- Now, another thing you can leverage is
your information and expertise.
For those of thee who wrote a book,
raise your hand if you wrote a book,
with that book, what are the ways
you can leverage it?
You can come in a group like this.
You can give it away, right?
You can give it to a client when you meet them
to give yourself credibility.
There's all sorts of ways you can
leverage the information you have.
You can also find other people
who need the information you have.
For example, let's say you've created a really great process
for running credit cards automatically
or something that bills monthly.
You can tighten that process, and then you can
find other people that have the need
to do the same thing, and you can actually
license your right, your knowledge to them.
There's some fellow who learned, he was in
the carwash business, and you know
in carwash they always want to upsell you
to the wax and all that kind of stuff, right?
In a hand wash he developed this amazing process,
where he could train you, he trained his people,
how to upsell.
He'd get like three times the industry average
in upsell to the higher levels of service.
That's profitable, yes?
So what did he do?
He put a name on it, he packaged it,
and he went out and he sold it to other,
licensed the right to use that process, to other
car wash companies across North America,
and surprise surprise, he made more money
doing that than he made from his car wash.
That's an example of leverage.
Going back to my Mastermind again,
we had a great example of leverage.
When I was in the group, one of the things
that happened after four or five months,
and this will happen in any Mastermind Group typically,
the Mastermind Group started to get a little flat.
Has anyone ever been in a group where it's blase?
After a while you don't really want to go the same way.
There wasn't as much energy in it.
And we were going, "Okay, there's something missing here?"
I mean, we're coaches, we're aware.
You guys, there's something wrong.
How do we fix this?
Well, what's the first way you fix anything these days?
Google, right?
So we go on Google, you know,
how to add energy to group dynamic stuff,
there was nothing.
We couldn't find anything.
And finally one of them had the brilliant idea
and said, "Well, we're coaches. Why don't we
figure it out and then we'll teach it!"
Is that a good idea?
Right?
So we figured it out, we went to some people
who work with group dynamics and so on.
We figured out the process that would work
for a Mastermind Group to keep them alive,
and how to make a group really work.
We put some structure around it,
and we wrote a book called The Magic of the Mastermind.
All nine of us wrote it together.
Of course we had to hire an author,
because we had to leverage that, too.
None of us had the time to write it,
so we leveraged, we hired an author to write it for us,
(mumbles)
and it was about how to create your own
Mastermind Group, and also most importantly,
how to keep it,
We're in trouble.
and we put the book
I've actually got a copy of it here,
let me show you.
So here's the book.
You can buy it online, I don't like the way
this is going, you can buy it online for $49 U.S..
And we made a deal with each other,
that nobody would undersell anybody else.
So we could all put it on our websites,
and sell it, and make money from it.
Yes?
So I've paid a grand total of $300 to pay
for the writer, the author, and she created
the whole thing into a PDF, and I contributed
my ideas into it, and boom we've got
a product that we can sell.
That's good, yes?
That's an example of leveraging your resources.
Making sense?
Okay, another thing you can leverage
products and services.
You might have a product that somebody else
would need elsewhere.
Why not look for and spend your time,
instead of trying to sell more of your product
to your customers, find somebody else
who would be able to sell it to their customers
who already has a grand, big customer base.
And yes, you're going to sell it at a discount,
but so what.
Assets and locations.
Has anybody ever eaten Granola King granola?
Are you familiar with that product?
A couple people, okay.
Ben the Granola King lives in North Vancouver.
He used to be a coaching client of ours.
So he's got this bakery, makes fantastic
granola by the way, highly recommend Granola King.
He makes this great granola.
He had this bakery to do it.
He only used it two days a week
for making granola, and the rest of the time
it sat empty.
He says to me, "Andrew, this doesn't make sense.
I'm paying for the place to sit empty."
so we talked about how could he find
somebody else that would be able to
utilize it without, like synergistically
so they wouldn't have to move in and out every week.
Found somebody else to come and use the space,
kind of sublet the space to use it for their own baking.
Guess what?
The other person paid his entire rent.
So he got his rent for free just from
leveraging his asset location.
So, those are some examples.
Now, you also can get creative about
the resources, leveraging the resources of others.
Other people's time.
Biggest thing you can do other people's time?
You can hire them, yes?
Use your money, their time, and you hire somebody,
and you delegate whether it be a virtual assistant
or some'll add an employee, or whatever,
hire somebody on a contract to do something
so that you don't have to do it.
Use other people's time to get what you want done.
Second thing is other people's money.
How many of you own a house that's not fully paid for?
Probably quite a few of you, right?
Guess what?
You're leveraging the bank's money, and in Vancouver
as the prices go up as they seem to continue to do,
you get a full return on the value of your house,
even though the bank just wants
their money back with interest.
It's actually a pretty good deal,
especially if you're in a rising market.
So, you can leverage other people's money
just by loans to get started in your business.
Other people's contacts and relationships.
How do you do that?
You could go out an find somebody else,
like I just actually mentioned an example of it,
you have a product, and you want to find
somebody else who is going to sell it
to their people.
They're going to sell it to their contacts.
So you leverage their contacts with your product.
They've got hundreds maybe thousands of customers
that are looking to buy something from them.
They trust that company.
They'll bring their customers and contacts to you,
if you create the right agreement with them.
Even things like we talked about relationships,
the whole power of a celebrity endorsement, yes?
A celebrity endorsement simply comes from
people have a relationship with a celebrity.
They think they're important.
You hire that person to come and speak for you,
and next thing you know, you're benefiting,
you're leveraging their credibility with your product.
So, you guys get the idea?
Information next.
Other people have, if you have
a large database, raise your hand
if you've got a database of 3000 people or more.
Anyone?
Okay.
The question immediately becomes,
"What do most people need that you're not providing
that they're either buying elsewhere or would benefit
them in some way, shape, or form?"
then you go out an find somebody who has that,
and you sell it to your people.
You, of course, purchase it at a discount,
or you arrange for them to sell it,
and you take a percentage of it.
That's all leverage.
Your product is other people's products and services.
And other people's assets and locations.
For example, maybe there is a Greyhound depots
are often in a gas station, yes?
They find a gas station that has
a little empty space and a big parking lot,
and they'll have their Greyhound depot there.
They're leveraging.
The other person owns the building.
Got it?
This is the most powerful concept.
That's why we've spent some time on it.
Are your heads stirring with some ideas, I hope?
You want to identify your own resources
and the resources of others, and then just look
at all the ways.
And I guarantee you any company that's making big bucks,
like all these multinationals, they are using
leverage like crazy.
Coco Cola and Disneyland.
McDonald's and who knows?
All of these companies, they do business together
over and over.
They're leveraging each other.
That's how they get such a big,
that big slice of the pie.
Is they make these relationships with each other
that are mutually beneficial.
You know, you go to some event that the Marriott puts on,
and you know, some new water company gives out
a bottle of their water to promote it, or whatever.
Leverage is everywhere.
The people that are making big bucks are leveraging.
Got it?
So, give somebody a high five.
Say, "I am about to start leveraging everywhere!"