Should I Shut Down One of My Two Businesses? — Transcript

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1. 0:00I have two businesses, a marketing
2. 0:02agency that works with doctors
3. 0:04and coaching business
4. 0:07where we teach people how to start a
5. 0:09marketing agency, right?
6. 0:10>> Hold on, sorry. I didn't know the first
7. 0:12part. Hold on. You have it Say it again.
8. 0:14>> I have a marketing agency
9. 0:16>> Yeah.
10. 0:16>> that works with doctors.
11. 0:17>> Yeah. Marketing for doctors.
12. 0:18>> teach people how to work with doctors.
13. 0:20>> How to do How to start a marketing
14. 0:22agency, right?
15. 0:23>> All right.
16. 0:24>> So
17. 0:25>> And then you teach people to teach
18. 0:27people how to start a marketing
19. 0:28>> No, no, no.
20. 0:29>> [laughter]
21. 0:31>> Yeah, so the second business, the
22. 0:33coaching business, is my real passion,
23. 0:36right?
24. 0:36>> Yeah, of course.
25. 0:37>> seen
26. 0:37>> to make an impact. It's more profitable.
27. 0:39It's much easier. This one doesn't
28. 0:40operationally scale.
29. 0:41>> Yeah.
30. 0:41>> You know, but the thing is you want to
31. 0:42build something with enterprise value
32. 0:43and you know this one really doesn't.
33. 0:44And I just heard but the thing is your
34. 0:46heart's in this one and you know there's
35. 0:47so many problems on this side. It's not
36. 0:49nearly as profitable. You have to try so
37. 0:50hard just to make that little bit and
38. 0:51it's so hard to find media buyers and
39. 0:53people who are going to deliver on the
40. 0:54back end. Yeah.
41. 0:55>> Yeah, for sure.
42. 0:56>> [laughter]
43. 0:56>> All of that.
44. 0:58All of that. Oh, for sure.
45. 1:00Uh so well, my my question [laughter]
46. 1:04Yeah, yeah.
47. 1:05My question is
48. 1:07I I would like to delegate on [snorts]
49. 1:09my marketing agency.
50. 1:10>> Oh, yeah. I mean you don't want to leave
51. 1:11money on the table, of course. So it's
52. 1:12like if you get if you can make this a
53. 1:14lifestyle business, you know what I
54. 1:16mean? And it just kicks off I mean it
55. 1:17does make money. So you don't want to
56. 1:18just like flow that money away, of
57. 1:19course.
58. 1:20>> Yeah. Yeah, yeah.
59. 1:22>> you do?
60. 1:23>> But but I feel like
61. 1:25I don't want to feel like I'm teaching
62. 1:27something that I don't run, right? I
63. 1:29don't want to be that guy who teaches
64. 1:31you how to start a marketing agency, but
65. 1:33he closed it
66. 1:34his marketing agency. So my option now
67. 1:37is to delegate it, which I'm currently
68. 1:39working on doing that right now.
69. 1:42And I want to grow the coaching side.
70. 1:44>> What if the marketing agency goes down
71. 1:46and starts losing money?
72. 1:47>> Excuse me?
73. 1:48>> What if the marketing agency goes down
74. 1:50and starts losing money?
75. 1:52>> I have my ego attached there, so I
76. 1:55>> So you would go back in there, right?
77. 1:56And fix it. Right, what would happen to
78. 1:58the coaching business?
79. 1:59>> It will go down as
80. 2:01>> then you have to go back to the coaching
81. 2:02business and fix it.
82. 2:03>> Yeah, for sure.
83. 2:04>> Tough.
84. 2:04>> So, that's that has been my issue for
85. 2:06the last 2 years, right? Because I can't
86. 2:08>> Got [laughter] it. Okay.
87. 2:10>> I cannot focus on on both.
88. 2:12>> I'll give you I'll give you a fun
89. 2:13question. How many gyms do you think I
90. 2:14owned when I ran Gym Launch?
91. 2:16>> Not sure.
92. 2:18Okay.
93. 2:20>> Do you think anyone cared?
94. 2:22>> I would thought that yeah.
95. 2:25>> You would You care.
96. 2:27They don't care.
97. 2:28>> No, okay.
98. 2:30Mhm.
99. 2:30>> The only thing that a customer will care
100. 2:31about is how likely it is that your
101. 2:33advice will get them to make more money.
102. 2:35>> Okay.
103. 2:36>> So, they'll use in your mind the fact
104. 2:38that you have this thing as an
105. 2:40approximation of risk that you know how
106. 2:43to do it.
107. 2:44And so,
108. 2:46said differently, um
109. 2:48as long as the advice I had on how I
110. 2:50scaled my gyms worked,
111. 2:52great. And one of the frames that I took
112. 2:54was that like everyone here, my hope is
113. 2:56that all of you make more money than my
114. 2:57gyms.
115. 2:58So, that way it wasn't like, "Oh, I made
116. 2:59more money at my gym than Alex said."
117. 3:00I'm like, "I hope so."
118. 3:02>> Mhm.
119. 3:02>> Everyone here gets to You can start day
120. 3:04one at my all my findings.
121. 3:07So, like my best gym made 650,000 of the
122. 3:10six locations that I had. Top, my best
123. 3:12gym.
124. 3:12>> Okay.
125. 3:13>> The average Gym Lord made $600,000 a
126. 3:16year. That was the average.
127. 3:17>> Wow.
128. 3:18>> And it's because once I had a way bigger
129. 3:20base to do my test kitchen stuff on, I
130. 3:22was able to learn so much faster all the
131. 3:24different things that improve the gym
132. 3:25business. Like, I know how to do a gym
133. 3:26business way more now than when I even
134. 3:28ran the gyms. Because I was busy running
135. 3:30the gyms, not experimenting with 100
136. 3:31different models cuz I could do it
137. 3:32across all the different markets.
138. 3:34>> I thought that it affected because you
139. 3:36were not in the trenches, right?
140. 3:38>> Well, I'm 100% in the trenches cuz I got
141. 3:40to work with people to figure out how to
142. 3:41how to help them win.
143. 3:42>> Yeah, for sure.
144. 3:43>> And so, the key was that I had an R&D
145. 3:44process which has always kept us ahead.
146. 3:46And so, we would always take 10 to 20
147. 3:48representative markets, and every month
148. 3:49I had a $50,000 R&D budget. You can
149. 3:51scale this up and down based on your
150. 3:52revenue. Doesn't really matter.
151. 3:54Um and then I would take the 10 to 20. I
152. 3:55would look at what the biggest problem
153. 3:56that the entire distribution base was
154. 3:57suffering from and I'd say, "Okay, we're
155. 3:59going to spend 50 grand in my time to
156. 4:00try and figure this out." And so I take
157. 4:0110 or 20 guys. They're always happy to
158. 4:03to basically get more work for nothing
159. 4:05for me. They get direct access to me,
160. 4:06which they never would. And I put them
161. 4:08in a separate group that we would just
162. 4:09work on this thing and we'd figure out,
163. 4:11you know, what was working, what wasn't.
164. 4:12And every month I would release the
165. 4:14results. Half the time it didn't work.
166. 4:16But the thing is is that tons of people
167. 4:18still got value from the fact they're
168. 4:19like, "I always wondered if that would
169. 4:20work and now I know it doesn't. Great.
170. 4:22So I don't have to do that." So I could
171. 4:24take someone's big idea list and just
172. 4:25cross things out. They still felt like
173. 4:26they got to like scratch the
174. 4:28entrepreneurial itch without even having
175. 4:29to take the risk of things not working.
176. 4:31And then when things did work, we rolled
177. 4:33it out through the whole distribution
178. 4:34base. And then piece by piece, that's
179. 4:35how we improved the gym model.
180. 4:37>> Okay. Okay. And then for scaling the
181. 4:40coaching business for at the moment, I
182. 4:42only have one product, which is being an
183. 4:44affiliate for a software company.
184. 4:46>> What you uh Go HighLevel or whatever.
185. 4:48Yeah. Yeah, okay.
186. 4:49>> And I'm that's how I'm getting my
187. 4:50>> what you're selling.
188. 4:52That's what Wait, that's what you're
189. 4:53selling on the coaching side?
190. 4:54>> Yeah.
191. 4:55>> Okay.
192. 4:55>> Yeah, I I teach them how to start a
193. 4:57marketing agency and I just tell them,
194. 4:59"Hey, sign up for this software and I
195. 5:00will teach you how to do it."
196. 5:02Uh would you recommend creating a brand
197. 5:05or using my personal brand? Like uh
198. 5:08something similar, I don't know, to Ryan
199. 5:10Dice and Digital Marketer.
200. 5:14>> Are Are you um
201. 5:16>> For scaling, maybe a year from now I
202. 5:19want to promote other thing or to have a
203. 5:22different product that doesn't depends
204. 5:23on HighLevel.
205. 5:25>> I mean
206. 5:27Are you asking should I make content or
207. 5:29not?
208. 5:30>> No, I'm I'm asking I'm making content
209. 5:33with my personal brand.
210. 5:34>> Yeah.
211. 5:34>> I'm asking if I should create like a
212. 5:36separate brand like you did with Gym
213. 5:38Launch or Acquisition to promote all my
214. 5:40things related to marketing
215. 5:43uh training.
216. 5:45>> I think if you have a personal brand,
217. 5:46it'll be about you and whatever you
218. 5:47point that traffic to, they'll buy if
219. 5:49they trust you.
220. 5:50>> Okay.
221. 5:52Okay. And just one question, for scaling
222. 5:55the affiliate offer,
223. 5:57I'm creating
224. 6:00a video a day on YouTube.
225. 6:02>> That's a lot. It's a lot.
226. 6:03>> Yeah, so I believe now it's a question
227. 6:06of improving the quality, right?
228. 6:09I'm I'm wondering if you have any
229. 6:12recommendation about creating a
230. 6:13self-liquidating self-liquidating offer
231. 6:17for like, I don't know, a five-day
232. 6:19course or or something
233. 6:21for then upselling them to high level.
234. 6:26Do you have any advice on that?
235. 6:27>> Yeah, I think you just sell
236. 6:28implementation.
237. 6:29>> Okay.
238. 6:30>> So, I mean, if everyone's like, here's
239. 6:31the tool you use, if you want to get six
240. 6:34calls or 12 calls with us to help you
241. 6:35implement all these steps into your
242. 6:37business, it'll require a little bit of
243. 6:38service on your side, but it will
244. 6:40accomplish the self-liquidating
245. 6:41component. So, my two favorite upsells
246. 6:43of all time that only
247. 6:46um is more of that thing you just bought
248. 6:49and more help with that thing you just
249. 6:51bought.
250. 6:51>> Okay.
251. 6:52>> So, they they, you know, 30% of the time
252. 6:54they work all the time.
253. 6:55Uh
254. 6:57and so, like they those are the upsells.
255. 7:00Like, I can't tell you like that those
256. 7:01are the upsells. More and more help.
257. 7:05Crush.
258. 7:06Especially when you sell a tool,
259. 7:07everyone wants help. It's like easiest
260. 7:08upsell in the world.
261. 7:10And you can sell it you can sell for way
262. 7:11more expensive. You can probably sell
263. 7:13onboarding for $5,000.
264. 7:14>> Okay.
265. 7:15>> Uh for the tool, even though it's three
266. 7:16or four hundred bucks a month or
267. 7:17whatever you charge.
268. 7:18>> Okay. And just
269. 7:21after that video a day,
270. 7:23will you move to short form or to ads or
271. 7:27both?
272. 7:28>> I think that you have a ton of room to
273. 7:30make the
274. 7:31longs better.
275. 7:32>> Yeah.
276. 7:32>> Probably. Um getting a short-form agency
277. 7:35or one editor to clip moments from those
278. 7:37videos is not that hard.
279. 7:38>> Okay.
280. 7:39>> What will take a a bit more practice is
281. 7:41when you make your longs
282. 7:43schedule in where you think the shorts
283. 7:45are going to be and make sure that so
284. 7:47like if you think about the perfect long
285. 7:49is is 20 shorts put together on one
286. 7:52single theme.
287. 7:52>> Cool.
288. 7:53>> That'll be the perfect long video. So if
289. 7:55you guys have seen like brutally honest
290. 7:57advice to whatever on my channel
291. 7:59basically every like true brutally
292. 8:01honest advice that we have has over a
293. 8:03million views and so it's like we can
294. 8:04crack a million on almost every one of
295. 8:05them like clockwork because all I do is
296. 8:07I take my top tweets from the last 30 to
297. 8:1145 days and I say them in a row
298. 8:15on the video and I know that they work
299. 8:18because they already have been tested
300. 8:20and each of those is like a little loop
301. 8:22that people are like wow that was good
302. 8:23and then I start the next quote and then
303. 8:25I explain it and I start the next quote
304. 8:26and I start the way and so that keeps a
305. 8:27lot of retention and it's obviously
306. 8:29super wide because it already has
307. 8:31provided you know value to lots of
308. 8:32people. So just think about your longs
309. 8:34in terms of shorts and slicing many
310. 8:36shorts together rather than like I'm
311. 8:37just going to talk about this topic
312. 8:39today. Just think like 60 minute sound
313. 8:41bites and that'll give you way easier
314. 8:43shorts that you can clip off and it'll
315. 8:45make the longs better too.
316. 8:46>> Okay, cool cool. I will do that. Thank
317. 8:48you. Appreciate you man.
318. 8:49>> If you're not getting as many leads as
319. 8:51you want and your business is demand
320. 8:52constrained [music] meaning you could
321. 8:54service more customers than you
322. 8:55currently have then this is for you. So
323. 8:57marketing is changing and I think ACQ
324. 8:59tends to be on the bleeding edge of this
325. 9:00stuff. We certainly spend the money
326. 9:02to do it but we also build custom
327. 9:04software and we pay amazing vendors and
328. 9:06very expensive people to figure out the
329. 9:08system that we have right now and I want
330. 9:09to share it with you kind of open kimono
331. 9:10style. If you're not getting as many
332. 9:11leads as you want
333. 9:12boy do I have the thing for you. Click
334. 9:14below, book call and
335. 9:16hopefully I'll see you in Vegas.