If I Wanted to Make My First $100K in 12 months, I’d Do This

In this video, we're going to go over the five step process

that you can follow to build a hundred thousand dollar a year lifestyle business

in under 12 months

and which you can work through to build a million dollar business in hopefully

around three to five years.

So, if you would like a step-by-step process that you can follow,

let's dive in.

All right, so this is what the road map looks like for building your

multi-six figure or even low seven figure lifestyle business.

Over here, we have a line of roughly what revenue is going to be.

Everyone starts out at zero.

Over here, we have an inflection point at a hundred thousand dollars a year.

Over here, we have a plateau point at around 10 million.

Over here, we have 1 million a year.

Over here is about 3 million a year.

And you can see the graph starts to plateau out around about this level,

which highlights the fact

that generally lifestyle businesses don't really scale beyond 10 million a year.

So, if you're okay with that, then we can continue watching this video.

And then over here between 100K and a million, we've got about 300,000.

And in general, every tripling of a business revenue is

when things start to break

and when like the paradigm shifts

and when like things become a little bit different.

So, that's why we're sort of dealing in triplings rather than in other kind

of units of numbers.

This here is what we call phase five, freedom.

This is where you have true financial freedom

because you've got a business that's doing somewhere between 1 million

and probably 5 million in revenue.

Maybe it's somewhere between 50 and 80% margins.

So, you can do the math on that.

It's a pretty good place to be.

Over here, we have phase four, which is leverage.

This is where you're scaling from about a hundred thousand a year to about

a million a year.

And this process takes about two to three years.

Um some people do it sooner or quicker than that.

Some people do it like slower than that.

This phase, phase five, you kind of hang around in phase five forever.

Because if you have a lifestyle business,

then once you hit like the seven figure mark,

you actually just kind of want to be hanging out in this range for

the longer term.

And so, really this kind of range here is our ultimate destination.

We want to become a lifestyle business millionaire.

In order to get that,

we have to spend a few years in phase four scaling from 100K to

a million.

But most of the people watching this video are not yet at 100K yet.

So, now let's explore the initial three phases.

So, we've got phase one, phase two, and phase three.

Phase one is called ideation.

Phase two is called validation.

And phase three is momentum.

The ideation phase, we ideally want to last around 1 to 2 weeks.

The validation phase generally lasts about 1 to 3 months.

And then the momentum phase, generally 6 to 12 months,

depending on how much work you put into it.

So, if we're doing this well

and we are stacking the unfair advantages

that we have,

it's actually fairly doable getting from 0 to 100k a year in business revenue,

which is an $8,333 a month run rate.

And it's fairly doable getting there within 12 months

if you do the right things

and if you willing to put in the work.

I'm going to say

that overall our goal here is about 12 months to go all the way

from 0 all the way through to 100k a year.

When I first did this journey,

it took me 2 years to go from 0 to 100k,

but I knew nothing.

I'd never read any books about business.

There was no videos about entrepreneurship.

And if I knew what I knew now,

I'd probably be able to speed run

that journey in probably about 3 months even

if I had no audience

as long as I had the skills

that I have.

I have a bunch of friends who've made that journey.

Some of them have gotten there within like 3 months.

Some of them have gotten there within 6 months.

Some of them 12 months.

So, I think 12 months is a good kind of middle-of-the-road target to shoot

for.

Obviously, some people are going to get there way quicker

and some people are going to take a bit longer to get to 100k

a year.

So, within phase one, we have two key milestones.

The first one is we figure out what is our niche.

And once we have figured that out,

the next thing we need to do is we need to figure out what

is our offer.

And this is a first draft offer.

Niche answers the question of who am I helping

and what am I helping them with.

And then the offer answers the question of what am I actually trying to

sell to them.

And the reason it's a first draft is because in this phase,

we're spending 1 to 2 weeks doing a bunch of brainstorming,

doing a bunch of research,

maybe talking to AI to come up with a niche and an offer.

But it's only when we put it out into the market to validate the

offer that this becomes a more solidified offer.

And then we get to the single hardest part of the entrepreneurship game,

the least fun part, which is validation.

And what we are trying to do there is we are trying to get

our first sale.

So, until you get a customer to actually give you money for the thing,

all of this niche and offer, it's all theoretical.

You need someone to give you money to validate your business idea.

In between this process of like coming up with a first draft offer

and getting our first sale,

what we're going to be doing is we're going to be taking a bunch

of discovery calls.

We are going to be speaking to people in our target market

and we're going to be doing some market research on those calls

and we're going to be trying to understand what their problems are

and pitching them or presenting them our offer

and then refining the offer based on feedback.

Because then once we have a first sale, we're now in great territory,

we're now in momentum mode.

Well, now it's just a case of like scaling from first sale to 10K

in revenue,

from there to 30K in revenue,

and then it's not too bad getting to 100K revenue.

100K revenue a year is really only about $8,300 a month.

So, if you are selling something for let's say $3,000,

you only need three clients a month in order to hit 100K range.

If you're able to sell a retainer package for let's say $2,000 a month,

you only need four

or five clients period to actually get to the 100K a year rate

because you're selling a recurring like retainer package.

Of course, if you're selling cheap things like $10 ebooks

or $27 courses or you know,

template packs or anything like that,

you need to get more sales in order to get these sorts of numbers,

which is why I'm generally an advocate of recommending

that you sell expensive things rather than cheap things.

Okay, so let's start by zooming into phase one where we are figuring out

our niche and our first draft offer ideally within one to two weeks.

The thing to keep in mind here is

that if you want to start a business

and you want to make money in any way,

you only make money

if you solve problems for someone else who's willing to pay you to solve

that problem.

All money is given to you in exchange for simply solving problems.

Now, the first step here is to figure out our niche.

What a niche is it is this this sort of overlap between a group

of people and a problem.

And the overlap between the group of people

and the problem that they have is known

as a niche.

For example, with my first successful business back in the day,

the people I was serving was students applying to medical school in the UK.

And the problem I was helping them solve was

that I was helping them prepare for the BMAT,

which was this like medical admissions exam.

So, they were a group of people who had a problem

and they were willing to pay me to teach classroom courses teaching them how

to ace this exam

so that they could get into med school. of my friends,

Sahel, he has software that helps video editors.

They are the people with the problem that video editing takes too damn long.

And so, video editors are willing to pay him for his software

that helps to speed up video editing.

The way you make money is by solving problems for people who are willing

to pay to have those problems solved.

And that is the first thing

that we really need to figure out with our business.

Now, how do you figure this out?

Well, there's a lot of different things you can do.

Um the way that I recommend you do it is, firstly,

you identify what are your craft skills.

I.e., what personal or professional expertise do you already have

that could help someone solve some kind of problem?

You want to ask yourself, what are the things that you're good at?

What's the stuff on your CV?

What is your current employer actually paying you to do, right?

If you've solved problems in your personal life,

if you were overweight at one point and then you managed to lose weight,

like one of my friends does like this stoic weight loss type thing where

he helps basically overweight people solve the problem of weight loss.

He's got the personal experience at having lost a load of weight himself,

and so now he's able to help other people solve that problem.

So, what you want to do is you want to make a list of

your craft skills.

What are the skills or expertise or experiences that I already have?

Because starting a business based on pre-existing skills means

that you can get to you can get to this 100k year mark a

lot quicker.

That's not to say you have to have pre-existing skills.

It is totally possible to enter a brand new niche

and then figure out what problems they have

and then develop the skills to solve those problems.

But, life becomes easier

and quicker if you're trying to make money

if you are serving a niche

that is served by skills

that you already have,

rather than skills that you have to learn from scratch.

Essentially, what we want to do is we want to make a long list

of people and problems

that we could potentially help using our craft skills.

The way we do this for our students in the Lifestyle Business Academy is

we ask them to come up with a list of 15 to 20 potential

niches.

The way this looks like is we give them like a worksheet type of

thing where there's like a table.

Um >> >> there is a column that says person, like who is the person,

what is their problem, what is your promise.

And then, we ask three questions.

I have to give a shout out to one of my mentors, Toki More,

for giving me these three questions cuz these are great in terms of like

narrowing down a niche

and those three questions are do I like them,

can I actually help them, and will they be happy to pay?

And generally what I recommend for our students is you ask yourself will they

be happy to pay at least $2,000

because again life becomes easier

when you're trying to build a business getting to a 100k a year

and beyond if you are selling expensive things

and I define expensive

as about $2,000 or above.

You can certainly get rich selling cheap things it just takes longer.

So this is an excerpt from one of our workbooks where you can see

we've got person problem promise like help

and pay.

For example, the people could be chiropractors,

their problem could be not enough customers

and so the promise

that our business delivers is we help them get more customers.

And then we're ranking like help and pay in terms of red, yellow,

and green.

Red is like no definitely not.

Yellow is kind of like maybe and green is like oh yeah definitely.

So in this context do I like chiropractors?

Uh not really.

Can I help them get more customers?

Maybe.

Will they pay?

Well, yes they'll definitely pay

because like it's a business

and we're helping them make more money

so that one's easy.

And so what we want to do is we want to get good at

problem hunting because again business is about solving problems for people who willing to

pay to have those problems solved.

So a by starting with our craft skills

but then also by thinking what are the sort of people

and problems that we are already familiar with.

Let's say you've worked in tech

and so you're quite familiar with other people working in tech

and also probably the customers of your tech company.

You would then be trying to figure out what problems do those people have

that I could potentially solve.

And what you want to do is try

and generate around 15 to 20 different niche ideas.

The reason we want to do

that is because generally

when it comes to niche selection we want to start out it's sort of

this kind of thing.

It's a three-step process I think of as diverge, converge, and emerge.

This by the way is a general principle for creativity in almost every every

field and is the exact concept

that we have on these like fancy pens

that we've designed with Baronfig diverge converge emerge anyway.

This very much applies to niche selection

because diverge is like we're thinking very broad

and we're thinking divergently about the 15 20 ideally even more potential niches we

could serve.

We are then following a process to converge on like our gold silver, bronze,

our top one, two, and three niches.

And usually in the process of doing that, the correct niche emerges over time.

And then we pick a niche, we stick to it for a while,

we develop expertise within a niche, we craft an offer within that niche,

we do validation within that niche, we serve customers within that niche,

and then we have a successful business that gives us fun, freedom,

and flexibility to live life on our own terms.

Oh, by the way,

if you are enjoying this video and you haven't yet subscribed to the channel,

um you might like to.

It's completely free.

I think you click on my channel name and you hit the subscribe button,

and then you're more likely to see stuff like this.

Plus, it lets me know that you like this sort of thing.

Once you figure out your niche,

you then have to come up with a first draft offer.

So, your niche answers the question of who do I help

and what do I help them with?

Your first draft offer answers the question of what do I think I want

to actually sell to them.

Crucially, you are not building any kind of product yet.

We need to understand the difference between an offer and a product.

Let's take my book, for example.

The product is the book itself.

It is the text in the book, the writing in the book, etc., etc.

But the offer is the packaging of the book.

It is the title, it's the subtitle, it's the world's most followed productivity expert,

it's the quote from Mark Manson.

The stuff at the front and the back of the book is the offer.

When someone goes to the bookstore or goes on Amazon to buy the book,

they are not actually buying the product.

They are buying the offer, and then what they get is the product.

Now, the mistake that a lot of noob entrepreneurs make is

that they will jump to building the product before validating

that people even want the offer.

And it would be such a tragedy

if you spent three years writing a book only to

then realize that no one wants to read it.

This is, in fact, the single biggest reason why most businesses fail.

At least in the early days,

they are trying to sell something that no one actually wants.

So, you really do not want to take the approach of build it

and they will come.

You instead want to create an offer,

which takes like a day

because it's not that hard coming up with a title

and a subtitle and like a elevator pitch.

And then you present the packaging of the thing to your prospects,

and you see if they're interested.

And if lots of people are like, "Oh my god, that sounds amazing.

Sign me up." and are willing to pay you money for the thing before

you've even built it,

that is when you know you have demand.

That is when you know you have a viable business.

But you really do not want to be building first.

This is an a thing

that I wish would get into the heads of more people who are trying

to start businesses.

You want to validate your offer first before you try and build the product.

Now, the offer is made up of what I call the six P's.

We have person.

Who is the person who is the absolute center of your bull's eye?

The way to think about this is like let's say this is a dartboard.

And >> >> this this is your kind of your niche, right?

It's sort of like the people and problem that you're solving for,

which we figured out in step one.

In the offer step,

what you're trying to do is you're trying to define who is at the

absolute center of the bull's eye.

Now, that's not to say these are the only customers you serve.

But, like if you're throwing darts,

you're going to be aiming for the bull's eye.

I mean, in reality you're going to be aiming for triple 20,

but let's forget that.

Let's assume you're going to be aiming for the bull's eye

and like some of your shots are going to hit on the bull's eye,

but you know, they might land here

or here or here

or here or here

or there or whatever.

By aiming for the bull's eye,

you actually end up landing somewhere on the dartboard.

So, what we are trying to do is define who do we think is

the absolute dream client,

our perfect future client,

the customer that will absolutely benefit from the thing

that we potentially want to sell

and who has the money to pay for it.

Once we figure out the person, we sketch out details about the problem.

Like what is the problem that they have and why is it really painful?

We want to sketch out the pain.

Pain is not one of the six P's.

Maybe it could be.

It could be a seven P's.

Once we've defined a person

and problem in more detail

because we kind of knew

that from our niche,

we then come up with a promise.

Now, the promise is like less than 10 words

that explains what we actually do.

And the goal of the promise is to be sufficiently intriguing to the person

with a problem that they want to find out more.

So, for example, let's take my lifestyle business academy,

which is sort of like our online business school.

The person we're targeting is like the corporate professional who's got skills,

they've got expertise, they're probably earning over 100K a year,

they're probably living in the US or maybe the UK.

And the problem that they have is

that they feel unfulfilled

and they feel a lack of freedom

and flexibility in their life.

They maybe like the idea of traveling and being able to work remotely,

all that kind of stuff.

What they're optimizing for is freedom.

And so then our promise is we'll help you build a $100,000 a year

lifestyle business in under 12 months.

Now, for that particular audience who has that particular problem,

that is an That's a compelling promise.

And that is what you want in your promise.

You want it to be just sufficiently intriguing.

Now, of course, once they get into the program,

then I give all the caveats that like, "Okay, well,

the 12 months depends on you doing 10 to 15 hours a week of

work,

and like there's this whole process you have to follow,

and then if you don't follow the process,

it's going to take longer than that, and like, you know,

you got to do what we tell you, and we're going to support you,

and blah blah blah blah blah."

But, in the promise stage, no one cares about the details.

No one cares about the caveats.

The promise just needs to be compelling enough

that they want to find out more.

The promise for FireCut, which is, you know,

my friend's a hell's video editing software, the person is video editors,

the problem is editing takes too long,

and so the headline promise is something like,

"Save 4 hours in every single video edit."

Like that promise is intriguing enough for video editors for them to want to

find out more.

Okay, so once we've figured out our promise,

our prospect is now sufficiently intrigued they want to find out more.

This is when we tell them the plan.

Now, the way we can think about this is

that let's say we've got a person,

and they are in a sad situation,

and we want to get them into a happy situation.

>> >> Let's say, I don't know, they're unfulfilled in their job,

and they want to build a lifestyle business.

One way of thinking about this is like they're on this cliff over here,

they want to get across to that cliff over there,

but there's this like enormous chasm between these two cliffs,

which they cannot cross by themselves, or if they could, it would be treacherous,

and it would be difficult to navigate.

What our business is trying to do is basically build a bridge for them.

We're like, "Hey, come along into my business,

and we're going to build a bridge for you

that will take you from A to B."

And this is what we can think of as the plan.

The promise is telling them is promising them like what's the dream destination.

And then the plan is like, "Okay, well, step one, step two,

and step three."

It's the three or four

or five-step process that we'll follow with them to get them to the destination.

We still haven't built our product yet.

We still haven't really talked about the product.

We haven't talked about the stuff the the stuff they get.

What we are giving them is the plan,

assuming they're intrigued enough by the promise.

So, for example, in our context with the Lifestyle Business Academy,

the plan we give them is that, "Hey,

it's a three-step plan to get you from zero to 100k.

Phase one is ideation, phase two is validation, phase three is momentum,

blah blah blah blah blah blah.

And what we want to get is buy-in from them about the plan.

We want them to have the clarity that if they follow the plan,

they're able to get to the promise.

Once we have gotten buy-in on our plan, at that point,

we talk about the product, if we want to.

This is like what you actually get.

Like with our academy,

it's like you get one-on-one Slack support anytime you want.

There's coaching clinics on niches

and offers and content

and sales that are happening every day.

There's like a weekly workshop run by Ali

that blah blah blah blah blah blah.

There's like you get this fancy workbook that blah blah blah.

You know, it's the stuff.

But the mistake people make

when they're creating a business is

that they over fixate on the product.

And what we need to understand is that the prospect,

or your hopefully hopeful future customer, doesn't actually care about the product.

What they care about is the transformation

that the product is going to get them.

And instead of giving them more stuff, they would ideally like less stuff.

Back in the day,

the way you would sell like let's say a course would be like there's

300 hours of content in this course

and 58 different templates

and this that and the other.

That just doesn't work anymore because no one's got time.

Like we're already overloaded with content.

People would much rather get to the transformation, get to the destination,

get to the promised land.

They would much rather get

that with a course

that has only two hours of content rather than a course

that has 200 hours of content.

Worrying about what's in the product only comes once you've nailed your person,

you figured out the problem, you found a compelling enough promise,

you found a plan that like high-level actually gets them to the promise.

And now we can figure out what's the stuff, the deliverables,

the things we need to add to our product in order to execute on

the plan.

Once we figure that out, this is where we figure out our price.

And again, my recommendation is that you charge at least $2,000.

A lot of people at this point are like, "Oh my god,

I can't imagine charging $2,000 for anything."

And to which I would say like, "Okay, fair enough."

But like let's have a little bit more creativity.

Let's see if we can find a person who has enough money

and a problem that's painful enough for them to pay $2,000 for it.

But once you have sketched out your first draft offer in person, problem, promise,

plan, product, price, you turn it into a kind of one-pager.

And now congratulations, you have graduated the ideation phase

and you're and you are now ready to actually see

if there is a market for your idea.

At this point with our students in the Lifestyle Business Academy,

we give them feedback on the one-pager.

We have like this list of like checklist

that they go through to make sure

that like the the promise makes sense

and like all of this funky stuff.

At this point, one thing you should definitely do is read Alex Hormozi's book

100 million dollar offers.

It's really, really good

and you can run it through the value equation

and you can,

you know, just basically follow the step-by-step process in his book.

But the key point I want to make is

that coming up with an offer is actually not hard

because you haven't had to talk to any customers yet.

You haven't had to do anything.

You're just like doing the paperwork.

It's really not that hard to just run this process of just figure out

what are some problems you could solve for some people

and then just read 100 million dollar offers,

follow the process of the six P's

and just try and come up with some a few first draft offers.

Going through this process will

then give you a firmware update on how to come up with business ideas.

Like even if you don't have any ideas right now

and you just sort of pretend follow this process to come up with the

first draft offer for like a random thing.

I'd say, I want to help people in Hong Kong who've got a problem

of like they don't want to walk their dog

and I'm going to help my promise is going to be I will walk

your dog for you.

It's like, okay, that's kind of random, but like sure,

let's just craft a pretend first draft offer just to get in the reps,

to get in the experience of seeing what it actually takes to craft an

offer for something.

Oh, by the way, quick thing.

If you're enjoying this video

and you want to find out more about our mentorship program,

the Lifestyle Business Academy,

there's a link down below to the wait list

so you can totally sign up to the wait list.

So anyway, at this point,

we have our niche

and we have a first draft offer

and hopefully this has taken less than two weeks.

Unfortunately, we do have some students in our academy

that overthink this process despite how much we try

and help them not overthink the process

and kind of like the graph we show them is like this is like

how much thinking you do

when it comes to your business idea.

This is like and this range is one to two weeks.

If you spend less than about a week,

mostly our students have like full-time jobs

and stuff so like they're putting in 10 to 15 hours a week.

So maybe like 10 hours.

If you're spending any less than around that time thinking about your offer,

it's probably not enough time.

This is probably under-thinking

when it comes to your niche

and offer cuz it is like a really important part of the business.

This is the sweet spot, but then over here, we have over-thinking.

Yes, the niche and the offer is really,

really important and it is the foundation of your business,

but it is all theoretical until it comes into contact with the market,

and that is what happens in phase two, validation.

Now, the validation stage, as we talked about,

can often take 1 to 3 months, sometimes less than that,

sometimes a bit more than that, just again,

just depending on how much work you put into it.

And the goal of validation is to validate our offer.

To validate, is there actually a market for people

that actually want to pay for this thing

that we have theoretically constructed on a Google Doc.

Now, basically, the way the validation process works,

we want basically have at least 10 discovery calls.

Ideally, ideally 30, maybe even more than that, but ideally 10 discovery calls.

And these are 10 calls where we are presenting our offer to someone who's

genuinely in the in the target market for

that particular offer.

So, we got our niche, we got our offer,

and now we're going to have these 10 different conversations with people,

and as a result of the conversations, we are going to refine our offer.

There's this phrase in the military

that no plan survives first contact with the enemy.

The idea being is that like, sure,

you can theory craft a plan all you like, but like,

once once you actually get into the arena, things are going to change.

Similarly, I like the phrase that no offer survives first contact with the market.

We can do all the work we theoretically like to come up with the

best first draft offer,

but until we put it in front of real people who actually have the

problem that we think we're solving,

and we are able to present our offer to them to get their feedback,

and maybe even to try and land a sale, until we do that,

we won't actually know if our offer is any good.

This is why the validation process is in many ways the most important part

about starting a business.

It's also the hardest.

It's where you have the maximum amount of imposter syndrome

because you have no idea

if your offer's any good.

You haven't yet made any sales,

and so you're still sort of in the red in terms of you've invested

some time and maybe some money into the process.

You haven't yet made a return,

and you're having to go

and talk to people

and sort of present your offer to them to see

if they would actually want to buy the thing.

Now, there are different ways of taking the pressure off of discovery calls.

Uh the way we teach our students is

that there's sort of three frames you could use for your discovery calls.

Frame number one, you could do a market research frame.

You could go up to your network or to people that you know,

and you say, "Hey, um Johnny, uh you know,

I'm thinking of starting a business in niche X helping X solve Y problem.

Would you be open to a quick coffee conversation

or a 15-minute call where,

you know, I know that this is somewhat relevant to you.

Not trying to sell you anything.

I just really want to understand more about the problem just just

so I can do some market research.

That's a very chill way of doing market research on an offer.

There's a wonderful book by Rob Fitzpatrick called The Mom Test,

which is basically about how to run conversations like this

so that you actually get real feedback from people about your business idea.

And it's called The Mom Test

because it's like your mom will lie to you about about whether your idea

is any good.

Generally, if you ask friends

and family and you don't know the process of how to actually pitch them

a business idea,

they will just lie to you be like, "Oh yeah,

that sounds like a good idea."

And then actually it sounds like a terrible idea

and they're just trying to not hurt your feelings.

So, what you want to do is you want to learn the process for

how to have a good market research conversation

and then have a bunch of market research conversations.

Frame number two you could use is you could use the frame of a

free coaching call.

So, one of our students in the Lifestyle Business Academy, Kelsey,

she helps these tech people get promoted.

And so, what she did is she posted on LinkedIn basically offering 10 free

coaching sessions.

That did super well.

People a bunch of people signed up for her free coaching calls.

And as a result of the free coaching,

a bunch of people spontaneously asked her, "Hey,

can I actually work with you on more of a paid basis?"

So, she was able to make sales without having to feel salesy about it.

And this works if you have genuine skills or expertise to share with someone.

If you're approaching a brand new niche

and you have no skills

and no experience,

then yeah, you kind of need the market research frame.

The the frame of market research is you are doing me a favor by

getting on this call with me.

And so, you frame it like that.

But the frame of a coaching call is

that it's it's sort of like a win-win.

Like, "Hey, I've got some experience in the space.

Let's hop on a call.

I'd love to help you with your problems

and in return I'd love some feedback on this business I'm thinking of starting."

It's a win-win.

But you can only do

that if you actually genuinely have some amount of skills

or expertise to be able to share.

You don't have to be the world expert in your given niche.

You just need to be a couple of steps ahead of your target audience

such that it's actually valuable for them to hop on a call with you.

And then frame number three

that you can do is you can actually just go for a sales call

frame.

Like at one point we were doing interviews for applicants of our Lifestyle Business

Academy and I was taking these calls.

But I was framing them

as interviews because what I was doing in

that is I was positioning it

that I am the expert

and the student is applying for our academy

and then I'm doing this interview to see

if they're the right fit.

They knew that if they were the right fit,

I was going to tell them about the offer,

I was going to give them the pricing on the call,

but it's not framed as you'll get free coaching from Ali Abdaal.

It's not framed as, "Hey, I'm starting a business and doing some market research."

It's framed as, "Hey, you want into this program?

I'm going to talk to you

and see if we're the right fit

and if we are,

then I'll tell you more details about the program."

It still doesn't have to feel salesy.

I did like maybe 30

or 40 of these calls

and I don't think anyone felt like I was being salesy on them,

but it was still a sales frame.

And this is what you do

if you have confidence in the thing

that you're actually selling cuz this is the one that's most likely to get

you to actually get customers to give you their money.

What often students tend to do is they start off in the market research

frame,

they realize very quickly

that like actually they do have skills in the niche

and they transition to free coaching calls

and then some people transition to the sales call frame,

you know, once they've landed their first sale and beyond.

But this then helps solve the problem, right?

Of like when we don't want to spend bloody ages trying to build a

product that no one wants to buy

because we are validating it

as we go along with our market research calls

and maybe our free coaching calls

and maybe our sales calls.

And as a result, every time we get new data from the market,

we are we're getting more insights into is the thing

that we are supposedly trying to sell actually solving a problem

that someone has?

Cuz again, the single biggest reason why most businesses in the early days fail

is what?

Firstly, people just don't get started because they're like, "Oh my god,

business is scary."

Hopefully, this video helps you see the process is not that scary, but secondly,

it's that they're trying to sell something

that fundamentally no one actually wants to buy.

So all this somewhat begs the question of like, "Okay,

I've got to have these 10 discovery calls,

but like how how do I get people to have calls with me?"

And this is where the concept of marketing comes in.

Like how do you let people know about your stuff?

The word marketing with the word sales feels very scary to people,

it doesn't have to feel scary, but broadly,

there are a handful of different ways to do this.

Number one is you can and should totally reach out to your existing network.

The students in our Lifestyle Business Academy who are succeeding the fastest are the

ones who have a network within the space

that they are starting a business.

So for example, back in the day

when I was starting up my my medical school admissions business,

on the 2nd of September 2012,

this is what I posted on Facebook in the WHSP Westcliff High School for

Boys Medical Society Facebook group.

Hey guys, at some point in September I'll be running a weekend crash course

on the BMAT,

most likely in school.

If you're applying to Oxford, Cambridge, Imperial, and or UCL,

you'll definitely want to come

as the BMAT will be the most important exam of your life

and can make or break an application.

One day will be dedicated to sections one and three,

which are basically about blah blah blah.

The second day will focus on section two, blah blah blah.

Sadly, I am going to have to charge for it cuz I need to

make some money for university.

It's probably going to be around 100 pounds for the two days,

which is pretty good considering Kaplan costs 300 pounds and sucks.

Anyway, if you're interested,

shoot me a message on Facebook

and I'll give you more details

when the time comes.

This was how I got my first handful of customers for this new business

that I was starting.

I just went out to the people I already knew.

If I was trying to start a business in like a random niche,

like helping dog owners in the Midwest in the US help like walk their

dogs,

and I was like a teenager in the UK,

it's very difficult for me to have a network in that space.

And so it's hard for me to start a business.

But if you start a business in a niche where you already have a

little bit of a network,

life becomes easier.

You can see this was liked by Manesh Srivastava.

Uh he was actually one of my first customers back

when he was like 17 years old.

And now, or what what is it?

Like 15 years later, he's actually a neurologist working in Oxford,

last time I checked.

So, it's, you know, interesting how that works.

This is an example when Alex Hormozi, the famous business guru,

was starting his like personal training business.

And he's basically saying that like, "Hey,

I've got this business where I'm going to help people improve their fitness.

If you're interested, drop me a message."

And it's very chill.

It doesn't feel that salesy.

It feels very authentic, very nice.

But he's going out to his network on Facebook.

He is known amongst his friends

and family and stuff

as like the guy who's jacked.

And so he gets his first few clients for his new business from the

people that he already knows.

This is scary for a lot of people.

A lot of our students in the Lifestyle Business Academy feel more terrified of

telling the people that know them

that they're going to start a business compared to random strangers

because you're like,

"Oh my god, I'm going to post on LinkedIn or Facebook.

Colleagues are going to see this.

Like, you know, what we try and do is sort of coach, oops,

coach people through the process of getting over these fears.

So anyway, you reach out to people in your network.

And what ultimately happens is you have a DM conversation with them.

You exchange a few messages back and forth.

And if they are interested,

you get them on your call

or a coffee if it's an in-person in-person generally works better,

but it can of course just be a Zoom call as well.

That is method number one for getting people into your discovery calls,

and is by far the easiest

and the quickest and the one

that we always recommend.

Method number two is you start doing content.

And back in the day,

content used to be hard

because you would have to spend years building an audience before you were able

to sell anything.

These days, it's less about social media, it's more about interest media.

These days, if you

if your content is actually good

and is solving a specific problem for a specific person,

the algorithms on all of these platforms have gotten

so good that it's actually relatively easy

if the content is good for it to reach a lot of people who

are in the target market.

Again, we've got some students in our program who have just started posting content

and within about two

or three weeks of posting every day on LinkedIn,

they started to get random strangers DMing them to have conversations with them

that they were able to

then get onto discovery calls.

The content was also solving the specific problem for the niche.

So, let's say my niche is helping like accounting firms automate their onboarding

or something like that

so that they can save time.

The stuff I'm going to be posting on LinkedIn is going to be about

that niche.

It's going to be speaking to those accountants.

I'm it's going to be a post about like how annoying it is

that like client onboarding takes

so long and here are three tips

that you can use to speed it up.

It's going to be about like how you can use AI in your accounting

firm to speed up your operations

or stuff like that.

Random people aren't going to interact with

that because they don't like why why would a random person care about like

helping accountants save time,

but if an accountant who is like is reading that thing, they're like, "Whoa,

this is like directly targeted to me."

LinkedIn the platform the algorithm recognizes that wait a minute,

that person is an accountant.

Let's push this post out to similar people like that person.

And so now more and more accountants are going to see that post.

It's never going to go viral because there's not that many accountants out there.

It's not going to get zillions of views,

but it might get tens to maybe even hundreds of views from people

that are squarely within your target market.

And so that is what we are trying to do with content.

We are not trying to get famous.

We are trying to become an authority within our niche by posting valuable useful

educational stuff that helps people.

As a result of our content,

we are also going to be having DM conversations with people.

So, we're going to encourage people to DM us

if they want to find out more about working with us

or whatever,

but also anytime someone likes or comments or engages or follows,

we're going to send them a message.

This is why generally I actually recommend people start out on a platform like

LinkedIn or Instagram rather than YouTube

because you can't DM people on YouTube.

It's really hard to make compelling long-form educational YouTube videos.

It takes absolutely ages.

Like you got to deal with the editing.

Yes, there's AI tools,

but it's still drastically easier to post on LinkedIn

or Instagram than it is to make YouTube videos.

So, we have a couple of students in our Lifestyle Business Academy who are

doing YouTube.

Um generally those are the ones who took my YouTuber Academy course back in

the day anyway.

And so, they already have the skills of YouTube.

But this is why generally I prefer LinkedIn

or Instagram if I was starting today

because it's easier to start DM conversations with people.

At this point you might be like, "What?

Why?

Why do I have to chat to so many people?"

Cuz what we all want, right?

Is we we want the passive income dream.

We want the idea of like, "Oh man,

I'm just going to wake up to some Stripe notifications.

It's going to be sick."

But in reality, like that's just not how the world works anymore.

Um it kind of does if you're selling like super cheap things,

but given that it's a lot easier to build a business selling expensive things,

we're going to need to have conversations with people.

We're going to probably need to have calls with people.

And that is amazing,

especially in the early days where we are still validating

that there is a market for the thing

that we are thinking of maybe selling.

The third source of leads to our discovery call is strangers.

Now, there's a few different ways to talk to strangers.

Um the one I like the least is cold outreach.

We do have some students who are doing it with some level of success,

but like cold outreach, cold emails, cold DMing people,

uh that's like a volume game.

It's a numbers game.

I've been going through Charlie Morgan stuff.

He specializes in cold outreach,

and it's just like you got to send hundreds of messages

and face rejection every single day,

and you feel like a bit of a spammer

because you're like sending cold emails

and doing cold calling

and stuff.

Uh that doesn't seem like my idea of fun.

But there are other ways of reaching out to strangers.

So, one thing is you can join and post in communities.

These could be online communities.

These could be offline communities.

A good offline example is one of our students, Ronke.

She's a doctor, and her offer is helping uh corporations deal with employee burnout

so that they can save like 100k a year in terms of like um

staff retention and medical expenses

and stuff.

And she realized that she didn't know

that many people in her existing network who were like heads of HR

and CEOs of big corporations.

So, what she did is she went to some real-life networking events in London

where those people hung out.

And so, she spoke to them, she was a normal person, she was friendly,

she got some business cards,

and was then able to have conversations with those people afterwards by following up

on LinkedIn and then get some of them on calls.

Another example of the community front is back in the day, again,

when I started my med school admissions business, I reached out to my network,

but you know, very quickly I ran out of people

that I knew or friends of people I knew.

I think there were like 20 of them who became my first customers.

I didn't do content at the time cuz I didn't realize content was a

thing.

It was only 5 years later

that I started doing content on YouTube helping people get into med school.

That was the content play.

But, in the meantime,

what I did to get customers was

that there was a forum called The Student Room.

This is where university students

and university applicants in the UK uh would like hang out.

And there was a medicine subforum.

And what I did is

that I took my brother's account on on The Student Room

and I was just posting really,

really, really helpful advice.

I would have I bookmarked the medicine subforum.

I had like notifications turned on for it.

Like in school, I was like refreshing this to see

if there's any new posts.

I'd get home from school

and I'd have this open in like a separate window like all day,

basically.

And as soon as anyone in the UK posted on this medicine subforum asking

any question at all about med school in the UK,

I replied to them within the forum with some really, really, really helpful information.

I was not advertising my course,

but I was hoping

that some of them would check out my profile

and in my profile I mentioned

that I was running one of these courses.

And I managed to get hundreds of customers by literally just being part of

this community,

The Student Room, and just being helpful.

Eventually, 3 years later they cottoned on and they banned my account,

which was kind of annoying.

But, like, you know,

I got hundreds to possibly even over 1,000 customers within the 3 years,

so like it was fine.

And because the course was actually good,

that was the kickstart I needed

because then mostly it happened through like word-of-mouth referrals

and stuff,

which is fantastic.

But, the point is even

if you have no one in your network

and even if your content hasn't taken off yet,

you can totally join offline

and online communities where your niche

and members of your niche are hanging out.

Be a nice person, be human, serve them, don't come across like a robot,

don't like take take take, don't try and sell your thing all the time.

>> >> By having sensible conversations with people, you can eventually follow up,

get them into DMs, and have calls with them.

There are other methods of lukewarm outreach.

Uh one thing that's actually quite good these days is LinkedIn Sales Navigator,

which is a way to reach out to strangers on LinkedIn.

You just send a bunch of connection requests to people who are in your

target market.

If they accept the connection request,

you then strike up a DM conversation with them.

You come across as a normal human.

Once you've, you know, developed rapport and struck up a conversation,

you then try and talk to them about your thing

and be like either using the market research frame

or the coaching call frame

or the sales call frame,

whatever you want.

And we have some students in a Lifestyle Business Academy who are actually getting

good success by doing LinkedIn Sales Navigator to reach out to strangers on LinkedIn.

Ultimately, all of this stuff,

all of these methods of outreach get you on discovery calls,

calls or conversations or coffees with people in your target market.

You And you then end up refining your offer.

My brother, whose startup sold for like a few tens of millions of dollars,

for the first 2 years of building the startup,

they didn't actually build the startup.

They spent 2 years, or like 18 months, something absurd like that,

just having conversations and coffees with people in the target market to figure out

what were they actually going to build

and trying to make sure there was actually a market for it before they

started programming.

If you're starting what is merely a hundred thousand dollar

or like seven low seven figure lifestyle business,

you probably don't need to have a hundred and fifty conversations,

but you probably need to have at least ten.

Because the more of these conversations you have,

the more you'll get a feel for like how you can refine your offer.

And at some point,

what you're hoping for is someone will actually just give you money for the

thing because it's so clear

that it solves a problem

that they have.

And now you've made your first sale,

and then once you make your first sale,

like life becomes a lot easier

because now like at least you have a business

that is somewhat validated rather than just sort of theory crafting in the wind.

Once you've made your first sale, you now progress to phase three momentum.

Uh and I realized that this video has gone on insanely long,

so I will do a video in the future about exactly how phase three

momentum works.

If you're at this point in the video,

I hope you got some value from it.

Please do leave a comment,

like what's the one major thing you took away from the video?

And if you have any questions for future videos in the series where I

kind of break down more of the details about the road map,

please do stick them in the comments.

Now, if you're at this point in the video

and you haven't yet seen my video breaking down the maths around how a

business grows and in particular the easiest business model to start for beginners

and exactly why that is the easiest business model to start for beginners,

you're going to want to check out this video right over here.

Thank you very much for being here.

Have a lovely day and I'll see you later.

Bye-bye.