Category: Blog Posts

Turn Instagram into a Cash Machine

Is social media a waste of time?

Well, it is if you spend life scrolling through your timeline, comparing yourself to everyone else out there instead of working on yourself and your business.

OR you could spend your time on social media posting engaging content, interacting with your followers, funneling those followers into your programs, and making 4 and 5-figure sales.

Most 7-figure badasses use video to get their message across, because that’s the easiest way to communicate their passion and personality over social media. And with the limited attention span that people have today, you need to rope them in with something compelling.

Today’s lesson is about making money and growing your empire through social media videos. Let me show you how to do it.

 

YouTube Videos

Is YouTube dead?

For whatever reason, some entrepreneurs believe that, and it’s absolutely not the truth, YouTube is still a massive platform to market on. If your product’s not found on YouTube, then it’s not found period.

YouTube is your product’s television channel, and it sure beats those late-night infomercials you only see at 3 in the morning. You can make videos about your product vision, why specific audiences need your product, or even testimonials from some of your satisfied clients.

See what you’re doing? You’re adding the context—the “why”—that some of your prospects need to hear before they commit their money to you. You’re also positioning yourself as an authority in your field, which will get people to know, like, and trust you even more.

 

Instagram TV

If there’s one thing I know about Instagram and Facebook, it’s that they love to promote their newest features.

Instagram’s newest feature is called Instagram TV. With it, you can make 10-minute long videos for your audience (or longer, if you’re verified)—yet another platform you can deliver quality content on.

Here’s something to remember: Instagram wants these videos to be episodic and focused on a common theme. Choose one theme and push out valuable content related to that theme only.

How do I use it? I give my followers a look into how I’m growing Fit Body Boot Camp and what they can take away and use in their own businesses. No motivation “rah-rah” videos or “day in the life” videos—strictly lessons from my experience growing Fit Body Boot Camp.

 

Instagram Feed Videos and Stories

Timeline videos and Instagram stories are the two most popular ways to post videos on Instagram. Your stories are limited to 15 seconds, while your feed videos can be as long as 60 seconds.

There’s a simple formula you can use to post valuable, engaging content, 100% of the time: star, story, solution. Use this formula if you can’t think of anything to post, or if you want to double check the quality of your latest video before you send it out.

Star – Who is the star of your video? You? A client? Your followers?

Story – What’s the star’s story? Get personal with this one.

Solution – What action steps do your followers need to take right now?

When your posts answer those 3 questions, they make people want to comment and act. And if you funnel them to your inbox, you can close them on your higher-priced programs.

 

Instagram Direct Messaging

Direct messaging is your best opportunity to connect with your prospects one-on-one. My friend Craig Ballantyne is a master at closing prospects through direct messaging. What does he say you need to do?

When someone responds to a story or messages you out of the blue, you’re going to make them a video response. This video should be short and to the point: “Hey Bedros! So great to meet you! Tell me a little more about the opportunities and obstacles in your business.”

First, figure out where their business is at now and where they want their business to go. Then, position your workshop/product/service as the solution to get them there.

That’s when you close them. You tell them about all the other people—people just like them—that you’ve helped with your workshop/product/service. You don’t even need to mention price; just show them social proof. Make sure you don’t pose your offer as a yes-or-no question either; rather, give them the option to choose between two deals—it raises your conversion rate.

 

Social Media Ads

Advertising on Facebook, YouTube, and  Instagram is like selling something to the people at Starbucks.

You wouldn’t just approach some random person at Starbucks and ask them to buy something from you. Rather, you’d sit down with them and explain to them your vision and story, the “why” behind your product or service. Over time they buy into the idea and into the sale.

That’s how you should approach running ads on social media. Use case study videos to tell stories that get people to buy into what you’re selling. Answer their questions and concerns, and give them confidence that what you’re offering them does work.

At the end of each case study, we hit them with a soft pitch. Not a hardcore commitment like “Click here to become a Fit Body Boot Camp owner”. Instead, we’ll say something like “Interested in seeing if there’s an FBBC territory in your area?” That call-to-action requires a lower level of commitment and leads to more clicks and therefore more prospects moving through your funnel.

 

Want to learn more Instagram tricks and tips? Click here to listen to the latest Empire Podcast episode, where Bedros and Craig dive even deeper into Instagram strategies and social media marketing.

An Inside Look – Shawn Stevenson

Entrepreneurs are always looking for that “one trick” or that “one hack” that will give them a leg up on their competition. Really though, the edge they seek is already right under their noses…

What the hell am I talking about? Sleep, that’s what!

By changing your sleep habits and daily rituals, you can get a sound sleep, so you can wake up in the morning ready to perform at your best. For entrepreneurs, this isn’t optional; if you expect to be massively successful, then you need to be firing on all cylinders.

My pal Shawn Stevenson recently stopped by our HQ, and I got the chance to talk with him about performance, sleep. and hydration. He told me stuff that every entrepreneur needs to hear, stuff that I want to share with you right now…

 

Move in the Mornings

Science backs this up: everyone—especially entrepreneurs—should exercise in the mornings.

Shawn told me about a study that Appalachian State University conducted to determine the best time of the day to exercise. They found out that people who worked out in the mornings spent more time in the deep, anabolic sleep cycles.

Anabolic processes build our bodies up. This is when we build more tissue and generate more human growth hormone—both of these build the body up. When you exercise, you also reset your cortisol levels, which allows you to sleep more at night, and you get an energy boost for the remainder of the day too.

Shawn always says, “A great night of sleep starts the moment you wake up in the morning.” As an entrepreneur with a busy schedule, you need to make the most of every second you get, because entrepreneurship is about keeping your body at peak performance. You can only do that when you sleep well and exercise regularly.

 

Feed Your Brain

The brain is made up of fat and water. We need omega-3 fatty acids, for example, to facilitate the synaptic connections in our brains and to maintain the integrity of our brain cells.

You need your brain for everything you do. As an entrepreneur, your ability to survey a situation and then make rapid-fire decisions is critical. You can only do that if your brain is well-nourished.

How do you get more omega-3 into your diet? Fish oils! There are plenty of supplements out there that will add omega-3 to your diet, but you want to make sure you don’t increase your omega-6 at the same time (your omega-3:omega-6 ratio should be 1:1 or 1:2)

Take care of your brain—it needs to be sharp if you want to make moves and build your empire.

 

Hydrate Right!

All water is not created equal. In fact, water is a universal solvent that can pick up chemicals and particles with ease. If you want to perform at your peak, drink the cleanest, least polluted water you can find.

But what in the world does this have to do with business? You want an edge? You want to feel prime and ready to make big decisions in the heat of the moment? Proper hydration helps you work at your best and reduces your chances of getting sick.

How do you find the cleanest water? Shawn says that filters are a great way to purify your water. However, since some don’t filter out all the harmful chemicals and particles inside of regular water, he suggests to invest in a reverse osmosis filter, which runs the water through tiny pores so that it’s clean and ready to drink.

Shawn also has a morning ritual he describes as “taking an inner bath.” See, as we’re asleep, our bodies process the stuff inside us. That builds up a lot of metabolic waste that needs to be flushed out of our bodies when we wake up. To do that, Shawn drinks 20-30 oz. of water within the first 10 minutes he’s awake. That keeps him from being dehydrated and constipated.

 

Sleep Like a Baby

No one knows sleep like Shawn does. The man’s built his reputation as one of the world’s leading sleep experts.

His advice to you? Protect your sleep.

We all know what it feels like to wake up groggy and out of sorts. As an entrepreneur, that’s damaging. If it takes someone 5-6 hours to get their engine revved up to go, then they should probably reevaluate the quality of your sleep, because their lack of efficiency loses them money.

Notice how I didn’t say to reevaluate how long you sleep. Shawn’s big on this too: it’s not about how long you sleep; it’s about the quality of the sleep you get.

Shawn adamantly protects his sleep. He powers down electronics 30 minutes before bed so that his brain can wind down. As I mentioned earlier, he wakes up in the mornings to move and reset his cortisol levels, which affects how much melatonin—the hormone that makes us sleep—we have in our bodies.

 

Want more performance-maximizing sleeping tips? Click here to listen to the full-length podcast Shawn and I recorded together, filled with tips and the science to back them up.

The Mindset of Self-Made Millionaires

You ever wonder how 7-figure masterminds think about business?

See, it takes a high-level mindset to scale your business beyond expectations. Most entrepreneurs don’t learn that mindset or are content with just being “good enough.”

But if you’re reading this, then I know you’re not satisfied with “good enough.” You’re an empire builder. You want the mindset hacks that will turn you into the entrepreneur—and man or woman—that you know you can become.

I want you to take notes on this blog, because today I give away some high-level thinking tips for free—and I even mention a few millionaires that put these tips into practice. Read, apply, and grow beyond what you think you’re capable of.

 

Be Unrealistic Like Jesse Itzler

This is a lesson I learned from billionaire (yes, billionaire) and friend Jesse Itzler. Be unrealistic with your expectations.

You know what’s realistic? Accepting the status quo. But that’s not how the pioneers and influencers of today move the ball forward…

Those guys are unreasonable to the point where everyone around them is forced to level up their game. They set lofty goals so their team can produce even greater results.

I had to be unreasonable with the editor of my upcoming book, Man Up, recently. They had just sent me a few advanced copies of the book, but as I was reading through it, I noticed a couple of typos that needed to be fixed.

So I told them, “Hey, just change these two typos I found and then send me 200 more copies of the book.” They said it would take 3 weeks—to her, a “realistic” timeline.

That’s when I encouraged her to be unrealistic, because unrealistic people make things happen. It’s worked for me, and it will work for you too.

 

Always Chase Your Potential Like Ed Mylett

What does the picture-perfect version of your life look like?

You have the obligation to put in the effort to become the entrepreneur, the husband, the wife, the son, the daughter, the friend that you want to be when you die.

Life is short, man. You need to make every breathing second on this planet count.

Ed Mylett gives this great analogy. When you die and meet your maker, do you want him to show you your potential, then show you how short you fell of it?

No. You want to be the best version of yourself possible. Start working towards that now.

 

Have Singularity of Focus Like Sharran Srivatsaa

The word “priorities” wasn’t a word until recently. Why? You technically can’t have multiple priorities; if you do, then you really prioritize nothing at all.

If you want to build an empire, you have to focus on one thing at a time and do it better than anybody else.

That’s what my friend Sharran Srivatsaa recognizes. He doesn’t waste his time juggling 5 big projects at once. He identifies his priority and executes to get it done. Then he moves on.

Know what’s important, develop the processes and systems to get it done, and don’t move on until you accomplish what you set out to accomplish.

 

Take Big Risks Like Amanda Bucci

Building an empire starts with taking the risks that net you experience and results. If you think you won’t get that until your thirties, then you’re greatly mistaken.

Look, you learn the most when you get out there and take risks. You have to get out there and fail, dust yourself off, pick yourself up, and try again before you can succeed. People who don’t embrace failure don’t learn much at all.

If I could go back in time, I’d take more risks in my twenties instead of waiting until I was in my thirties. In fact, that’s what Amanda Bucci did, and look at her now—social media icon and relentless entrepreneur.

She didn’t wait to make moves and therefore time collapsed. Lesson learned: you’re never too young to build an empire.

 

Want to learn more about the millionaire mindset? Click here to listen to the latest episode of the Empire podcast, featuring Craig Ballantyne and yours truly.

 

An Inside Look – Randy Garn

Great entrepreneurs know how to make great friends. Making friends makes you money too—at least when you’re friends with the right people.

In business, this is called networking. Your potential as an entrepreneur is directly tied to who you know and, more importantly, who knows you. When you connect with the big players in your industry, you get a chance to learn from them and work with them.

There’s one little trick I use to meet highly influential people in my industry. I’ll share it in a second, but first, let me introduce you to one of the best networkers I know, my friend Randy Garn.

Randy has grown and sold 3 (!) businesses, and his current business—Skipio—is a leading text message marketing platform. That wouldn’t have been possible if he didn’t build his businesses around relationships.

Here are a few of the lessons you can learn from my mentor, Randy Garn.

 

Build Your Business Around These Two Things…

What do you need to do to succeed in business? It actually comes down to two simple things.

First, you need to identify the gaps in your industry. What is your industry lacking, and how can you serve your target audience by filling that gap?

Randy’s company, Skipio, does just that. He thought, “Hey, everyone is email marketing to their prospects and clients. What if instead we text them and build an even more meaningful relationship that way?”

That foresight is paying off big time for my man Randy. But there’s something else that pushes him and his businesses over the top…

He loves what he does.

When you love what you do, you’re willing to push through whatever tough times might come. That’s crucial. Even if you see an opportunity to fill a gap in your industry, if you’re lacking the passion for it then it’s gonna catch up with you.

For Randy, Skipio is an extension of what he loves most about life: building relationships with other people. That desire to connect people is what drives him to create the best possible texting software out there.

 

The Secret to Networking

What’s the secret to networking? Randy summarizes it in one sentence he heard from Harvey McKay.

Do as much as you can, for as many people as you can, as often as you can, without expecting anything in return.

This is the law of reciprocity at work. When you give back to others with no strings attached, the universe has a way of giving back to you. People are in your debt, and they’re there for you the next time you have to ask for a favor.

Randy introduced me to guys like Drew Manning and Troy McClain. He didn’t have to do that, but he did, and it helped me network. So when I decided to network with Andy Frisella, I bought a bunch of copies of his book. We connected and became friends through that one act of charity.

 

Map Out Your Future

Randy likes to write out something called a “strategy document.” It’s basically a one-page sheet that he fills with all his goals for the next 3 years.

This gives him clarity of vision. He knows exactly what he’s shooting for at all times. But here’s one nugget he shared with me recently that makes a whole lot of sense…

“If you don’t have your own goals, somebody else will use you for theirs.”

Translation: Don’t let someone else write your future for you!

This also gives you the power to say “no.” If an opportunity isn’t in line with your strategy document, then say no. That way, you save your time, energy, and resources for the stuff that will get you to your big goals.

And yes, write it out. There’s something very powerful about writing down your goals, like they almost become real when you put them on paper.

 

Want to hear more of Randy’s tips for success? Click here to listen to the latest Empire podcast episode—Randy brought the fire in this one!

 

Are You Holding Your Business Back?

You need to take a hard look at yourself.

Are you living up to your fullest potential? Is your business begging you to man up and become the leader it needs?

I always say it, and I’m gonna say it one more time: your personal income will never exceed your personal growth. If there’s a disconnect between what someone preaches and how they live, their business will flounder once their growing pains catch up to them.

But if you’re always aware of what you need to improve, if you practice what you preach, and if you invest in your personal growth, your business will have no choice but to evolve and skyrocket.

My man Craig Ballantyne had to do a lot of soul searching before he could become the influencer he is today. Let’s take a look at Craig’s story to discover how business and personal wellness affect one another.

 

You Need Strong Role Models

You need to hang around with winners to become a winner yourself. For some people, that could be their father or mother. For others, a big brother. For Craig, it was a few close friends (including myself).

Look, as much as we want to believe we have all the answers we need, we don’t. We need guidance and coaching. We need someone to teach us what to do and what not to do.

Craig used to be one cold dude. He tells the story of how he once gave a friend of ours amazing advice, only for that advice to fall on deaf ears. Why? He gave that advice like a dick.

But credit to Craig, he did the self-work and listened to me and others. Now, he’s one of the nicest guys you’ll ever come across—and the advice he gives is well-received by his peers.

 

You Need to Get a Grip on Anxiety

Anxiety is the struggle no one wants to talk about, yet I still hear about how so many entrepreneurs deal with it. As an entrepreneur, you need to defend your health: physical, mental, emotional, spiritual.

Anxiety is just the anticipation of future pain. Not present pain, but future pain. Once you minimize it, you can focus on your path to domination.

Craig’s dealt with anxiety in the past. It even put him in the hospital twice. So how did he overcome it? He realized that he was ok.

Doctors hooked him up to a heart monitor after his second hospital trip, and they told him they’d let him know if anything went wrong. 24 hours passed and no word came from doctors. Craig was physically fine.

Then, he read a book about anxiety. Five words at the start of chapter 2 confirmed to Craig that he was gonna pull through.

“There’s nothing wrong with you.”

 

You Need to Let Go

You have to trust your team to do stuff and to do it well.

Micromanaged team members are ineffective team members. You can’t clone yourself (yet, at least), so you have no choice but to put your trust in your team.

Like many early entrepreneurs, Craig used to run his business from the top-down. He did everything. Then, as he went through reinventing himself and his mission, he had no choice but to delegate responsibilities.

That paid off. He hired a copywriter that wrote a sales letter that converted big time, enough to sell hundreds of thousands of copies of one of Craig’s new programs. Again, the strongest empires are built on trust and a shared vision for the future.

 

You Need to Build Around Your Strengths

Your business will thrive when you build it around your strengths. That’s pretty easy to understand.

But so many entrepreneurs don’t want to reinvent themselves and instead stay inside their comfort zones. Maybe they’re making a decent living doing what they’re doing now, even if they aren’t playing to their strengths.

Listen, business is competitive! Someone’s always figuring out a new way to sell, or a product to pitch, or a new service to offer. You either stay ahead or struggle to survive.

In 2012, Craig knew he had to change his fitness business from turbulence training to bodyweight training. Yet there was still something that didn’t feel right to him…he didn’t have a burning passion for fitness.

Instead, he wanted to coach people through productivity. Why? Because he knew his gift was to help others structure their schedules to meet their long-term goals.

That’s why Craig chose to reinvent himself. He knew he could make a bigger impact as a productivity and time management expert, so he made the switch. Now he’s the guy people go to when they want to get their life in order.

 

Want to get to know Craig even more? Click here to check out this week’s Empire podcast, where Craig and I talk about his life in detail, including how he’s changed his habits to improve his quality of life.

 

An Inside Look – Jason Capital

Everyone wants to make money. No one knows how to keep it.

That’s what my friend and business coach Jason Capital learned the hard way. He made a ton of money at a young age, got complacent, and lost it all before making it all back nine months later.

Have you ever tasted success, then stopped growing? Have you felt an inner urge to reinvent yourself and your business?

That—and more—is what you’ll learn in this blog, where I share the biggest takeaways you can learn from Jason, his rise, his fall, and his second and third acts, which have him on track to become a billionaire.

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Get Over Your Past Bullshit

Your past is like a tight grip that never wants to let go. You won’t break free unless you really put some effort into it.

My past used to define me. For years I carried around shame and rage because of stuff that happened to me in Armenia—back when I was just 4 years old.

Maybe you can relate. We’re all pretty messed up after all. But as an entrepreneur, you have to believe that your best days are yet to come and that growth is just around the corner.

Here what you need to do to make sure you never, ever peak.

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An Inside Look – Jesse Itzler

Be different.

When you stand out, you make money. In today’s crowded marketplace, you HAVE to be different to survive.

Jesse Itzler is living proof that being different is a big factor in success. He’s sold multiple companies for massive profits, he’s the co-owner of an NBA team, and he’s just a badass in general.

How do you capitalize on your unique idea like Jesse did? Here are a few lessons you can learn from Jesse’s rise to the top.

 

Storytell to Sell

Marketing a product or service by itself is boring. Think about it. Why would someone buy a broom if it’s just a wooden stick with some straw bristles at the end?

That’s why you have to bring your product/service to life through storytelling.

See, when you connect what you sell with a story, then that’s when people begin to listen. It’s what hits their heartstrings. As Jesse says, “People buy into stories more than products.”

No one wants the broom you’re selling, but everyone wants the spotless house that all those moms who sweep have—or the ability to fly through the air like a witch (ok, maybe that one’s only in movies).

Jesse experienced this with ZICO Coconut Water. When he tasted coconut water for the first time, he was hooked. He wanted to market the hell out of it, but he didn’t know how to describe the taste.

Then it dawned on him: it’s basically a sports drink, but it also comes from nature. That’s the story he told, and lo and behold, he eventually sold the company to Coca-Cola.

 

Be Different

I talk about it all the time, but you have to stand out if you want people to buy your product.

The marketplace is too crowded. Are you gonna be “just another option”? Or can you become “the option” in a different niche?

In college, Jesse once had to pitch something to his advertising classmates. He decided to sell them on a brownie.

He was stopped 30 seconds into his presentation. Why?

It’s simple: his brownie wasn’t different. It might have been really good, but there are thousands of really good brownies out there.

He learned from that experience and created a private airplane service that charges by the hour, something that hadn’t been done before. Of course, rich people loved it, and the company eventually sold for a high profit.

What can you offer that no one else can? What makes you different?

 

Never Accept Your Limits

Limits are usually self-imposed. You’ve got so much more in you than you even realize.

And when you push beyond your limits, you get more done and you become a higher-performing entrepreneur.

Jesse decided to live with a Navy SEAL for 31 days. He even wrote a book about it (it’s hilarious). In that book, he talks about one time that SEAL made him do 150 pull-ups on the spot. Like, he wouldn’t let Jesse leave until he did 150.

At first, Jesse doubted himself, but he eventually got them all done. That day, he learned the “40% rule” that the SEALs live by: Once you think you’re at your limit, you’re really at only 40% of what you can actually do.

Push through the pain and make a real impact through your business. It may be rough, but that just means you’re on the right track. That time under tension will build your entrepreneurial muscles and net you some valuable experience.

 

Cut Your Deadlines in Half

That’s what my man Craig Ballantyne always says. Boy if that ain’t the truth!

You need to operate with urgency. Time is NOT on your side. You have bills to pay and a family to take care of.

That’s why I time collapse. If I can give my family a better life immediately, why would I hold out?

Jesse has that same mentality. He attempted to climb one of the most dangerous mountains in the world, with no guide to help him. He didn’t make it on his first attempt.

So what did he tell his wife (Spanx CEO Sara Blakely) when she suggested he take some time to better prepare himself for the next attempt?

“I’m going back this Saturday.”

To Jesse, and to every great entrepreneur, time is valuable. Time is money. The more of it you have, the more opportunity you buy yourself.

So why waste time when you can make it happen today?

 

Want to hear more wisdom from Jesse? Click here to listen to the full-length podcast I shot with him—trust me, it’s one of the best we’ve done!

How to Avoid Committing the Biggest Entrepreneurial Sins

Why do most young entrepreneurs struggle to make money right off the bat? It’s because they don’t have experience. Experience is what teaches you what to do and what not to do.

But what if you could learn those lessons right here rather than through trial-and-error? Wouldn’t that be a huge advantage?

Today I want to share the biggest sins I see entrepreneurs commit every day. For some of you, this might be the first time you hear about any of these “sins.” Some of you might be making one (or more) of these mistakes right now—which just means you’re on the verge of another spike in growth.

Let’s talk about the things you shouldn’t do as an entrepreneur.

 

Don’t Take the Easy Way Out

You don’t need to spend a ton of time on the color of your logo, or the font of your sign, or the design of your website. Spend it on the stuff that moves the needle for your business instead.

I get it, all that stuff I mentioned is fun to do and easy to knock off your list. But will you really make more money if your logo is red instead of green?

No.

Will you make more money if you concentrate your efforts on your marketing campaigns, your sales copy, and your client retention?

100%.

That’s the hard stuff, but it needs to get done. And the quicker you get it done, the quicker you’ll distinguish the things that work from the things that don’t. At that point, all that’s left to do is to take action on the things that work.

 

Don’t Entertain the “Idea Fairy”

Every entrepreneur with a creative bone in their body has to deal with the “idea fairy” at some point. This is when your problem-solving mind (a good thing) begins to find more problems to solve.

Your have to ignore the idea fairy at all costs.

The reason? It divides your focus. You end up trying to juggle 10 projects at once, but eventually they all crumble and nothing gets done.

Think of it like this: say Dan opens his own dental practice. It starts out profitable, but then Dan thinks it wise to sell toothbrushes on the side. He also tries manufacturing some retainers and inventing a new brand of toothpaste.

What happens? Dan’s business sinks, and none of his side ventures come to anything.

If Dan had just stuck out his main business, taken himself out of it, THEN focused on his next big idea, it could’ve worked. That leads me to the next point I want to make, which is…

 

Don’t Work “In” Your Business

I say this all the time: you never see Richard Branson inside the cockpit of a Virgin Airlines plane.

That’s because he works on his business, not in it. That’s what you need to do too.

The thing entrepreneurs always get tripped up on is how to make that transition from employee to overseer.

Here’s what you do: hire someone who can do your job 80% as good as you can.

You could hunt the globe for the ultimate replacement, but that’s gonna take you forever. Someone that’s 80% as effective as you will eventually become 85%, 90%, 95%, and even 100% as good as you over time.

That frees you up to do the high-level work that will take your business to the next level.

 

Don’t Be Afraid to Say No

Once you reach a certain level of success, you start getting offers left and right from people wanting to work with you.

It’s tempting to say yes to every proposal you hear, especially if it’s coming from another successful entrepreneur. The truth, however, is you have to learn how to say no.

The last thing you want is to waste your time in a partnership that fizzles out—especially when you could have spent that time growing your main business.

You don’t owe anything to anybody. Don’t feel bad for saying no to distractions, because “no” allows you to say “yes” when the big opportunities come your way.

 

Don’t Hesitate to Part Ways with Slacking Team Members

When your business grows, your team’s forced to grow with it. If they can’t keep up, you can’t keep them around. No hard feelings.

I have two former partners that I had to stop doing business with. Those guys are still two of my good friends because I ended things before our business bled into our friendships.

This is actually a positive because it forces the rest of your team to level up and work on their self-development. You’re no exception. In fact, 99% of businesses scale when their CEO focuses on self-development, when he becomes the leader his/her growing business needs.

And if there are team members that don’t meet expectations, hire a replacement that’s even better until your entire team is filled with fighter jets.

 

Want to dig deeper into this topic? Click here to listen to the full podcast Craig Ballantyne and I recorded about the pitfalls of entrepreneurship.

 

The Power of Pricing

What do a Rolls Royce, a Rolex, and a Louis Vuitton bag have in common?

Yeah…they’re all expensive. But they all symbolize wealth and status.

People don’t buy a Rolls Royce because it’s fuel efficient or because it’s safe. They buy it because it brings them status. And because people value status, they shell out hundreds of thousands of dollars just to get it.

Here’s why premium pricing is actually a good thing for you and your clients.

 

You Out-market the Competition

Fit Body Boot Camp, the fitness franchise I own, is relatively expensive to buy in to for a fitness studio.

Not only do we have a higher buy-in, but we charge monthly royalties to each of our franchisees.

What does that mean? We have more money to out-market the rest of the competition.

A couple of years ago, there was another fitness franchise that started before mine and had about 300 locations. At the time, they were offering a $5,000 buy-in while we offered a $10,000 buy-in plus royalties.

But when the royalties came in, I used the money for our online marketing. All of the sudden, I was outpacing them in ads 10-to-1, so for every ad prospects would see of that boot camp, they’d see 10 of mine.

Not to mention that we have the budget to send our franchisee prospects goodies that give us an edge when we go to sell them.

By the way, that boot camp is now out of business. We’re thriving and growing more than ever.

 

Your Can Multiply Your Income

I’ve talked about my old mentor, Jim Franco, a lot on here before.

One of the most important lessons he taught me was that people don’t buy your time. They pay you for the outcome you give them.

At the time, I was training him for an hour at a time. That was, until he gave me a great idea.

If I could get him the same results in 30 minutes, why not charge the same price for a 30 minute workout instead? That way, I could work with twice the amount of clients and make double the money.

Apply that same principle to your business. How can you deliver the same product or service faster and/or easier? Again, people care about the result more than how that result is delivered to them.

 

You Can Offer a True World-Class Experience

Let’s talk about Planet Fitness. They’re well known for selling $10-$20/month memberships. Our memberships are a lot higher in price (around $150/month on average).

But when you sign up with Planet Fitness, all you get is access to a crowded room full of haphazard equipment. There’s no customization, it’s literally “go and do your thing.”

Do people see results? Some, maybe. But if you know anything about fitness, you know that you keep the weight off when you make lasting changes to your lifestyle.

For that, you need a coach. That’s what we provide: coaches with extensive experience, who educate you on fitness, nutrition, and life.

That extra money we charge goes back into the business, and the quality of our clients’ boot camp experience gets better and better.

A low-priced gym? They won’t be able to afford that same level of service. It’s the sacrifice you pay when you price low, which leads me into the next section.

 

You Won’t Race to the Bottom

What happens when you price your product too low?

Say you’re selling something for $45. Your competition obviously doesn’t want to get left in the dust, so they undercut you and sell at $40. Then, you counter back and sell at $35.

Eventually you’ll both reach  prices that are simply too low to be profitable.

It isn’t scary to price high when you know your product or service is worth what you’re asking for. Make what you sell worth what you’re selling it for.

 

Want to hear more pricing insight? Click here to check out the latest episode of the Empire Podcast that Craig and I just shot.