If You Want To Succeed In Business, Don't Make This Mistake

In this video, I'm going to share with you why I believe most businesses fail. And if you don't make these mistakes, your business will succeed. It's amazing how many entrepreneurs I coach. And I just had a coaching session yesterday with a lady who's been in one of my coaching programs for a couple of years now. And she was, I mean, she's doing all right. She's, you know, she's, she's got a six figure business, but she's not doing as well as she would like to be doing. And when I started asking her questions, I realized, wow, like when you understand something really, really deeply and you explain it to people who don't understand it at all, there is such a communication gap in teaching, training and coaching. There's a communication gap between parents and children. There's a communication gap between leaders and followers. There's a communication gap between employers and employees. There's a communication gap. It's, it's amazing because my understanding of the thing is very different than the understanding of the thing that I'm saying to people. And you know, I wrote the book Boss Moves and there are four moves. Lead generation, lead conversion, customer ascension, customer retention. Literally, if you focus on like improving those four metrics in your business, it's virtually impossible for your business not to grow end over end. And at the end of this month, I'm going to San Antonio, Texas to go to the Inc 500 gala. I mean Inc 5000, because we were in the top 10% of the Inc 5000 fastest businesses, fastest growing businesses in America, 2022 over 2021. And we had like 1300 and something percent growth from 2021 to 2022. And it doesn't even seem that miraculous to me. It just seems as natural as the sun in the sky. It seems as natural as a bird in a tree. And so when you understand stuff at that level and you communicate it to people, sometimes it gets lost in the translation, which so clearly I sat down and I asked this lady, I said, so she said what she wanted to do. I want you to look at, she was a VIP day student. So I want you to look at my webinar and I want you to look at my challenge and see what I need to do to improve it. I said, okay, but let's do this first. How many leads are you generating a month? And when we looked at how many leads she was generating a month, it was not good. Okay, let me see your opt in funnels. She didn't have any. I mean, she had an opt in page on a funnel. But she didn't have an opt in funnel. Okay, you don't have an opt in funnel. I opt in funnel. By the way, for those of you see, there's that communication gap again. Right. So opt in means basically you have something that a webpage where people have the option of putting in their name and email address in exchange for something free that you're going to give them. Right. And so by doing that you build an email list or they can put in their name, their email address and their phone number. Well, we generate thousands of leads a month. Sometimes thousands of leads a day. But we generate thousands of leads a month. Right. And so to have a business that's generating, you know, 9 to 160 leads a month, you're not going to grow very fast because you, you're making a couple of these mistakes. So I'm going to, I'm going to go over to the board. When I get to the board, I'm going to write down what the mistakes are that you have to avoid if you desire to grow your business. And so the first thing, well, and then I asked her, I said, so who do you help and how do you help them? And she said, I help women and men.

Make money by speaking. And okay, so here's what we're gonna do. Let's just say women, what women do you help? What do they do for a living? Okay. And so we went into this big long, this is like a four hour coaching session and we finally got down to what she needed to do to take her business to the next level. So, so.

The first thing you have to do, mistake number one, don't make this mistake.

They don't know.

They don't know who they help and they don't know how they help them.

That's the first mistake. They don't know who and they don't know how. So if you say I help everybody, you might as well say I help nobody because there's not a single thing that's ever been created, invented. There's not a book that's ever been written that is for everybody.

So you have, if you don't know who it is that you can help, then you can't communicate it in a way that they know it's for them.

And, and I know a lot of people say.

Well, my ideal avatar is a 37 year old man with three kids. And.

I'm sure that could be handy, come in handy, but that's not what we're talking about. So you want to teach people how to sell. Okay, so you want to teach people how to sell, and you want to teach them how to do it in a seminar format. Okay? So here's what you do. You teach and you want to teach women. So you teach women how to go from selling one to one to selling one to many. Now, who are the women?

Well, a nurse. Okay, who else?

And then I don't remember all who, all she named. But I said, basically, if you're going to help somebody go from selling one to one to selling one to many. A real estate agent would be a good one. An insurance agent would be another good one. A financial advisor would be another good one. A car salesperson would be another good one. A person who sells alarm systems would be another good one. A person who sells securities. Solar. Solar panels, that could be another one. So you want somebody who sells something. If you're going to teach them how to sell, you need to know who they are and you need to know how you help them. So what I do, I help women? Not me, but I'm just saying this. I help women stop selling one on one and wasting most of their time and start selling one to many and multiply their income while at the same time dividing their workload. Okay, that's so clear. If somebody desires that outcome, now, they know you can help them, right? And so she's. And I don't. I don't think she'd mind me telling this because I'm not going to tell you who it was. She said. She said. She said. And I said, so what do you help them do? Well, I help them take their story. And then she said, I know you don't like that. I help people take their story and turn it into their signature system. Now, not that there's anything wrong with that. It's just not clear. Nobody's going to say, I want to turn. Nobody's sitting around thinking, I want to turn my signature story, I mean my story into a signature system that thoughts never entered anybody's head. Now why was she making this mistake? She was making this mistake because she was thinking from her offer, from her product, from her service, about the marketplace. Are y' all tracking?

That's backwards. You want to learn to think from the marketplace about your offer. In fact, when you think from the marketplace, you let the marketplace. You let the marketplace's desires design your offer, which means you only sell people what they already desire to buy. It changes the game. Like.

There are different ways to build a business. Our business could probably be 10 times bigger than it is right now. If we added outbound, outbound. I mean, outreach, outbound costs. If we just reached out to people and sold them. I just don't want to do that. There's nothing wrong with it. It's a great way to grow a business. I just don't want to do it. Why don't you want to do it? I'm 62. I don't want to hustle, I don't want to grind. I want to ebb, I want to flow. I don't want to hustle, I don't want to grind. Right. And so they don't know who they're going to help. They don't know how they're going to help them. Well, then when they figure out who they're going to help and how they're going to help them, they don't know.

How to say it. Clearly.

There are some people that have a really great product or service, but every time they talk about it, they ruin its impression.

Like, you have to say it. Well, you have to have. If you've got a great offer, you have to fit, figure out what is it in that offer that's gonna serve the people that you showed up to serve. And then when you talk to them, you only talk to them about how this fixes their problem. I don't even wanna. I don't wanna write a. I wanna write a book. Cause I wanna tell my story. I don't wanna tell my story. Nobody cares about my story. I don't even wanna read a book about my story. I lived it. I don't wanna go through it again right.

Now. Some people say, well, the Trash Man Cashman's your story. It's not Trash man to Cash man is financial literacy principles. Now, my story is in it, but the book is not about my story. What is the book about? How anyone can get rich, starting from anywhere. That's what the book's about. Are you following my logic? So when you talk to people, you need to talk to them about stuff they care about, not stuff you care about. Because if I want you to start caring about my stuff, I have to show you that I care about your stuff. And so.

They don't know who they serve. They. They don't know how to say it. And then when they know who they're going to serve, they don't obsess.

Over.

Their avatars, over.

Their prospects problem.

You know why people buy stuff from me? People buy stuff from me because I obsess over their problem more than they do.

I'M so obsessed with finding the answer to other people's problems.

And then I show up and I tell them I found the answer.

And guess what? They do. They obsess over paying me.

It's so simple. But most people don't do that. Okay? So that's number three. They don't.

They don't know their numbers.

What numbers?

Any of them. They don't know how many leads you're generating. Here are the numbers you need to here are the numbers you need to know. How many leads is your business generating a month?

What percentage of those leads are saying yes to your core product offer, which is the main thing or the first thing they buy from you? Like, one of our core product offers is boss moves book. When somebody comes to the boss moves website, we're converting between 38 and 39% of those people. Say yes to a book. I know. That's insane, right? It's insane. It's insanical. The offspring of insane and maniacal. Okay? So.

They don't know their numbers. They don't know how many leads they're generating. They don't know what their conversion rate is. If you don't know what you're. If you don't know how many leads you're generating, how could. How many leads you generate? A lot. What's that? How do you double a lot? Two times. How much is two times a lot? Right? It's right. It's two times right. It's twice as much as just a lot. It doesn't make any sense. So they don't know their numbers. You need to know how many leads you're generating. You need to know what's your conversion rate? You need to know how much money you spent to generate those leads. If you're buying ads.

And you need to know, what is your net profit? I am blown away by how many business owners we talk to. This is going to be shocking to y'. All. Business owners we talk to that are generating 50 to $100,000 a month and they have no cash. How's that possible?

Well, here's how. They're spending $50,000 a month on ads, and they're generating $50,000 a month and say, well, but I'm breaking even. Okay, now what you gonna do?

It's mind blowing.

Do you understand that generating 50,000amonth and having no money left over is called broke? At a higher level.

They don't know their numbers. And number five, they don't.

Have a profit generator.

What's a profit generator? A profit generator Is some premium value offer, like, let's say, your business. So it's really. So it's really kind of insane, our business, how profitable it is. Because one, this year we spent exactly $0 on ads and we've generated over $15 million in revenue so far. Which with $0 spent on ads. But that doesn't mean we're not spending money to generate those leads. Because what we're doing instead is the money a lot of people spend on ads. We spent investing in the studio and paying the people who run the cameras and edit the videos and all that stuff. So we're still spending the money to acquire the. But we have profit generators built in. Like even a boss moves book that sells for $30, it makes more than $30 profit.

But wait, I thought you said it sells for 30. It does. And it costs about $3 to make. And we charge $9.99 for shipping and handling.

And it costs about $3 to ship. So if you take 40 and you subtract 6, it leaves 33. We sell a $30 book and make $33 profit. Why? Because profit is one of our intentions.

And that's a low price product. But think about that. That's 1000% markup. That's 1100% markup. On a paperback book you make 1100%. Like if you could take. If you could take a $1100, you can't do that in the stock market. This is why I love business so much. Because it's like the returns that I get on effort and money is greater because I control the outcome. Does that make sense? And so we've got profit centers. What do our profit centers look like? Well, they look like.

$27,000 coaching program. A $25,000 coaching program. A $55,000 coaching program. Now, we just had one of our masterminds, right? We just had one of our Masterminds for our $55,000 coaching program and above. Right. For all of those people. Well, that master. That mastermind. For that mastermind. My outlay was Hotel 230,000 to put on that two day event.

You paid $230,000 to put on a fulfillment event? Yes. And the people who were there will not be able to stop talking about it.

Are y' all tracking? Because you just like King Solomon when the queen of Sheba heard his wisdom and seen his wisdom. She said it was like I didn't even believe it until I came and seen it. And the half was not told me. When people experience you Is their experience of you more than twice as good as the legend of you that they heard about before they found you?

So they don't have a profit product. And number six, they have no continuity.

Continuity. I'm going to write it just in case somebody needs to learn how to spell no. Continuity. What's continuity? Continuity is when you sell something to something. Sell something to somebody one time, but they pay for it from now on. What does continuity do? So having a premium value offer, we have a $55,000 offer, and we have a $350,000 offer, and we have a million dollar offer. Now, this event we just did, it was a fulfillment event, right? It wasn't a sales event. I mean, you lob out a soft offer. Just lob it out there, right? Sony takes it.

Right? And one person said, I'll take the VIP day.

So that even though I like. I put out $230,000 on that event, right? I made profit of $120,000 from the fulfillment event.

Are y' all picking up what I'm putting down? Why? Because this is what I think about when I think about my business. And if you're not thinking about these things, I promise you, you're thinking about the wrong things. So what's continuity? Continuity is you sell it to them once they pay for it from now on. So I'm gonna give you four different continuity models you can use. Number one, a membership site.

Netflix is a membership site. Zoom is a membership. Well, Zoom's not a membership site. Netflix is a membership site. Amazon prime is a membership. Prime is a membership site. Apple Music is a membership site. Spotify is a membership site. You sell it to them once. Like Apple comes and gets $15 out of my checking account every month whether I listen to some music or not. But not just me. Hundreds of millions of people every month. You understand if you had 100 million people paying you $15 a month, that that's 1.5 billion a month before you get out of bed.

Membership site. Software as a service. Zoom. We got Zoom on back here. Zoom is software as a service. One of our Zoom accounts is $100 a month. Our other Zoom accounts, $500 a month. So we pay Zoom $600 a month for a software as a service. Okay, that's continuity. What's the next one? A newsletter. A paid newsletter. You can sell a newsletter for $25 a month, $100 a month, $100 a year, $300 a month, $300 a year newsletter. And then my, My last and favorite Continuity program or one of my favorites. Not my favorite software as a service is my favorite is.

Be the Bank. What does Be the Bank mean? It means when you sell a premium value offer.

You finance it. And so one of our offers, they pay $28,500 down and $510 a week.

Not a month, a week. And we take that money on Ach. So what is that? What do we learn from that? Well. Or what do we earn from that? Well, that continuity and our membership site together makes us over $200,000. Well, 140,000 to $200,000 a month in continuity. You put all this stuff together, your business might go out of business for some other reason, but it won't be because you're not profitable. I hope this helps you stay blessed by the best.