Starting a Profitable Business in 2023: Key Models

[00:00:00]when you're building a business you might make a lot of Revenue but if you're not making any profit you're working for free Revenue feeds the ego profits feed the family welcome to the bedro cool and show hey friends I'm bedrose kolan and this is the bed Rose kolan show welcome to the show because today we're going to talk about something really um important that you guys have been bringing up I guess here we are now more than 6 months into the bedro cooling show and what I hear from you guys is hey what are the types of businesses I could start if I want to have Financial Freedom if I want to make a lot of money if I want to have impact and uh be able to maybe create my own Financial outcome in life right which is cool because the whole idea of the bedro cooling show is to create sovereignty Freedom free thinkers um get you physically mentally emotionally jacked right but there's also the financial jacked portion of it and so we're going to talk about that today guys and I want to talk to you about my favorite types of businesses uh many of you know that I'm an entrepreneur uh if if I had a Zone of Genius if there was an area that I excelled at in life that was almost factory installed for me it would be the ability to make money I am good at at at at seeing Trends finding opportunities connecting dots that create money in exchange for Value right uh what I wasn't good at was leaders ership and you know if you've read my book ManUp you know that my downfall as a leader uh I almost lost my franchise Fit Body Boot Camp right and so that was really the beginning of the 2.0 version of myself as I started to build the better version of myself the the leader the the healed entrepreneur the stoic entrepreneur uh the more productive disciplined structured entrepreneur and that really helped take all my businesses seven of them in total uh to a whole new level of success and it's not of any other reason other than those traits that I just listed off that my businesses have broken uh collectively the100 million a year mark but my ability to create money across many different Industries is what I'm going to use today in this episode to really give you some guidance on what types of businesses you could start that might fit your lifestyle or if you have an idea and you're like man how would bados coach me um here's your chance to get some coaching from me in terms of that so let's jump in so before we really jump in I really want to talk to you about this $126,000 lesson that I learned and that lesson is this there was a time that I borrowed in total $126,000 from a mentor Jim Franco I've talked about Jim Franco before uh you'll see his name mentioned in my book man up he he was my Rich Dad right if the the father that brought me here to to the United States my real dad is my poor dad and when I say that I say that with all the love and respect like I love my dad to Pieces he risked his life and brought us here but he really didn't understand how money worked he didn't understand the financial system he didn't understand anything other than trading his time for dollars and so over time uh about four or five years being here in the United States he was able to open up a tiny little tailor shop in Anaheim California and that led to him trading his time for dollars working 12 13 hour days uh as a tailor in his own store yes he was his own boss but he certainly I wouldn't call him an entrepreneur I would say he owned a job and there's nothing wrong with that like if you're like listen man I just want to be my own boss I'm going to tell you some ideas of where you could own a job have at least have the freedom to travel the world my dad didn't have that freedom cuz he had to come and open up his little Taylor shop and he had to be there for when people brought clothes in for him to alter and fix right but at least if you're going to own a job there are jobs that have higher profit margins that create a better lifestyle and allow you to travel and experience the world if that is what you want but then remember as I as I became a personal trainer and I was struggling as a personal trainer one of my first personal training clients was this older gentleman named Jim Franco and Jim Franco owned a company called Auto and auto created the software for these auto part stores right so you go to like a Pet Boys or AutoZone and you and you might say hey look I've got a you know 2010 Honda Accord and I need an oil filter for it and they punch it up in that software and that computer and they go here's the part number you need Jim Franco's company created the software and updates the software as new and more Mo uh recent model year Cars come out so anyways when Jim Franco became a personal training client of mine uh he began to Mentor me to coach me in the ways of being an entrepreneur and I saw that there's really skyed a limit and so he empowered me to start my own gym my own personal training studio and that led to me creating this software ultimately called high-tech trainer high-tech trainer at the time before there was these good old you know I guess phones like iPhones and Androids and all that there was PM Pilots if you remember and pom Pilots were I guess a little organizer that you carried it was digital you can you know check your emails on you could you could connect to the internet in a very archaic way you could even um schedule and keep track of your calendar right but when the when the iPhones came out they completely changed the landscape and PM pilots and and pdas is what they were called uh personal digital um organizers I think is what they were called anyway oh pda's personal digital assistance uh they just went away but Hightech trainer was meant to be a software that lived on a Palm Pilot that we would have in gyms all over the country big box gyms and you would you would pay an extra fee to a gym and you would check out your Palm Pilot and it had your high-tech trainer workout on it right so instead of working with a personal trainer that costs a lot of money if you couldn't afford a personal trainer that gym would sell you let's say for another $99 more per month they would they would sell you that service where you could check out your your Palm Pilot and walk around the gym and do your program right then and there to so before apps and all that like I had created an online workout platform and I didn't even know it right called Hightech trainer the big lesson here for you is that two big lessons I started to borrow you know 20,000 from Jim Franco and then that led to another 20 grand and then another 25,000 before you know it it added up and over about a 3year period I had bought $126,000 and I had yet to have a finished product and one day Jim Franco came to me and he said Hey kid um I need to see you in my office now he had this big giant office very similar to what I have today uh in fact I realize sometimes I modeled my life after Jim Franco I uh look up him look up to him so much but um he came to me because I had this this little cubicle in the back corner of one of his the the older side of his office and I would work out of that one cubicle like a little rented mule and uh while I was designing and creating I wasn't selling and so Hightech trainer kept accumulating debt and one day he comes to me and he says hey when you reach a stopping point come talk to me in my office and I did and right then and there is when he said hey you need to uh we need to have a come to Jesus conversation I said what is that about he goes you need to figure out how you're going to pay me my $126,000 because I'm done loaning you money now you've got a start selling and producing money right and that's when I realized that I can create and create and create all day long but unless I launch and start marketing and selling I'm never going to get this product off the ground and unfortunately little did I know that just around the corner right about three years out was going to be the launch of the iPhone back in 2007 the iPhone was going to launch and it was going to completely destroy this business model of workouts on a Palm Pilot on a PDA and so that was a very expensive lesson and sadly Hightech trainer never really launched fully um because of the PD's going away we turned it into a online personal training software where you could kind of email yourself workouts and watch downloadable workouts or workout demonstration videos and then go do them in the gym uh and while it made like 20 grand a month by the time I paid myself a little bit of money gave Jim Franco money every month to cover that 126 $6,000 debt and then paid the programmers that I had it wasn't even worth running it so once I paid off Jim Franco I decided to just shut her down and uh told actually told my business partners the other business partners I said hey buy me out for whatever you think is fair I'm just burnt out from this and done so the big lesson for you there is to not borrow money and start using other people's money to create create create and never launch because they might just have a come to Jesus conversation with you like Jim Franco had with me and I had never even heard that term the come to Jesus conversation and when he had that conversation with me reality hit that there is no more asking Jim Franco for money from this point forward if I'm going to pay programmers I need to sell the product and produce money to be able to live off of to be able to pay my programmers Etc right so there's a big lesson for you like find a way to sell your product early on and if you can't then find a way to incentive Vis your programmers to take some kind of equity and work for free and exchange for backend money so that you don't put yourself in massive debt like I did which really caused a lot of stress and anxiety for many years and might come up years right so with that said let's jump into the types of business that I like and that you might actually want to start so I'm going to break it down into three categories products like Product Industry manufacturing industry and service industry so let's get started with the Product Industry first and the Product Industry is is pretty cool because you know for example t-shirts right like fuel hunt fuel hunt makes t-shirts makes apparel makes hats makes fightwear and high quality stuff but got to have all the different sizes all the different colors all the different skews all the different designs and so when you're in the Product Industry you're in a business where you constantly have to create new designs and new products in order to get those customers to buy again nothing wrong with the Product Industry just letting you know whether it's hats shoes apparel water bottles it doesn't matter gloves right the Product Industry means you have to produce or purchase stuff first so you're putting money out first purchasing it putting it on a shelf and then you are selling it for a profit and I'll give you another great example truing supplements my supplement company great supplement brand right however when we manufacture supplements we don't just buy one bottle at a time we might buy several thousand bottles of one flavor of protein right so if we've got Dutch Chocolate we've got vanilla we've got strawberry well we might buy several thousands of each and it goes to our fulfillment warehouse and it stays on a shelf and then we start selling it but remember we put that money out to the manufacturer who made it for us following our ingredient model right we bought the containers the labels we packaged it all up it got shipped to our warehouse and now after we put all that money out we were able to sell the product online for a profit and so understand that when you're in the Product Industry you have to have a lot of capital A lot of money because you are parking a lot of money on shelves and then selling that product for a profit at which point you can start reusing that money to invest in more product and of course to invest in your lifestyle as well so that's thing one um Product Industry right then there's manufacturing so let's say you might manufacture uh I wrote swords or axes right uh you know at the project we give away uh all the graduates get to get a project axe with their project class number on it burnt into the handle and on the other side it says the project like somebody manufactured that specific thing right so if you're making things if you're manufacturing this table here if you're manufacturing a microphone you're in a process of an assembly line where you're building things out you're manufacturing cars right like Ford GM Dodge they manufacture Vehicles the dealerships sell a product right so when Ford manufactures a vehicle they're in the manufacturing industry they take parts and pieces that they buy from everywhere put it together create a car or a truck and then they sell those trucks and cars to a dealership and the dealership sees that car truck as a product so you see how something can go from a manufacturing to a product very quickly right manufacturing means you have to now get equipment you have to have big giant Warehouse floor space like your footprint has to be big enough to manufacturer like right now truline is not big enough while it's an eight fig company it's not big enough for us to do our own manufacturing for me to start like a manufacturing plant and create our own greens and wellness and and um and protein powders from scratch right so right now we go to a manufacturing plant and we go hey here's our recipe here's how you're going to create it from scratch and so let's say three days out of the week they are making protein and greens and Wellness shots for uh um truline but then the next two days they might make it for a smaller supplement company then the next four days they might make it for a bigger supplement company the bottom line is they are manufacturers they have machines and Equipment they buy stuff by the tons and by the time it gets to us it becomes a product for us to sell so understand that manufacturing is very labor intensive and requires even more financial Capital than a product business and finally there is the service industry the service industry is pretty cool because now keep in mind all of these also come with different benefits The Product Industry for example whether it's fuel hunt or truline or uh company that sells water bottles like Hydro Flask right let's say um remember as these companies get big enough there's private Equity out there and there's competitors out there that might want to buy them out right and so if you're in the you're you're the mindset that hey I might want to one day sell my business then guess what you could sell a product like brand that way you got to get big enough and you can sell your product for a multiple of whatever 5x 7x 10x um I'm also an investor in a software company uh that software is actually being shopped around right now and we're likely to get anywhere from 12 to 15x the eata the basically the quarterly profits you add them up and make them into annual profits the annual profits imagine getting 15x that when you go to sell right so the cool thing about a product or about a manufacturing plant is you could sell to a bigger conglomerate who wants to buy you as you get bigger right now Services you can do the same thing with services but not all the time and so let's talk about that there are services for example that are one-off Services my coaching service I have a business coaching Consulting service right the 12-month domination year someone pays me $100,000 they get two half day sessions with me one on month number one one on month number six we do our monthly phone coaching calls Etc um and I help them scale their business even bigger that coaching business no matter how profitable and big it gets I'm trading time for dollars that's thing number one thing number two is it's me dependent I have to be running it and therefore I can't sell it so coaching shows up in a lot of ways maybe you do marriage coaching business coaching maybe you do Fitness coaching nutrition coaching mindset coaching you might do uh high performance coaching right like psychological coaching helping people get over their [ __ ] whatever it is that you do that's a service it's a coaching business now can you scale a coaching business absolutely I also have a coaching business it's a fitness coaching business that I run with my business partner and he's a project graduate his name is Byron the program is called battle ready it's a 90-day Fitness and fat loss program for men who want to get lean jacked and battle ready like the battle for life right the Battle For Life the battle for becoming your best self now with that Byron has the leadership position in it and he's got a couple of salespeople under him and he's got some coaches under him and the more customers and clients we get into battle ready the more coaches we can scale that can deliver the service right so not all coaching businesses are personality dependent like the one that I I told you about where you know you're paying me 100 Grand could you imagine paying 100 Grand to work with me for a year and then I go hey you're going to work with my assistant are you going to work with this right-hand person are you going to work with that person you'd be like wait a minute man I just paid all this money to bados to work with him why can't I work with him and so those businesses aren't necessarily sellable but businesses like let's say battle ready are so uh I don't know if you follow any of my coaching clients but for example Rachel Shear she's a coaching client she has uh she does gut health right so if you got leaky gut issues if you've got like distension if you can't digest your food well you're foggy headed whatever and it's a byproduct of your gut well guess what she's a register dietitian and she is a nutrition coach and she has five or six other coaches under her she's the face of the brand you come on board and you pay an X dollar amount to work with her coaches and her coaches will get you the result but she's the face of it like that is scalable right we took her from $9,000 a month when she was a oneperson show right trading time for dollars to now multiple six figures a month in revenue for her because she's got five other coaches under her she's got two salespeople under her and she's also got a director of operations Mike who oversees the operations allowing Rachel the way I coached her was so that she can be the face of the business and so I've got many clients like that so make no mistake about it that a service business can be scalable but it requires you having a team under you right another type of service business is franchising right I also own uh Fit Body Boot Camp right we have hundreds of locations all over the world uh they're about 3 to 4,000 foot locations you go in there you get an awesome 30-minute workout functional workouts designed to burn fat build muscle in 30 minutes group coaching program awesome program it's definitely a service but it's a franchise every location is in dependently owned and operated what I do as the franchisor is I sell the franchisee the concept we go hey here's a proven concept and we're going to coach you and tell you exactly where to find a location how to sign the lease how to negotiate that lease how to build out your location um how to open how to hire your coaches how to hire staff how to price it Etc all of it how to do the marketing and we also help you do the marketing that's the beautiful thing about a franchise doesn't matter if it's a Subway sandwich franchise or Jersey mic or a Jiffy Lube uh could be a yogurt franchise a Fitness franchise like Fit Body Boot Camp it's a you're selling a system and therefore that location is independently owned and operated but that location is paying me the franchisor a monthly royalty fee because of the systems and the support and the processes we're giving them right they don't have to do the guess work they don't have to problem solve they don't have to figure things out because the franchise system system has already figured that out we've already figured that out and we coach them through it right so very similar to Rachel Shear's business of coaching and having coaches like upstairs at our headquarters for Fit Body Boot Camp we've got from sales reps to a whole bunch of coaches to help our new owners find a location build it out open up sign a lease hire trainers everything you need to do to get successful that is a sellable business the the business that Rachel has for example even though it's scaled so think about that it's Rachel and she's got coaches under her and she's scaled it is that really sellable probably not because it's dependent on Rachel's personality like you're buying into that business model because you saw Rachel on a podcast you heard her on a stage you follow her on social media you you watch her YouTube show and you're like you know what I want to work with this person like she she seems to have the solution to my health issues so I'm going to reach out and so you reach out you talk to one of her team members they go hey we can help you Rachel's created a process we're going to give you one of her coaches now if you want to work with Rachel you can it costs you like $4 or $5,000 more for the same program right so but if you're like hey I really want to work with Rachel and that's it you can but she's got coaches and that makes it more affordable to work with those coaches and she can scale that way and if she goes to let's say seven figures a month right let's say she starts doing a million dollars a month she might have 15 20 coaches under her but is that business sellable well probably maybe yes maybe no but it's going to be harder to sell because it is dependent on Rachel's personality if the face of that brand goes away can it still be sustained that's questionable probably not right so understand as you're building a business you also have to start looking at it whether it's a product manufacturing or service is this going to be sellable am I going to want to sell it in the future future if I don't want to sell it what's my plan do I have someone in line to to secede me do I have a family member I could pass it down to do I have my kids I can pass it down to do my kids even want to run it right and if they don't then what do I do so my theory is always this build businesses so that you can sell ideally but if you can't sell it then they better at least be a very high-profit in business so that if and when you're done doing that you can step away from it and not feel any loss from it because you made so many years of such great income and it and it really helped you leverage yourself and I'll give you a great example and I you know Rachel wouldn't mind me sharing this and actually I'll give you an example of another another coaching client her name is Ashley uh Ashley owns a um uh 1 two 3 four five locations Ashley Lucas she owns Five locations of PhD weight loss high-end weight loss Services right and her whole thing was I got these five locations but now I want to also create an online PhD online where I could help people all over the world they don't just have to be in one of the five cities that we're located in and so we helped her scale that I mean let's just say she's doing really well pretty much hitting about uh just over a million dollars a month uh is where she has is in in revenue and she's going to continue to scale like she's just getting started and we're it's it's it's it's a blast working with her but her business model very similar to Rachel's except she's not the face of it meaning she's the CEO she's the Visionary she's a leader but the advertising happens through radio and TV personalities right the way she's marketing is very different the way I've got her marketing is through radio personalities that talk about the service because they use the service they lost the weight they feel better and so they go hey go to PhD weight loss right or if you can't find one locally go to PhD weight loss online and you can work with them remotely for weight loss now because there's no personality Ashley's face isn't attached to it in some ways it is she has a podcast and she has a YouTube channel but she's not so attached to it where all of the leads and all of the traffic all the marketing leads are attached to her because of that that business is way more sellable than Rachel's but but does that mean that Rachel's doing something wrong absolutely not does that mean I'm doing something wrong with my domination year coaching program that's not even scalable it's just me right trading time for dollars no because I get to work with 49 private coaching clients who I really love adore and and can really focus on their business and that gets me off but I also have other business that are scalable and that are automated so now let's talk about that as I get a little sip of the old Wellness shot here so now that we know you can break businesses down into businesses that you can sell and businesses that you might want to hold on to and uh businesses that are product based manufacturing based and of course service based let's talk about scaling factors right what are the things that you can do to scale a business well number one you got to ask yourself can I delegate this so going back to back to Rachel Shear can she delegate some of the services yeah she can delegate the marketing she can delegate the sales she can delegate the coaching services so if you can delegate then you can grow right and this is why for example we have uh several Fit Body Boot Camp owners that own multiple locations they own multiple Fit Body Boot Camp locations because they can delegate that franchise Z bought a location from us and first operated as a owner operator then they bought another location from us in another territory and now they got a second location Third location fourth location like my friend Ben Jones has eight locations throughout Arizona he has eight Fit Body Boot Camp locations he is delegating and scaling by putting a facility manager in every Fit Body Boot Camp that he opens right that facility manager obviously manages that location and does the sales there's also an assistant working the front desk and then there are coaches who run the Fit Body Boot Camp classes of course we call them sessions and not classes but they're group sessions where one to two coaches will run a group of 20 30 40 50 clients through an awesome 30-minute workout that's functional it's fat burning and it's like it's scalable right so that is very important is can I delegate that is delegation is a scale factor what else is a scale factor can I automate a process right if you can automate a process that allows you to scale if you can for example go from narrow to wide in other words narrow means all right let's say this is a coaching program Just For Men here's a great example the project I run the project project it is a coaching program for men who are highspeed who feel like there's a greater sense of purpose waiting for them on the other side of their limiting beliefs that they need to break through like that is a very specific type of man I'm looking for the dude who's suffering in silence white knuckling through life has greater purpose and he knows it but he knows it's on the other side of getting over his limiting beliefs and limiting belief could be a byproduct of trauma it could be a limiting belief of a story he told himself it could be a limiting belief of just like hey like like me he came from a foreign country and so he believes that as an immigrant I'm supposed to be broke and not necessarily but he still feels that gnawing in him that is a very narrow market now can I can I scale that to a wider audience possibly like if I wanted to work with more types of people I might be able to change the messaging and and say hey this is for all men right all men doesn't matter if you're an entrepreneur it doesn't matter if you have a job this is for all men I could even go wider I might say hey this is for men and women right but I also know that the quality of the service and the outcome the results that it would deliver would diminish if I if I went wider on that market space so I keep the project clientele very narrow I go very narrow and deep but there are some industries that you ask yourself hey can I go wide as in you know both genders now maybe even all 19 genders right number one number two can I have different age groups that I could sell to that's another wide can I do I have different ways of marketing that's another way of going wide so think about that as you're starting a business can I go wide in terms of my reach and if so then you got yourself another opportunity there to scale also can it be delivered in a group environment instead of oneon-one right great example of scaling you can have a gym that does one-on-one personal training but the cost of your overhead cost is going to be through the roof it's going to be super expensive right because you're paying all these individual personal trainers to run one-on-one personal training sessions which means your payroll is going to be through the roof whereas fitbody boot camp is scalable because it's one on many we do it in a group environment one trainer to 15 clients two trainers to 30 clients three trainers or coaches as we call them to 45 clients and you see how it becomes scalable right and so you have to ask yourself can it be done in a group right and another scale factor then is can it be sold through Affiliates can it be sold by others in other words if it can be sold through Affiliates by others through referral Mark marketing a great example of that of that is anything that's multi-level marketing now I have a resistance to multi-level marketing that doesn't mean that that's what you should also feel I just don't like multi-level marketing because it ain't my thing I've had a few bad experiences with it and I'm not interested in going to my brother and my cousin and my sister and my uncle and saying hey you ought to do this and if you buy this product and you're under me and then you keep selling it then I get to make more money and you get to make more money then you get more people under you and they get to make that ain't me that ain't me right but that is a true scalable business model Affiliates multi-level marketing where you can use others to get more people into your business so that's a scale factor now let's talk about profit maximizers because I want you to understand something here when you're building a a business you might make a lot of Revenue but if you're not making any profit you're working for free Revenue feeds the ego profits feed the family never forget that what I mean by that is I know a guy that had a business that did a $140 million a year in sales but his personal income was about 120,000 a year the business was doing $140 million a year in sales but his personal income was under 150,000 and the reason for that was his cost of goods were high his operational costs were high his marketing costs were high his payroll was high his liability insurance was high there was so much expense eating away at that Revenue that there was no profits left at the end of the month and therefore he could have gone and gotten himself a sales job and made more money doing sales than he was running $4 million company right so understand that profitability is the reason we become entrepreneurs so that we can control the amount of money we get to take home and live off of and do good things with and give our family experiences with right so here are some profit maximizers for you think about this you might ask yourself can this product have levels to it right so another coaching client of mine Tony stefen he uh he had a certification program and he had a level one certification and I was like dude let's create a level two certification where you teach them this other stuff and there's some in-person a day of inperson working with you right like a class like you run a class five times a year for level two so they have to buy level one use the product get certified go through it and then to go to level two they have to pay another $1,500 right so just by adding a level two or even level three now obviously you can't go to a million levels but the point is you can go to level two or three easily by adding more value and therefore charging that customer more right so can you add levels to the program right and usually the levels are can you make them better at what they do can you make the process easier can you make them more profitable can you get them better results like all the level twos uh does the level two have better status maybe it's limited in quantities right and so when you think about that something that you are going to buy that has a higher value proposition might have a limitation to it a level two might so like a car manufacturer might make hey we're going to make 10,000 of these trucks this year but only 500 of them are going to have the supercharger on it and these specific Wheels now for an additional 15 grand you can buy any one of those thousand or 500 trucks because it's a level two it's a higher version and it's limited in quantities right so understand that uh number two can it be reoccurring another profit maximizer can you create subscription or reoccurring monthly fee I mean you've seen Amazon do this right you go to buy a product it's like hey do you want to subscribe and save 10 10% every month and every month we'll send you a new bottle new box new thing right so understand subscription Works Netflix Amazon Prime that's all subscription like think of all the things that you're subscribed to what can you do or create that you can or what can you add on to to your existing product or service that you have and you're like uh I don't know brados my product can't have subscription let me tell you there's a lot of apparel companies that I know of that have the box of the month club right so fuel Hunt is exploring that right now like hey maybe we want to have a box of the month club and if so every month we send a unique design that is limited to the people of the box of the month club and then also every month they get a special discount code that gets them a discount off the new drops for that month or for that quarter right like you can have subscription like that uh truline my supplement company uh we did this about a year ago we started subscription by bundling our best products that people used together so you know I told you guys that I use the wellness shot and the greens every day twice a day right so we bundled that up we started with that product and we bundled that up and we said hey look if you're going to buy that product anyway each and every month a box of wellness shots and a and a container of the greens you might as well buy the bundle save 25% every month and you'll be on our truing club subscription program where every month we will send you another box of each it's a no-brainer so it becomes convenient for them and they get a discount and it becomes predictable revenue for us and therefore it increases our profit margins because now when we go to order more product from the manufacturer we can knowingly order more because we know that we have several thousands of people on our subscription program right so that creates certainty in our business every month that we have regular income scheduled to come in and that allows us to buy more in bulk which means we get a discount from the manufacturer so if think about that and then of course can you sell it as a experience that's a profit maximizer if you can build your status your personal brand to a level where you can start selling an experience you can now charge more and therefore increase your profits I'll give you a great example great example the BMW 7 Series cost $160,000 the rolls Roy Ghost cost about $500,000 you may or may not know this but they are the same car 75% of those two cars are the same Rolls-Royce is owned by BMW now and so the BMW 7 Series that sells for $160,000 shares 70% of the same Parts with the Rolls-Royce ghost that sells for $500,000 imagine that but what you're buying is the Rolls-Royce status you're buying the Rolls-Royce brand and therefore you are paying a premium and therefore BMW headquarters makes a massive profit when you buy the ghost versus the BMW right when you buy the Rolls-Royce versus the BMW 7 Series so you got to ask yourself what can I do to build my personal brand we live in a time now where you can use YouTube podcasting uh social media platforms like like this that I'm on right now Instagram Facebook Tik Tok to begin to build your personal brand to become a celebrity in an industry and when you become the celebrity in an industry you rise to the top and you could literally manufacture celebrity of yourself like make no mistake about it it's not like we're walking celebrities like when I when I'm at a gym or a restaurant or I'm in an airport and someone spots me notices me and hey bados what's up what's going on oh my God I can't like Not For a Moment am I like oh my God I'm a [ __ ] Brad Pit or I'm a George Clooney like I realize I'm not a celebrity I've manufactured celebrity using social media and platforms to be able to share knowledge share content at Value and as a byproduct of doing that I've increased the worth of my time and and and being around me and therefore when I have a workshop a seminar a mastermind I can charge a premium for it right instead of charging a couple hundred bucks for a two-day workshop I can charge five grand for a two-day workshop and so understand that you can do that by displaying your knowledge expertise wisdom you can then begin to elevate yourself on this pyramid of hierarchy from being a generalist to a specialist to an expert to a celebrity at the very top of that pyramid right and when you become an industry celebrity you can charge more for the same product or service and therefore increase your profit margins so that's the beautiful thing about being an entrepreneur man there's so many ways you can slice and dice this pie but what I want you to understand is there are businesses uh for example my dad was trading time for dollars in a tailor shop where he had to open the shop every day and yes he could have hired more tailor and it certainly could have been scalable but he didn't understand scalability he was a hardworking man and he traded his time for dollars for 30 years and built something for himself and good for him like I've got so much respect for my dad's hard work ethics I've got his hard work ethics but I also have Jim Franco's ability to be able to scale automate increase profits leverage right and because of those things when I take work ethic and the ability to scale and automate at and leverage and I put those things together it's like creating a nuclear bomb as an entrepreneur and then you become a better leader and you can lead amazing humans who work with you in line with you to be able to scale this Vision that you all believe in together like how cool is that it's like working with your best friends man and so I want you to understand that you can do this too or you could also say hey man I'm going to be a copywriter and I'm going to work off my laptop and you can make yourself 15 20 30 grand a month being a copywriter or being a phone salesperson selling for other people you don't even have to sell your own [ __ ] you can sell for other people and make commission and do it from anywhere and travel the world the beauty of Entrepreneurship allows you to be able to do things on your terms but you have to understand what types of businesses exist out there what types of opportunities those businesses give you and how you should leverage those opportunities to increase scalability and to increase profitability so that you my friend can have an awesome life I hope this has been very valuable to you if you're looking to make more money improve your business start a new business or to scale an existing business and if it has please do me a favor uh like And subscribe leave the comments on the podcast platforms and be sure to follow us and watch us on Spotify we are now on the Spotify video Network as well and for all of my friends on YouTube thank thank you so much for continuing to grow this show I love every single one of you across all the platforms and I just want to let you know one last thing and you know what's about to come average is the enemy and success is your responsibility and change can take place in an instant when you are ready to flip the switch I'll see you later