The 3 Fastest Ways I Know To Grow Any Business

When I was 17, I made $6 an hour. When I was 21, I got to $25 an hour. When I was 23, I got to $250 an hour. When I was 26, I got to $2,500 per hour. When 28, I got to $18,000 an hour. And so in this video, I'll show you 3 ways to 10x your income. So the first way is through something called arbitrage. And so arbitrage is just a fancy word that means buying and selling between two different markets and capitalizing on the difference in price for the same asset. Now, there's a lot of ways that you can arbitrage. So this applies for both businesses and employees. Entire financial sector is almost built on arbitrage, which is, can I buy a stock for a certain price and then sell it later? And that's where you have options trading and all these other types of things that banks and financial institutions will make hundreds of billions of dollars a year on. So, number one, on a personal level, you can buy cheap locally, wherever you're at, and then sell, which, whatever you have, like your services, even to a more expensive market. Which is why the number one money making skill in 2024 is English. And so if you live in a foreign country and you live in Thailand, you live in Malaysia, you live in Vietnam, whatever, you have something where it's very cheap to live. And then you can sell your services globally at the most expensive market rate, which would be probably Europe and the US Then you could in a real way have this big arbitrage between what you make and what you spend. And so, for example, in Thailand, the median income is about $2,700 per year. And so if you can sell your services Even at the US median income, which is closer to like 50 or $60,000, you're looking at more than a 10x increase between what you make and what you spend and wealth, which a lot of people don't understand. Wealth is a ratio, it's not a number. It's how much you spend relative to how much you make. So you can make $50,000 a month or $500,000 a month. If you spend more than that, you're going to feel poor. Now, if you make $5,000 a month and you spend 500, you're going to feel rich because you always have more than enough. And the key about wealth is having more than you need. And so you can either make more or need less. So let me show you this to you visually. So Personally, right. You have a couple options. So one is your income stays the same, but you decrease your expenses by moving geographies. So you change where you live. The other way is that you can live somewhere that's normal. It depends on where you're starting. Right. And then sell to a different geography overall. Now, again, there's an interesting story that I'll tell you. When I had my really nice mansion in Austin, this is years ago, I noticed that when people came to my house to bid services, I was like, I feel like this is way more expensive than a comparable service that I've paid for in the past. And then I started talking to my neighbors about it and they're like, oh, that's just called the zip code tax. And I was like, what does that mean? They're like, you have a nice house, people just raise the prices because they know you can afford it. And I was like, oh, well, that sucks. And so I learned about that. Now I'll tell you a real example of a company that I actually invested in. So I live in a high rise building now, and there was a guy who met me in the elevator and he literally elevator pitched me for his business idea and I thought the business idea was actually really interesting. And he had a prototype, he pulled it up on his phone, literally. I mean, I live high up, so there's a decent amount of time in the elevator. And I ended up going to dinner with him and I ended up investing in the business. And it's actually one of our portfolio companies. And so I asked him though, because I knew what the revenue of the business was. I was like, how can you afford to live here? And he said, I can't afford not to live here because I get to meet people like you. And so he was way living above his means. But the arbitrage that he was basically getting into was network arbitrage, is that he was basically overpaying to have access to the best, you know, the people who had the most money in that specific market. And I still am not the biggest fan of that because it's so risky. But he ended up funding his entire growth of the software company based on people that he met in our building. And so I find that kind of interesting. And he ended up proving it out and the company's actually really successful. So it's definitely one of those, like, I wouldn't do it this way, but people have done it and it obviously worked. And so these personal income things I still think completely apply to business because the only way you can Go aggressive in business is being able to reinvest capital as you grow. And if you're just making income, the amount of capital that you have to get aggressive with is proportional to what you make versus what you spend. And so it's like, if you don't know how to make more, just spend way less. Like, when I started that, my first gym, I was first living on the floor. But even before that, when I made the transition, when I wasn't sure where I was going to have the gym, I lived in a spare bedroom for $400 a month. And so, like, I bring this up because it's not like I was balling out now, mind you, I had money saved up, I had $50,000 saved up, and I was making at the time about $4,000 a month from training people online before I made my transition to my gym. And so I say this to say, like, I strongly encourage you to employ some level of arbitrage within your life, either in your business or personally, or both. And you can do that geographically, you can do it via network, or you can just do it by massively decreasing your spend by spreading your expenses between more people, which is how I just shared a bedroom with somebody and only bought food from Costco and that was the only food that I ate. And so at the most basic level, all business actually comes down to some sort of arbitrage. Because even if you have a skill difference from someone else, you have an information advantage. And so the arbitrage you have is that you know how to do something for less than it costs someone else to do it, and so they pay you to do that thing. And the arbitrage between what it cost you and what you charge them is how you make a profit. And so arbitrage is absolutely, absolutely at the core of everything economic, where basically profit is created. The best part about arbitrage is that you can employ it at all levels of personal income. So even if you're just working a job versus you make a ton of money in your business, there are levels of it. And I would encourage you to start when you have nothing because you basically arbitrage is a way of thinking. It's like, how will I live my life in a way that I always have this differential between what something costs me and what I can sell it for for in the future. So the second way that you can 10x your income is through increasing the number of people who know who you are. Now, the way to do that is to give away amazing stuff for free, alright? And so giveaways is one of the strongest. I mean, they're so strong that they're literally regulated by the government. That's a really good telltale sign that something works, is that the government steps in because it's so powerful that people abuse it. And so the two most powerful words in marketing are free, free and new. And so when you have a new giveaway, you want to have it be something free. Now, I have been able to 10x my income multiple times in my life, like I said earlier. And I have done it basically in every business through some sort of giveaway. And I'll explain what that is. So the first massive increase when I talked about was actually through something that we called the six week challenge, which was where we actually just gave away six weeks of service and accountability and workouts and nutrition planning and. And everything to people. Now, no one else in my market could compete against that because they were just giving trials 14 days, sometimes 21 days. And it was just like workouts or it was just access to the gym. I gave away a full program. Now, I had a way of structuring it so that they would pay, but then they'd get the money back if they did it. And that encouraged people to give it a shot. But it was what took the gym to a completely different stratosphere. And just trying to do traditional marketing just didn't really work that well. Or at least I got traditional results, which were mediocre. Now, the next big thing that I did was in Gym launch. I wrote the Gym Launch Secrets book. And you'll notice this is a common theme for me, is that I write books before I get into any market. And I do that for a couple reasons. One is that when I write a book before I get into a market, the writing process itself is actually a learning process for me. And so it's like, how much can I learn? How much can I consolidate and synthesize information to put it into a really coherent way? Because I think writing is one of the best ways of learning how to think. And so the Jim Launch Secrets book, the reason this was so crazy is that it outlines everything that we did to turn around gyms. And I was so afraid to publish this because I was like, oh, my God, it's gonna be all my secrets. Everyone's gonna have it. But then this is where a lot of the giveaway, the secrets sell, the implementation mindset came from. And so you should never be afraid of the things that you're giving away. And this process of doing these types of giveaways is what generates huge amounts of demand. And so fundamentally, if you're gonna grow a business, you either gotta get way more customers. If it were to 10x, it's like, we gotta 10x the customers, we gotta 10x how much they're worth. And I' get to that later. So I'm going to put something to rest that you're probably worried about. I was so frightened to launch Gym Launch Secrets, the book, because it was like, this is everything that I learned. I was like, this is like my life's work in this book. It's 400 pages of how to just run a gym. Like, it's. It's every. It's like the trainer ads, the salesman ads, the training, the scripts, how to set up your lobby, like the upsell process, the different pricing packages, how to do semi private, how to do larger. Like, everything was in there. And I will say this, like, at a lot of big decision points in my life, like, Layla kind of like, put her hand on my shoulder and she's like, if you're afraid that it's too good, it's probably the right thing to give away. And I remember being like, all right, like, here goes nothing. You know, like, this could destroy us. But the thing that ended up happening is two things. One is that all my sales team was like, can you give away more books? Anybody who's read the book is like, so bought into our method, our way of doing things. Like, they immediately, like, we don't have to sell them on the gym launch way. They just like, they're like, can we just. I just need your help. I want to do it right. I want to do it right the first time. I don't want to try and like, trial and error this thing, which was the goal. But the sales guy saying that, I was like, okay, well, that's super encouraging. And the second thing, I'll tell you later, but this one is one of the most effective ways. And I'll give you a couple more examples. So when I started my software company, Allen, what I did was I gave away, and this is crazy, I gave away basically unlimited coaching and training, like a whole course that most people would charge a gazillion dollars for. I just gave it away for anybody who used my software. And so with Alan, we were able to go from zero to $1.7 million per month, all right, just using this within six months. And so most people were trying to charge agency owners, like, show them how to sell customers, how to package their offers, how to run Ads. I did all of that for free for anyone who just used my software. And so that was like a crazy offer. That was a crazy giveaway. And that's what generated a ton of demand inbound for Prestige Labs, which is my supplement company. The big thing that I give away there was the entire, what I called supplement, selling secrets. I used to say secrets a lot. I don't say it anymore. But I eventually called it S3, which was the selling system for supplements. And so this is something that had made me, I mean, so much money in my gym career that it took me two years to release it because I was like, I held it so close to my chest. Hey, if you actually want to implement this in your business, just send this video to whoever is going to be implementing it, or your partner, or just to yourself if you need to, or share it to your story. It'd mean the world to me otherwise. Back to the video. But basically instead of selling this, I just gave it away and then I just encouraged people to sell my product. Now the thing is, is that people could take this and many people did. They just took the selling system and then just sold other supplements. But I had built prestige to have specific technical components into how the business was operated. That made it so much more advantageous for people who went through this training to use my supplement. So it's like I show people how to sell massive bundles, how to sell subscriptions, all of these things. And I priced it so that anybody who would sell would be able to have a discount far below what someone could get for retail. And so it was specifically made for people who were going to go through this free giveaway. And you're like, man, did he stop there? No, because with school, like right now, for example, we're giving $100,000 away or a cybertruck to the person who uses the software, right, and gets and builds the biggest group within a 30 day period. And we've done three of these so far and I think we'll do another one here in December. But the thing here is that this is what generates a ton of demand on the front end. And so it's like if you want to 10x, you can't do an incremental change. You have to do an order of magnitude difference. And so that comes from giving away actual tangible value, real stuff. Like people were charging $10,000, $20,000 for what I was giving away here for free. And the thing is, it's not like, oh, I just like, just like tossed it up. I actually had the Support the same way somebody who ran a business that had like a coaching business would run it. Except I just did it for free. And with Prestige Labs, same thing. We had reps who would go out, call the gym owners up, train their teams on how to sell the product. All stuff that you'd normally charge for, we did for free. Jim launch Secrets six week challenge the $100,000, like all of these things had real costs that we were willing to incur because it generated so much more demand that it was offset with the amount of customers that we could bring in the door. And the only way that you can do a giveaway long term is that you have to have some sort of product that you know you're going to sell in the back end. Like, you have to still have a monetization system that makes sense. Like it still has to lead to something. So, like here it's like, cool. This led to the memberships. And then Gym Launch Secret led to Gym Launch, which is the licensing, right? And then Alan led to the software. Prestige Labs led to the products. And so each of them, basically, I gave away this thing that was really valuable, but then it led to, we monetized a different way, which I've said this before, but my favorite business model in the entire world is look at what everyone else is buying. Make it better, make it free, monetize another way. And so even with acquisition.com, i wrote both the books that are free, and, and I just recently released a scaling roadmap which most people charge a gazillion dollars for. It's 14 hours and every single stage has 30ish pages of what you need to do to solve the problems to get to the next level. And it's free. You can just go get it, it's on the site. But the whole point here is that this is what, this allows you to provide outsized value to people. And I bring this up and I show each of these examples, right? Because people don't believe me, or at least I see the giveaways people do, and they're just lame. They either don't do it because they're afraid of giving too much value away, or they give away something that just doesn't have a lot of value. But the key is that there has to be some sort of hard cost that people can actually realize, like, oh, this is real value that I'm getting for free. Because otherwise you don't have reciprocity. We want to jam value into someone else's wallet so that they then have to transfer it back to us in the form of money later. Now, the big key here is that you got to be willing to wait. But if you can do that, the cool thing is, is that so few people have that level of discipline. But this strategy will literally always be available. I can shout it from the rooftops and still 95% of you aren't gonna do it. And so if you're like, how do I come up with this thing that I give away for free in a hundred million dollar leads, I wrote a whole chapter on this. Engage your leads with offers and lead magnets. And I basically break down exactly what you need to do and how to think about lead magnets in general, how they generate more money for you. And kind of the different types of lead magnets that you can do, you can reveal a problem, you can do free trial, you can do a one step and a multi step process. And so each ones of these are different versions of this. So if we were to look at this as our little rubric here, right, Six week challenge is going to be essentially a three step and a multi step process. Because most people who work out for six weeks want to work out more later, right? So it's like, okay, cool, you're going to need this other thing later. Gym launch secrets. This one was more about revealing a problem. So it shows all the things that you need to do. And then people are like, oh my God, this is so overwhelming. There's a lot of things I need to do. Fix my gym, it'd be nice if I had help. And so then they take the next natural step with Alan. Same thing now with this business. The way that this model was kind of structured is almost like a freemium where again, you solve a problem for someone, you help them grow their agency, and then they're going to need the software even more. And the way the software is structured, it built as they grew prestige labs. So with this, basically the problem that they had is they didn't have a supplement sales system. Once they implemented the supplement sales system, the next problem they would naturally have is what supplements do I sell? Which da da, da. We have prestige labs, right? And so in each of these cases, you want to think about, can I reveal a problem for my prospect? Can I give them a trial of the thing I have, or is it one step in a multi step process and I give examples of these and then you can have different delivery mechanisms which I won't get into, but you can check that out there. So the third way to 10x your income is through making customers worth more, which is going to come down to the fastest way possible, pricing. And so I talk about price a ton and it's because it's the most powerful lever on profit. And if you're in the game to make more money, then you should try and raise it. And so the nice thing with this is that you can do this again. Whether you're an employee or you're a solopreneur or you're at a super big business, it works the same way. So you got your pricing lever, okay? So as an employee, you basically have three options, alright? So number one is you can simply ask for more money. Now, I don't recommend doing that because you're not going to 10x your income that way. So then it's like, okay, so if I just ask for more, ask, okay, I might get a little bit of a raise if I'm good. If I'm not, they might just say no. The way to really ask for it is to take on more risk. And so you will be compensated for the amount of value you create, your ability to negotiate how replaceable that skill is, and most importantly, the risk you're willing to take on. And so a business owner gets paid more than the employees in the business because the business owner takes on more risk. Right? Eduardo Saverin, who is the first investor in Facebook, he put $30,000 up and that was worth a gazillion dollars today. And he really didn't do much besides providing the first $30,000 of capital for the servers for Facebook to begin. And so he took on risk. And as a result of that, despite not really doing any work, he was able to make a significant amount of money. Now, as an employee, what does taking on risk look like? It means that you switch to a percentage of your compensation or the entirety of your compensation based on some key metric that you have responsibility over, that you can draw a connection between what you do and how much revenue or profit the company makes. Now, in some positions like sales, it's a little bit easier to draw that, and that's typically how those roles are structured. But if you know your job well, then you can think of ways to tie what you do to what the company makes. And you should do that because the closer you can tie yourself to revenue, the more valuable you will be. The third thing you can do as an employee is you can just switch, right? You can start applying to other roles, either within the business or in other businesses. I actually think that the within business swap is one of the Most underrated. So like in terms of which one of these will make you the most money, this will probably make you the most, which is you taking on risk, you switching. Sometimes you can get a significantly larger raise than simply asking. And I think the reason for that is that if you have, if you're in a role where there's multiple people in your role, it sets a precedent for the business that even if you're a higher performer, that they feel like they have to then increase everyone else's pay, which is kind of a risk to the business. Basically here you ask the business to take on more risk versus here you take on more of that risk. Now the switch allows the business to maintain face and, and allow you to get into a role that takes on more responsibility or has a different title and then you can earn according to that. Now the final thing here is obviously you can start a business which then would switch your category overall. But let's talk about that. So the pricing lever here is really related to your income. The pricing lever here in businesses is related to what you sell. Now I want to be really clear here. An employee sells your services, you just sell them on a recurring contract. But fundamentally it's what it is. And so I think people see these in very different categories. I don't see them as that different personally. Obviously the only real difference is risk. Now from a business perspective, because think about it like this. What's the difference between an employee and 1099? Mostly government shit. But the actual day to day, obviously there's control and you don't have to show up on time and you can have other customers, but the actual like what you do doesn't phenomenally change between being an employee and being a 1099. But a 1099 is a business owner and employee isn't. And so I just think that if I can, if I can smooth over that wall, I think a lot more people would be willing to take the risk because fundamentally like the doingness is not that dissimilar. And so here you have services which you sell your time for and you have a price which is your salary or the way that you negotiate your compensation. And that's it. Now as a business owner you do the exact same thing, but instead of having one boss, you have many bosses and you have to talk to them every day which are going to be your customers. And so I have talked to this at length and still none of you do it. So the big thing to do here is implement a price anchor. Now a price anchor is Basically just a price that you put way above your normal prices that mentally anchors how people perceive the remainder of your menu. And so people actually frame all numbers with respect to the numbers they heard first. And so by the way, if you're ever selling something you want to include even earlier in the presentation, massive numbers, even if it has nothing to do with the price that you mentioned later, just big numbers will frame people's minds in big Thoughts. So that when you say, and I'll give you a simple example and then I'll tell you a story. So If I said $10,000, right, and then I said $100, it sounds very different than me saying $100, $10,000, right? It's a different shift in terms of oh my God, that's so many different units right. Now obviously you heard the first one first and that does influence it. But big picture, the anchor makes everything else seem cheap by comparison. And so let me tell you the story about a crazy steakhouse that Sa BAE made. There's this restaurant by Salt BAE who's like a meme, but he actually has like, I think like 10 or 11 locations, something like that called Nuseret. And so Nuseret is a super expensive steakhouse and everything they have is a little bit more than the very expensive steakhouses. So like a normal steak there is I want to say like 90 bucks, which is pretty steep at least today, even for a high end steak place, maybe 100. Alright, but here's the thing, is that they have this gold menu which they just wrap the meat in gold foil and they charge like 2,000 to $3,000 for these steaks. And you're thinking, why on earth would someone go and spend two or $3,000? Because they want someone to know they spent two or $3,000. And so that would be buy. It's very different. A luxury item where the price of the thing itself confers the value to the product, meaning the more expensive it is, the more desirable it is. And the key to luxury products is that other people know how expensive it is so that you get status by proxy by being able to afford the product. Now that's very different than a premium product where the value isn't in the fact that it's expensive, the value is in the fact that it is significantly more valuable in terms of the result or experience that it delivers. This is what we call in the biz a profit maximizer. And so what a lot of entrepreneurs especially don't understand is that the thing you sell most of isn't Necessarily the thing you make the most money on. Alright, so let me say that again. So if you look at McDonald's for example, they sell burgers, they don't make a lot of money on burgers. If they only sold burgers, they would go out of business. And so even though it's the core product, it's not the profit maximizer. They make significantly more money on fries and coke because the margins on fries and coke are way, way better than meat and a bun and fresh lettuce and tomatoes and onions and all the other stuff. And so the thing you sell the most amount of is not always the thing you make the most money on. And so you can absolutely build like their business. McDonald's corporate's business is real estate, but the franchisee business is really the coke, ice cream and fries business because that's where they make the disproportionate amount of their profit. And so this is why the giveaway thing that I was mentioning earlier is so important is that you can have this very valuable thing that you give away for free and then you maximize your profit with this other thing that's significantly more expensive. That is typically going to be a very more handheld, more done for you, more heavy service, more concierge, more white glove version of whatever it is that you sell. Now if you sell on the product side, typically it's going to have to be newer designs, different materials that will make a better experience. So a friend of mine actually implemented this into his online business and he had this, he just created this super expensive 101 version of his thing that was 10 times more expensive. So his thing was $500 a month, he charged $5,000 a month for this thing. It was a business to consumer business. And the craziest thing happened, he then had a ton of people take this more valuable offer, which he had zero intention of actually selling. He just wanted to have more people buy the next thing. But not only that, a higher percentage of people bought his previously most expensive package because it looked like the much more affordable, more reasonable middle option. Because I want to over deliver, I'm also giving you a fourth bonus way of 10x your income. And so if leverage is getting more for what we put in, then we want to take maximal advantage of the assets we already have. And so a big part of doing that is saying okay, who do I already know? And so you want to hit your list with the combination of those three things. So you're like, okay, I'm going to arbitrage myself and Basically sell stuff for more than it cost me. I'm gonna live in places that cost me less than what I need to spend. So I can be more aggressive and take on less personal risk, so I can take on more business risk. Cool. Next thing you're like, okay, I need to give something amazingly valuable away. Got it. That generates more leads. Then I'm gonna upsell people into a super expensive thing. Got it. And so then finally the question would be like, okay, well who am I gonna do this to? And so this is where you look at your cell phone, you, you look at your email list. You look at, when I say email list, just literally the contacts that are in your email. Not like you've developed some email list. Now if you're a business, obviously you should have an email list. And if you don't, shame on you. Alright, so you've got your cell phone, you've got your email list. On top of that you've got all socials. And then let them know about this free thing that you have. And then create the ascension process that naturally leads from the giveaway where you solved a problem, so you revealed a problem, you gave them a trial of a solution or a one part solution to a multi step solution so that they then naturally want to buy your next thing. And so our largest portfolio company actually ran this exact play and in one email campaign. All right, so literally just like a three email blast right to the list that they had, they drove everyone to a webinar where they just said, hey, here's this amazing offer and they were able to make $2.3 million from this one campaign. Now obviously this is a business that has millions of emails on the list, but I mean, I don't know what your income is now, but three emails for 2.3 million ain't bad. And so if we scaled this down 1 10, then it would be $230,000 and if we did it 100x less than it'd be $23,000. But this is a great way to implement all of the stuff that I just said immediately. Yeah. And the reason that this is one of the strongest ways of 10xing your income, there's no real additional cost. Right. So you're just making money for not a lot of cost because we've already incurred the cost of getting the customers. And so again, arbitrage being a theme here, like we already paid for this, so cost is zero and we're going to sell this thing that cost a lot to them, but not much for us. And if you like this video, you're going to love this video. On 10 Ways to Make a Million Dollars.