Scott Duffy: Guide To Managing Through Coronavirus, Recession, & Uncertainty, Episode 13

Good morning everybody and welcome. Welcome to what Now. An entrepreneur's guide to managing through coronavirus, recession and these uncertain times. And I want to welcome you from wherever you're watching today, our friends on Facebook, YouTube, Instagram, Periscope and LinkedIn. I want to welcome all of you for joining us and and I hope you had an amazing night and you're off to a great day today. Again, my name is Scott Duffy and I am coming to you every day from 10 to 11am Pacific Time. Today I'm in LA. I go back and forth between Los Angeles and my home in Newport beach. And I'm just really excited to get today started because there is so much going on in the news. I have so much to share with all of you today. Everything from.

Information I received from friends and family and colleagues and co workers over the last 24 hours with regard to what they're doing in their businesses to help stimulate demand, shore up cash, adapt their products and services for this continually, ever changing market to information on how the new stimulus bill is going to affect you, affect you personally and going to affect your business. And again, I can't wait to get started. There is so much news coming across. We're a couple minutes late because I have just been digging and searching and looking for the best stuff to be able to share to help you guys to really not just thrive but survive in today's market. So again, I'm going to give this stream just a few minutes to propagate, a couple minutes to propagate and to make its way out there across the social media universe. And I want to apologize in advance if we have some glitches here with regard to the stream. What we've noticed today is that the social media streams are particularly slow because there's so much traffic. You know, everyone's at home. More people are on social media and we'll talk about that later in the show. What that means to you, what that means with regard to communicating with, with your customers and delivering your products and services. So again, I want to welcome everybody and as you jump in this morning, what I'd ask you to do, like I do every day, is please say hello, please. You know what, Doug? People are still using, they're still using Periscope. I appreciate you asking, but yes, they are still using Periscope. And good morning, Al Manfrey, it was great to catch up with you this morning. Craig Collins, it's always great to see you here.

If you are just joining the stream, what I ask you to do is please write down your name, write down what industry you're in and the biggest challenges that you may be having in the market today so that we can adapt this show and we can customize it based on what your needs are and the questions that you need to answer, the areas where you need help.

Again, I'm just thankful that you're joining today. So again, for everyone who's watching across Facebook, YouTube, Instagram, Duck, Periscope, LinkedIn, as you join this stream, what I'd ask you to do is please write down your name, the industry you're in, and what the biggest challenges are that you're having today. So those are things that we can address today on this live stream broadcast. Our focus today is really going to be on three things. The first is a new sense of urgency around generating cash. I really felt a shift in the energy with regard to the conversations that I had, the messages I received over the past 24 hours. And I want to address that. And I also want to address that new sense of urgency around generating cash. In light of some of the new news and information that has broken this morning, we're going to talk about ways to generate cash faster. We're going to talk about where the opportunity is, where the money is flowing, and we're also going to talk about creating stability. So if you are a person that is in transition, you're a person that has lost customers, you've seen a big piece of your income fall off in the past couple of weeks go away and you need to generate fast cash. I'm going to give you some ideas and some places that you can go to go and start generating some income, places that you can apply for work, places I know that are hiring right now and provide those resources for you. So as we jump in again, I just want to say hello, if you're just joining the stream, make sure to drop your name in the industry that you're in and the biggest challenges that you're having today so we can the rest of it.

Three things that I think are important for all of us to know today. The first is this, that the government has passed a $2 trillion stimulus package. It's actually waiting for a final vote from the House today. So we don't have all the details yet and I don't have all of the information yet with regard to what this means to you and me. But we have some high level things that have broken that I'd like to share with you. So the first is this, with regard to this new economic stimulus, it's going to help us in two different areas, one personally and two in our businesses. So personally, even though we don't have all of the details, here is what we know so far. That the Congress has passed a $2 trillion or close to passing a $2 trillion stimulus bill. The payments are expected to be $1,200 for individuals, up to $2,400 for those who are married and file income taxes jointly. There's also an additional $500 for each child. But in order to be able to get access to this capital, you're going to have to meet certain qualifications. And what we've seen since last night is those qualifications look like they will be the government will will base the payment off of your adjusted gross income in your 2018 tax returns. If you earn more than $75,000 as an individual, $112,500 as the head of a household, or $150,000 if you're married and filing jointly, the amount of those checks starts to get reduced.

So we're going to find out more details once this bill is passed by the House and by the it's in the House right now. We're hoping that it passes today so we can get the information that we need to go and apply to get this money. But again, this is what we know so far is that payments are expected to range from $1,200 for individuals to 2,400 for for those who are married and file income taxes jointly, plus an additional $500 per child. And to qualify to receive these personal payments, the government's going to use your 2018 tax returns. And if you earn more than 75,000 as an individual, 112,500 as the head of household, or $150,000 if you're married and filing jointly, the amount of these checks will be adjusted or reduced. So that is the personal side of this stimulus plan. And what we know now on the business side, what we know today is that small businesses, it appears small businesses are going to be able to receive up to $350 billion in loans. Now, the loans will be made available through lenders. So if you want to apply for one of these loans, remember this, the loans will be made available through lenders that are certified by the sba, the Small Business association, like banks and credit unions, with the maximum loan capped at $10 million. Now, the way that the loan is going to be used will be dictated by the government. At least the relief that you're able to get based on how you use it will be dictated by the government. So, for example, a portion of the loan used by small businesses who receive it will be expected to cover payroll and rent and utilities and things like that. And if you hit all of the criteria, the things that the government wants you to spend that money on over a certain period of time, that loan is going to be forgiven. It's 100% forgiven. So it's going to effectively act like free money. So, again, on one side, we have personal relief from the government, and I just shared what that looks like based on what we know today. And on the other side is business relief provided by the government through an SBA loan. And I just gave you the information, what we know today about what that looks like. Now, when this final package gets voted on, which we hope happens today, the details will be released. So I'm hoping that tomorrow I'll be able to give you the details with regard to where to apply for this stuff and how to go get it, and maybe some of the ways or some of the things that you can do to best position yourself to get front line, because that $350 billion for small businesses is going to go really, really quickly. So if I were a small business today and I was going to apply for one of these loans, here's what I'd be doing today. I would be pulling all of my things together. I'd be pulling together an application. I would be pulling together my taxes and my tax information. I'd be pulling together information with regard to employees and consultants, people that I pay.

I would be making sure that your current rent, utilities, things like that are accurately represented so that you have all this stuff ready. I would then go, and I would reach out today to a qualified lender, a lender qualified by the sba. So this could be somebody at your bank. It could be somebody that you've worked with in the past. And tomorrow, I plan to share at least one or two of these lenders with you to serve as resources for you. I would reach out to them today, and I would get started preparing an SBA loan package so that when this gets passed your package, your loan application is ready to go, and all that person has to do is click send. And as soon as I get information about how to apply for the personal part of relief, I'll give you that information so you can get everything ready, get it in front of the right people, so as soon as it gets passed, you can hit send. So make sure to tune in tomorrow. And by the way, if I'm able to get any More information on this today. If some, if, if, if everything passes and the details do come out today, I'll make sure to post that inside of our community. So, again, if you find any of this information valuable or you have friends that are looking for personal relief, or you have other business owners that you know that need a loan that can really use this type of relief, please share this information, share this live stream, share our group, have people come in and join the group and I'll provide, be providing all the links and all the information in there. I want to do everything I can to be an asset and a resource for you during this time. So that's the first thing that we know is the government aid is, is about to be available to all of us. That's number one. Number two, I think it's important to know that our ability to test for coronavirus is increasing rapidly. We're doing a much better job as of yesterday. The previous eight days, we tested more people than South Korea had in the previous eight weeks. And the reason that that's important to see that our testing is really getting online, is that.

We have been compared our American response to South Korea and South Korea's response has been held out like a benchmark. And so I think it's important to share that we're doing a better job. And in the past eight days, we've done what South Korea has done in terms of the number of tests that were given than they've done in the past eight weeks. And finally, it has finally been announced that, that the Olympics that were scheduled for the summer have been postponed until 2020. Now, even though we're hearing more good news and even more, even though we're hearing about some positive things that are happening in terms of government aid, we're hearing some positive things that are happening with regard to our ability to test and get results faster. What I want to make clear is this, is that that does not mean that this problem is going away anytime soon.

Two weeks ago, almost two weeks ago, the President announced an initiative. It was 15 days to slow the curve. And what he did is he asked the country, he asked all of us to make certain adjustments to the way we lived, the way that we worked and created certain restrictions. Now that 15 days is almost up, and we were hoping to see by the end of that 15 days, the curve in terms of the number of new infections reported, start to level off. He also, the President said yesterday he wants America to be open for business by easter, which is April 12th. But what I'm here To share with you is it's highly unlikely that any of that is going to happen. I know it sounds great and I know it gives us hope, but here's the reality. The number of new cases that are being diagnosed in the United States is exploding. A number I shared yesterday that it took 67 days for the first hundred thousand cases of coronavirus to be diagnosed, 11 days for the second hundred thousand cases to be diagnosed, and only four days for the third hundred thousand cases of coronavirus to be diagnosed. But what we're seeing is we're seeing a hockey stick in terms of the growth of coronavirus in states like in states like New York. Now, again, the spread of coronavirus, even though it is in 50 states, is still highly concentrated in just three states and 10 counties within those three states. But within those states and within those counties there, there's some rapid growth projected. I'll give you an example. Last night, the mayor of Los Angeles said that we are only six to 12 days behind New York here in LA in terms of the rate of the spread of the infection. Here in Los angeles, we're only six to 12 days behind new York. What he also urged, and he said, I want people to prepare for this, is that we would be staying at home not just until the end of the president's 15 days, but for the next two months. And he made that announcement last night. In fact, they're expecting things to get so serious here that businesses that do not close, that do not shut down. Last night they ordered that their water and power would be shut down so they cannot operate from those places of business.

So coronavirus is here and it's not going away. Just to give you, by the way, an interesting statistic. The state of California has 40 million people, and if it were a country, it would have the fifth largest, the fifth largest economy in the world.

I saw that the stock market today was doing not as good as yesterday, but a little bit better. And we've talked about this in the past, we've talked about this idea that I don't want you to spend a lot of attention focused on the stock market and the ups and downs and the highs and lows that we see every single day. And this is really important. You know, it's interesting. The top 1%, the top 1% of people that have wealth in the United States own 53% of the equities in the market. So the reality is the stock market has very little effect day to day on most people in this country. And those highs and lows and those big emotional swings that we see, I just don't think that that's something that you need to pay attention to right now. What I think that you need to pay attention to is this. And really with a greater sense of urgency, it is. It's preserving and growing your cash, preserving and growing your cash base. And I'm very quickly going to talk about this every day. Number one, on the preservation side, what we need to do is go back into our bills or into our bank statements, take a look at all of the auto pays that keep coming through each and every day, make sure that there's nothing there that isn't an absolute must have. And if it's not a must have, cancel that auto pay today. With regard to our big bills, whether it's our rent, our auto, our credit cards, go back to the people who issue those loans and renegotiate terms. In my case and in many other cases I've heard those types of lenders are pushing out payment anywhere from one to three months without any, without any negative impact on your credit. And then with regard to credit and credit lines, if you do have cash to draw from other places, you may want to consider drawing down that cash and doing it in the event that a bank decides to close the credit account without any advance warning so you don't have access to that, to that capital. So, so again, we want to preserve, we want to adapt. And overnight, I've seen some incredible examples of businesses that are adapting the way they do business in this economy. Now, I want to share some of those with you. And, you know, before I do, just real quick, what I wanted to say is a hello to again, everybody that's joining the stream across all social media. When you jump in the stream, if you could please add a comment with your name, the industry that you're in and the biggest challenge that you're facing today so that I can do my best to address whatever that is today on this show. And Susan, it's great to see you today. And yes, for all of us, we want to prepare today. We want to prepare today the things that we need to prepare to be front and in line so that the moment the government opens its doors and says you can apply for these SBA loans and you're qualified for the stimulus package, your loan package is ready, and all you have to do is send, get in front of the line when they open the doors for you to apply to receive a check, a personal check for you and for your family. We want to be the first in line to receive that check. Because there's one thing I can promise you and it's this, there is going to be such overwhelm in terms of the number of new applications and the number of people that are providing information to receive a check that you're going to see a delay in payments. There's just no way. I don't, I see this happening without a delay in payments. So be first in line, do whatever it takes in order to do that. So some of the things I see businesses doing today to innovate, I mean, I think what's really incredible is that companies all over the country are changing the way that they stay connected with their customers. They're providing new products and services, they're changing the ways that they deliver their products and services and they're replacing a lot of in person activity with video conferencing. Super cool. Some of these examples I'm going to give, I've given in the past, but the majority are new. I've never shared them with you. So for example, we've talked about distillers, alcohol distilleries. There's one that I love, it's called Moonrise Distillery. It's in Clayton, Georgia. And they have turned their entire production from alcohol into hand sanitizer. So again, it's just a great way. Businesses are adapting. The auto manufacturers, they have decided to convert their facilities, their manufacturing facilities in ways that can help us to either make new respirators or convert existing respirators to what we need today. All over the country I'm seeing fitness, wellness and yoga studios going live. So now they're offering live stream classes. And what they're doing is they're holding on to their monthly paid membership. And the way they're doing it is basically doing the same schedule that they would normally do. But all of the classes are live streamed. So you just don't go to the studio. You get the same exact classes, but they're being taught by your favorite teacher from home.

Then there's companies, I love this one. Hordley. So Hordley is a business that is in the business of helping people to organize their closets. So they'll come to your house and they organize your closets for you and they organize your garage for you and things like that. And what they know is they know that a lot of people, well, almost everybody, 40% of the United States population is under some type of stay at home order. So 40% of the population is at home. And because of social distancing, they can't come to your home to help you organize. And so what these guys did, they lost 300 billable hours in the last two weeks. So imagine that you lose three. Maybe some of you can relate. They've lost 300 billable hours in the Last three weeks because of coronavirus and stay at home restrictions. So in three days they completely revamped their business. They now have a new virtual organization package where they do a consultation and they give you a package and a guide for going in and reorganizing your stuff yourself. Because there's so many people at home right now. And what they're doing is they're reorganizing because they're looking for things to do. I thought it was a great idea. James Corbett in New York City. So the James Corbett Studios, if you haven't heard of them, they're a really kind of famous and prominent hairstyling studio. What they're doing is they're going in the home and they're doing in home visits. They're doing these one on one visits, which is similar to what I've heard Nail Studios doing. So Nail Studios are. I've heard of some people locally that have organized these five person get togethers. So they'll go to a sponsor's house. It's kind of like almost like works like network marketing where somebody invites four more people over to the house and they have kind of like a little wine thing, party kind of thing. And that person who does nails during the course of that event goes around and does everybody's nails. I think that's a really interesting way of reinventing your business and finding cash now. And by the way, if there's something that you're doing at your business or if there's something that you've heard about or would you please post what that is, how companies are innovating and finding cash today. Because even if the idea does not work directly for your business, it might stimulate some of these ideas, may stimulate you to think about your business in new ways. Now I know there's a lot of people in my community that are in the training business. So they're in the business of putting on live events. They're in the business of putting on online digital events. Well, here's an interesting idea. A company called Team building here in the US what they're doing, this is the company that would go and put together things like ropes courses and other live events that require people to get together and required people to be hands on with each other and work together in team Building exercises. What they've done is they've created an entirely new curriculum in the last week. So instead of having the hands on events, all of their team building events are now virtual, which is super cool. So here's some of the things they're offering. They're doing online office games, they're doing storytelling workshops, they're doing small daily competitions, just fun, small daily competitions. So that managers who are now managing the entire workforce remotely have another thing in their bag, another tool in their toolkit to keep their teams engaged. Bring a little bit of levity to the day, a little bit of lightness today and make sure that they're engaging with each other throughout the day. So again, team building, I love what it is that they're doing.

I also love it because when we're in isolation, because that we're staying at home, what this can tend to do is create depression. With so many people, it can create a depressed feeling because you may feel lonely, you may feel like what you're feeling and what you're experiencing is something that is only happening with you. So you're alone in the way that you're feeling about all of it. And I think that what these team building exercises do is they create a great opportunity for people to stay connected. So again, if you're in a training business or space, it might be something interesting to think about. Maybe it sparks an idea. Another interesting idea that I saw last night is there is a Swiss hotel. It is a five star luxury hotel. It's a hotel that is used to having guests like the Saudi royal family.

Who else stays there? Just all kinds of super high profile people.

Well, their bookings went from 100% to 0% overnight. Really common story that we're hearing in the hospitality business. And they didn't want to lose the hotel, but they were afraid that they were going to do it. They were afraid that with that sharp of a decline in business and their overhead without filling the rooms, that they were probably going to end up out of business. So what they did is they created a luxury coronavirus quarantine package. And so now this hotel is selling its rooms from $500 a night to $5,000 a night. And they provide luxury quarantine for people that either need to be quarantined or have been diagnosed with coronavirus. And upsells include everything from having your coronavirus testing done in your room and having a doctor come to you to providing a 24 hour care of doctors and nurses. So again, just another way that people are rethinking their business to continue bringing cash into, into this, into their business during this economy. And another business that has really been doing well, really taking off right now is online wills. So what has happened is this, this whole economy, this pandemic, this concern about what may happen to me has created this surge of people that want to get their personal affairs in order. So whether it's a trust or it's a will or medical director directive or power of attorney, whatever those things may be, there is a huge rush for people to get this done. Now, most of the time, people are putting together a will or a trust or a medical power of attorney. They're doing it face to face with an advisor. But my buddy Al Manfree, what he did is he actually repositioned his entire business last week, and they went to a virtual model. And so now what they're doing is they're doing virtual trusts, virtual wills, virtual powers of attorney, and they're helping people to really get their stuff in order. And it's an incredible service and it's super affordable. I'm just going to tell you personally, I work with Al, but I also, I'm having him this weekend. He's re updating all of my stuff and we're doing the whole thing. Everything's always been done in person, but now we're doing it over a zoom call on Saturday morning. And again, I really highly recommend that this is something that you look into whether you use Al or another provider. This is a great time to get your things in order. Now, first of all, thank you, Al. And second, let me take a look here at other comments that you guys have about what businesses are doing today to adapt to the economy.

So, Brian, you're, by the way, hello, Brian. You are saying that Rachel. Let me see if I can do this. I've never done this before.

Look at that. All right. Super cool. You're saying that Rachel has been offering services to help companies apply for the business loans available. So where is Rachel? Can you please share Rachel's contact information so that our users, our followers, are able to go and find Rachel? I would love them to talk to Rachel today. Again, if you're a small business and you want to apply for the loans that are being made available by our government through this $2 trillion stimulus package? The biggest piece of counsel I can give you today is to get first in line. To get first in line. With only $350 billion available to small business, that money is going to go really, really fast. And it's going to take Time for the government to be able to process all of those loans. Here's what's amazing about those loans. What's amazing about those loans and what we know today is that those loans, if you follow a certain set of guidelines, for example, you use money to pay people, to pay your rent, to pay your utilities, to do things to help keep the economy going. If you do those things over a certain period of time, that loan is 100% forgiven by the government. You never have to pay it back. What an amazing opportunity. The thing is, you cannot apply for these loans unless you work with a certified, a person who is certified to do loans, to process loans for the sba. So that could be someone from your bank, that could be someone from your, from your, from your local savings place where you save. It could be somebody else. But Brian is saying that he has a resource right now. Rachel. Brian, if you could get that information, that would be extremely useful for everyone who, who's on this call.

And Susan, Susan, thank you so much for joining. So you're in the legal family meditation crisis support industry. So if you could explain a little bit more about what that means and how we could use your services today, that would be incredible. And again, if you provide a service for entrepreneurs, a service for intrapreneurs that would be useful for our membership, for our group. Can you please tell us what you do and how we can get ahold of you, how we can use your services?

I just got to go right here to Doc V.

So first of all, Doc, I just want to thank you for all the conversations that we've had over the past several days with regard to medical data and helping me to sort through all of it to get more clear on what to expect going forward and to help me and to help other people to plan. Now you mentioned here that Kedma O is an SBA superpower. KDMA O has a book on how to raise capital. Now, Kedma used to work with the sbdc, the Small Business Development Council. And her job was to help small businesses to get loans. That is what she did. But she didn't just help get loans. She was able to find for people, not only loans, but grants and things that you would never have known were available. I highly recommend, highly recommend that if you are looking for capital right now for your business, go onto Amazon and purchase Kedma's book on raising capital because she will help you to find so many different sources again that you probably didn't even know existed. And some of these sources you have got to you've got to pay back. You've got like a typical loan, but some of them are grants. That's what they are. And so you may not have to pay that money back if you meet a certain set of criteria. So Kedma O. You are an incredible resource for this community. Kedma also is very active on LinkedIn and is constantly pushing out content around this crisis. She may be somebody for you to follow. And as I go through these comments, Steve Mellon Steve Mellon Steve Mellon is somebody that I've known a dear friend over 30, 35 years. Steve is a financial advisor. He is based up in the Bay Area. Again, another incredible resource. If you're wondering about what to do in this market and what to do with your money in this market, Steve is definitely a person that you should be reaching out to.

John Stein so John, you're in commercial Acoustic products and you're looking for more discussion around what to do if your business is still running and how to pivot your business and change markets. So I think it would be really helpful if you could tell us a little bit more about your business in this stream and then I could hopefully do a better job of answering that question more specifically and hopefully some of these other ideas, these other ideas about how businesses are pivoting will be able to give you some, some inspiration.

And again, if you're just joining this stream, if you would please drop in your name the industry that you're in and the biggest challenge or one of the biggest challenges that you're facing today so that I can help to address those things on today's show. Again, some of the industries that are really hot right now that are really taking off today, notaries. There is so much legal work being pushed around as a result of all of the new lending, all of the new borrowing, all of the new stuff, all of the new wills trusts. There has never been a bigger need for notaries. If you're looking for a side hustle or a side gig, doing mobile notary services is a really interesting place to be. Any kind of delivery service, any kind of delivery service to the home, whether you're delivering food, you're developing other types of products, really hot places to be. And also daycare, any kind of daycare that you can provide virtually or you can provide classes. You can provide courses to keep kids active during the day, to help us entrepreneurs, to help all of us to be able to work during the day and do our job while also caring for the kids. So anything that you can do to help keep those kids occupied it could be educational courses, it could be studying courses, it could be reading courses. My friend Craig Collins, who who is in this stream, who is in this group, has got the most amazing reading course I've ever seen in my life. Craig Collins, a great guy to reach out to. If you have dance courses, painting courses, other extracurricular activities, activity courses, jumping jacks, things like that, you can offer those virtually and you can pay other people will pay you today in order to provide those services and to help make their lives so much easier. And I want to jump back into the comments here for just a second. By the way, Travis Houston just joined now. Travis Houston, if you ask around in the digital marketing world, by the way, good to see you, Travis. If you ask around anyone in the digital marketing space, but you go to not just anyone, you go to the people who are at the top of that space, the biggest earners, not just in the country but in the world. And you ask them if you were to put together a short list of the top two or three or four people in this country that create sales funnels and bring people from offline to online, who would they be? Travis Houston is always on that list. Travis Houston is a person that I use and love dearly. Travis Houston is a person that most of the people in my network who make big money and I'm talking about people that make anywhere from 50,000 to, you know, $500,000 a month are using to take them online. So.

Again, if you are looking for help as a digit, is a traditional trainer, a traditional coach, or you have a product and you're trying to figure out how to sell it online, Travis Houston, who is in our stream, is a great resource and, and person for you to reach out to. And I also just a minute ago I saw a comment here from, from Kimberly and I'm trying to find that right now. But Kimberly, who I just love Kimberly, is in the hospitality business and Kimberly was working with, I believe it was Hilton, Hilton Marriott and was furloughed recently by the hotel chain. And two things on this first of all, let me just share another way that businesses are pivoting to find cash in this economy. So what a lot of the big hotel chains have done because they're shut down right now. And I just, I was talking to Sita. Many of you know my girlfriend Sita, I was talking to Sita. Sita has the number one lifestyle apparel brand that's sold in spas on all around the world. So if you go to the Ritz and the four Seasons and sandals. And you go into those gift stores or you go into the yoga works of the world. Her apparel is the number one seller everywhere. And she was telling me that she heard from the Four Seasons yesterday that they're planning to be shut down for the next three months. And so the question is, if you are in the hotel business, what do you do? I talked to a friend yesterday. He owns six small private hotels, and his occupancy across the country with the six that he owns in different regions went from 98% capacity to 4% capacity in two weeks. Now, what a lot of hotel companies are doing, particularly the big chains, is they're taking their janitorial staffs or they're taking their housekeeping staffs and they're teaching them how to. How to go and clean office and warehouse space and how to sanitize it and how to sterilize it to make this safe working condition. And so, again, it's just another way that entrepreneurs are being scrappy and finding new ways to find income in this changing market. So, Kimberly, what I wanted to share is.

And this is really for all of the trainers, the thought leaders, the people who are in a position right now where they're transitioning and they're trying to figure out how to leverage their expertise, and they're trying to position themselves as an expert in a space so that they can get paid in that space immediately.

And here's what I want to say to all of you. I want to say the most important thing, because everyone has gone online, and everyone is trying to position themselves as the person to see in their space. And almost everyone is trying to figure out how to do live streams and every single day. And almost everyone has increased the rate that they're sending emails and messaging to people to try and stand out. Here's the thing.

I grew up in advertising. So my family was in the printing business. We worked kind of. We did ads. When I worked with CBS Sports and NBC Internet and foxsports.com among my responsibilities was running ad sales. So I run other things also, but I'd oversee sales. And I remember back then, particularly pre Internet, the goal of an advertiser was typically to cast the widest possible net and see how many fish they could bring in.

But the Internet and narrow casting and 5 billion channels on television changed everything. Today, the riches are in the niches. You don't want to waste your marketing or your media spend. You don't want to miss that opportunity. You have to get in front of somebody in social media. On something that's so broad that it doesn't resonate with anybody. You see, that's the thing, I think if you try and be everything to everybody, you connect with nobody today. So the true riches are in the niches. And the deeper the niche, the further you go into a very, very, very specific niche, the faster you'll grow, the further your reach will be and you'll spend far less capital doing it. And that's what's incredible. So what I want to encourage you, Kimberly, to do and other people in the space that are starting to use social media or position yourselves as coaches is figure out what is your niche. Number one, what is your niche? What is the specific topic or the specific issue that you're gonna, you're gonna tackle within that niche? Again, broad don't mean anything today. Get really super specific. Get really clear on who your target is. I challenge people to create a list and to create A list of 50 different characteristics about who their target customer is. And you may be like, what? What the heck? 50 things. I challenge you to do it. I did this with one of my friends and clients, Hazel Ortega, the other day. Hazel needed to get clear for her new product on who her target was. And she said, scott, I can only come up with 10. We came up with 84 characteristics for one target customer and for the second, 65. And then we stopped. So who are they? Are they male or female? What's their age group? Where do they live? What do they do? Do they have kids or not kids? Are they married or they not married? Are they an empty nester? Are they not an empty nester? Are they stuck in the house right now or do they work for a critical business and so they're actually at work? What are these people thinking about? Like, what are the things they're saying to themselves in their head every single day as they go through the day? When they wake up? What's the first thing they're saying to themselves when they watch the news? What are they saying to themselves? What do they think all this means to them? What do they think they should do?

What do they love? What do they care about? What are their hobbies? What's most important to them? What's it like in their household? The further you go into a niche and the more that you know about the customer, the more successful you're going to be in this market. And.

That'S not a maybe, that's not a possibly, that's what's going to happen. And so, Kimberly, for somebody like you, that's in the hotel space. It could be really interesting for you to become a consultant that is teaching people who are in this industry. Maybe it's big chains, maybe it's smaller hotel groups, how others are managing through this crisis, how others in their space are repositioning themselves in this crisis, where they're finding their customers in this crisis. Maybe you help them to find new customers in this crisis. So I'm not sure exactly what it is, but that's kind of the way that I would be thinking in order to really navigate smoothly over the next, over the next few months.

So, yes. So again, if you're just joining this stream, if you'd like to please drop in your name and add any comments so that I can help to customize what we're talking to help to help all of you navigate through these difficult times. And, and we've talked about shoring up cash today. We've talked about having a greater sense of urgency for shoring up cash. Cash today. We talked about some ways to do that. We've talked about, number one, protecting yourself and making sure you're not paying for anything you don't need to pay for today. That's number one. Number two, we talked about ways companies are adapting. Ways they're adapting, they're finding new opportunities. And I've given you a bunch of examples of how companies are doing just that, how they're adapting and finally around that area. What I want to talk about is where to go find money if you need it today. If you've got to go, you need fast cash and you want to go. And you.

You want to get work, you want a side hustle, you want something that maybe helps to pay the bills while you're repositioning the business. You're recently out of work, you're recently furloughed and you need fast cash. Here are some new places that you can find work today. Over 2 million jobs that have become available in the last week. GE Healthcare is asking people to apply. GE Healthcare has a number of new jobs that are open, thousands of new jobs in the medical space. It's a great space to be in. If you don't have experience in that business and you can get into it, it's a great long term play. GE Healthcare today announced thousands of new job openings. Let's see, Instacart for those of you that use instacart. Instacart has 300,000 new jobs, full time jobs that they need to fill immediately. This was just announced. Pizza hut. Pizza Hut. 30,000 new jobs. We've talked about Amazon, 100,000 jobs, Walmart, 150,000 jobs. 7, 11, 20,000 new jobs. And big companies are announcing these new mass hirings every single day. Maybe, just maybe, there's an opportunity for you as an entrepreneur to help them to qualify the leads and hire the people. I don't know. My guess is that Walmart and Amazon staffing departments aren't much bigger today than they were three weeks ago. And maybe they're trying to hire more people for their staffing apartments. But maybe as an enterprising entrepreneur, as somebody that's always looking to solve a problem, you can create some kind of service that you go and you connect with these companies that need to do these mass hirings and you help them to sort through resumes, pre qualify candidates and do some, some interviewing for them. That is a real big need. Tonight, I can tell you, my buddy Aaron, he's looking for thousands of new drivers for companies like Walmart and Target and grubhub. He cannot, he does not have the resources, he does not have the personnel to go through the resumes and screen people fast enough. What would happen if you created a company and you went to somebody like Aaron and you said, I'm here to help and I have, there's me and maybe I've got a small team of people that can come in behind me to help you to do it again. Just another way for entrepreneurs to be super scrappy during this time. Finally, wifi is getting much slower and you may have noticed if you take a look at Internet usage at&t was up over 65% last week. Verizon over 40% last week. Last week the numbers are even higher this week. Facebook has a 50% increase over the last few days in use of services like Messenger. Twitter has more traffic today than it has ever had, ever had. Today YouTube actually announced that they were going to be ratcheting down, they were going to be ratcheting down their video quality all around the world in order to make streaming easier and take up less bandwidth worldwide for the Internet. If you are doing, or you're considering doing live stream programming over the Internet, doing things like this, doing your own live streams, hosting your own zoom events, stuff like that, What I highly recommend is this. There is a service that I just started to use and thank you so much, Travis again, Travis Houston, for recommending this. It's called Trip mode. And if you download trip mode, what it enables you to do is ratchet up and down how the Internet is being used in your House and where the signals are going. And this is incredibly important. It is incredibly important. And the reason is you can then bring more speed or more bandwidth to the computer that you're broadcasting out of in order to have a more clear and more consistent stream. So, again, trip mode and is a great resource to use. And I see from a couple of new Facebook users, the SBA disaster loans or just regular loans? That's a great question. The best thing to do is don't worry about the name right now. The best thing to do is to connect with anyone you know that is a certified SBA lender. A certified SBA lender. So this could be somebody at your bank, it could be somebody from your credit union, it could be somebody that you find online or going to be providing resources. I want to check them out personally today. We're going to be providing more tomorrow. But get your. Basically get your stuff ready, get your tax returns and any information that you think you may need to get a loan, an SBA loan. Because what I want you to do is get that information in front of a certified SBA lender today. Today. Act fast so that your loan stuff can be put together. And when the government finally opens up the doors and, and tells us what to do, people like that lender can just hit send and you're the first person in line. That $350 billion that has been guaranteed for small business is going to go fast. And I really recommend, if you're a company with under 10 people, if you're a solopreneur, that this is something that you jump on super fast. Like, this is a great opportunity for small business. And by the way, I mean, like, I just. I just love entrepreneurs. And I hear it gets me frustrated because, like, I'm with you guys. Like, I just want to champion what it is that we do and the value that we bring to the world. We find the biggest problems, we figure out how to solve them, we figure out how to finance them. But here's the thing. When you look at the dialogue today in the economy, what you hear about is bailout by the government of big industries. The airlines and things like that. The travel, the travel industry, you hear about bailouts for things like banks, and everyone's got someone to go to. The airlines can go to the government, they can go to Treasury. The, you know, the. The banks can go to the ftc. Who in the hell do micro entrepreneurs go to? Who do solopreneurs go to? Who is talking about these people and putting people like you and me up front. Well, this loan program could be a way for micro businesses, for small businesses, for solopreneurs to jump in and to actually take advantage of some government assistance. It's 100% forgivable. It's like free money. So again, I've shared with you throughout this broadcast what I want you to do today. If I'm able to pre qualify resources and lenders that can help you, what I'll do is I will put that in the stream today in our social media group. Please go on and join our Facebook group. Please refer this Facebook group to others that may need assistance in their business or personally. I'm willing to give you, and I want to give you 1000% of what I hear, what I know, what I, what I share. Well, I want to make life easier for you. So together we can go build a better planet, we can leave a better mark. I'm asking you to do one thing and that's just to hit share, to share this with your groups, with your communities and help pass along this information. If you find it valuable to join our group, encourage people to join our Facebook group and community so that other people can find, easily can go and easily find the links to the resources that they need so that they can act quickly, which is so important because there is so much noise out there. I've said this in the past, it takes about two and a half hours every day to prepare to come on live for one hour because there is so much hype and there's so much BS out there and there's so much that's overblown and there's so much misinformation and it's so hard to find the right link that we can go to to get loans like this. But I'm willing to put in the time so if you could be willing to share this and get other people to join so we can put the right resource in front of them. Hopefully we can help more people and we can help them faster.

With that. I want to say I love all of you. I want to say we are going to get through this and we're going to get through it together. There's only one way that we're going to get through this and that's together. I want to thank you so much for joining. If you enjoyed the broadcast, please share. Please add your comments today. Questions. Feel free to text me, hit me up, email me whatever, DM me any questions that you have and I will see you tomorrow. Until then, you have a great day, a great evening, stay safe and I'll talk to you soon. Bye. Bye.