Scott Duffy On How to generate cash & create stability in the face of forced closure, Episode 12

Good morning, everybody.

Good morning and welcome to episode 12. I can't believe we've done this 12 days in a row. Now what now? An Entrepreneur's Guide to Managing Through Coronavirus, Recession and Uncertain Times. And this is a program that you're going to want to watch today, because today our focus is going to be on how to generate cash and and create stability during uncertain times. How to generate cash and create stability during uncertain times. And I want to thank all of you for joining our community this morning. And if you're just hopping on like every day, like I always ask you to do, if you could just please write down what your name is.

Down below in our comments, what your name is, what, what you do, what industry that you're in, and the biggest question or questions that you have today that I can help to answer. Because my goal is really to be in service of you. My goal is to address the things that are keeping you up at night, that are getting you up early in the morning, and help you. To help guide you through this period. And so again, we are just kicking off our 12th episode today. This is 12 Days in a row of what Now? An Entrepreneur's Guide to Managing Through Coronavirus, Recession and Uncertain Times. And today our focus is going to be on how to generate cash and create stability during uncertain times. And I'm going to give this just a minute, just a couple of minutes to propagate. And we're broadcasting live across Facebook. I think we're on three channels right now on Facebook, YouTube, Instagram, Periscope, LinkedIn. And we're going to give it just a couple of minutes to propagate. But again, as you're logging in, please write down what your name is, what industry you're in, and the biggest challenge that you're facing today so we can go ahead and customize the show and address the things that are important to you.

As we kick things off today. I just want to tell you it's going to be a great episode today. It is a ton of new information. I've been up all night, really scouring the Internet, talking to my friends, my network about what they're seeing, what they're feeling right now in the economy. I have really challenged people to find innovation and share with me examples of innovation taking place all over the country so that you can use these examples of innovation to help stimulate you into thinking how you. You can adapt personally or how you can adapt your company in a way that will help you generate the most cash and again, create some stability today during Uncertain times. I also want to share with you that with regard to the way I've been doing the show and its format, what we have been doing for the last 12 days is spending one hour together. So it's been a one hour show filled with kind of like linear content. And what I've been asked to do, one of the biggest pieces of feedback that I'm getting is to effectively go through each kind of section of the show and then repeat it at like the half hour mark. And so that's I'm going to test today because again, I just want to create programming that is really valuable for you and that is going to be the most helpful for you and give it to you, keep what you want and the way that you want it. So today we're going to test something different. I'm going to go through the entire program in about 30 minutes and then I'm going to effectively repeat what we talked about on the first half of the show. Again, we're broadcasting live across Facebook, against across YouTube, Instagram, Twitter, Periscope and LinkedIn. So you can tune in on all those channels. And if you find anything here today helpful, if what we're sharing today is useful, I would ask you to please do one thing and that is just share this, Share this with your community, share this with your groups, share this with your friends on your timeline, on your pages. And please contribute. The most important thing about building a community is really getting everyone involved. And I am really interested in hearing your experience and sharing your experience. I love to know what types of things that you're experiencing today, what's working for you, what isn't working for you, what kind of advice or counsel you would give the group you give to other people. Again, that's helping you, that's working for you and helping you to move through this economy.

And we're going to wait just about one more minute before we kick off. We're going to give this a chance to propagate just a little bit longer across social media. I want to thank you so much for joining and I want to thank you so much for all of your messages, your emails, your texts over the last 24 hours. What you have been sharing with me has been extremely helpful in terms of helping me to know what is going on out there, what you guys are feeling and the kind of information that you feel would be most useful. And the number one thing, thing that I heard over the last 24 hours was this. Can you please show me what I can do today to make money what can I do today to generate cash? And so whether that is as an entrepreneur or as someone that has recently laid off, someone that has been recently furloughed, that may be looking for ways that they can cover the rent, cover apart a car payment and earn some extra cash on the side. And so those are the types of things that we're going to be talking about today. Because even though it sometimes feels like the cash has stopped and money is not flowing, I want to be absolutely clear, there is money flowing everywhere. There are jobs open everywhere. There are over 1 million new jobs that have opened in the last week across about 15 big box companies that are open today where wages are going up, where companies are actually giving double overtime pay, where companies are actually giving double big boosts in terms of what they would normally pay hourly to people that will jump in and help them today. Because in some areas, like I said, the money hasn't stopped. It's just the places that the money is going has been redirected. And that is really what today's show is about. Today's show is about how to generate cash in this economy, how to adapt your business to go to where the money is today, and also how, how to build and position yourself and your business and your business so that you can not only thrive now, but I want to share with you the industries in the specific types of services that are really going to thrive over the next year. And there's a bunch of people that I'm going to want to thank for this along the way, a bunch of people I talked to, some amazing social posts out there, and I'll share this information throughout the show and in our stream as well. So you can always come into our group. Click into our group. There's a bunch of resources in the group, including some of the most valuable posts, articles and videos that I've seen to help us all navigate through this period together. So as we kick off today, again, I want to ask you, please share your name, what industry you're in and the biggest challenges that you're facing so that we can help to tailor the show for you. And I want to start with three things I think are important to know. Three things to know this morning. The first is that the government is expected to pass a $2 trillion stimulus package to help business. And this includes what many of us have heard about over the past week, which is a check that all of us are supposed to receive in April and May. Now, because we don't have that package yet, it's not passed I can't comment on what's in it and how it affects you, but what I promise to do is if that is passed today, during tomorrow's episode, I'll break it down and I'll share with you what you need to know about that package and how it will impact entrepreneurs. Solopreneurs, intrapreneurs, people who have been recently unemployed, people have been recently furloughed. People are looking for ways to pivot, to pivot their business. So I will do everything I can to break it down for you. The second thing I wanted to share, things that you need to know is that big retailers like Costco and Walmart have now begun adding senior only shopping hours. And again, I think that this is really important to know is if you have family, you have friends, are 60 years old and they need to get out, they want to get out to the market, they want to get out to shop. I think it's really important that we protect these people because they're the most vulnerable with coronavirus. And so just know those hours are about to be posted for both Costco and Walmart adding senior shopping hours. And the third thing is there are a slew of new job openings. Every time I reach out to friends, I have several friends that are looking for workers right now. Every time I look at the news, there are companies all over the country that are hiring. So if you need cash, if you need to pick up some extra cash today, if you need to make rent, if you need to make your car payment, if you need to make a utility payment, please stick, stick around for the next five, ten minutes and I'm going to share with you a number of different places that you can go and apply today. And they're not only hiring right now.

They'Re increasing what they pay, they're providing special bonuses, they're providing special incentives because their businesses are growing so fast. So stay tuned for that. One thing I also want to share with you this morning before we, we dig in is this is that the market was up today and it was up big, at least this morning in early trading hours. And just because the market's up, is up, I don't want you to think that this is over. It's pretty crazy when we take a look at the rate of infection of COVID 19 and what has happened in just the last few.

It took 67 days, and I want you to hear this. It took 67 days for the first 100,000 cases to be diagnosed. It took only 11 days for the next hundred thousand cases to be diagnosed. And it took only four days for the next hundred thousand cases to be diagnosed. And what the data is showing us is, is that the rate of infection in the United States is growing even more exponentially than the rate that I just shared. By the way, I want to thank Patrick Carney for sharing that information with me. Thank you so much, Patrick. So the lockdowns are going to continue, and we're seeing even more countries that are starting to lock their people down. As an example, India today announced that 1.2 billion people have been asked to stay at home and in a lockdown for the next 21 days. So just because the market may spike big today or spike big on the news that there's a new stimulus package that's passed by our government, don't think that that's the new norm. What we're going to experience a lot of up and down and a lot of volatility over the next several weeks or months. So what do you focus on when there's all of that stuff going on out there? What do you focus on? Well, that can be kind of confusing. And the reason it can be kind of confusing is there is not one single kind of like, national mandate about what we're supposed to do. The challenge is that states are setting their own rules, many of their own rules. Local counties are setting other rules. And so I know if I drive from Los Angeles, where I am today, to Newport beach, where I'll be tonight, where with my kids, and then down to San Diego, the rules of engagement, what I'm able to do, what businesses are open and what businesses are closed, whether or not I'm supposed to stay in or be out are different. So it's a bit confusing. So with all that confusion out there, what do you focus on? You focus on what you can control. And really, the topic of today's episode, and that's this, we focus on cash. It is so important. We focus on cash, generating cash, preserving the cash, that we actually, I'm going to break it down to three hours or into three different sections. When we focus on cash, we're going to focus on how we preserve it, how we adapt our businesses and adjust and really shift our businesses and our focus into the areas that money or the money is flowing. And finally, when it comes to cash, how do we pay the rent if we're short on money? Because money is like oxygen for entrepreneurs. Where can we find it? At least, where can we find enough today in order to pay our bills and create some stability? And maybe that Stability will help us as entrepreneurs and solopreneurs, rethink what we're doing and how we're doing things in a more productive way so that we can all move forward. So, again, with regard to cash, we're going to start with, number one, preserving your cash. I'm going to go through these things really quickly because we've talked about them before. Number one, I want you to make sure that you stop any bleeding. So go back to your last two, three months of bank statements. If you have any auto pays that you don't absolutely need, go ahead and kill those auto pays. Number two, big bills and big billers, whether it's your rent, it's your auto, it's your credit cards, other big bills that you pay on a monthly basis, go back to the people who are your lenders or your utilities and renegotiate those terms. So again, I mentioned this several times in the show, that if you call your banks, you call your auto companies, you call the utility company, they will work with you and they'll push your payments back anywhere from 30 days to 60 days to 90 days. They will work with you. And again, as it relates to rent and mortgages and things like that, I believe that there's going to be some.

National policy that will be set in the stimulus package that hopefully will get passed today that I'll be able to share with you tomorrow. And finally, credit lines. If our goal right now is is to be able to access and hold on to as much cash as we possibly can during this period, it could be a good thing. If you do have access to cash through credit lines, to draw down in those credit lines today. Not telling you to do it, but I'm telling you to consider it. And the reason is this. What we learned in 2008, what we learned in 2001, our last two big market corrections was that when the market does what it's doing today, when the market effectively crashes, banks typically cut off credit lines. They close them without any notice. And they not only close them without any notice, but what they also do or can do is call those credit lines, which means that you may owe $10,000, $100,000, a million dollars on your credit line. They may ask you to pay that today, the day they close it without any warning. They may, in the terms that they've set with you, be able to go into your other accounts to get access to that money if you don't pay. And so what I'm finding right now is a lot of people that are accessing cash that's available on their credit lines, and they're putting that cash into a separate account in order to.

Keep it safe. Maybe that's a good way to put it, to keep it safe so it can't automatically be drawn upon. So, again, something that I just want to share, not telling you to do it, but I just wanted to share what other people are telling me that they're doing in today's market. Adapting. So this is, number two, adapting. It has never been more important that we forget everything that we knew up to two weeks ago, that we forget about the things that really worked for us, made us the most successful, were, you know, the things that resonated the most in the market and that we approach every single day today as an absolute beginner with a beginner's mind. Approach every day as if it's the first day that you're in business. And this is so important because the products and services that worked for you that you were selling yesterday may not be what people need in the way that need it today. And what tends to happen is when a market shifts and adjusts, entrepreneurs tend to freeze or they get paralyzed in not knowing what to do. What do you do when you don't know what to do? Well, what most people default to is the same thing that had worked for them in the past. And even if it's not working today, they do it more and harder, more and harder, more and harder. And they do it that way because they had so much success in that area. I've done this myself. I mean, I've gone through periods where a market has shifted. I've been through two big ones in 01 and 08. And I just went back to the same tools in my toolkit. And so the message I have for you today is forget what you know and be open to learning everything new. And the way that you do that is by getting in front of your customers and asking them questions, asking them how this market is affecting them, what new products and services they need, how they need those things to be delivered. Asking them what about your product or service can use or can be adapted to better fit their new needs. Ask if there are other needs they don't see anybody addressing that they could use today. Maybe. Maybe that's an area that you. That you shift into in the, you know, for the future. And I actually want to pull something up right now. My good friend, Dan Fleischman, if you don't follow Dan Fleischman, I highly recommend that you do across all social media. Dan is phenomenal. He is a incredibly successful entrepreneur. He's not speaking from advice, this isn't opinion. He's speaking from counsel. Actually, true experience as an entrepreneur building some of the biggest companies in the country and really managing those in a really successful way through good and bad markets. And Dan shared some of the areas, some of the industries that are adapting the fastest or will have the greatest need over the next 12 months. And I want to share this with you because if you're looking for a new place to go, you're looking for a new market to get into, you're looking to find money, cash for your business in areas that maybe you weren't looking two weeks ago, like you're looking for that next thing, or maybe you're somebody that's recently unemployed, you're recently furloughed.

And you just don't know where to start. Here's a great place. Again, I want to thank Dan Fleischman for providing so much of this information to me today. The first is this. Loan officers. There is going to be an incredible need for loan officers. And the reason is there's an unprecedented amount of new loan applications that'll be filed. I mean, I can't tell you how many entrepreneurs have reached out to me and asked me how they can file for a disaster loan with the sba. How many entrepreneurs have told me they're going to go back to their bank or they're going to the secondary market to places like Cabbage to file for new loans. So loan officers that will be in loan and companies that clear loans, that is a great place to get into, a great place to innovate. Another great place to be, insurance agents. The requests for new and increased insurance has gone through the roof over the past two weeks. Insurance agents. That is a great area like where there will be a need over the next 12 months, believe it or not, real estate agents this summer we are going to see an incredible spike in the number of new homes that go up for sale. And on the other side, we're going to see all of that money, all of that wealth that's been accumulated over the last four or five year run, jump into the market looking for opportunities. So you may be struggling now if you're in real estate or you're a real estate agent. But I would expect over the next six to 12 months, this is an area that will be incredibly hot notaries, another really important area with all of the legal stuff that's going on right now and that will go on over the next 12 months. If you're looking for a side gig or a side hustle. Being a notary is going to be a great place to be graphic design, app and e commerce companies. I really expect there to be a whole new avalanche of companies in this space. And the reason is, if you weren't online before, what this coronavirus has shown is that the market is going to be online in the future. And so the number of companies and the number of professionals that will be needed to really help businesses and individuals to not only build their brand, but monetize their brand online, it'll go through the roof. Now what we're going to have to do is experiment. Based on this new economy and this new reality of what people can spend and how much cash flow they have. We're going to have to figure out what the right product, market and price fits are for all of these services. But as the market goes online, there's going to be a greater need for people who are building websites, that are managing social media, that are building apps for folks. And again, this will be a really big and thriving market. Home delivery services. Home delivery services will be a huge thing. One of my buddies, I talk about them just about every show. Aaron Hagman has the biggest delivery service in the United States. He supplies the drivers for the big boxes like Amazon and Walmart. And he cannot hire people fast enough right now to meet increasing need. I can tell you that in my neighborhood in Newport beach, we have kids that have created their own home delivery services for the elderly. Well, it's actually kind of funny to think of these people as the elderly because I guess that would make me close to one of them. People who are 60, 65 and 70 and up that want to go shopping, that need new things for their home, but they're afraid to go out right now. And so whether they take an order via email or they take an order via text or through social media, you have these young high school kids that are taking orders and they're providing a home delivery service. And that's kind of like basic things that are needed for someone who's in the, the high risk coronavirus kind of, kind of, kind of age group. The home delivery service that I've really seen start to emerge over the past few days has been one that I've been talking about. I've been sharing that there's a need, and now I see people starting to satisfy this need. With all of our workforce.

Working from home today, there's an incredible need for setting people up at home. How many workers do you know in your business that maybe don't have a laptop, don't have remote access behind your firewall, don't have a printer at home, don't have a scanner at home, don't have a way, don't have Zoom set up on their computer so that they can communicate with you daily in a video chat. How many people do you know in your business or other people's businesses that are in this position? Well, there has become an incredible need for entrepreneurs. And by the way, I freaking love entrepreneurs because it's people like you and people like me who find and identify these needs, the biggest needs in the world today that will figure out how to solve them, that will figure out how to finance them and deliver the solution. So the need is how can you create basically a home, a home office in a box. How can you create a service where you can go to companies and say, okay, everybody's at home, I'll get you your laptop, I'll get you your printer, I'll get you your scanner, I'll set up all the software, whatever, and then I'll go and I'll deliver it to your employees doorstep and when they plug it in, they plug in that machine. I'll get on a Zoom call or I'll get on a Google hangout, or I'll get on a whatever call and, and on that call I'll walk them through, setup that that's an incredibly valuable service today. So again, home food delivery, home stuff delivery, home setting up offices, all these kinds of services are great places to be. Storage unit, storage units. This is a big one because there has been such a high rate of businesses going out of business and, and we may not have seen all of it yet, but what we will see is going out of business. I expect millions of companies to go out of business in the next six to 12 months because that's happening. There's going to be an incredibly high demand and actually high increase in rates for public self storage facilities because entrepreneurs are not going to get, want to get rid of all of their stuff. Many of them believe they'll only be closed down temporarily. Many of these entrepreneurs need to for example, leave their office and maybe shut down the office, want to keep the business running and hope to get into a new office down the road. So the need for public self storage facilities and space is going to surge. So if you're in that business or considering getting in that business or considering buying companies in that business could be an incredibly useful place for you to look. And again, I really want to thank. I want you guys to hear this. I want to thank Dan Fleischman because Dan Fleischman has really been out and a leader, helping to identify new industries and emerging areas where money is flowing. And he's really a guy who shared a lot of this information with me. And if you don't follow Dan yet, go follow Dan Fleischman today. Trucking and moving companies. Here's another quick way to make cash. So whether it's people who can't afford to pay their rent and will be moving in with family, friends and other people, whether it's offices that are downsizing, whether it's people that are moving out of state because maybe they live in California and have decided they can't live in California anymore. Moving and trucking services. Moving and trucking companies. That is a great place. That is a great place if you want to make some quick. Some quick cash for you to go. Daycare, such a big one. So I see daycare in a variety of different ways. Daycare could mean that as we go back to work, there's new need for people to watch our kids and our young kids because maybe we're working longer hours or working more and harder, and so we need more help with the kids. Daycare could also mean, I think in this context.

You know, examples like the folks in our neighborhood who have, you know, they have retail stores.

They have retail stores where kids go after school and they'll take a reading class, or they'll take a dance class, or they'll take a painting class. And now they can't bring kids to the store. Now the parents are home trying to work and trying to watch their kids and take care of their kids. They're trying to make money. And again, they're trying to balance watching their kids. They need help. And so daycare today may not mean people come to you. Daycare today may mean that you're doing something over video, you're doing something as a zoom call, you're doing something as a Google hangout, you're doing something over Skype and you're charging for that. I want to make it clear that the money has not stopped flowing. The money may have just stopped flowing to you and the product and service that you offer, but there is opportunity everywhere. If you approach the day with an open mind, if you're completely opened, completely open to what customers need today and how they need it. And so you can shift your focus into those areas of where the cash is flowing in. Home services. This is a great one. Again, thank you so Much to Dan Fleischman. For all the work that you've done in this area and helping to identify some of these opportunities in home services, this can become a great business. So whether it is going and cutting people's hair at home, doing their nails at home, I don't know what other services do people go and get today that you could bring into their home? And again, the theme that I hope you guys keep hearing me talk about throughout today's live cast is there is about to be a shift from a lot of the services that we used to provide in storefronts into the home. And it's going to happen as a result of this coronavirus. You may not need to pay that big rent anymore that you've been paying for your shop on Main Street. You may be able to go home to people's homes and provide a premium, develop real relationships with these people. You may be able to create parties for people. It could be like doing our nails party. And so, you know, you bring some wine or the host brings some wine and you do a bunch of people's nails over the course of an evening. So again, there are place to in places to innovate. And if you need fast cash, here's places where money is going. If you need to pivot your business or you need to start a new business, these are ideas for. These are areas that I expect to be really hot over the next six to 12 months. They may not be in your industry. You may have no experience in these areas. It doesn't matter. I believe in you. I believe that you are a quick study. I believe that you know how to hustle. I believe that you know how to shake things up. And I believe that if you see the opportunity, you will go to the opportunity and you will start and you will build a company that is super successful and generate the cash that you need by providing the answer to the biggest problems that people have today. So, again, I just want to share that kind of, as Dan would say, the moral to this story is the money hasn't stopped flowing. It just may have stopped flowing to you and your product or service. But that was a good example of places that you can look today to jump into if you need to develop some fast cash.

Also, if you need to develop fast cash, you don't have time as an entrepreneur to go and do that. You need to go get a job. What I want to share with you is there are companies hiring everywhere. They're hiring everywhere. So I want to give you just a few examples of places that you can go and you can find work today. If you're worried today about about cash in your account, this is where you can go today. And you may say, well you know that's not what I do. You may say, you know, that is, you may think a job is beneath you. You may say that, you know, I'd rather work at home on getting my new things started. You know, I rather give a lot of my time and my energy to people and help people and build the long term plan. Let me just tell you something. Long term don't pay the frickin rent. Long term does not pay the rent. What you have to do is focus on how you're going to generate cash today and don't wa generate cash today. So here's some examples of places that are hiring today. CVS is now has 50,000 new jobs that are open today. Cvs 50,000 jobs. Albertsons, the market chain has 30,000 new jobs that are open today. And by the way, if you're looking for health care, I know at least in California the grocery stores have some of the best, best health healthcare plans on the planet. So what would be cool is if you not only want to generate cash but you need to pick up health care, there may be opportunities in here for you right away. If you're that was recently laid off and you're in a position where you may have to pay for COBRA insurance which is really really expensive and you'd rather pick it up somewhere else. Here's some ideas. And this doesn't have to be your full time gig and it doesn't have to be your long term gig and it doesn't have to be your forever gig. This could be your I need to pay the rent right now gig and I need to create some stability in my life and I need to get my feet under me right now so that I can take a deep breath and relax and move more smoothly into the Future. So again, CVS hiring 50,000 people. 50,000 job openings right now. Albertsons has 30,000 job openings that have opened up right now. Amazon has a hundred thousand, a hundred thousand new job openings.

Walmart has 150,000 new job openings. 150,000 new job openings. Pizza chains, Pizza chains in the United States have 50,000 new job openings. Dollar Tree 25,000 new job openings. Seven Eleven is hiring 20,000 new people. Domino's is hiring 10,000 new people. PepsiCo, Pepsi. PepsiCo, who makes so many different brands, has so many different brands that it owns so many different beverages and 3M combined Pepsi own three, PepsiCo and 3M. Combined, those two companies alone 700,000 jobs they're trying to fill. So if you're looking for work and you don't think that there's any work out there, I'm here to tell you there's over 2 million jobs that I just shared with you that are open, available right now. And these employers are trying to hire fast. You're not going to have to wait. They're giving incentives and they're giving all kinds of bonuses and stuff to jump in now because they need help. So again, these are some places that you can go and you can get some fast cash.

One of my favorite quotes is from one of my favorite motivational speakers, Zig Ziglar. And I was reminded of this today. It's that Zig once said, I lived through five recessions, I just chose not to participate. I lived through five recessions, I just chose not to participate.

And I encourage you not to participate in this recession as well. As somebody that sits on the sidelines is somebody that gets stuck in fear, as somebody that does not know what to do or gets paralyzed and is afraid to take that first step forward, I'm here to tell you I already shared with you Today something like 15 new industries or 15 areas where there has been opportunity created by this coronavirus thing that we're going through, where you could jump in and you could build business there. Now, I just shared with you a million and a half to 2 million job openings that are available today. Here's my point. You don't need to suffer and struggle right now in the same way that other people's are people are. Because you're different. Because you're the kind of person, because you're listening to this program, I know it. You're the kind of person that doesn't sit around on their hands. You're the kind of person that has an open mind. You're the kind of person that takes action, doesn't sit around. You're the kind of person that is going to come out of this period on top. And in the short term, it may not feel like it. In the short term, you may feel like you are fucked. In the short term, you may feel like you don't have a way out. In the short term, you may wake up in the morning and look around you and open your email and look at your texts. You may talk to your families. You may turn on the news and you may go, there is no good out there. I'm screwed. But here's the thing, if you were that kind of person, you would not be watching this right now. You're the kind of person that takes action. And like I said, this, this economy, what we're experiencing right now is so much different than what happened in 2008 and in 2001 and particularly in 2008. Just again, for perspective, when the market fell during the Great Depression, the stock market fell 90%.

Wow. When the market fell during the 2008, 9 Great Recession, the market fell just over 50%. So we haven't gone that far. We have not gone that far in the last couple of weeks. And who knows what's going to happen over the next few months. But what has caused this, this economic crisis is not what caused those two economic crises. What caused those two economic crises was systemic problems in our system was that the banks didn't have any cash. Our system was fundamentally flawed. It was a financial systematic crisis that was totally broken. And that's why things fell apart. That's not what this is, is not what this is at all. What we're experiencing right now is an event driven crisis. An event driven crisis. And what that means is this is a medical crisis. It's more similar to 911 than it is 2008, 09. It is a medical crisis. It is a point in time, and it is something that we will be, that will work its way through our system and the economy will end up on solid footing. Now what we have to do, though, is entrepreneurs. And what we have to do as individuals is we have to do everything that we can while we're going through this period to preserve our cash, to continue to generate our cash, to generate cash so that when this economy opens back up, we're on the most stable footing that we could have been and we can bounce right back again. I used to think that the most important job of every entrepreneur had something to do with business or management or leadership or team building, whatever. But what I learned is the most important job of every entrepreneur has nothing to do with business. The most important job of every entrepreneur is protecting yourself. So if things don't work out as planned, they take longer than planned, they go sideways, something out of nowhere comes and boom, it hits you, right? And it knocks you off course. You can adjust quickly, create stability, and you can bounce right back. And that's really what, what this show is about today. That's what this episode is all about. This episode is all about how do you do those things, how do you generate cash and how do you create stability in these uncertain times.

And by the way, if you're getting any value out of this at all, would you please. I ask you just one thing. Would you go ahead and share this with your audience? Would you share this with your stream? Would you share this with your groups? Would you share this with your pages and let other people know what it is that we're talking about in this community? And if you're watching the live stream and haven't joined our community on Facebook, I ask you please do that. Our community is called what Now? An Entrepreneur's Guide to Managing Through Coronavirus Recession in Uncertain Times. And what I've done in this channel is not only filled it every single day with fresh content and programming through these live streams, what I've also done is every day I go in and I scour the Internet. I talk to my network and it is a great network. And I fill our stream with news articles, with links to resources, with links to information that I think could be helpful to you. And that isn't. It's not driven by hype. It's facts based, it's fact based, it's resource based. It's grounded. You know, the last thing any of us need right now is more hype. We don't need to be scared. We don't need to be hyped out. What we really need is some stability. What we really need is some calm so that we put ourselves in the best possible positions to act the best possible positions to make the best decisions to move forward.

My good friend, Greg Reed. By the way, Greg Reed's event, Secret Knock is happening this week. And if you are looking for a great event, you're looking for a way to really learn and capture some really great ideas to help you through this period. I highly recommend look up Secret Knock and on. On Facebook and what's. What Greg is going to be doing is live streaming. What was a three day event, A live event. The whole thing is going to be live streamed on the Internet and it's free. It is free for all of you. And I highly recommend Secret Knock. I think. I think I'm going to be doing something tomorrow, the following day, but I highly recommend it is this week. It starts tomorrow. Secret Knock is a great resource and it is a great tool.

I said I shouldn't say none of us should say when we're broadcasting, but I did. I need some help. I need some help with regard to live streaming. So I have been doing this program for the last 12 days. Do it every day from 10 to 11am Pacific Time. The program or a version of it has been picked up by national radio and we plan to go live on national radio this week. I'll tell you more about that every single day, 10am and we'll repeat multiple times throughout the day. I've had national sponsors reach out to me about taking this and taking a version of the show and pushing it out through their distribution of millions of customers every single day as a public service. But you know what I'm really struggling with? I'm really struggling with livestream. I'm struggling with livestream because we're trying to make this as valuable as we can this time together, like as valuable as we possibly can. But like many of you that are live streaming, you, you may be running into these problems. The Internet is completely flooded. I think we were talking to AT&T and their Internet businesses up like 60% in the last week. Verizon was up 40% in terms of usage last week. And so what's happening is streams are cutting off or they're getting patchy where we may want to record our audio and save our audio and then use our audio as like an MP4 and use it and cut it up for radio and for other things. It's getting cut up and it's getting choppy when it's a part of a live stream. So I'm curious, how are you handling this? If you live stream content, how are you handling this? What services do you use? So I'll share with you that I have tested every day over the period of about a week, a different live stream, most days over the period of a week, a different live stream software in order to be able to multicast. And the software that I'm using today to come to you is called streamyard. So I like Streamyard because I'm able to broadcast across five different channels at one time. And it's an Internet based program. So all I need to do is open a browser. I don't have to download anything. I'm one person, I'm one guy here that's controlling everything. So for me, Streamyard's worked. I'm curious what are you using and is what you're using working for you? I'm also curious about Zoom. So the way that I've done this program is I'm speaking to you one to one, I'm having a conversation with you. And again, this really lends itself to a business talk or a radio style format. But a lot of my friends are using Zoom this week. So are you doing livecasts using Zoom. Have you been a part of Livecast using Zoom? And what do you prefer and why you prefer different things? Something that's a conversation like this or do you prefer to be in an environment with a bunch of different thumbnails where different people can join and they can be a part of a training type of session? What is it that you like? What, what do you prefer? If you could share your feedback in your comments, that would be amazing. And, and I want to thank you guys. So across the channels I'm looking right now, I've got like 300 comments and I have not gone through any of these comments yet. So I'm going to start to stream as quickly as I can right now and pull up some of them and I'd love to answer your questions. So Mark, Mark dro, thank you so much for joining. And Andrea, thank you so much for joining. Craig Collins, it's always amazing to see you in here. Of course. Sita Thompson, hello to you.

Let's see here.

I'm looking for issues that you guys would like to talk about. Andrea, you teach yoga and mindfulness. You're pivoting to offering content online.

What I'd like to share with all of you is this. In order to offer content online, you do not have to make things complicated. You don't have to start by paying a monthly fee to create a sales page and you don't have to start by using a whole bunch of fancy software to do it. You can create an entire business for free. How freaking cool is that? You can create an entire business for free if you use the free tools that are available today. Oh, and by the way, when I talk about free tools. Join our channel. Join our group. What Now? An Entrepreneur's Guide to Coronavirus and Managing Through Coronavirus, Recession and Uncertain Times. I added a link. I'm actually going to bring it to the top and pin it after the show. And the link is to a bunch of technology companies that are all offering their products for free today, their public service right now. And actually an incredible lead capture is that offering their products and services for free, primarily digital products that you can use. So again, if you're going to start offering yoga classes online, you know, use a, use a service like PayPal or Stripe that's free to collect money. Create something like a Facebook group that's closed for free and let people in it, or create a zoom and let people in it. You don't have to start a lot of money to start making business right away. Don't over complicate Things. Please don't over complicate things. All right, back to your comments. I'm scrolling through right now.

Shelley, you're trying to consider how to offer daycare and homeschooling using your experience of STEM summer camps and a veteran homeschooler. Well, I can tell you that homeschooling is something that so many parents are dying for right now. They're begging for, they're trying to juggle work, watching their kids, cabin fever and an increase in the number of restrictions in a lot of big cities with big population centers about letting kids outside. And so maybe the way that you could go about this is start just by asking. Start by asking as many parents that you know, if you were to offer homeschooling right now during this period to their kids, how would you do it? What would be most important to you about homeschooling and what would have to happen? How would you know that you're getting what you want, that I made this easier for you? And what's going to happen is those parents are going to give you their rules. Those rules are like their buyer blueprint. It's their buying criteria. And if you simply tailor what you offer to the most frequently, like overlapping buyer criteria that you get, the more successful that you'll be. Launching a homeschooling thing today in Orange County. I know that the district, at least the Newport Mesa district, is planning this Wednesday on beginning homeschooling to certain number to certain grades and they're going to start to roll it out. I've heard that in city of Los Angeles.

The LAUSD is committed to buying $100 million worth of equipment, investing $100 million in effectively getting technology into every student's hands. And Verizon has come in and they've offered to ensure Internet access to everyone that doesn't have Internet access already. So if you're in a home that doesn't have it, you're in a disadvantaged home, things like that, that does not have Internet access or WI fi, they're able and they're going to go in and they're going to provide that. And so what I would do is I would look for what age groups, what classes, what grades may not be getting this type of homeschooling from the districts. I can tell you in our districts, it's the younger kids, it's, they're really trying to figure out how to do K pre K and then K through second grade. So maybe you, you target something kind of around that age group. But again, the most important thing Our most important job as entrepreneurs isn't just to identify problems or solve problems. It's to monetize innovation. And that's the biggest difference. The biggest difference between an entrepreneur and an innovator is an innovator goes and identifies problem problems and solves them. An entrepreneur is a person that can monetize innovation. They can figure out how to make money at doing that. And the way that you make money at doing that, by asking your customer what they want, don't guess it, don't push a product or service out to the marketplace, but give them what they want and give it to them the way that they want it. Al Manfrey, always amazing to have you here. And I know, Al, you've been sharing information in our group and we so appreciate it. And one of the things that you have been helping people with is you've been helping people with their trusts. You've been helping people to really step back and take a look at how they have their estates planned during this period while all this is shifting and helping them to figure out what kind of changes they may need to make today as a result of what's happening. So if you're a person that has a trust, I really connect with Al through our group and he can be a great asset and a resource for you. Chris Nagle. Chris Naggle's joined us. Can't thank you enough, Chris, for being here. If you're not following Chris Nagle right now, I highly recommend that you follow Chris. Chris is one of America's number one.

Experts at teaching people how money works. And in a time like this when there's so much change out there, what I've really appreciated being on the line with Chris and reaching out to Chris and we text each other every day is, Chris, what changes are you seeing in the way that money works and where people are reallocating their money and their assets. So if you're looking for help in those areas, contact like be in touch with Chris, follow Chris. Chris has a live stream show that he's doing as well. I watched, I highly recommend that you watch it as well. And what Kris is saying here today is that this absolutely feels and looks like 9, 11 and maybe a hint of 1987 and Great Recession altogether. And yes, and we probably get there, if we get there a little bit down the road, we're not there yet. But if we stay, if we stay in the same locked out, don't go to work situation for a period of months, this could definitely morph into those things. And I Think that one of the challenges that our government is having right now, and you can see Trump having it every single day, is this waffling between whether we keep business open or we close it. We keep it open or we close it. Because I think that he's concerned that the longer we go with business closed and people locked down at home, the more the economy will suffer and the more this will look like 1987 and Great Recession because the system will start to struggle and, and start to potentially collapse a little bit on itself. And so I totally get that cash and control of cash is what matters the most today. 100% agree. And that's why today's show is all about that. And we're all in this together, and we will all prevail and become the leaders in our space. Totally true. The question I have for all of you watching is, are you going to be the leader in a space that doesn't exist in six months, or are you going to be the leader in a space that not only exists, but is thriving and is positioned to thrive in what comes next? There's never been a better time for people like you and me to open up and to listen to what the market needs and deliver what the market needs the way the market needs it. And one more time, if you are getting any value out of today's program, if this has helped you at all, I ask please share this with others, share their groups, share this in your communities, share this on your pages, share this in your timelines and all that kind of stuff. That's all I ask for. Every hour show that I do, it takes about three hours, two and a half, three hours to prepare for it before we go live. And I just want to give every single thing I possibly can to you. I want to bring you the latest information. I am on the phone all day, every day. I trying to learn more about how together we overcome, how together we move through, how together we get through this period. Because I know you and me as entrepreneurs, as innovators, as solopreneurs, our mission is simple. We change the world. We're all about changing the world and doing it through entrepreneurship. We identify the problems, figure out how to solve them, figure out how to finance them, or we are the people that will define what comes next and we'll do it. And we'll define the businesses, the products and services that thrive by being the best people in the market at listening to what others needs.

With that, I want to wrap up today's program and I want to thank all of you for joining. Today it was episode 12, tomorrow episode 13. I cannot believe we've done this 13 days in a row. Don't plan to stop again. This program will transition just a bit over the next few days. We're working out all the technical stuff since everyone's working at home into a national radio program as well. So the format may change just a little bit. We're also working with some national sponsors on repurposing and recreating some of this content as well. And I just want to thank all of you for listening and for sharing and being a part. If you have questions, please shoot me a text, an email, a message. Make sure to put any anything that you're learning, anything that you're sharing, any great resources, put them here in the comments. I'll take a look and potentially post it in the feed. And two great things I want you to find in our feed. Before I go, I want to mention one is there is a link to Google's website that went up. I believe it was yesterday, maybe it was Sunday night. That is an incredible resource. It is an incredible resource that is fact driven with a bunch of information regarding this pandemic. So everything from on the medical side, things that you need to know, places that you can get help, places that you can get tested. On the business side, there's a list of resources that may be available to you. So take a look at that Google link. Also take a look at the link I provided of technology companies that are giving away their tools away for free today. It is free to use their services. These could be great things that you could use to launch your business. Incredible things that you could use to launch your business. They could also be tools that you could use instead of tools that you're paying for today in order to reduce how much cash you're putting out there. And finally, I'm also posting links starting today that provide information to specific states for people that live in specific states. So if you take a look at the total number of coronavirus cases, as of about midnight last night, there were around 44,000 diagnosed cases in the United States and around 22,000 or 50% of those cases were New York alone. And in New York, the number of cases is increasing exponentially where just a couple of days ago the governor felt they would need 110, 111,000 extra hospitals, hospital beds in a worst case scenario, they've had to increase that today to 150,000 because of the increased rate of infection. And so for people in New York, I'M going to be posting resources, some special resources as well, for people who are in California, the same thing for people who are in Washington. I'll be doing the same for all of you. I love you. I thank you for joining today. Know that you can have more, you can be more, you can do more than you ever thought possible. It doesn't matter what's going on outside of you today. All that matters is that you stay focused on providing a service and responding to what people need most today. There is money in this market. There is so much money flowing. Let's just make sure that it's flowing to what it is that you do. I want to thank you so much. You guys have an amazing day. I love you all, and we'll talk soon. Stay safe.