Ryan Daniel Moran argues now is the best time to start a business, citing cheap capital, falling ad costs, and booming e-commerce. He built a brand with $600 and sold it for $15 million, and recommends picking a clear customer, defining 3-5 products, and launching the one you're most excited about.
July 18, 2020.
12 Months to $1 Million.
About $600.
$15 million.
Hey, capitalists, this is Ryan Daniel Moran and I just felt inspired to remind you that we're currently sitting in the greatest opportunity to be an entrepreneur ever. Yes, we're sitting in the middle of a lot of economic uncertainty. We're sitting in the middle of a lot of uncertainty in general. But in the midst of all of this, the changes that we've seen in the marketplace have actually supported Internet entrepreneurs. There's a couple things happening in the marketplace that make this a very magical time to be an Internet entrepreneur right now, particularly if you are selling physical products. The first is that Amazon has continued to grow explode, even in the midst of all this post pandemic noise. You've seen Shopify explode over the last few months. Its stock has absolutely gone through the roof. And get this new Wayfair, which I never give any attention to unless it's in some sort of weird online conspiracy, has 10x in market share since the pandemic. If you had bought $100,000 worth of Wayfair stock just a few months ago, that'd be worth a million dollars today. Why is that the case? It's because there is more investment and momentum into online businesses. So there's more demand than ever for online opportunities for online businesses and for businesses to grow that already have their share in the market. And there's one more factor, and that's the fact that capital funding is really cheap and easy to get right now. You can get it in the form of debt from the government, or you can get it from investors who are hungry for opportunities right now. Ask me how I know. The third thing that's happening right now that's really interesting, and I never thought that I would see this again, is that ad costs are coming down. Advertisers who are moving away from Facebook and there's advertisers spending less money on advertising in general. We're in this really weird in between sweet spot where costs of advertising are lower than they used to be and the opportunities are bigger. Combine that with the fact that people are consuming more online content rather than less because they're spending more time at home and a lot of people are going through changes and we sit in a very interesting sweet spot. So all you need to do is have clarity in your aim, clarity in your idea. If you know who you want to serve and what the few products that you can launch to those people are, then you have nothing holding you back from building a seven figure business except the BS voice in your head that says it's gonna be hard Best time to target a new customer is what they're at the beginning of a new journey. And right now we see a lot of new journeys happening. We see people moving jobs, having kids, moving across the country, staying at home. We see people going on new journeys and those are the best customers for us to target. So if we are targeting customers who are starting a new journey in their life and we have a low cost to advertise to them and lots of momentum in selling stuff to them, well, this is just a magical time to become an entrepreneur. You don't even need to have it all figured out. You don't need to have it all funded. You just need to be able to have the vision for what you want to build and all the resources to support that are already there. It's all there and ready. And the only thing that it requires you to do is cast a very clear vision of what that looks like for you. And in my experience, that just comes down to your identifying who is the customer. And what are the three to five products that I'm going to sell to that person along their journey. I book 12 months to 1 million. You can get it on Amazon or you can torrent it or get it from a library. I don't care. That will give you the confidence to have a path and a plan forward. One more thing. If you are still sitting on the sidelines wondering what product you should sell and you've got a couple that you're considering, a piece of advice that I wish someone had given me was please just launch the product that you are most excited about. If something is exciting to you, that's an indication that it's your highest purpose. I really believe that. I think we give too much credit to what other people are doing and we ignore our own internal guidance that says this is exciting, this is what we should do. Listen to that voice. And I predict you'll be way more successful than all the people who are going to come and try and copy everybody else who is successful. It's very rare to that me too copycat brands ever become amazingly successful. I mean, can you name any. But you can name all kinds of brands that you really love, that you like to support. So be one of those. Be one of those brands. Be one of those entrepreneurs that has a very clear person in mind and you develop exciting products for that target market and has raving fans that want to follow and support you. If you do that, then you're in the position to succeed or at least lose by having a whack ton of fun. My name is Ryan Daniel Moran and I help entrepreneurs build seven figure businesses that they can sell. I'm launching some new brands myself that I'm really excited about. My last brand I started with about $600 and I took it to a $15 million valuation and sold it. And I'm now documenting the development of of my next brand here on the channel. So if you'd like to follow along, subscribe to the channel and turn on notifications because I'm going live several times a week to give updates about the successes and the failures of the business. This is the best time ever to be an entrepreneur. Don't waste it. Thanks for watching. Talk to you soon.
