00:00:00Ladies and gentlemen, welcome back to the channel.
00:00:01So in this video, we're gonna be talking about
00:00:03what is the best, easiest business to start
00:00:05as a complete beginner if your goal is financial freedom.
00:00:08And the video is broadly split up into three parts.
00:00:10We're gonna talk about the price and people equation.
00:00:12We're gonna talk about the service to product spectrum.
00:00:14And we're gonna talk about exactly how to find a niche
00:00:16and an offer that's playing business on easy mode
00:00:18rather than on hard mode.
00:00:20And if you're new here, hello, my name is Ali.
00:00:21I'm a doctor turned entrepreneur.
00:00:22And since 2017, I've been making videos on this channel
00:00:24documenting my journey from broke medical student
00:00:27to then working full time as a doctor
00:00:28to ultimately building my own lifestyle business
00:00:30that's allowed me to reach financial freedom,
00:00:32time freedom and creative freedom.
00:00:33And this is Freedom Fridays,
00:00:34the somewhat regular series on the channel
00:00:36where we talk about books, ideas, strategies and tools
00:00:38that can help you ultimately achieve the goal
00:00:40of financial freedom
00:00:41so that you can live life on your own terms as well.
00:00:43Okay, so if you're watching this video,
00:00:44then you will probably like to be financially free.
00:00:48Maybe you want financial freedom,
00:00:49you would love to have time freedom as well,
00:00:51where you can spend your time broadly however you want.
00:00:52And you would also love to have creative freedom
00:00:55where you can work on stuff that fulfills and energizes you.
00:00:58And that begs the question, okay, well, how do you do that?
00:01:00And maybe you've realized through watching maybe my content,
00:01:02maybe other people's contents that like start a business
00:01:05is a much nicer way for most people
00:01:07to get to financial freedom
00:01:08compared to follow a normal traditional career
00:01:10and get a job, for example.
00:01:11But then that begs the question of,
00:01:13okay, bro, like which business do I start?
00:01:16I wanna introduce you to a simple equation
00:01:17for basically how to make money.
00:01:19And that simple equation basically has two variables.
00:01:21It's basically your number of customers,
00:01:23i.e. how many people are buying your stuff.
00:01:27And then the price point of your stuff.
00:01:29That is literally it.
00:01:30And so when you're coming up with a business idea,
00:01:32you wanna figure out how many people do you need
00:01:34for your business idea to be viable?
00:01:36And what kind of price do you need to sell things at
00:01:38in order for your business to be viable?
00:01:40And there is a graph that I would like to show you
00:01:41that helps us figure this out.
00:01:43This is a graph of people versus price.
00:01:44So let's say you wanna make $100,000.
00:01:46Let's say that's your goal.
00:01:47If you wanted to, the way you can make 100K
00:01:50is you could sell something for 100K to a single person, right?
00:01:53So we've got one person over here,
00:01:55and this is kind of like our price over here, right?
00:01:57That would be one way of making 100K.
00:01:58Alternatively, you could sell something for $10,000
00:02:02to 10 different people.
00:02:02Alternatively, you could sell something
00:02:04for $1,000 to 100 people.
00:02:06Alternatively, you could sell something
00:02:07for $100 to 1,000 people,
00:02:09or you could sell something for $10 to 10,000 people,
00:02:12or you could sell something for $1 to 100,000 people.
00:02:14Now, these are all theoretically different ways
00:02:16of making $100,000 following this equation
00:02:18of it's basically number of customers,
00:02:20i.e. people multiplied by price.
00:02:21Now, back when I was a noob to the world of business
00:02:23and I was a beginner,
00:02:25I was laboring under the delusion
00:02:28that it should be easier, right,
00:02:30to sell things for $1, $10, $100,
00:02:33rather than to sell something for $10,000 or $100,000.
00:02:36Because as a normal person, I've bought stuff for $1.
00:02:38I bought this Coke Zero for $1.
00:02:40I've bought stuff for $10.
00:02:42This Donner kebab with chips was about $10.
00:02:44Actually, more like $5, but whatevs.
00:02:45And I've also bought things for $100.
00:02:47But when you start getting into the $1,000 ranges,
00:02:49that's like a MacBook or something like that,
00:02:50and $10,000, that's like a really expensive car, 100K.
00:02:54The only thing that you can spend 100K on is a house, right?
00:02:56This was my conception of the world.
00:02:58And so I thought that if I were to start a business,
00:03:00I should sell cheap things for $1, $10, $100,
00:03:03and just sell loads of them, right?
00:03:04Because that is easier.
00:03:05And that could not have been further from the truth.
00:03:07And this is very counterintuitive,
00:03:09but actually, if you wanna make $100,000,
00:03:11it is way easier to do it selling, for example,
00:03:1410 copies of something for $10,000
00:03:16compared to selling 10,000 copies of something for $10.
00:03:20The volume is way harder than the price.
00:03:22Yes, of course, on an individual level,
00:03:24it's easier to sell something for $10 than to $10,000.
00:03:26Like, I probably couldn't sell you a $10,000 thing.
00:03:29I could probably sell you a $10 thing.
00:03:30Like, maybe you wanna buy my book for about $10.
00:03:32But if I were trying to make 100 grand,
00:03:33it's so much harder for me to find 10,000 of you
00:03:36to sell my $10 book to
00:03:37compared to just finding 10 people
00:03:39to sell a $10,000 service or package or product to.
00:03:42Oh, and by the way,
00:03:43if you wanna speed up the learning process from this video,
00:03:44we have actually trained a custom GPT, a custom AI tool,
00:03:47that can literally help you do all of this stuff.
00:03:50And it's completely free.
00:03:51There's a link down below.
00:03:52You can check it out.
00:03:52You need an open AI account, like a Chad GPT account,
00:03:54which you have already.
00:03:55You don't need to be paying for it, don't worry.
00:03:57And you basically talk to it.
00:03:58And it's trained on my materials
00:04:00that we have in our Lifestyle Business Academy
00:04:01on how to figure out your niche and your offer
00:04:03so that hopefully this can give you some clearer ideas.
00:04:06And it'll sort of talk you through the process
00:04:07and it'll help you figure out
00:04:08what business you wanna start
00:04:09that will be playing on easy mode rather than on hard mode.
00:04:12So that'll be linked down below
00:04:13and there's a QR code on screen somewhere
00:04:14if you would like to check that out.
00:04:15Again, it's completely free.
00:04:16And so what this means is that
00:04:17when we're trying to figure out what business to start
00:04:19if we are a beginner
00:04:20is you wanna be avoiding this zone.
00:04:23This is the red zone.
00:04:25Trying to start a business in the red zone
00:04:26where you're selling cheap things that are like high volume,
00:04:29that is playing business on hard mode.
00:04:31It's not to say you can't do it.
00:04:32It's not to say it can't be done.
00:04:33It's just playing business on hard mode
00:04:34and your chances of success are a lot lower,
00:04:36especially if you're a beginner.
00:04:37Similarly, as a beginner,
00:04:38you probably don't wanna be in this kind of range
00:04:40because this is called having a job.
00:04:42When you sell one thing for $100,000,
00:04:45that might be your reasonably well-paid job.
00:04:46But the zone we wanna be in is in this zone, right?
00:04:49This zone of we're selling stuff.
00:04:51Ideally, that's between the 2000 to the $20,000 price point.
00:04:55I think this is a very good place to be
00:04:56when it comes to trying to build a business.
00:04:58Because like I said, the hard part is getting the customers.
00:05:00The hard part is a lot less charging them lots of money.
00:05:03And so when it comes to figuring out
00:05:04what business idea to start as a beginner,
00:05:05you really wanna be thinking,
00:05:07what is the thing that I could sell
00:05:09for at least 2000 US dollars?
00:05:11And that is gonna seem scary.
00:05:13You might be thinking,
00:05:14but I don't have skills worth $2,000.
00:05:15Like, wow, 10K, 5K, 20K, what the hell?
00:05:18Like, this is completely impossible.
00:05:19And this is exactly what students
00:05:20in our Lifestyle Business Academy,
00:05:21which is like my online kind of business school,
00:05:23go through that I coach them through all the time,
00:05:25as does everyone on my team.
00:05:27And we really try and get them to figure out
00:05:29something that they can sell for at least $2,000.
00:05:31Because trust me, when you're selling expensive things,
00:05:33it becomes so much easier to build a business
00:05:35that hits six figures in revenue,
00:05:37compared to when you're trying to sell
00:05:38large volumes of a cheap thing.
00:05:39Now, once you start and grow your business
00:05:41and you make all this extra cash,
00:05:42you're gonna need a place to invest that money
00:05:44for it to compound passively over time.
00:05:46And that is where the sponsor of this video comes in,
00:05:48Trading 212.
00:05:49Trading 212 is an online trading platform
00:05:51that lets you invest in stocks and ETFs.
00:05:54Me and my wife have both independently been using Trading 212
00:05:56to manage a portion of our portfolio for absolutely years,
00:05:59since way before they started sponsoring the channel.
00:06:01And what I love about it is that it makes it super easy
00:06:03to invest in stuff without having to pay commissions.
00:06:06They've also just launched that Trading 212 card,
00:06:08which lets you own 1.5% cashback on your daily spending.
00:06:11There's no monthly fee, there are no hidden fees,
00:06:13and you get currency conversions at the true interbank rate,
00:06:16which is fantastic if you travel
00:06:18or you buy things online in lots of different currencies.
00:06:20The card integrates with your Trading 212 Invest account
00:06:23so that your uninvested cash can earn compound interest
00:06:25in up to 13 currencies
00:06:26while you are out there living your life.
00:06:28Plus, Trading 212 still offers their wonderful pies
00:06:30and auto invest features
00:06:32that helps you build a diversified portfolio on autopilot.
00:06:35They've got zero commission investing with fractional shares
00:06:37to make investing more accessible.
00:06:38And as an extra bonus, if you sign up using my link,
00:06:40you can get a free fractional share worth up to 100 pounds.
00:06:43So it's free money, you might as well.
00:06:45So if you'd like to get started,
00:06:46head over to trading212.com/join/ali
00:06:49to claim your free share.
00:06:50That'll be linked down below as well,
00:06:51and you can check out the card as well.
00:06:52So thank you very much Trading 212
00:06:54for sponsoring the video and let's get back to it.
00:06:55All right, so now I'm gonna go one level
00:06:56slightly more complicated, but I know you can keep up
00:06:58because you're very smart and very good looking.
00:07:00This was how to make $100,000.
00:07:02But if we wanna make $100,000 a year,
00:07:04you know, a six figure business,
00:07:06we need the per year to come from somewhere.
00:07:08It can either come from the price
00:07:11or it can come from the volume.
00:07:12So for example, if you were to charge $10,000 per year
00:07:16for something, let's say, I don't know,
00:07:18you're selling expensive health insurance.
00:07:20People are paying $10,000 per year,
00:07:22so now you only need 10 customers, 10 customers period,
00:07:25to be able to make $100,000 per year.
00:07:27But let's say you're not charging a subscription.
00:07:29Let's say you're, in my case,
00:07:30selling a course on how to do YouTube for $1,000,
00:07:32but it's a one-off, it's a one-off product.
00:07:34Like it's not a recurring subscription,
00:07:36it's not a membership, it's not anything like that.
00:07:38In that context, the per year would need to come
00:07:40from the number of customers.
00:07:41So I would need to get 100 new customers per year
00:07:44in order to build a 100K a year business
00:07:46selling $1,000 things.
00:07:47Mostly for beginners, this is like overly complicated.
00:07:49You don't need to worry too much
00:07:50about are you selling subscription?
00:07:51Are you selling 2K per year?
00:07:52Are you selling 2K one-off?
00:07:54I would say start off trying to figure out
00:07:55what is the one-off package or something that you could sell
00:07:58for two to $20,000.
00:08:00And then you can always worry about the,
00:08:01how do we turn it into a subscription further down the line?
00:08:04Okay, so at this point, hopefully we have established
00:08:06that the goal is to sell stuff for between two and 20K.
00:08:09This is really, really helpful
00:08:10because this massively narrows down
00:08:12the list of potential business ideas
00:08:14that we could feasibly start.
00:08:16And the reason I'm making this video
00:08:17is because I've done a couple of events here in Hong Kong
00:08:19over the last couple of weeks,
00:08:20and I've stayed behind for hours and hours
00:08:22to speak to people after the events.
00:08:23And people come up to me always asking for advice
00:08:25about their business ideas.
00:08:26And they'll either say they don't have any ideas at all,
00:08:28or they'll say, more likely these days actually,
00:08:30that they've got so many business ideas.
00:08:32And I'm making this video because this is the video
00:08:35I would want to show all of these people
00:08:36who are coming to me with all these different business ideas.
00:08:38Because for the most part,
00:08:39the ideas that I hear are playing business on hard mode.
00:08:43I was speaking to a girl the other day,
00:08:45and she had a few different business ideas.
00:08:47One of those business ideas
00:08:48was she wanted to start a fashion brand
00:08:50that was excessively priced,
00:08:52that helped a sort of modest fashion wear
00:08:55for women who are into running in Hong Kong.
00:08:57'Cause apparently there's loads of women
00:08:58into running in Hong Kong.
00:08:59And she was like, there's not that much
00:09:00modest fashion available for them.
00:09:01That is a business that's operating on hard mode,
00:09:04primarily because she's trying to sell cheap stuff.
00:09:06She's probably not selling thousand dollar packages.
00:09:08It probably being, I don't know,
00:09:08somewhere between the 10 and $100 range
00:09:10for a modest sports bra or leggings or whatever.
00:09:13That tends to be the price point for those things,
00:09:15which means in order to build a viable business,
00:09:17you need a ton of volume.
00:09:18And volume is really hard unless you're already famous.
00:09:21Similarly, we've got one of our students
00:09:22in our Lifestyle Business Academy who came in,
00:09:24and initially what she wanted to sell
00:09:25was some kind of digital membership
00:09:28for people who want to improve their lives.
00:09:29I was like, okay, interesting.
00:09:31What kind of price point are we thinking about?
00:09:32She was like, I was thinking maybe like $20 a month
00:09:34or something like that.
00:09:35That is, again, playing business on hard mode
00:09:37because when you are trying to sell anything
00:09:38for $20 a month, again, in order to build
00:09:40a viable business off it, you need a ton of volume.
00:09:42And now if she had loads of followers on YouTube
00:09:45or Instagram or LinkedIn or email lists or whatever,
00:09:47it becomes a viable business model.
00:09:49But if you're a beginner, you probably are not famous
00:09:51on the internet, and so it will be really, really hard
00:09:53for you to get customers and really hard
00:09:54for you to find that kind of volume.
00:09:55But now let me give you some examples of businesses
00:09:57that are operating on easy mode.
00:09:58So we have this married couple in our program,
00:10:01Elias and Haya, and what they're doing
00:10:02is they're selling a service that helps accountancy practices
00:10:05in London speed up their onboarding time for new clients
00:10:08so that they save lots of time and lots of money
00:10:10to onboard new clients.
00:10:11And they're charging like $8,000 for this.
00:10:14This is amazing.
00:10:14They are playing business on easy mode.
00:10:16It sounds boring AF, right?
00:10:18To sell an onboarding improvement service
00:10:21for a new accountant and their practices.
00:10:23But they know accountants, they've got a background
00:10:26in like accountancy, so they know the problems
00:10:27that accountants face.
00:10:28Accountants are a business that are willing
00:10:30to pay a lot of money for that particular offer
00:10:31because it will save them a lot of money.
00:10:33And so that particular boring-ass business
00:10:35is an example of playing business on easy mode.
00:10:37And so this is a video about what kind of business
00:10:39to start as a beginner.
00:10:40Principle number one is that you wanna be aiming for things
00:10:42in the 2K to 20K price point range.
00:10:45Principle number two is the general idea
00:10:47that service businesses are much, much, much easier
00:10:50to start than product businesses.
00:10:52This is another massive thing that trips up beginners
00:10:54in the market.
00:10:55'Cause if you think of what is a business, right?
00:10:57When you imagine starting your own business,
00:10:59you probably imagine creating some kind of cool product.
00:11:02I'd like to sell products, I'd like to sell hoodies,
00:11:04I'd like to sell tote bags, I'd like to start
00:11:05a fashion brand, I'd like to build apps
00:11:07that's selling a product, for example.
00:11:09I'd like to sell doner kebabs, you know,
00:11:10that's selling a product.
00:11:11You probably don't imagine selling a service.
00:11:14Man, I'd really love to be a boutique web design agency.
00:11:16Man, I'd really love to help accountancy firms
00:11:18improve their onboarding processes.
00:11:19Man, I'd really love to be a sales training service
00:11:22facilitation for businesses doing B2B sales
00:11:25that are selling through conferences.
00:11:27Those are service businesses, and if you think
00:11:29of all the businesses you know of,
00:11:31probably 99% of them are product businesses.
00:11:34This is one of these cognitive biases that we have
00:11:35where if you imagine business, you probably think of Apple,
00:11:37they sell stuff.
00:11:38You think of Starbucks, they sell stuff.
00:11:40You think of Sony, they sell cameras.
00:11:41You think of the doner kebab down the road, they sell stuff.
00:11:44Most of the businesses that you come into contact with
00:11:46on a day-to-day basis are selling products.
00:11:48But what you don't realize is that product businesses
00:11:50are really, really, really hard to start
00:11:52because generally the products are cheap
00:11:53and then you have to go for big volumes
00:11:55and it's really hard to do volume.
00:11:56What you probably don't come across
00:11:57is the enormous list of businesses that are selling services.
00:12:01I think most of the economy, most of the GDP
00:12:03generated by the economy in most developed countries,
00:12:05especially in places like the UK,
00:12:07certainly in places like Hong Kong,
00:12:08are based on services like financial services,
00:12:10legal services, accounting services.
00:12:12There are all sorts of services businesses out there
00:12:15that are making way more money in the grand scheme of things
00:12:17compared to product businesses.
00:12:19But the product businesses are the ones that are cool and sexy
00:12:21and that you see marketing for everywhere.
00:12:22Whereas you very rarely see, as an individual,
00:12:24as an individual consumer, you very rarely see marketing
00:12:27for service-based businesses.
00:12:28Now the difference between a service-based business
00:12:29is that, you know, basically these are really
00:12:31the only two types of businesses.
00:12:33A service business is where you do something
00:12:35for your client or your customer,
00:12:37and a product business is you make something
00:12:39which does something, right?
00:12:42Ultimately, the only reason people buy stuff
00:12:44is because they want a problem to be solved,
00:12:46they want a job to be done.
00:12:47This doner kebab that I'm currently eating
00:12:49that's getting a little bit cold right now,
00:12:50this is currently doing the thing of alleviating my hunger
00:12:53and helping me have a good time.
00:12:54It is a product business.
00:12:55But unfortunately, the guy running the doner kebab shop
00:12:58is very unlikely to become financially free
00:13:00from running a doner kebab shop,
00:13:01unless they sort of expand to like multiple locations
00:13:03and build out a team and all that sort of stuff.
00:13:06Because he's trying to play the volume game
00:13:07and it's very hard to play the volume game,
00:13:09see my point around how that's business on hard mode.
00:13:11So what you want to do is you want to start
00:13:13some kind of service business.
00:13:14Now, when it comes to services,
00:13:16there's a little bit of a spectrum.
00:13:17Now, if we imagine something like a web design,
00:13:20you know, let's say you want to build a business
00:13:23that helps people get websites.
00:13:24Let's say that helps e-commerce brands
00:13:27have better conversion rates on their website.
00:13:29Now, the easiest way to do that as a beginner
00:13:32is to do it done for you.
00:13:33You are doing the work for them.
00:13:35You are a full service provider
00:13:36where you are doing the work for them.
00:13:38They are not having to do the work themselves.
00:13:40You are doing the work for them.
00:13:41So you're going into their Shopify
00:13:43and twiddling their whatever and dealing with their analytics.
00:13:46You're doing the work.
00:13:48This is the stuff that you can generally, as a beginner,
00:13:50charge the most money for
00:13:51because you are literally doing the work.
00:13:53One level down from that, one level more scalable,
00:13:55is done with you, where you can imagine for the same thing,
00:13:58you're selling a coaching program
00:14:00with one-on-one support and implementation.
00:14:01So you are supporting them to do the work
00:14:04of increasing the conversion rates on their website.
00:14:06And one level more scalable than that is do it yourself,
00:14:08where you are selling, let's say, a course or whatever.
00:14:11Yeah, a course or an app that they have to use it themselves.
00:14:13Like, they have to do the work,
00:14:14but your product just sort of helps them along the way.
00:14:16Here you are selling information,
00:14:18and here you are selling implementation.
00:14:20You are actually doing the work.
00:14:21And if you are a beginner looking to start a business
00:14:23to get you to financial freedom,
00:14:24I would 100% recommend the place to start should be
00:14:27some kind of done-for-you service.
00:14:29Maybe at a stretch, you go to done with you,
00:14:31or maybe it's a coaching or consulting program,
00:14:33but you probably do not wanna be trying
00:14:35to sell an online course.
00:14:37'Cause generally, just selling an online course
00:14:39puts you in this kind of territory,
00:14:41and we do not wanna be in this kind of territory
00:14:42as it relates to price, because it's sort of hard mode.
00:14:45Also, the way the world is going,
00:14:46I don't think online courses are gonna be around
00:14:48very much longer, because AI slop is a thing.
00:14:51If you wanna learn something, you just ask ChatGPT.
00:14:53If you wanted to just learn how to do it yourself,
00:14:55and people are realizing this,
00:14:56the bar for what is free just keeps going up.
00:14:58People are putting all sorts of really good free content
00:15:00on YouTube completely for free.
00:15:02And so I think the way the world is moving,
00:15:04especially if you're looking to start a business right now,
00:15:05is that more and more towards high-end, high-touch services
00:15:09where you are doing a lot of the work for your clients.
00:15:12And by the way, as a reminder,
00:15:13if you would like to get the completely free custom GPT
00:15:15that we've trained literally on the content of this video
00:15:17so that you can figure out exactly what your service done
00:15:19for you, business idea is gonna be,
00:15:21there'll be a link down below,
00:15:22or you can scan the QR code that's currently on screen.
00:15:24So why are our students in our Lifestyle Business Academy
00:15:27at Ace and High Earth,
00:15:28why are they able to charge $8,000 to accounting practices
00:15:32to help them speed up their onboardings?
00:15:33Well, because they're doing the work for them.
00:15:35If they were like, hey, we'll sell you an online course
00:15:38that teaches you how to do the onboarding for your clients,
00:15:40the accountant practice is gonna be like,
00:15:42bro, I don't need an online course.
00:15:43I'm too busy, I've got other things going on.
00:15:45Maybe they might buy it for, I don't know,
00:15:47$80 or something like that just 'cause
00:15:48and then they would never log in and never actually use it.
00:15:50Because these are businesses and businesses are busy
00:15:52and they don't have much time.
00:15:53But if you can do the work for them,
00:15:55if you can promise them the outcome, the transformation,
00:15:57without them having to do any work,
00:15:58you are able to charge way higher prices.
00:16:00And generally the way you do that
00:16:02is through a service business
00:16:03with a done for you business model
00:16:05where you are trying to do something for someone
00:16:07where they value the outcome.
00:16:09Now all of this begs the question like, okay then,
00:16:14so I'm gonna start a service business,
00:16:15which is a done for you,
00:16:17where I'm charging somewhere between 2000 and $20,000.
00:16:20So then you're probably thinking,
00:16:21okay, well, what sort of service business do I start?
00:16:23And this is where I cannot give you the answer.
00:16:25But I can give you some ways of thinking about it.
00:16:26Now, when we're figuring out our niche,
00:16:28there's kind of two things we need to figure out.
00:16:30It's like, who is the person
00:16:31and what is the problem that they have?
00:16:33Because people pay money to solve problems.
00:16:35And then your business is sort of like the bridge
00:16:38that helps take that person
00:16:39and helps them solve their particular problem.
00:16:41Now, if you wanna play business on easy mode,
00:16:42you wanna find someone who is rich.
00:16:44If the person is rich or if they are a business
00:16:46with lots of money, it is so much easier to charge them
00:16:48two to $20,000 for something.
00:16:50Whereas if you're trying to start a business
00:16:52selling stuff to people who don't have money,
00:16:53it is very, very difficult to do that.
00:16:55So you wanna be finding a problem to solve
00:16:56for people who are rich.
00:16:58And ideally, this is a very painful problem for them
00:17:01because the more painful the problem is,
00:17:02the more motivated they are to solve the problem.
00:17:04Therefore, when your business positions itself
00:17:06as the solution to that problem, for example,
00:17:08hey, you know how every time you onboard a new client
00:17:10for your accounting practice,
00:17:11it takes you weeks and weeks of onboarding time
00:17:12and you say, and you waste all this time
00:17:14and waste all this money, that's really painful, right?
00:17:16You know, it's a painful problem that accountancy firms have.
00:17:18And so when you position your solution
00:17:19as the solution to the problem,
00:17:20then it becomes much easier to sell something like that.
00:17:23In a dream world, the problem that you have identified
00:17:25is a problem that if solved either helps that person
00:17:29make money, helps them save money.
00:17:31For example, if you can start a service-based business
00:17:34that charges between two and 20K,
00:17:36and the thing, the problem that you solve is that, you know,
00:17:38you help a business that, you know,
00:17:39is struggling with their sales, get more sales,
00:17:41that means they are literally making more money
00:17:43and therefore you are able to charge some kind of percentage
00:17:45of how much money you've added to them.
00:17:46Those are the easiest things to sell
00:17:48because they lead to a direct and very tangible
00:17:50return on investment for your client.
00:17:51Then along the same vein, if, for example,
00:17:53you are a service-based business
00:17:54and you are saving the customer a lot of money,
00:17:56like, you know, save $100,000 on X,
00:17:58you can probably charge 10, 20, 30, $40,000
00:18:01for that kind of thing
00:18:02because you're saving them a lot more money
00:18:03than you are costing.
00:18:04Again, there is a very tangible return on investment.
00:18:07This again is playing business on easy mode
00:18:09when you are building a service done for you business
00:18:12between two and 20K that solves a painful problem
00:18:15for a rich person that ideally helps them make money
00:18:17or save money.
00:18:18Now the problem is you might be thinking that
00:18:21you might not have the kind of skills
00:18:22that can help a business make money or save money.
00:18:24We have people in our program
00:18:26that wanna be life coaches, mindset coaches.
00:18:28I wanna help working professionals
00:18:29overcome imposter syndrome.
00:18:31Those are harder businesses to start.
00:18:33I'm not saying it can't be done.
00:18:34We can certainly mentor people and help them out
00:18:36as best as we can in that process,
00:18:37but they're harder businesses to start
00:18:39because what you are solving, imposter syndrome,
00:18:42is not a tangible problem.
00:18:43It is not a, for some people it might be a painful problem,
00:18:46but a way to improve that particular offer would be like,
00:18:49okay, I help working professionals
00:18:51cure their imposter syndrome
00:18:52so that they can get a raise,
00:18:54so that they can get a promotion.
00:18:55When you tie the intangible to something tangible
00:18:58that they want,
00:18:58then they can see the return on investment in.
00:19:00For example, getting a raise, getting a promotion,
00:19:02therefore making money,
00:19:03we are tying our outcome to a make money outcome,
00:19:05it becomes much easier to charge 2000 to $20,000
00:19:08for the specific thing.
00:19:09Whereas when you have something that is intangible,
00:19:11like I'll improve your mindset.
00:19:12I'll help you find your purpose.
00:19:14I'll help you even be more productive.
00:19:15That's actually quite intangible.
00:19:16I'll help you overcome imposter syndrome.
00:19:18I'll help you get over anxiety.
00:19:20Like these things, the more intangible they are,
00:19:23the harder it is for people to see the value
00:19:25that you're offering,
00:19:25especially when you're trying to price between two and 20K.
00:19:27And so the sort of process that we take our students through
00:19:30is basically like a lot of back and forth
00:19:32around how can we tie this intangible transformation
00:19:35that you're offering to something tangible
00:19:37so that people can see the value of it.
00:19:39And then people generally don't tend
00:19:41to want to buy internal transformations.
00:19:43They tend to wanna buy external results,
00:19:45external transformations.
00:19:46They want their life to improve in measurable ways
00:19:49that are obvious to other people.
00:19:51And of course, along the way,
00:19:52you have an internal transformation,
00:19:53but it's hard to sell an internal transformation
00:19:55for a large amount of money.
00:19:56And if you want way more information on exactly how to do this,
00:19:59then I have a video over here,
00:20:00which is the four books you absolutely need to read
00:20:02if you wanna become financially free.
00:20:04If you read those four books,
00:20:04I guarantee they will, again,
00:20:06teach you the principles
00:20:07that I've just taught you in this video.
00:20:08And they will also help you figure out
00:20:09what is the business that you're gonna start
00:20:11that's gonna get you to financial freedom.
00:20:12So check that out over there.
00:20:13Thank you very much for watching.
00:20:14Have a lovely day, and I'll see you in the next video.
00:20:15Bye-bye.