The good news is: it’s never been easier to build a seven figure income. Now, the bad news is: there is too much information out there. In order to get to seven figures, you need to source the right information. And when the world is saturated with information that has never been easier to access, it becomes harder (impossible, even!) to work out exactly what’s applicable to you.
That’s when the mistakes are made. That’s when you find yourself overwhelmed, frustrated and exhausted. It’s a very common trait amongst entrepreneurs (even coaches!) and is practically universal. All of that stuff, no matter how ‘big’ your business is, is getting in the way of your coaching success.
But it isn’t the only way. And it’s certainly not the only way to make it not only to six figures… but to seven. In fact, by fixing the things that are making you overwhelmed, frustrated and exhausted, you will actually be paving your way to something far, far more lucrative.
It might sound too easy, but it isn’t. You have to take heed, and put the systems into place. After all, this stuff only works… if you use it. It could be the magical ‘cure all’, but a=only if you do what it tells you to. That’s the difficult bit.
Fixing what’s broken… isn’t easy. Where do you begin? What do you fix? How do you fix it once you’ve worked out what it is?! Luckily, we have the best person for the job, the fixer of everything broken and the golden child of all things business…
Dan Bradbury is not like the other entrepreneurs. They probably would all have you believe that! But in the case of today’s seminar leader, it’s completely true.
He started early. Very early. A very unique ability (and a rather brilliant brain!) enabled him to learn a lot (all about business) in a very short space of time. By the age of 20 he had read hundreds (plus!) of business books, owed to his ability to speed-read at a world class level. St one point he was considered the third best speed-reader in the world!
He took that mountain of information gleaned from speed-reading business and, after a series of his own mishaps (remember what we said about too much information being a problem? Yeah.) he managed to succinctly condense what he had learned in order to successfully create and run his own businesses. But that’s not where the story ends! Dan Bradbury had developed a knack. A knack for tweaking, a knack for changing, a knack for fixing. He has turned this knack into a multi-million pound business all on its own, and it’s helped him understand exactly what makes a struggling business a highly lucrative one. And most importantly, a start up business into a seven figure one.
This applies to every single one of you reading this. Whether you’re a start up or already trading at a high-level. There’s great value here for everyone, and it may well fix exactly what’s wrong with both your business and your life.
Hey. We like to deliver the goods. All seven of them.
The Audio Training
In the next 60 minutes, you will learn…
– The gravity of collaborations and strategic partners
– Why being ‘the dumbest person in the room’ is a serious advantage
– How your peer group will automatically raise your standards
– The 7 biggest problems keeping you from 7 figures
– The 7 fixes that will push your profits through the ceiling
– The ’cause and effect’ strategy
– How to avoid monotony and exhaustion for good.
Want some more? Pick up your free copy of The Coaches Code today! It is the proven blueprint for setting up your own coaching business, completely from scratch.
Want to read along? No problem. Click the link below to read the transcript!
NJ: Nick James
A1, A2 etc: Audience interjections
NJ: The penultimate speaker for the weekend, and this is a man who I have been very good friends with for a very long time. We first became friends about twelve years ago… guys, if you’re in the back, you’re all going to get the course. You don’t need to give your details in. We’re just going to give you all the course, and pass all the details across. So, I’ve known your next speaker, for now… twelve years, we’ve been very good friends. I was best man at his wedding, he was best man at mine, so we go way back. And I’m really, really pleased to be able to introduce him to you today. Guys, if you’re in the back, come and sit down, or take it outside. What you may not realise is that Dan was one of the founding members… shh! Dan was one of the founding members of the Association of Professional Trainers, Coaches, and Consultants, so he was one of the people that formed this organisation, years and years ago, so without him, this event wouldn’t even be happening. And as I go through his accomplishments, you’ll start thinking, ‘How is he doing so much in such a short space of time?’ In fact, he got started a lot earlier than most entrepreneurs. By the age of twenty-two, he’d read more business books than probably everybody in this room put together. Combined. Because he was actually certified the third-fastest reader in the world. Won the bronze medal at the speed-reading world championships, and on the back of that, launched his first enterprise, teaching speed-reading and accelerated learning techniques in schools. Unfortunately though, he discovered quite quickly that being great at something doesn’t necessarily equal business success. And so, by the age of twenty-three, he was almost flat broke. He ended up taking a position in sales and marketing for a training company, and he worked his way up to be marketing director of this multi-million pound training company, and at the age of twenty-six took his second venture into entrepreneurship, and started a company teaching coaches how to grow their businesses. This company was doing mid six figures in its first year, and within twenty-two months of starting that company, the annual revenues were over three point two million pounds. In that same time, he started buying distressed companies, with the intent of selling those companies. Sold his first business at the age of twenty-nine, for over a million dollars. In 2008, he was awarded the Ultimate Marketer Prize by InfusionSoft, but just as his career was really taking off, he suffered temporary brain damage in a bike accident. And with his companies still using the systems that he’ll be sharing with you today, his business was able to continue running without him. It was able to be successful without him even being there, even though he was suffering with brain damage. A year later, he was back in full swing, and breaking new financial records with his business setting rates for consulting at sixteen thousand pounds a month, and continuing pursuing his passion for buying distressed businesses and selling them. He acquired a distressed company last year, turned it round, and sold it to a company listed on the US stock exchange for four point three million dollars. His companies have held nearly two hundred large events in the last year alone, and his customer base spans over sixty-nine countries. I can say from personal experience, from being good friends with this guy for the last twelve years, you want to learn what this guy has in his head. And even though he looks like he’s dressed for his first day at school, he’s going to wow you with some great content in the next hour. So, ladies and gentlemen, Dan Bradbury![Applause]DB: I shouldn’t really hug you after that. I’ll get revenge on you later. Hello.A: Hello.DB: How are you guys enjoying the event so far?A1: Woo!
[General noises of approval]
DB: So, I know it’s getting late on the event, but for some of you, what I can say is: What we’re going to cover in this presentation will be truly transformational for your business. In this talk, we’re going to talk about how seven is the new six. What does that mean? What it means is: Going back, I don’t know, maybe ten years or so, making six figures in your own business was a big dream. That was success. But I feel like the bar has been raised, and now it’s easier than ever before to reach seven figures, and we’re going to talk about the distinctions and the changes, because to my mind, it takes basically the same amount of effort. In fact, in some places, you could argue, it takes more effort to create a business that’s only doing six figures.
It’s actually easier to create a business that’s going to produce seven figures, that’s not dependent upon you, rather than you reaching a certain threshold and getting stuck there. So – and Charlotte said this in her presentation – the key distinction is: The advice we’re going to talk about here only works if you use it. So, I’ve found that when I’m listening, when I’m sat in the room – because like you, I attend a lot of events, a lot of workshops, constantly trying to get more good-quality information in my head. It’s the advice that normally challenges me, that feels difficult, that feels, ‘[Intake of breath] That’s a little… I’m not sure. Shall I take this risk? Shall I invest in this course? Shall I go for it?’ That’s normally the stuff that makes the difference, not playing safe. So, George Santayana, the American poet and essayist, said a great quote, which was: “Those who cannot remember the past are condemned to repeat it.” Well, what does that mean? So, the facts are that the most successful businesses in history have always been based around the age that we’re in at the time. By the way, this next little bit comes out of my friend Dr Topher Morrison’s book The Collaboration Economy. And it goes something like this. It says: In the agricultural age, between 1840 and 1920, that the most successful businesses were based around agriculture. So anything that were businesses around farming the land were the most successful. But as the agricultural age took hold, and more and more businesses went into the marketplace, there was more and more competition, right? So they were succeeding at first, but then the market became saturated, and it became too big to sustain itself, and it eventually toppled over, and this industry, or this age, started to falter, and it gave rise to the Industrial Revolution. And that’s where some people figured our better, more efficient ways of doing things. So, the Industrial Revolution paved the way for the manufacturing age – this was between 1930 and 1970 – when we basically said, ‘You know, we don’t value the things any more that took place in the agricultural age. We’re now more about efficiency, about…’. What’s that word I’m looking for in my head? Lines? Yeah, production lines. Thank you. There we go. Production lines, and that was the way that businesses became more successful, and businesses that were based around manufacturing really thrived during this period of time, in different countries around the globe. But again, what happened? The competition grew too great, and therefore it couldn’t sustain itself, and it toppled over, and it paved the way for the next revolution, which was the computing revolution. So, the businesses that were based around manufacturing weren’t so much of a big deal – it was everything that was based around tech, around computing. And this paved the way for the information age, so now, all of a sudden, we’re valuing – during this age – we’re valuing being able to make decisions more quickly, based upon computer logic, speed, processing this information quickly. And this took place between 1970 and 2010. And a lot of people are still acting – because we’ve reached a saturation point – a lot of people are still acting like we’re in the information age. But we’re not. So, around the time of the global financial crises, and as we’re coming out the other side of that now, a new age is taking place. So the revolution that’s occurred is what my friend Daniel Priestley – how many have your read Daniel Priestley’s books? The Entrepreneur Revolution? Yeah. It’s the entrepreneurial revolution. If you think about it now, it’s never been easier to create a small business than now, and there’s never been a higher number of small businesses being started. So the age I believe that we’ve moved into is the collaboration age. In other words, we’re not doing business with people because of what they know, we’re doing business with them because of who they are. And the businesses that are progressing the most quickly are ones that collaborate with other platforms. If you look on here, Uber, being the obvious example. So it’s taking advantage of tech, but really it’s a collaboration. What’s Uber a collaboration between? It’s a collaboration between the marketplace and the people that are willing to give people lifts. The taxi drivers. And Uber sits in the middle. And again, the same thing with eBay, the same thing with Skype. It’s collaborations between existing infrastructure, existing networks, and the customer base. It’s strategic partnerships.
So, the good news is this: I hand-on-heart can say it’s never been easier to create a mid to high seven figure business than right now. Think about all the options that are open to you. There are more funding platforms. There are more resources available for free online. There’s more software solutions. There are more… just information. It’s easier to connect with anybody, anywhere on the planet. So the tools are available to create a much bigger success, than – if you think – ten, twenty, thirty, forty, fifty, a hundred years ago. Really. You don’t have to have a huge infrastructure now to build a very successful business. So that’s the good news. What’s the bad news? The bad news is: I believe that we’re overly saturated with information. Right? What do they say? Moore’s Law is to do with, I suppose, the increasing rate of technology, but there’s some law to do with the increasing rate of information. They say the amount of information mankind produces doubles every six months. How the hell do you keep up with that? Really? And recently I was able to fulfil a life-long dream. Going back maybe four, five… it’s not as many as six months. Maybe four or five months ago, I got the chance to work with somebody who I believe to be the, in my mind, the number one marketing mind on the planet, and his name is Jay Abraham. And Jay, in my early years, was a significant catalyst towards my business career, because Jay demanded that you get everything you can out of all that you’ve got. You demand the maximum possible leverage. And I bought a product of his, called Stealth Marketing, back in 2006/7, when I was just getting started in business, and it cost me a lot of money. It was about a three hundred page manual, and it contained Jay’s very best marketing ideas, condensed down. And this three hundred page document cost a thousand dollars, which for me was just, at that time, an incredibly large amount of money. But I went and got the product, and advice only works if you use it. So I took it, I implemented it, and it made a huge difference in my life. But the key distinction that I took from that book was a tiny little comment that Jay almost gave away as a throwaway comment, and he said: ‘If you want to succeed in life, the easiest way to succeed is: Be the dumbest person in the room.’ You don’t want to be the smartest person in the room. If you’re the smartest person in the room, you can’t learn anything. Be the dumbest person in the room, and always be looking to be constantly getting new ideas, new tips. So if there’s a speaker on stage, and while you’ve been here, and I was speaking to somebody in the break, or I heard somebody saying they’re in the same niche as one of the people that was on stage, and I got the impression that they were like, ‘Yeah, yeah, so obviously I can’t learn anything from that person.’ Right? And to my mind, even if your success far outstrips the person that you’re listening from, or have got the opportunity to learn from, there’s always something. There’s always some little distinction that can make what you do just a little bit better. Even if that something is what not to do. Right? So for me, a life-long commitment is being the dumbest person in the room. So, a few months ago, I got the chance to work with Jay one-on-one, and it’s… let’s just say it’s not cheap to work with Jay. His ongoing mentoring is called his “Million Dollar Mentoring Programme”. It’s called that for a reason.
DB: And I just jumped at the chance to work with Jay, just to pick his brains, and to benefit. But I noticed something very interesting: When I was working with him, he would ask more questions than you asked him. So every time I would ask him one question, he would ask me two back. And at first, I was like, ‘Why are you doing this, Jay?’ And he was like, ‘Well, you know stuff that I don’t.’ Which was fascinating, and that’s why he’s become, to my mind, one of the most legendary, number one marketing man on the planet. If any of you have got the chance to read his books or buy his products, go and get yourself a copy of Stealth Marketing. It’s phenomenal. You know, I strive to be the dumbest person in the room, and I think it’s true in education. I think it’s true in sport. I think it’s true in any context you can imagine.
Surround yourself with people. If you’re a tennis player, and you play with people who are inferior at tennis to you, you might win, but what’s going to happen to your game? Is it going to go up, or is it going to stay the same, or go down? Which one? It’s going to go down. If you’re playing at a certain level, and you surround yourself with people that are playing better than you, you might not win, but what’s going to happen to your game? It’s going to elevate. Right? You know, Napoleon Hill coined the phrase “mastermind”, but he didn’t invent it. For hundreds of years, business leaders, politicians, world leaders, have got together, collaborated, to share best practice, best ideas. And the thing I think it gives you is what I call “speed to solution” – the antidote to all this overwhelming barrage of information is the speed to solution that speaking to people to have been there, done it, they have tried things, they’ve failed. You can get there quicker. You can get the best practices of what’s working now, you can get “coopetition” – “coopetition” is a new phrase that’s been invented during the collaboration age, which is where competitors work together. The best example is like Tesla, sharing all its information on how it produces the electric batteries and things, for the betterment of the industry. So the standards are just raised by people sharing ideas, and ultimately you can get the best solutions.
So, if you only took one thing from this presentation, I would say it is: Be constantly looking to surround yourself with the optimal peer group. Again, Daniel Priestley, who I’m a big fan of, who wrote The Entrepreneur Revolution, which is a great book – how many of you have read one of Daniel’s books? Show of hands? Good. You should all go to Amazon and just buy all his books, because they’re just great. He’s a phenomenally smart guy, but he’s got a phrase that he says which I really like – I don’t know where he got it from, though – which is: “Environment dictates performance”. Now that seems very simple, but just think about it for a second. Environment dictates performance. Okay, if you’re trying to study, revise for an exam, and you are in a noisy, loud, distracting environment, with television on in the background, and people trying to talk to you, and kids running round screaming, it’s clearly going to create a sub-optimal result. In the same way, if you’re trying to lose weight, any you’re putting yourself in the environment constantly with really bad food, unhealthy, fat-laden food, it’s going to inhibit your chances of success. True or false?
DB: True. So, I think you better look around yourself, and say, ‘Am I really setting my environment up for success?’ And you’ve probably heard the cliché – but just because it’s a cliché doesn’t mean it’s not true – facts don’t cease to be facts just because you choose to ignore them. The most reliable indicator of your personal income is the ten people you spend the most time with’s income, averaged. Right? So, who are you hanging out with?
So, what I want to talk about now is the five growing pains for successful business owners. I’m going to talk about these, and if you’ve actually got these things occurring to you, this is a good thing. Because these only occur when you’re trying to occur. It doesn’t occur this way when you’re static. So, think about it this way: In the words of the great English philosopher Jack Sparrow, ‘The problem isn’t the problem – it’s your attitude about the problem.’ So, these are problems that you need to overcome to break through the ceiling, if you like, on your business’s growth.
The first problem that I see is problem is people being massively, massively frustrated. So if you’re frustrated in your business right now, you’re probably saying things like, ‘If only I could get more leads. If only I could get more exposure. I’ve got a really, really great business. I’ve got a really great idea. I just need to get more people to know that I exist’, right? How many of you had said something like that this weekend? Show of hands? Good. Thank you for your honesty. It’s not uncommon, but you do need a solution, which I’m going to give you. But think about this: The greatest moral sin for your business, I believe… if you’ve got a great product… anybody here got a really shitty product?
DB: Okay. If you’ve got a great product, people aren’t going to know who you are. It’s the worst thing that you can do.
Because if you’re saying, ‘If people knew about it, they’d benefit from it’, then you are really screwing up, and want to take a long, hard look at how you’re operating that’s preventing you from getting this great product or service out to the market place. Now, let me give you an example. This is Chris Matthews. This is Chris on the left and the right, because Chris is in the weight loss business. I was morbidly obese, suicidal, and he underwent a particular type of programme that helped him to lose eight stone, I think it was, and to keep it off long-term. And Chris is a very dear friend now, but Chris, when I first got to know Chris four or five years ago, he was struggling. He was up to his eyeballs in debt, he was worrying about getting his house repossessed, and missing his mortgage payments, and the thing was: When he got clients, he was getting phenomenally good results. Unbelievable results. He’d nailed a program that could take anybody that had three or more stone to lose and had tried three diets before, and they were sick to the back teeth of it, and help them not only lose the weight healthily, but keep it off long-term. So he was getting great results, but his business wasn’t working. Why? Because he just didn’t have enough exposure. He didn’t have enough exposure. He was talking about the features of his programme, so the marketing that he would do would be all about how it was a medical and supervised weight loss programme, and how the programme actually works. And literally, the only thing we did, was switch it to be much more of an emotional sell. So his marketing switched from being just the facts and dates about the programme, and how it was three point six percent more effective than Weight Watchers or equivalents, and switched it to being before and after, and really connecting with people’s stories, giving them the evidence that it would work.
Now, what does that meant to you? What it means is this: Chris went from losing money to making a multi-seven-figure business. So he went from up to his eyeballs in debt, sub-hundred-thousand in revenue, to multi-millions in revenue – very, very high six-figure profit levels – and the only real shift was getting exposure to the right market place. What I want you to take from this, what I want you to take some solace in, is: I’m not saying that success in business is easy. That’s BS. But for some of you in this room, you are just a tiny little distinction away from having a radically different result. It’s like there’s one piece of the puzzle which if you can nail that, if you can get that one piece handled, it opens the floodgates, and things can be radically different. Does that make sense? Okay?
So, the next growing pain that businesses owners have is that they feel too busy. Right? When they start to get some traction and they get some leads, they get some exposure, they go, ‘Oh my God, I’m just so busy. I’m so busy doing all the stuff in the business I haven’t got time to do the strategic stuff working on the business.’ How many have had that experience? Show of hands. Of course. So, the question is, how do you maintain that? And I would say, if you’re not firing yourself form at least four tasks that you do each year, you don’t have a business. What do you have? You have a job. Now, I’m not saying that you need to fire yourself from all of them instantaneously. I get that you need to train people, hire people, or automate it with something like InfusionSoft. You need to be able to do those things logically, but I think a lot of business owners stay stuck, because they go, ‘You know what? I do this, and I do it better than anybody else. I am the best at this’, or, ‘I am so busy I can’t take the time to hire somebody and train them to do it’, so they never free themselves from the trap. They stay stuck on the hamster wheel, right? So, just a simple, quick little tip: If I were you, I’d think it’s worth doing an activity inventory. So, periodically – a few times a year – I’ll make a list of all the activities that I’ve done in the previous week. And I’ll look at that list, and I’ll say, ‘Right, which of these am I uniquely qualified to do? And which tasks am I doing which I don’t…’. It just doesn’t make sense. Like, for example, how many of you in here have been bombarded, overwhelmed with the volume of email in your inbox? Show of hands. Hands up, just look around the room. Good. Now, me too. So do you know what I did? I said, ‘I can’t f**king do an email any more. I’m done. Because I’m not even that good at it. That’s why it all piles up. I can’t. I’m not really organised.’ So I went and found, literally, the most organised person that I’ve ever met in my life, and I just went, ‘Hey.’
Her name’s Emma. She’s my assistant. I went, ‘Emma.’ In the recruitment process, ‘I don’t want to look at emails ever again. Ever. I’m not interested. I know that I sometimes have to answer them, but what I want you to do is: You to figure out what I need to answer, and come and talk to me. We’ll have a chat, I’ll tell you what to say, and you ping the email back.’ How many of you in this room have hand an email from me in the last six months? Show of hands. Yeah? No you haven’t.
Not from me. I might have said the words. I may have said the words, but… you know why? It’s freed my life beyond… for me. I’m not saying you should have to do it my way, but the question is: What… it was filling up, consuming a vast amount of my life, when actually there’s more important things I could be working on. And it’s the same for you, so I really encourage you to fire yourself, as much as possible. If you think about it logically, just to close off that thread, if you fire yourself from that, you can either have more free time – which might be worth paying somebody to do for you, and actually you’re happy to buy that time back, to spend on whatever recreational activities you might want to do. Or you might just go, ‘Well, actually, the stuff that I love to do, which is helping and working with clients, is the best use of my time. Or one of the best uses of my time, so I’m just going to do more of that.’ And that more than generates the money to pay for that support, yeah? And you can say the same whether it’s somebody, an assistant, that manages your email, or whether it be a cleaner, whether it be a cook, right? I don’t do this, by I know Jay never drives himself anywhere. He says, ‘Because you can hire somebody for ten dollars an hour, why the heck would you drive yourself?’ Now I quite like driving, so I’ll happily drive myself somewhere, but what works for you.
Now, the next problem is sleepless nights. So, when your business starts growing, I think the really critical… real faux pas for me, a real warning flag… if I’m at an event like this, and somebody comes speaking to me at the back of the room, and they say something like, ‘Ah yeah, I want to grow my business. I’m going to double my business next year’, great. ‘How can I get more traffic? How can I get more website visitors?’ And I’ll say, ‘Okay. Well, what advertising platforms do you use?’ And they go, ‘Oh no, no, no, no. I mean for free.’ I’m like, ‘Right. Okay, so, you don’t want to spend any money. Let me get this straight: You don’t want to spend any money on advertising or marketing to get exposure for people to see your business, buy you want your business to grow and you make lots of money. So, you want to spend nothing, and make millions. Is that it?’ And they go, ‘Of course.’ And to me that’s just fantasy. It’s get-rich-quick. It’s just not true. Well, if it’s going to work, you’re going to pay. You’re either going to spend your time or your money, right? And everybody’s only got so much time, so the only way you’re actually going to scale is to invest money. Now, they might go, ‘Well, I don’t have any money.’ Well, that’s the bit that you got to figure out. You might have to start with a small bit of money, spend it on marketing, get a return, reinvest it, reinvest it, reinvest it, but that’s the only way you’re going to get scale. It’s by saying, ‘Oh. I haven’t got the money to hire an assistant.’ Well, actually, that’s the reason why you should hire the assistant. Right? Because you’re so busy doing stuff that is just a pile of crap and a waste of your time that you’re not doing the stuff that you need to do to make the money to pay for the assistant. Right? So, when you’re growing quickly, a lot of business owners will say, ‘I’m not sure I’m going to be able to meet payroll this month.’ And a lot of people are embarrassed in environments like this. You know what? It happens all the time. It happens all the time, especially when you’re growing quickly. Business that are growing fast consume cash, because you have to invest initially to get the return later, right? And the faster you’re growing, the more you’re going to have to invest in people, systems, learning, infrastructure, to get the growth that you want. That just makes sense. So the bigger your long-term end game, the more that you need to invest, which means that cash tends to be tight. That’s just part of what you need to manage.
So here’s the key. You want to write this down. Your goal should always be bigger than your bank balance. I believe. Because it’s cause and effect. If you want to get somewhere beyond where you are now – so it’s a financial stretch for you, in the business sense – you’re going to have to put some causes into place, so it might be a stretch for you to reap the reward.
Don’t say stuff like, ‘Oh, I’ll do X Y Z. I’ll do that course when I’ve got the money.’ Right? Now, it’s your job to assess what’s the right course, what’s the right training, what’s the right person to hire, what’s the right software system, what’s the right membership. You’ve got to figure that stuff out. So I’m not saying just ad hoc spend money on everything. Think about it, do whatever’s right for you, but I think it’s idiotic to go, ‘Yeah, I want the result. When I’ve got the result, then I’ll put the causes in place.’ That just doesn’t make sense. All the significant periods of growth in my business, or businesses, have always been precursed [sic] by a time when I’ve had to really put a big stretch. In the last twelve months, I’ve been fortunate enough to… I say “fortunate”. No, I’m going to take credit for myself. I’ve enjoyed a significant period of growth. But immediately preceding that, there was a very, very, very significant investment. Now, it’s all relative to whatever your level is, but for me it was like, ‘Oh my God, this is like [makes an exhaling noise]. This is… you know?’ Just think about Richard Branson, okay? Richard Branson has said himself, in his books, he was borderline insolvent until he sold Virgin Music and put six hundred million in the bank. He was borderline insolvent why? Because he was always growing, reinvesting, always growing. It didn’t mean that he didn’t have millions and millions and millions of net worth, but it was always tied up, reinvested, growing growing growing. And it was only because the banks forced him to sell Virgin Music that he actually for the first time in his business career – which was already several decades along in that place – he had total financial security. Just understand: It’s part of the process. Don’t try and have the effect. The effect is missing. So is the cause. Think about that. If the effect that you want in your business is missing, so is the cause.
So, this is Olly. I’ve known Olly for three, four years. Olly’s got several different businesses, and he was growing quickly, but he was very stressed, because he was pulled in different directions, because he had all these different business ideas, and he’s doing seventy-five thousand different things all at the same time, and what needed to happen was to build a more efficient system, right? I see a lot of people, when they’re just getting started in business… when you’re getting started, you need a lot of energy. You need to push to make it work, but they never switch through that phase, so as the business grows they think the solution to every problem is just to work harder, take more action, without sitting back and thinking, ‘Okay. What’s a better funnel?’, for example, to go back to Simon Coulson’s example from earlier today. ‘What’s a better funnel? How do I optimise this funnel? How do I optimise the upsell process? How do I make sure that clients are more satisfied, so that they’ll stay with me long-term and give me more referrals, rather than just going out and doing more sales presentations?’ Right? “On the business” versus “in the business”. So he did that, and he was able to radically increase the size of his business.
Next problem is madness, right? So, you’re getting all this success. The next common thing that I’ll hear is that they’ll go, ‘Right. Yeah, yeah, I’m successful’, but if you actually pull the business owner to one side, and say, ‘What’s going on?’, they’ll actually often confess something to you like, ‘Oh, yeah. The business is this big, in terms of turnover.’ Right? How many of you have (unclear 0.33.52) on Dragon’s Den? “Turnover is vanity, profit is sanity, cash is king”. You heard that quote? Right, so people are talking about ‘How big my business is’ in terms of number of employees, amount of turnover – but actually, often when there’s a lot of growth, the margin disappears. How many of you know of a big business that has gone bankrupt? That has gone under? Show of hands. Yeah, you hear about it all the time. People go, ‘How can this happen? They’ve got seventy million in turnover.’ Well, it happens because they’ve got not profit. They’ve got no cash flow. Here’s the key thing. Write this down: There is a big difference between doing what is right in business, and doing what is right the right way. What does that mean? Well, you’ve learned some great, phenomenal strategies here, over the last few days. You’ve learned some phenomenal ideas from Paul, from Andy, from Char. And more. You’ve learned some great, powerful strategies that can benefit you, and some of you are going to go away and get some tremendous success. And some of you are going to go away and go, ‘I tried that idea. It didn’t work.’
But the problem wasn’t the idea itself. It’s how the idea was executed, right? So some of you are looking for solutions when you already have the right strategy. It’s how that’s been executed that just needs a little tweak, and it’s frustrating, because the differences can be tiny. They can be minute, but that little tweak makes all the difference between the webinar working and not working, the new product launching successfully or not launching successfully, you making a profit or making a loss. That’s the game of business. So, Rolf’s a good example of this. When Nick and I… because Nick and I were in business together for many years, and we were working with Rolf, and we both still work with Rolf now, in our separate differences now we’ve demerged, but Rolf was selling his programme… he teaches people golf. Specifically the mental side of golf. And he had programmes that he was selling for four to five hundred francs, because he lives in Switzerland. And basically, by packaging that same content – we helped Rolf to package differently – he was able to sell it for three to five thousand francs instead. So eight to ten times the price. Same content, but he was able to package it in a way which made it much more valuable to the marketplace. Consequently, he was able to double his business the first year that he did that, and this year he’s on track for doubling it again. Same information, same products that you have right now, packaged slightly differently. It could be worth eight to ten times more.
The fifth one is burnout. If you start growing really quickly, the most common mistake I see: They get burned out. So they’re growing, growing, growing, growing, growing… growing… growing, and then the business owner ends up dying from exhaustion. Right? They literally give up. They get tired, and when they get tired, because the business is built on just their energy, their drive, them having to do it, when they get tired and fed up, so does the business. Gets tired. Sales slump, things go downhill, cutbacks being made, and oftentimes business fail. And by the way, I’m not talking about like at the end of a weekend – for example – like this, when some of you might be feeling a little bit… how many of you are feeling a little bit mentally fatigued right now? Be honest. Okay, good. Thank you for your honesty. But it’s different if it’s just like, ‘Oh, okay. You’ve learned something new, so you just need a bit of a rest’, versus the ongoing monotony and repetition of another day, another week, another month. And there’s a simple solution to that, which we’re going to talk about. Key point: It’s always easier to get somebody who has already bought from you to buy again than to get somebody new for you to buy the first time. So, how many in here are just starting up? You’re a start-up business? Show of hands. Okay, great. How many of you are established trading – you’ve got some clients? Show of hands. Okay, great. So all right, it’s a bit of a spread. For those of you that have got any kind of clients, I assure you: You have a limiting belief. You think that you’ve got nothing else to sell them, or that they won’t buy any more, or that they haven’t got the money to buy more expensive programmes. Unless you’ve tested it thoroughly, you’re wrong. You could extract so much more value. Remember when Simon had the funnel? And he had the people at this…? Most people stop at the first level. Even if you’re just starting out, build the funnel as deeply as you can, as quickly as you can. Eighty-twenty rule. You can have eighty percent of the revenue of your business from twenty percent of the number of clients. And then if you just get more and more of those twenty percents, your business can be five times the size. Right? Think about it this way – we said before: Cause and effect. So, increased sales will always be the result of specific, repeatable actions in your business. In other words, if you don’t have the revenue you want, if you don’t have the number of customers you want, they’re all effects. They are all the result of actions or activities. How many agree with this? Show of hands. Great. So, if you want to change the effects, what have you got to change? You must change the cause. You have to change the cause. So how are you going to do that? Okay? Oh, and so will decreasing sales. Right? So it’s causes and effect. So if your sales are going downhill, if they’re going up, it’s because of inputs that you put in downstream. The problem is we sometimes miss the time lag, right?
Because when you first start going to the gym, you don’t get the results instantaneously – even if you do look in the mirror after that first session in the gym, and see that magically you’ve lost several pounds. Right? It’s sustained over time. So let’s talk about it, and how to solve them.
So, let me just check I’ve not miss my key point that I wanted to make… yeah, good. Okay. Let me give you an example. So, who here is aware of somebody that was either supposed to be here today, or they were here for previous days, but they’re not here right now? They’ve had to leave, they’ve had to go early. Who’s aware of somebody like that? Perfect. So, what was the person’s name?
A2: Beside me here was Kate.
A2: She was Polish.
DB: Perfect. So, just to give out another example, just to demonstrate the point. So, right now I’m going to make a very, very special offer, but it’s only for Kate. Okay? It’s only for Kate. So, Kate, what I’m going to do is: As you heard in my intro, I’ve got clients onto sixteen thousand pound a month retainers. Monthly retainer for personal coaching from me, Kate. But what I’d like to do for you, Kate – only Kate – what I’d like to do for you, Kate, is: I would like to offer you two sessions per month for the next year, with me, one-on-one coaching, working on your business. We’ll work on the copy, we’ll work on the offers, we’ll do anything that you want, Kate. Anything that you want on your business, for the next twelve months. Now, I can’t give it to you for free, Kate, because if I gave it for free you wouldn’t value it. So I’m going to give it to you for the heavily discounted rate of one pound. One pound, per month, and you can have twelve months of coaching with me. Do you want to take it, Kate?
A3: I’m Kate.
DB: You’re Kate.
[Laughter; speaker was obviously neither female nor Polish]
DB: Okay. Now, she can’t, obviously, take it. Why not? Because she’s not here. Here’s the point: You can have the best offer in the world. If people don’t know that it exists, they cannot buy from you. So, you’ve got to solve the problem this way. Thing about your crowd. The more people know exist, it will directly enhance your chances for winning their business. Right? It doesn’t matter how good the product is, and I think that most people – especially when they’re starting up – get obsessed with the product. They fall in love with their baby. They think it’s the best idea known to man. The marketplace doesn’t care! Do you know why they don’t care? Because they don’t know about it. I’d rather you have a good product that everybody knows about than an amazing product that nobody knows about. How many agree with this? Show of hands. Great. So you’ve got to think about how to do this. I know that Paul was covering a lot of stuff on that topic yesterday and the day before.
The next is: People saying, ‘Too busy, too busy working.’ You know, Michael (ph. 0.34.19) Gerber. ‘Too busy working in, not on, my business.’ The reason why I think this happens is they’re not capturing enough leads. They’re not capturing enough leads. As it, they’re working, working, working, trying to sell. ‘Okay, you’re not ready to buy.’ Working, working, working, trying to sell. ‘Are you ready to buy? Okay, you are. Great.’ Working, working, working, delivering for the client. ‘Got to go and find another client.’ Working, working. ‘Are you ready to buy? Okay, you’re not.’ Rather than building relationship. Rather than gathering leads. What did Char do? Char didn’t come up and sell you a programme, even though she could have done. She does paid programmes, that you could benefit from, with her. But no, she was smart. Because in the short time that she had, she says, ‘Okay, I’m going to build relationship. I’m going to capture a load of leads.’ Right? ‘So people that are interested in my stuff…’ Who’s interested in Char’s stuff? Show of hands. Of course. It was like the whole room. So that you’ve actually gone to Char and given your contact information, so that she can continue to develop a relationship, which – if it still feels right to you after she’s had more time to build the relationship – some of you will probably end up buying a course. In fact, just completely ad hoc, because I’m just curious, how many of you – if Char had been… think that you might be interested in doing a paid programme with Char Shah in the future? Assuming it fits your budget, et cetera. Show of hands. Look around the room. Right? So, you’ve got to figure out how to capture the leads. How many of you in this room have a database of leads, prospects that you’ve captured, that are interested in your stuff? Okay. About a quarter of the room. You really need to figure out how to solve this quickly.
The next problem we spoke about: Sleepless nights. Not knowing how to meet payroll.
This is often caused by you capturing a load of leads, you’re doing a lot of marketing, but you’re not converting those leads to paying customers. Okay? The habit is that, ‘Oh! Oh, here’s what I’m going to do. I’m going to work really, really, really, really hard, and generate all these leads, and then hope that people are going to buy.’ And it’s not true, because you think that the product’s going to sell itself. And you’ve just disserved your customer, because they don’t know the product as well as you do. You’ve got to articulate it, and make them want to buy it. How many agree with me? Show of hands. Okay, good. So, think about Andy Harrington, right? So his offer, his presentation, is very thought-through, and structured, and tested to get him the optimal result. Now, I’m not saying that you need to be like him – there’s only one Andy Harrington – some of you, it might appeal to yourselves. Some of you, it’s not your style, or it’s not appropriate for your niche. It’s not about having his style, but what it is about is adopting the mentality of, ‘How do I optimise this kind of conversion process?’ And Andy’s crafted his presentation, tried and tested over many years, and tens of thousands of people. Right? How many of you have seen Andy Harrington speak more than once? Okay. Most of the room. Was it an identical presentation, yes or not?
DB: No. It’s never the same. You know why? Because he’s always trying to make it better. Okay?
Next one: Madness. So, the business is bigger and more successful, but you don’t know what the problem is. Somehow it’s failing to turn into more money in your pocket. Guys, don’t be one of those people that has a business that’s five, ten times the size, and yet you’re making no more money. It happens all the time. The answer here is cash value. How much are individual customers worth to you? You know from the Simon Coulson funnel example – I’m sure other speakers spoke about it as well – that top level, the lowest price point, has the highest number of customers, which normally means it’s the most difficult, or the most expensive, to fulfil. Right? Think about it this way: Very transparent. In a seminar room, events like this, lose money, typically. Or break even at best. Because the cost of running the event outstrips the cost generate by the tickets sales. So, in other words, sometimes people come to events like this, and say, ‘[Theatrical gasp] They sold to me at the event. How dare they!’ But it has to be that way, otherwise you wouldn’t have events like this. You wouldn’t have great quality content from speakers. They have to have additional things, because that’s where the margin is made. And the deeper in the funnel you go, the higher the profit margins, typically. How many following along with this? Okay, good. Stay with me, guys. I know it’s relatively late in the day. So, how do you maximise the value? So you build relationships, so that the customers will spend more money with you.
Then the burnout is the key one. For me, this is the single most critical thing, and if I go back ten years, I wish I’d made this distinction sooner. And that is: Continuity. Recurring sales are the easiest way to build a sustainable business. I just said something very important. Recurring sales are the easiest way to build a sustainable business. Think about it this way: If you have to go out and find a new customer every time you want to sell a thing, you’ve got to go and find a new market, and the initial sale is the most expensive. Why? Because the prospect doesn’t know you or trust you at first, so you have to work hard to persuade them. If, however, they’ve become a customer, and they get immense value and it hugely benefits them, what’s the chances… are the changes greater or less that they will buy from you in the future? Which one? Greater or less?
DB: Greater. So, the easiest sale is to have sales that automatically occur. Automatically take place. And that is recurring revenue streams, or continuity programmes. In other words, where you’ve got repeated billing happening automatically. Somebody give me an example of a recurring revenue stream, or a continuity revenue stream.
DB: Yeah, subscription. So whether it be a magazine subscription, a membership website, you get it on food products, you get it on Amazon – Amazon Prime. Right?
Think about that. That’s brilliant. Amazon Prime: You pay, and what do you get in exchange for paying? You get free shipping. As you pay whatever it is now – it’s like ninety-nine pounds – and you get to order stuff off Amazon and get free shipping. Okay? What does having Amazon Prime membership make you do?
A: Buy more.
DB: Buy more on Amazon. So effectively, they’re getting you to pay on a recurring billing basis to encourage you to buy more from them. It’s brilliant. But equally, if you persuade somebody to take a subscription for your newsletter, or your membership site, or just any kind of membership programme, or a mastermind programme, it’s the billing. As long as they’re happy. As long as they feel they’re getting their return, or they’re getting what they paid for, and they’re getting value, how long will they stay a member? As long as they need it. As long as they want it. Right, so, I’ve got examples from this. How many of you here are APCTC members? Show of hands. Okay, good. So, probably the majority of the room. But that’s an example of membership. How long will you stay a member? As long as you continue to get value. For me, I have two examples. One is: I’ve run mastermind programmes for the last eight years, and the mastermind programme is a recurring billing subscription. It’s eleven thousand pounds a year, and you’ve got to have a hundred thousand in turnover to get in to my mastermind programme. But you can’t get in right now, because it’s full. It’s sold out. You can’t get into the programme, and if you think about it, because there’s only so many clients that I’m prepared to work with, if all the clients are happy and get a phenomenal return on their investments, if they’re spending eleven thousand, but they’re making fifty thousand, a hundred thousand, two hundred thousand, in additional profits, what are they probably going to do at the end of the year when their membership is up for renewal? What are they probably going to do?
DB: They’re probably going to renew. And what’s easier? Let’s just think about this, and relate it to your business. What is going to be easier? Me persuading that person, assuming they were happy and they got what they paid for, to get them to renew? Or to go and find somebody from scratch that doesn’t know my from Adam, and persuade them to spend eleven thousand pounds? The renewal. All day long. So, the question I’ve got for you is: How are you going to do this? I don’t care if you are interior designer, or a photographer, or any kind of business. You can find a way of building recurring subscription-type revenue in it. A great book on this is called The Automatic Customer, by John Warrillow. So, I do mastermind programmes, but I also do… that’s my high-priced one, but I also have a much lower-priced one. I’ve got a thing called The Small Business Success Club. Are there any Business Success Club members in this room? Show of hands. Okay, one or two. Perfect. So, this is like a virtual mastermind. So, for people what don’t want to spend eleven thousand pounds a year, it’s twelve hundred pounds a year, and for that, there’s a monthly newsletter, there are monthly webinars, Q and A with me, where you get to ask me your questions. We do quarterly success days, where the purpose is that the members get to come along, so they get a lot of the benefits of being in the full mastermind programme, but for a much lower price. Right? And I’ve had members on that programme as long as I’ve run it, and in its original form it started in about 2007, 2008. So you think you’re selling a programme that costs a hundred pounds a month, but actually you make a sale for a hundred pounds, but if they’ve been a member since 2008, that’s six times twelve, that’s, what? Seventy-two. So that’s seven thousand two hundred pounds, if they’ve been a member from the start. But actually, it was an easier sell, because you only had to persuade them to try the first month. Right? How many follow along with this? Okay. So I would just encourage you to really think about how you can build those recurring things in your business.
Final little example, just to try to trigger some thoughts in your head. How many of you have got some ideas of how… how many of you already have some kind of recurring revenue stream in your business? Show of hands. Okay. How many have got an idea, as I’ve been talking about it, of how you might be able to do that? Show of hands. Okay. So, pick up The Automatic Customer by John Warrillow, but you can apply it in any business. Dentists, for example. My dentist is quite interesting. He went from… you know, you go along, you pay, and now they’ve got a whole pitch. ‘If you need any work, if you join our…’, whatever the package is called, ‘You pay per month, and on average it’s going to work out much cheaper for you.’
But how does that benefit the business? How does that benefit the dental practice? Because they’ve got the solid, recurring money. How do you know… rather than starting every single month on zero at the start of the month, you have a huge amount of money from the customers that are automatically billed.
The next level – last point on this – is: Think about this in terms of tears. Right? So, in my Success Club programme, it’s an easy way for people to get started with me, only paying twelve hundred pounds. It’s a tenth of the price of the mastermind programme, but it gives them a taste, a flavour for it, so that a lot of the mastermind members upsell over time, right? Make life easy on yourselves, guys. Don’t be looking for the sale. Don’t be looking for the big sale from the word go. Just build a relationship by having a small sale. So people have joined the Success Club, and a lot of them are sent upwards, and subsequently join the mastermind programme because they like what they got at the lower price. Does that make sense, guys? Yes or no? Good.
So, we’ve just spoken about five things. We’ve spoken about the problems, but we spoke about the solutions being crowd – having a larger crowd size. Increasing your capture rate – getting more leads. Increasing your conversion rate – optimising the funnel. Maximising the cash value, so each customer is worth more, and maximising the continuity rate so people will buy from you automatically again, and again, and again. Five ways.
What I want you to do right now, very quickly, is: Turn to your partner, and share with them, of those five, which is the most critical for you to fix. If you fix this one area, it will have the biggest transformational impact on your business. Share and do that with your partner right now. One minute. Go, go, go.
DB: All right, all right, all right. Stop, stop, stop, stop, stop. Stop, stop, stop. Okay. All right. It’s getting close to the end of the day. I think we need to stand up and do this. I know you don’t want to stand up, but I think we need to. Stand up and do this. Share with your partner. Go, go, go.
DB: I’ll get them to pass them to the ends. Yeah, yeah, I’ll shout them. [Clears throat]
DB: Okay, wrap up! Wrap up. Okay, take a seat. Take a seat, take a seat, take a seat.
DB: Okay, sit up with lots of energy – we’re into the last ten minutes. Last ten minutes. All right, so think about this. Look, guys. Shh. You’re here anyway. I would strongly encourage… in fact, more than that. I would pleasantly insist, for your own benefit, you demand that you get the maximum out of the content that you are going to get for the rest of this presentation, and the presentation to follow – which is going to be stunning, by the way. The next speaker I’m going to stay behind to see when I could really do with getting home, so just take this in. Don’t just sit there passively – think about this. This stuff can transform your business. Think about it this way: We spoke about cause and effect. These five causes make up the effect called “your revenue”. Okay? So, in other words, if you’re saying, ‘I had a hundred thousand pounds in revenue in my business in the last year’, the way that that hundred thousand pounds in revenue might have been created was: You had ten thousand visitors to your website, okay? Ten thousand people came to your website, and you had an opt-in box, and you captured ten percent, so you ended up with how many leads?
A5: A thousand.
DB: Yeah, a thousand leads. And then you followed up with those thousand leads, and you got a ten percent conversion rate. How many customers would you get?
A6: A hundred.
DB: A hundred customers.
If those hundred customers were buying… your average programme that they bought was worth a thousand pounds, okay? And they only bought that one programme. That’s the only thing they bought. If you have a hundred customers that spend a thousand pounds in a year, what’s your annual revenue?
A7: A hundred thousand.
DB: A hundred thousand pounds. Does everybody follow along with this? Right, so, think about this as an anchor for your existing business. So, if you made a hundred thousand last year, it’s made up from these five factors. It has to be. It’s a mathematical formula. This times this, times this, times this, times this, times this, equals this, in that time period. It’s how your business has to work, and if you were to pay me to consult with your business and come in, I would figure out what all these pieces were, and then we would figure out how to optimise it.
Here’s the point: People do this kind of slapdash, and just randomly throw ideas around without measuring objectively the results that are generated. So, the question is: What if you applied some of the phenomenal strategies that Paul taught you, to generate more traffic, a larger crowd size, with social media? What would happen? Well, logically, if you increase that from ten to twenty thousand, you’ve still got ten percent capture rate, you’ve still got a ten percent conversion rate, you’d have two hundred customers. So if you go from one hundred to two hundred customers, spending a thousand pounds, what happens to your annual revenue?
A8: It doubles
DB: It doubles, so it becomes two hundred thousand, okay? Now, here’s the really interesting bit, though: People, I tend to find, they learn one programme. And I know sometimes when people come to events like this, they buy multiple programmes. ‘Oh my God, I bought too much.’ No, I do think you need to cover off the different parts of your business. Okay? So, what would happen if you doubled each stage? Just think about this. And by the way, if you’ve seen this presentation from before, ask yourself: Have you done it? Have you actually measured these five parts? And are you actively trying to improve each one? You see, normally – and somebody who hasn’t seen me talk about this before – what do you think would happen to your revenue? So you’re at a hundred thousand, and if you double one stage, you double to two hundred thousand. What would happen if you doubled each of the five stages? What do you think your revenue would become? It would go from one hundred to what?
A9: Half a million.
DB: Half a million. Yeah, right! That’s the most common answer. So it’s, ‘Oh yeah. Five increases of a hundred thousand.’ Just watch. If you’ve got a crowd of twenty thousand, but you also found a way from something Simon said to increase your capture rate, I’ve got it from twenty thousand, you’ve now got four thousand leads, rather than the original thousand. So you’ve got four times more leads. Why? Because you’ve double the double. It’s the compound effect. Well, if you also did something – you had a multi-step follow-up sequence, something that Chris taught you about two days ago, and you got twenty percent conversion rate rather than ten percent, you’d have eight hundred customers. If you also had a series of upsells – good, better or best offers, like Simon was talking about – so the average amount of money they spent was two thousand pounds, and you also got your average customers to buy twice a year – I’m not saying twelve times a year, but just twice a year. If you had twenty thousand people, multiplied by twenty percent more, multiplied by twenty percent, would give you eight hundred customers. Eight hundred customers spending two thousand pounds twice a year would give you annual revenue of how much? Three point two million pounds. You’ve got thirty-two times the business. Same business, same products. All you’ve done is optimise the five different stages. I think you’ve got to be non-linear in your thinking. I think that if you look around people who are in the exact same niche as you, doing the exact same stuff, you might learn stuff, but it tends to be plus or minus ten percent. You know what I mean? There’s nothing truly innovative there. Normally the best ideas come from outside in other industries that then can be applied back to your industry. Right? So, for example, the ballpoint pen. That idea is what created roll-on deodorant. It’s like the same thing in a different context, so I would say… people talk about “thinking outside the box”. I think it’s “don’t worry about the box”. I think that you need to get outside your business. I think you really need to think, spend some time working on the business. I think you need to really push yourself to be surrounded by other business owners, who have got ideas, who are growing quickly. They’re undergoing some of the same structural challenges, i.e. they want to have a larger crowd. They want to capture more leads. They want to convert more of those leads. But they don’t have to do the same darn product as you. Right? You can learn from them. You can benefit from them. I think this is the difference between the old style and the new style.
I think that people used to try to hide information. It always used to be secretive before. It was always like, ‘Oh, I don’t want to give away my confidential information.’ Well look, guys, speaking very frankly: The great… have you learned some good stuff this weekend?
DB: Of course. And you’ll learn some great stuff, those of you that have signed up for other speakers’ programmes, and that information, a lot of it, frankly, you could find on places like Google. But the question is: How do you disseminate it quickly enough? So the new style is working collaboratively, with people to help you get the result that you want.
(End of recording)