3 Businesses That Will Make Money Forever.mp3

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Hey, Fast Laners. Ryan Daniel Moran here. Welcome to Freedom Fast Lane. Listen, today I am going to rant to you about something and hopefully share some takeaways with you because I'm going to be sharing with you the three business models that will never go away. I am doing this because as as much as I try to move from telling people what business they should be in, still to this day the most commonly asked question I am asked is what type of a business should I start? So I said, you know what? Fine, I'm done with it. Let's do it. Let's just talk about the three businesses that will never go away. Not now. Not if the world goes into a time warp and it becomes 1975. Not if you start a business now and you still want to be in business in 10 years no matter what. There are three business models that will never, ever go away. Now, there are more than three business models that will never go away. But I know my audience well enough. I only know Internet businesses. So I'm not going to talk about brick and mortar businesses. All I'm going to talk about is Internet businesses. So if you don't have an Internet business, first of all, I don't know why you listen to Freedom Fast Lane. And second of all, I'm not going to help you in this podcast. Okay, ready? The three businesses that will never go away. Number one, selling quality physical products. Now, here on Freedom Fastlane, we talk quite a bit about selling physical products. Because my main businesses are selling physical products. And now I happen to use a channel called Amazon.com as the place where I take most of my orders. But I do not have an Amazon business. Did you catch that? I don't have an Amazon business. And if you sell things on Amazon, neither do you. If you sell things in a catalog, you don't have a catalog business. If you sell things in a magazine, you don't have a magazine business. If you sell things, I don't care where you sell things. The place that you sell things does not affect or impact the business that you are in. If you are in a physical products business, you are in the business of whatever result that product is supposed to serve for your customers. So if you are in the diaper business, you don't have an Amazon business. You don't have a Walmart business, you don't have a catalog business, you don't have a Kickstarter business, you've got a diaper business.

Nothing changes about the business model that you're in, except that you're in competition to have the highest quality product. So the business that you are in is the products that you sell for the end result of the customer. So there are people who often come to me and they say, I want to have an Amazon business. What business do you recommend I start? And I say, you're already toast. Because you think you're in an Amazon business and you're not. Yes, I talk a lot about using Amazon as a channel if you are in the physical products business. But if you think that the channel you're in is the business that you're in, you are dead from the start. Here is the differentiating factor. Your channels change, your business doesn't. If you think that your business is a channel, you then you are always a slave to the channel that you are on. Business number two, Business number two, that will never go away. Information publishing. Now, information publishing is a lot like physical products businesses in the fact that the channels change, but the business never does. In the 1960s and 1970s, there were plenty of physical newsletters that people sent out. And people subscribed to be part of this newsletter. And once a month they got the newsletter in the mail. Guess what that was? That was an information publishing business. Now when that ended, and not even ended, that still exists now. But when that wasn't the hot sexy thing on the street anymore in the 1990s, it was mail order, not mail order brides. Get your mind out of the gutter, dude. I mean, people would actually send sales letters in the mail. You'd open them up and then you would order an info product. And you'd order it by calling a 1, 800 number and getting the information product shipped to your house. Or maybe you'll remember Carlton Sheets. Carlton Sheets was a real estate investor who used to have infomercials on late night television. Or what was, what was the one dude's name? His name was Don. It'll come to me later. Don something. Shoot, you know who I'm talking about. It was the late night infomercial guy who would say, that's the most insane thing about the whole business. And he said, send me $50 for my book called how to get people to send you $50 for a book. There were infomercials for real estate or business or whatever it was that it was. Call this number or order my course, I'll ship it to your house. Guess what that was? That was information publishing. And then this thing came out called the Internet. And the Internet allowed you to buy online in a different type of a Channel. Heck, there are still radio ads for call this number to get my free book or to get my free real estate newsletter or to sign up for my course or whatever it is. But the channels change, but they rarely go away. So in today's world, it's things like video sales letters. Have a video sales letter, sell a course, they go to a members area, they get the course. Lottie frickin da. The model is the same. The channel has changed. That's the difference. So information publishing has existed since.

I don't know, 4,000 years ago. Hey, give me, give me that rock and I'll show you how to kill a bird and eat it. I don't know. Information publishing has existed for as long as business has existed. People want information. How they buy it changes, but what they buy is the same. People still want to look better, feel better, make more money and have more fun. Those are the four markets. Health, wealth, love, expensive hobbies. I want to have a great sex life, I want to look really good, I want to make more money, and I want to have fun with an expensive hobby. Those are the markets. That's it. I guess you could. You might be able to include pets in there, but that somewhere falls into love sometimes. But pets are their own market sometimes too. Those are the four or five markets that people always buy physical products in and they always buy information products in. It's been that way forever. If you can hear the passion of my voice, it is because.

This is the question I'm always asked is what business do I start and what market do I go into? And I'm like, hey, doofus, it's been the same for 200 years. It's health, wealth, love, expensive hobbies, pets, and they buy physical products and they buy information products. Those are that's business. Now, there are other ones. There are smaller markets, there are other ways to do it. But that's two businesses that will never go away. There's one more business that will never go away. And again, there are more than three, but I'm giving you three today. The third one that will never go away is business services. That is performing services, not that type of service. Get your mind out of the gutter, dude. It's business services. It's performing services that a business is paying for, probably to maximize their exposure in a specific channel. Now, I've said on this podcast already that the business model rarely changes, but channels do. Channels change very quickly. Channels have about two to three years of a life, shelf, shelf life, life, shelf, same thing, right? They have About a two to three year shelf life and then it moves into something else. And we've talked about the swings between different channels, but business models rarely change. Businesses often pay people to be ahead of the curve on channels. So I said about a year ago that one of the big waves that would happen in 2004, 2015 is people who understood the channel of Amazon.com would go to major businesses and they would either take equity or they would take high consulting fees for getting their physical products onto Amazon.com that happened. People are taking two, $3,000 a month per client per month in order to work with products or businesses that have product, but they're not on Amazon.com so they take a piece of their business or a nice 2, $3,000 a month fee to get their product onto Amazon.com that happens when there are new channel opens up or a new channel becomes popular. Then it's very efficient to charge businesses high premiums to perform that service through that channel for them. So, for example, I pay a girl, I pay a girl a decent amount of money to manage my blog through my primary businesses to manage our Facebook following. And we're even considering paying somebody to do our Instagram following. I've never been on Instagram. I don't know how Instagram works, but there's a whole lot ofpeople on Instagram.com and there's businesses that have built their entire audience around instagram.com so is Instagram even a.com or is it just an app? I don't even know. That shows you how behind the times I am. But there are plenty of people and buyers there. I don't have time to figure out that channel. So I'm just going to figure. I'm just going to pay somebody else to figure it out. Now this is a business that will never go away because business always changes. And business people who are making all the money and creating all of the jobs don't have time to figure out every little nuance or every other channel. So they pay other people to do that for them. I pay my accountant a business service and that will never go away unless the IRS goes away, which would be perfectly fine with me. However, that's probably not going to happen in my lifetime. So I continue paying my accountant to figure out all that for me so I can worry about making more money and keeping him busy. The same goes for the girl who manages my blog. The same that goes for the girl that manages Instagram. Those are people who are paid to figure out channels. I tell you this because there are plenty of you who have figured out channels because. But you have no idea what the hell your business is. You know that you get Amazon, you get Facebook, you get Instagram, you have no idea what the hell your business is. And you're sitting here wondering, what's the next business I'm gonna start? Stop doing that and start a business service. Just do what it is that you know for businesses that need to be there. Because the thing that you know, the channel that you know, that can be a business and then when the channel changes, you just keep up with the time. So you can offer that service to your, to your clients as well. But the fact of the matter is channels usually don't go away. They change, but they don't go away. So there is always a business to be had in servicing a channel. So when you've got a skill, rather than like the first way to just start a business and like make $10,000 a month in something is to take what you know and turn it into a service. Not to take, to make a product so you can put it through that channel, but to take that channel and to take it to the people who have already have the products take a cut of their business or to just charge them a hefty monthly fee for managing that channel for them. So if you are.

The person that gets Twitter, don't try and come up with a product that then sells on Twitter. Just manage people's audiences there and charge them $1,000 a month. I've got a buddy, his name is Justin, and he has just been the king of this. Like he has just been awesome at this is he figures out channels, he just figures out how they work, he gets their ad platforms, he figures out how to scale those channels into really impacting people's businesses. And he doesn't sell products himself. He goes and he gets high paying clients who already have million dollar businesses, they're not on that channel. And he's like, hey, I can get you leads and customers from this channel. I'll manage the whole thing for you. Check out, just pay me a fee and I'll take a cut of the customers that I sell that I, that I bring to you. And he does well just figuring out new channels. And he's got entrepreneurial add like I do. So when he gets bored with a channel, he figures out another one and that's exciting to him. And he takes that to a business that's already performing well and he says, pay me, you can hire me and I'll run This channel for you. He has employees that manage different channels for him. So there is always, always opportunity in managing business services. For those of us who know marketing, that is usually figuring out channels, taking that over to the people who already have products that are selling on one channel or in one medium and taking them over to the one that, you know. I've got a buddy that is, I mean, he, he is a, he's a fitness guy and he makes my workouts for me, helps me with my diet, and he takes clients like myself, and he makes diets and workouts for them. But what he really gets is social media. But rather than promote himself through social media.

He goes to other companies who are looking for social media help and he uses the social media expertise that he has and he charges them thousands of dollars a month in order to increase their social media following. That's having a business service. So if you don't have a physical product, if you don't have an information product, but you've been buying courses and learning about how to make money with blank, just take that blank and take it to the businesses that have figured out the product piece and have them pay you to manage that service for you. Now, how do you get your first customers? Whether you are selling a product, whether you are selling a piece of information, whether you are selling a service, how the heck do you get customers? You do it through audience building. You do it through having people who see you as an authority, who follow your stuff, who retweet your tweets, who share your Facebook posts, who read your blogs. You build an audience and then you announce your services to, to that audience. I don't care what your business is. Having an audience is always the crux of that. If you don't have an audience, then you leverage someone else's audience. That is called advertising. There's a reason why people run radio ads. It's because a radio show has an audience. There's a reason why people, people run ads on websites. It's because the website has an audience. There's a reason why people run TV ads. It's because the TV show has, you got it on audience. So the way you get new customers is by building an audience and, or leveraging somebody else's audience. When you leverage someone else's, that is called advertising. When you build your own, that's called organic audience building. But either way, it is the crux of getting your first clients. If you don't know how you're going to do them, then start talking about things related to your products or your services and build an audience around that. Do it organically, do it for free. Launch your services and your products to that audience. That is how you get your first customers. And you go and you do more of that. Look at that. You built a business in 17 and a half minutes, yet you identify what your product is, physical or information. If you don't know that, then you figure out what channel you want to be on, figure out that channel and leverage that as the thing that you take to cut to clients who then pay you for your expertise. You get your clients and your customers by building an audience and launching your product or your service to that audience. That is business in 18 minutes. Now, why do I tell you all this? Two reasons. Number one, because seven years doing this business, this is the question that people still ask me, how do I make $10,000 a month? How do I make 100 grand a year so that I can do what the heck I want? And this is the answer that I've been saying for seven years because it's been working for 700 years and it'll work for 700 more years. This is just what business is. It's products, it's services, its clients and its customers. Step one of business, get leads or customers. Step two to business, sell things to those leads and those customers. It's not complicated. That's what it is. If you've been at this business or you've been trying to figure out what your business is for a while and you don't know what it is, you haven't identified what your business is, what the product is that you're selling, and you have not figured out who your audience is. If you have an audience and if you have a quality physical or information product, then you have a business, then it is impossible for you to not have a business, because business is the marriage of those two things. So stop asking me this question. This. This is the answer. This is going to be my answer ten years from now. It will be the answer for the next as long as I am alive. The second reason why I'm doing this is I'm going to be doing a little miniseries here on Freedom Fast Lane, probably two episodes, about audience building and monetizing that audience. The reason I'm doing this is because it is the crux of every business. And I find that I really enjoy helping people build those audiences and then monetize those audience with products, with services, with whatever it is that they're launching to that audience. So we're going to have a little two part miniseries, maybe three if we if people really like it. In the comments over@freedomfastlane.com where we talk about how to take the crux of an audience, build it, and then launch products and services to that audience so that you can have a business. I hope you enjoy it. This is a total experiment, so I'll need your feedback throughout this process. But we'll be doing it over the next couple weeks here at Freedom Fast Lane. Stay tuned. Thanks for listening to Freedom Fast Lane. Leave your comments over at the show notes@freedomfastline.com and I will see you on the next episode.