Starting a business is one thing.
Buying a business is another.
But SCALING one?
That's when ownership truly becomes a path to financial freedom.
Here's a crash course on scaling from $1:
Buying a business is another.
But SCALING one?
That's when ownership truly becomes a path to financial freedom.
Here's a crash course on scaling from $1:
A lifetime ago, during the '08 financial crisis, I was at Goldman.
I sat on the 30th floor while the world "collapsed" and watched the Occupy Wall Street movement protesting all below.
What happened to those guys?
I sat on the 30th floor while the world "collapsed" and watched the Occupy Wall Street movement protesting all below.
What happened to those guys?
They got some media time - sure.
But they didn't ACTUALLY make any real change. Not much happens from a protest.
The real protesters are humans with profits pushing resources to things that matter.
Ownership is the precursor to positive change. And there's a hidden truth...
But they didn't ACTUALLY make any real change. Not much happens from a protest.
The real protesters are humans with profits pushing resources to things that matter.
Ownership is the precursor to positive change. And there's a hidden truth...
There are only, really, 5 ways to get rich:
1. Inherit it
2. Marry into it
3. Get a Fortune 500 C-Suite role
4. Start/run an asset management firm
And the last one, which is the most fun...
1. Inherit it
2. Marry into it
3. Get a Fortune 500 C-Suite role
4. Start/run an asset management firm
And the last one, which is the most fun...
Build or buy a company.
I've done this a lot: we have a holdco with 24 companies & a VC fund with 17.
But it required erasing false narratives we've been told for decades..
I've done this a lot: we have a holdco with 24 companies & a VC fund with 17.
But it required erasing false narratives we've been told for decades..
Most of us learned budgeting under Dave Ramsey and Suze Orman...
But have you ever met someone who saved their way to a billionaire?
Scaled biz's build billionaires. Not saving.
And I've learned the rules rhyme. There's a blueprint from 0 to 7 figures:
But have you ever met someone who saved their way to a billionaire?
Scaled biz's build billionaires. Not saving.
And I've learned the rules rhyme. There's a blueprint from 0 to 7 figures:
1. Persona // The Love Letter
Does your business write love letters starting with "to whom it may concern"?
Most businesses don't know who they sell to. That's why you get hundreds of emails that aren't relevant to you.
But if you want a business that continues to make money:
Does your business write love letters starting with "to whom it may concern"?
Most businesses don't know who they sell to. That's why you get hundreds of emails that aren't relevant to you.
But if you want a business that continues to make money:
You have to know your 'persona.'
The fastest way to make someone like you is to make them think you get them.
But you can't do that unless you know them. Start by giving them a name:
The fastest way to make someone like you is to make them think you get them.
But you can't do that unless you know them. Start by giving them a name:
For our media company, they're Working John and Working Jane.
Then, understand them as deeply as possible.
What do they do? How do they spend their time? Where do they hang? How do they talk?
Once you have the answers, you can write your love letter.
Then, understand them as deeply as possible.
What do they do? How do they spend their time? Where do they hang? How do they talk?
Once you have the answers, you can write your love letter.
And the best way to write a love letter? By knowing what others they're reading.
Go to the media companies your target persona follows & see how they speak to them.
Working John is listening to my buddies @thesamparr and @ShaanVP on My First Million and reading @tferriss.
Go to the media companies your target persona follows & see how they speak to them.
Working John is listening to my buddies @thesamparr and @ShaanVP on My First Million and reading @tferriss.
@thesamparr @ShaanVP @tferriss Most importantly, if you want to sell millions, remember:
YOU are not the hero. Your customers are, and you're just their guide.
The second that I get a company to realize this is the second that they stop having to market as much.
YOU are not the hero. Your customers are, and you're just their guide.
The second that I get a company to realize this is the second that they stop having to market as much.
@thesamparr @ShaanVP @tferriss 2. Problem // Vitamins & Painkillers
Products are either vitamins or painkillers.
Painkillers solve acute problems. Often expensive, and used infrequently.
Vitamins are nice-to-haves. They're good for you, used frequently, and inexpensive.
Which makes the better product?
Products are either vitamins or painkillers.
Painkillers solve acute problems. Often expensive, and used infrequently.
Vitamins are nice-to-haves. They're good for you, used frequently, and inexpensive.
Which makes the better product?
@thesamparr @ShaanVP @tferriss You want to sell painkillers.
Because when the purse strings are tightened, the nice-to-haves but not need-to-haves are first to go.
Make sure you're solving a real problem.
Because when the purse strings are tightened, the nice-to-haves but not need-to-haves are first to go.
Make sure you're solving a real problem.
@thesamparr @ShaanVP @tferriss Then, focus your biz so you build once, but sell continuously.
Most professions make you trade your time for money:
ie, a doctor sees a patient for an hour and gets compensated for that hour.
But you'll never get rich this way, because you only have 24 hours in a dayโฆ
Most professions make you trade your time for money:
ie, a doctor sees a patient for an hour and gets compensated for that hour.
But you'll never get rich this way, because you only have 24 hours in a dayโฆ
@thesamparr @ShaanVP @tferriss Enter the Productized Service.
A productized service takes your service and standardizes it so that you're no longer billing by the hour.
Lower customization lets you reap the benefits of business holy grail:
A productized service takes your service and standardizes it so that you're no longer billing by the hour.
Lower customization lets you reap the benefits of business holy grail:
@thesamparr @ShaanVP @tferriss Recurring Revenue.
If you ever want to retire from your biz, implement recurring revenue now.
There's nothing better for selling a biz.
6 types of recurring rev to considerโฆ
If you ever want to retire from your biz, implement recurring revenue now.
There's nothing better for selling a biz.
6 types of recurring rev to considerโฆ
@thesamparr @ShaanVP @tferriss 1. Long-term contracts (1, 3, 5+ years)
2. Auto-renewals
3. Subscriptions
4. Pay-as-you-go models
5. Loyalty programs
6. Simple consumables
2. Auto-renewals
3. Subscriptions
4. Pay-as-you-go models
5. Loyalty programs
6. Simple consumables
@thesamparr @ShaanVP @tferriss 3. Promotion // Upsells & Virality
The first question to ask yourself: are you selling your clients enough things?
The easiest way to make your next dollar is getting your current clients to buy more stuff from you.
Thatโs because:
The first question to ask yourself: are you selling your clients enough things?
The easiest way to make your next dollar is getting your current clients to buy more stuff from you.
Thatโs because:
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