know and then if so they'll give you
referrals and so it starts tunnel starts. So if you can build a successful business that's
profitable and you can start to grow that you start to get momentum, you know. Especially if
you've gotten to a point where you have a you're generating seven figures in a business without
YouTube then a strategy like this that's where you add fuel to that fire. But if you don't have
the fire going you can pour gasoline on logs of wood and it's not going to do anything. -Yeah...
and by the same token. Now, this is what's kind of fun about this age of transparency and sort of the
meta learning is you are now making it possible by giving away all of what you do for others to do
what you do not what your clients do. But what you do for your clients. But yeah... you haven't
really seen any competition out there. I mean, is anyone actually doing what you do? -Well, I think
that there isn't and I think that's because I had to take several years of proving the strategy in it's...
But now I can piggyback right on top of you. I mean they can just step up where
you and then their learning curve is way shorter. -Well and that is why I'm working on my book
and that is why I've recently just launched a course so that I can help more people who
who maybe want to do the diy approach or kind of a done with you me looking over your shoulder
occasionally type of approach. Because I mean they're not everyone's in that stage and I
love coaching businesses that are in the beginning stage. But I also love efficiency and I have a
hard time like I can't help everybody. That's why I put out this YouTube channel and
I recommend people subscribe, watch my videos. Because this is where I'm sharing everything that
I know. If you have questions of topics you'd like to see in future episodes we'll leave those in
the comments. Because then I'll know to answer your questions I'll address those in future episodes.
-Now, you can certainly you've mentioned the term mentor before. I mean, I remember you've even
said his name but I can't remember what it is right now. -Oh, YouTube mentor Daryl Leaves that's
what you're talking about. -For that particular side of your business, yeah... So in terms of of
of having a mentor for someone who's starting a business of any kind. Is that something you
recommend? -Yes and no. I don't think that brand new business owners should go and spend a lot
of money. If they're spending money that they haven't even earned yet I think it's crazy and
and I know a lot of people especially even here in the state of Utah. I guess it's just because
I see a lot of people promising get rich quick type of things. Invest with me your business
is going to be successful or there's a lot of MLMs you know and I don't think that's a good
idea. I think it's great to find somebody that you can learn from a great place to start is a book.
Get a book, because these gurus they pack everything. They put their best the book that I'm
writing I am we're going through and nitpicking everything, "Oh, I forgot to tell this thing", you know.
It's going to be better than anything I've created here on YouTube and yet you can get a book
for 10 bucks 20 bucks. I'm going to put. -What are we going to get it for? -Well, I mean I'm going
to be selling the audiobook for a little bit more but I'm going to be giving away the book for free.
You pay the shipping and handling cost. So it'll be like seven bucks or something like that.
You're just gonna have to wait six or eight months. Now, I love having coaches that can really help
me accomplish something specific. So, like the reason people pay me a huge dollar amounts
is because I have a specific outcome that we're aiming towards and that I've got a track record of
delivering. Those are the type of gurus or mentors or experts that I've hired. It's like, I need this
specific result I would not invest a huge amount of money on a mentor and have that be the
bet like this is what's going to take me to the promised land. This is what's going to help me to
be successful. I think that you need to find a way of being successful yourself and certainly through
books and advice and whatnot. You can hire a coach. You can get an affordable coach that can
help you like ask you the questions like a good coach isn't a consultant but like a real expensive
mentor that's going to charge 25 grand or 100 grand or something like that. I've seen
way too many people get burned with something like that. -Well, let's just yeah save your money and just
get Nate's book. So, speaking of great business models so you talk about the YouTube strategy
a little bit. Oh, quite a bit actually. -So the video that I want you to watch next it tells you
my five-ingredient strategy on how you can really generate leads for your business. The title of the
video is how to get a thousand subscribers on YouTube in a day. So go and watch that video next.