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Cómo Ganar Dinero Tan Rápido que parece ILEGAL — Transcript

by Alex Hormozi en Español · 5,938 words · 811 segments · language en · Watch on YouTube

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0:00Do you want me to tell you something
0:01absolutely crazy? In a single year, I
0:04made more than the CEOs of McDonald's,
0:06Ford, Motorola, Yahoo, and Ikea, all
0:08combined, just for me as a 20-something
0:10year old kid. Trust me, no one was more
0:13surprised than I was. Today I'm going
0:16to show you how to make money so fast
0:18it's almost illegal. The number one way
0:21to make money is to understand how
0:23value is created. I'll tell you a story
0:25. I sent my dad a picture of our
0:27biggest annual event, the one we hosted
0:29at the company for the gym owners we
0:31worked with on a license basis. We had
0:33a room full of over 700 people, and my
0:36dad was like, "Wow, that's a lot of
0:38people." He said, "And how much did
0:40they pay to be there?" I said, "42,000
0:43a year." He said, "Oh my gosh, but they
0:45know they're paying that much," and I
0:47said, "Of course they do, it's not like
0:49I'm secretly taking money out of their
0:51accounts." And no. He was like, "Okay."
0:54And instead of answering him rudely, I
0:56said, "Well, let's look at it together.
0:58" And I asked him, "Imagine if you
1:01could pay and get five in return, would
1:04you do it?" And he goes and says, "Well
1:06, it depends." And I said, "It depends
1:08on what." And he goes, "Well, what are
1:10the chances that that five to one would
1:12actually happen?" And I said, "That's
1:14the average." Some are below average
1:16and some are above average. And he said
1:18, "Okay, that sounds like a fair bet.
1:20And what would I have to do?" And I
1:21said, good question, you would have to
1:24dedicate probably more than 10 hours a
1:26week to implement a new model well
1:28within your business. And he says, "
1:30Okay, and how long would it take from
1:31the time I start until I see those
1:33results?" And I said, "About a year."
1:36And he said, "Okay, well, then yes I
1:39think I would." And that reasoning was
1:43like the first big key to making so
1:45much money that it almost seems illegal
1:48, that you can't sell with your own
1:50wallet in mind. You have to sell based
1:53on the value that you're creating for
1:55someone else. That's how we could
1:57charge quite a bit more and earn much
1:59more than anyone else in my field.
2:01Everybody else in my field was only
2:04charging a tenth of what I was charging
2:07or rather what I was getting from the
2:09market. And the reason that was
2:12possible is because I use something I
2:13call the value equation. There are four
2:15components to that equation and I'm not
2:16going to go into them in depth here,
2:18but I'll summarize them for you. The
2:19first is the dream outcome, which is
2:21what is the big thing that people want
2:23to achieve. In this case, they might
2:25want to earn more from their gym,
2:27perhaps lose some weight, mend their
2:28relationship, or simply look cool in
2:30front of their friends; whatever it may
2:32be. The next thing is the perceived
2:34probability of getting it or,
2:36conversely, the risk. How likely is it
2:38that when I buy this, I'm actually
2:39going to get what I want? When he asked
2:41me, what are the odds? What he was
2:43really asking was exactly this. The
2:46next question is time. How long is it
2:48going to be from the time I start until
2:50I get it done? And the longer that time
2:52frame is, the less valuable what you're
2:54offering is. And then there's effort
2:57and sacrifice. How much effort am I
2:59going to have to put in? What are the
3:00things I'm going to have to start doing
3:01that I don't want to do? Or stop doing
3:03the things that I do want to do? Just
3:05to be clear, the reason I came up with
3:07this value equation is because for a
3:09long time I'd heard people say, "It
3:10adds value, it creates value," and I
3:12thought, "Okay, but what does that
3:13really mean? How do you create value?"
3:15So I set out to try to figure out what
3:17makes me want to buy things. So in a
3:20hypothetical example, you would want
3:22something that was immediate,
3:23effortless, guaranteed, and exactly how
3:25they wanted it, in the way they wanted
3:28it. That would be the most valuable
3:30version of anything you could possibly
3:32sell. And then you'd say, "Let's say
3:34our average is 100,000 in a B2B
3:36environment." That could be because
3:38it's a monetary outcome and if it's a
3:40B2C environment selling to the consumer
3:42, then we have to abstract the value of
3:44things like getting into your high
3:46school jeans again, looking good at
3:47prom, or just feeling good every day,
3:49whatever it may be. And we have this
3:52return on investment, okay? And then we
3:55apply a sort of discount to that which
3:58reflects the risk. Are you following me
4:00? One is in the future. I would pay
4:02more for something that's guaranteed
4:04and immediate than for something that's
4:06not guaranteed and in a time frame.
4:07Let's say I sell tables, okay? It's a
4:10retail product and your first thought
4:12is, "That's gonna be super hot." Well,
4:14I'm not so sure. Think about it this
4:16way. At the lowest level, you can buy a
4:19plastic folding table at a Home Depot
4:21or a Walmart for, I don't know, $ 50 or
4:24$ 100. I haven't looked up how much
4:26those tables cost. On the other hand,
4:29you can buy a $ 2,000 hand-carved
4:31wooden table. Both allow you to put
4:34things on it and eat, right? The idea
4:37is how can we position our stuff
4:39differently than others. Now, if that's
4:42not the dream outcome of that table, I
4:44need to have something that I can put
4:46things on. The ideal outcome would be
4:48that when people come into my home,
4:50they're immediately impressed. Now
4:51we're tying it back to status. This is
4:53business because B2B is actually pretty
4:55straightforward. This is what it costs
4:57and then the rest of your time is spent
4:59trying to make it easier, lower risk,
5:01faster. In consumer business, sometimes
5:04you have to spend a little bit more
5:05time translating what that status boost
5:08means to them and how important it can
5:09be or conversely how horrible and
5:11painful it is for them not to have it.
5:14So if we have this big, expensive table
5:16, we say, "Okay, here's the status."
5:18The risk of that not happening is where
5:20we can show trends that show that this
5:21is something that's growing and that a
5:23lot of people understand the value of
5:24it. So the risk of them not getting the
5:26status is reduced. The timing issue
5:27would be something like, "Hey, I can
5:29have this at your place before the end
5:30of the day." And the person thinks, "
5:31Wow, I have time for the dinner party
5:33that I'm hosting tonight when my boss
5:34is coming over." And then there's the
5:36effort and the sacrifice. Relax, with
5:38our premium service we make sure to get
5:40it in the door even if it's a huge
5:41piece of equipment and we'll assemble
5:43it right there. All you have to do is
5:45say yes right now and you'll have it at
5:46your place tonight, ready to have
5:48dinner on tomorrow when your guests
5:49arrive. Now we've tied their purchasing
5:51decision to all the value components
5:53and that's how we get them to be
5:55willing to spend $ 20,000 because it's
5:57not about the wood, it's not about the
5:59table, it's about how much status it
6:01brings them in that context and on top
6:03of that they keep it forever, right?
6:05And that's how we have to break down
6:06what we're selling because a lot of you
6:08are selling tables and pricing them
6:10like they're made of plastic, but then
6:11you try to do the job halfway, but you
6:13can't make the margins with a premium
6:15service because people are like, "I
6:16only want to pay $ 100." And you're
6:18like, "I'll deliver it." And they're
6:19like, "Oh, I have to set it up myself."
6:21And all of a sudden they're saying, "
6:23When if you had just charged more and
6:24positioned it differently, you could
6:26have given them all these things that
6:27they really want." The reason this is
6:29so important is because price is the
6:31biggest factor in profit. Imagine
6:33there's a before, okay? You sell your
6:35tables and then there's an after. This
6:37obviously works for services or
6:39anything else that you sell. Imagine
6:42you charge $ 100 for your table, okay?
6:45And your cost for that table is, I'm
6:47going to be a little bit extreme, let's
6:49say $ 50. Okay, now let's say you have
6:52other costs like marketing, sales, and
6:55stuff like that that add up to $ 30,
6:57okay? That means your net profit from
6:59selling a table is going to be $. The
7:01gross profit would be $ 50, but the net
7:03profit stays at $ 20. Now imagine we
7:06rebrand our table as something valuable
7:09and it becomes a $ 1,000 table. Okay,
7:12now the cost of the table itself is
7:14probably $ 50, but let's say we add in
7:17some extras, hand delivery and things
7:19like that, okay? Okay. Let's say
7:21delivery costs another $ 200 because
7:23you send one of your guys, the truck,
7:25the gas, whatever. So now we have 250
7:28total. Great. And then there's the
7:31other costs. Maybe your selling costs
7:33go up a little bit to sell this because
7:34you need to get more leads. So let's
7:36leave it at 130. Okay, so what's the
7:38actual net profit that we made with
7:41this table? We have 380. I wish I had
7:43done the math easier, but I think it's
7:46620, okay? So $ 620 profit. And this is
7:51how you can get ridiculously rich in a
7:53very short period of time, simply by
7:55repositioning what you're selling based
7:58on the value it provides to the other
8:00person, rather than based on what it
8:02costs you. And to put that into context
8:04, that's multiplying your profit by 31.
8:07Let me tell you a quick story. There
8:09was a guy in the exact same field as me
8:10who paid me a day's worth of consulting
8:12years ago, and when I looked at his
8:14numbers, the fascinating thing was that
8:16he was actually selling to the same
8:17number of people per month as me. So he
8:20was spending the same amount on
8:21marketing, he had the same number of
8:22sales people, and he was closing about
8:24the same amount as us. And the
8:26interesting thing about all this, and
8:28it was a huge lesson that I learned, is
8:29that CAC, the cost of acquiring a new
8:31customer in an industry, as long as
8:33you're fairly good at marketing, pretty
8:35much doesn't change that much. Would
8:37you be surprised? I review a gazillion
8:39companies every year and between
8:40industries like a local plumber and
8:42another local plumber it's not going to
8:44be that different. The big difference,
8:47though, is that we were able to make
8:49about eight times more money per
8:51customer than this guy was making. But
8:54here's the kicker. We were making about
8:5750 times more revenue and all because
8:59of this. So we had eight times more
9:02money, but that ultimately came out to,
9:04remember, this is 1 times 10, right? So
9:06this was 10 times the price, but that
9:08ended up being 31 times the revenue,
9:10and that's why price is such a powerful
9:12lever for how much you earn. Now, where
9:14the competition starts is when somebody
9:16else can do the same thing that you can
9:18do for less. There was a McKinsey
9:21survey where they looked at a bunch of
9:24companies and 85%of them competed on
9:28price, but only 13%won on price. So
9:32it's literally the worst possible
9:33strategy because there's only one
9:35person who wins by being the cheapest.
9:37Dan Kennedy made it very clear. There's
9:39no prize for being the second cheapest
9:41in your competition. All you're doing
9:44is losing a lot of money. Whereas there
9:47is an advantage to being more expensive
9:50and that's directly related to how much
9:53value you're able to bring to each
9:55person. So again, the key is to think
9:58about what is this worth and then I can
10:00deliver it to them and by eliminating
10:02the risk by making it faster and easier
10:05for them, I'm discounting less of the
10:07value that I know I can bring to them.
10:10The 2011 version of this is selling to
10:12the customer's future wallet, not
10:14today's wallet. And then the way we
10:16break that value down, let's say it's
10:19100,000 worth of value. There will be a
10:22discount that can be applied to that
10:24100,000 based on the probability which
10:26is the risk. It will depend on how long
10:29it takes. That's the time factor. How
10:32easy is it and how much effort do they
10:34have to put in? And then the dream
10:35outcome which if what they want is to
10:37make more money, that's clear. Now, if
10:39you're a B2C business or business to
10:41consumer, then you have to translate
10:43what it means to look amazing on prom
10:45night to someone in financial terms or
10:47how much pain they've felt from not
10:49having the specific solution in their
10:51life. So if I buy something and it
10:53arrives sooner, I'm willing to pay a
10:54little bit more for that. If I buy
10:55something and they guarantee it or they
10:57give me a risk-free or they show me a
10:59lot of evidence, I'm more likely to pay
11:00for it and even pay more for it. If
11:02someone says, "You don't have to do
11:04anything versus you have a ton of work
11:05associated with it. I'm more willing to
11:07pay for it and the dream outcome is to
11:09make sure that I really want this and
11:10not something else." And this is
11:12practically what we can do as business
11:14owners. How do we make it faster,
11:16easier, risk-free, and delivered
11:17exactly how they want it? That was the
11:20first of three beliefs I had to break
11:22in order to put a lot of money in my
11:24veins. The second way to earn money so
11:26fast that it seems illegal is by
11:28selling within a rapid cash conversion
11:30cycle. If you don't know what it is,
11:31I'll explain it now. This is what
11:34allowed me to have $ 1,000 in my bank
11:37account in December of 2016. I had $
11:391,000 in my bank account after losing
11:42it all the second time. That was
11:44actually the first time I lost it all
11:46and then I lost it all again. So just
11:49imagine figuratively that I didn't have
11:51a lot of money. But 10 months later I
11:53was able to make $ 1,000 in sales and
11:56make something close to $ 6 million in
11:58profit. Okay, now here's the crazy part
12:01. How can you do that? That's equal to
12:05$ 10,000 in such a short period of time
12:08. Okay, the first thing is we got a 100
12:12-to-1 return on our advertising. So for
12:15every dollar I put in, for example, I
12:17put $ 1,000 in advertising and I made $
12:19100,000. Then I put $ 100,000 in ads
12:22and I made $ 10 million. And that's
12:25what happened. So the limitation of the
12:26business was no longer acquisition. But
12:28the reason that wasn't the limitation,
12:30that wasn't the thing that was blocking
12:32me from growing, was because we had
12:34discovered something I call "customer
12:36acquisition," which is just a fancy way
12:38of saying: using your customers 'money
12:40as a loan to get more customers. Let me
12:43explain. If someone comes into your
12:45business today and let's say it cost
12:47you $ 100 in marketing to get them to
12:49buy something from you, okay? Simply
12:51put, it cost me $ 100 to get this guy.
12:53Now let's say my thing costs 100, okay?
12:56Now you're thinking, "Oh, I've made my
12:58investment back." But that thing, just
13:00like the table, is not going to have a
13:02100%margin, it's not likely. And if
13:04it's like the table, I only make $ 50
13:06on this, but I'm $ 100 in the red
13:08because I had to spend $ 100 to get it
13:10in the door. So in fact, right now I'm
13:13$ 50 in the red on my first transaction
13:15. Should I make this transaction?
13:17Unless I have something else to sell,
13:19then no, because that's spending $ 100
13:21to make $ 50. Bad deal. Now, if this
13:23person is going to spend three or four
13:24times as much in the next few months,
13:26then yeah, it's worth it. But it's
13:28still going to take time and I'm going
13:29to lose money up front. In order to do
13:31all this, I have to do it a different
13:33way. And that's kind of the new way of
13:35doing things. I would get the customer
13:38for $ 100. The same guy right now is
13:40smaller for whatever reason. And this
13:43time I say, "Okay, how can I make this
13:45guy not just pay for himself?" That's
13:47the first point. That's breaking even
13:50on getting clients. But the second
13:52point is I need to make him able to buy
13:54my next client from me. And if I know
13:57that my next client is also going to
13:58pay me $ 100, that means I want him to
14:00pay for himself. So I need 100, okay? I
14:03need my next client, so I need another
14:05100. And then I need to make sure that
14:07I recoup the cost of my table, which is
14:09$ 50. Okay? So I need to make $ 250 on
14:15this transaction so that I can use
14:18those dollars to then get my next
14:21client. And then I repeat this process
14:24over and over and over again and that
14:27results in this huge amount of money.
14:31Because if you had a machine that for
14:33every dollar you put in, it gave you
14:36back 100, what would your marketing
14:38budget be? That would be all you would
14:40have. And here's the crazy part, is
14:42that these types of returns pretty much
14:45only exist in business, like this type
14:48of arbitrage. So if you look at the
14:50richest people in the world, they own
14:52assets, they own businesses that
14:54generate cash flow. Because the most
14:56important arbitrage that exists is the
14:58cost of getting someone to buy
15:00something from you. And if you have a
15:02well-established business, how much can
15:04you get out of that person? And so
15:06think of it as each business being a
15:08little investment machine. You pay X to
15:11acquire clients and you get I back. And
15:14instead of waiting a year for 10%profit
15:17on the SIP500, you can wait a day and
15:20get $ 100 back. And why would you
15:22invest in anything else? Well, the
15:24richest people in the world don't.
15:26They're focused on businesses and
15:27industries that they understand well.
15:29And this concept of client acquisition
15:31funded by them was the big key that I
15:33discovered. Over the course of my life.
15:35I've had what I would call a wealth
15:37leap four times, where my wealth
15:39changed significantly in a very short
15:41period of time. And most of the money
15:44that I've made has been in short bursts
15:46, followed by a kind of plateau for a
15:48while. Then I discover something new
15:50and I get a huge jump in my income. So
15:52if you're thinking, "Wow, we've been
15:54stuck for a while now," you're usually
15:56pretty close to figuring out what the
15:58bottleneck is. It could have been
15:59capital. In my case, I didn't have any
16:01money and this solved my capital
16:02problem. But what didn't it solve? It
16:04didn't solve my staffing problem, it
16:06didn't solve my hiring problem, it
16:07didn't solve the risk of being locked
16:09into a key person. None of those
16:11problems were solved, but it gave me
16:12enough money to be able to solve those
16:14problems in the future. So let me put
16:16that in perspective for you. My weight
16:18loss business, which was my gyms, which
16:20are called United Fitness. Okay, United
16:23Fitness. I was able to open a new
16:26location every 6 months with cash flow,
16:28no money out of pocket, using this
16:30exact same process. So I would put down
16:32$ 5,000. I would sign a lease. I would
16:36start spending like $ 100 a day on
16:38advertising and for every $ 100 I put
16:41in I would instantly get back $ 2,500
16:43to $ 3,000. So that the first week I
16:46would order the equipment, the next
16:48week I would order the flooring, and
16:49the week after that I would put in the
16:51lobby and finish painting. And by the
16:53fourth week I had made about $ 100,000,
16:55which is about what it cost to open the
16:57business and give myself 6 weeks of
16:59payroll. By the end of the promotion
17:01that I was selling, which at that time
17:03was a 6-week challenge, I would have
17:05somewhere between $ 20,000 and $ 30,000
17:06of recurring revenue in that gym. But
17:08it cost me almost nothing out of pocket
17:11because I let my clients pay for my gym
17:13. I would say, I'm going to spend $ 5
17:15on every lead. I'm going to close one
17:17out of five of $ 500. So I would end up
17:19paying $ 25 to get one client and make
17:21$ 500 back. Then I would take the rest
17:23of that to get another 25 and invest it
17:25to get another client and make $ 500
17:27again. And that's how I funded the
17:29growth of the gyms. That's how I was 23
17:32, then 24, and 25, I opened six gyms.
17:35Again, the problem wasn't money, it was
17:37trainers, it was managers, it was sales
17:39people. That was what was holding me
17:41back from growing. This was the first
17:42time I was introduced to this concept
17:44and I thought, "Wow, I should do this
17:46again."“So I launched Gym Launch 1.0,
17:49where I would fly from gym to gym and
17:51make $ 100,000 at the gym, but I
17:53didn’t have to pay for the setup or
17:56run the gym afterward. So I could keep
17:58the $ 100,000 to myself with a little
18:00folding table, probably $ 100 home
18:02depot. And then just a bunch of
18:05contracts. I have videos of me going
18:07around random places and selling all
18:09day, every day, for 21 days straight.
18:11And I ended up teaching that system to
18:13other people, but what I used to spend
18:16on average on advertising in those
18:17markets was between $ 1,000 and $ 5,000
18:20and I would make over $ 100,000 in that
18:22first month. And that’s how I was
18:25able to go from having zero to doing
18:27over 32 launches in about 18 months.
18:30You know, the third time this alchemy
18:32of wealth happened was when Jim Launch
18:34moved to a licensing model. In the
18:36licensing business, things got really
18:37cool. crazier because I had less
18:39operational constraints to scale, so
18:41here I had to keep increasing the
18:43number of salespeople because I had to
18:44fly them in, which wasn't an easy pitch
18:46to them. Apparently they had wives and
18:48kids that wanted to see them. Oh my
18:49gosh. And when I moved into licensing,
18:52which was basically teaching people how
18:54to fill these gyms, that's when we went
18:57from zero to $ 10 million in sales in
18:5910 months. That's almost, in my opinion
19:02, crazier than the second full year of
19:04business that we had. We did about $
19:0716,000,000 in EVID, okay? That's profit
19:11, okay? And we had about $ 26,000 in
19:13total revenue. And again, this is
19:16coming from someone who lost everything
19:18at the time because of some bad life
19:19decisions. And you think, "Well, that
19:21was just a lucky break that time." So
19:22the next business I started was
19:24Prestige Labs, our supplement company.
19:26We went from zero to $ 1.7 million a
19:29month. This was at launch, the first
19:31month, okay? And then you have Alan,
19:34who went from 0 to 1.7 million a month.
19:37Curiously, it was the same figure we
19:39reached in 6 months. So these types of
19:42numbers can only come about when you
19:44eliminate capital or money as a way of
19:46scaling, as that thing that blocks you.
19:48If you had unlimited money, if you set
19:50up the right way of acquiring customers
19:52, you could. If you think this video
19:55has helped you make more money or could
19:57help somebody else, you would do me a
19:58huge favor if you DM it or send it to
20:00them on WhatsApp so that they can also
20:02watch it, take advantage of it, and
20:04associate those benefits with you. So
20:06what you really want is for that math
20:08to come out to you wanting two times
20:11CAC, adding the cost of goods sold to
20:16equal the cash collected in 30 days.
20:19Okay? And that's gross profit. You
20:25might be thinking, "Okay, that sounds
20:27like a complicated equation, so I'll
20:29put it in plain English. You want to
20:32make double what it costs you to
20:34acquire a customer and serve them in 30
20:37days based on the money that you
20:39generate from them over the cost of
20:41production, right? So if we have, let's
20:44say, $ 100 to acquire the customer and
20:46then $ 50 from the cost of the good,
20:48okay? Then we want to make sure that we
20:50make $ 300. In fact, I messed up my
20:52math earlier, so equations are useful,
20:54right? We want to make sure that we
20:56make $ 300 from that first customer so
20:58that in the first 30 days." And you're
21:00thinking, why is he thinking in 30 days
21:02? The reason I'm so obsessed with 30
21:04days is because that's how long anyone
21:07can have interest-free money. Everybody
21:09has access to a credit card and it
21:11doesn't matter what your limit is, even
21:12if you start with a $ 500 limit, which
21:14is what most people get when they start
21:16out, a limit. 500. Guess what? You pay
21:18it off tomorrow. So if you can get it
21:20done within that time frame, you're
21:21only limited by the card. Now, if you
21:23do it in 7 days, you could repeat that
21:25cycle four times a month. If you can do
21:27it every day, then you repeat it 30
21:28times a month, right? Based on how fast
21:30you are at collecting the cash back,
21:32which is called the cash conversion
21:34cycle. You can accelerate your growth.
21:37I think the reason most businesses
21:39don't do this is because they buy into
21:40the narrative that since others in the
21:42industry aren't doing it, they can't
21:44either. And I think that's what keeps a
21:47lot of business owners poor. The amount
21:49of businesses we've gone to and we've
21:51said, "Okay, let's make people pay up
21:53front for 3 months." And they're like,
21:55"No, that's their thinking. It's
21:57standard in the industry to provide the
21:58service and collect in 60 days." And
21:59I'm like, "Yeah, well, that's their
22:01standard, we don't have to do that."
22:04Well, why don't we give them an
22:05incentive to pay? "And they're like,"
22:07Oh, well, what if I do? What? What if
22:09they say no? "Well, look, sometimes
22:10they say no these days too, so it's
22:12better to charge more when they do. And
22:14then we say," Hey, we just happen to
22:16bill quarterly and for that convenience
22:17we give you a 5%discount, which of
22:19course was already included in the
22:21price anyway, right? "Or we add some
22:22kind of onboarding process that people
22:24would normally charge for separately or
22:26that we include so that we can charge
22:28more money up front. And I'm willing to
22:30give up a lot of things up front so
22:32that the cost of acquiring customers
22:34doesn't get in the way of growing the
22:36business. I never want my ability to
22:39acquire customers or to raise the money
22:40to do so to be the thing that limits my
22:42growth. And I think that's why all of
22:44these businesses that I just talked
22:46about went from zero to over a million
22:47a month in less than a year. And I say
22:49in less than a year as a rough
22:51indication. Most people did it in 6
22:52months. If you want to make more money,
22:54ask to get paid sooner. Think about
22:55that for a second. So if you're an
22:57employee and you're making minimum wage
22:59, right? You work first and then you
23:02get paid later, right? Now, if you're
23:06self-employed, sometimes you can work
23:08and then get paid, but usually you get
23:10paid and then you work. If you're a
23:13surgeon, you get paid and then months
23:15go by and then you do the surgery. If
23:17you're an insurance company, you get
23:19paid and then you may never have to
23:21work again. And if you're a church, you
23:23get paid out of someone's income, out
23:25of their billings, a royalty that goes
23:27directly to the church. Now, royalties
23:30work the same way as liens. So if
23:33someone owes you money, you can take a
23:34little bit of what they owe you. You
23:36can keep a portion of it. Basically,
23:38your position in what's called the
23:40equity stack is based on your leverage
23:42in this situation. And if it's up to
23:44you, you're better off getting paid up
23:46front than getting paid later. Now
23:48you're probably thinking," Yeah, but
23:51how do I get all that money up front?
23:53How do I get people to spend more with
23:56me faster? "Well, it boils down to one,
23:58you can either raise the price of your
24:01product or two, get people to buy more
24:03stuff right away. And so one of the big
24:06misconceptions that business owners
24:07have is they're afraid to make offers.
24:09And I want to be really clear, you
24:10don't want to push someone to do
24:11something. People like to be sold to,
24:13but they love to buy. Think about all
24:14the money Amazon makes because people
24:16love to buy. So what we want to do is
24:18make offers when it's convenient for
24:20them to accept them. An offer only
24:22fails if it's something they don't want
24:24or you present it to them at the wrong
24:26time. Or you know, the advanced version
24:273 doesn't work because it's not
24:29delivered in the way that they want it.
24:31And I'll tell you a quick story about
24:32that. When I was in the weight loss
24:35business, we found that there were some
24:36customers who would come in and they
24:38didn't want to buy gym memberships. And
24:40I was like," Well, that's boring. "But
24:42then I thought," Hey, why don't I
24:44invite them to a nutrition seminar? "We
24:46invite them to a nutrition seminar,
24:47even if they say no to our services.
24:49They come in for a gym membership, we
24:50try to sell it to them, they say no,
24:51and I say," Hey, can I just help you
24:53with the food? "And they say yes. Then
24:55they go to the nutrition seminar and
24:57they buy more than the average person
24:59who bought gym memberships. We just
25:01needed to make them a different offer
25:04to solve the same problem. They wanted
25:06to continue losing weight, they just
25:07didn't feel like sweating. They wanted
25:09to take supplements and eat differently
25:11. Perfect. So learning how to make
25:14multiple offers to a customer is not
25:15only beneficial to them, because you're
25:17helping them solve their problem in
25:19more ways, but it's also beneficial to
25:20you, because you get more money up
25:22front. So thinking about how to get
25:24someone to buy, because there's
25:25something people get into called an
25:27accelerated buying cycle. So if someone
25:29makes any kind of new decision,
25:30especially one like," Okay, now I will
25:32start gardening, I just bought this new
25:34car, or I am going to run a marathon, "
25:36there are these little cycles that
25:38people enter; there are these specific
25:39buying windows. And what a traditional
25:41business owner would say, let us assume
25:43somebody is going to run a marathon,
25:44they sign up for the marathon, and then
25:45they go to the running store. Upon
25:46arriving at the running store, they
25:47must buy shoes. Now, the shop owner
25:50says," I do not want to offer them cool
25:50socks, an iPod armband, or new tank
25:51tops. "When they go to the running
25:51store, they have to buy some running
25:52shoes. Now the running store owner says
25:55," I don't want to offer them fancy
25:55socks, or an iPod wristband, or new
25:56tank tops. I don't want to. I don't
25:57want to seem pushy. "But what are they
25:59going to do? They're still going to buy
26:01that stuff because they want to have
26:02all the stuff. So there's a natural
26:05problem-solution cycle that repeats
26:07itself over and over again with every
26:09purchase a customer makes, as long as
26:12the first problem is solved with the
26:14first purchase. And that in turn opens
26:17up the next problem. Once you have the
26:19shoes, what else do you need? You're
26:21going to need socks. Once you have the
26:22socks, you need shorts. And once you
26:24have the shorts, you need a tank top
26:26that doesn't rub under your armpits.
26:28You're also going to need an iPod
26:29holder. All these different things.
26:31Plus, you're going to want the bib. You
26:33might want a trainer, you might want an
26:34app, you might want a hydration
26:36accessory. There's also supplements.
26:37There's all these different things that
26:39come out of that and everyone's afraid
26:41to ask. So just make the offer
26:43available and if they don't accept it,
26:45that's fine. If you're the type of
26:46person who gets offended because you
26:48buy something and then on the
26:49confirmation page it says," Hey, do you
26:50want this too? "" Well, the company
26:52doesn't really care. I should say that
26:54because other people won't mind and
26:55they'll be happy that you made it
26:57available to them and more conveniently
26:59. Ultimately you're providing more
27:00value and you're getting rewarded for
27:02it. Yeah. And for each of these sales
27:04that you want to make, you still have
27:05to think about each of the components
27:07of the value equation. So you're still
27:08thinking about, what's the ideal
27:09outcome that they want to achieve? How
27:11can I do it without risk to them? How
27:12do I make it faster and easier? So,
27:14number one, we're charging as much as
27:16we can because we're doing it based on
27:18value, not cost. The second thing we do
27:20is restructure the economics of the
27:21business. How do we upsell or downsell
27:23so that we can make more money in the
27:25first 30 days? So that we can make
27:27enough to pay this customer and the
27:28next customer and service them both in
27:30the same amount of time, so that
27:31neither money nor customer acquisition
27:33is a constraint. The third way to make
27:35money so fast that it seems illegal is
27:37to understand the alchemy of wealth.
27:40and ignore taxes or play the game
27:42nicely. Let me give you an example.
27:45Let's say you're giving away free
27:46trials of your product. Okay, perfect,
27:48that makes sense. We're giving away
27:50free trials.

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