What is the number one thing that stops most people from ever having a successful business?
They think about it, but they do nothing about it. I've helped thousands of people get their
businesses off the ground in the last couple of years. But I know that if you don't know where to
start, you have no idea how to get where you need to go. There are five fundamental activities that
build a million dollar business, and I'm going to lay them out in this video. And if you take action
on them in the next 30 days, you are going to build the basis of your million dollar business.
Now, are you going to become a millionaire overnight? Absolutely
not. But have these activities taken my business from zero to eight figures? Yes. And have I seen
them take people I know from zero to millionaire? Absolutely. But even if you just want to replace
the income from your day job, create a new revenue stream, this will get you there.
But knowing is just one piece of the puzzle. There's a famous Steve Jobs clip that puts this
in context perfectly. So let's get into it. And hat's what separates, sometimes,
the people that do things from the people that just dream about them. You got to act,
and you've got to be willing to fail. You've got to be willing to crash and burn with people on the
phone, with starting a company, with whatever. If you're afraid of failing, you won't get very far.
I said this in a recent video, but there is no action without urgency,
which is why we are setting a 30-day deadline to get this going. If you get value from this video,
I want to let you in on what the mission behind this channel is. I am on a mission
to make entrepreneurship available to everyone, which is why I create this content on YouTube
because I believe that entrepreneurship is a vehicle to freedom and equity that allows you
to make your unique mark on the world and create independence. A small thing you can do to support
this mission and help us reach even more people is hit the like button and be sure to subscribe.
Here's how this video's going to go. One, identify what to sell. Two, attract your buyers. Three,
pick the perfect price. Four, deliver your product. And five, become the CEO. Let's go.
Number one, identifying what to sell. Whatever kind of business you're starting,
the number one thing you have to do is reduce the friction. I talk about this often because you want
to make sure that you're building business around something that you already have experience in,
you already have an interest in, or you're already good at. That removes the barrier to entry,
and it makes the process a lot easier to get started because then you're not having to learn
an entirely new skill set or industry. So to help you figure that out, I have
tested and proven these eight questions to help you identify what you can monetize. Number one,
what is a problem you've solved? Number two, what's a hurdle you've overcome. Number three,
what are you frustrated by? Number four, what do you find yourself complaining about? Number five,
what's the skill you've mastered? Number six, what's the most painful thing you've
ever been through? Number seven, what makes you different? Number eight, what is the
number one thing people ask you for help with? The basics of a business is that you're solving
a problem and filling a need. So when it comes to figuring out what people ask you for help with,
actually ask your friends and family to remove any blind spots you may have. You want to ask
them questions like, "When you need my help, what do you come to me for? What do you ask me
for advice or guidance on that you would never go to anyone else for?" That's going to help
you to find some clues as to what you are good at and what people want your help with.
The next aspect of this is make it viable. So what I mean by this is best explain through a
real example. I work with a client who is a dancer, and she had a dance studio
for 15 years, and she focused on creating a course, teaching people how to dance,
teaching really anyone how to dance. She launched this course and it didn't do very well. The reason
is, is that she was focused on information and tactics. She wasn't focused on a deeper
rooted transformation and outcome because people pay for the how. They do not pay for the what.
So she focused on her own story and her own experience, as I just mentioned,
and she realized that she used dance as a tool to build her confidence. She was super shy,
super insecure, hated going to dances or any social events because she didn't know what she
was doing on the dance floor. She taught herself, became an award-winning dancer. And now she's
created a program, an online using our methodology to reach thousands of people around the world and
teach adults how to dance in social settings to build their confidence. And she's now scaled that
business to $50,000 a month. Prior to that, in her original course, she'd only made about $700.
So how do you do this? I sum it up with something called a transformation statement. And this really
is the key to creating the foundation of your successful business. You need to be able to
explain what your business does and how it serves and benefits people in one sentence. The sentence
starts like this. I went from blank to blank so that I could blank. A perfect example of this
is reflected in my own transformation statement and how I support people. It always has to be
outcome-driven. It goes like this. I went from struggling, burnt out business owner to thriving,
peaceful eight-figure entrepreneur so that I could create a business that could generate an impact
and income without me. And then the beauty of this is that becomes the transformation statement that
you flip and share with others to talk about what you do, why you do it, and why it matters.
So let me give you another example. I own a pair of shoes that keep my feet completely dry,
even when it's pouring rain outside, which is big because I live in Vancouver. So if I were
to come up with a transformation statement for that business, it would go like this.
I help people go from having soggy, wet, miserable feet every time they go out in the rain to keeping
their feet and their socks dry so that they can experience time outdoors with their friends and
family any time of the year. Notice how I didn't even mention that they were shoes
in that statement because you're not selling the thing. You're not selling the shoe. You're
selling the outcome that the person is seeking. To round out how to identify what to sell,
you want to look for proof of profit, which is essentially market research. So you want to
identify if the thing that you have an idea around is something that people are currently paying for
because if it is, that's a great thing, it proves that there's actually demand. So if you are in the
service space, you can look at places like Fiverr and Upwork to see what people are paying for and
what they're hiring contractors and service providers for to prove that it's a valid idea.
You can also look at places like eBay and Amazon for physical products. You can also look for books
for sale on the topic that you want to build your business around. You can look at places
like essentially blogs and just Googling the topic that you're interested in. There are so
many resources available to you online. You want to look at influencers, consultants,
agencies, anything that has proven that there is something related to what you want to create
that people are buying is ultimately giving you proof that there is profit in what you want to do.
And that's going to help you get started. Number two, attract your buyers. So before we go ahead
and build anything, we want to ensure that there's actually an audience of people out there
that are willing to buy what you are going to sell. Now, here's the really easy part about
this. If you build a business that's aligned with your own experience, your own story,
and a problem that you've been able to solve for yourself, you're going to know exactly where to
find your potential buyers. Why? Because you are a mirror for your ideal of clients when you are
at your most challenged, frustrated state. So you have to put yourself back in that place in order
to identify where these people are living, hanging out online, and how you can best serve them.
So the easy solution is let's go back to when you were seeking the transformation or most
challenged by the problem that you were facing. Here's a few questions to help you to you do
that. Where was I searching online to seek out the solution? What was I typing into Google to try and
solve the problem? What did I invest my money into? And where are the biggest community hubs
where you used to hang out and where your ideal clients are hanging out now? An easy way to figure
this out is you want to go to YouTube channels that talk about the topic that you're interested
in building your business around and go into the comment section to start identifying who
they are and what they need. You want to look at Instagram hashtags that are relevant and related
to the topic you want to build your business around. You also want to go into Facebook groups.
These are an incredible place to start building the right relationships and build your audience
of buyers from scratch. And a really easy thing that you can do to help you truly understand your
ideal clients is go onto Amazon and look up any product or book or service related to what you
want to sell and go into the reviews. And you want to rank them from best to worst. And what that's
going to give you is so much valid information on what is working for them, and what they love about
what's currently on the market, and also what they hate, and what they need more help with,
which is where you come in to create a product or a service that is truly going to blow their mind.
And then you're going to look for what I call guiding lights. So this is finding businesses
that are currently selling what you want to sell or something very similar to it.
And you want to identify what are they selling first and foremost, and secondly,
how are they selling it. This makes the path to actually monetizing your idea so much clearer
because you don't need to reinvent the wheel. It's already being sold and you can identify
how they're selling it. It's going to give you the right game plan to deliver your product to market.
So find influencers, and the gurus in the space, or the biggest businesses in the space,
and go on their sites, go on their social media platforms, and figure out how are they marketing,
how are they selling, and what is the path for someone to go from stranger to buyer. Now,
the last piece of this that is so vitally important that I need you to understand is
it's all about quality, not quantity. When it comes to social media and the algorithms,
you truly just need to understand that they need to know who you're trying to reach and what you
want to be known for. So in order to build your audience and buyers, and start building
that audience from scratch, you basically need to figure out where are they hanging out online and
then start nurturing relationships from there. How do you do that? Simply comment on their content,
respond to their stories, share content that you find interesting that they're sharing. Engage.
The worst thing you can do as a business owner, especially a new entrepreneur, is to sit back and
wait. You need to start building relationships from scratch. Even if you have three people in
your audience who are super ideal clients, that's better than having none, and it's way better than
having millions that are not targeted and are never going to buy from you. And what this does
is when you do have your product or service ready to sell, you have created an audience of buyers.
Number three, the best way to pick a price. I came up with a pricing equation to really help
me understand how to best price my services without undercharging. And I've helped
thousands of people by using the same pricing equation. It's based off of market research,
which you've already done to figure out what people are currently paying for what it is that
you want to sell, and also your own experience. So the equation goes like this, cost plus income
goals minus barrier to entry. So I want to use a real world example here because I think one of
the biggest plagues of being an entrepreneur is undercharging. And ultimately, by undercharging,
you are getting poor quality clients who are not invested enough to actually get results.
Therefore, that kills your business because results are what drives and grows and builds
momentum in your business as you move forward. So the example I want to share is in the fitness
space, and I want you to think about all of the things that you have spent money on to try and get
into better shape, eat healthier, go on a diet, lose weight, have a gym membership. What has it
cost you mentally, financially, emotionally, and spiritually? Those are the four factors. When you
can truly identify and reverse engineer your own experience and what you have already paid and what
it has cost you across all of those fronts, it makes it very easy to understand why you need to
charge what it's actually worth, which is a lot higher than randomly picking a $19 price tag.
Let's do the math with a real world example. Richa and Lucy are clients of mine, and they got
their online fitness program off the ground in 30 days. And they said we got six paying clients and
made $9,000. Our prior highest revenue month was $1,500. You're right. It's far easier to convince
one person to pay a 1,000 than to convince 100 people to pay 10. And you have to understand,
Richa and Lucy were working at this for a long time, but they were never able to build their
business past $1,500 a month because they were way undervaluing the outcome that they were providing.
And they were taking on too many clients at a low price point, which was making them feel
scattered and completely stuck in their business. So here's the really cool update on this. Within
eight months of you using the value-based pricing equation and growing their business in this way,
they were able to hit $100,000 in revenue, $100,000 in eight months. So what you need to
remember and know here is that pricing lower might seem like the easy option, but it actually creates
more complication, more customer service, more work, and less results for your clients.
Charging based on the value of the outcome and what it's costing your ideal clients to
not have the solution you provide, brings in amazing clients, incredible results,
financial security, and independence, and the ability to grow without the stress
of trying to chase down your next client. Number four is delivering your product. Now
it gets exciting because we're actually going to get your product or service into the real hands of
paying clients and customers. Now, I mentioned Steve Jobs earlier, who I absolutely admire,
and how he was able to build Apple in the way that he was. And what want to reference
is the iPhone because the iPhone didn't start looking like this. It has now gone through 13
iterations. But when it started, Steve Jobs knew that he had to get it into the hands of real
users. Why? Because he had to get feedback. He had to understand what worked and what didn't
so he could continue to iterate and evolve. We're now on 13 iterations and people are still buying
the iPhone. So what you need to understand with your business is it is not meant to be perfect or
pretty the first go round. It is meant to get to market so you can better understand how to
evolve it with time. Test fast, evolve with time. So in studying this, I created something that I
call a POP, a profitable offer prototype. And what this means is it allows you to get your online
course idea out into the real world and getting paying clients and customers in 30 days. So you
can actually it, and most importantly, you can get the three Cs that truly help you grow and scale
a successful business, cashflow, client results to prove that it actually works and validate it,
and confidence in your offer. If you wait too long to get what you have to serve the world with
out into the world, you're going to constantly be second guessing if it's ready or if it's good
enough. And I will tell you this, the first round of whatever you want to sell is never
going to feel good enough, but if it works and delivers the outcome, it's ready to go to market.
This brings us to number five, which is become the CEO. So there's a big difference between
having a job and being a CEO. The biggest difference is if your business can't run,
generating an impact, or an income requiring you and your time, you have a job, you don't
have a business. In order to truly grow to a million dollar business, you have to find a way
to detach your time from your income because there is a limited amount of time and hours in every
day. So you can't possibly grow past that limit. So an amazing way to truly become a CEO,
and one of the best ways that I've used is, honestly, YouTube. And why that is,
is because in the beginning of the video, I mentioned that a business really is something that
solves a problem and fills a need. And on YouTube, all day long, your ideal buyers, customers,
and clients are searching for answers to their questions and solutions to their problems. And you
just need to show up. When you create content that answers their questions and solves their problems,
then you have new people finding you all day every day through your videos when you're not even
working. And that is the power of this platform. And I wanted to share an example of just how
powerful this can be because one of my clients this year, in the last 12 months,
he has leveraged his YouTube channel, and he only has 28,000 subscribers on his channel, but
he has generated three million for his business using his YouTube channel. Why? I mentioned this
earlier. Because he knows exactly who his ideal viewer is and exactly what they want. So he has
a hyper-targeted audience of buyers,, and clients and customers for the online program that he has
created, and he's getting them phenomenal results. Brendan said, "What's more exciting is that my
business will generate about $3 million in revenue this year from a relatively small channel, 28,000
subscribers. This is just more evidence that the number of subscribers does not dictate your
success. Focus on what matters." And what he means by focusing on what matters is keeping it very
simple and focusing on the basics. Business is difficult. It's challenging, but the fundamentals
of how to grow a business and start one are very basic. One, identify what to sell. Two, attract
your buyers. Three, pick the perfect price. Four, deliver your product. And five, become the CEO.
This is just the tip of the iceberg. So if you want to go deeper and you want to work
with me specifically on creating an online course business, check out the link in the
description and fill out an application to apply for the Authority Accelerator Program.
Your voice and your story matters. And you are just as capable as anyone else of creating a
million dollar business. But you won't ever do it if you don't start. Are you with me?
If you got value from this video, I would love and appreciate it if you could just hit
that like button so we can reach more people in the algorithm and we can achieve the mission of
making entrepreneurship available to everyone. Thank you so much for being here. And be sure
to watch this video next on how to monetize any skill. I'll see you in the next one. Bye.