00:00:00In this video, we're gonna go over the five step process
00:00:02that you can follow to build a $100,000 a year
00:00:05lifestyle business in under 12 months
00:00:07and which you can work through
00:00:08to build a million dollar business
00:00:10in hopefully around three to five years.
00:00:12So if you would like a step-by-step process
00:00:13that you can follow, let's dive in.
00:00:15All right, so this is what the roadmap looks like
00:00:17for building your multi six-figure
00:00:19or even low seven-figure lifestyle business.
00:00:21Over here, we have a line of roughly
00:00:22what revenue is gonna be.
00:00:23Everyone starts out at zero.
00:00:24Over here, we have an inflection point
00:00:26at $100,000 a year.
00:00:28Over here, we have a plateau point at around 10 million.
00:00:32Over here, we have 1 million a year.
00:00:34Over here is about 3 million a year.
00:00:36You can see the graph starts to plateau out
00:00:38around about this level, which highlights the fact
00:00:40that generally lifestyle businesses
00:00:41don't really scale beyond 10 million a year.
00:00:43So if you're okay with that,
00:00:44then we can continue watching this video.
00:00:46And then over here between 100K and a million,
00:00:48we've got about 300,000.
00:00:49And in general, every tripling of a business revenue
00:00:52is when things start to break
00:00:53and when like the paradigm shifts
00:00:54and when like things become a little bit different.
00:00:55So that's why we're sort of dealing in triplings
00:00:57rather than in other kind of units of numbers.
00:00:59This is what we call phase five, freedom.
00:01:03This is where you have true financial freedom
00:01:04because you've got a business that's doing
00:01:05somewhere between 1 million
00:01:07and probably 5 million in revenue.
00:01:08Maybe it's somewhere between 50 and 80% margins.
00:01:11So you can do the maths on that.
00:01:12It's a pretty good place to be.
00:01:13Over here, we have phase four, which is leverage.
00:01:16This is where you're scaling from about 100,000 a year
00:01:19to about a million a year.
00:01:20And this process takes about two to three years.
00:01:23Some people do it sooner, quicker than that.
00:01:25Some people do it like slower than that.
00:01:26This phase, phase five,
00:01:27you kind of hang around in phase five forever
00:01:30because if you have a lifestyle business,
00:01:31then once you hit like the seven figure mark,
00:01:33you actually just kind of wanna be hanging out
00:01:35in this range for the longer term.
00:01:37And so really this kind of range here
00:01:38is our ultimate destination.
00:01:39We wanna become a lifestyle business millionaire.
00:01:41In order to get that, we have to spend a few years
00:01:43in phase four, scaling from 100K to a million.
00:01:45But most of the people watching this video
00:01:46are not yet at 100K yet.
00:01:48So now let's explore the initial three phases.
00:01:50So we've got phase one, phase two and phase three.
00:01:52Phase one is called ideation.
00:01:54Phase two is called validation.
00:01:56Phase three is momentum.
00:01:58The ideation phase,
00:01:59we ideally want to last around one to two weeks.
00:02:04The validation phase generally lasts
00:02:06about one to three months.
00:02:08And then the momentum phase, generally six to 12 months,
00:02:11depending on how much work you put into it.
00:02:12So if we're doing this well
00:02:13and we are stacking the unfair advantages that we have,
00:02:15it's actually fairly doable getting from zero
00:02:17to 100K a year in business revenue,
00:02:19which is an $8,333 a month run rate.
00:02:21And it's fairly doable getting there within 12 months
00:02:23if you do the right things
00:02:24and if you're willing to put in the work.
00:02:25I'm gonna say that overall,
00:02:27our goal here is about 12 months
00:02:29to go all the way from zero,
00:02:32all the way through to 100K a year.
00:02:34When I first did this journey,
00:02:35it took me two years to go from zero to 100K,
00:02:37but I knew nothing.
00:02:39I'd never read any books about business.
00:02:40There was no videos about entrepreneurship.
00:02:42And if I knew what I knew now,
00:02:43I'd probably be able to speed run that journey
00:02:45in probably about three months,
00:02:46even if I had no audience,
00:02:47as long as I had the skills that I have.
00:02:49I have a bunch of friends who've made that journey.
00:02:50Some of them have gotten there within like three months.
00:02:52Some of them have gotten there within six months,
00:02:54some of them 12 months.
00:02:55So I think 12 months is a good kind of
00:02:57middle of the road target to shoot for.
00:02:58Obviously, some people are gonna get their way quicker
00:03:00and some people are gonna take a bit longer
00:03:01to get to 100K a year.
00:03:02So within phase one, we have two key milestones.
00:03:05The first one is we figure out what is our niche.
00:03:09And once we have figured that out,
00:03:10the next thing we need to do
00:03:11is we need to figure out what is our offer.
00:03:13And this is a first draft offer.
00:03:16Niche answers the question of who am I helping
00:03:18and what am I helping them with?
00:03:19And then the offer answers the question of
00:03:21what am I actually trying to sell to them?
00:03:23And the reason it's a first draft
00:03:25is because in this phase, we're spending one to two weeks
00:03:27doing a bunch of brainstorming, doing a bunch of research,
00:03:30maybe talking to AI to come up with a niche and an offer.
00:03:32But it's only when we put it out into the market
00:03:35to validate the offer
00:03:36that this becomes a more solidified offer.
00:03:38And then we get to the single hardest part
00:03:39of the entrepreneurship game,
00:03:40the least fun part, which is validation.
00:03:43And what we are trying to do there
00:03:44is we are trying to get our first sale.
00:03:46So until you get a customer
00:03:48to actually give you money for the thing,
00:03:50all of this niche and offer, it's all theoretical,
00:03:52you need someone to give you money
00:03:53to validate your business idea.
00:03:55Now in between this process
00:03:56of like coming up with a first draft offer
00:03:58and getting our first sale,
00:03:59what we're gonna be doing
00:04:00is we're gonna be taking a bunch of discovery calls.
00:04:03We are gonna be speaking to people in our target market
00:04:05and we're gonna be doing some market research on those calls.
00:04:07And we're gonna be trying to understand
00:04:09what their problems are and pitching them
00:04:11or presenting them our offer
00:04:12and then refining the offer based on feedback.
00:04:14Because then once we have a first sale,
00:04:16we're now in great territory, we're now in momentum mode.
00:04:18Well now it's just a case of like scaling from first sale
00:04:20to 10K in revenue from there to 30K in revenue.
00:04:24And then it's not too bad getting to 100K in revenue.
00:04:26'Cause 100K in revenue a year
00:04:27is really only about $8,300 a month.
00:04:30So if you are selling something for let's say $3,000,
00:04:32you only need three clients a month
00:04:34in order to hit the 100K range.
00:04:36If you're able to sell a retainer package
00:04:37for let's say $2,000 a month,
00:04:39you only need four or five clients period
00:04:41to actually get to the 100K a year rate
00:04:42because you're selling a recurring like retainer package.
00:04:45Of course, if you're selling cheap things
00:04:46like $10 eBooks or $27 courses
00:04:48or template packs or anything like that,
00:04:50you need to get more sales
00:04:51in order to get these sorts of numbers,
00:04:52which is why I'm generally an advocate
00:04:54of recommending that you sell expensive things
00:04:55rather than cheap things.
00:04:56Okay, so let's start by zooming into phase one
00:04:58where we are figuring out our niche and our first draft offer
00:05:00ideally within one to two weeks.
00:05:02The thing to keep in mind here
00:05:03is that if you wanna start a business
00:05:04and you wanna make money in any way,
00:05:06you only make money if you solve problems
00:05:08for someone else who's willing to pay you
00:05:10to solve that problem.
00:05:11All money is given to you in exchange
00:05:13for simply solving problems.
00:05:14Now the first step here is to figure out our niche.
00:05:16What a niche is, is this sort of overlap
00:05:18between a group of people and a problem.
00:05:22And the overlap between the group of people
00:05:24and the problem that they have is known as a niche.
00:05:28For example, with my first successful business
00:05:29back in the day, the people I was serving
00:05:31was students applying to medical school in the UK.
00:05:34And the problem I was helping them solve
00:05:35was that I was helping them prepare for the BMAT,
00:05:37which was this like medical admissions exam.
00:05:39So there were a group of people who had a problem
00:05:41and they were willing to pay me to teach classroom courses,
00:05:44teaching them how to ace this exam
00:05:46so that they could get into med school.
00:05:47One of my friends Sahil, he has software
00:05:49that helps video editors, they are the people,
00:05:51with the problem that video editing takes too damn long.
00:05:53And so video editors are willing to pay him for his software
00:05:56that helps to speed up video editing.
00:05:57The way you make money is by solving problems
00:05:59for people who are willing to pay
00:06:01to have those problems solved.
00:06:02And that is the first thing that we really need to figure out
00:06:04with our business.
00:06:05Now, how do you figure this out?
00:06:06Well, there's a lot of different things you can do.
00:06:08The way that I recommend you do it is,
00:06:09firstly, you identify what are your craft skills,
00:06:13i.e. what personal or professional expertise
00:06:16do you already have
00:06:18that could help someone solve some kind of problem.
00:06:20You wanna ask yourself,
00:06:21what are the things that you're good at?
00:06:22What's the stuff on your CV?
00:06:23What is your current employer actually paying you to do?
00:06:26If you've solved problems in your personal life,
00:06:28if you were overweight at one point
00:06:29and then you managed to lose weight,
00:06:30like one of my friends does like this stoic weight loss
00:06:32type thing where he helps basically overweight people
00:06:35solve the problem of weight loss.
00:06:36He's got the personal experience
00:06:37at having lost a load of weight himself.
00:06:39And so now he's able to help other people solve that problem.
00:06:41So what you wanna do is you wanna make a list
00:06:42of your craft skills,
00:06:43what are the skills or expertise or experiences
00:06:46that I already have.
00:06:47Because starting a business based on pre-existing skills
00:06:50means that you can get to this 100K a year mark
00:06:54a lot quicker.
00:06:55That's not to say you have to have pre-existing skills.
00:06:57It is totally possible to enter a brand new niche
00:06:59and then figure out what problems they have
00:07:01and then develop the skills to solve those problems.
00:07:03But life becomes easier and quicker
00:07:05if you're trying to make money,
00:07:06if you are serving a niche that is served by skills
00:07:08that you already have,
00:07:09rather than skills that you have to learn from scratch.
00:07:11Essentially what we wanna do is we wanna make a long list
00:07:14of people and problems that we could potentially help
00:07:17using our craft skills.
00:07:18The way we do this for our students
00:07:19in Lifestyle Business Academy
00:07:20is we ask them to come up with a list
00:07:22of 15 to 20 potential niches.
00:07:25The way this looks like
00:07:26is we give them like a worksheet type thing
00:07:27where there's like a table.
00:07:29There is a column that says person.
00:07:31Like who is the person?
00:07:33What is their problem?
00:07:34What is your promise?
00:07:35And then we ask three questions.
00:07:37I have to give a shout out to one of my mentors,
00:07:38Taki Moore for giving me these three questions
00:07:40'cause these are great in terms of like narrowing down a niche.
00:07:42And those three questions are,
00:07:43do I like them?
00:07:45Can I actually help them?
00:07:47And will they be happy to pay?
00:07:48And generally what I recommend for our students
00:07:50is you ask yourself,
00:07:51will they be happy to pay at least $2,000?
00:07:54Because again, life becomes easier
00:07:56when you are trying to build a business,
00:07:57getting to 100K a year and beyond
00:07:58if you are selling expensive things.
00:08:00And I define expensive as about $2,000 or above.
00:08:03You can certainly get rid of selling cheap things,
00:08:05it just takes longer.
00:08:06So this is an excerpt from one of our workbooks
00:08:07where you can see we've got person, problem, promise,
00:08:10like, help and pay.
00:08:10For example, the people could be chiropractors,
00:08:12their problem could be not enough customers.
00:08:14And so the promise that our business delivers
00:08:16is we help them get more customers.
00:08:17And then we're ranking like, help and pay
00:08:19in terms of red, yellow and green.
00:08:21Red is like, nah, definitely not.
00:08:23Yellow is kind of like, maybe.
00:08:24And green is like, oh yeah, definitely.
00:08:25So in this context, do I like chiropractors?
00:08:27Nah, not really.
00:08:28Can I help them get more customers?
00:08:29Maybe.
00:08:30Will they pay?
00:08:31Well, yes, they'll definitely pay
00:08:31because like it's a business
00:08:32and we're helping them make more money.
00:08:33So that one's easy.
00:08:34And so what we wanna do
00:08:35is we wanna get good at problem hunting.
00:08:37'Cause again, business is about solving problems
00:08:39for people who are willing to pay
00:08:40to have those problems solved.
00:08:41So A, by starting with our craft skills,
00:08:43but then also by thinking,
00:08:44what are the sort of people and problems
00:08:46that we are already familiar with?
00:08:47Let's say you've worked in tech.
00:08:49And so you're quite familiar
00:08:50with other people working in tech
00:08:52and also probably the customers of your tech company.
00:08:53You would then be trying to figure out
00:08:55what problems do those people have
00:08:56that I could potentially solve?
00:08:57And what you wanna do is try and generate
00:08:59around 15 to 20 different niche ideas.
00:09:02The reason we wanna do that
00:09:03is because generally when it comes to niche selection,
00:09:06we wanna start out, it's sort of this kind of thing.
00:09:09It's a three step process.
00:09:11I think of as diverge, converge and emerge.
00:09:15This by the way, is a general principle
00:09:16for creativity in almost every field.
00:09:18And it's the exact concept that we have
00:09:19in these like fancy pens
00:09:21that we've designed with Baron Fig.
00:09:22Diverge, converge, emerge.
00:09:23Anyway, this very much applies to niche selection
00:09:25because diverge is like we're thinking very broad
00:09:28and we're thinking divergently about the 15, 20,
00:09:31ideally even more potential niches we could serve.
00:09:33We are then following a process to converge
00:09:36on like our gold, silver, bronze,
00:09:38our top one, two and three niches.
00:09:40And usually in the process of doing that,
00:09:41the correct niche emerges over time.
00:09:43And then we pick a niche, we stick to it for a while.
00:09:45We develop expertise within a niche.
00:09:47We craft our offer within that niche.
00:09:48We do validation within that niche.
00:09:49We serve customers within that niche.
00:09:51And then we have a successful business
00:09:52that gives us fun, freedom and flexibility
00:09:54to live life on our own terms.
00:09:55Oh, by the way, if you are enjoying this video
00:09:56and you haven't yet subscribed to the channel,
00:09:58you might like to, it's completely free.
00:10:00I think you click on my channel name
00:10:01and you hit the subscribe button
00:10:02and then you're more likely to see stuff like this.
00:10:04Plus it lets me know that you like this sort of thing.
00:10:06Once you've figured out your niche,
00:10:07you then have to come up with a first draft offer.
00:10:09So your niche answers the question of who do I help
00:10:11and what do I help them with?
00:10:12Your first draft offer answers the question
00:10:14of what do I think I want to actually sell to them?
00:10:17Crucially, you are not building any kind of product yet.
00:10:19We need to understand the difference
00:10:20between an offer and a product.
00:10:22Let's take my book for example.
00:10:24The product is the book itself.
00:10:25It is the text in the book, the writing in the book,
00:10:27et cetera, et cetera.
00:10:28But the offer is the packaging of the book.
00:10:31It is the title, it's the subtitle,
00:10:32it's the world's most followed productivity expert.
00:10:34It's the quote from Mark Manson.
00:10:36The stuff at the front and the back of the book is the offer.
00:10:38When someone goes to the bookstore
00:10:40or goes on Amazon to buy the book,
00:10:41they are not actually buying the product.
00:10:44They are buying the offer.
00:10:46And then what they get is the product.
00:10:47Now, the mistake that a lot of noob entrepreneurs make
00:10:50is that they will jump to building the product
00:10:52before validating that people even want the offer.
00:10:55And it would be such a tragedy
00:10:56if you spent three years writing a book
00:10:57only to then realize that no one wants to read it.
00:11:00This is in fact the single biggest reason
00:11:02why most businesses fail.
00:11:03At least in the early days,
00:11:04they are trying to sell something that no one actually wants.
00:11:06So you really do not wanna take the approach
00:11:08of build it and they will come.
00:11:10You instead wanna create an offer which takes like a day
00:11:13because it's not that hard coming up with a title
00:11:15and a subtitle and like up elevator pitch.
00:11:17And then you present the packaging of the thing
00:11:19to your prospects and you see if they're interested.
00:11:21And if loads of people are like,
00:11:22"Oh my God, that sounds amazing, sign me up,"
00:11:24and are willing to pay you money for the thing
00:11:26before you've even built it,
00:11:27that is when you know you have demand.
00:11:29That is when you know you have a viable business.
00:11:31But you really do not wanna be building first.
00:11:32This is a thing that I wish would get into the heads
00:11:34of more people who are trying to start businesses.
00:11:36You wanna validate your offer first
00:11:38before you try and build the product.
00:11:40Now the offer is made up of what I call the six P's.
00:11:44We have person.
00:11:45Who is the person who is the absolute center of your bullseye?
00:11:48The way to think about this is like,
00:11:50let's say this is a dartboard
00:11:51and this is your kind of your niche, right?
00:11:56It's sort of like the people and problem
00:11:58that you're solving for, which we figured out in step one.
00:12:00In the offer step, what you're trying to do
00:12:02is you're trying to define who is at the absolute center
00:12:05of the bullseye.
00:12:06Now that's not to say these are the only customers you serve,
00:12:09but like if you're throwing darts,
00:12:10you're gonna be aiming for the bullseye.
00:12:11I mean, in reality, you're gonna be aiming for triple 20,
00:12:13but let's forget that.
00:12:14Let's assume you're gonna be aiming for the bullseye
00:12:16and like some of your shots are gonna hit on the bullseye,
00:12:18but you know, it might land here or here or here or here
00:12:21or here or there or whatever.
00:12:22By aiming for the bullseye,
00:12:23you actually end up landing somewhere on the dartboard.
00:12:25So what we are trying to do is define
00:12:27who do we think is the absolute dream client,
00:12:30our perfect future client,
00:12:31the customer that will absolutely benefit
00:12:33from the thing that we potentially wanna sell
00:12:35and who has the money to pay for it.
00:12:36Once we figure out the person,
00:12:37we sketch out details about the problem.
00:12:40Like what is the problem that they have
00:12:42and why is it really painful?
00:12:44We wanna sketch out the pain.
00:12:45Pain is not one of the six P's.
00:12:46Maybe it could be, it could be a seven P's.
00:12:48Once we've defined a person in problem in more detail,
00:12:50because we kind of knew that from our niche,
00:12:51we then come up with a promise.
00:12:53Now the promise is like less than 10 words
00:12:56that explains what we actually do.
00:12:57And the goal of the promise is to be sufficiently intriguing
00:13:01to the person with the problem
00:13:02that they wanna find out more.
00:13:03So for example, let's take My Lifestyle Business Academy,
00:13:05which is sort of like our online business school.
00:13:07The person we're targeting is like the corporate professional
00:13:10who's got skills, they've got expertise.
00:13:11They're probably earning over 100K a year.
00:13:12They're probably living in the US or maybe the UK.
00:13:14And the problem that they have is that they feel unfulfilled
00:13:17and they feel a lack of freedom and flexibility in their life.
00:13:19They maybe like the idea of traveling
00:13:20and being able to work remotely, all of that kind of stuff.
00:13:22What they're optimizing for is freedom.
00:13:24And so then our promise is we'll help you build
00:13:26$100,000 a year lifestyle business in under 12 months.
00:13:29Now for that particular audience
00:13:31who has that particular problem,
00:13:32that's a compelling promise.
00:13:33And that is what you want in your promise.
00:13:35You want it to be just sufficiently intriguing.
00:13:37Now, of course, once they get into the program,
00:13:39then I give all the caveats that like, okay, well,
00:13:41the 12 months depends on you doing 10 to 15 hours
00:13:43a week of work.
00:13:43And like, there's this whole process you have to follow.
00:13:45And then if you don't follow the process,
00:13:46it's gonna take longer than that.
00:13:47And like, you know, you gotta do what we tell you
00:13:48and we're gonna support you and blah, blah, blah, blah, blah.
00:13:50But in the promise stage, no one cares about the details.
00:13:52No one cares about the caveats.
00:13:53The promise just needs to be compelling enough
00:13:56that they want to find out more.
00:13:57The promise for a fire cut, which is, you know,
00:13:59my friend Sahel's video editing software,
00:14:01the person is video editors.
00:14:02The problem is editing takes too long.
00:14:03And so the headline promise is something like,
00:14:05save four hours in every single video edit.
00:14:07Like that promise is intriguing enough for video editors
00:14:10for them to want to find out more.
00:14:11Okay, so once we figured out our promise,
00:14:13our prospect is now sufficiently intrigued
00:14:15that they want to find out more.
00:14:16This is when we tell them the plan.
00:14:18Now, the way we can think about this is that,
00:14:19let's say we've got a person and they are in a sad situation
00:14:23and we want to get them into a happy situation.
00:14:25Let's say, I don't know, they're unfulfilled in their job
00:14:27and they want to build a lifestyle business.
00:14:29One way of thinking about this is like,
00:14:30they're on this cliff over here.
00:14:33They want to get across to that cliff over there.
00:14:35But there's this like enormous chasm
00:14:37between these two cliffs,
00:14:38which they cannot cross by themselves.
00:14:40Or if they could, it would be treacherous
00:14:41and it would be difficult to navigate.
00:14:43What our business is trying to do
00:14:44is basically build a bridge for them.
00:14:47Or like, hey, come along into my business
00:14:50and we're going to build a bridge for you
00:14:51that will take you from A to B.
00:14:53And this is what we can think of as the plan.
00:14:55The promise is telling them, is promising them like,
00:14:57what's the dream destination?
00:14:59And then the plan is like, okay, well, step one,
00:15:01step two and step three,
00:15:02it's the three or four or five step process
00:15:05that we'll follow with them to get them to the destination.
00:15:08We still haven't built our product yet.
00:15:09We still haven't really talked about the product.
00:15:10We haven't talked about the stuff, the stuff they get.
00:15:13What we're giving them is the plan,
00:15:14assuming they're intrigued enough by the promise.
00:15:16So for example, in our context
00:15:17with the Lifestyle Business Academy,
00:15:18the plan we give them is that,
00:15:19hey, it's a three-step plan to get you from zero to 100K.
00:15:22Phase one is ideation, phase two is validation,
00:15:23phase three is momentum, blah, blah, blah, blah, blah.
00:15:25And what we want to get is buy in from them
00:15:27about the plan.
00:15:27We want them to have the clarity that if they follow
00:15:29the plan, they're able to get to the promise.
00:15:31Once we have gotten buy in on our plan,
00:15:33at that point, we talk about the product, if we want to.
00:15:36This is like what you actually get.
00:15:38Like with our Academy, it's like,
00:15:39you get one-on-one Slack support anytime you want.
00:15:41There's coaching clinics on niches and offers
00:15:43and content and sales that happening every day.
00:15:44There's like a weekly workshop run by Ali,
00:15:45that blah, blah, blah, blah, blah.
00:15:46There's like, you get this fancy workbook,
00:15:48that blah, blah, you know, it's the stuff.
00:15:49But the mistake people make when they're creating a business
00:15:51is that they over fixate on the product.
00:15:53And what we need to understand is that the prospect,
00:15:55or your hopefully hopeful future customer
00:15:57doesn't actually care about the product.
00:15:59What they care about is the transformation
00:16:00that the product is going to get them.
00:16:02And instead of giving them more stuff,
00:16:03they would ideally like less stuff.
00:16:05Back in the day, the way you would sell it,
00:16:06let's say a course would be like this 300 hours of content
00:16:09in this course and 58 different templates
00:16:11and this, that, and the other.
00:16:12That just doesn't work anymore because no one's got time.
00:16:14Like we're already overloaded with content.
00:16:16People would much rather get to the transformation,
00:16:18get to the destination, get to the promised land.
00:16:21They would much rather get that with a course
00:16:22that has only two hours of content,
00:16:24rather than a course that has 200 hours of content.
00:16:26Worrying about what's in the product only comes
00:16:28once you've nailed your person, you figured out the problem,
00:16:30you found a compelling enough promise,
00:16:31you found a plan that like high level
00:16:33actually gets them to the promise.
00:16:34And now we can figure out what's the stuff,
00:16:36the deliverables, the things we need to add to our product
00:16:38in order to execute on the plan.
00:16:40Once we figure that out,
00:16:41this is where we figure out our price.
00:16:42And again, my recommendation is that you charge
00:16:44at least 2000 US dollars.
00:16:46A lot of people at this point are like,
00:16:47"Oh my God, I can't imagine charging $2,000 for anything."
00:16:50And to which I would say like, okay, fair enough.
00:16:52But like, let's have a little bit more creativity.
00:16:53Let's see if we can find a person who has enough money
00:16:56and a problem that's painful enough
00:16:57for them to pay $2,000 for it.
00:16:58But once you've sketched out your first draft offer
00:17:00in person, problem, promise, plan, product, price,
00:17:03you turn it into a kind of one pager.
00:17:06And now congratulations,
00:17:07you have graduated the ideation phase
00:17:09and you are now ready to actually see
00:17:10if there is a market for your idea.
00:17:12At this point with our students
00:17:13in Lifelong Business Academy,
00:17:14we give them feedback on the one pager.
00:17:15We have like this list of like the checklist
00:17:17that they go through to make sure
00:17:18that like the promise makes sense
00:17:20and like all of this funky stuff.
00:17:21At this point, one thing you should definitely do
00:17:22is read Alex Hormozi's book, "100 Million Dollar Offers."
00:17:24It's really, really good.
00:17:25And you can run it through the value equation
00:17:27and you can just basically follow
00:17:28the step-by-step process in his book.
00:17:29But the key point I wanna make
00:17:30is that coming up with an offer is actually not hard
00:17:33because you haven't had to talk to any customers yet.
00:17:35You haven't had to do anything.
00:17:35You're just like doing the paperwork.
00:17:37It's really not that hard to just run this process
00:17:40of just figure out what are some problems
00:17:42you could solve for some people
00:17:44and then just read "100 Million Dollar Offers,"
00:17:46follow the process of the six Ps
00:17:48and just try and come up with a few first draft offers.
00:17:50Going through this process will then give you
00:17:51a firmware update on how to come up with business ideas.
00:17:55Like even if you don't have any ideas right now
00:17:57and you just sort of pretend follow this process
00:17:59to come up with a first draft offer for like a random thing.
00:18:02I'd say, I wanna help people in Hong Kong
00:18:04who've got the problem of like,
00:18:05they don't wanna walk their dog and I'm gonna help.
00:18:06My promise is gonna be I will walk your dog for you.
00:18:08It's like, okay, that's kind of random, but like, sure.
00:18:11Let's just craft a pretend first draft offer
00:18:13just to get in the reps, to get in the experience
00:18:15of seeing what it actually takes
00:18:17to craft an offer for something.
00:18:18Oh, by the way, quick thing.
00:18:19If you're enjoying this video
00:18:20and you wanna find out more about our mentorship program,
00:18:23the Lifestyle Business Academy,
00:18:24there's a link down below to the wait list.
00:18:26So you can totally sign up to the wait list.
00:18:27So anyway, at this point we have our niche
00:18:29and we have a first draft offer
00:18:30and hopefully this has taken less than two weeks.
00:18:32Unfortunately, we do have some students in our academy
00:18:34that overthink this process,
00:18:36despite how much we try and help them not overthink process.
00:18:39And kind of like the graph we show them is like,
00:18:41this is like how much thinking you do
00:18:43when it comes to your business idea.
00:18:44This is like the sweet spot.
00:18:46And this range is one to two weeks.
00:18:47If you spend less than about a week,
00:18:49mostly our students have like full-time jobs and stuff.
00:18:51So like they're putting in 10 to 15 hours a week.
00:18:53So maybe like 10 hours.
00:18:54If you're spending like less than around that time
00:18:56thinking about your offer, it's probably not enough time.
00:18:58This is probably underthinking
00:19:00when it comes to your niche and offer
00:19:01'cause it is like a really important part of the business.
00:19:03This is the sweet spot.
00:19:04But then over here we have overthinking.
00:19:06Yes, the niche and the offer is really, really important
00:19:07and it is the foundation of your business,
00:19:09but it is all theoretical
00:19:10until it comes into contact with the market.
00:19:12And that is what happens in phase two of validation.
00:19:15Now the validation stage, as we talked about,
00:19:17can often take one to three months.
00:19:19Sometimes less than that, sometimes a bit more than that.
00:19:21Just again, just depending on how much work you put into it.
00:19:23And the goal of validation is to validate our offer.
00:19:25To validate is there actually a market
00:19:27for people that actually want to pay for this thing
00:19:29that we have theoretically constructed on a Google doc.
00:19:31Now, basically the way the validation process works,
00:19:33we want to basically have at least 10 discovery calls.
00:19:36Ideally, ideally 30, maybe even more than that,
00:19:39but ideally 10 discovery calls.
00:19:40And these are 10 calls where we are presenting our offer
00:19:43to someone who's genuinely in the target market
00:19:45for that particular offer.
00:19:46So we've got our niche, we've got our offer,
00:19:49and now we're gonna have
00:19:50these 10 different conversations with people.
00:19:52And as a result of the conversations,
00:19:54we are going to refine our offer.
00:19:57There's this phrase in the military
00:19:58that no plan survives first contact with the enemy.
00:20:01The idea being is that like, sure,
00:20:02you can theory craft a plan all you like,
00:20:03but like once you actually get into the arena,
00:20:06things are gonna change.
00:20:07Similarly, I like the phrase
00:20:08that no offer survives first contact with the market.
00:20:11We can do all the work we theoretically like
00:20:13to come up with the best first draft offer,
00:20:15but until we put it in front of real people
00:20:17who actually have the problem that we think we're solving
00:20:19and we're able to present our offer to them
00:20:20to get their feedback,
00:20:21and maybe even to try and land a sale,
00:20:23until we do that,
00:20:23we won't actually know if our offer is any good.
00:20:26This is why the validation process is in many ways
00:20:28the most important part about starting a business.
00:20:30It's also the hardest.
00:20:31It's where you have the maximum amount of imposter syndrome
00:20:33because you have no idea if your offer's any good.
00:20:35You haven't yet made any sales,
00:20:36and so you're still sort of in the red
00:20:37in terms of you've invested some time
00:20:39and maybe some money into the process.
00:20:41You haven't yet made a return,
00:20:42and you're having to go out and talk to people
00:20:43and sort of present your offer to them
00:20:45to see if they would actually wanna buy the thing.
00:20:47Now, there are different ways
00:20:48of taking the pressure off of discovery calls.
00:20:49The way we teach our students
00:20:50is that there's sort of three frames you could use
00:20:52for your discovery calls.
00:20:54Frame number one, you could do a market research frame.
00:20:57You could go out to your network or to people that you know,
00:20:58and you say, "Hey, Johnny,
00:21:00you know, I'm thinking of starting a business in niche X,
00:21:02helping X solve Y problem.
00:21:04Would you be open to a quick coffee conversation
00:21:06or a 15-minute call where, you know,
00:21:08I know that this is somewhat relevant to you,
00:21:10not trying to sell you anything.
00:21:10I just really wanna understand more about the problem
00:21:13just so I can do some market research."
00:21:15That's a very chill way of doing market research on an offer.
00:21:18There's a wonderful book by Rob Fitzpatrick
00:21:19called "The Mum Test,"
00:21:20which is basically about how to run conversations like this
00:21:23so that you actually get real feedback
00:21:24from people about your business idea.
00:21:27And it's called "The Mum Test" because it's like,
00:21:28your mum will lie to you about whether your idea is any good.
00:21:31Generally, if you ask friends and family
00:21:33and you don't know the process
00:21:34of how to actually pitch them a business idea,
00:21:37they will just lie to you, be like,
00:21:38"Oh yeah, that sounds like a good idea."
00:21:39And then actually, it sounds like a terrible idea,
00:21:41and they're just trying to not hurt your feelings.
00:21:43So what you wanna do
00:21:44is you wanna learn the process
00:21:45for how to have a good market research conversation,
00:21:47and then have a bunch of market research conversations.
00:21:49Frame number two you could use
00:21:50is you could use the frame of a free coaching call.
00:21:53So one of our students in the Lifestyle Business Academy,
00:21:54Kelsey, she helps these tech people get promoted.
00:21:56And so what she did is she posted on LinkedIn,
00:21:58basically offering 10 free coaching sessions.
00:22:01That did super well.
00:22:02A bunch of people signed up for her free coaching calls.
00:22:03And as a result of the free coaching,
00:22:05a bunch of people spontaneously asked her,
00:22:06"Hey, can I actually work with you on more of a paid basis?"
00:22:09So she was able to make sales
00:22:10without having to feel salesy about it.
00:22:12And this works if you have genuine skills or expertise
00:22:14to share with someone.
00:22:15If you're approaching a brand new niche
00:22:16and you have no skills and no experience,
00:22:18then yeah, you kind of need the market research framed.
00:22:19Though the frame of market research is
00:22:21you are doing me a favor by getting on this call with me.
00:22:24And so you frame it like that.
00:22:25But the frame of a coaching call
00:22:26is that it's sort of like a win-win.
00:22:28Like, "Hey, I've got some experience in this space.
00:22:30"Let's hop on a call.
00:22:30"I'd love to help you with your problems.
00:22:32"And in return, I'd love some feedback
00:22:33"on this business I'm thinking of starting."
00:22:34It's a win-win.
00:22:35But you can only do that if you actually genuinely
00:22:37have some amount of skills or expertise to be able to share.
00:22:40You don't have to be the world expert in your given niche.
00:22:42You just need to be a couple of steps ahead
00:22:44of your target audience such that it's actually valuable
00:22:46for them to hop on a call with you.
00:22:47And then frame number three that you can do is
00:22:49you can actually just go for a sales call frame.
00:22:51Like at one point, we were doing interviews
00:22:53for applicants of our Lifestyle Business Academy.
00:22:54And I was taking those calls,
00:22:56but I was framing them as interviews
00:22:57because what I was doing in that is I was positioning it
00:23:00that I am the expert
00:23:01and the student is applying for our academy.
00:23:03And then I'm doing this interview
00:23:05to see if they're the right fit.
00:23:06They knew that if they were the right fit,
00:23:07I was gonna tell them about the offer.
00:23:09I was gonna give them the pricing on the call,
00:23:10but it's not framed
00:23:11as you'll get free coaching from Ali Abdaal.
00:23:12It's not framed as, hey, I'm starting a business
00:23:14and doing some market research.
00:23:16It's framed as, hey, you want into this program,
00:23:18I'm gonna talk to you and see if we're the right fit.
00:23:19And if we are, then I'll tell you more details
00:23:21about the program.
00:23:21It still doesn't have to feel salesy.
00:23:23I did like maybe 30 or 40 of these calls
00:23:25and I don't think anyone felt like I was being salesy on them,
00:23:28but it was still a sales frame.
00:23:29And this is what you do if you have confidence
00:23:31in the thing that you're actually selling,
00:23:32'cause this is the one that's most likely
00:23:34to get you to actually get customers to give you their money.
00:23:36What often students tend to do is they start off in the market research frame.
00:23:39They realize very quickly that like,
00:23:40actually they do have skills in the niche
00:23:41and they transitioned to free coaching calls.
00:23:43And then some people transitioned to the sales call frame,
00:23:45you know, once they've landed their first sale and beyond.
00:23:47But this then helps solve the problem, right?
00:23:48Of like, we don't wanna spend bloody ages
00:23:50trying to build a product that no one wants to buy
00:23:52because we are validating it as we go along
00:23:54with our market research calls
00:23:55and maybe our free coaching calls
00:23:57and maybe our sales calls.
00:23:58And as a result, every time we get new data from the market,
00:24:01we're getting more insights into,
00:24:03is the thing that we are supposedly trying to sell
00:24:04actually solving a problem that someone has?
00:24:07'Cause again, the single biggest reason
00:24:08why most businesses in the early days fail
00:24:10is well, firstly, people just don't get started
00:24:11because they're like, oh my God, business is scary.
00:24:13Hopefully this video helps you see
00:24:14that the process is not that scary.
00:24:16But secondly, it's that they're trying to sell something
00:24:18that fundamentally no one actually wants to buy.
00:24:20So all this somewhat begs the question of like,
00:24:21okay, I've gotta have these 10 discovery calls,
00:24:23but like how, how do I get people to have calls with me?
00:24:26And this is where the concept of marketing comes in.
00:24:28Like how do you let people know about your stuff?
00:24:30The word marketing or the word sales
00:24:31feels very scary to people, it doesn't have to feel scary.
00:24:33Now broadly, there are a handful of different ways to do this.
00:24:36Number one is you can and should totally reach out
00:24:39to your existing network.
00:24:41The students in our Lifestyle Business Academy
00:24:42who are succeeding the fastest are the ones
00:24:44who have a network within the space
00:24:46that they are starting a business.
00:24:47So for example, back in the day when I was starting out
00:24:49my medical school admissions business,
00:24:51on the 2nd of September, 2012,
00:24:53this is what I posted on Facebook
00:24:54in the WHSP Westcliff High School for Boys
00:24:56Medical Society Facebook group.
00:24:58Hey guys, at some point in September,
00:24:59I'll be running a weekend crash course on the BMAT,
00:25:01most likely in school.
00:25:01If you're applying to Oxford or Cambridge, Imperial or UCL,
00:25:04you'll definitely wanna come
00:25:04as the BMAT will be the most important exam of your life
00:25:06and can make or break an application.
00:25:08One day will be dedicated to sections one and three,
00:25:09which are basically about blah, blah, blah.
00:25:11The second day we'll focus on section two, blah, blah, blah.
00:25:13Sadly, I am gonna have to charge for it
00:25:15'cause I need to make some money for university.
00:25:16It's probably gonna be around 100 pounds for the two days,
00:25:18which is pretty good considering Kaplan costs 300 pounds
00:25:20and sucks anyway.
00:25:22If you're interested, shoot me a message on Facebook
00:25:23and I'll give you more details when the time comes.
00:25:25This was how I got my first handful of customers
00:25:27for this new business that I was starting.
00:25:28I just went out to the people I already knew.
00:25:31If I was trying to start a business in like a random niche,
00:25:33like helping dog owners in the Midwest, in the US,
00:25:36help like walk their dogs,
00:25:38and I was like a teenager in the UK,
00:25:40it's very difficult for me to have a network in that space.
00:25:42And so it's hard for me to start a business.
00:25:43But if you start a business in a niche
00:25:45where you already have a little bit of a network,
00:25:47life becomes easier.
00:25:47You can see this was liked by Manu Srivastava.
00:25:50He was actually one of my first customers
00:25:51back when he was like 17 years old.
00:25:53And now, what is it, like 15 years later,
00:25:56he's actually a neurologist working in Oxford
00:25:58last time I checked.
00:25:59So it's interesting how that works.
00:26:00This is an example when Alex Homozi,
00:26:02the famous business guru,
00:26:03was starting his like personal training business.
00:26:05And he's basically saying that like,
00:26:07"Hey, I've got this business where I'm gonna help people
00:26:09improve their fitness.
00:26:10If you're interested, drop me a message."
00:26:12And it's very chill.
00:26:12It doesn't feel that salesy.
00:26:14It feels very authentic, very nice.
00:26:15But he's going out to his network on Facebook.
00:26:17He is known amongst his friends and family and stuff
00:26:20as like the guy who's jacked.
00:26:21And so he gets his first few clients for his new business
00:26:23from the people that he already knows.
00:26:25This is scary for a lot of people.
00:26:26A lot of our students in the Lifestyle Business Academy
00:26:28feel more terrified of telling the people that know them
00:26:31that they're gonna start a business
00:26:32compared to random strangers because you're like,
00:26:34"Oh my God, I'm gonna post on LinkedIn or Facebook.
00:26:36Colleagues are gonna see this."
00:26:37Like, you know, what we try and do is sort of coach people
00:26:40through the process of getting over these fears.
00:26:42So anyway, you reach out to people in your network
00:26:44and what ultimately happens is you have a DM conversation
00:26:48with them.
00:26:49You exchange a few messages back and forth.
00:26:50And if they are interested,
00:26:51you get them on your call or a coffee.
00:26:54If it's in person, in person generally works better,
00:26:56but it can of course just be a Zoom call as well.
00:26:58That is method number one
00:26:59for getting people into your discovery calls
00:27:01and is by far the easiest and the quickest
00:27:02and the one that we always recommend.
00:27:03Method number two is you start doing content.
00:27:06And back in the day, content used to be hard
00:27:08because you would have to spend years building an audience
00:27:10before you were able to sell anything.
00:27:11These days, it's less about social media.
00:27:13It's more about interest media.
00:27:14These days, if your content is actually good
00:27:17and is solving a specific problem for a specific person,
00:27:20the algorithms on all of these platforms have gotten so good
00:27:23that it's actually relatively easy if the content is good
00:27:26for it to reach a lot of people who are in the target market.
00:27:28Again, we've got some students in our program
00:27:29who've just started posting content.
00:27:31And within about two or three weeks
00:27:33of posting everyday on LinkedIn,
00:27:34they started to get random strangers DMing them
00:27:37to have conversations with them
00:27:38that they were able to then get onto discovery calls.
00:27:40The content was also solving the specific problem
00:27:42for the niche.
00:27:43So let's say my niche is helping like accounting firms
00:27:45automate their onboarding or something like that
00:27:47so that they can save time.
00:27:48The stuff I'm gonna be posting on LinkedIn
00:27:50is gonna be about that niche.
00:27:51It's gonna be speaking to those accountants.
00:27:53I mean, it's gonna be a post about like how annoying it is
00:27:55that like client onboarding takes so long
00:27:56and here are three tips that you can use to speed it up.
00:27:59It's gonna be about like how you can use AI
00:28:01in your accounting firm to speed up your operations
00:28:04or stuff like that.
00:28:05Random people aren't gonna interact with that
00:28:07because they don't understand like why would a random person
00:28:09care about like helping accountants save time.
00:28:11But if an accountant who is like is reading that thing,
00:28:14they're like, whoa, this is like directly targeted to me.
00:28:17LinkedIn, the platform, the algorithm recognizes that,
00:28:19wait a minute, that person's an accountant.
00:28:20Let's push this post out to similar people like that person.
00:28:24And so now more and more accountants
00:28:25are gonna see that post.
00:28:26It's never gonna go viral
00:28:28because there's not that many accountants out there.
00:28:29It's not gonna get zillions of views,
00:28:30but it might get tens to maybe even hundreds of views
00:28:33from people that are squarely within your target market.
00:28:35And so that is what we are trying to do with content.
00:28:37We are not trying to get famous.
00:28:38We are trying to become an authority within our niche
00:28:40by posting valuable, useful, educational stuff
00:28:43that helps people.
00:28:43As a result of our content,
00:28:44we are also gonna be having DM conversations with people.
00:28:47So we're gonna encourage people to DM us
00:28:49if they wanna find out more about working with us or whatever,
00:28:51but also anytime someone likes or comments or engages
00:28:53or follows, we're gonna send them a message.
00:28:55This is why generally,
00:28:56I actually recommend people start out on a platform
00:28:59like LinkedIn or Instagram rather than YouTube.
00:29:01Because you can't DM people on YouTube,
00:29:03it's really hard to make
00:29:04compelling long-form educational YouTube videos.
00:29:06It takes absolutely ages.
00:29:07Like you gotta deal with the editing.
00:29:08Yes, there's AI tools,
00:29:09but it's still drastically easier to post on LinkedIn
00:29:11or Instagram than it is to make YouTube videos.
00:29:13So we have a couple of students
00:29:14in our Lifestyle Business Academy who are doing YouTube.
00:29:16Generally, those are the ones
00:29:17who took my YouTuber Academy course back in the day anyway.
00:29:19And so they already have the skills of YouTube,
00:29:21but this is why generally I prefer LinkedIn or Instagram
00:29:23if I was starting today,
00:29:24because it's easier to start DM conversations with people.
00:29:27At this point, you might be like,
00:29:27"What, why do I have to chat to so many people?"
00:29:29'Cause what we all want, right,
00:29:30is we want the passive income dream.
00:29:32We want the idea of like,
00:29:33"Oh man, I'm just gonna wake up to some Stripe notifications.
00:29:35It's gonna be sick."
00:29:36But in reality,
00:29:37like that's just not how the world works anymore.
00:29:39It kind of does if you're selling like super cheap things,
00:29:41but given that it's a lot easier
00:29:43to build a business selling expensive things.
00:29:45We're gonna need to have conversations with people.
00:29:47We're gonna probably need to have calls with people.
00:29:49And that is amazing, especially in the early days
00:29:51where we are still validating that there is a market
00:29:53for the thing that we are thinking of maybe selling.
00:29:55The third source of leads to our discovery call is strangers.
00:30:00Now there's a few different ways to talk to strangers.
00:30:02The one I like the least is cold outreach.
00:30:06We do have some students who are doing it
00:30:07with some level of success, but like cold outreach,
00:30:10cold emails, cold DMing people.
00:30:11Ah, that's like a volume game.
00:30:13It's a numbers game.
00:30:14I've been going through Charlie Morgan stuff.
00:30:16He specializes in cold outreach.
00:30:17And it's just like, you gotta send hundreds of messages
00:30:20and face rejection every single day.
00:30:21And you feel like a bit of a spammer
00:30:23because you're like sending cold emails
00:30:24and doing cold calling and stuff.
00:30:26That doesn't seem like my idea of fun.
00:30:27But there are other ways of reaching out to strangers.
00:30:29So one thing is you can join and post in communities.
00:30:33These could be online communities.
00:30:34These could be offline communities.
00:30:35A good offline example is one of our students, Ronke.
00:30:37She's a doctor and her offer is helping corporations
00:30:40deal with employee burnout so that they can save
00:30:42like a hundred K a year in terms of like staff retention
00:30:45and medical expenses and stuff.
00:30:46And she realized that she didn't know that many people
00:30:48in her existing network who were like heads of HR
00:30:51and CEOs at big corporations.
00:30:53So what she did is she went
00:30:54to some real life networking events in London
00:30:56where those people hung out.
00:30:57And so she spoke to them.
00:30:58She was an old person.
00:30:59She was friendly.
00:31:00She got some business cards and was then able
00:31:01to have conversations with those people afterwards
00:31:04by following up on LinkedIn
00:31:05and then get some of them on calls.
00:31:07Another example of the communities, Ronke,
00:31:08is back in the day, again,
00:31:09when I started my med school admissions business,
00:31:11initially I reached out to my network,
00:31:12but very quickly I ran out of people that I knew
00:31:15or friends of people I knew.
00:31:16I think there were like 20 of them
00:31:17who became my first customers.
00:31:18I didn't do content at the time
00:31:19because I didn't realize content was a thing.
00:31:21It was only five years later
00:31:22that I started doing content on YouTube,
00:31:24helping people get into med school.
00:31:24That was the content play.
00:31:26But in the meantime, what I did to get customers
00:31:28was that there was a forum called the student room.
00:31:30This is where university students
00:31:32and university applicants in the UK would like hang out.
00:31:34And there was a medicine sub forum.
00:31:36And what I did is that I took my brother's account
00:31:38on the student room and I was just posting really, really,
00:31:40really helpful advice.
00:31:42I would have, I bookmarked the medicine sub forum.
00:31:44I had like notifications turned on for it,
00:31:46like in school, I was like refreshing this
00:31:48to see if there's any new posts.
00:31:49I'd get home from school and I'd have this open
00:31:51in like a separate window, like all day, basically.
00:31:53And as soon as anyone in the UK
00:31:55posted on this medicine sub forum,
00:31:57asking any question at all about med school in the UK,
00:32:00I replied to them within the forum
00:32:01with some really, really, really helpful information.
00:32:04I was not advertising my course,
00:32:05but I was hoping that some of them would check out my profile.
00:32:08And in my profile,
00:32:09I mentioned that I was running one of these courses
00:32:11and I managed to get hundreds of customers
00:32:13by literally just being part of this community,
00:32:15the student room and just being helpful.
00:32:17Eventually, three years later, they cottoned on
00:32:19and they banned my account, which was kind of annoying.
00:32:21But like, you know, I got hundreds
00:32:22to possibly even over a thousand customers
00:32:24within those three years.
00:32:25So like it was fine.
00:32:26And because the course was actually good,
00:32:27that was the kickstart I needed
00:32:28because then mostly it happened
00:32:29through like word of mouth referrals and stuff,
00:32:31which is fantastic.
00:32:32The point is, even if you have no one in your network
00:32:33and even if your content hasn't taken off yet,
00:32:35you can totally join offline and online communities
00:32:38where your niche and members of your niche are hanging out.
00:32:40Be a nice person, be human, serve them.
00:32:41Don't come across like a robot.
00:32:42Don't like take, take, take.
00:32:44Don't try and sell your thing all the time
00:32:45by having sensible conversations with people.
00:32:47You can eventually follow up,
00:32:48get them into DMS and have calls with them.
00:32:50There are other methods of lukewarm outreach.
00:32:52One thing that's actually quite good these days
00:32:53is LinkedIn Sales Navigator,
00:32:55which is a way to reach out to strangers on LinkedIn.
00:32:56You just send a bunch of connection requests
00:32:58to people who are in your target market.
00:32:59If they accept the connection request,
00:33:01you then strike up a DM conversation with them.
00:33:03You come across as a normal human.
00:33:05Once you've developed rapport and struck up a conversation,
00:33:07you then try and talk to them about your thing
00:33:10and be like either using the market research frame
00:33:11or the coaching call frame or the sales call frame,
00:33:13whatever you want.
00:33:14We have some students in our Lifestyle Business Academy
00:33:15who are actually getting good success
00:33:17by doing LinkedIn Sales Navigator
00:33:19to reach out to strangers on LinkedIn.
00:33:20Ultimately, all of this stuff,
00:33:22all of these methods of outreach
00:33:23and get you on discovery calls,
00:33:25calls or conversations or coffees
00:33:27with people in your target market.
00:33:28And you then end up refining your offer.
00:33:30My brother whose startup sold
00:33:31for like a few tens of millions of dollars,
00:33:33for the first two years of building the startup,
00:33:36they didn't actually build the startup.
00:33:37They spent two years or like 18 months,
00:33:40something absurd like that,
00:33:41just having conversations and coffees
00:33:43with people in the target market
00:33:45to figure out what were they actually going to build
00:33:47and trying to make sure there was actually a market for it
00:33:49before they started programming.
00:33:50If you're starting what is merely a hundred thousand dollar
00:33:52or like seven low seven finger lifestyle business,
00:33:54you probably don't need to have 150 conversations,
00:33:57but you probably need to have at least 10
00:33:58because the more of those conversations you have,
00:33:59the more you'll get a feel
00:34:00for like how you can refine your offer.
00:34:02And at some point, what you're hoping for
00:34:04is someone will actually just give you money for the thing
00:34:06because it's so clear
00:34:07that it solves a problem that they have.
00:34:08And now you've made your first sale.
00:34:10And then once you make your first sale,
00:34:11like life becomes a lot easier
00:34:12because now like at least you have a business
00:34:15that is somewhat validated
00:34:16rather than just sort of theory crafting in the wind.
00:34:18Once you've made your first sale,
00:34:19you now progress to phase three momentum.
00:34:21And I realized that this video has gone on insanely long.
00:34:24So I will do a video in the future
00:34:25about exactly how phase three momentum works.
00:34:27If you're at this point in the video,
00:34:28I hope you've gotten some value from it.
00:34:29Please do leave a comment.
00:34:30Like what's the one major thing you took away from the video.
00:34:32And if you have any questions
00:34:33for future videos in the series
00:34:34where I kind of break down more of the details
00:34:36about the roadmap, please do stick them in the comments.
00:34:38Now, if you're at this point in the video
00:34:39and you haven't yet seen my video breaking down the maths
00:34:42around how a business grows
00:34:43and in particular the easiest business model
00:34:45to start for beginners
00:34:46and exactly why that is the easiest business model
00:34:48to start for beginners,
00:34:49you're gonna wanna check out this video right over here.
00:34:51Thank you very much for being here.
00:34:52Have a lovely day and I'll see you later.
00:34:54Bye bye.