- Hey good looking people... and the rest of you!
I'm Ryan Daniel Moran.
Today we'll talk about the importance of taking time off.
What to do when you're starting
a business that you have no passion for.
What to do with the money in your bank account.
And we'll look at a multi million dollar
powder drink company.
This one right here.
Play that funky music!
I became an entrepreneur because I wanted to take
a lot of time off.
I know a lot of entrepreneurs
who got into this world because they wanted
to be free and just enjoy their time.
And have passive income.
Which I think we all know is a little bit of a mix back.
Passive income tends to be very active income.
I have one friend in particular,
he actually just moved here to Austin Texas.
We'll be having him on the Freedom Fast lane podcasts soon.
But he is the one guy that I know
that actually takes an incredible amount of time off.
And he said something real interesting.
He said the secret to me being able to take
so much time off is I don't consider myself an entrepreneur,
I just have multi million dollar businesses
that support my lifestyle.
That's interesting.
If you're an entrepreneur there's nothing else
that you can be in the world.
I'm one of those people.
I went to college to be a pastor
and the whole time I was like,
I really just want to be an entrepreneur.
Until one day, one of my professors said,
if you could do anything else but go
into the ministry, please do that.
And I said, thank you very much,
I'm going to be an entrepreneur.
So I thought I was getting into a world
where I was going to have unlimited time off
and total control.
And guess what?
I do.
We all do.
I just happen to be really bad
at being protective of that time.
Most of us as entrepreneurs are exactly that.
We got into this game because we wanted
a better life, we have control over our life now.
But we feel like we're slaves to our business,
because we actually don't give ourselves the structure
to be able to take that time off.
I can work anywhere including in bed
and at the dinner table and while I'm watching TV
and early in the morning and as soon as I wake up
and check in my phone and make sure
the sales are still there.
That is fairly common among most of the entrepreneurs
that I work with.
What I have found is that I am resistant
to the idea of taking time off,
because I'm worried that something terrible
is going to happen.
But by actually dialing it back
and working less, that is when my batteries
start to charge and it is actually
when I find this creative solutions
to the problems that I perceive in my business.
So when I am particularly drained,
as I said that I was on a recent episode
of Freedom Fast Lane TV.
The first thing I know I need to do is take a step back.
Because two things are going to happen.
One, I'm going to look at a problem
and I'm going to feel sharper and clearer
about what the solutions are and what is actually important.
The other thing that is going to happen
is new creative solutions are going to happen,
they're going to come up as a result of me
recharging those batteries.
Whereas when I'm trying to pound my way
through something, that is when there is no
creative energy and it is when you are
at the least capacity to be able to get
the thing that you want done.
So I say let's start working in
the lifestyle that we all say we're working for.
We all say that we want to have lots of time off
and time with our family.
But we'll get there when the money is there.
I promise you the money will get there
if you take regular time for yourself
and for the things that actually matter to you.
There's a part of our brain at the end of the day
that just wants pleasure and to avoid pain.
And when we are grinding all of the time,
we are connecting in our brain
that money and success equals more pain.
We need to retrain that and say,
the more money I make, the better my life gets.
I did a fantastic episode that was absolutely spot on
with one of my mentors, Peter Shalard,
over at the Freedom Fast Lane podcast.
So if you go over to freedomfastlane.com/itunes,
it'll pull it up in your podcasting app
or on your computer.
Or you could go over to freedomfastlane.com
and just search for Peter Shalard
and that episode will come up.
He calls himself the shrink for entrepreneurs.
And he says exactly that.
That our brain just wants to be happy
and avoid pain and we as entrepreneurs
are working towards this idea,
while also training our brains
that we're always going to be miserable.
And that's why we sabotage.
And that is why it's so important to be intentional
about the life that you want before your successful.
So you can fill in everything else
around the life you want to enjoy.
Of course I believe the fastest way to get there
is to build a business and to invest the profits.
So let's look at some questions
that'll help you do exactly that.
- [Narrator] Chris Van Loan asks,
how do you choose a product when you don't yet
have a specific passion or niche?
- I am in the rare minority, I think,
that thinks that passion in business is overrated.
I think starting a business just for
the cash flow is totally fine.
In fact, I know a lot of people who do that,
they treat their business like a video game.
If I do this and I do this this result comes out.
I want to gameify this as much as possible.
So they become passionate about playing the game,
even if they're not passionate about
the brand that they're building.
Look, most entrepreneurs, I think,
start businesses for the money or for
the lifestyle that they're going to get.
And the passion seems to come later.
I find it to be a rare exception
that someone actually gets paid to do what they love.
I know that's not popular to say in our little community,
but I don't know that many people
who actually make all their money doing
the thing that they're really excited about.
So have your thing, have your thing that makes money,
have your business that pays for your life
and then go enjoy your passions.
Being in the business that makes you money
will give you the skill sets that you need
if you want to make your passion a business.
I don't know a lot of people have navigated that well.
Meaning, that they have started a business
that they're passionate about,
stayed passionate about it and been
able to operate it like a business.
I know more people who are like,
I'm going to blog about this thing I'm really excited about,
if I make money, great.
And as a result, they get paid to do it,
but it never really becomes a big business.
It might become a legitimate cash flow stream,
but it's not something they can scale or sell.
The thing that you can scale or sell
is the business that you operate like a business.
Which is probably going to involve some things
that you're not necessarily passionate about.
That is totally cool.
If we can divorce the two, if we can divorce
the thing that makes us money
from the thing that we just feel so passionate about,
then we're free to live in both worlds.
So build the thing that makes you cash,
invest it, sell it if you want
and go park that money into other more passive
income streams and develop the thing that recharges you
and gets you excited and gives you passion.
Do that as a gift to the world
and if it makes money, awesome.
Or if there are a lot of people demanding
that you sell something, go ahead and do that
once the cash flow business is already taken care of.
So if you watched the episode of Freedom Fast Lane TV,
where I say, follow the money not the passion,
this was exactly my advice.
We are entrepreneurs that are always looking
to maximize everything,
including our lives and our happiness.
And we start a business that makes money
and then the next thing is, well what do I do
in my personal life that I can make a business
and maximize that.
I think that's the wrong approach.
Double down in what makes money,
double down in what gives you excitement and passion
and freedom and free yourself from
the idea that they have to be the same thing.
They can serve one another, balance one another
and actually support one another,
because as you make the money,
you'll feel good about playing in your passions
and being passionate about something will give you
the energy you need to be at full force in your business.
Now of course there are exceptions to this,
but I don't think that it is necessary
for you to be super excited about your business.
At least the things that you sell.
As long as you are enjoying
the process of being an entrepreneur.
The way that you manage that is simply following the money,
where is the audience, what do they need,
how to I serve them.
Can you be passionate about the difference
that you're making?
Can you be passionate about the growth
that you're enjoying?
Can you be excited about the challenges
that you're learning to navigate
and therefore what you're learning?
Can you be passionate about your customers specifically
and the excitement they get when
they get your product in hand?
Can you be excited and passionate
to see other people using your product?
Can you be passionate about other things
rather than just the product that you're selling?
If so, you're golden.
You're in the clear, go scale that.
The only time that it's a problem,
is if you find it so mundane and boring
that you just can't get yourself
to do the things that grow the business.
That's the sign that you need to exit.
But if you can continue to grow
and you can continue to be excited
about the process, then you don't need
to necessarily be all gung ho
and excited and passionate about
every minor detail of your business.
- [Narrator] Melissa Blackman asks,
I have $50,000 in the bank.
Now what do I do?
- Money in the bank.
Do you want to do something fun here?
Give it all to me.
Put it in a parachute, go sky diving
and yell free bananas for all,
as you plummet towards the earth.
Buy a really crappy house.
Fill a storage unit of old VCRs.
Put a pair of ridiculous rims on an old crappy car.
Get a set of really sweet, oh shoot what are they called?
Grills?
Get an awesome grill.
Buy an entire church, tickets to Freedom Fast Lane live.
Boost a Facebook video of you saying to your crush,
hey check me out now and buy a lot of traffic.
So there's two answers to this question.
I know that for me, when I hit a certain point
and it actually was $50,000 that was in
the bank account, which was about six months
to a years worth of expenses for me at the time,
that was a new level of freedom for me.
So there is an ROY on freedom
and feeling secure about your financial status.
So if you don't have an emergency fund,
where you really feel like you've got
six to 12 months worth of something
to take care of you in the event of an emergency,
do nothing.
Just put it away and know that you are now
free to go do things that you want
and take a little bit of calculated risk,
because if it all doesn't work out,
you've got a nice fallback option.
That's what I decided to do when I had my first
$50,000 in the bank.
If you're looking to invest $50,000,
I had made the mistake too many times
of saying, I've got money, I'm just going to
throw it all into something.
So I would say incrementally invest in something
that you believe in, whether it's a dividend paying stock,
or it's a real estate investment trust,
or it's a down payment on an investment property
that you want to buy and rent out
for somewhat passive income, these are all things
that are good incremental movement for you to invest in.
But I've made the mistake of trying to diversify
into things that I'm not necessarily good at doing.
So where I would spend the money is on acquiring
a business that supported the rest of your efforts.
If you don't have a business,
put it into a different type of income stream.
But if you're an entrepreneur
and you are building a business,
what can you use that money for
to overall support the health of the company.
Is it in more traffic, is it in sponsoring influencers?
Is it in acquiring a high traffic website
that isn't monetized that can support some of the products
that you're trying to sell?
These are all very very good uses
of funds that might not have that immediate
win that so many people look for,
but it gives you the long term after effects
that really drive business.
$50,000 is just enough to be able to spend
a good amount on traffic, and or acquire
a small property that makes either
a little bit of money or allows you to support
the efforts that you're doing.
Those are the areas of business that I would focus on.
If you don't have a business,
I'd put it into a dividend paying stock
that you're incrementally investing in,
meaning you're not just dumping all the money in there.
Or you're putting it into a real estate transaction
that you are going to finance the rest
and then have the renters pay for it.
So $50,000 probably isn't going to change
any life or business, unless it just frees you up
to be comfortable and take more strategic risk.
So if you're beyond that point,
put it into a business, or a passive income stream.
(upbeat music)
So for today's case study I thought it would be fun
if we look at a brand that I personally buy from.
So this isn't one of our tribe members.
We usually reserve this time to look at one of our tribe
members businesses.
But I thought it would be fun to go outside
and look at a case study that I follow,
because I think there are some nuggets
that will help both our students
and those of you who watch this show,
just because you want to get inspiration
for businesses that you might start.
So today we're looking at Four Sigmatic.
Four Sigmatic sells powdered drinks,
like powdered coffee, powdered hot chocolate right here.
And most of them have some sort of a mushroom blend of them.
So the hot chocolate is hot cocoa with reishi mushroom.
So mushrooms either have cognitive enhancer abilities
or some of them are considered to be immune boosters.
So I don't know if any of that is true,
but that's how they are marketed.
What's interesting about this company
is they do a few things really really well.
And by the way, you'll see me often
drinking their products while we're recording this show.
What they've done really well first is
they have a very clear differentiating factor.
For them it's the mushroom blend,
because it would be one thing for somebody to say,
yeah I drink Four Sigmatic powdered coffee.
Where's the differentiating factor there?
There isn't one.
But if I say I drink Four Sigmatic coffee
because it has a mushroom blend
and that gives me a cognitive kick and helps me focus more.
Ah, now there's just a little bit
of a differentiating factor.
Now let's be real, coffee on its own
is a cognitive enhancer that will give you
a little bit of a bump and help you get more work done.
But the fact that there is some sort of a twist
tells the brain, this is new, this is different
and it can create the impulse purchase.
And it is that impulse purchase
for a very specific reason that creates
raving fans and repeat customers.
As you can see.
So I'm on subscribe and save on Amazon
and I've bought multiple products
just because I use the impulse buy on Amazon
and I went and I bought more,
because I enjoyed the product,
we keep it here at the office,
so everybody can have some mushroom coffee if they want.
So a differentiating factor doesn't need to be
something that sets the world on fire,
it doesn't need to be a big disruptor business.
It can be just enough that peaks curiosity
enough to try it.
The classic story that I like to tell here is Coors lite,
when they came out with their slogan,
triple hops brewed for a maximum freshness.
All beer is triple hops brewed.
There's no differentiating factor there.
The twist though is that you say,
oh it's triple hops brewed I should give that a shot.
I wonder what the flavor of triple hops brewed beer is.
Spoiler alert, you've already had it.
But if you can call out some piece of your product
that is slightly different or that no one
is talking about to create that impulse purchase.
That gives you a product and a business that is different
among all of your competitors.
And that's what so many physical
product sellers are missing.
They're missing that piece that makes them different.
And that differentiation is what creates
the fans that will set you apart
for everything that you do moving forward.
The second thing that this brand does really well,
is their marketing and the aggressiveness
with which they market is spot on.
So I discovered Four Sigmatic as a result
of them being advertised and discussed
on Tim Farris' podcast.
If you haven't read the article,
the Tim Farris effect, go read it
as a case study in how influencer marketing
can have an impact on any business.
This was an article about how Tim Farris
affected a line of mens clothing,
called Mizzen and Main.
But how one influencer made such
an impact in their business that it changed everything.
Four Sigmatic does the same thing
of sponsoring podcasts so influencers
are talking about their brand.
This does a couple of things.
First of all, it aligns a business with a thought leader,
so you have an elevated perception in the market place.
And second, it has the exact same effect
of doing a blast or a give away,
but you do it profitably.
Some people will happily spend $5000 on giving away
product in order to get it out to people
or get their rankings on amazon,
or to get people to buy for a dollar
so that you have them on subscription.
And that's a totally viable strategy.
But I find it so interesting that people are
unwilling to spend the same $5000 to go to
an influencer to talk about your brand
so they're sending actual real customers
that want your product and will subscribe.
So this business has done a really good job
of being aggressive with their marketing
and spending a lot to be able to drive
the collective awareness.
Now I don't know if they're profiting
on that advertising.
But I do know that when you get
a customer and they come back,
it increases the amount of monthly subscribers,
it increases the amount of people talking about it,
like I'm talking about it right now,
it increases the amount of word of mouth,
it increases the amount of other products
that they come back and purchase.
So if you look at it from the lifecycle
of a customer and you're willing
to spend all the upfront profit
that you would get on advertising,
that is when you will have a break through brand.
So that one little clear differentiator
plus aggressive marketing is what has made
Four Sigmatic a multi million dollar business
selling powdered coffee.
I have no idea what their costs are,
I don't know what Four Sigmatic means.
So it's not like their profit margins are huge.
This is like a $16 product.
And it's not like the name is just so good
that it drives people to become customers.
They've just executed well and that's what it takes
to build a multi million dollar business.
If you've been hearing about these kinds
of case studies and you've seen
what we do here on the show and on
the Freedom Fast Lane podcast,
and you're wondering how do I actually
start one of these businesses,
we put new people through a boot camp
that will get you to select, source
and sell your first product so that you have
that first step towards your million dollar business
in process and then we can put you through
our strategy to taking that to a million dollar business.
We do that boot camp with something called
the brand builder boot camp.
You can go over to freedomfastlane.com/bootcamp
to start your path to getting a product like this
that you'll then differentiate and advertise
and ultimately be on the path to a million dollar business.
The older I get and actually the older my daughter gets,
the more I realize how much of a finite amount of time
we have on this planet.
And I realize that for most of my life
I've been saving things for later.
And I've been saving the things that I want to do
until later and I spent a whole lot of time
and energy worrying about things
that were not in my control and trying to
get somewhere that was very illusive.
And I find that the older Ester gets
and the older I get, the more I just want to
enjoy everyday and enjoy every moment
of everyday and realize that all of the things
that I stress about are just more research
and development for the next win,
the next opportunity or the next thing
that I get to enjoy.
Pain is like a piece of navigation guiding you
towards something different that'll lead you
to a different destination.
So as you build your businesses,
as you look at the overall financial strategy
that you will follow, please remember
that you are in this for a certain type
of life that you want to enjoy.
All we have is now.
All we have is the experiences that are in front of us.
Everything else is either a memory or a projection.
So none of that is real.
All you have is today, so take time off with your family.
Enjoy the piece of pizza.
Enjoy the things that are in front of you,
build towards your goals but do them in a way
that gives you more freedom and allows you to enjoy
the process of getting there.
That is what freedom is all about.
That's why we do what we do.
That's why we start businesses
and invest the profits because that's what people
like me actually enjoy doing.
Pursuing opportunities and providing value.
That's what an entrepreneur does,
that's what capitalism gives us,
the freedom to do and that's why what you do matters.
Thanks for watching the show,
we'll see you on the next episode.
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