Business Skills That Make Millions

have you ever wondered why so many businesses don't really make a lot of money it's amazing how few businesses do $100,000 a year in Revenue it's amazing how many business do how few businesses do a million dollars a year even fewer 10 million fewer than that 15 20 hundred million and one of the reasons people think that that's the case is because they think the bigger the number it gets the harder it is to make that amount of money or to generate that amount of Revenue in a business but the reality is the bigger the

number gets the easier it gets to generate that Revenue so today I'm going to talk to you about business skills that can make millions a few weeks ago I did a video on skills that make you Millions well they were personal skills now we're going to talk about business skills and so as we're talking about the business skills I'm going to write some on the board I would recommend highly that you take as many notes as you can but more importantly than taking notes on what I'm about to show you if you take action on

it it will change your life for sure so here we go the first the first skill is product Innovation so this is a business scale product Innovation now I want you to notice I said product Innovation I didn't just say Innovation why did why is that well because there are only two types of businesses in the world there's a business that sells a service there's a business that sells a product if you start a business that sells a service you have already limited the amount of wealth you can generate because when you sell a service

it requires time to fulfill it time is something we have in limited Supply so if you desire to create wealth in business you must figure out a way to disconnect your Revenue generation from time so that's why I said product generation product Innovation why because if I sell if I paint houses and I can paint three houses a week and I get paid $9,000 every time I paint a house the most I can generate is $27,000 a week $27,000 a week sounds like a lot of money if I'm Genera $2700 a week but if you're

already generating $27 $27,000 a week and you got payroll and you've got business expenses and you've got and you've got and you have no time now $27,000 a week doesn't feel like that much money how many yall tracking so what I'd rather do is I would rather I would rather sell a product because if I sell a product IE a book if I sell a book right that's not what a book looks like it's almost what a book looks like right so if I sell a book if I sell a book for $30 it takes

no longer to sell a 100 books than it does to sell one in fact my biggest book sale ever I sold a company in 2008 100,000 trash from the trash man to the Cashman books and that sale only took 15 minutes and it generated $400,000 in Revenue in 15 minutes how youall think that's pretty cool right that's pretty cool right so if I sell a product I can products help me disconnect my Revenue generation from time and if I disconnect my Revenue generation from time I can make make more money so product Innovation now when

I innovate a product I have to create a product the marketplace values not a product that I value and it has to be it has to be a product that the marketplace has an appetite for even if the marketplace doesn't know it has that appetite that's why it's not sometimes it's a good idea to do a um a what do they call it a study where they feasibility stud yeah feasibility study that that market survey I the the name of it's not coming to me but we'll call it a feas study and a market survey

since you came with that and I I like both of those okay so um we don't do those we don't we don't ask our clients what products to create we just observe the marketplace observe their pain points observe the pleasure they're seeking but they're not finding and then we create products to fill those holes so when you're doing product Innovation the products that you innovate should have at least these three qualities number one it should be something that's desirable now desirable a lot of beginning entrepreneurs struggle because they think desirable means creating a product they

desire to create wrong answer but we do have some nice consolation prizes for you in the back that is not what I'm talking about I'm talking about creating something the marketplace desires not something you desire them to desire I just want to write a book because I want to tell my story nobody cares about your story nobody wants to read it nobody I like I'm just going to tell you right now nobody wants to read your story you're the only person who's going to buy your book when you write a story about your your a

book about your story is your mom and doesn't want to read it she's just buying it to help you out cuz she's your mom she doesn't want to read it cuz then she has to relive the whole thing all over again and she it wasn't that much fun for her the first time so so like don't write a book about your story write a book that the marketplace that has solutions that the marketplace desires it needs to be desirable and one of the things that'll make it desirable if it has the value what if if

you put make sure the product has value now everybody talks about value but very few people tell you where value comes from so I'm going to tell you what causes other people to value value things that you create everybody ready let me hear you say I'm ready okay so number one past perceived voids create present pursued values what does that mean if you grow up without something but you felt like that thing was something you always desired when you become an adult one of the first things you do when you get a job and you

make money is you fill those past perceived voids because that's something you value and you value it because it was missing in the past that's one of the reasons we value things so if you can find a large group of people a large group of people that have some one thing missing in the past and you create that thing for them you can get very rich in a relatively short period of time so that's one past perceived voids create present pursued values the other one is present perceived virtues create present pursued values what does that

mean that means when I perceived something is good right now I am going to pursue it I will it it's so amazing to me like if I if I go in McAllister's um on Boy Scout Boulevard in Tampa which the food is great if I go in there it's almost almost never fall almost never fall some it's been full a couple of times but it's almost never full the food's great food's very inexpensive right across the street like you can walk out of mallister and take 23 steps and you'll be inside edvs Prime seafood and

Eddie V's it's a when you go there it's $75 to $125 a plate and I've never seen it empty it's always full why because present perceived virtues create present pursued values when somebody perceives something as being something that's really really good people will line up out the door around the building cash in hand ready to pay so past perceived voids present perceived virtues and future pursued Visions think about how many millions and billions and trillions of dollars a year people spend on College educations because they have this Vision that when I get this degree this

piece of paper to hang on my wall what I'm going to be able to do is I'll be able to get a job that'll pay me enough money so I can pay off these loans and I can have the life I've always dreamed of and then they find out after they go through all of that and spend all that money for that future pursued Vision that it doesn't work like that and they have a college degree and now they have to go get a job at edvs so they can make enough money to pay their

college loans that's real talk okay so it needs to be desirable those are three things that can create value that make your offer desirable or your product that you've in inated desirable number two it needs to be number or letter B it needs to be measurable it's so interesting one of the I talk to talk to people who have businesses all the time and I ask them what they do and they'll give me this drunk AOG and they'll go into this big long dissertation of word salad and and when they get done I have still

have no idea what they do how many of you have experienced that right well what we do is we promate our esoteric consutation and articulate our Super Stop bro I don't even know what you're talking about right and so it needs to be measurable what does measurable mean when they buy your product that you've innovated that they desire there needs to be a clear there needs to be like a seriously measurable difference between before they bought your product and after they bought your product the promise of your product needs to have a measurable beginning and

a measurable end and the Gap in between needs to be big the bigger the Gap the more you can charge for it the bigger the measurement the greater the transformation the more you can charge for the product okay so it's it needs to be desirable it needs to be measurable and then lastly it needs to be statable what does statable mean it needs and it needs to be statable in a in a sound bite what does that mean you need to figure out how to say what you do for people in a way that you

can say it in a sentence I like what Einstein said he said if I can't explain a concept to an intelligent 12y old I don't understand it how many youall tracking so so and and by the way I did a video on this on that whole concept about how to talk better called think like a genius talk like a third grader it'll change your life it it'll change your life okay so product Innovation is number one okay so that's the first business skill that you have to develop and so when you develop that business skill

the next thing you have to do after product Innovation skill number two in fact I'm going to give give myself a whole new sheet of Blackboard okay is is revenue generation a lot of people struggle here this is one of the easiest aspects of business if you develop the skills and how many people are there in the world who don't like selling there are lots of people who don't like selling well here's the conclusion I came to a long time ago there's only one alternative to selling that's buying now when I'm buying I'm giving you

my money when I'm selling you giving me yours so people who hate to sell can't get rich because they only like to buy now I love to buy but I also love to sell I like it going in both directions and so Revenue generation one of the things that will make you better at generating Revenue in your business and better at selling is if you become a better buyer because everything reproduces after its own kind when you go to the grocery store not the grocery store the shoe store and the SHO salesman comes up and

says or the saleswoman comes up and says can I help you and you say no I'm just looking you're probably not ever going to be good at sales and the reason you're not going to be good at sales is because you don't want somebody treating you like you treat salese and you never even thought of that before but because you're not a good buyer you don't have the ability to attract good buyers because you think there's something inherently wrong with selling I just changed somebody's life so so Revenue generation Revenue generation includes but is not

limited to promotion what is promotion promotion is two things it's either advertising now if you're going to do advertising if you're gonna like advertising means you spend somebody else to take your message to the ma you spend somebody else you pay somebody else to send your message to the masses so you pay somebody who has the ears of other people has the attention of other people you pay the person who has attention so that they cause Their audience to pay attention to you that's advertising right you spend money for that when you spend money for

that if you're going to spend money my recommendation would be don't do top-of-the mind awareness advertising don't do name recognition advertising um do direct response advertising direct response advertising what does that mean that means I I am paying money for this ad to initiate a direct response in the people who read it hear it or see it what is that direct response well preferably it would be that they buy something from you and ideally the thing they buy from you should cover the cost of the ad that's what we call in business a an SLO

self liquidating offer right you pay for ads you pay if you can if you can break even on an SLO a self-liquidating offer you can make money because you don't most like novice business owners because they need to make money they think the purpose of making a sale is to generate Revenue that's not the purpose of making a sale the purpose of making a sale is to generate a customer to develop a customer acquire a customer acquire a client that's the purpose of making a sale if you think the primary objective of making a sale

is getting money then you are confused okay so the primary objective is to is to uh acquire a customer why because when you acquire a customer customers buy things and they don't just buy one things how many of youall have an iPhone how many you also have an iPad how many you also have a Mac that's my point Apple understands they are in the business of acquiring customer they're not in the business of selling watches phones iPads or computers they are in the business of acquiring customers and when they acquire a customer if they have

a loyal customer they can show that customer anything they want Apple because of their ability to acquire customers and to wow those customers theyve taken over the music industry they snatched it out of the hands of the record labels why because they understood what the business they were really in so advertising the other way is branding now advertising is a very short tale strategy I can spend money on ads today I can generate money from those ads today if the ad is good and the offer's good and the ad's not confusing or the offer is

not confusing what do I mean by that so what happens is people will spend money on an ad they'll put the ad in and the ad will have a headline it'll convert really well to clicks somebody clicks the if it's an online ad they click on the ad then they go to the web page and the what they see on the web page doesn't match what they saw on the ad so they don't even know they're in the right place so they bounce so whatever colors you use on your ads make sure you use that

those same colors on your opt-in page or your same on your sales page when when they land on the page from the advertising you have to show them they are in the right place it starts there okay advertis is short tail strategy because you can spend money on ads today and generate money today branding is a longtail strategy but the longtail is the strong tail okay um it's really interesting that I believe anyway the number one reason Elon Musk is the richest person in the world is because he attached his business his businesses to his

personal brand what is a brand a brand is a name that reminds you of a story I'm going to say that again a brand is a name that reminds you of a story and if the story is a really good story you'd be happy to pay yourself to to pay to see yourself in that story why do people buy people people if when I like if if you believe that adding their story to your story will elevate your status you'll add their story to your story are y'all tracking so that's why people drive that's why

real estate agents like a lot of real estate agents will drive Mercedes because that brand elevates their real estate brand and it also shows their clients that they don't need the money even though it probably means that they really do need the money but but but it makes them oh they don't need me they're already successful without me so therefore they're not selling me this house because they need the money so branding BR a brand is a story a name that remind you of a story that's why the Bible says a good name is rather

to be chosen than Apples of gold and pictures of silver like a name the name is everything right what is a Rolls-Royce it's Henry rolls and whatever the other guy's name was Royce what is a Bentley somebody who invented cars whose last name was Bentley same thing with Mercedes it's they're all somebody Louis Baton is somebody's name right uh Air Jordan somebody's name people wear Jordans why because they're going to be able to dunk like Michael Jordan used to back in the 80s no it just elevates the rant right and we we all we all

do it we all do it so here's one of the primary objectives for business build a personal brand take as much time as it is required like start today building your personal brand create a name that when somebody says your name people think oh that's the person who helps people do XYZ and is the best in the world at ABC right so branding um for me like I used to think branding I used to think people talked about branding because they didn't know how to sell right you're just talking about branding because you're not good

at sales right well uh I grew grew up and I learned how wrong I was okay um the last part about promotions because this is one of the biggest parts of your promotion that most people Miss fulfillment fulfilling F okay fulfilling fulfilling on what fulfilling on the promise that your brand made so that your brand goes this way instead of going that way because you are developing a reputation whether you're doing it intent intentionally or accidentally you are developing a reputation every time you sell something when you don't deliver on the promise you are becoming

known as the person who takes people's money and you don't keep your word so fulfilling on the Promises now that's Revenue that's the a of Revenue generation what's the B well the B is I have a magic Blackboard in so I can make things smaller okay what's b b is marketing marketing oh marketing so and I know you don't dot your e but I dot my e so judge somebody else okay so so marketing what's marketing most people think marketing and advertising are the same thing they're not I believe that the mistake most people make

in marketing is that they think that marketing is giving out information about their company about their brand about their product I believe that marketing is gathering information marketing is the Art and Science of discovering and developing in other people a desire for more and more of your product your service or your opportunity so marketing is when I put out a lead magnet like I'm going to give you a free a checklist on the things to avoid to keep this from happening and then you give me your name and email address and phone number I did

marketing because you gave me your name email phone number why because when you do good marketing it gives you control over the next point of contact that's why marketing is imperative which is not the same as branding I don't I I'm doing branding and I'm doing advert I don't necessarily have control over the next point of contact but when I do marketing and I'm gathering I'm building my email list I'm building my customer database when I get your information I did good marketing because now I can let you know I can now I don't have

to pay somebody once I build once I start doing marketing and I've got an email list I don't have to pay an Advertiser to put me in front of their audience all I have to do is send out an email to the audience who's already opted in does that make sense okay so marketing the last one skill in the revenue generation is selling most people are not good at selling and I dotted the E again okay so most people are not good at selling selling is uncovering the value of what you have to offer so

well that people are happy to exchange the money they have in their pocket for the value you've revealed so you have to get good at describing the payoff of your offer notice I did not say you got to get good at describing your product most people who are terrible at sales they're ter one of the reasons they're terrible at sales is because they're really good at talking about their product and nobody cares and they're really good at talking about their process and nobody cares in fact when you tell them about your process now there you

you you reverse sold them you've sold them on not buying why because as soon as you start breaking down the process they think it's hard and they think it's too hard for them and they excuse themselves out of it like can you imagine if you went to the gym and they said here's what we're going to do we're going to make you run until you feel like your legs are going to fall off and then you're going to lift weights and your arms are going to be sore for months at a time and your back's

going to hurt and you're going to every time you when you wake up you're just wish somebody would put you out of your misery and that's only going to last for 3 months right right what what kind of presentation is that cuz every day we're going to do 15 sets of these and 30 sets of those they like I think I'll just stay fat right you don't show people the process the process talks them out of it you show you sell the payoff you sell them what they want and you deliver what they need it'll

change the game for you and so don't sell your product don't sell your process don't sell your pieces well we have we have all of these little pieces of minutia that you get to manage nobody cares and don't sell your person hey a lot especially you coaches and Consultants out there you get you get 70,000 hours of my time I won't have any left but you can have it all for $150 an hour oh no stop it stop selling your person the person's going to pay you they want one thing they only want one thing

there's one thing they're looking for they're looking for a transformation something in their life is painful they want to turn that pain into pleasure when they pay you they want your thing to turn their pain into pleasure that's all you should be talking about how right now you got this pain you got this pain every time you look at your checkbook it's mad at you you don't want it to be mad at you want to be happy with you so I'm going to show you how to make more money every time you step on a

scale the scale tells you off you don't want the scale to tell you off I'm going to show you how to get in shape so you you so every time you step on your scale your scales start clapping for you now we know that scales Don't Clap but if you described it like that people would get the picture and they would understand the feeling they're going to have when they buy the thing you're selling them right when I teach you how to write this book if you're a bookwriting coach you're going to sell 500 books

a month and you're going to sell 500 books a month for $20 a piece and that's going to bring in 20,000 I mean $10,000 a month and that's on the front end and I'm going to show you how to do upsells on the back end it's going to bring in another $10,000 a month oh my goodness but all you got to do is get this book done and get it done the way the specific way I show you and it's going to become a best seller like what I'm telling you I went before I ever

wrote Trash Man to cash man but when I first wrote wrot it was called the ebony treasur M like literally the month before I wrote that book I went to Mark Victor Hansen's Mega book marketing um Empire seminar it was 5 days it was in Orlando I lived in Pennsylvania I spent $118,000 on the event and stuff I bought at the event so I could figure out how to become a bestselling author I was serious I wasn't playing I would I I think I'd like to be an no this was not I think I'd like

to be this was I'm fixing to do this oh and and I'm running out of time wow I can't believe this man I wish listen faster okay anyway I I said I I spent $188,000 learn how to become an author guess what my first week when I published the book the first week I sold 900 copies at $20 a piece that's $188,000 my first week as an author I mean that's that was more books in a week than I sell a month now I mean I mean because I guess I had some pinned up Demand

right pinned up demand but now I mean we sell $3 to $40,000 worth of books a month stuff I wrote long time ago last book I wrote was two years ago so selling okay so that's the second one so let me give you the last skill so we talked about we talked about product Innovation we talked about Revenue generation now we're going to talk about asset allocation okay so when it comes to asset allocation this is that's a cool color now I'm going to change again asset allocation asset allocation what is that well it's number

one it's your pricing like what is your what is your payment pricing what's your payment pricing what is the how much are you going to sell the thing for I'm going to tell you what 90% of entrepreneurs that I coach get that part wrong you know why they get it wrong because they copy somebody that they think is in the same business as them and so they make their price the same as their quote competitor's price that's why I don't have any competitors I charge more than everybody who thinks they're my competition notice what I

said I charge more than everybody who thinks they're my competition I don't make the mistake of thinking they're mine you ain't competing with me you got your little any you got me confused with Byron silver okay so um no Byron whoever you are okay all right cool okay so so uh your your payment pricing Payment Processing your payment processing so well one of the things you want to do in the beginning you want to give them as many ways as possible to pay so you got some startup businesses they don't take credit cards are you

out of your mind are you are you are you insane like do you hate money you don't take credit cards like that's how I pay for almost everything that's how most people pay for almost everything you don't take credit cards you got to take credit cards and not only do should you would I recommend that you take credit cards because I don't have shits for other people but I would recommend that you take credit cards and I would recommend that you have some kind of way of setting up automated payments on a credit card so

people don't have to send you money every month and have to remember to do it okay Payment Processing you want to get set up with a merchant account maybe that's stripe maybe that's nmi maybe that's whoever but you want to get set up with a payment processor so what if I don't know you I'll take I'll take um cash I personally don't like getting receiving payments in PayPal so you can't pay me in PayPal you want to pay me in PayPal pay somebody else in PayPal because PayPal Ain't My Pal okay PayPal is the devil

anyway that's a different conversation for a different day I don't even have time to go into it but if you you don't want pay you do not want PayPal to be your primary payment processor I'm telling you they're going to they are going to jack you sideways at the their first opportunity and then they'll keep on doing it because they know you'll put up with it okay all right I just tell everybody the devil okay Payment Processing so now in my business and I've got to I I got to wrap it up in my business

um the maximum amount I allow people to pay on a credit card is $2,000 everything after that is a wire transfer or an a transfer why I don't have time to go into why but there's this organ there's this um Department inside of every merchant processing company every Visa Mastercard American Express they have this department called risk management and you got some $15 an hour person in there deciding whether or not you are scamming people because they can't understand a business generating $700,000 a month and so they automatically think you're scamming people anyway just because

you're doing Revenue right so if if somebody plus everybody's not scrupulous some people are unscrupulous some people will buy your stuff use it pay for it on your credit card and then tell the company that you never send it to them if you want to do that with $2,000 more power to you baby but you ain't going to do it with 20,000 not with me because I don't take $220,000 on the credit card okay there you go so there's that and then Lastly lastly is uh payment collecting like okay here's what here's all I'm going

to say about payment collecting I would recommend highly that if you sell if you sell a product that is like and you're going to be the bank and you're going to finance it for people like sometimes we'll do we'll do like in our $55,000 coaching program uh people pay we let people pay half down and then we do an A Bank draft for $510 a week right um but I'm not just going to do the whole thing on payment on on a and I'm also not going to do the whole thing on credit card payments

like I never want the payments to run out I mean to go longer than the coaching program or the product that I sold so that's payment collecting when you develop these business skills they can make you Millions upon millions of dollars so I hope this helps stay blessed by the best and I'll see you on the next video