What’s Holding You Back From 7 Figures?

Nick: I’m Nick.

Ezra: Nick?

Nick: Yeah.

Ezra: Good to meet you, man. Hey, man, I’m not going to shake your hand, but that was close. So what I think is holding you back is that you’re not spending enough. People just do not spend enough money on their business. You’re pulling out too much of your profits and putting it in your pocket. If you spend more money on your business, it will grow quicker. What do you think about that, dude? I’m going to take that as “I agree.” He didn’t say anything so I’m just going to answer for him. Rawr! Fifty percent is a good number, of your profit, should go back into your business.

Also, one of the big reasons I think people are held back from that higher dollar amount per month is a lack of responsibility. Who’s heard this? Anyone in here heard the saying “With great power comes great responsibility?” I think Spider-Man first said it, right? Yeah. Maybe not, I don’t know. But I definitely heard it in Spider-Man.

Flip that around. With great responsibility comes great power. The more responsibility you are willing to take, the more power you will have in all areas of your life. I have the viewpoint that we are totally responsible for our situations. Bit of a radical viewpoint, it comes from where I grew up, which is Lafayette Morehouse. On the back table, there’s pamphlets where you can check out this community of people that raised me. If you think I’m cool, or you like anything I have to say, a lot of what I have to say came from there. So you can check that out. Boris is a teacher at Lafayette Morehouse, my parents are teachers there.

And one of the viewpoints that we have is that we are responsible for our lives, and we are responsible for the situations that we have in our lives, and for the circumstances and scenarios in our lives, and that we are not the victim of the world. And that’s a pretty heavy thing to tell people. But I do believe it, and I think that the more responsibility you’re willing to take in your business, the more successful you will be. And that could be the responsibility of a staff, that could be taking responsibility and setting up a ticketing system so that you don’t lose communications that come in. You with me? Rawr! Okay, good.

So what we’re going to do now, a couple more things actually. Do less stuff. Quit doing all that stuff. You know what you’re doing that you shouldn’t be. Don’t do it. Just do one thing, focus on that till it grows. Put your attention in one area and grow that, and then move on to another thing. That’s one of the things that I’m really good at. It’s one of the reasons why I am as successful as I am is because I’m willing to be more honest with myself about what my capabilities actually are, and then I work effectively within those capabilities.

And stuff that I am not capable of, I get Boris to help me with, I get Nick to help me with, I get Lizzie and Carrie to help me with, I get my parents to help me with. Right? I know what my capabilities are and I work within those. And I also create new capabilities all the time. I’m working towards things quite often. But I’m willing to do less things and be better at those things that I do, and take responsibility for getting other people to help me do the stuff that I’m not as good at. Does that make sense?

I also think that it’s worth noting that we’re all moving really fast, man. We are going from one thing to the next, we’re running around, we’re trying to get to the back of the table to get lunch. That was my fault, sorry about that. We’re doing all this stuff, we’re moving super fast, and if you can just take it easy for a little bit, we might even do a meditation for a minute. It freaked someone out last time so I don’t know if we’re going to do it. But some guy was like, “I am not meditating!” And I was like, “All right, dude, you don’t have to meditate. You can just chill there while we meditate.”

But I think that we get really excited and we want to move quickly, and I am as guilty of this as anyone. I bought a car on the way to the airport. I am guilty of this. I move quickly. I really did. This just happened a couple of days ago. I bought a car. I’m moving to Austin, and I thought, well, I want a car. And so I went and got one. But I think that was a good decision. Just saying. I don’t think that was a bad decision. But I do think that if you’re willing to take a little time and think through what you’re doing and slow down a little bit.

For example, take Ian over here. You want to raise your hand, Ian? Ian’s a guy I grew up with. Really, really smart, cool, fun guy I’ve always looked up to. I bought a ’67 Mustang because when I was a kid, Ian had a ’67 Mustang, and he just made it look so cool that I thought when I got into high school, that I should get one, too. And I got one, and I could never get it to work. That’s a whole story that I won’t even tell. But the point is that I never actually got it running. I got it running for like a day or two.

But Ian has been doing this business for eight weeks, and he has his product, live on Amazon. Let’s give him some love on that. Rawr! And he’s running the Mississippi Muffin Top campaign this week. He’s only been doing it eight weeks. So he’s going the Muffin Top going. Anyone here run into the Muffin Top? Yeah, I got some Muffin Top people in here. Cool. Muffin Top’s a campaign that I give at one of my courses.

But my point is that even though Ian has his business in eight weeks, and it’s up and it’s ready to go, he didn’t rush through it. He worked so hard. He picked a bunch of products, he went back, picked a bunch of more products, went back, he took the time, he slowed down, he worked on it. He still got results really quickly. Slowing down doesn’t mean you’re going to get results quickly, it just means that there is value in taking it a little easy, and considering things before you just dive into them. Maybe don’t go with that first product. Think about it for a little bit. Still get things done quick, but slow down.

Okay. So there’s five things that you need to grow any business, and we’re going to be touching on these throughout the course of this event, but I just wanted to mention them quickly so that you’re aware of what those things are. Visibility. You can grow your business by getting more people to know about it. That’s advertising, search engine optimization, joint ventures, etc.

Conversion. If you’ve got visibility to a hundred people, if a hundred people saw your offer, how many of them said yes? If one of them said yes, that’s a 1% conversion rate. If 2 said yes, that’s a 2% conversion rate. If you can go from 1 to 2, you’ve doubled your business. No more visibility, just more conversion. We’re going to talk about conversion more today.

Order value. Can you have upsells, cross-sells, ascension on that ladder, and get a higher average order value? You will grow your business. If you’re making $30 a sale, and then you start making $40 a sale. If you sell 100 units, you’re going to now make 4,000 instead of 3,000. Thirty percent more, 30% higher.

Frequency. This is the thing that people ignore quite often. So how often are people doing business with you? It’s a lot easier to sell . . . Charlie’s been experimenting with this. Charlie, who’s going to do a session at one of my Masterminds in the future on how he did this, is generating an extra $70,000 every month or two, or a couple of months, whatever it is, just by creating more frequency with an email campaign.

So frequency’s a big one that people tend to ignore. How do we get people to come back and do business with us a second time? And that’s why what you sell them has to be good. Because we don’t just want customer wants. I don’t want you to come to one of my events. Anyone here been to one of my events before? That’s a good 5%, 10% of the room. I want frequency, I want to deliver value so that people are enjoying the experience they have with me, so they’d want to come back and do business with me again.

And then margin. Can you get a higher margin on your . . Obviously if you get a higher margin, you can increase your business.