This is EXACTLY how I build 8 figure businesses (3 Steps to Succeed)

One of our team members, justice, asked me a question this week. He asked Ryan, if you had a million dollars and you had to invest it in one of the businesses that was coming from our community, who would you invest in and why? That was an interesting question because it forced me to think, who's doing the exact right things? What business is doing things that I know would win? When justice asked me that question, I immediately thought of somebody in our incubator. We have an incubator where we help entrepreneurs get clear on their vision and launch profitably. And then we have relationships with investors and influencers to help stack the deck and make it possible for them to sprint towards that first million dollars and even go beyond that. And I thought of a gentleman in there by the name of Casey. Now, Casey is a new entrepreneur. He's been sitting on a couple ideas for a long time, but, but he's doing all of the right things. And even though Casey hasn't launched his business yet, even though he's not profitable yet, even though he doesn't have any revenue, as far as I know up to this point, he's doing a few key things that I think will make his success inevitable. When Casey came into the capitalism incubator, he was sort of coming up with a couple ideas that he wanted to do, but he wasn't crystal clear on exactly what he wanted. He's gotten very clear as a result of going through the processes and the challenges that we put people through. Inside the incubator, for example, we make every member pitch to the entire group. You share your vision, you share what your roadmap to your product line is gonna look like, how you're gonna get to a million dollars. We poke holes in each other's plan. Casey wasn't as clear when it came to pitch week as he is today. Once he got very clear on the business that he wants to launch.

A clear target audience that he wants to sell to, he was able to ask the question, who do I know that can help with this? And the answer to that question is the reason why I'd be willing to put a significant amount of money into his business when I'm working with a new entrepreneur. We are identifying the three key areas that make it possible for an entrepreneur to have an eight figure exit. Those three key areas are sales channels, audience and product. And of course, you need enough capital to be able to make all of those things happen. So those are all of the core areas that need to be lined up in order to ensure that you've got enough Firepower and vision to build an eight figure business and have an eight figure exit. So when we look at sales channels, what we're really looking for is how are you going to take an order? Are you gonna launch on Amazon, are you gonna take sales on Kickstarter, Are you gonna sell through retail stores? What's the plan to success for you to be able to take sales? And the one that you're most comfortable with is the one that you should focus on. This is where a lot of entrepreneurs get lost. Cause they get obsessed with all the ins and outs of Amazon as it's the lifeblood of their business. But the other key areas are just as important as the sales channel piece. The next piece is audience. Audience is who's going to buy this from you? Where do you have a group of people who hungrily want what you have? Sometimes we recommend people build small Facebook groups of their target audience so they have a little group that they can launch to. Or if you blog or have a podcast and you've already got an audience that you can use to warm up to be buyers of the product that you want to launch. Well, can Casey did something very smart. He did something that we suggest a lot of our students do. He went out and he connected with influencers in his space. We're talking influencers with hundreds of thousands, sometimes millions of followers. Now he started with just one. He worked his network and found his way into one influencer. But then that relationship gave life to other relationships. It made it easier for him to have conversations with other influencers as well. One of the things we encourage a lot of our students to do is to build kind of a board of influencers, a board of audiences that have equity in the business. So when you go to launch a product, you've got five different people, each with a following of 50 to 150,000 followers, which gives you hundreds of thousands of people that are ideal for your product launch. Well, Casey went out and found excellent influencers and he worked his network in order to build those relationships. And I was really proud of the relationships he brought to the table. If he secures those relationships, I think that he has an absolute clear path to having a seven, maybe even an eight figure business. The third part of the business is product. You can have the best sales channel in the world. If your product sucks, you're not gonna have any repeat customers. You can have the biggest audience in the world. But if you just sell boring T shirts, probably not going to make many sales. You need all three pieces of the business. In order to build towards a seven or an eight figure business, Casey did those three areas extremely well. Casey was clear on product because he knew who his customer was. He was his customer. He went and asked people like him, what are some of your pain points in this world? And he got really clear on that. He started with that amount of clarity. Then he went out and he started building relationships with influencers who had large audiences because he had a clear product line and now he had some distribution with the relationships that he can bring to the table. Now he can ask the question, how do I want to sell this thing? Now the truth is, since he's developing a great product and since he's starting to build relationships with people who can help him spread the word, he doesn't have to have the best sales channel in the world. Because he has the two pieces so dialed in, it's going to be easy for him to be able to collect sales. That's why I said that he is the person that I would give $1 million to. So many times as an entrepreneur, we become tunnel visioned into one of those key three areas. My suggestion is for you to stay in the owner seat and to build relationships and partnerships with people who can manage those three parts of the business. For example, you're probably not going to go out and make your own product. If you're selling a physical product, you're probably not going to go to the warehouse and assemble it yourself. You're going to pay somebody to do that. You're going to pay a warehouse to store it, you're going to pay a manufacturer to build it, you're going to pay a formulator to make it. So you already are used to the idea of partnering with somebody to make the product. You can do the same thing with sales channels and with audience as well. In order to build an audience, you can make a lot of content for the next three years. Or you could just build a network of people who already like doing that. You could become the expert at Amazon, or you could hire an agency that already specializes in that and has 12 clients with a bunch of data about what works and, and what doesn't work. When you are able to line up those relationships, you get to stay in the owner's seat. And when you line up those three pieces, then you also can focus on the next piece, the next layer, which is making sure the business has enough capital. That's what I look for when I'm thinking about investing in a business or when somebody asks me, how do you know that the entrepreneur is going to win. I'm looking for somebody who is bringing the relationships together to fill in each of those pieces. I'm not looking for the person who knows the most about building funnels or even the person who has the biggest audience. I'm looking for the person who has relationships with all of those. Because if someone has those relationships, then they have a superpower, they have a secret weapon, they have a clear path to victory. And I know that as an advisor or an investor, I can go in and help them execute that path to victory. Victory. If you're an entrepreneur and you're looking for opportunities to bring those pieces together, that's what we do inside of the capitalism incubator. That is a 12 month experience where we're helping entrepreneurs get clear on their vision, launch profitably and then scale as they build the foundation to a seven figure Businesses as where we bring in resources like our network to help people execute upon that vision. And we even have a small investment fund where we deploy capital into some of the businesses that come from the incubator. If you want to find out more about that, you can find out what we do over@capitalism.com Inc. As capitalism.com Inc. In the meantime, I'm Ryan Daniel Moran with capitalism.com I invest in entrepreneurs and I believe that the fastest way to build wealth is to build a business and invest the profits. And if you build a business that has a clear audience, that has decent enough sales channels and has a clear product line, that's four products, 25 sales a day, that's 100 sales a day at a $30 price point. That's a million dollar business. That's the formula. That's how we build businesses. So I hope you found value in today's video. If you did, let me know in the comments. I'm Ryan Daniel Moran and I'll see you on the next video. Thanks for watching.