Prioritize Your IP
Pull out your intellectual property, master class on dh. Then we're going to be on step to prioritize that's. We're going to cover now. So we're up to step two there's five steps we're gonna work our way through so step two is prioritize so let's talk about how you can actually do that so we've already talked about how you're going to mind your business we've looked at all the different ways um that you can cap all the different sort of types of assets that you have sitting in your business so let's talk about what you actually do with them right so here's a process that I actually use that can help you figure out right now I've got this list what do I do with it you know how do I turn this list into the money that rachel is promising me that I'm going to have okay this is the next step so uh what you want to start with it just pull out the top five intangible assets that you can capitalize on quickly and so this sort of goes back to what trust is said right um you kind of look at what...
you've got and then you can say all right what can I get to market fast what can I ship you know to use sethi golden sprees what can I get out there into the world pretty quickly and that's what you want to start thinking about not what sounds like fun okay? You know fun is not a bad thing I'm all about fun but the priority has to be revenue okay if that's what the goal is if you want to build that million dollar business the priority has to be revenue which means it's not about you it's about those stakeholders write that we talked about before so it's about your customers what do they need what do you need to bring to market because you'll answer some questions that they have okay and a good way to think about this too is like what do your people ask you all the time over and over and over again we all get the same questions all the time right you guys are not in your heads you know whatever profession that you're in you probably have your client's asking you stuff all the time that's where the money is okay so that's what they're telling you what they care about and that's why I said that your inbox is like a gold mine okay there's a lot of value in your inbox because your people are telling you what they need from you s so you can use that information to guide this step this prioritizing step okay, so you pull out the top five intangible assets that you can capitalize on quickly what jumps out at us having the most potential profit okay and you don't necessarily always want to go with the biggest thing. Okay? So if you're developing sort of a suite of I p you want to start with something that you already have an audience for so I'll give you an example in my business I have a couple of different audiences mostly it's just entrepreneurs and small business owners right? But they're the entrepreneurs and small business owners who want to die why they're illegal stuff and then there's the entrepreneurs and small business owners who I want nothing to do with it and just want to pay a fee and be done with it right so you know there are people who are going to check out the different legal kits that we create and you know, our blob post and get a lot out of like the content that we create we tell them how to do this stuff and then there are other people that no matter how much we tell them how to do it they'd rather just give us the money pay our lawyer to take it off of their plate so that's two different types of audience and then the other thing that sort of happened organically is have a lot of lawyers who are you know in my community because you know on maybe you've noticed but I try to make practicing law fun you know and unfortunately the legal industry is not known for being fun fact is known for being the exact opposite of fun and so somehow I've attracted a lot of lawyers who say hey like how do you do your virtual law office thing or you know tell me how you work with clients or how do you get clients are what are your prices and they ask a lot of questions so those are some of the different audiences so you want to be sort of strategic and we'll talk with charlie about how to be really strategic in a little while when you're prioritizing but that's what you want to think about like I've got he's different audiences whatever I'm choosing should be somebody that I already have an audience for already have an easy way to find them and then if you don't have an established audience do you have an easy way to access that audience you know so like hey you know I don't really have a big community of realtors but my sister is a realtor and she knows all the realtors so I can use that connection to bring my work to other realtors if that's who I want to reach you know so just think about it like it doesn't have to be people who are already checking you out it could also just be people that you have easy access to ok so we want to start with easy and I always want to think about it this way this is something I actually learned when managing here the law school debt so maybe you've experienced this to where you have a lot of educational loans I know for myself you know I could purchase probably three houses with my how much law school costs on dso you sort of have to manage that debt right and so there's the school of thought where they say you know pay off the highest interest loan first so you start with the one that's like the astronomical you know percentage you know of interest start there and start you know, hitting that one down because that is going to save you the most money right because you're paying a high amount of interest well guess what? I don't do that okay there's another school of thought that says build momentum right so they say pay off the little ones first because you pay off your small fifteen hundred dollars loan you're like hey I paid off my loan with the next one let's do this you know, so you're ready to take on that challenge it builds confidence so I would say do the same thing here work with like sort of the low hanging fruit first the stuff that you can you know used to generate revenue quickly that doesn't require a lot of bringing other people in it doesn't require a lot of investment and money on dh something that you can just get a real quick win you know so like that's what trust is doing right with these guys and let me tell you I was really resistant to it because when I create things I want to be big, you know? So like was small business bodyguard with three hundred pages it has like probably ten different contract templates included it has like every single step that I take my clients through in the first year of business of you know working with them like our first year working with them every single step of it is in small business bodyguard okay it's huge that's how I like to do I want I want to leave no stone unturned I want everything included not everybody wants that and also it takes a lot of time to create and it's also not cheap you know so trusted strategies always like well I think we should just create these small guides that like answer they're really specific question can be really inexpensive and it's really accessible for them you know she's always advocating for our customers and I'm like no I wouldn't do the huge thing that's not enough that's only the you know tip of the iceberg then we have to tell them that we have to tell them that and just like love love black too much you know though trust has really good it like sort of wrangling me and and honestly if she was here she would tell you like she doesn't listen to me and you don't listen me for a long time now she's finally listening to me so I didn't always listen but I think that's a really good strategy to start with the easy stuff okay don't start with building a giant membership site let's build up to that why don't you start with building the little pieces to that membership site like you could create these little, many courses or e books or email sequences that could eventually become the basis for the big thing you know and that's actually what wound up happening in my business like charlie and I actually just reworked my business model like a week not a week about a month ago and we apparently this was his like master plan all along and I just had to catch up huh but anyway when we reworked it I realised we already have all that stuff like we've got all the pieces we need to make this business model happen you know it's all there and it's just a matter of like sort of reorganizing it and like you know creating a new customer path for our customers right so that could be really helpful just start making these little bits you know and make these you know small winds I bet you guys got like we have a couple of we have us designer here we have some technology peeps here that like build traps and software you guys probably have acts lying around that you could totally you know start selling put it in the apple marketplace whatever the hell it's called it forget you know and start selling that up and see what happens you know and just get that small win with stuff you've already got all right on dh like I said what jumps out at you is having the most profit potential and so think of profit not just like oh well this is an expensive products that'll bring in a lot of profit well let me tell you what expensive product doesn't necessarily sell as much as a small product that's only ten bucks you know so a ten dollar product or one hundred dollars product and sell a lot more andi you can wind up having a larger customer base with a lower cost item right so they buy that and then you can build that bigger item and you've built up this customer base of thousands of people who've checked out your ten dollars thing and then you know a certain percentage of that will actually check out your bigger thing s so it makes sense to kind of do it that way um what jumps out at you as being the most marketable we already talked about you know making sure you have the um you know that you have access to the audience that you need to reach or an easy way to get access you know and honestly too don't get stuck on that like if you feel like oh well I don't know how I'm gonna reach the people I need to reach or whatever just do it okay just put it out there like published your you know, e book on kindle and put it on amazon and see what happens amazon is a marketplace is available to all of us right? So we could all publish and put our books there and see what happens the audience is already sitting there let's see if they you know are interested so like I said, what items point to a specific audience that you concurrently that you currently have access to arkham build and the other thing that that makes me think of is make things that are for specific people have somebody in mind that could use that intellectual property of those intangible assets packaged or we worked in a certain way don't do it where it's just like oh well, I have this thing I'm just gonna put it out there and see who is interested no you want to think about a particular person who's this you know, think of like sort of an avatar people say but you could also think of just a friend of yours or somebody that you know, who could really use that and then keep that in mind when you're creating this thing and then think about joint venture potential okay licensing strategic partnerships that's another way for you to obviously capitalize on these assets and bring something new to it for example, I have a friend who's, a graphic facilitator, so she will like sort of a live illustrate when someone's talking so like she goes to conferences and like if somebody is giving a key note she'll be on the side and she'll be like drawing out the entire kino and illustrating it like wild persons talking it's incredible I don't know how she does it so anyway she's got this amazing talent right? And then she partnered with a friend of hers who you know had subject matter expertise on this particular I'll call it a type of psychology right a certain philosophy so she did the illustrations and her friend wrote the book and they put it together and published a book and then they both generated revenue from it s so that's another way to think about it is you know, their joint venture opportunities licensing opportunities these air things were not doing without a contract okay never ever partner with someone or work with anyone really in any capacity without uh without a contract alright that's rachel's rule of thumb all right, so make sure you know that and that applies not just to intellectual property but really anything if you're have a business relationship with somebody reduced that relationship to writing because it provides that clarity so everyone's on the same page about alright how the profits going to be divided what work is each party going to do you know what happens to the intellectual property that we're eat bringing to the table on dh how can it be divided? Okay, so always make sure you've got contracts, the joint venture agreement or a licensing agreement or a partnership agreement whatever kind of relationship that you're creating, make sure you have an agreement to sort of memorialize that.