How To Build A Million Dollar Business In 20 Minutes #WednesdayWithWyan

People just want to be led by.

People that they trust.

And it's your job as the business owner to give them the solutions that help them carry out that journey. What journey is your audience or your customer on?

Hey capitalists, it's time to crack open your favorite beverage. I like Zevia.

This is Wednesday with Ryan on capitalism dot com.

Hey capitalists, this is C Money. Real quick, just to give this some context. This speech on the podcast today is from Ryan Daniel Moran at HealthFX. It's a mastermind group put on by the people who created Paleo fx, a massive three day annual conference here in Austin, Texas. So he's speaking to a room of people in the health and fitness niche specifically. Cool crowd, really good people. If you want to see more from this, head to the YouTube channel where we put out a full vlog from this event. It's called How Health and Fitness Brands Can Win in Business. JP Sears even makes a cameo. Almost didn't recognize him without the purple shirt. Alright, 20 minutes to a million dollar business. Let's go.

So I literally have 20 minutes to tell you how to build a million dollar business. So we're just going to go ahead and jump right in because this room and this industry is in a really unique spot in the whole global entrepreneurial landscape. And that is because most of you already have audiences and in the health space it's very, very easy to build audiences. So I don't. Is anybody old enough to remember 10 years ago?

I was there, man. People's clothes looked funny and music sounded terrible, Right? Am I right?

You are right, sir.

So 10 years ago, you wouldn't believe it. People drank moldy coffee. It was crazy. I mean the stuff, people, they put creamer in their coffee instead of butter.

Can you remember this archaic time 10 years ago? And then this nice little white boy came along by name Dave Asprey. And Dave starts blogging about things about. He was really targeting executives, if anybody is old enough to remember this. So he wasn't talking about, I mean he was talking about Modafinil and mold free coffee in 2009. Now 10 years later, probably going to be a billion dollar company. Now the lesson here is that somebody like Dave had a very, very targeted audience where he was communicating to them via written word and via podcast and occasionally videos.

And if you watch any of his.

Videos back then, I mean it's different. Dave kind of a different message. He's figuring it out too. And then he launches. Well, I'm talking about coffee a lot. I might as well, sell my own coffee and then MCT Oil.

Then everything else. Ten years later, he's a billion dollar company. So I find it really, really fascinating when people in the health space or any other space who have a following and have attention are like, I know I'll sell MCT Oil too.

I don't get it. Makes no sense to me. What it actually is a reflection of is a demand for short term profits instead of building a long term asset. That's just not the game I'm interested in playing. It is just not like this world is too big. And for half of you, half of you really just want money and don't believe what the hell you're selling and saying. But the other half of you actually just want to make a difference and bring a message to the world. And if that's you, then you're wasting your time, energy and attention trading clicks for dollars instead of building a long term asset that has staying power, that has high valuation, that has repeat customers. And instead most people in this world just decide that they're going to sell yet another diet product or they're so blind to being immersed in this world that they start calling everything keto.

Or whatever is hot in this culture versus actually taking the message that you want and it impacting other people makes no sense. It is hypnosis from the world that you're in. Meanwhile, there's a billion people who need to make a change and you're depriving them of the opportunity to do that. So another, this is another good example that just recently happened is Mark Sisson. So Mark Sisson has been blogging for 15 years.

Mark Sisson builds up an audience, has a bunch of different businesses. Some of them work out, some of them don't go how he wants. And then he sees that his audience.

Might like to buy barbecue sauces, mayo.

And ranch dressing. That's a fit for how he's been telling them to eat for a couple of years.

Now. Just so you know, there's no margin in selling mayonnaise.

There is, there is. There is no. Like Mark Sisson was not sitting back counting his four bucks.

Mark Sisson was building a long term asset that his audience took to the rest of the world. He made it accessible to the world. He developed something for his audience and they took it to everybody else. Now, Mark Sisson came from this Internet entrepreneurial world that we all.

Don'T even really like, but we hang out with all the time.

He would have written a sales page and done the keto diet cookbook. And had an upsell path to get the numbers where they needed to be. And then called Dave and said, hey, Dave, sell my shit.

Now you can do all of those things, but it is a waste of time to do that without building a real asset on the back of it.

My own I have two things that I care about in business and it's building an asset and building long term customer value, which forces you to not just be good at selling your shit, but making your shit sell itself.

I say this, this formula, because every time I say it, people are like, whoa.

And it's three to five products. Selling 20 to 30 sales per day at a $30 price point is a million dollar business.

And that requires you to have three to five products that are good enough to sell 20 to 30 units a day at a $30 price point. It's a million dollar business. Now the way that you kick that off is by having this much audience, this much. That's all. You don't need to have a million people. You don't need to have 100,000 people. If 10,000 people care about what you have to say, do not deprive them of the opportunity to buy from you.

10,000 people. That's people who open your emails, it's people who swipe up on your Instagram, people who watch your videos, they subscribe to your YouTube channel, they download your podcast, give them exactly what they want.

That's one affiliate. That's one connection.

But the problem in this world is that instead of building something for the tribe that you're already claiming to serve, you're looking at what other people are doing well and trying to reverse engineer that because you're really pursuing short term profits and short term gain. Short term gain. Instead of building something that three to five years from now will be a real business.

The hashtag entrepreneur.

World that we come from is actually a resistance to working or being in other people's systems. That's not real entrepreneurship. Entrepreneurship is building something. It's building a business. It's building an asset.

And the asset in this world is audience. It's trust. Which by the way, is what a brand is. A brand is simply outsourced trust.

How many of you ever bought bulletproof coffee beans?

So half of you are smart enough to pay twice the price for the exact same coffee as everybody else because you trust one source. That's all. That's it. You have outsourced your trust, which is fine, to somebody else to vet the product that you want to consume. That's what a brand is when an acquisition is made, it is very rarely because the product is different, because it's some new innovative spin. It's because the value is in the trust that is the asset that somebody else is buying.

And the minute you compromise that, you have now sacrificed your long term valuation in exchange for short term profit.

Now, I don't get it.

Because I consider myself an entrepreneur.

I care that my businesses and my message make an impact in the world. And we all like to say it. If you actually mean it, then trading the short term profitability.

For or giving up the long term for the short term makes no sense. Now, if you're in this game just because you want to have a lifestyle business, there's different rules that apply. Own it, say it, communicate it, be cool with it, but don't try to operate or disguise the fact that you are not actually building a business.

Now, we live in this, in this world right now where big brands, specifically old established brands, that in the health world we like to throw rocks at, you know, the, the enemy, the health companies and the food companies that have just been around forever, yet they're, they're driven by profit and they are agnostic as to where the profit comes from. And so if you've got a brand with trust that has high profit margins, they want to give you a lot of money, they want to buy your thing and liberate you to keep communicating the message that you want to bring to the world and give you capital to make it happen faster. And we're living in a transition right now where the old established brands cannot innovate as fast as the consumer is, because information is a commodity. People are getting wiser and they want to make purchase decisions in alignment with the information that has now become available.

And so there's. Big brands want to buy that.

So there's a transition happening to where a lot of old money is flooding to small brands, which is why you have something like an RX bar. Go from Peter's basement to being acquired by Kellogg's for $600 million despite starting as a bar marketed just to the CrossFit community.

Now why is that the case?

Because big companies cannot innovate as quickly as small scrappy entrepreneurs who are willing to take a good product to a very specific target audience. That's the sweet spot. You do not have to invent something new, nor do you have to copy what somebody else is doing. You need about 10,000 eyeballs of people who care about what it is that you have to say. And you need products that Allow them to carry out the journey that you are already leading. Three to five of them. You see, people just want to be led by people that they trust. And it's your job as the business owner to give them the solutions that help them carry out that journey. What journey is your audience or your customer on?

Luke Skywalker was on a journey and he met Yoda. Yoda helped Luke overcome challenges on the way to Luke's destination.

The story is about Luke, but Luke is no. 1. Without Yoda.

Most entrepreneurs.

Think they're Luke Skywalker. The brand is all about them.

Your business is Yoda and your customer is Luke. And your job is to communicate to that customer why your product and information helps them overcome that journey. That's why someone like Dave is probably going to be a billionaire as a result of speaking to a very, very core audience, a very core group of people, and then just making it easier for them to do it. And all the other fake entrepreneurs are copying him.

And so they might be profitable, but they'll never be big and they'll never make the impact that he made in a lot of people.

This world, this community, specifically in the health space, has so much opportunity because so much has become available in the last 10 years. The way we talk about food, the way we talk about mental health, the way we talk about morning routines, the way we talk about everything has changed in 10 years.

And as a result, we have thousands of micro communities, micro tribes.

Micro messages that are begging to be led. And it's been created by this world.

It'S been created by these entrepreneurs.

And all of those micro tribes are on a journey to restore gut health, to overcome autoimmune, to lose weight.

And it's your job to guide them. And if you give them three to five things to purchase under that consistent message.

You'Re a millionaire in 12 months.

I've only seen it happen about six or 700 times.

So I could be wrong.

But that is how you actually create a change for the people who have outsourced their trust to you.

And most people will just see the trend and they say.

A lot in keto right now.

I guess I'll do that.

But your customer and your follower is begging to be led. And it's your job to yodify them by giving them three to five things to purchase and let them take it to the rest of the world.

What you have and what this community exists to do in bringing real solutions to real problems is too important for you to overlook. In exchange for short term profits. You have problems to address. You have people to serve, you have communities to communicate to. And they are all dying for a solution that many of you already have. Do not deprive them of the opportunity to purchase that from you.

Thank you.

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