Turn Your Passion Project into Profit
Lewis Howes, James Wedmore, Derek Halpern
Turn Your Passion Project into Profit
Lewis Howes, James Wedmore, Derek Halpern
1. Turn Your Passion Project into Profit
Turn Your Passion Project into Profit
what I want to talk about. So we get into it. I've got my little clipboard here, I guess, I'm like the coach, this is like the football team, we got my clipboard, we're not talking about keys to building a profitable online business and I just wanna go over an overview of this and I'm gonna go into some content with James, I think right after this, so I don't want to talk about a lot of you guys here all have an idea or businesses, right? Does anyone not have an idea or business that they already have created? Right? Everyone does some people online, you guys may not have an idea, you may not have a business and maybe you guys can let me know if people have questions in a little bit about how to figure that out, but first you gotta figure out you guys all have your own ideas, your own business. So the goal is kind of making it bigger, but I think everyone here kind of has like a passion project that they're working on, which is what I like to do. So you can either work with something, ...
you can either become passionate about, marketing brain and packaging or become um do something in your passion out already. So that's the second question. The first question was, my, how do you know I have enough money, so this is great. I had negative $5,000. So I was on three credit cards, sleeping on my sister's couch, I was eating ramen from her in like Macaroni and Cheese and uh I had like lab dog slobber all over me all day long. And I remember thinking the same thing, I was like, I don't have any money. I actually went through a process of trying to raise money for a sports website of sports, social network website that I had an idea for. I read a whole business plan, I spent months and months and a lot of energy reaching out to people trying to raise money, trying to figure out how to do business plan, and it was a waste of time. It was actually a good learning experience, but I didn't, nothing came from it. Um and then I started doing everything with sweat equity and through relationships and through just hard work and learning about everything online. And that's when I actually started to make money and a lot of money without having to put that much extra work into it. So I don't think you want to focus on looking for money, you can do everything with less than $100 to get started. Now I actually want to do is talk about money because I think a lot of people when they want to start or launch an online business and they start with their passion, they're scared of making money because they want to give all this love and this excitement and passion out there and they want to share advice and they'll do it for free because they love it that much, right? I just want to help people, especially if you're passionate about the idea, you're like, I just wanna, I just want you guys to be okay, I want you to make money, right? I want you to get the modeling gigs, don't worry about paying me, but there were people here, we have bills, we have families, we have, you know, expenses, we have dreams, we have passions on ourselves, so it's okay to make money, it's okay to make lots of money in my opinion. And I remember what was that over there. Yes, and I remember growing up actually, and this is probably part of a mindset block. I remember growing up actually with three older siblings, my dad was working his butt off and it was always like a struggle for him to like provide for us, right? I remember like thinking rich people making money, it's like, it's bad or something and always had this kind of negative mindset towards money, I didn't want to make money, I didn't know how to be an entrepreneur, I didn't know any of this and I think I really had to kind of break through that after playing football because I was in such a pain, I don't wanna be sleeping on my sister's couch. I just wanted to have an apartment on my own and feel like a grown ask man, right? So I was like, my goal is just to get some money so I can live on my own and I think this kind of mental blocks hold us back from familiar charging the way that we should be charging and for making the money that we should be making because when I the more I think about it, I don't really take action on that much unless I pay for it. Unless I pay a premium for it. If I buy it, I buy books all the time for $ and I never read them, Right? But I'm gonna spend $1,000 on something or $10,000 on a coach or training or some type of service or product. I'm gonna use it for me. At least I know that's my my way of thinking. But if I get something for free, I get stuff for free in the mail all the time. I never even opened it. Right products, someone just sent me $1000 product and I'm never gonna open it, right? But if you want it that bad enough, if someone wants to be a model that bad enough, they're willing to pay if they know they can get results And they can get 10 times the amount of results that they paid for. Right? So it's about packaging it the right way. But don't be afraid to charge for your service or your product or your time. So what I want you guys to do and this is everyone on the interwebs as well. I want you to create a financial goal right now. Just a number of how much you want to make with your online business now, this can be whatever you want. Try to be reasonable, but also try to push your limits. So just write a number down, it could be $1000 it could be $10,000 100,000 dollars, a million dollars, whatever it is that you feel like it's uncomfortable, but it's the goal do you really want to achieve? I want to start with the end goal in mind. First of how much you want to make and then we can create the products and services, the pricing, the packaging, and the plan around how to make that. I think a lot of us go into saying, I just want to be a photographer and I want to do weddings. I want to make amazing pictures for people who want to have these great experiences and these memories that will last forever for them. And you don't think about how much you want to make. I'm not saying you haven't, but we have this idea of like, I just wanna help people become a better model. I want to help people sell a book on the weekend. I wanna help people become bigger, faster, stronger and I want to make some money. But have you really thought about how much you want to make for me, I remember the first time I did this when it actually worked for me, I can't remember where I got this, it might have been thinking grow rich or something else, but I remember, uh I'm a big old guy and I wrote down goals on like a nice matted piece of paper, the exact date I wanted to have that goal by and I framed it all my goals and I put them up right by my mirror. Um right when I like woke up, I had him right by me. I look at it every morning, I look at it every night and I remember the first time one of my goals happen from that frame, it was like a week before that date and it was like amazing to see just like when I set the intention out there and I worked backwards, things start to just flow for you, right? So if you're not doing that, I think you just gotta make some money here and there are gonna be like, I'm still struggling and I don't know why it's not working. The next thing is really creating like a flexible plan and a lot of you guys have done the research already when we talk about market research for your products to make sure you know that it's going to be profitable. And a lot of people out here, they'll, they'll email me or they talk to me and say I've got this great idea, it's this, this, this and this and I think I'm like, okay, it sounds like a cool idea, but if no one else is actually doing it yet, it's probably the chances are it's not going to make a lot of money, it's not profitable. So you want to look at the things online that are profitable. If someone's, if there's 20 books about linkedin, you know, you can make money writing a book about linkedin. If there's nothing out there and there's no one interested in the topic then it's not really a great idea and there's really no million dollar ideas, only million dollar executions. A good mentor of mine told me that I was like, I've got all these great ideas. He's like, it's about the million dollar execution. So Market research, there's some great, I think there's like five ki kind of niches, niches, whatever you wanna say online, that are very profitable. And I think a lot of you guys fit in all these one is kind of the fitness, health, weight loss area. A lot of people always looking to get bigger, faster, stronger, trying to get fitter, trying to lose weight, sexier, younger things like that. So, anything in that spectrum, if you've got an idea there, you know, you can package it and make money around that number two would be the relationship world, how to find the love of your life, how to get your ex back, how to have a better relationship, how to have better sex, how to do all these things, right, How to text your wife and you know, all these different types of relationship advice. There's a big pain there, right? Love and connection. There's a big pain there. And if you lose your love your life, you'll do whatever it takes to get that love back. If you're lonely, you'll do whatever taste to find a love. There's dating sites, there's all sorts of stuff. So that's a big niche industry. Um next would be like the business, financial save money industry. So anything about how to grow your business, how to save money, we meet safety is a great example. He was on here recently talking about, he talks about how to make money on the side, how to uh negotiate higher rates, how to do all these, how to save money with your credit card. So that's very profitable in that industry. And also how to grow your business. Um, the 4th 1 would be kind of the personal development spirituality space. There's a lot of people who are creating products, you've got like the law of attraction, The secret. There's a big business around that personal development, how to become a better self. and then the 5th 1 and kind of be like teaching people how to stuff. So it could be how to create crafts, how to James friend talks about how to build remote control airplanes, but by saving a lot of money. So teaching people how to do something by saving money or by relieving the pain. So it's kind of the five different areas uh, that you should be focusing on and doing your research around. If you've got an idea within that area, then you know, you've got something that you probably package and make the money that you want from them. Um, and for me, I didn't have any money and I wasn't able to raise money. So I said, okay, how can I make money first and then learn the rest as I go learn on the job. Right. And what I want to do for all you guys to this weekend is show you how to create something that gets you paid first and then created afterwards. So we're gonna make money first and then, and then create it after you get paid because there's no point for me, there was no point to spend three or six months whatever I did trying to create this idea for a product, trying to raise money and then it never going anywhere and then wasting 3 to 6 months. So you want to test it first, in my opinion, you want to test it first, make the money first and then create and deliver the product seconds and the best model for doing that is the webinar or boot camp model. If you're creating any type of information, our business around these feet, These five topics that I that I just mentioned, The fitness of health, relationships, business, personal development, and how to any of those. Then you want to do some type of boot camp training to teach them how to become a better model, how to get three auditions a day, how to save, you know how to increase your pricing, how to better package yourself. Uh you want, you want, you could do a mobile app suite, right? You could sell all these different things or teach people how to create a mobile app, different stuff like that. How to get bigger, faster, stronger for how to increase your £220 or 2 25 bench, press how to run a faster 40 yard dash, how to drop 2/10 off, How to increase your vote by six inches, how to write a book in a weekend, right? How to write a bestseller weekend without having any experience writing editing and flunking english in high school, right? How to, you know, all these different things, You can package this and you can sell it in a marketable way for people. Um but the boot camp slash webinar model is the best way to do this whether you want to put it into a digital product, membership sites, a physical product like a DVD learning cds, a book, you can do that with starting a webinar and doing a bootcamp. So you can transcribe and create anything pretty much any type of product out of this except for like if you're doing software, obviously you're gonna need a programmer, but you can teach people how to use the software how to get um, how to make more money online, whatever maybe. But your your software is teaching them how to create great videos, learning videos, right? What's it called, explainer creator. So you're teaching people the best, so you'll be teaching people how to market their product and service to the world better. So they can sell more products, you would do that on through a product, teaching them how to do this. And then you could say use my software that shows you how to do it faster through these videos, right? So my last point for this is, yeah, it's a great setting here, right? And uh I guess my, my thing is I'm supposed to be the coach, right? I've got the clipboard, I need a whistle or something, I need like a whistle. Did I hear a whistle back there? So my, I think the key to my kind of success that I've had so far is really surrounding myself with extremely smart people like Derek and James and having mentors and coaches, I can't emphasize this enough that I mean I feel like you learn so much faster and you get so much more done when you have someone who's already been there who's already really successful and what you want to do, just saying yes, do this, don't do that, do this, don't do that and then you can bounce ideas off that can keep you accountable. Think accountability is extremely important because if no one's holding accountable accountable, you're not gonna get it done the time, it needs to be done. Giving yourself deadlines and give yourself some type of, some type of, what's the word I'm thinking of, if you fail some type of penalty, thank you, there's another word, but that works yeah, penalty or reward, but I think you should have a penalty definitely if you don't get things done, A penalty foul, right? And sometimes a foul for yourself. Exactly, pass interference, right. Um and I think it's so important if you want to get those goals, especially if you have big goals, if you're talking like half a million, a million to 10 million, it's gonna be so hard to do it alone. I'm not saying it's possible to be so much harder to do it alone. Uh so having someone on your side, someone in a corner that is extremely successful, that's done it. Who has already been in the industry that you're in, I think you all want to find someone whether it be hire them or have them mentor you. Now the mentor process, I had three mentors, one that helped me with speaking and um all my public speaking, I was terrified to speak in front of an audience. If this was with you guys three years ago, I'd be trembling, I'd be, you know, shaking, I wanna be able to speak. And I remember meeting uh this really great professional speaker who became my co author for my book since frank Reagan and I remember watching him give a speech and I was like, just mesmerized at how he could command the room, how he could get his message across, make people laugh, entertain them and have them take action. And I thought if I could ever learn how to do that, then I could really help more people and I could serve the world better, right? I could get my message across. And he was so helpful. He would remember I had a cast on at the time and he said, you gotta join Toastmasters, which is a public speaking class of course he paid like 60 bucks a year for him and he helped me on all my speeches, he would come and listen to me, he would go to his house and practice them. But he had been there, he'd been successful, he'd written books, he'd spoken in front of thousands of people and I needed someone to help me feel like it was okay what I was doing, give me some critical helpful feedback. If I didn't have a coach or mentor, I would have been paralyzed still and I wanna be able to speak and I still feel like I have a long way to go to get better. But having that mentor allowed me to kind of break through and kind of reached some level of speaking that I felt comfortable with but I think you got to do something that shows that you're can't be ignored whether that's doing work for them for free, doing doing research for people, a lot of experts um or people with an authority position, they're working on books, so they're having something like side projects if you can figure out what their project is and take away all the stress and energy for them and work for them and put together something that's like you deliver it to them and they just fall in love with it, they're gonna they're gonna be like man this person to go get her um Again not everyone's gonna do it, I think you gotta feel it out and feel the energy out. It's kind of like a something like that, but that's the best way to get someone to take notice of what you're doing and to bring you on as a mentor mentee. However if that doesn't work I think that hiring someone is actually could be even more valuable a coach or hiring a mentor so they're unwilling not going to do it for free. Um My brother does something great. My brother is the number one jazz violence in the world, he used to teach at Berkeley School of Music And plays with Les Paul when he was alive for 10 years, all the great stuff. He had a student who wanted to learn about jazz and improvisation the way that he did, but he didn't want to spend 50 grand a year at Berkeley school music. So my he asked my brother I'll pay you $10, a year, teach me, give me a certain amount of lessons every week and I'm gonna get to have some extra time with you and this and that and I can call you an email you. So we had to pay him 10 grand for the year to teach him to mentor him for me. I think that's more valuable hiring someone who's been there who's gonna help you get there faster than going to score or trying to figure out yourself. So I recommend hiring someone if you can find someone that you really want to be like hire them.
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