- I was going to drink coffee on this episode,
but instead it's going to be hard booze!
Good thing I'm not driving for a couple of hours.
- [Cameraman Chris] Yeah, well you've got a self-driving car…
- Yes!
(laughter)
Rita, I'll have to drop off some ice for you
to drink that properly.
There's no proper, drinking scotch neat
is the proper way to drink that.
Jonathan Wills knows.
Do you ever watch Homestar Runner.
Remember Homsar?
Yeah, hey, Wonder Mike.
I'm Homsar, the captain of the gravy train.
I feel like I should do this one shirtless.
- (Chris) This is Ryan *Daniel* Moran.
- Hey, who the hell are you?!
I think I bought this shirt when I was fat.
How long 'til we're live?
Thirty?
Oh, you're rolling right now?
Oh, boy, you're going to leave that in aren't you?
Hey, Fast Laners.
I'm Ryan Daniel Moran.
On today's show, we're not drinking scotch.
Don't try this at home, kids.
We're going to look at how a travel company can sell more gear.
We're going to take live Facebook comments,
and we're going to talk about buying businesses
to build an empire.
Let's go.
(inspiring music)
So, as an entrepreneur, I am always curious
to find the commonalities among some of the world's
most productive and successful people
to find out what are the things
that they do in common to provide success,
and obviously, this is really common right now.
Tim Ferris is really big in finding those common attributes.
It's what his book, Tools of Titans, was all about,
and when it comes to wealth creation,
when it comes to building empires,
it's been my observation that building businesses
and investing the profits is the fastest way
to generate significant wealth,
but that investing the profits piece
from what I can tell,
the people who build really big empires
are investing into other businesses.
When I was young in my career
I had a few cash flowing websites,
websites that made a lot of income that I grew over time
and the first thing I wanted
as soon as I had a business that was cash flowing enough
was to say, "How many of these can I acquire
"and at what price?"
So, I was buying and selling websites early in my career,
even while I was in my college dorm room
and I even taught this as a model of buying websites,
'cause websites were super profitable
and you could get them for very little money.
Well, I've kind of graduated from that.
I haven't bought and sold websites for several years now,
but I have come back to now buying business
or investing in other businesses,
especially businesses that I can impact,
businesses that I can actually impact their revenue,
and I am often surprised at how few entrepreneurs
think about this.
I will publicly say that I've had the hardest time
building the business of Freedom Fast Lane
and capitalism.com because I'm in the way.
I have to show up to do these videos
in order for the business to grow,
but by selling physical products
or by selling whatever your product is
without your face on it,
you can build that as a big, legitimate business.
So, I use this platform as a way for me
to talk about the things and spread a message
that I want to spread, but I build my wealth
by building and buying other companies.
If we look at Warren Buffett, that is how he made,
Warren Buffet doesn't make money being Warren Buffet.
Warren Buffet makes his money being a value investor
and buying companies.
But, even on the Freedom Fast Lane live stage,
we have had Gary Vaynerchuk in 2015
talk about how he was going to buy the Jets by buying businesses
and most recently at Freedom Fast Lane Live 2016
we had Nathan Latka talk about
how he's going to own the world by buying businesses,
and that methodology, that strategy,
I think is the way to build really generational wealth
and is something that I've been focusing on.
In my January 2017 income report,
I said that I'd been part of a recent acquisition
of a physical products brand that we plan to grow
and keep as a portfolio of brands
that will be scaled into the mega-millions
and eventually buy me the Cleveland Indians,
of course, obviously,
and I'll talk about that when all the dust settles
and we get everything buttoned up,
but that acquisition has been finalized
and I'll be happy to share more about that acquisition
as it becomes appropriate,
but that is the next stage for me as an entrepreneur
and I'm always surprised that more entrepreneurs
don't look at buying businesses as a way to get started
or to really become a full-time entrepreneur
because it's a lot easier to take something
that's already profitable and scale it
than it is to build something from scratch.
So, if you have been watching these videos
or you've wanted to be an entrepreneur,
have you ever thought about buying a business
that's already profitable?
The scalability is much faster.
The paychecks come in right away
and you don't have to be the person coming up with the idea,
and it is my opinion that once you build a business
and have some income that you control,
the next step is to invest your profits
and right now, I think that buying business
is the best investment that any entrepreneur can make.
Speaking of building businesses and investing the profits,
this is the part of the show where we answer your questions
about how to do just that, and today we're taking questions
live from Facebook.
We've been experimenting with this type of a platform,
so if you would like to submit questions
for when we're taking them live,
head over to facebook.com/freedomfastlane.
Give the page a likey so you'll know when we're going live
and we might just take your question on the next show.
Kiril asks what business asset
has brought in the most profits?
I'd say an audience or an email list.
For me, it's been an email list.
I consider myself a fairly good email copywriter,
but anywhere where you control the audience, I think,
is where most of the profits come in.
If we look at a brand like Six Pack Shortcuts,
which is a YouTube channel,
they sell a bunch of products through their YouTube videos.
What is the reason why they sell so much?
'Cause they have this huge audience
and they're good salespeople
and they know how to drive that traffic to sales pages
but it started by having a really big, responsive audience.
So, that has been the secret to my success
and in email specifically, I can launch physical products,
I can launch info products, I can do workshops,
but that has been the most profitable,
both skill set and asset that I have developed.
From a skill set perspective, I think the ability to sell
is probably the most profitable skill that you could develop
whether it is through copywriting or from stage.
The ability to actually cash the check is kind of needed
if you're ever going to run a profitable business.
So, for me, the asset has been the email list
but the skill set has been the ability to sell
and that's one thing I think every entrepreneur
needs to have.
Question from Jonathan Wills.
As an entrepreneur, your sights are set very high.
Do you ever think that you will feel like you have made it?
This is a fascinating question
because I have actually struggled with this for many years
and it's only become recently apparent to me
that other people look at me as if I have made it.
It has never really occurred to me
that maybe I was ahead of most people until most recently,
and I would say that I'm getting to the point in my life
where I think I have made it mostly because
I'm at that point in terms of income
where I can relax a bit and I can have the lifestyle
that I want without having to worry about it too much.
So, because of that I do sort of feel like I have made it
in terms of a financial part of my life,
but I don't think I will ever feel like
I have completed my career or I am done
because at this point, now I just want to play.
I just want to create projects that create value for people
and that are fun for me to do,
because I don't know how to do anything else.
So, I don't think there is ever a point at which
you really feel like you are done,
because every time you have progress
all your brain does is look ahead.
You have to actively train your brain
to go back and look at your progress.
You don't naturally look at that.
You naturally look ahead at problems,
you don't stop and look back at where you've come from.
That comes from intent.
That comes from practice.
So, I don't think you ever feel like you are done.
I feel like financially I'm getting to the point
where I don't need to worry so much,
but in terms of when you're an entrepreneur
it's kind of a calling
and I don't think you ever really stop doing that.
Larry asks what is the most meaningful endeavor
that I have taken on thus far?
This is a tough for me.
A tough for me.
This is a tough for me.
I feel a little vulnerable answering this question
because I have, for several years,
both found incredible enjoyment and incredible regret
in putting emphasis in Freedom Fast Lane
and that is because building a business
around, for better or worse, what is my opinion
and my training is incredibly draining,
especially for the amount that I take home
from the business.
So, a lot of times it can feel like I'm spinning my wheels
and not really getting anywhere,
but at the same time, I get the most love and appreciation
from this platform, especially when I speak from stage
and I'm able to directly impact someone's business.
So, it's those moments that I think I've gotten
the most fulfillment and have been the most rewarding.
At the same time, it's been the most frustrating business
that I've ever built and I have many times regretted
ever caring about a personal brand
or trying to scale or sell things under a personal brand.
So, this is actually really tough for me
because it's like the dysfunctional relationship.
It both gives you the most passion
and it also is your biggest frustration in life
and sometimes you feel very differently about that
and it is really weird for me to talk about publicly
'cause I don't think I've ever addressed that before
but my own personal brand has been the source
of the most fulfillment and the most burnout and frustration
that I've had in the last several years.
That's weird to talk about
but that's the truth of how it is.
Of course, Pam is beating me up
for not saying Esther was the most meaningful.
Dan Gillespie asks how did I have to
restructure my work world when Esther came into the world.
Esther is my, wow, almost two year old daughter now.
Before she was born I worked all the time.
I would work early in the morning,
late at night, middle of the afternoon,
and I really had full control over my day.
Now, I don't have so much of that luxury.
So, as I record this, this morning I was behind on work
so I woke up early and had to knock out some work
because that was how I did things in college.
I had to wake up early in order to get things done
and that's kind of how I have to do things now.
I have a lot more early mornings
and a lot less late nights than I used to
when I was not a father.
So, a lot of my productive work gets done
early in the morning,
and so I have a lot more early mornings.
I'm usually up around six or six-thirty
in order to either have my morning routine
or to be able to get some meaningful work done,
whereas before, I might have slept 'til nine, 10 o'clock,
and been in bed a lot later.
So, I worked a lot more at night before.
Now I work more in the morning or shut off more
at a reasonable hour, and I have also just had to be
more intentional about when I schedule things getting done.
So, I break things into am I buffering or am I focusing,
meaning am I preparing, or am I executing,
and I have to really respect those boundaries
or otherwise I just go completely crazy.
This is the part of the show where we look at
one of our student's businesses
and we analyze what they're doing well
and how they could make more money.
Today's submission is from Andy Smetana.
He owns a brand called Taste Drink Go.
You're going to see the confusion look on my face
and I'll explain why in a second,
but they sell travel gear to backpackers
and with the intention of inspiring people
to travel the world.
They're currently selling between
10,000 and 20,000 dollars per month,
both on Amazon and their own web store,
and they want to know how do we make the pivot
from seeking out opportunity to building a brand?
Now, first let's address the confusion that is on my face,
because Andy, I'm a little bit confused
as to what the name of your business means
in a context of inspiring people to travel.
So, I would recommend that you be very obvious about that
in your branding and in your marketing message,
because even as an entrepreneur, I'm looking at this going
I don't really get the brand right off the bat,
so that pivot from you're just putting products out there
to having a brand, I bet that somewhere in there
you had a drink product that you're now trying to pivot
into a travel company and the name of it
didn't quite go through with it.
Assuming that I'm correct about that,
I would leave the Taste Drink Go name for a specific product
and create a brand name that houses all of those products,
and that's how you can make that transition
from just having a specific product with a specific name
that you just put up there
'cause you wanted to make some money,
you wanted to take some sales,
and now you're trying to build something bigger out of it.
That's how you can play that dance.
Have the big brand name and then the little product name
for that product and any other products
that you want to assign a name to.
Now, how are we going to grow this business?
You specifically, I think, are sitting on an opportunity
that not a lot of people have access to,
and that is that there are
all of these different travel blogs, travel podcasts,
with individuals who have huge audiences
but they have no idea how to monetize that audience.
The travel niche specifically is kind of notorious
for having big followings that don't make any money.
So, you have really cool, cheap traffic
that is passionate and loves to get behind brands,
but they don't have a lot of things
that are catered directly to them.
You are, so you're in a really sweet niche
because you've got people who will want to buy into
what it is that you're selling,
but the traffic is really cheap to get in front of them.
There are podcasts with huge followings that do interviews.
Go on there and promote your products.
You'll need some sort of an info hook
like what's the reason somebody is putting
a travel entrepreneur onto their podcast?
You need to be able to address that question.
There are blogs, especially like these points blogs,
they're all travelers.
They're all people who are traveling on the cheap.
So, what's your hook?
How do you get there to provide guest content,
blog content, be interviewed by them,
do a feature on their website?
What's the reason why they're featuring you on that website
and featuring your products?
There are YouTube channels all about this
and if you don't want to do the interviews yourself
you can just advertise to those specific audiences.
There are Facebook groups.
There are YouTube channels that will all serve
as great foundations of your marketing,
foundations of the paid traffic that you will advertise to,
and you'll put your marketing message right in front of them
to be able to build that audience
and sell your products to them.
So, my recommendation is for you
to keep selling these products.
Do the traditional Amazon stuff
that most people associate my strategies with,
but at the same time,
go out to where all these audiences are
because it's really cheap traffic especially in your niche,
and if you do that one, two punch
of leveraging Amazon as a channel
while also going out and getting all of this cheap traffic,
I think you'll have no problem turning this
from a one trick pony into a big brand.
One of the...
There's the scotch kicking in.
One of the interesting things about being an entrepreneur
is that it is a very interesting portal
into self-development.
Entrepreneurship basically makes you bare your soul
because it is the time that you are directly responsible
for the results that you get in life.
You don't get the results if you don't provide the value.
That's why entrepreneurship really cuts us
to the core of who we are.
It's why I think entrepreneurship
is one of the greatest ways to change the world,
because it forces us to provide value.
It forces us because we don't get rewarded
if we don't provide value,
but also I believe it makes us better people
because we have to learn how to provide value
and we have to take responsibility
for the results that we get in the world.
That's a story that I don't think gets told very often
is what it does to the individual
and how it makes you a better person because basically,
you have to peel back your ego and deliver value
because if you are putting on a facade
you eventually get found out,
which is why a lot of the scammy internet marketers
deal with an incredible amount of imposter syndrome
and they have this flashy life but they're not really happy.
So, entrepreneurship, I think, is one of the fastest ways,
the fastest gateways into personal development
and it is also, I think, why people resist entrepreneurship,
because it's scary, not because it's any harder
or riskier than working a job, because it exposes you.
It makes you who you are.
If you're ready to start that journey it's what we do here.
We inspire entrepreneurs.
We help people start businesses,
so if you're ready to take that first step
we take people from not even having an idea
to having a product up and selling within 90 days
inside of our brand building group camp
which is at freedomfastlane.com/bootcamp,
or if you have a business that already is selling
but you need retail partners, investors,
you need ways to scale, you want to grow faster,
you want to be part of a community
in your local area of people
who are building and growing businesses,
you belong in our tribe.
That's at freedomfastlane.com/tribe.
I believe it's our mission to create
as many entrepreneurs as possible
because it's inevitable anyway.
We're all going to have to take responsibility for our lives
because the nine to five is a dinosaur
and entrepreneurship is the path forward
and it is how we create a better world.
Thanks for being part of that change.
We'll see you on the next show.
For more infomation >> Cloud Tech 10 - 13th March 2017 - Duration: 9:06. 
For more infomation >> 5 Green Idioms | Vocabulary Lesson | St Patrick's Day 2017* - Duration: 7:16. 
For more infomation >> Doraemon The Movie Nobita In Hara Hara Planet In Hindi HD 720p - Duration: 1:47:45. 
Không có nhận xét nào:
Đăng nhận xét