How I'd Choose the Next Business to Build — Transcript

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1. 0:00I'll say this. So, there's a big
2. 0:01difference between education businesses
3. 0:03and entertainment businesses. Totally
4. 0:05different monsters.
5. 0:07The benefit of education is that there's
6. 0:09a gazillion ways to monetize it.
7. 0:11The downside is it's much harder to grow
8. 0:13education cuz it's more niche. It's hard
9. 0:15to go abroad. Entertainment's the exact
10. 0:17opposite. It's like so easy to get
11. 0:18views. Everything's viral, tons of
12. 0:20subscribers, ton of awareness, but it's
13. 0:22really thin, right? And so, if you look
14. 0:24at the best people who monetize the
15. 0:26large entertainment audiences, like
16. 0:28taking to its natural extreme is the Mr.
17. 0:30Beast, Logan Paul plays. So, then it's
18. 0:32looking at like if you look at I'm sure
19. 0:34you know
20. 0:35you know Dos Equis with Bert and
21. 0:38Tom Segura.
22. 0:39There's a reason that you know then then
23. 0:40then there's
24. 0:41Bodega Cat with more Moral and Mark
25. 0:44Normand. Like they usually go the booze
26. 0:46thing cuz it marries naturally with it
27. 0:50marries naturally with comedy. And so,
28. 0:51it's typically some sort of commoditized
29. 0:54consumable that the highest percentage
30. 0:56of your audience consumes. And if
31. 0:58they're like,
32. 0:59"Uh well, if I'm going to buy one, I
33. 1:01might as well buy Zach's I like Zach." I
34. 1:04would definitely lean towards some sort
35. 1:05of consumable. Like there's a reason,
36. 1:08you know, Beast just went into a lunch
37. 1:09thing, right? You just use like, "Okay,
38. 1:11well, they're doing they're printing 2
39. 1:13billion a year with a billion in profits
40. 1:15on this product, and here's all the
41. 1:17SKUs. I have distribution in Walmart.
42. 1:19I'm just going to [ __ ] put mine right
43. 1:21next to it and immediately go to a
44. 1:22billion a year."
45. 1:24And so, you have not Mr. Beast
46. 1:26recognition, but you have decent
47. 1:27recognition. So, the thing is it's like
48. 1:29short term you'll have to sell direct to
49. 1:31consumer and via affiliates and the
50. 1:32other people.
51. 1:33So, that's where like the tag team is
52. 1:35useful. I would structure a C corp and
53. 1:37then give shares. I'd say like put a 10%
54. 1:39pool or something in and then give
55. 1:40shares to other creators so they get
56. 1:42commissions and some stock. Cuz they'll
57. 1:44usually like no one wants to just be
58. 1:47your affiliate. They want to be a
59. 1:49co-owner. But they usually don't need to
60. 1:51be
61. 1:53huge they don't need to be partners. So,
62. 1:55it's like just issue some shares, give
63. 1:57them their commission on top of it. So,
64. 1:58you're getting paid and you're getting a
65. 1:59slug of the outside. That'll usually get
66. 2:01lots of people to lock in and uh make
67. 2:03the agreements uh
68. 2:05that no one who is a part of the C corp
69. 2:07can compete with customers who'd
70. 2:09otherwise uh be customers of the C corp.
71. 2:12And then that'll also lock them because
72. 2:14of the shares you gave them to not
73. 2:15marketing any other stuff. So, it's
74. 2:17really like you have two paths at least
75. 2:18that I'm hearing. It's like, how do I
76. 2:20monetize my audience and then how do I
77. 2:22monetize my experience monetizing my
78. 2:24audience?
79. 2:25This one I love a lot. This one I would
80. 2:28want to go after some consumable.
81. 2:31Just in terms of talking strategy. And
82. 2:32if you had to pick one,
83. 2:34which one do you feel like you're better
84. 2:35at?
85. 2:36If you feel like you've really well
86. 2:38monetized every aspect of your brand
87. 2:39minus the cuz
88. 2:41they're not even necessarily mutually
89. 2:42exclusive because if you have a partner
90. 2:44who can do the the physical products
91. 2:45physical products aren't too tough to to
92. 2:47figure out. Once you have a good
93. 2:48partner,
94. 2:49then that could just be another product
95. 2:51that you have in the suite that you can
96. 2:52get all of the people on the media side
97. 2:54to then then promote on the back end.
98. 2:56Cuz then it's like not only you're
99. 2:57getting shares and I'm going to get you
100. 2:58brand deals. I also have a couple of
101. 3:00SKUs that you'll get way better
102. 3:01commissions on than anything else.
103. 3:03The tough part is is like do I want to
104. 3:04be Zach the businessman who owns the
105. 3:06media thing? Which long-term that means
106. 3:08you just like depressed all the stuff
107. 3:09you're doing. Like look at Jay-Z. It's
108. 3:10like he doesn't put that much stuff out
109. 3:12now cuz he's got a label and he's got
110. 3:13all these other he's got all the horses
111. 3:14in the stalls for him. And so it's just
112. 3:16I think it's much more not a right path
113. 3:18but which one's the right one for you?
114. 3:20Which is like, do you love being a
115. 3:21creator you want to do this forever? In
116. 3:22which case, be an artist, dude. Just go
117. 3:24to your art. If you feel like your art
118. 3:26is business, like for me, my art is
119. 3:28business. I do this content cuz it's
120. 3:30part of the game I'm playing in but
121. 3:31business is my game.
122. 3:33So, that's where I'd be like, well, I
123. 3:35want to just get into being the media
124. 3:36mogul and I I know that to replace my
125. 3:39income of my creatorship, I can go
126. 3:4180/20, keep 80% of my revenue with 20%
127. 3:44of the work, use the other 80% to then
128. 3:46build this empire and just have enough
129. 3:47that I have proof that I know what I'm
130. 3:49doing.
131. 3:50And that might be enough. If that's If
132. 3:51that's the life if you look at what my
133. 3:53daily activities are, if I like that
134. 3:55better, then that's how I pursue it. But
135. 3:56if you like making, then make. The
136. 3:58biggest regret I have in my life is that
137. 3:59I have one life.
138. 4:00>> Yeah.
139. 4:01>> There's so many businesses that I want
140. 4:02to build that I'm like, "Oh my god, that
141. 4:04would be amazing." But it's like, once
142. 4:05you realize how much work it takes to
143. 4:06make anything really work and really go
144. 4:08big, you realize you only have like four
145. 4:10shots in your life.
146. 4:12It's like I got four
147. 4:14seven to 10-year cycles. That's it. And
148. 4:17so it's like you just like You have that
149. 4:19punch card. You're like, "I got to make
150. 4:20sure I'm using it on the best bet."
151. 4:21>> If you like this video and you're a
152. 4:22business owner who wants to break
153. 4:23through your current revenue ceiling, I
154. 4:25distilled every lesson from scaling 10
155. 4:26businesses past 10 million and three
156. 4:28businesses past 100 million into a
157. 4:30completely free scaling road map that
158. 4:32I've used to go from zero to one, zero
159. 4:33to 10, and zero to 100 plus. And so you
160. 4:35can click here and you can check it out.
161. 4:37Again, absolutely free. And since you're
162. 4:38a business owner, I appreciate you and
163. 4:40enjoy.