BCS: 180 | Down-Sell Options + What Niche To Never Work With

Business Coaching Secrets with Karl Bryan

BCS 180: In this episode, Karl answers questions about:

–  Do you have down-sell options?

–  What niche would Karl never work with?

And more…

Karl Bryan helps business coaches get clients. Period.

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EPISODE TRANSCRIPTION –
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SFC Episode 180
[00:00:00] Karl: Welcome to Business Coaching Secrets with Karl Bryan. If you want to attract new high-end coaching clients, fill live events, and build a wildly profitable coaching practice where business owners pay, stay, and refer, you’ve come to the right place. In this podcast, Karl provides his keys to the kingdom for finding and signing. High paying clients and building the coaching business of your dreams. Here we go.
[00:00:40] Christian: Ladies and gentlemen, boys and girls, coaches around the world. Welcome to another episode of Business Coaching Secrets. It’s Your Boy the Road Dog, with none other than the man, the myth, the underwater legend. Dr. Karl Bryan. There you go.
[00:00:52] Karl: Shoot. You’re not the doctor shoots. How’s it going buddy? What’s happening?
Speaking of water shoots, I got a lot of rain coming down here, bud. Is that right?
Four months here. So we’re we’re good. We’re good. Listen, in the pre-show, we just talked to somebody in regards to, he had thrown out a price which was kinda interesting as was the same sort of price as to what the guy made last year for his own sort of personal take home.
So my, and I wanted to, I wanted to save this for the podcast because what I find interesting there is we’re all pretty much predetermined in our. So my first question is, is that a mistake when we’re so firm in a solid price that we have? Because I know you like to scale up, or would you, if that is in fact your price and you don’t want to undervalue sort of, you know yourself.
[00:01:46] Christian: Would you then have downsell options? Like how would you handle.
[00:01:52] Karl: Yep. Nice question. Nice question. Agreed. So on maybe just some context in the pre-show somebody sat down with a business basically they netted 36 grand last year, and then his pricing was three grand per month, which is 36 grand per, you know, 36 grand per year.
And just, you know, if you look at it objectively, you could probably see how the guy took a big. And just couldn’t get his head around the 36 grand, no matter how amazing it felt and how badly he wanted to do it. That could just be difficult and it would be different if you were highly, highly seasoned.
But if we were just getting going and coaching, this might not be the right pricing. Right? Because to be clear Rodo, we talked about this in different podcasts back in the day, but I remember sitting with somebody and they made like six grand the previous. You know, with their business, like, gross six grand is not profit and I sold them, you know, like a high end coaching program, right?
So I don’t wanna say that it can’t be done, that it hasn’t been done and can’t do it incorrect. But that being said You know, just objectively looking at it, no doubt you can see the challenge. So the solution and there are a few, like why not go, if you wanna be 36 grand, why not be willing to work for a thousand month, two, 2000 month or sorry, a thousand month one, 2000, month two, and then go to 3000 ongoing.
And by the way, I’ll do 9 97, 1 9, 9 7, and 9 97. Again, without question, when you put a seven on the end of your pricing, You will increase conversions, but like that would be a better option. And I would imagine that, you know, if you really think about it, and we talked about this many times in the past, but you just got a 36,000 client for a credit card that went through for 9 97, and that can be a very powerful and difficult you know, that can be a difficult proposition to say no to.
You know, again, especially when they sat down and they saw the numbers. You know, the frame of money at a discount. So that’s the way I do it. Road, Doug. So what I just did is I maintained my price at 36 grand, which is where I wanna be. But I allowed my business owner to, you know, not gulp quite as deeply to say, okay, well look, we’re gonna get started at a thousand bucks.
I’m gonna move to 2000. And by the way, if anything’s going wrong in those first couple months, and we don’t knock it out of a park and we take a little bit longer to get traction, I am more than happy to drag out the lower pricing for a couple months to make sure we get cranking. But if we come outta the starting blocks, Rubber meets the road and you start killing it, and all these initiatives and partnerships and profitability starts to happen, then you know I’m gonna maintain.
But, you know, the deal that we just signed is the deal that we’re gonna go with. But just understand that I’m here to coach you. I’m here to guide you. I’m here to mentor you. I am going to be, it would be, you know, silly of me and not be willing to work with you as we get going. So, That’s what I say. She, so then the other one, Andrew mentioned, you know, doing a contingency again, you could lower your fee, like keep it, let’s just say instead of doing three grand, you’d do it at 1497 and then you take a 2.5, you know, a contingency on the back end.
Don’t do that on profit, you do that on gross, by the way. Cause profit can be manipulated nine ways to Sunday, so you’ll never. That’s not the goal, so be a little cautious with that. But you could, you could do it in that manner. So, that’s my answer, road Dog. And then as far as the downsell that you mentioned.
Oh, look, definitely, you know, like as an example, group coaching you know, we provide group coaching software to our guys. You could do group coaching. Let’s say you’re three grand a month, you could provide for 9 97 a group coaching program where you got 20 folks. And effectively you make the majority of that in a one hour timeframe.
You know, do the math and that looks a lot like 20 grand. That would make a lot of sense in your hour. And then by the way, the magic of group coaching, we talked about this a few times in the last podcast, but I’ll drop it again. Group coaching. One of the magical little pieces of that is the network effect.
Of you becoming more attractive and more magnetic and more appealing as a one-to-one option. So therefore you’ll be able to get that three grand with a text message as opposed to even having to get on the phone with Guy. You know, you have the people applying to basically get at you as opposed to, You know, you working pretty hard to get into their office and we both played both sides.
Like, you know that that game that you gotta play and as you’ve become more preeminent and you become better at this and more sought after you do more speaking gigs and you get interviewed more times and you got more results and more testimonials and more people locally talking about what a great job you did with.
It’s gonna become easier and easier and easier to get those higher fees quicker. So, so the again, road dog, really importantly, be an unbelievable business coach. Be an unbelievable business consultant. Really shift the people that you’re working with and good things always happen. So that’s my answer.
What do you think? Okay, so I’m
[00:06:47] Christian: gonna throw a random question at you before I get into the actual questions of the podcast. Sure. Just because I’m curious cause I literally just saw this on Facebook . I was like, man, that’s a good question. What niche would you never work with and why?
[00:07:02] Karl: Say that again?
[00:07:03] Christian: What niche would you never
[00:07:05] Karl: work with and why? Okay. There’d be okay. The easiest. Okay. It depends on my level of experience, but I’ll just, the easiest person to sell is a salesperson, right? So if your solution is to go after account they would be the category, you know, they’d be the opposite of a salesperson, and then therefore they’re harder to get on the phone.
They’re more than happy to set an appointment and not show up. They’re very, they’re never short of something to do. Right. Just the nature of you know, you know what I mean? Just the nature of being an accountant if you no one ask them or her, so I. So I would caution myself to go with people who are, so, a guy who owns an engineering firm.
Don’t need to meet him. He’s highly analytical and he’s not gonna make hard decisions quickly as a general rule. And rules don’t always stick and they won’t in that one. But generally I would try to go to people. I want somebody, look, there’s somebody who’s optimistic and somebody who is pessimistic.
The person was optimism, makes more money. They, okay, so now on the flip side of. They also spend more money and lose more money and they’ll, you know, chase that golden goose and end up losing it. So just cause you make more doesn’t mean that you keep more so don’t think I just said was wealth. What about income?
So. So I would be cautious to go after people who are too analytical and didn’t make hard decisions quickly. Cause they can just be challenging in a coaching dynamic. Okay, so I answer this differently. So now you would probably what I just said, you’d go, oh well realtors would be a home run because you’re very seldom good realtor who’s not a hot sales guy and wearing a flashy suit, right.
Or outfit or whatever. The problem with that is that they’re too retail, they’re too available, and they’re getting bothered by everybody. So what I would encourage folks to be thinking about and remember, Rog, what I started with is it depends on my level. Like where am I at in my career and how good am I at all of these things, right?
If I’m really good at hurting up accountants and I’ve got some preeminence and I’ve got an in with an associa and you know, trade show when I got floor time might be different. But so realtor, think of realtor as a ground floor business. And then there’s the second floor. And then the third floor again, we went over, there’s not long ago, but like, instead of going.
To the realtor, or maybe let’s use the, like everybody wants to go to chiropractors and dentists, right? So instead of going to the dentist, walk into the dent, you know, the dentist’s office, look around and see just the different things that they’re buying, and then go to those businesses. But you won’t find those businesses on level one.
Right? Like, what do they say re you know you know, real estate. Real estate. Real estate? Is that it? Location, location, locations, what I’m trying to say. It’s the opposite. They don’t need to be on ground, like, cause, you know, like people you know what I mean? Like, they’re up on level two, level three.
Hopefully anybody listening would be able to understand what I mean there. Those aren’t the sexy businesses that everybody’s going after. And therefore you got significantly less competition. They’d love to get interviewed. They’d love to, you know, understand how to build their profits, et cetera. So don’t know if that’s you know, the best answer, but that, that’s what I would say.
These are some of the things that I’m thinking about before I go and choose who I’m going after. What do you think?
[00:10:30] Christian: All. Alright, so multitasking bud. I’m, I’m about as good at multitasking as you are. Starting up your computer.
[00:10:37] Karl: Listen
[00:10:39] Christian: Trick. What’s password again? And then it’s reset.
Hey, listen, we always, we talk a lot about movies and stuff, right? And last week, yeah, I think it was last week. You know, we talk about movies and lessons and everything. You always talk about the movie founder, like, it’s kind of embarrassing actually how much you talk about this movie . Can you like enlighten the rest of us?
Like I realize it’s a pretty good movie and it’s Michael Keaton, isn’t it? Like, again, you can’t go wrong with that man, but but like, can you kind of enlighten us as to like, why, like why do you watch that so many times or what are the primary lessons that you’ve gotten outta it? .
[00:11:20] Karl: Ok. I have watched an embarrassingly large amount.
Okay. Again, think it’s a good movie. Entertains me. It’s the movie that I go to to fall asleep. And again, we’ve said that before, but look, there’s there was an infliction point. If you watch these movies we talk about last time, you know, the social network. But like, there’s a hu he was, Ray Crock was trying to he was going after people with money, right?
So like investors. And what he was finding is that they weren’t following the rules and they were quitting, you know, lettuce on the burgers and selling tacos and chicken at the end of the day. He remember when McDonald started, it was a burger it was a soda and it was fries and like, that’s all you got, right?
They kept it really tight and simple and they were complicated. Oh, and by the way, they took the like they wanna get rid of the riff wrap. They wanted families as an ideal client, not riff wrap. So we got rid of the jukebox, and you’ll see that right there in the movie. Lesson husband, wife team wife out the front, husband out the back.
And again, not, you know, not looking for investors. That’s, you know, that was like all these were the guys. When you look at the most successful first franchises, McDonald’s, you’re gonna husband, wife, team that worked as a team. Right. There was also a point in the movie where they what was it like?
There’s a guy, what’s his name? Harry can’t remember his name. But basically he said, hang on a second. Hey, Ray Crock, I’m a fan of your restaurant McDonald’s. He says, if you’re not making handover money, handover fist, there’s something you know, you know incredibly wrong. Let’s chat. And he says, okay, well one, you know, come down and look at my financial statements.
He did exactly that. He says, look, the problem is really straightforward. You’re in the wrong, you, you don’t know what business you’re in. And he goes, what do you mean? He goes, you’re in the, you’re in the real estate business, not the burger business. You can’t get rich making a quarter of a fence. Off of a, you know, whatever, 25 cent burger.
He goes, you’re in the real estate business. So Ray Crock changed everything, and that’s how we ended up getting control of McDonald’s. But again, so if I own a okay lesson there, maybe if your client is a daycare, my question is, you know, they’ve been established, they’ve 3, 5, 7 years into it. They’re committed.
They’re not going anywhere. Things are growing. Well try, go buy a piece of real estate. You know, put, set the business up and then ultimately what you’d do is you would get the business going, own the real estate, sell the business, continue, own the real estate, and you’ll have rent, money mailbox money for the rest of your life, right?
So again, he didn’t know what business he was in. If you’ve got a client that can translate into real estate, this is something that I. Absolutely be looking at. And then if they did it three times in three locations that again, are a drive away from one another, don’t do it in three different cities. Huge mistake people do when they grow.
Again, you know what I mean? Like, it’s like the, the subway deal, like I’ve always said, you know, you wanna own three of them, but you want ’em to be within a drive. You got one lot of staff, one lot of inventory, et cetera. So think about the same strategy with the. With the daycare and they own three, they ultimately own three pieces of property.
They sell those daycares off and they’ve got mailbox money for the rest of their life. Remember, you know, the rule of money or the rule of wealth, the old money, old money equals never sell, right? So when should they sell those daycares or when should they sell the land? The answer is never when should they sell the, the daycares.
Debatably never also, but that can be a real tough business to run. It normally has a shelf life so you’d wanna bring somebody else in to run it, because looking after kids and changing diapers is a reasonable task for anyone. Right? Anyway, so there’s. Road dog. You know, you’re not too late.
We’ve, you know, just, he was 52 when he started the thing, right? Colonel Sanders was 62. So that’s one if you want it. Look It was ultimately an idea that he came up with. But then you’re gonna see that he had many, he was going to the bank and they’re like, yeah, you’re, we remember you, you had, you know, this idea.
We remember you, you had this idea. If you wanna have a great idea, the trick is to have lots of ideas, right? And then on the flip side of that, make sure though, rather than looking for ideas, You gotta solve problems. Ultimately what they did is they solved you know, the fast food, you, you can see it right there.
There was people on roller skates you know, coming out wrong order, wrongness, taking lots of time. And ultimately the problem that they solved, they didn’t make great food. They still don’t make great food. They don’t pretend like they make great food. Again, stuff is horrific for you. What’s that show?
Supersize meat, right? You can literally die from eating the food. You know, kill your own customers. Think about that. But anyways, but they ultimately solved the problem of fast food. And then how did they do it? Tight menu, right? Like, again, they didn’t, they didn’t put lettuce on the burgers. They didn’t, what’s the problem with lettuce?
It’s perishable. That’s why they didn’t have lettuce. Right? Again, what’s wrong with owning a restaurant food, right? Like, one of your biggest expenses is the food that you’re throwing up, you know, throwing out the back. So that the tight menu allowed them to do that. Different topic. You know, again, if you have a client who is the restaurant, you go in and their menu is more than three pages, first thing you do is tighten their menu.
Because there’s just, there’s no way they can keep that food fresh, right? Like it’s just, I don’t need to be there to know that they’re keeping a lot of the food frozen. Otherwise they wouldn’t be able to have this five page page menu. And by the way, the best restaurants in the world think you ever been to a really, really, really, really high end.
Re. Think about how tight the menu is. It’s very small. Very small. So, so again, but what, what is the local restaurant doing? You know, the exact opposite? So shoots, I think that you know, ultimately they made a scalable model to, you know, like not scale. Like, okay, people mess this one up. There’s growth and then there’s scale.
I go through Facebook again, a scale this, scale that growth is when you grow and your expenses come with you. Scale is when you grow and the expenses fundamentally stay the same. So McDonald’s is not a scalable model, but the franchising of it is, right. So just understanding the business model that you’re running No, Doug.
I think that’s it. You know, and this systems, obviously it’s system from Jesus, but understand that they’re hiring 16 year olds can do that. We week or week before you. Systems, systems.
But again, there’s a nuance there, right? Like, who are you hiring? I, I’m not looking into the 16 year old’s creativity. I’m looking for him to follow the roadmap. But if you wanna build a business with professionals, you know, 50 years old with master’s degrees, you need to give them freedom or so, and road, maybe just like businesses war or something I’ve often said, and that doesn’t mean that it’s a, you know, you win, I lose or I lose you win.
It’s just that. To not see it as that, you know, war. Ultimately it’s the ultimate, you know, that’s, I dunno, that’s not the ultimate competition. When you are predictable in war, you die. So I encourage people to be thinking outside the box, but the movies competitor was drowning. I stick a hose in their mouth and turn on the water and then he says, can you say the same?
And he’s speaking to the McDonald’s brothers, right? And like, They realized in that moment that this guy was ruthless. The same way that when people play against Jordan, they realized that he’s just ruthless. You know, he’s not gonna let up. He’s gonna keep coming at you. If you played sport, you probably know a guy or like that, and it’s just really, really hard to play against him.
So. You know, that’s the McDonald’s brothers said uncle, and they were just at that age and that scale, you know, that time of their life and the money that they were able to get, set them up for life and didn’t have to worry about it. So, you know, Ray Crock didn’t have that bone. He, he, he was coming at you.
That was up. So I don’t know. , go bud. My fascination with the movie founder, which I think is unreal. Over the weekend actually, I watched Movie about Spotify? No, it’s not a movie. It’s actually a series. Didn’t get all the way through it, but got through a number of them and that’s a ripper too.
But, but anyways, let’s let’s keep moving. There you go. That’s my, where, where’s that one on Netflix. Yeah. Yeah. Netflix. Yeah. It’s a rip. Yeah,
[00:19:32] Christian: it’s, well, it’s funny you say the the going to war, well, you’re going to war for that business with that business against the, you know, 80% failure rate, wouldn’t you say?
Like, there you
[00:19:42] Karl: go. Perfect. A perfect war to rage. There you go. Hundred percent. There’s. You know, like, you know, going to your competitors, like what are the things we do, right? Like people in our space, you know, they charge 50, 80, you know, grand upfront, you know, and like the truth is that business coaching can be difficult, right?
You know what I mean? Like not everybody is, this isn’t McDonald’s by any stretch of the imagination. You just be lying to say anything similar. So, you know, like going and charging those types of fees and then not being successful, what ends up happening and, you know, a lot of people, what, what happens when you light 80 grand on fire and you can’t afford?
You sell a house or you sell a car, you sell a house, you sell the holiday home you, you know, look at your wife and you look at your kids in the eye and it’s very, very challenging and bed in a depression for a period, right? So yeah. You know what I mean? So that’s that’s, that’s a, that’s a war that, you know, internally.
We rage, you know, like it’s like bring it and let’s you know, like have having an enemy ha having look rod, what am I trying to say? Isolating and, you know, seeing an enemy can be very, very powerful for the right individual. That’s not for everybody. Somebody with a significantly more feminine.
Approach might struggle with that one, but as the alpha males in the room and listening you know, find an enemy, it’s not that it won’t work for the feminine either. Absolutely. Sometimes they can be 10 times more Ruth than we ever could. But there you go. That’s, you know, find an enemy and fight.
Fight. Let just, I was talking to Pat earlier today. One of the things I said, you know, we were just talking about something and I’m like, pat, what just happened? I said, Mike, this is believe this is Mike Tyson, right? Everybody’s got a plan until they get punched in the, what is it? Punched in the mouse, right?
So you gotta be agile, man. You gotta be agile. There you go. Love
[00:21:46] Christian: it. Hey, listen I feel like we’re on this, this conversation of or moving forward, all this sort of stuff. If you were to do. Some sort of a, an exercise or dunno what else? Like some sort of strategy, I guess exercise is the right word today.
Yep. That would, that, you know, to propel, I guess not just your coaching, but you forward. Right. What would you do? What, what does that look like?
[00:22:13] Karl: What I do? So that’s me or is that with the business owner?
[00:22:15] Christian: Well, we could do both, but I, I would say, do you wanna start with self and then go outward or?
[00:22:21] Karl: Yeah. Yeah. Okay. If I were to do an Okay you know, do best year. Exercise. And by the way, get your client to do this as well. I, I did a really, really high end personal development training once, it was a number of years ago, but it was like to say that it’s intense. Do your own. It’s like actually, get it with very famous person from the internet marketing you know, business coaching world that we all would’ve heard of.
Okay, forget that. Who cares? Bottom line. It was a pretty cool group. Pretty cool. You had a bunch of people to be in, in there with you know, Hollywood and everything else. Like it was, it was deep man, and it was crazy. So what they would do is they’d get you to do, that was kinda lame, . I wasn’t trying to name drop or whatever.
But anyways so what you, I couldn’t believe the amount of writing we did, right? So like you’re writing letters to self. I think it’s an unused exercise. So basically what I would do, I would challenge you, let’s just say road dog, right? Write a letter to yourself. But it’s one year from today, right?
365 later. Write a letter. And it’s like this was the best year you ever had. You know, business, personal relationships, et cetera, financially, and write down what you know, what happened and what you did in order to achieve that. But like future pace it as though it already happened, and write a letter to yourself to say congratulations.
I think that. Is a very, very powerful exercise. Writing your own eulogy is something else. That might be a little morbid for some of our listeners, but I can tell you that that can be very, very powerful. But bottom line, your best, your exercise. Write a letter to yourself with two thumbs up and five stars out of five.
And then just write down like what happened. And then not only the results. But the journey, like how did you like managing your emotions is something that I would you know, I would include in that. I think that, that, I dunno, I, I think that’s a really powerful exercise and Roe Doug, what we’ve said in the past and maybe what I should have said.
But, you know, like, write down 25 years from today, your. And then write down your goal 10 years ago from today. Then write down your goal five years and go in this order. Don’t start at the beginning and go out. Start at five years and come back. But 25 years, 10 years, five years, three years, one year. And you know, quarterly and then monthly, and then your weekly, and then the daily outlook as to what you’re gonna accomplish in the game plan.
And then looking at that, the goal is obviously to have all of them in stereo, like to run right, the work synergistically and to coalesce that. We recommended that. I think that’s the way, if you asked me this a year ago, that’s the way I would’ve answered it. That’s maybe the right answer versus the, the best year exercise.
But you know what I’d be doing? I’d be doing both. Maybe so now I’m thinking like your business, like what would I, okay, so I’m gonna give you. An exercise for your bus. I can’t think of an exercise, but I would tell you that I would, I would look at your first thing that I do when I’m talking to people where certainly one of first things way my wheels, my brain would turn is that I’m looking model right.
What’s the business model that you’re operating at? Right. And again, is it old school and yesterday, like we talked about this again a while ago, but it’s like, you know, I get a buddy owns 25 restaurants since he’s doing amazing and is doing amazing. Right. But I’ll tell you, 25 restaurants and they, you know, they don’t all, they don’t all have the same name.
It is not a franchise. Right. So it was a franchise. I would be, you know, very different response. But I’m like, you know, Like, you’re working real hard. You’ve got a lot of low end staff. You’ve got an insane amount of inventory. Like, it’s just a, that’s a hard, hard business. And he does it well. So, you know, he’s looking at exiting for a pretty impressive multiple.
But I just, that’s really, you know what I mean? That’s just a model in this day and age. I don’t know. That I’d be recommending it. Right. And one of the things I said like I would rather like if you know how to run 20, if you own 25 restaurants and you’ve run 25 restaurants, then you’ve potentially exited and looking to exit.
You’ve forgotten more about the restaurant gig than dog and I will ever know. Right. Well, I would say, why don’t you teach people how to start a restaurant? Right. Like, how many people are out there thinking right now, you know what? We’re lacking sushi in this neighborhood. My wife and I are gonna start about.
Well, they’re looking for a little bit of guidance. That would be a, that would I do that? I, I don’t believe that the world needs another restaurant, by the way. So I don’t know that that’s what I would do, but if I went and owned a bunch of restaurants, I would do that times a million as my business model.
I think of the, you know, the location freedom that you could potentially have an then scalable, right? Like you could again scale it would probably fall under growth a little more than it would scale, but you could absolutely grow it to an impressive level and do pretty well. And so I would do that, or there’s again, we talked about Tesla and Ford.
Again, walk into a Tesla dealership, there’s five cars and it’s downtown New York, downtown la, downtown Toronto, downtown London, downtown Sydney, et cetera. Right? And then you go to a Ford dealership and it’s in the suburbs and they have like acres and acres of land, right? Well, and hundreds and hundreds of vehicles, right?
Knowing I could go to my nine year old and describe these two business models, which I may or may not have done the for, but you know what I mean, she would be able to identify that. One is, you know you know, the horse and buggy whips and one is new age. Big time. I mean, I’d be looking at that or another example, but, you know, Blackberry and iPhone.
Remember the iPhone didn’t kill Blackberry, the app store killed Blackberry. Again, talked about that in the past. Just, you know, digest that, internalize that. Like what does that mean? You know, it wasn’t the keyboard and whatnot, it was just, it was the app store. That’s the magic of both of them. You know, there’s Siegfried and Roy versus the Blue Man group.
Right? Again, Siegfried and Roy made like, I don’t, let’s call million year. I get no idea. But it was a big number and they didn’t they so much, right. They were in Vegas, had to live in Vegas and had to get on stage and wrestle tigers every night. You know, like seven days a week in Vegas, couldn’t, you know, if they took a holiday, the world would know cause the show wouldn’t be going right.
Well the Blue Man group you know, they get a guy who’s five six, a guy who’s five eight, a guy who’s five 10, a guy who’s six foot. And they can, you know, do whatever they themselves blue. And they basically had, they were sitting on the couch and they had shows running simultaneously around the world, in different continents, in different countries and different languages.
And, and they were killing it, right? So, again, which business model do you want? That’s very similar to the Tesla Ford, where, you know, no doubt, you know, I’m going blue man group times a million. Cause you just need another guy that’s 5 6 5 8 5 10 . Hopefully that’s self, self-explanatory, right? But like, that’s the model that I’m gonna the look the goal road dog, right?
Like if I’m gonna do an exercise, like, what, what is it you’re looking to achieve? And here is something that I said in Cancun multiple times, a business coaching mastery. We may have said last week, can’t remember, but I think it’s powerful and should be said maybe on every episode we ever do. The goal is to become something that’s very rare.
Two words coming together, and they’re old and very seldom to meet an old guy or old gal. That is rich. Bunch of reasons why I’ll let you decide. Which ones cuz? Well, I’ll tell you because there’s a whole bunch of ways to make a lot of money, but there’s an infinite number of ways to lose it all in one shot, right?
So be very, very careful, but old and rich. The two things I’d be trying to bring together It’s like, that’s, so if you’re gonna be thinking about your 20 year plan, the 25 year plan and doing that exercise and writing a, a letter to yourself, you know, like, I, I hope it’s not, you know, selling your, the real estate that you have old money equals never sell.
You know, I, I want to retire within, I wanna retire with income, not net worth. That’s what I said, a business coaching mastery, right? So rather than have three houses, A million dollar each, selling them, putting three, three Schmill in my bank account, having to pay tax and a whole bunch of expenses on top of that, by the way.
So I’m not gonna net anywhere near three Schmill, but rather than that, way better than that. What I wanna do, Is I wanna continue to own those three properties for how long? Old money equals never sell answers forever, right? Warren Buffet would be very proud, pat me on the head and said, well done. And say I charge three grand a month for the three properties.
I’ve got nine grand of income for how long? And the answer is forever. And so I could live to be 120 years old and I’ve still got, you know what I mean, like the equivalent of, you know, inflation, it’s gonna increase. I got the, the equivalent of $9,000 a month that anybody could live on very, very comfortably for the rest of my life.
And I don’t think pro dog people are thinking like that. And I think that that. Is a mistake, right? Like, again, entrepreneurs wanna make it, investors wanna keep it. You wanna put yourself in a position where you change. Not everybody’s in the position to be an investor at this stage, but when I write a letter to myself and I think out 25 years, these are the types of things that are making, you know, my game plan.
So again, I wanna retire with income, not network. I think that, that, I would wonder, without me saying that, if that would’ve come into the five year. Often not, and again, exiting, like people want, like road dog people, we know this, right? People start businesses and they wanna exit. It’s literally written into the original business plan.
You see it on Shark Tank all the time, right? They like, it’s just not a business that I’m gonna invest in. Right? Like own a business That’s. You know, favorable and exciting and entertaining that you want to continue to own forever, but you could sell in a heartbeat should you choose to. Like that is the conversation, right?
Like do that as opposed to helping somebody exit. That’s, and by the way, some businesses are better to exit some stage. It makes sense to exit nuances to all this stuff. Road dog, as you know, and everybody listening, hopefully knows as well. But you know, these are higher level concepts. Higher level thinking, in my opinion.
You know, we get dreams to pursue, not people to impress, you know, again, what did I just say? Manage your emotions. Why do people sell in downturn? They know they shouldn’t. Don’t sell. Don’t sell. Don’t sell. Don’t sell. Don’t sell. Right? I’m not gonna McDonalds. I’m not gonna McDonald’s. I’m not gonna McDonald’s.
Where? End up McDonald. Right? Anyway, so I dunno. Exercise road dog. Your best year. What did I just say? Your best year exercise. Write a letter to yourself 12 months from now. Kicking butt, five stars outta five, and looking back at what you did in order to accomplish those unbelievable results. And then I think the 25 year, 10 year, all the way back to day goals.
I think that’s, that’s my answer. Shoot. What do you think, Mike? It’s,
[00:33:30] Christian: It’s long there. There’s that . I was gonna just, what, what came to mind there real quick and because just trying to kind bring this back down to the coaching level and that is, so, cuz you’d said something about, you know, the way my brain works, which is a, a pretty scary place in and of itself, but you’re, you’re like, you’re thinking 10 steps ahead.
Yeah. So where’s your fine line with, with going in? Because again, you’ve gotta, you’ve gotta speak to what their number one pressing issue is, and at the same time, not completely overwhelm them with all of the things that you know that they need to do. How do you manage that? Like, how do you go in and be like, okay, I know this is what needs to happen, but I know that this is their number, what this is what they believe is their number one problem in their business.
[00:34:17] Karl: Okay. High five. Good point by the way, ed, so look, okay, so you’re a coach. The frame, you’ve gotta get to 10 grand. I can assume anybody listening if you get to 10 grand a month gross. Okay? Remember, have 80% margins. That’s one of the reasons why you wanna do what we do. Get to 10 grand a month.
Recurring and then at that stage, you’re gonna be able to you know what I mean? Now you change gears. You go from like, when you’re driving an a manual car, what do you do? Go. You go from first to second, right? Second to third. So once you get the 10 grand a month recurring, and by the way, you get the 10 grand a month, don’t get surprised when two people cancel and now you’re back to seven or whatever you’re.
So manage your emotions. Remember, you know, a good business coach does a great deal and feels outstanding. A great business coach does a great deal and feels nothing right, that’s manage those emotions. When you lose clients, road lose clients, I lose clients. It’s Tony Robbins loses clients, right? It’s all good.
So 10 grand a month as a frame. Okay? So that’s like the daily, weekly, monthly goal. And then at that stage he changed gears, so actually showed up to Jarvis. Hopefully we’ll be listening. He, he came to Business Coaching Mastery with us. Spoke to him this week. Big fan of the podcast, wrote dog. But anyways, he look, he just followed live event mastery difference between him and somebody else as he actually bloody did it.
He’s got nine clients, 1500 bucks a. Reasonable. I don’t know how new he is to business coaching, but he’s new. Right? Like, like new. Not like 30 days new, but like new. And one, one of the things I said to him, cause what’s the thingg? When we do a live event, how many do we do? We don’t do one. We don’t two.
Right. I thought you were gonna go with a hundred, but Yes. 10 . I was thinking about it by way Confus, but no, so you do 10. So what I said to Jarvis is like, he’s crushing it. He’s surpassing his, you know, financial goal that he probably set for himself at this point. He’s a little bit past that, but one of things I said is you set out to do 10.
What I think you should do is you should continue to just do nothing apart from complete that goal and get those 10 clients you know, or sorry, get those 10 events under you because he, again, the 10 grand a month goal isn’t the right one for him, right? So it’s like, do those 10 live events. What we did is we went from an income goal to an activity.
And by the way, the activity goal will normally, you know, significantly more important than the income goal. But we also know that people have overheads and, you know, they just, you know, they need to get to a certain point, and that’s fair enough. But that, you know, like that’s what I would say is like, you’re not gonna be able to change gears until you get to 10 grand.
But what will happen, road dog is they’ll get to 10 grand and then they’ll. Change gears, right? That’s why people don’t take the next step from, you know, entrepreneurs to investors, right? Because again, remember entrepreneurs want to make it, and then investors want to keep it. They don’t change gears, right?
And then they wonder why they have the birthday that rhymes with 60 and are sitting there going, Hey, what the heck happened? Right? Because again, they were too busy making it. And. Concentrating on keeping it. An example of that is selling the house for 400 grand instead of continuing to get a month rent.
Right. And then, and by the way, the reason somebody sells the the house. For 400 grand is to get the 400 grand, right? Remember, they wanna make it, what’s the mistake? Just go into the bank. If you’ve got, let’s just say the house has worth 400 grand and you’ve got hundred $50,000 of equity, you can go to the bank and get probably up to 80% of that.
What do they say? Hundred and 50? You know, you get 80% of the. Without selling the house. So you still accomplish the goal of putting the money in your bank account to do what you need to do without selling the asset. And remember, old money equals never sell. A huge mistake that people make, right?
But again, road dog, what I’m trying to say, they don’t change gears, right? A real mentor can tell you what not to do. So we’re just talking to you guys as in business. We’re
butcher the candlestick, so make sure you’re providing. The guidance that, you know, we would want you to in part, so road dog. That’s my answer is that you, you know, set a milestone of example, 10 events, 10 clients 10 calls a day for 90 days. Like, you know what I mean? Like, set an income goal and then set an activity goal and then do not deviate until you’ve seen those through.
Like a buddy Jarvis who’s gonna see through, I think he’s at like, you know, six or seven events and he’s gonna go through to. And just real quick, Roadhog, the magic that Jarvis is gonna experience and you’ll experience if you do all 10 of your events, is that he gets a compounding effect. He gets way better at his presentation, he gets way better at engagement.
The quality of the clients start to step up. The joint ventures that show up, step up, the opportunities start to step up. The, you know, the guy who runs the chamber, the gal that does all the membership to the chamber, hears about this guy who’s running these events and getting lots of positive feedback.
You know, she comes you know what I mean? And then starts spreading the word for you so you get this compounding effect. But importantly, when you’re playing monopoly properly halfway through, you feel like you’re losing. So what do you think’s gonna happen when you’re at a event, 2, 3, 4, and five?
There’s a really good chance you’re gonna feel like you’re losing. But what’s the reality is you’re com you know, you’re building up that compounding, compounding compound. You know, effect and all of a sudden it’s about to take shape. But a lot of folks quit the event before they can get the magical compounding effect.
So, so what do you think Road dog? That’s what I would do. I would set income, goal and then agree that you’re gonna change gears, but not deviate until you get there 10 grand a month. And then set an activity goal again, 10 calls, every 10 goal. 10 calls is such a, make a hundred calls by the way. Right. But I give you 10 so they’ll actually do it.
Cause if I give you a goal of calling a hundred people a day, it’s just too exhausting to even think about. And we don’t get your, you know, your feet into the starting blocks and get you started. Right, like an connectivity goal and then an income goal. What do you, what do you think that helps? Does that,
[00:40:48] Christian: that’s good.
It’s funny, of course, with your tag standard tagline, I, I was reminded that I meant to take a picture and send it to you the other day when I drove by the Colonna
[00:40:57] Karl: Candle company.
Nice. Coaching. There’s a coaching client too. Oh my God. You’ll change their.
[00:41:07] Christian: I, I, you know, is cuz again, I don’t do anything local anymore, but I, I think, I think I might just have to go in there and just, just make it happen. Like, Hey, lemme
[00:41:18] Karl: podcast, you’re gonna love this. Boom. Oh my God.
[00:41:23] Christian: Alright. But close us out.
What’s, give us one thing, what’s the one thing from this, this week’s podcast that they can implement and start doing in, into, in
[00:41:31] Karl: their business today? Good question. You’ve got dreams to pursue, not people to impress. You know, that’s all of that stuff. Like why would you, why do you not change gears? Why do you not make the phone calls?
Why do you not do the live events? Why will you, you know, do three and then decide like if you know we’ve said this, right? Someone will do three live events and say, oh yeah, no, they don’t work. Like, oh my gosh, right? Like, is it, but trust me. You know what I mean? Like, there’re few guarantees in this world, like death taxes and do 10 local live events as a business coach and then just watch what happens.
Right? So you know, then the reason you won’t do it is cuz you got people to impress. You know, it’s like the dream hopefully is, maybe you should have said this earlier, road dog, but like the dream raise the consciousness of local business owners. Right. Like do that as your goal, you know what I mean?
Like again, you know, tackle the, the game plan of, do you believe that marriages break up from money over lack, like lack of money over lack of. Well, then they’ll do something about it. You know what I mean? And that’s absolutely the case. Entrepreneurs get divorced at a ridiculous rate. Entrepreneurs get depression at a ridiculous rate.
Entrepreneurs struggle with addiction at a ridiculous rate. You know, alcohol and drugs you know, they get separated, they get divorced. And of course, suicide in the entrepreneurial world significantly greater. You know, Go do something about it, right? So again, dreams to pursue, not people to impress what stops you is ego and that monopoly, right?
You’re halfway through and you feel like you’re losing. You just, you gotta manage those emotions, you know? So, so that’s what a, there you. Didn’t realize we were gonna get all philosophical this morning, which was .
[00:43:16] Christian: That’s, that’s a new new new touch there. Shoot. So I wasn’t I wasn’t prepared for that, so there you go.
All right, everybody. Clearly I’m flustered from Karl’s wisdom and insight there, but thanks for tuning in to another episode of Business Coaching Secrets with the king of the care being himself. Dr. Karl O’Brien, hashtag not a doctor, and if you’re not on the inside, I’m getting access to pre-show or you aren’t getting Karl’s daily email.
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So please, please, please leave a review. And that is it for another week. We will catch you on the next episode. And remember, progress equals. Take care everybody.
[00:44:10] Karl: Karl Bryan built profit acceleration software 2.0 to train business coaches how to find any small business owner more than $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.
This becomes a business coach’s superpower. So as a business coach, you’ll never again have to worry about working with business owners that can’t afford your high-end coaching fees. Check us out at focused.com.