(intense music)
- Who here has woken up one morning,
decided to build their business, wanting to feel more
overwhelmed, overworked and underpaid?
Really?
Really, now?
I don't think so.
No, for 22 years, I've been working with small business
owners, and when I ask them, why did you start
your business, this is the norm, what I hear the most,
is I wanted to have more freedom, I wanted to have
more flexibility, I want to do it my way,
I'm tired of following someone else's way,
and I want the opportunity to create more impact.
Am I right or am I right?
Right, exactly.
However, after a few years?
Sometimes even, sadly, after a few months, what happens?
Overwhelmed, overworked, and underpaid.
Bankruptcy comes after that.
So, why does that happen?
Why do we have this amazing vision to start something
awesome, and why does it end up being overwhelmed,
overworked and underpaid?
You have your hand up, yeah?
(speaking faintly)
Not even.
If only it was that simple.
That would be nice, if it was that simple.
It is because most people are really really good
at what they do.
Y'know, they're good graphic designers, good financial
planners, good pie bakers, cabinet makers, bookkeepers.
What they're not good at is understanding
that there's a set of rules in business.
You need to have the right business model,
the right ingredients, the right boundaries,
to actually be able to create a business that is
not only fun, but sustainable, and, most of all, scalable.
When I ask people, would you like to double your sales?
They go, I would love to, however, I'm kinda maxed out
right now, and doubling my revenue would mean
doubling my efforts.
And that is not true.
When you're set set up properly.
When you're not set up properly, then you will probably,
the business will, being in business will kill your spark
before your business actually makes it
to the point that you really want it to make.
Does that make sense?
Okay.
So, I want to share with you some pretty ugly stats.
6% of all entrepreneurs will ever make it to six figures.
6%!
Now, I'm gonna be bold and I'm gonna ask here,
show of hands, who is already in the 6%?
A few of us.
Who is really working to get to the 6%?
Okay, awesome.
Open eyes and ears, 'cause this is gonna help a lot.
An even worse stat is, .1% ever make it to seven figures,
and a business architecture that is giving you a six figure
is not the same as one that's gonna give you
the seven figure, and one that's giving you less
than six figures is not quite the same either
as one that's gonna give you the six.
So you gotta actually work that.
Another stat is more than 50% of all small business owners,
check this out, will never actually exceed 25,000 dollars.
Now, we're not talking per day, per month, per week here,
we're talking per year.
And I don't know about you, but if I worked the way I work
in my small business for 25,000 dollars per year,
I would rather go work at McDonald's.
Not that it's healthy, but y'know, those fries smell good.
But at least I would enjoy free evenings and free weekends.
No thinking, I'm not gonna worry about those fries
on the weekend, that's fur sure, right?
Now, if it's your goal to make 25,000, there's nothing
wrong with that stat, if that's what you want.
Most people can have that by just having a job somewhere,
so why go through the trouble?
90% of all small business owners discount their offer,
discount their services, discount their products,
because people don't get their true value.
People don't understand the value that they bring
on the table, and again, DJ was talking about
an irresistible offer.
Well, it goes a lot deeper than that, but at the same time,
a great product and a great service without
an irresistible offer won't work.
A great irresistible offer without a kick-butt value
and kick-butt process and product or service won't last.
People will buy it once but never buy it again.
Now, what is the biggest objection for people to buy
on the planet, what's the biggest objection?
I don't have the money right now, correct.
Is this mostly true?
Never.
It is maybe .1% true, and again, here's what I say.
Where there's a will, there's a way.
And DJ said it earlier, people don't buy what they need,
they buy what they want.
So you do have to sell them what they want first.
Now, when people tell you that, oh, I don't have the money
right now, I want you to call bullshit.
And truly dig, dig deeper, because it's not about the money,
it's about them not understanding the value that you
are bringing for the money, or maybe they don't connect
with exactly what you're talking about.
My trainer, my gym, my fitness trainer, she was to train
a guy that was getting married and he needed to lose
50 or 60 pounds.
And he was gung ho, totally happy, really wanted to do it
and to look beautiful for his bride.
When he found out that it was gonna be six grand,
what do you think he did?
I don't have that kind of money right now.
I'm getting married, da da da.
Meanwhile, thanks to Facebook, she learned a few weeks later
that he bought a 10,000 dollar entertainment system.
People buy what they want, not what they need, right?
Alright.
Oh, and by the way, this one here, 90% of the discounting?
You are losing a minimum of 10,000 dollars per year,
and that's the minimum I've ever seen.
All the way to well over 100,000 dollars,
if you're less than in the mid six figures.
Just because people don't understand the value
that you bring, therefore you're discounting, or,
discounting doesn't always mean discounting as in,
oh, here's a discount if you buy today.
It means, I actually worked, website, right?
I worked 30 hours on this, but I can only bill 17.
My business increased by, at the time, years ago,
by 43%, solely by stopping not billing my full value
or my full time, it makes a big difference.
Yeah?
(speaking faintly)
There is some of that, absolutely.
There's definitely some of that.
And there's nothing wrong with discounting if you want to.
If you have to, total different ballgame.
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