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3 Essential Money Mindsets

all right. Before we get into the tactics, I'm going to talk about three essential money mind sets. Now, I think this is really important. Um, who here can share an example of a psychological barrier you've had around growing your business or earning more money? Let's pass those mikes around. Perhaps fear of failure, fear of success. Maybe you sabotage yourself. Let's hear it. Uh, little bit of fear that I'm not the first person to do this, and the other people in the market are gonna be much better than I am. Totally by the way they are. They are better than you right now, but they won't be better than you a year, two years, three years from now. So I think that a lot of times our fears are actually well founded. And instead of trying to deny them, which is like trying to push the ocean back, we should acknowledge them and say, Hey, I'm afraid that I'm not the best in this market. I'm not. I'm brand new. I probably don't know what the hell I'm doing, but I know that I'm smart. I'm con...

fident in myself. And I know that a year from now, two years from now, Three years from now, most of those people are just going to do what they know. I'm going to be going like this. Okay, good. What else? Yeah, right here. Fear of trusting other people and asking for help. And ah, growing the business in terms of trusting people who you consider less skilled to train them to become a skilled as you that win better. So you're good at what you do. What happens when you bring other people into help you? They're not gonna do it as well as you. Also true. What happens if they steal your idea, etcetera, etcetera? Good. What else? Fear of not being able to break through online clutter or the competitive the competition. Yeah, that's a classic one. What's your market, by the way? Fitness. Ah, So 1,000, different fitness programs out there. How can a new one compete? If you're trying to help people lose weight, gain muscle look better? Why would anyone choose yours? Over a 1,000,000 others will actually talk about fitness today. Very good. Um, you know, I had a friend of mine who I recently set up with someone my part time hobby is a matchmaker. And, uh, I love it so much. I have multiple marriages under my belt. And I mean, if I could just do that all day, that's what I would do. I just love it. So I have my own theories on matchmaking. So I have this, uh, this friend of mine. So he you know, he's single. He's a good guys, a good catch, good looking. And I had another friend of a friend who I was like, This is great. They're pretty much like they're great people. They're fun, they're attractive. Cool. So I set my my guy friend up with this girl and she she already like him. She saw the photo. She's like, I like this guy and, uh, you go out. And I asked him later, how did it go? And it didn't go well. And what had happened was he got like, he was insecure. He was nervous, He was clinging and everything you could do wrong. He did wrong. But what's interesting is so many of us were looking for that magic bullet set me up with that beautiful girl. Give me the perfect recipe. What's the work out? How do I look like you? What work out do you use? And the fact is, I could give you the perfect workout. I could give you the perfect date. I could give you the perfect business idea. But would it actually matter if you haven't mastered your inner psychology? He hadn't didn't matter. If you give people the perfect workout, there's a 1,000,000 workouts online. Why aren't you already fit? There's something deeper. It's not about a lack of information. In fact, information is one of the least persuasive things you can give people. There's tons of information. You want to know how to manage your money. Go read a compound interest charge. There's information there, so why don't people do it? We claim we want to do something. But we don't fact that people here in the room claim you wanna live a richer life. Maybe start an online business. But you haven't. There's a 1,000,000 books. Blog's about starting an online business. So why having me? Let's take a second who can share why you haven't launched and a very successful online business? Let's be really candid with each other. Who's got it happened? Enough market research, Great okay. Why, though, um, fear of rejection. So you think I have this idea? And if I go out to the market and I find out it's a bad idea, what am I gonna do? Okay, get stuck in the details. Like what? Like I have to have ah, perfect website. And you gotta have infusion soft set up. Yes. I gotta have my technology. Perfect. And I need to prepare for this onslaught of visitors because I need to have I'm gonna have five million sales the first day. What if I can't handle it? Right? Okay. What else? I feel like I don't know enough. I took a class and nutrition, got a certificate and still feel like I don't have the knowledge to actually council somewhere. Do you have friends who come to you and ask you How do you look? So great? I just like I try to eat. But you know I can't eat right? Do they say that to you? Yes, on. Do they ask about your credentials when they ask that question? How interesting. How interesting. One of the things we learn is that yes, expertise matters. And, yes, credentials matter, especially in certain markets. You want your surgeon to have credentials, of course. But we also learn that you don't have to be a world famous expert to help people. Ah, lot of times you just need to know a little bit more than they do and be able to show them the path to their success. So it's not a surprise that in your head you have to climb the entire mountain to even show them how to put on their boots. They just want to know the basics. What what is Protein? They don't even know that. And so you might be actually punishing your market because of what's in your head instead of just serving them today. Okay, All right, so we're gonna talk about three essential money mind sets and the reason I'm especially paying attention this before we go into the website and conversion and all that stuff is every single creative person out there is a huge weirdo like huge. When it comes to money, they have all these pathologies and weird, insidious beliefs about money. Oh, I can't charge more because that guy wait a minute. So, like, I think I should be making $60 an hour. But then the cousin's brother's son is only charging $5 an hour for photos, so there's no way I could do it. I'm just gonna charge $7 I'm sure one day they'll pay me more. It's not gonna happen, Okay, if we can't value ourselves if we can't understand, the audience were serving than none of it matters. So let's go through these three number one people pay me for the value I create. Now this is important. There's a lot of people that believe money is a zero sum game, and if I'm charging, he's losing money. I'm making it. He's losing. And I would challenge you on that in the fact that you can expand the pie and you can think bigger than that. Um, who here has purchased a premium product in the last? Let's say six months could be a high end handbag. Could be a nice sweater. Could be, uh, Mercedes. Whatever. Who here has purchased something Pring him could be an IPhone. Oh, everybody's hand goes up. Okay. Pass the mic around. Tell us about what that product was. A new couch for my new house. Okay, great. And was this couch from my Kia know Macy's? Okay, very good. And ballpark it for us. What was the price of this couch? Just under 4000. Wait a minute. You could have gotten accounts for 100 bucks on Craigslist. I wanted the perfect couch. And even though I don't have the money right now, I wanted to figure out a way to get it. And Macy's has a 12 month no interest. Uh, no payment until months from now. Got it. Okay, Who else? Uh, but Mac book a Mac book. Wow. So that's, like, 23 times the price of Ah, Chromebook. Why'd you buy that? It's the same thing, right? I It just seems so much better than a chromebook. Oh, it just seems so much better. Good. What else? Who else has got one about a new bed? Okay. How much? Just under two grand. Okay. And, um, why not get you know, there are cheaper brands? Yeah, but sleeping it every night wanted something comfortable. And one of that foam mattress, not just spring. Isn't it interesting that you didn't hear anyone saying I pulled up the specs and I compared the features, and this one had 36 more stitches than the other one. Because we don't do that, Pete, when it's so ironic that when we're purchasing things, we go with our emotions. Notice how everyone had rationalizations for why they bought it. The truth is, you just wanted it. So the rationalization was I sleep on it eight hours a day. Don't I deserve to have the best? I work so hard, that's that's fine. I'm not blaming you. That's a perfectly reasonable rationalization, but the truth is, you wanted it. We have used that perfect. So, ironically, when we go to the other side of the table when we start creating our products, then we start thinking things like, Well, wait a minute that that course over their offers, like 15 more features that one has better graphics. That one has this. That one has that when in reality, if you can show people why it's right for them and how you have credibility to help them, the rest is a mere triviality. In fact, even price is a mere triviality. I have students of mine. My sales pages air very long. In fact, some of them are over 70 pages long. I have students now who they tell me. They say I've pre committed to buying every course you ever create and they scroll down. They see the headline. They're like, I want this scroll down to the end. They just look at the price. They're like, yeah, by they don't even read the 70 pages of material. So the point of this is people pay me for the value I create. You're not taking it away from them. When you went out last time and had a nice dinner, maybe for your anniversary or whatever you paid and you paid happily the same is true for your business. People are happy to pay if you are adding value to their lives. That's number one. Number two. This is a really deep, insidious one for creatives. Uh, there's a belief that if I make more money, if my business grows, then I'm doing something wrong. I'm evil. I shouldn't be making so much. I feel guilty. What are the words that people here have used when it comes to feeling guilty about making making a little too much? I see. I see the looks on the faces past those mikes around. What do we got? Compromising your product? You're compromising your because I'm growing and taking myself out of it. Uh, I should be involved in every single stage of it, Right? Okay. What else? Um, you kind of lose. You might feel like you're losing your creative Agiza startup if you got too big and bloated, like Mega Corp or whatever. Totally. I mean, look at the words you just use their so evocative, big, bloated as opposed to successful, thriving. What else? For creatives in particular. What's the word that they use? If if your buddy started making a ton, you were both struggling photographers, both struggling writers. And then he starts making, like, so much. What's the word? Sell out right now. Notice what we just did right there. If I were writing sales copy if I were creating a product for creatives to grow their business, I could stay at the surface level. I could say, Grow your business, share your creativity with world blah, blah, blah. But that's like skimming a stone on the surface of the water. You're not connecting with someone when you truly understand your market, right? there in the headline, The sub headline or the first paragraph, you would say, um, your success does not mean you're a sellout. In fact, it means you are successfully helping other people just like you, and that creative person is gonna look and say, Yes, I'm going to read on. Do you see the difference in what we just did? Their most people when they're doing their market research, they're asking questions like, Are you a man? Are you a woman? How old are you? Demographics. Yeah, that's nice to know. But what we really want to know is, what language do people use to express their hopes, fears and dreams? We're gonna talk about that in just a minute. The point of this psychological barrier is that the more I make, the more value I can create. So it's not like people who are successful with their businesses are sitting around with it in a vault, in just swimming in their money. That's not what they do. You know what I do when we have a successful product launch? I take that revenue. I take the vast majority of it. I hire world class experts in design, psychology, technology customer service. We recently instituted a policy where anyone who buys any one of my courses gets a live phone call from one of my trained staff members That's investing to make a better experience. So do not think that because you're successful, you're a sellout. You take that revenue and you re invested right back in the business to serve more people. Okay, Again, Why are we talking about this? Why don't we just jump right to how to create a webinar? Because I could give you the perfect business idea today. But it wouldn't matter if you don't conquer these deep, insidious, invisible scripts. Okay, Finally, money is a marker that I'm doing the right thing. Why we're meat. Why you using the word money? Why don't you just talk about Facebook? Hence, do we have any life coaches in the room? Thank God. Okay. Life coaches love to believe they're helping people, but not help anyone, actually. And I'll tell you if so, same thing with personal finance experts. For there's some personal finance experts that for 25 years have been writing about things like keep a budget, stop spending money on lots, etcetera. It goes in one ear and out the other. People don't want to stop spending on the things they love. They want to do more of it. So why don't we show them how to do that? If these experts were to be confronted with how many people actually follow their advice, I mean, it would be haunting to them. So one good way to know if your product is valuable. There's really two things that are extremely challenging in the world. That's to get someone to fall in love with you and get them to pay you. Okay, We're not talking about love today. I would love to talk about that, but we're not talking about that today. We're talking about getting them to pull out their wallet and say, This is valuable enough to me that I'm willing to pay. So what does this imply? It implies that having a 1,000,000 free subscribers, fans, whatever, that's nice, but that's not paying the bills. There are a lot of people I know who have many more followers than I do. Many more fans, many more Twitter people, and they can't. They're they're just looking loose there, like the people who when there's an open house, they come by, they look around, they just want to see the view, how big the rooms are. Then they leave. They're never gonna buy. They're not the right people. We want to focus on the people who will pay, and not just with money, because if they pay with money, they're much more likely to actually follow through. Given example, on our email list, we have ah, email list of several 100,000 people. The open rate of people who have purchased one of my courses is 3 to 4 times higher than the people who don't. Okay, the people who have bought one of my courses are 2500% more likely to buy another course. Why? Because they're committed. So it's important to not just focus on getting a bunch of free fans free subscribers, free followers but to actually create something valuable enough that they say I'm opening my wallet and I'm gonna pay. That's when you know you're doing the right thing, So the money is not the whole purpose of this. Our purpose is to share our passion, share what we know with the world, but to make sure we're going the right direction. I want to make sure our revenues are growing. Okay. All right. So now we're gonna talk about how to find a profitable business idea. Now, I want to go quickly and asked for five people. What? Your idea is, if you have one. Let's pass that. My corona. Let's see what people have to say. Teaching nonprofits to fundraise online. Oh, boy. All right, we'll come back to you. Good. Who else? Good. I would love to use my sales and marketing skills to do something that has more meaning and make money. Like what? I don't know. Maybe it's fundraising. Maybe it's going back to the nutrition thing I mentioned what I'm doing now does not feel good anymore. Got it. Okay, um, teaching people how to navigate the vast online wedding industry were Oh, that's a good one. Okay, okay. Very good. Oh, that's so good. I'm so glad both of your sitting next to each other. So we have a vast wedding industry and nonprofits. We're gonna talk about both of those. Those are great. What else? One more eso. I'm a fitness coach, and I'm finding that I'm stretched too thin, and I'd like to be ableto coach. More people somehow online. Okay, Got it. Are you doing coaching like, one on one, Uh, in classes as well. Great. Okay, good. So the classic model that we've heard when it comes to finding a profitable idea is, you know, create this Venn diagram, my passion, my idea, and then see where they overlap. Sounds great in theory. Doesn't really work. Has anyone here gone through that exercise where you create the diagram and you're like, Oh, I love these things. And then you, like, find the paper four years later in your garage. So stupid. So we're going to do the idea generation part, but then we're going to go several steps deeper. This is the process we use to create the courses that we do. Now remember, we've launched over 15 successful online courses, and I say that because I want to show you that it's not a fluke. Okay? We're not a one hit wonder. In fact, that was the thing I was always terrified of. I wanted to know that we could systematize this and launch one thing successfully and then do it again. And again. Isn't that the point? Because who wants to just create one thing and just live off that forever? It's to me. It's so boring. So let me show you the basics of what we do and then tons of time for questions here. So this looks familiar. This is what we call idea mapping. And I want you to write down three different things. So rather than just ideas, because it's kind of like me walking up to you and saying told me a story and you're like, uh but if I said like, Oh, what'd you do last weekend? You have a ton of stories, So here are three ways you can break it down skills you've developed, like negotiating your salary knowledge you've acquired like okay, em and challenges you've overcome. Now, isn't it interesting that so many people forget this challenges you've overcome? What are some classic challenges that people have overcome? Losing weight? Um, getting divorced? Let's see being in debt, their classic challenges now someone who's gotten out of debt a lot of times they think there's no way I could start a business. I'm not a CFP, but actually the c F P is not the point. The point is that they've been through the emotional experience and the intellectual experience of being in crushing debt and then getting out of it. Do you know for Weight Watchers In order to be a Weight Watchers coach, you have to have been in the program and stuck with it for several years. Why do you think that is? Why do you think they're not saying we need your nutritional credentials? Or rather, you have to have been through the program and stuck with it because there's something very real about someone who's gone through a challenge and overcome it right? Someone who actually knows the fears you have, what you feel like. That's very important. And I say this because so many of us focus on these intellectual things. What did I learn in school? What's my credential? Good. That's good. You should do that. But also what? Our challenges you've overcome. Okay, these are all great things to write down. And typically, I like to see I like to see you produce 20 to 40 ideas with just this slide right here. Okay. Now, today we're gonna fast forward. We're gonna assume that you have 20 to 40 ideas. And so now the question is, what do I do? Which one of these works. So I just do all of these. It's gonna take me 30 years to figure it out. I would have to do that. We're gonna use some frameworks to narrow them down.