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Consulting Accelerator Livestream Q&A, August 4th, 2018

Consulting Accelerator Livestream Q&A, August 4th, 2018

Summary

Livestream Q&A call recording for August 4th, 2018. 

Transcript / MP3

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Sam: All right. I can see a few people jumping on. Sorry I'm a bit late. I was having issues connecting. It said it couldn't publish the news feed, but it's working now. So just let me know if you've got the video working and the audio, if you can hear me, if you can see me, just say, "Good to go." Can see Leo [Olson's 00:00:53] on. Welcome. Thomas, good to see you. Hope you're well. Paul, welcome. Carol, [Cuvinor 00:01:06], all working fine, Sam. Ruth, everything's all good. Perfect. Looks like we're good. Well, welcome everyone. Welcome to this live stream and if it's your first time on one of these then how these go, pretty simple. It happens every Saturday at 3:00 p.m. Eastern Time, which is the time in New York and we go for two hours which means we go 3:00 p.m. till 5:00 p.m. and on a Saturday. If you want to make sure you show up to these every weekend, just put it in your calendar. Put it in your Google calendar now. 3:00 p.m. Eastern Time on a Saturday. How these work is you just ask me a question in that comment box to the right hand side there and I just go through. First come, first served, and I answer these questions live. So let's go ahead and get started. Andrew [Henon 00:02:10] says, "Hey Sam, how do you manage your money from business accounts? Do you leave it in business account?" Yes, so the easiest way to do it is to just simplify, right? So you want to have one company, then one bank. Let's say you have one company, which is in Delaware with a license to do business in your state, right, very simple. And I would have a C corporation. If I was to chose a company because I prefer to leave the money in the company and only pay the corporate taxes and not have to pay full personal income tax and so that a single member LLC isn't that good for that a C corporation is good for it. Especially with these new tax laws. So I would have a Delaware incorporated C-corp, then I'd have a license to do business in California so if I lived in California or New York I'd still incorporate in Delaware, get a license in the state you're in. C-corp. Then I'd get one bank account. I'd just get a Chase account. It would be a business account. The account would be opened in the business's name. If the company was Consulting.com Inc registered in Delaware then I would get a company bank account opened with Chase for the company for that. Then under that company bank account I would just get one account and that one account would just be a checking account. And then attached to that one account would be one debit card. So now I've simplified it. I've got one bank account with one bank for one company and I also have one debit card that's connected to that one account so now it's simple. All I need to do now is manage that one account. If money is going out it's going out of that account and if money is coming in it's going from Stripe into that account so money's coming in and out of the same spot. This makes really managing everything easy because all you need to do to really check if your business is healthy is look at that account. If the number has gone down then you're losing money. If the number has gone up you're making money. And so why I like to simplify things to this level is that if you have lots of different credit cards with lots of different banks and lots of different companies and you also have lots of different accounting softwares with different bookkeepers or accountants and you also have different PayPal accounts and then you have all this other shit, then you have no fucking idea if you're making money or not and to figure it out is too hard. Even if someone does tell you the answer you don't trust them because you know that it's so messy and tangled in there that they could have got it wrong. In fact, they're most likely to have gotten in wrong. Simplify it so it's easy to check the pulse of your business all the time without having to do lots of shit because then you can move faster. Sure, in my company we don't use a credit card. Could we get more points if we used a credit card? Yes. But what's more important to me? Some points or really knowing if our business is going properly. I choose the simplicity and knowing the health of my business any day of the week. That's why we just use a debit card. Because with a debit card you can only spend money you have. With a credit card you're spending money you don't have. I don't like that because it means that mistakes can be made. So that's how I run it. And then out of the C corporation I would pay myself a salary. The salary would be paid as the smallest amount of money I need to live. Because a lot of people when they start a business they think that they should try and take out as much money as possible for themselves. But when the money transfers the line from company to person it gets taxed. So you lose half of it, basically, which is stupid. So you want to pay yourself the bare minimum to live and you want to live simply. Don't have lots of expensive shit. My personal life expenses are actually very cheap. I spend less money on myself these days than I did way back, like years ago, even though I'm making exponentially more. Just because I realized how dumb it is. I'd prefer to keep it in the company and invest it back into talented people, and into creating good programs, good products, good technology, advertising, growth. You know, growing a really big awesome company that has good products that has more valuable equity. By doing that you also don't have to pay as much tax because you're investing money into the business which means your profit margins are lower. Trying to make extremely high profits is kind of dumb because that means that money could have been invested back into the business but you're instead choosing not to. And if you run a business like that it will die. Businesses that don't have reinvestment back into them die. Also you're paying a lot of tax. So not only is your business going to die but you also have to pay tax. And then what do you want with money yourself, anyway? You're going to buy a car? Well, now that car's going to depreciate. Now you're losing even more money. So it's really dumb. So that's what I'd recommend. Delaware C corporation. Pay yourself on a salary. Take the bare minimum. And use one bank account registered in the company. One account and then one debit card linked to that account. Really clean, really simple. Then when you're trying to consolidate your accounts you don't have to get a credit card statement and then your bank statement and then your PayPal statement, then this other PayPal statement, then this other bank account statement, and this [inaudible 00:08:24] other company's PayPal's statement and then somehow try to figure this shit out. Because that is not fun and it's also just stupid. When you have one account you it's all there. In and out, so simple, and you know what's going on. So Leo Olson says, "Hey, Sam, is it normal that in my 2KA Infusionsoft sequence leads are actually put in the objection sequence and countdown sequence even if they did not see the CTA? Aren't they supposed to see the objection and closing emails only if they saw the CTA? I checked all the tags and everything seems to be correct. Thanks in advance." So Leo's asking this question because he's in up-level consulting and we provide this funnel in up-level consulting. First of all, if you don't know what he's talking about, that's why. It is supposed to do that but only for the people ... There's three categories, basically. You've got people who registered for the webinar and attended but left early. So those people it's going to follow up with them to get them back on the webinar. Then you've got people who registered for the webinar and didn't attend. So those people it's going to follow up with them to try to get them back on the webinar. Then there are people who registered for the webinar, attended and saw the call to action but didn't buy. And so those people who registered for the webinar, attended, saw the portal action and didn't buy, those people are going to be put in the objection handler sequence and then the countdown sequence pretty much right away. But then these other three buckets, the registered but didn't attend, registered and attended but left early, registered and didn't attend, registered attended left early, those are really the only other two buckets. Those ones we'll first of all will try to get them back on the webinar. But after we follow up with them if we can't get them back on the webinar then it's best to just put them into the objection handling sequence and then into the countdown sequence so that everyone gets eventually routed through that part. So that's what will be happening. First of all, if you check those leads, we'll first of all be trying to get them back onto the webinar. That's our number one priority. But if we try to do that and we can't we will then put them through the countdown. And I tried it without doing that, with it is way better. So it's doing its job. Trust me that I just took my Infusionsoft thing and I just cloned it. So you have exactly what I have so if you don't screw with any of the logic in there, it's doing what it should be doing. [Nena Barke 00:11:05] says, "Can hear you and see you." Awesome. Vincent [LePersos 00:11:12] says, "Hi, Sam, what do you think of the French market for consulting?" I mean I think it's a market. Every market is fine for doing consulting. You've got to understand. Let's boil it down to first principles, right. What is consulting? Consulting is helping somebody solve a problem through advice and in exchange getting paid money. So we need people with a problem that want to solve it through advice and pay money. So that's what it is. Now in France, is there people? Yes. Is there enough of them? Yes. Do they have problems? Yes. Do they want to solve those problems and are they open to hearing advice to solving those problems? Yes. Do they have money to pay people? Yes. Do they like getting value? Yes. How can it not work there? The only time where I would say maybe not, is when the country is so small that there might not be much of a market there. You know what I mean? I'm from New Zealand and even New Zealand is more than big enough. New Zealand had like four million people and it was plenty big enough to make a lot of money consulting. So, I don't know, how many people are in France? Population 67 million. So that's a lot more than four. If four's good enough, 67 is a lot better. You're good. So Simone Craig says, "Hi, Sam. In week four. Stellar program and so helpful." Thank you. "I want to tighten up my expert statement for my sales script. Right now, 'I help six-figure mom business owners struggling to break-even make more profit, consistently pay themselves, and enjoy more time freedom using proven profit strategies and savvy time management.' Can I trim it? Anywhere you recommend?" Yup. You can trim it a lot. You have here ... You've just added a lot of extra add-on bits. The core of your statement says, "I help six-figure mom businesses struggling to break even make more profit." Who is the market? So the market is six-figure mom business owners. I don't think you need to just say "six-figure mom business owners struggling to break even make more profit" because it kind of doesn't make sense. Because it's six-figure mom businesses that aren't really breaking even so then that kind of contradicts the six figures which also contradicts making even more profit because if they're struggling to break even they're not really making any. I would say, "I help entrepreneur moms grow profitable businesses." That's it. Because that's really what you do. They don't need to be six figures, you don't need to say struggling to break even, that's kind of assumed when you say grow and make more profit. So "I help mom entrepreneurs" ... "I help entrepreneurial moms grow profitable businesses." That's the core thing that you do. Then if people want more detail or if in your VSL or your landing page or any of these things, you can go into more detail and elaborate more. And when you're elaborating more you're saying that when they make more profit and grow they will be able to consistently pay themselves. They also will be able to enjoy more time freedom. And they will also have all these other things. They're having a more profitable growing business [inaudible 00:15:52] right. So the core statement can be really simple and boiled down but these other things are related to that thing which you can still mention. That's what I would do. Mike McCormack. Welcome. [Marisio 00:16:10] says, "Great post on full-stack people." Yeah, a lot of people seemed to like that one and it made sense to a lot of people. And you know what's quite funny, yesterday it got to lunchtime and our chef hadn't made lunch and she had just disappeared. Rhett messaged me, he was like, "Mix up with the chef today. She just left without finishing the lunch." And then I asked Rhett what happened. He plans the meals. He makes the meal plans. He orders the groceries for those meal plans. He orders them online and then the online grocery place delivers it to my house. Then Rhett provides the chef with the meal plan to cook and also the groceries. And then the chef cooks those things. But what had happened is they didn't have some ingredients, the online grocery store, so they delivered the ingredients but they were missing some items. So then the chef obviously was trying to cook this recipe, got to a point didn't have the items, didn't know what to do. Probably couldn't contact Rhett because he's probably on sales calls or something. So then she basically just left and there was a break down in the entire system. Rhett was telling me maybe I need to figure out a better system of planning these meals and stuff and I said, no, this is a perfect example of something that isn't full stack. This is an example of non-full stackness. So a full-stack chef would plan the meals, they would also buy the groceries. If something was out of stock, they would iterate at that exact point. They'd be like, "That's out of stock so we could do that, we move it by that, we do that." Change it there. Boom, we're done, 10 seconds. And then they would have received the groceries and then they would have made the meal plan. And they would have cooked the food. But because they weren't a full-stack chef there was a break in there and they didn't know how to solve it and the system broke. So I said to Rhett, instead of you doing that and them doing that, let's get our chef full stack. The perfect example of it. And then, also, my Facebook ads buyer, my media buyer. He was here for book club this morning because I do a book club with my team. Every Saturday where we read. We read one book every two weeks and we discuss the first 50% on one Saturday, the second 50% on the other Saturday. We take notes and stuff like that. And we sent him to a mastermind recently to learn more about Facebook ads because we send our people to trainings and stuff to make them better. Apparently when he was at this event people found out he was buying our ads and then everybody had these questions for him. People were surprised. They thought that our media team, like we had this team of media-buying people that was like 20 people big or something. And they were shocked to hear it was like the one doing Facebook ads was one person. One person doing the YouTube ads. And they were really confused because a lot of people will have copywriters that write copy; and then they'll have graphics designers people who will do the images and edit these different things; and then they'll also have a managing market person; and then also a Facebook ads person. All of this different stuff. But that's horrible. You don't want that. You want full-stack people. Our Facebook ads person and our YouTube ads person they are trained to write the copy, choose the images, do the split test, do the conversion rates, doing everything, do the reporting, do the analytics, do the bidding, do everything. From start to finish. No handing off anywhere. Full stack. Because if you want something to run really well it needs to be full stack. Full stack is the only way to do it. Karen Teo says, "Kia ora." Kia ora, Karen. Kareem Robinson says, "Hey, Sam. I set up Facebook ad account for my likes campaign but it wouldn't let me set up a second. What should I do?" Just contact Facebook support. Be like, "Hello, Facebook. I have one Facebook ad account. I would like to create two. How do I do this?" And then they will unlock it for you. They'll probably allow you to create three. But whenever you're in doubt just ask someone. Who's the closest person to ask about this thing? Probably Facebook support. If it's about Click Funnels who's the closest person to ask about it? Click Funnels support. Right there, bam. Always start with that because a lot of the time they can help you. Natasha says, "Hey, Sam, thanks a lot for your videos and posts. Appreciate your time and valuable advice. I wanted to ask about this statement. 'I help couples with new-born children who are stressed and overwhelmed and with new family dynamics to overcome depression, mood disturbances, and marital issues.' This statement describes pain that people can refer to but does not give a glimpse of an ideal state. Should I add a vision part to it? Better communication-positive direction for the family/love/harmony et cetera. Would it be okay to make this statement longer/clumsy but include what is achievable for them or is it better to keep it short?" So, I'll read this statement again. "I help couples with new-born children who are stressed and overwhelmed with new family dynamics to overcome depression, mood swings, and marital issues." You can say this way more simple, you know what I mean? Instead of saying "I help couples with new-born children," what do you call someone who has a child? A parent. Right? So I help parents with new borns ... So that's the I help piece. "I help parents with new borns." And then we need to say ... All of this can be really wound up into one thing. "I help parents with new borns conquer the chaos and claim back their life and happiness," or something like that. You're talking about both things because right now you're mostly talking about this person, this group of people, parents with new-born children. And then you're talking about just the bad. But what we're helping people do is make a transformation and with any transformation there's the bad and the good. It should mention both things. So, "I help with new-born children conquer the chaos and reclaim their life and happiness." That could be like a statement. Then the next question which would come from a person is like, "How?" That's where you would elaborate on your landing page and your VSL. Your fragmentation funnel, your value video. You can elaborate on the strategy session. But the statement doesn't need to say everything. It just needs to be like a statement that says what you do. And that is what you do. And then you can elaborate on that. Then in the value video you can talk in more detail about the problems and the depression and the mood swings and the chaos of having a new-born child. Then you can also talk about the light side. The place that they want to go. And you can detail all of that. Because you're trying to get someone to see, okay, this is the bad, this is the good, you're helping me go like that. [Anam Maria Montini 00:25:09] says, "Hey, Sam. If the niche is to help businesses in at the niche get more clients." "If the niche is to help businesses in at the niche get more clients." I have no idea what that question means. It's not even a question, I don't think. Ask it again and make it much more clearly. Paul Spurlock says, "Are seats still open for [UpLevel 00:25:36]? I need to book it. Is this with you and the Disqus upgrading?" Yes they are and they definitely should. It is an awesome program and I will tag Rhett in it who can help you out with that. If you're interested in UpLevel which is ... Consulting Accelerator shows people how to start their consulting business and it shows them how to get clients, pick their niche, do all that, package your offer, pricing, get clients and develop a proof of concept, manage your business, do your mindset, all of that stuff. But it's mostly focusing on done for you and one-on-one and that kind of business model because that's the best place to start. That's where everybody starts and that's where you learn the most. I started there. Everyone of my successful students started in that spot. That's where you learn because there's no other way to become full stack. Course I didn't just start selling courses because then how the hell would I know how to put in that course? I would be just making stuff up. I'd be just blatantly lying and it would all be wrong and then if you copied it as I told you to in the course it wouldn't work for you. And I wouldn't have a business. The only way you can sell a course is first if you do it. Because after you've done it and it works you know what to teach in the course. So the best course sellers are full stack people. Like I know how to do sales course. I know how to do Facebook ads. I know how to do picking a niche, solving a problem, creating an offer. The whole thing. The accounting, the finance, the legals, everything. And that's because I did it myself first. That's what makes me good at selling courses. Accelerator shows you how to pick your niche and get clients doing done for you or one-on-one. That's what it really masters. And then up-level consulting teaches you how to go from done for you and one-on-one to online courses and group coaching, which is the business model you can really scale big with. If you're interested in learning more about up level, just go to week seven in consulting accelerator. So in the content portal go to week seven, and it's called The Next Level and you can learn more there. Andrew [Hinearn 00:27:59] with regards to questions about business account when do you use for personal money, personal expenses. Do you just withdraw the needed amount when you need?" So I told you I use a salary. I would figure out my monthly budget that I need, on average, and then I would pay myself that much as a salary like that. It's the best way to do it. Carlos Diez says, "Hey, Sam. Is it possible to know what platform you're using for the consulting.com membership area. I am looking to migrate to a better membership experience for our members and I love your set up." That one's custom built. We built it ourselves. The one we recommend is Kajabi. So if you go to consulting.com/kajabi, K-A-J-A-B-I. You can try that one out. That's what I used before I went and built our own. Grace Reynolds says, "I'm in Australia, Sam. What is a chicken account, please?" I have no idea. A chicken account? I have no idea what that means. So please ask that again with more detail. "Oh well. More swearing in [inaudible 00:29:24] videos." Morizio says, "Hi, Sam. Who are your mentors now and what is the skill you must develop next?" My mentors now ... When you're following the entrepreneurial journey you start off with mentors that are a lot closer to goals you are trying to achieve. I started off by learning courses from people. My hero would be somebody who was even making some money. Even if somebody was making two grand a month I would of been like this dude, I need to learn everything from this dude. This dude's my mentor. And then when you get to that level you're like, all right, now what? 10 grand a month. And then, all right, now what? 20 grand a month and then you just keep going up. Then you start trying to find who's doing the best in this industry. And honestly in hindsight, I wish I had just really started bigger. I think I would have moved a lot faster, I would have made way more progress if I had jumped straight to learning from someone who was really crushing it. Because then you're learning like the best way of doing things immediately. It saves you a lot of time. For example, you'll learn a lot more by learning from me in Accelerator immediately even when you don't know anything about business. Then by going your way up the chain and learning all these things. A lot of the things I'll say in here will totally contradict what people will tell you that are making six figures a year. Because a lot of people have false beliefs about things that aren't really true. I used to think you can't make this money doing courses because lots of people used to tell that to me. Or consulting, there's no way you could make this money in the consulting niche. All sorts of stuff. Now in hindsight I can see those were just wrong because now I'm doing it. You want to follow people who are doing really well but it's still believable to you. That's kind of the perfect spot. And you want to join good courses. Learn from people who are really good but then you get to this tricky point where you can't find any more people that sell courses and how-to training and have masterminds and groups because you start running out of people who are doing better than you in this area. I can't find any more masterminds where the leader and the group of people are doing way better than me in this sort of thing that I'm doing. So at that point what I've started doing is I just choose mentors that are way bigger than me. For example, I learn a lot from Jeff Bezos. Jeff Bezos probably isn't aware that he is mentoring me. But I read the company reports. I research him online. I watch his interviews, his videos. I read his books. I've watched documentaries. I've read the letters to shareholders and I've studied the books that Jeff Bezos studied. I studied Jeff Bezos and the stuff he wrote. Letters to shareholders and stuff. And then I found out the books he read and I read them. Then I found the books who the authors who wrote those books that Jeff Bezos read to then write his things. So I just traced it right down and I just read through all of that. And once I go through all of that I can really see the influences in his life that made him who he is and where he learned all these things from and what all of his heuristics and biases and tendencies. I can reverse engineer the mind of Jeff Bezos and then build it. That's how I learn now. It's hard to find people who are ... At a certain point you just can't buy courses anymore that show you ... Like right now we're doing 30 million a year and there's not a course out there that's how to grow a business from 30 million a year to a billion dollars a year about this particular type of business. One of those doesn't exist. So you kind of have to go out on your own and start figuring out stuff on your own. Honestly I like it because it's kind of fun. You're not so much following a template anymore you're just kind of like playing. You're just like, let's just try this, let's try that, let's invent this thing, let's build this thing because it doesn't exist. You start going off on your own and it's quite cool. And that's what all of you will do. It's best to follow someone else's advice and be their student. Have a mentor, be their student, until the point until you're about at their level and then you shouldn't just stay at that mentor's level. You should seek to improve. And you should keep going further. And then you can just use people who are really far away from you like Jeff Bezos and stuff. They can be your mentors without them actually being your mentors. You can just find out how they go there. Ian [Calaisters 00:35:09] says, "Unfollow them. I did that and my business grew faster because I followed only one to two who have what I look for." That's very true. There's so much noise out there on the internet. I don't use social media. I use social media as a producer not a consumer. Stuff gets posted to social media for people to consume. We run ads on Facebook for people to consume. And I have a Facebook group on here for people to use. But I'm not on Facebook as a consumer at all. I don't consume information on Facebook. And so you should think about it that way, too. You should stop consuming most of the information and noise that's on social media. The best information comes from books, and from courses by people who are really good at what they do. And books by people who are really good at what they do. That's the best source of information. These two things. I learn from these two things. I don't learn from posts on social media. I don't learn from Instagram accounts or Snapchat accounts or anything like that. One easy way you can really clean up your life is to just unfollow everyone. Delete social media off your phone. Just delete your apps. Delete Instagram. Delete Facebook. Delete all of that crap. You'll make more money and you'll actually be more happy. And then unsubscribe from every email list. I'm not on anybody's list because I don't want to get 50 emails a day talking about all this different stuff. You want to choose your own path and then drive down it instead of constantly having your path in a chaotic state where everyone is changing it and influencing it every day and it's out of your control. That's what most people's life is like. They're like, all right, well you have your way with my life path, blast me with every piece of information you can and confuse the hell out of me. And one day I'll probably choose something but most likely not. Choose something. Stick to it. Block out the noise and just go. Stirling says, "Hey, Sam, been doing market research on manager niche all week. I thought pain was losing sleep but it's coming up more as when others don't do what I want which does create sleep issues but the managers are stick with it until you fail when I've spoken with ex managers who have got diabetic because sugar was the only thing that helped. How can I make my message resonate if the niche is in denial about their sleep and don't consider sleep to be an issue. Could I try to uncover more pain behind others don't do what I want until I find something really painful." So you've talked to managers. They told you their problem is others don't do what they want them to do. That is probably a problem with managers. Honestly, that's probably a major problem and concern for them. "I'm put in this manager position. People should listen to me and do what I tell them to do but when I do they don't do it. Then they're worried that maybe I'm not even a manager." This is an issue that you've uncovered, really. But then you say, "How can I make my message resonate if the niche is in denial about their sleep?" Honestly, you're kind of assuming that if we fix their sleep ... Well, first of all you're assuming that their sleep is bad, which is one assumption. There are managers who sleep properly. Who tell people what to do and then they don't do it. Those people exist. So you can't assume that if they just tell people what to do as a manager and people don't do it then it's because of sleep. You can't do that. Then you also can't assume that sleep will fix it. And so you're not trying to convince them that sleep's an issue. Sleep is either an issue for them or it isn't. If it isn't you shouldn't really talk about it. Or maybe it's something that you put into your program and your coaching kind of like I do with mindset. If I talk to a lot of people about their problem they don't tell me it's because I've got a bad mindset. They tell me it's because they don't have any money and all of this stuff. And I can't convince them it's their mindsets so much as I've got to say, "You should start a business." This makes more logical sense to them. They start doing this and then I include the mindset stuff and then I include all the other stuff that they need to actually make it happen. So you could help these people with their leadership and solving the immediate problem that they see that they have and then tie in to it information and training about health, fitness, exercise and sleep and all of that. It's probably just a sub-category. It sounds like the top category, the major one at the top of their mind is influence and leadership and then under that they've probably got sleep, health and fitness and stuff. You never want to pushing a sub-category. You want to be pushing a primary category because it's more what they want. Then you can also help them with the sub-categories, too. Hope that make sense. Mike McCormack says, "In the early stage of your business what percentage of your revenue did you reinvest back in the business? How much did you save and how much do you use for yourself? Can you give percentage, please. Has this changed for you from the early days compared to now?" Yeah, it definitely has. When I first started I pretty much took all the money I could for myself because I thought that's what you had a business for, right? So I'd pretty much buy cars and stuff for myself because that's what I thought you did with a business. When I first started I reinvested the bare minimum back into the business. I didn't look to hire people, I didn't look to use good software and systems. I didn't look like to develop the brand and I didn't look to improve things. I mostly looked to take the money out and buy things for me. There's nothing wrong with doing that in the beginning because it's pretty much it's okay to do that in the beginning and I think it's what most people do. But then quickly you realize. Oh, shit. I need to improve this business. It's just not going to keep spitting out money if I don't keep making it better. Businesses that don't get improved die. And they stop spitting out money. You start to think longer term as you mature. When you're first getting started it's all about immediate survival and immediate gratification and what can I do for me now? But as you get wiser you start to think like, what about next year? What about 10 years? And then you look at your taxes and your accounting and you look at where money could go and where it could be invested to make way more money. And then you start realizing that it's kind of dumb just doing it this way. I would ... invested that money into systems and talent and good stuff in the business. Be making way more money. So it's just like a learning curve. Like I said I would take the bare minimum you can to live. It's not about a percentage. Percentages are dumb, right? It's like how much money you should take out for yourself personally, like saying 50%. Well, now our company's making like 30 million. I'm I supposed to take out 15 million for myself? It makes no sense. Even if it was 10% what? Am I supposed to take out three? What the hell do I need that for. It makes no sense. I think it's the bare minimum you need to survive yourself personally. That's what your salary should be. But then what the company should keep. There's a difference between profit and money paid to you as a salary. You should have your company making at least, really, in the early days, at least 50% profit margin. So if you make 100 grand in a year you should have profited 50 grand. And then you also should try and save as much of that money as you can in your company's account. So your company will pay corporate taxes on that profit and then it will have the remainder of it left in its bank account in cash. You want to grow that cash pile up as much as you can. You should always aim to grow that cash pile. That's not your personal savings. That's the company's savings and there's a difference between these two things. It's still your money. So you may as well call it your personal savings but it's just the way that the ledger is sitting. The company is its own entity. And so it's over there and it belongs to it. It's not you but you own it. You've got to understand how this thing works. It's better for it to sit there. So you should grow that pile up. I can tell you that the people who make a lot of money they grow their pile up. I remember Andrew Argue and Josh Harris they started doing way better when they had about a million dollars in cash in the bank. And I remember the first time I had a million in cash, too. It changes everything. It changes your whole attitude. Because all of a sudden you start ... You've got a good amount of money here and now you start to think longer term. You start to think, "How can I use some of this money to invest and grow?" And something really shifts for an entrepreneur when you have a million dollars in cash. And something also shifts when you have a hundred grand in cash. Your first goal should be to get a hundred grand in cash for your company. Once you do that, try get a million. Once you do that just try to get more. The more cash you have in reserves, the more balls you have, really. I couldn't do the things that I'm doing now, like having a lot of staff, investing in technology and all of this, spending a lot of money on ads. I couldn't do this stuff unless I had a good war chest of cash because I would be freaking out. I'd be on the edge of my seat. Like, "If we have one bad month I'm dead." You can't run a business like that. You can't be in panic mode. Panic mode is a dangerous place to be in and so you should aim to get out of that mode. The way you do is you save that money, you grow that war chest, and you keep your personal expenses small. That way you're never panicking because you don't cost much to live and your company has quite a lot so you're good. Warren Buffett has this quote which is, "I can't sleep at night unless I have 20 billion in cash." That's like a saying. You can Google it. It's got a quote. And he said that. And it's because he knows he can make mistakes. The market can move. He can make mistakes. And storms can come. He wants to know that if things turn he's good. And that's a really good place to be in. I think every entrepreneur and person in the world should try to get themself to that spot. Because until you get to that spot you'll never make a single smart decision. You'll always be in panic survival mode and you'll never think long term because all you can ever think about is survival now and you need to get yourself out of that danger zone and into a better place. I missed a few people's questions here because it just shot up so if I missed your question I didn't do it on purpose. Just ask your question again and I'll get to it. They just fly past on my screen here. Mark Carrey says, "Do you have any tips and tricks and a bit of data for dentists when market online and social media. I use Google but I think you can save me time digging out data and testing. Thanks, Sam." What I would do is I would go through the course. I would honestly go through the course and watch it and I give you a ton of information about how to market and sell any business online. Go do the course. That's good information. That's where the best information is. Danielle [Bassik 00:48:59] says, "Hey, Sam. Would you skip niche if the business isn't scalable via Facebook ads?" It depends. This question, I can tell how your thinking is based on this question is wrong. Because you're saying should I skip a niche if the business can't be scaled with Facebook ads. Well, first of all, what is the niche's problem? Because let's say you pick this niche and their problem is they want to lose weight. And so the solution is helping these people lose weight. Does it matter if we can't scale that with Facebook ads? It makes no sense. You don't pick a niche just because it can be scaled with Facebook ads. First of all you pick a niche. Then you find out what the niche's problem is by talking to them and they tell you what their problem is. Then you see if you can solve that problem by a solution which is your advice, helping them, doing it for them, or advising them on how to do it. If you can do that, good. Then you should charge money for it and sell it to them. And then you should do that. The Facebook ads question is kind of irrelevant in the way that you're thinking about it. Marlon says, "Sam, in ratcheting up you talked about scaling from zero to 30 grand in 10 days. Since it takes four days for a duplicated ad set to settle how do you scale so fast at that?" It's honestly about knowing the system. You wouldn't do that if you hadn't played at that level before. Because I've managed ad accounts that have been at 30 grand a day or more I start at a way higher point, right? So I don't start with $500 a day. Shit, you might not even be starting at that, you might be starting at a $100 a day. So if you're starting at 100 a day with a few different ad sets and you're waiting to see if that one works or not over the four days, you can't just from that to 30 grand in 10 days. It doesn't work. If I'm testing and I'm running a funnel that I know like mine and I'm also doing ads in a niche that I know, I've been here before. So I might start, no kidding, my testing budget I might just start at 30 grand a day. Just day one. See what happens. Because I have the balls to start there because I have a lot of clues about what happened in the past, what things worked and all of this. Plus I also have more money so I'm not afraid to lose a little bit. That's how I can scale there real quick. For a normal person that's starting and hasn't been there before you have to gradually make your way there. You first of all have to figure out how to make it profitable at 100 a day. Then you figure out how to make it profitable at 200 a day. Then 300 a day. Then 400 a day. Then you might jump to a grand a day. Then you might jump to three grand a day. Then you might jump to like 5 then 10 then 15 and you work your way up. I had to work my way up to 30 and once I understood 30 now I can recreate 30 way faster. Does that make sense? Again, lots of questions just flew past so if I miss yours ask it again. Jessie Ryan says, "Sam, I cold call for a living. I work for a lead generation company as my 9 to 5. How much should I use the phone to get clients in my consulting business?" I can tell that you haven't done the course. I made the course so you guys can do it. And if you do it, you'll know the answer to that question. I show you how to do everything. Honestly, if you just watch the videos, you'll see what to do. [inaudible 00:53:01] Peters says, " I'd like to hear your thoughts on something. I've been working on the program for about six weeks now. No sales yet as I had to go back and select a new niche after doing several [inaudible 00:53:11] decisions. I should be ready to go back into the market with my new offer for my new niche in a week or two. I am also still working at my day job. However now I've been presented with a new opportunity for two months time where I can make two to three times what I currently do per month. The thing is I would not be able to work on the programs/my business if I accept the new opportunity. I could leave my day job to do the seasonal gig to get some cash so that I can come back and focus 100% on my consulting business. But at the same time I am hesitant about breaking my momentum and taking a one to two month break. What would you do?" Don't take the offer. It's more money now but if you look longer term it's way less money. Just keep pressing with this. Honestly, you've been doing it for six weeks, you didn't get a client. There's nothing abnormal about that. It depends where you start this thing at. If you start this thing and you have no idea about a business or sales or marketing or anything it's going to take you a little bit longer. If you start this thing and you've already been used to sales and marketing and things then this program helps you connect the dots way faster and then, boom, you're out and you might get a client in your first week. The reason why some people get clients in week one and some people take longer is the point at which they start and also how much time they've got to put into this. I wouldn't accept the increase, honestly. I would just keep going at this. Don't worry about the money right now. Just think about the money longer term. People often make bad decisions. When they think about how they can make more money immediately. Generally when people think like that they end up making really bad decisions. You want to think long term you make good decisions. Jessie says ... I already answered to that. Thanks, Adriana [Beto 00:55:34] for your compliment. Nancy [Goh 00:55:37] says, "Sam I have a niche idea. Is to help female entrepreneurs to work less, make more money, and have the fulfilled with their family. Is it too niche?" No, I don't think so. I think you could do that. It's to too niche. There is a lot of female entrepreneurs who would like to work less and make more money and have more time with their family. James Cluster says, "I'm watching your mindset modules and it's changed so many things already. I avoided at first but I'm glad I went back." Good work. The people who avoid it the most are the people who need it the most. People who avoid it are, most of the time, hiding from something. Anna Maria says, "If I help doctors get more patients through digital marketing but you recommend using organic methods to get group of concept. How can I change my offer?" You've confused this one. You've said I help doctors to get more patients through digital marketing but then I said you should use organic methods first until you get your proof of concept before doing that. That doesn't mean you should change your offer. These are two things. You can help doctors get more patients through digital marketing and acquire those doctors as clients through organic methods. And help them with digital methods. When you get your proof of concept through organic methods then you, too, can use digital methods. Your brain has taken this and applied it to everything. These two are separate and different things can operate on these two things. Nadine says, "Hey, Sam, thanks for taking the time to answer the questions. One, after researching my niche, virtual language teachers that work independently, I've discovered that the biggest problem they struggle with is getting students consistently and that are willing to pay a fair rate. I know nothing about digital marketing but I'm willing to learn. However I feel stuck on the offer side of things and rewriting the sales script. I don't know how to ..." Where is this? "I don't know how to explain the value I can provide because I don't know exactly how much revenue I can generate for them using Facebook ads and funnels. How do I find this out?" You don't need to say how much money you're going to make them because you don't know that. You can't know that. So if you've done it for a while you can make small predictions and forecasts. But still when you do that you don't know. No-one knows the future. What you can say is, "I help virtual language teachers get more clients with digital marketing." But really what you do is you help virtual language teachers get more clients. They don't care how you do it. Whether it's pigeon carrier message or lump email. They don't care. They just want the clients. So you help this person get this. If they ask you how, well you do it with digital marketing. You don't need to know the exact numbers. You'll figure them out when you do it and you gain experience. Then the second question. "Will Facebook ads work for those that charge per hour as they're not charging over 1,500 per hour and this is what the client acquisition can cost them. Or would it be wise to help them rearrange their pricing systems." Now you're thinking properly. Just because they charge per hour it doesn't mean that they should. Charging per hour might not be what's best. You might want them help them change their pricing model, change their marketing messaging, change the way they sell, and also help them get clients through Facebook ads. The cost per acquisition could be way cheaper than that. I don't know what cost per acquisition is. But generally the larger the purchase price look the better because it means you've got more money to spend to acquire a customer, right? If you were trying to sell something like ... Let's say we're trying to sell this. Good flavor pamplemousse LaCroix single can. Say you put this on a landing page and you're trying to sell it for a buck. You're already fucked. That is not going to happen. Not a hundred percent of clicks is going to buy and basically you want be able to clicks at a dollar so you're fundamentally screwed from day one. There is a certain price that a LaCroix could be at for you to be able to use ads and make it work. You want to find out what that is for these virtual language teachers and then ... You need to figure this stuff out. How much does it cost per clicks? How receptive is this market to Facebook ads? Then how good is the conversion rate of this conversion mechanism? How much do they currently charge? How much would they have to charge to acquire customers through Facebook at a profit? And you balance all of these things until you're like, "Aha, we found this little equilibrium point." If we charge this much, we use this method, and we buy traffic in this market with these economics, this works. Your job is to arrange all of these things until you find the correct way. That's what you want to do and that probably is going to involve changing the way they sell and also changing the way they price. You can play with any of these variables. You're not fixed to just playing with Facebook ads. You can play with anything. [Naia 01:01:57] Smith says, "Hey, Sam. How about Bill Gates as a mentor. It seems like Microsoft is disrupting the education industry with LinkedIn and Lynda and building systems to support the gig industry." Yeah, I've learned a lot from Bill Gates, like documentaries, books, things like that. I don't personally like him as much as some other entrepreneurs for different reasons. Not because he's worse or better or anything. Different people like different entrepreneurs because they do different things, they think differently, and they've got different styles. So I've learned a lot from Bill Gates but I prefer Jeff Bezos and Steve Jobs to learn from than him. Marlon Sanders says, "[Michael Marson 01:02:54] grew [Agora 01:02:59] to 600 million." Can you let me know why you said that? I don't know if you're trying to ask me a question. Because it's out of context. I was probably saying something when you posted that, and now I'm seeing this after the fact so I don't understand the context of it. If it's a question let me know the question. Ingrid says, "What do you think of quality of Mindvalley of vision." I don't know. I haven't done any of those courses from Mindvalley. It depends what you're trying to do, honestly. Like there are some people who for them, community and mediation and yoga and spirituality, these things, that's their goal. The teacher that they should seek to help them get their is going to be different than someone who wants to start a business and make this much profit. You know what I mean? You want to learn, you want to first of all clearly what you want to do. And then you want to find the person who is best equipped to help you get there. That's the only way to fairly assess a course. Otherwise people could say, "Sam's courses suck," if someone's dream was to not work at all. My course would be the worst. Because I recommend working hard and putting in a lot of effort. You see what I mean? Depending on what your goal is courses can be considered really good or really bad. It totally depends on the objective. And that's why you've got to, first of all, determine your objective. [M.D. Ashlaff 01:04:52] says, "If Jeff Bezos suddenly pops up to your place, how would you react? How would you feel and greet him and learn from him? How would you adjust the plan you made last night that you intended to execute?" I would obviously I wouldn't care about my plan. I'm not going to be like, "Sorry, Jeff, go away, I have to do my plan." Unless my plan was somehow more important that that which on most days it isn't. So I wouldn't, I would just say, "Cool, come in." And then I'd just drill him with questions until he left to learn as much as I possibly could. I just want to know all sorts of things. "What is the most important thing you've learned about this? What about this? What about this? What do you think about that? If you were me what you do? What do you think of what I am doing? What things do you think I'm not seeing that you can see in what I'm doing?" All sorts of questions to just learn as much as I possibly could. And I would have recorded it because you want to capture this. Notes. I'd probably video record it just to make sure I'd got it all. Jason Wong says, "Hi, Sam. Just started my 30 day attack by email outreach emailing driving schools businesses. I sent about 50 emails without receiving any reply yet. My message is, 'I help driving schools and instructors to acquire new students and referral students by refining their business plan and leveraging digital marketing.' Any issues with this message?" "I help driving schools and instructors to acquire new students and referral students by refining their business place and leveraging digital marketing." So you help driving schools, that's the niche. Instructors, that's like the same thing. "To acquire new students." So I would just say "to acquire new students." You don't need to say, "acquire new students and referral students," just make it simple. "I help driving schools to acquire new students," and then you don't need to say that by and honestly I would question your by. "By refining their business plan and leveraging digital marketing," right, is sounds to me like that's what you think they need but I doubt it's actually what they need. I can tell you that most businesses don't have a business plan and generally most businesses don't need a business plan and a business plan is never really the thing that really turns a business around. Business plans are mostly not done so I wouldn't say that business plan part. It could be digital marketing but I would say you need to try to talk to these people. Say you help driving schools to acquire more students and then talk to them. Start trying to sell them what you have and learn from them and figure out what is the best, most potent thing to help them get more students. It might be digital marketing, it might not be. It might be just by like implementing an email strategy. They might have a huge database and they can just email people. Don't assume what the solution is going to be. Go in there and start looking and figure it out. Ian [Mancil 01:08:38] says, "Have the same issue with a major client of mine. They are simply taking too much of the business which means they have very thin capital and thus exposes them to any downturn. Overheads carry on whether you are making sales or not." Yeah. Businesses that behave like that it never ends well. All of them die. You want to be taking as little as possible out of the business because you know the money is basically like food for a business. And if you keep pulling it all out and eating that food yourself the business is going to start starving and it's going to get weak and it's going to collapse. You've to to keep pumping it back in. It's got to grow. It's like the lifeblood of the business. It's got to flow through like that. [Fo LaSaad 01:09:44] says, "Is there a [Consulting Accelerator 01:09:46] app." No but it works on your mobile phone. If you log in on your phone. If you go to consulting.com on your phone it works perfectly in the browser. Mark Carrey says, "Do you think dentists are better than plumbers as client? Do you also think it's okay to help both and have them both as clients or should I just stick to one. I like dentists most but I get a shitload of leads for plumbers." I can't choose who's best. Who is best? No-one can say that. It's different. If truly being a plumber was better than being a dentist then they're wouldn't be any dentists. There would only be plumbers. It's a preference thing. Something people would never want to be a dentist, some people would never want to be a plumber. The same goes for you. If you really like and are interested in plumbing or dentistry then whatever one you're more interested in and passionate about, chose that one. If you like both of them, try to learn both of them. It's kind of a weird mix but if you find there's a lot of similarities between the two then you could do both. [Allock 01:10:59] says, "What are your thoughts about Apple reaching a trillion? What do you think we should do from the start to hit our maximum lifetime earning potential?" Well, I don't really think anything about them hitting a trillion. It doesn't really affect my life. I think it's cool. They're a great company, they've built a really solid company. They've got a lot of cash. They've got more cash than the American government. They've got a really good brand. They've got a lot of good talent. They've made some major inventions like the iPhone and things. They've got good laptops and I use a lot of their stuff. I think it's a great company. I'm not surprised that the market's awarded it with that valuation. But it doesn't really affect me. I don't really think about it. What do I think you should do? I think you should stop worrying about them and think about what can I do right now to improve. That's going to be learning, getting clients, or just doing the work and learning, learning and just working hard and it will just grow from there. Don't worry too much about the future, just focus on doing work. Executing and building and learning and getting better. [Caro Coughness 01:12:27] is, "How do you pay for Facebook ads if you do not have a credit card?" You really need a credit card. You can't even really run a business if you don't have a credit card. So if you don't have a credit card you can use a debit card. Anyone can get a debit card. I'm not going to accept that someone doesn't have a debit card or a credit card. And if you don't you should get one. You need one because you can't run a business on the internet without one of those. So just find one. You can link it up to your PayPal but that's not recommended. They lock accounts for that quite often. It's not recommended to link your Facebook account to PayPal account. If you live in the United States you can link your Facebook account directly to your bank account but honestly just get a card. A debit card is fine. Mary Hunt says, "I'm in in week one. My niche is weight loss and healthy lifestyle for professional women over 40. Here's my idea. Offer a beta test at a discount. $1,000 for up to 20 women which will at the end produce 20 great testimonials and be my proof of concept. For my one-on-one coaching during the six-week beta test do an occasional video, write PDFs or blog to educate on the science behind the diet, and maybe do a live Q&A. What do you think? Do you think I need a new Facebook page or group where they can ask questions and communicate with me and each other? What have I forgotten? And do you think this will work?" I think what you should do, if your niche is weight loss for professional women over 40. That's the niche. The problem is the niche is women over 40 who want to lose weight. Their problem is they want to lose weight which kind of means they're heavier than they think they should be. And then your solution to that is you're going to help them with a diet plan, exercise, things like that. Honestly I wouldn't just go and try and sell 20 women into this thing at a discount and do it like that. I would start out by coaching individual women one-on-one via Skype. I would sell one to five women this package. I would sell them it like, "For $1,000 I will do a 30-minute call with you once a week for six weeks. And we will go through this and I will teach you it step by step." You want to start out by doing one-on-one first because you need to learn and master all of the stuff. After you've put at least five to ten people through this one-on-one thing and you've really figured it out and you've got his dialed in, that's when you can now build a program, build a course. But whatever you do do not build a program and a course before you do the one-on-one, it never ends well. That's what I would do if I was you. I think that's the right path. Thomas says, "Hey, Sam. What I want to achieve is I want to get more strategy decisions. My problem is some people say they're interested but then do not book the strategy decision when I message them the schedule once thing. Would love if you could have a look and give my tips for improvement. Thanks." This is where the problem is. You don't message people on Facebook and stuff, ask them if they want a strategy decision and then they're like, yeah, yeah, yeah, that would be good. And then send them a link. Don't do that. Don't send them off that channel. You should try and get them on a 15-minute chat. So start the conversation over Facebook chat or LinkedIn chat or whatever it is or email, whatever. And then get on a 15-minute phone call. Talk to them. See if you think you can help them. Ask them a few qualification questions. And then say, "All right, let's do like a strategy decision. It should take 45 minutes. When are you free to have one of those?" Schedule it in in the calendar. Book it into your calendar. Send them a calendar invite to that thing. Make sure it's no more than three days from right now. Then its all done. Now you're not saying, "Oh, I'll send you a link and then you can book." Because what's happening is you're sending these people something and then they're doing it. Because you should get that done on the call. So you're going from the chat to the 15-minute phone call to the strategy session. That's what you should do. Pierre [Bjorn 01:17:32] says, "Sam, I have an email list with prospect and leads. Is it possible to upload the emails alone directly to Facebook or do I need to have any additional" -- where did that go? -- "info for Facebook to find them? Thanks." It depends what stage you're at. I'm assuming you've already got clients, you've got a proof of concept, you know exactly what your doing. If so, good, then you can just get the CSV file and upload it as a custom audience into Facebook. And then you can use that as an audience. But most of the time those aren't the best audiences. Our email list is like a million people. We can upload that list into Facebook and then we've got an audience of a million people but it's not very good. It's only a million people. We need audiences way bigger than a million people. I bet you don't have an email list of a million people. You need to find ways to target people through cold traffic. That's the only way to really grow. Uploading an email list is great but it's not going to make you a lot of money and get you a lot of traffic. It's just a small little pocket. You need big, expansive audiences to really grow and scale. So just follow the training that I have put out for you. Go through the Facebook training. It is week five. Go through it in order. One video at a time. Watch all the videos. It will show you what to do. [Rohim 01:19:04] says, "What's up, Sam, thanks for amazing course. I'm getting insanely fast results for my clients who are gym owners and personal trainers. Now I have other fitness business gurus reaching out to me so I can teach them how to do Facebook ads for their clients. Should I take that offer and how much should I charge them to teach them?" It's up to you, man. What do you want to do? If you would prefer to work with the gyms, stay with the gyms and say no to the other people. If you would prefer to work with the other people and help them get gyms, do that. It's like me. I prefer to help normal, everyday people start their own businesses, get clients, make money. More than I prefer to help massive ... I hate corporations, right? If some corporation was like, "We want to pay you millions of dollars if you come in and help us." I'll be like, "Fuck that. Not doing that." I only want to walk into a corporate. I prefer to help the people not the big companies. I really like the consumer market. That's my favorite market. More than B to B, more than ... B to B, enterprise, and all of that, I don't really like. I like consumer market. Whatever you like and whatever you're most passionate about and interested in, do that. Just think about that. Josh says, "Where do we find people to outsource to, that shit too hot with Facebook ads, to manage my clients' accounts? And how much should we be paying them as a contractor?" These people are hard to find because sometimes this is how crazy it is. Sometimes they might be really good and really expensive. Sometimes they might be really bad and really expensive. Sometimes they might be average and really expensive. And then sometimes they might be really good, not very well known, and cheap. The market is messed up when it comes to these people. Basically how it works, sometimes the people who are good at putting on the best show and making the most noise are assumed to be the best at the thing and then therefore think they can charge the most money. So it's a really sketchy market. Trying to find people who are good at Facebook ads, man, it's like a snake pit that you can really get bitten in. What I would do, is I would go through my training and learn it yourself. Unless you learn Facebook ads yourself you're never going to be able to hire or manage good Facebook ads people. Honest truth. I know it all from start to finish. That's the only way I was able to hire and help other people do it to. It's so important. Learn it yourself first and then what I would recommend is teaching it to some people. Hire some people who are really smart and maybe already have some knowledge in Facebook and then develop them and home-grow them to be really good and then have those people internally managing all of your clients' accounts. Honestly that's what we did at our company. We didn't find a good Facebook person because those people, it's a really weird market. Really weird. And a lot of people think they are good at it but they're delusional. I would home-grow them. Learn it yourself first. If you do the Facebook ads training that's in this course, you'll be better than most of them. Almost all of them. So just do that. And then teach someone else. That way you'll have really good people at really good prices that you know are doing things right. So Marlene says, "Hey, Sam. I'm helping people to love running marathons not for speed or status. I'm quite unique in the runners' high mindset approach. Time efficient training program. And heart-rate decrease and breath control to coach. Starting people however there comes more to it like running technique, choice of food, prevention of injuries, equipment, et cetera. Areas where I have my own vision and experience. But I clearly see other people, colleagues who are more specialized for that. I do I take this one best? Do I keep to my own strict version and serve as best as I can while I grow? Or do I fast-forward, make more work of partnerships. The last one does give sheer terror." If you think ... This is the thing, all right, there's a lot of ... This course here, Consulting Accelerator, it shows you how to start your own business, get clients, make money. There is a lot of people who teach people how to pick a niche. How to get a better mindset. How to do your finances. How to do sales. How to do Facebook ads. How to do funnels. How to do all of these pieces, right? If I was using that logic that there's other people out there who are specialists in these things, then I shouldn't do any of those because they can just go and learn from them and I should just teach someone how to start a consulting business without touching any of these things because these people are all specialists in these thing, right? That's not how it goes. If those people were all very good at it, better than me at it by a mile, I might consider that but I did not find that to be true. I totally disagreed with most of the methods that were out there. Almost all of them and the only thing I was really comfortable with was rebuilding and restructuring and reinventing everything from the ground up. Every single thing. From the mindset to the tools you use to picking your niche to the sales method to the sales script to the ads to the finances. Everything. I just tore everything down and rebuilt it the way I thought was best from my experience. It depends how much you believe in your conviction that you have the right solution here. If you truly believe that you can make a better course for these runners on how to achieve the goal they want and you are going to go into other people's areas like diet, sleep, exercise and all of these things. Do it. Who cares about them? You're focusing on the customer and you're doing whatever you can to help that customer get to where you want to go. What you are not caring about is what specialists think of you. That is the last thing on your mind. Your main purpose is to serve the customer. You have no interest in anybody else. Don't think about them, don't look at them. Don't even listen to them. Just focus on the customer. [Greetay 01:26:32] says, Greetay, sorry if I say some of these names wrong. "My question got skipped. I'm going to shorten it now. What is the minimum market size. You said NZ has four million people. We here in Estonia have like 1.8 million. Should I target outside of home market right now? Also clients in Estonia are not willing to pay thousands of Euros for course or coaching." That assumption that people in Estonia are not willing to pay thousands of Euros for courses or consulting is not true. You're from Estonia. You bought this. So you've violated your law. So they are. You've got to be really careful what your assumptions are. Because most of the time when people tell me this. "These people aren't on Facebook, we can't us Facebook as." Or, "No-one would pay that much money for this." "Oh, no-one would buy that way." Or, "No, people don't do it this way." These aren't universal laws. These are assumptions that most of the time are bullshit. You've got to test these things for yourself. However, let me look at where Estonia is on the map. Because if it's bordering like a bunch of other countries ... I've no idea if it does. Let me have a look. Then you might want to target your general area. Okay, so you've got you're around tons of countries. You've got Finland and Sweden and Norway and Denmark and Germany and Poland and all of these other countries. I would target around that sector there. We get quite a lot of customers in Sweden and Norway. I know that. And Germany. You don't need to just target your area. The neighboring areas, too, why did they not need help? You know what I mean? So you cam target a wider area. But also don't assume no-one in Estonia is not willing to pay money for a course because that's not true. That's just what you think. Alexander says, "My question got skipped too. I help eCommerce business owners grow their business by making their customers twice as profitable. I'm doing strategy sessions for a [inaudible 01:29:02] service that doubles customer profit in eight weeks. While I'm proving the concept can you tell me if you see any improvements to the niche or the service off the top of your head?" Not really. You're doing it. You seem like you have a clear understanding of what you are doing. Which is all good. Usually I only intervene when it seems like someone isn't doing, or their understanding isn't clear. With you I see that the understanding's clear and that you're in motion. You're good. You just need to keep going. Keep doing it, keep doing it, keep doing it. And everything will reveal itself to you and you'll figure it all out. That's all you need to do it. Enrique says, "Is this convenient to provide our consulting website to the contractor in up work when they ask for it?" "Is this convenient to provide ..." I have no idea what this means, man. It doesn't make sense. Daniel says, "Are there offers, for example B to B offers, that can be advertised better on Google than on Facebook?" Again, this isn't a law, you know what I mean? Someone might think this is true until someone figures out that it isn't, you know what I mean? You shouldn't worry about this. You shouldn't choose your niche and your offer based on what sells best of Facebook or what sells best on Google. It is the wrong way to choose it. Choose the thing, the niche that you are most interested, curious, and passionate about. I was somehow interested in consulting, a lot. People thought consultants changed per hour and worked in person and sold to corporates and wore suits and what I'm doing is not any of that. I made consulting whatever I wanted it to be. At the core of it it's just helping people solve a problem through advice. Does that advice have to be coming out of my mouth? No. It can be in a video. Does it have to be solved one-on-one in person? No. It can be sold to groups, it can be done anyway you want. That's the orthodox method of consulting. I'm like the consulting anarchist. I am disrupting the orthodox method. I'm saying anyone can be a consultant. You don't need a degree. You can consult on anything. Even if it's porn addiction. You don't have to charge per hour. You can work from home. You can wear a t-shirt. You can do whatever the hell you want. And at the end of the day the only thing that matters is that you're helping someone to solve a problem. If you're doing that you're good. Don't try and choose a niche that's going to work best for this. You'll end up choosing something lame. Choose something that you're interested in and curious about. That's the best piece of advice I've got. And if you do that you'll figure out how to do everything, because you're interested. Stirling [Coolie 01:32:27] says, "How does this niche offer sound? 'I help managers align their leadership strengths using a scientific and predictable method to control their impact inside and out.' I do leadership coaching or should I go down and dirty with, 'I help managers regain control and get people to do what they need to do.'" I like the sound of the second one to be honest. The "I help managers regain control and get people to do what they need to do," so that's what they told you their problem was. People, managers, don't wake up in the morning and think 'I need to align my leadership strengths using a scientific and predictable method to control my impact inside and out.' That is not a thought. I don't even know if an alien would have a thought like that. But the second thing sounds quite real. I'm a manager. I don't have control of my team and they're not doing what they should be doing and then they're not listening to me and it's chaos. That's real. Dude, the second one sounds way better. Steven says, "Sam, how did you get consulting.com, best domain ever?" It's really simple I just thought, "Oh, that would be a cool domain." Went to it and there's was nothing on it. So I was like, I wonder who owns this thing? Then I found out who owned it. Then I sent them an email and said, "How much do you want?" They told me how much they want. So I said, "All right, I'll buy it." And then I bought it. And now I have it. Fo LaSaad says, "Hi, Sam, what organic reach are good for my message hypothesis which is, 'I help people who are in conflict situations to regain control.'" Sorry, I lost this. "'I help people who are in conflict situations to regain their peace of mind and happiness by supporting them to resolve it, and sharing with them conflict competent skills.' My niche is people who are experiencing conflicts and my result is helping them regain peace of mind and happiness. While my offer is supporting them to resolve it and sharing with them conflict competent skills. Is there a better way to ..." Really, what you're helping people do is ... I would just say, "I help purpose resolve conflict situations and regain peace of mind." That's it. Done. Because that's what you help them do. You don't need to say all the other stuff on the peripherals of it. You just need to say the main thing. Then when they're talking to you you can explain the other things, right? That's all it needs to be. Just that little sentence. Bettina says, "Hey, Sam, can any of your tools be used for finding fonds and investors ..." I'm guessing you mean "funds and investors for clients. I help innovative entrepreneurs that work on solving the problems of climate change. Can any of my tools be used for finding funds and investors for clients?" Yes, I guess it depends what you mean "tools." If you mean like my course, sure. Because what you could really do with this is you could create a funnel, like a landing page using click funnels, that's talking about this climate change thing and how they're trying to get investors and things. Then it could have a value video where you talk about the situation and what you're trying to do, and all of that. Then you can get them to schedule a call if they want to have a call. Or you can just have a donation box right there where they could literally just donate online with PayPal or credit card, if it's just small donations. And then you could run Facebook ads to that and figure out how to run ads to that at a profit which can be done for sure. There are campaigns that run on Facebook that are trying to generate investment funds. You can do that. You've got to think outside of the box and use how I show you how to do Facebook ads in a different way. I show you how to get clients but you would be using it to get investors for funds. It's the same thing but it's just in a slightly different context. And it works the exact same way. There's skills, and the tools and the lessons you'll learn about Facebook and digital marketing and funnels and conversions will still apply exactly the same way to what you're trying to do there. Joshua ... says, "Hey, Sam, do you have a system for coming up with content. How do you consistently come up with new ideas?" I don't really have a system. It's more like I just learn from life. I send out one of those emails pretty much every day and I create a blog video once a week. And so what happens is when I go to write that email on the day I'm like, "All right. What shall I write about?" And it's typically something that has just happened to me in my life. I talked about the full-stack thing this week. That was a real thing at that point because I had just had this epiphany that the best people in our business were the full-stack people therefore everyone should be full-stack people. This applies to everyone everywhere. I just experienced that in my life and in my business so I thought I'll write about it. What you'll notice it's very easy to write about things that are happening and occurring to you right now. It's hard to write about things that have not occurred to you and that you know nothing about and that you're basically making up. Those are hard to write about and I don't write about those things. I just write about things that are occurring to me at the time. And it might seem like that's really creative or I've got a good system but it just happens. If you try it, it's hard to start, I'll admit that. The first times I was making these videos it was harder. The first time I sent emails it was harder. But once you get into a routine and it's a learned behavior and a habit it just flows. So you've got to stick to it for a bit. Grace Reynolds says, ... Rohim says ... I've already answered this question. Nadine says, "Thanks." No probably, Nadine. Mara Nice says, "Good morning, Sam, from Samoa. Always great to see you. Such powerful [inaudible 01:40:18]." Thanks, Mara. Then M.D. [Ash Farquhar 01:40:33], "But then, why Ford and other car companies is not with full-stack employees? Why each person is doing assembling one item all the time? Then they pass it on to the next person in the assembly process." This is a good question. A really good one. It totally depends on the nature of the business. Right? Ford was in a very unique situation in at that point in time the Model T car was the car that the whole world wanted. And the Model T was one model of car and everyone wanted that and it only came in one color, black. And it was just one thing. It was so easy to assemble and the whole world wanted it and so Henry Ford's number one concern and priority and objective was producing as many of those cars as he possibly could, as fast as he could, as efficiently as he could, for the lowest price he possible could. And that's what he did. In circumstances where you're trying to mass-produce something in huge quantities and it's all pretty much the same. So not customized. You can't use the Henry Ford system for building websites. Because people want different websites, different colors, different content, it's not one homogenous item going boom through a factory. It's so unique. And the conditions aren't changing in the environment. Henry Ford got to sell the Model T for like, I don't know how many years, but it was years. Probably maybe four or five years straight of just pumping out one model and one color for everybody. That's very rare. These days there's no car that's like that. People want different colors, people want different specs, different interiors. And then there's different models of different cars and there's so many different cars to choose from that people might want. So when you're optimizing a system that has one homogenous item with no variables, that is going to be mass-produced, and that is going to be producing it non-stop for a long period of time, that system is the best at doing it hands down. But if you're working on something that needs to be very responsive to change all the time then that system breaks down. Amazon when they first hired, they hired ... The best people at fulfillment used to be Walmart. The executives at Walmart that built those delivery centers. So Bezos hired those guys to build his infrastructure for his fulfillment centers and they built it like the Henry Ford machine. It took three days from when someone clicked on Amazon Buy to when it actually got shipped out of the fulfillment center when the Walmart guys were in charge of it. And then he hired a bunch of chemical scientists to basically attack the problem. And they found that the fulfillment guys didn't know what they were doing. So they kicked them out and they reinvented it and they made it better. They moved it from three days down to three hours by getting rid of all of the machines and all the software, and doing it all from scratch. They found that it was better to have full-stack people. Before they were using the machine where one person would pick it up, one person would do this thing, one person would do that thing, and it took three days. Then they decided to get one person to go and find all of the different items themselves and then that one person would put it in a box and then they would package it and then put it in the thing. They would do the whole thing. And they had no machines anywhere. And it was faster. So when Amazon changed to the full-stack they were better than Walmart with all their machines. Now that only is the case because Amazon has such a chaotic arrangement of items. Someone might buy a Batman figurine, a packet of LaCroix, and an iPhone. That's so random. Whereas Walmart was just pumping out the Henry Ford-style thing. So it depends on the system. If you've got a system where you're pumping out the same item in mass without much chaos, Henry Ford's system works best. It's called a batch-and-queue system. If you're working in a system that needs to be really dynamic and really responsive to change, and everything is unpredictable, basically all the time, the full-stack system works best. That's how it works. This confused the shit out of me for a long time, too. There are some little areas in our business where the Henry Ford system works best. And then there's some area of our business where the full-stack system works best. But for most areas it's full stack. Seriously. I think in the modern world things are going away from mass production and more towards full stack because you need to be reactive and good at everything to understand and be responsive to change. More so than just mass-producing something. If you had to learn one I'd learn both and then add a bias to being full stack. I've mastered most systems and I understand them both in detail but I have a bias to being full-stack. That's what I would recommend for you, too. Ian Mancil says, "Most business owners have no clue about margins and what's required to pay for the overheads." That is a fair assessment. I would say most business owners have no clue about everything, to be honest. And it's true. I would say most people have no clue about everything. And that's true, too. Never assume that your client has things under control. They pretty much never do. Even when you swear you've found the client that you think going to have everything under control and is really successful, they probably don't. Always be curious, ask questions, poke around. If you assume they've got all of this stuff under control and you're operating as if they are and then you later find out they aren't, it's kind of your fault. You are supposed to investigate and find out what is going on. Get the full picture view. Miriam says, "Great live." Thank you, no problem, Miriam. Thanks. Igor [Kolvercken 01:47:32] says, "Hi, Sam. Thank you for your amazing course. My question is you always say that you studied best practices of this or that techniques as most likely the problem was already solved somewhere in the world. Can you please describe your approach to understanding these best practices. More likely they are not public and what is the way to get pro knowledge." That's a good question. What I like to do is I'm only ever learning the thing I need to know about immediately because that makes it so much more relevant and exciting. So I typically if I'm trying to learn sales I'll be learning about sales and all that. If I'm learning about marketing it's that, or ads it's that. Right now what I'm trying to do, mostly, is hire really talented people, build a great culture, build a great team of really talented people. So most of my reading and thinking and all of that goes into that stuff. That's a really good way to learn because everything is always relevant and exciting to you. Then what I do is I look at two things. One is the assumed truth which is the orthodox method. And I want to know what that is first of all. You can almost guarantee that's wrong. For example, in hiring, the orthodox method is to write a job ad, put it on job board, like Indeed.com, ask someone for their résumé and their CV and make sure they have qualifications and university degrees and experience. Then just wait, sit on your arse, hope people will apply and then if they do apply sift through the résumés, sort through them, arrange interviews, ask people meaningless questions. Then if you think they're good based on no science, then hire them. I tried it. It sucks. It's the worst way to hire people. I want to know when I'm learning anything what's the orthodox method, number one, so I know what not to do. Then I want to know the best companies in the world, what are they doing? So like the Google, the Facebook, the Amazon, the Netflix. All of the companies that are pushing boundaries on things and all the companies that I know that are good at these things. Because Google has really good people that work there. They are famous for that. So what are they doing? And then I'm trying to assess the difference between the orthodox method and the method that the best people in the world are doing. And I'm like, "What is different here?" That's how everything becomes clear to you. You're like, "Ah. This is what it is." Everyone is doing this, which is obviously wrong. Then the good people are doing this, which is basically the opposite of this. So I'm going to try and do as much of this as I can. That's how I learn, most of the time. I'll give you an example, now. We don't really put job ads anywhere, especially on a job board. We don't require CVs or résumés. We don't even care if someone's got a university degree. We don't ask someone if they've got a degree or for their résumé or for anything. We basically just ask them to answer a few questions that are specific to that job. And sometimes we're not even looking for experience. Most of the people we hire don't have experience in the thing we're hiring them to do. And they definitely haven't studied that at college. And when you just try to find people who have experience and who have done that thing at college, you pretty much never find the right person. And then even if you do find that person, you'll hire them and they'll be wrong. There is so much misinformation out there and most people follow the orthodox method which is most of the time wrong. Which is like charging hourly. That's the orthodox method for consulting. Wear a suit. Go and rent an office that's worse than your house. And go and work from there even though you could more comfortable at your house. Just go do that because that's what you do. Then wear a suit even though you're not going to meet anyone and no-one's going to see you, just wear a suit because that's what you do. Have a briefcase. Have a tie. Have business cards even though they're totally useless. Get those, you need those. Have an assistant just to answer your phone so you look professional. And then charge per hour and then invoice people after you have done the work and then give them 30 days to pay you the money. Do lots of proposals. Target all of the corporate companies. Basically work on your politics and your networking skills. What the fuck is that? That is torture. None of that is even really right. When I analyzed that I was like that is basically all wrong and I basically took that and just inverted it and did the opposite of everything. People are going to wear suits, I'll wear shorts and a t-shirt. Office, home. Assistant, I'm not going to even have a phone number. Business cards, no business cards. And then hourly, none of that. In fact am I going to go to people's offices? No. I'm not even going to talk to people. I'm going to put my consulting in a course. And then I'm going to charge a one-off price. And then I'm going to do the calls as a group. Just break all the rules. Everything. But only when it makes more sense. You don't want to just break rules just for the sake of breaking rules. But when it's blatantly obvious to you that the way everyone is doing it is wrong and that you know that you have a better way and you really believe it, just have the courage to do that. It works most of the time. And everyone's like, "Oh my god, how did he come up with that. And it's common sense." All right. We're pretty much at the end of this 5:00 p.m. interview. This question looks interesting so I want to answer it. Ian Mancil says, "In buildings like Sam is in you never own the apartment. The question is whether capital is better tied up in property speculation of growing his business." This is a good question. This is orthodox. We've spotted it again. This pattern exists here. The orthodox method is you have to own a house. If you don't own a house, you're and idiot. Whoever holds that logic in their brain is an idiot. That's what it's like. Some houses are great to own, and you're smart to own them. Other houses are really stupid to own and you should not own them. It depends on the house. So you can't have a little piece of logic that says if you don't own a house you're an idiot when sometimes you can own a house and be an idiot. That statement can't be true. So it depends on the house. If I lived in an area where a house was super cheap and the mortgage was less than the rent, I would buy it. If I lived in a place, like most major cities, where the opposite is true, and if I wanted to live in a luxury property which is not a mass market thing, which isn't going to have a stable demand for it all the time, which is not a smart thing to buy. You should never buy a luxury property, basically. Unless you're a billionaire and you don't care if you lose money, don't buy a luxury property. My apartment here if I was to buy it would cost probably like five-and-a-half, six million dollars. Would I want to tie five-and-a-half, six million dollars up in this which is doing nothing? No. The best case is it would appreciate by 10% a year. And that's the best case. A very real case is that it might go down in value and I might lose a ton of money. My business makes me about 100% ROI a month. So would I choose to make 10% a year, maybe, or 100% a month. I think the person who chooses 10% a year is idiot there. You've got to just look at the numbers. Don't just believe what the common folk on the side of the street shout into your ear. Do your own analysis. Do your own thinking. If you listen to what most other people say and think, then you just become like a carbon copy of them which a lot of the time is wrong. Just think for yourself. Do your own research. Do your own analysis. Make your own decisions. All right. So that is the end of this call and if you jumped on towards the end and you asked a question and I didn't get to answer it, then you want to show up earlier next time. Like I said, I do these every Saturday, the go from 3:00 p.m. to 5:00 p.m. New York time. Put it in your calendar now. Go to Google Calendar, put it in, repeat it every Saturday, and then show up earlier next time. Some people got to ask me multiple questions. And they got answers. So if your question didn't get answered show up earlier next time and we'll get it done. Thanks everyone for attending. Click that Like button if you enjoyed this. If you got some value out of it. And I hope you have a good weekend. I will speak with you soon.

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