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yeah this is really weird uh i have to take a picture like because i've got my android phone on facebook live um because doing facebook live on a desktop just seems to be completely rubbish um and i've got a big old tripod holding up my phone i've got another tripod holding um the clubhouse uh apple thingy and then i'm recording all of this on the computer so i yeah i hope this works right that's 12 o'clock let's crack on so today um yeah so hello everyone um what we look yeah the subject for today is the first step to creating a biz once you have a rough idea of what you're going to do um and i see all sorts of errors happening um regarding this all of the time and it is it's crazy how in a world where we have google and youtube and there's like abundant amounts of information really good information i mean lots of crap information obviously but there's so much good information out there i mean you could go and pick the brains of any billionaire you want you simply like uh recently i've got um rather not obsessed but really intrigued by chamath palihip italia i think that's how you say his surname and his mind the way he thinks is um very much it resonates with me and how i see the world and stuff um same as peter thiel elon all that sort of stuff and like you can just spend a whole bunch of hours you know binging their brain effectively on youtube and the the crazy thing here is that in a world with all of this amazing information people still screw up um and do the most mind-blowingly like not stupid errors but errors that you really don't need to make and i mean i help who am i to talk i did them myself i've made pretty much every mistake you can make um but the thing that sort of frustrates me is that i you know i've got like like for those like around me okay i've got a whole bunch of friends and acquaintances and all that sort of stuff and they know i've got the whap and all the stuff on youtube and then you know they just don't consume it and i and the reason i guess i'm making this video is because there's a um and by the way she's fully aware of this this live stream i said look i'm gonna dedicate this whole live stream for you um she's not part of the web yet yet i hope you are um because yeah we go through all of this and basically again i've got permission to share all of this so this i'm not backstabbing or i'm not like that i'm very straight talking um and so she basically made every mistake you could you could make and it was just ridiculous amounts of like things that she she could have just avoided um and i think it's going to help for others here and so without showing too many details basically um she's been a bit of a one-entrepreneur um so she got sort of caught up with um some of the the self-help sort of stuff um i think she got into jay shetty and you know who's you know about ignoring my thoughts on jc but yeah um all the inspirational stuff on youtube et cetera now okay i need to get into a business and i think the past two years she's come up with lots of different ideas some good some but not good but then every single time she's done the same set of things which are not the right things to do so like she'll have come up with an idea and then the very first thing set up a limited company wrong you don't do that and then get all the station all the bits and pieces like pens you know what i call sharpening the pencil so they'll get some stationary some business cards some fancy pens with names on it or whatever basically you know um paying money for you know expensive website blah blah blah everything which i guess some people think they need to do and then so fast forward you've got all the bits and bobs and the fancy bits and you've incorporated the business but have you got a business yet no you haven't and so they've gone through all of this time and money you know buying a laptop like what um going through all of this to set up a business which isn't even a business yet it's not even it's still it's not even post proof of concept is pre-poc pre-proof of concept um and so yeah over the next sort of 25 minutes i'm gonna rattle through my methodology called i pac-man and it's what i do with every new business um and i've set up probably 15 20 or i've set up slash bought slash invested in probably a good 25 businesses over the last 10 years um so i literally know with hindsight what works and what doesn't work so this is all hindsight so i've got my little sort of a doodle thingy here over here and so i call it i pac-man and so i if you have pen and paper or phone is probably worth jotting this down so the the letters mean so i is idea p is planning a is architecture c is client attraction journey m is metrics a is assembling a kick-ass team or kick-ass team depending on your accent um and then n is next so that's i pac-man but there's a lot in each section so i mean i could talk for hours on just ipac man and the the proof of the pudding with ipac man is that we put our money where our mouth is so as you know the wealth action plan the whap.org check it out um is all about business creation and and i last year so i think it was november 2019 so it wasn't last year it was yeah but more than that um my wife and i decided to go right we're going to use everything the wap teaches and do it from scratch i'm gonna set up a business in completely alien industry that i've never done before um and make it work and so we set up my fairy penpal.com and it's basically a subscription-based website uh or company where little girls between sort of four to nine to ten years old every two weeks gets a fairy letter some gifts and exercises it's like a nice little pack and she makes and the fair yeah basically the fairy is writing to her um every two weeks and it's really cool and so the the milestones that we set so here's the first thing i haven't even got into ipad man yet um first thing is most people get into business and they're like i'm gonna make a million pounds in the first year wrong don't do that you need realistic milestones okay so i know this is where the whole self-help world has really screwed over a lot of entrepreneurs um because you know you listen to gary vee or you know grant cardone like 10x 10x mother whatever yeah and it's like okay well i'm gonna make a million pounds no i'm i'm thinking too small i'm gonna make 10 million pounds in year one because thinking any smaller means you're not 10x in your life and it's yeah and this just leads to problems it really does um so be realistic especially even if you've never been in business before so with my fairy pen pal i'll just call it mfp um first goals is to create 300 pounds a month profit within the first three months or four months three or four months and then by the end of the year one have three grand a month profit so there were the the two years and i didn't even plan for the rest okay there's no point planning year two year three year four the amount of cash flow forecast spreadsheets i've seen from startups you know that have actually come to fruition it never does so literally in year one it's all a case of right you're opening up a lemonade stand in the middle of the of the sahara desert you need to get going there's no point planning year 10 when you don't even know if year one is going to work so the so as it 300 a month by the third month and a thousand sorry three grand a month um within a year and so that was the goal so what we did is we went through ipac man and if you go if you do the 30-day free trial on the web i've made videos along the way so there's literally the mfp experiment and you can see everything we did in order you know sourcing the materials you know getting the marketing out there getting clients and all that sort of stuff and so it's there and so fast forward it's been what so i can't do the month maths my month math is really bad so november 2019 to now what is that um december january february march i guess 16 months onwards i don't know um so what we did in the first three months we hit 450 pounds a month profit and then by the end of year one we hit 4500 pounds a month profit and this was during lockdown we hired two full-time members of staff during you know lockdown and all of this so it can be done and i guess i mean the is the idea right i guess it isn't a so-so idea but with business you can have a really bad idea as long as your implementation is good then it doesn't really matter too much um and so yeah we've literally gone through this so let's start with ipac man then so the i in ipac man is idea um and so here's a couple of questions you need to ask yourself so i'm just going to rattle these questions off so what type of biz model and and sector is it a big j curve business or is an invention business i'll go through these in a second is an existing spend is it a residual revenue business is it something people want okay so this is really crucial so start with that first little question what type of biz model so is it a recurring revenue i think you know like a subscription-based business is it a one-off customer type business you know for example if you're a wedding company you're only getting one-off customers right really yes people can divorce but realistically you've got you've got a one-off customer um so it's not the best type of model i guess if you're running a wedding business you're really hoping that the guests of the wedding are wowed by your amazingness and then they book you for their wedding but it's slow burn it's honestly it's tough i've got lots of friends that run wedding businesses and they will all attest that god the lag is is horrendous um i mean let's say you do impress a guest and they book you for their wedding like you could be waiting two years before that guest books you and pays you for stuff so yeah um also is it b2c or b2b so is this business gonna serve consumers or other businesses again depending what you do there's you get a set up you're going to set up that business very differently and the way you i guess orchestrate yourself as a business is going to be completely different and also what sector is in um again oh that's a big topic in itself right so let's move on uh time is very short today um also is it a big j curve business or an invention business so this is sort of my big red flag warning thing so a j curve um well i don't know how this is going to look because this is like a mirrored mirror camera so if i screw it i'm just going to do it how yeah so i need my little doodle pad so a j curve business is basically let's say over here is you know um the beginning uh year one okay from day or day one and a j curve business is where you are plowing money into this like massive amounts of kpec or capital expenditure and you're going underwater so you're in the red in the red in the red in the red and then eventually you hope to make big profits you know year three five or whatever and so when you if you look at your um i guess your profit and loss it's like massively in the red and then up into profit so it's like a j curve business model that's the plan um however what happens with a lot of j curve business models is that they go into the red they start doing the j and it keeps on going down and they never get the you know the the vertical part of the j they end up just bleeding forever and it's just like a diagonal line down into the red game over restart level basically that's what you have to do and so an example of a j curve business would be a restaurant like if you're going to set up a restaurant you need the least you need to fit out the the restaurant like the kitchen the you know the front of house the payment systems you need to train the staff you've got high stock you need and then yeah and that's all the stuff relevant for just being a restaurant let alone all the other business expenses that you need to set up so um that's a big j curve and with restaurants you're probably aiming to break even at hopefully by the end of year one but you're probably not realistic especially especially these days you're not going to be hitting profit for a long time um so that's the j curve and an invention business model is by far the worst business you could ever ever ever ever ever engage in never ever do it please j or not never ever just not anytime soon so for example this is why dragon's dennis screwed over the public or your shark tank in the u.s because the every pitch is basically an invention hey i'm a i've been i had this problem so i invented this thing and i want to get it out into market that's pretty much dragon's den in a nutshell but who gets funded in dragon's den it is yes you get some inventions but really it's those that have an existing business and revenue and cash flow they're the ones that get funded um more regularly um the and the thing with an invention thing is that most of the time someone's never run a business and that has an invention okay that that's absolutely fine but to get an invention out into into market is it incredibly expensive one you have to ip it so you've got to trade market patented etc um that is inexpensive and even if you have even if you patent something if someone rips you off you then need the time and money to enforce that pattern what if china just copies you there's nothing you can do absolutely nothing so i mean there's pros and cons whether you patent stuffing stuff or not it depends on what your product is really um but and then you need to get the prototype of working prototypes so that's you know that's a lot of money in itself depending on what your invention is and then you go you know then manufacturing it so prototyping is really easy bulk manufacturer manufacturing is hard and it's expensive and so what you'll you'll end up doing is that you'll waste yours and all your friends and family's money so even if you manage to raise 50 grand like that's not enough to set up a and launch an invention type business you really need a chunky upfront you need at least 250k to get going but that's not enough to really get going you then search you know round a funding then you need series you know bc etc so i i would just avoid it until you've done business lots of times and gone through the whole cycle set up run grow sell a business do that a few times then get into invention like i've got all sorts of invention business ideas i really want to do and i've and i've had them in bouncing around my head for like five years and i'm itching to do them do it but i just know it's chunky so until i can blow you know you know a quarter of a million pounds of my own money into that i'm not even going to bother is it an existing spend that's the next question bear in mind we're still on just the idea of it um hey okay sorry my cat always comes to say hello is it an existing spend so for example let's take um toothbrushes no toothpaste toothpaste is something we all buy whether we like it or not we we need it it's an existing spend so you're not having to convince the customer or client that they need toothpaste like they know they are so then it's a case of redirecting an existing spend so if you have your fancy toothpaste your aloe vera gel toothpaste or whatever it may be all you're doing is convincing trying to get someone to redirect their spend away from colgate or whatever over to you so it's an easier proposition whereas if you've got like some weird you know ultrasonic vibration type teeth cleaning device or whatever that's something that's not an existing spend that's a hey this magic gizmo is going to make your teeth nice and white you really need it um and so you're trying to create a new spend for the client so that's again it's just another barrier that you're sort of getting in the way and also is it something people want uh i've said this i think a few times in these daily wealth generation chats now um don't bother trying to set up a business or a product that people need people don't give a about what they need um we all need to lose weight but are we doing stuff about that no um like well not wait we all need to eat healthier and all that sort of stuff but it's not the case people buy what they want not what they need it's a massive misconception that has been i don't know who started it but yeah so is your new business id
a is it something that people actually want to really have a think about that um so yeah that's just the idea bit um and so you you'll sort of have a rough idea of all these things bounce around your head but planning this is oh god i don't know how i'm going to do this on a verbal live chat um planning is where you need to do your strategic number planning okay so i've got a spreadsheet in fact all my strategic number planning has never really been a spreadsheet people like spreadsheets but i just i never bother it's always on the back of a napkin in a restaurant pretty much every business i've ever invested in bought or set up from scratch myself has always started at the back of a restaurant napkin and anyone that's gone to dinner with me i've always got a pen on me and i'm always doodling and i guess the rough again the whap goes through the ipac man in depth um the rough things i do i work out is total cost to set up okay right these are the costs um so what is the capex so what are the you know the bulky purchases that i need to do so x blah what's the opec so the operational expenditure what are the monthly running outgoings of the business um you know whatever it may be and so let's say you come up with i know three grand a month in opecs and you know you've got one one member of staff and a whole bunch of business expenses and let's say three grand a month outgoings so that's your first sort of target okay so what so then the next question you're going around you're asking yourself is how much how many customs customers do i need to hit three grand a month or if it's a subscription-based business how many monthly subscribers do i need in order to break even on my opex so that's your first milestone just breaking even leveling profit and then once you've figured out how many customers you need then all of a sudden things become so much easier um especially if it's a recurring revenue business so you know for example if you got a product which is ten pounds a month let's just say it's ten pounds gross profit per month and your opex is three grand a month or you simply just go three thousand divided by ten three hundred oh okay so you need three 300 customers and you break even then the next question you're asking yourself is how am i going to get 300 pounds but but oh sorry 300 customers but actually there's another question which is not how am i going to get 300 customers is how much is it going to cost me to get 300 customers so cpa is is a question which everyone needs to ask themselves so cpa is cost per acquisition so you literally have to buy your customers when you're first starting out yeah you can go organic but building up an organic pipeline takes time and when you're in startup phase you don't have time you really don't because you're bleeding cash out of every order of this so 300 customers now a rough rule of thumb to start off with just pessimistic referee the thumb is um it's going to cost you at least double your price so if you're selling something that costs 10 pounds like a 10 pound one-off thing like a 10-pound widget is going to cost you at least 20 pounds in in marketing facebook marketing google adwords whatever minimum absolute minimum if it's a residual income thing so let's say you're doing 10 pounds per month so total spend of client per year is say 120 don't be surprised if you can be spending two three hundred pounds to get one customer um so yeah so then not only do you have your capex and your opex you also then need sort of a market like a break even capex so it's like right in order to break even on my opex i actually need this bulk sum of capital just go and buy those origin you know those those first 300 customers and it's a weird concept to get your head around so planning let's move on from planning because there's not much i can do verbally here architect oh god i should have looked through this um arc a lot of this is going to be hard to explain um architecture so this is how you're orchestrating your products in order to derive profits so i'm going to keep it really basic a lot of people don't like the term funnels i know it sounds a bit clinical but effect whether you call it a marketing bucket uh client attraction journey funnel whatever a lot of people i think are used to funnel so it looks like this so at the top you'll have some sort of um lead magnet so it could be a free thing free pdf free videos free trial whatever so all you need to do is try and populate as many people into your free trial up here and then you probably have a cheaper product so it could be your 10 pound a month type thing so your free trial is populating your lower thing um your 10 pound a month jobby and then below that you then have i guess what i call a profit maximizer where you have a chunky product it could be a five grand product two grand product etc so here's the thing especially the um subscription-based business you're not going to make any money on your lower thingy so if you if we take the what the world action plan um it's 30 pounds a month or 300 quid a year the wac makes no money from that at all um the and at the moment the what doesn't even have the back end jobby um so all i'm doing with the web is because it's still early days is simply populating as many people into the free trial as possible which then hopefully have as many people in the 30 pounds a month joby and then once we hit critical mass then i will launch the inca incubator which will be a bit more expensive so that's literally all you do and all the profit is in the back end um so i've given these different names so you have a product for prospect a product for a lead and product for clients and then profit maximizer so that's architecture again and there's loads of videos in the world about that okay so c in ipac man is client attraction journey right again i'm we're going to have to squeeze really roughly because i want to get into some questions um so what is your amp your amp is your audience message pond so you have to know who your audience is what message is really going to resonate with that audience like a dog whistle type message and then you need to fill up that pond and that pond is typically your free trial um do the new biz planner use results to build okay client okay yeah your client facing online infrastructure so a good rule of thumb well good practice really is just get a big piece of paper an a3 or a2 piece of paper ideally and you simply draw a big horizontal line across it and day zero to i know year one okay so you can't see my arms so like this so you draw that big old line and you need to map out every single interaction that a new prospect or user and or client will have with you so it could be day one facebook advert is what they'll see um you know um day two you know let's say they've become a lead okay they're gonna get this email this text message this this prod this thing um someone's gonna call them on day seven say hey how's it going so you literally need to map out every single interaction of the perfect user journey okay and then once you've worked it all out and you'll realize okay you need an email here this day and a text message this day you need to send them a pack on this like then you go out and build it that's when you need a crm a customer relationship management tool and you can automate all of that um and that that is so important you then you have your back end infrastructure i crm i use a zapier um zapier's pretty cool bit of in internet magic wizardry where it basically can can connect any software so um like yeah basic dashboards for example i've got a basic dashboard and so i use outlook for my email software um and what what happens is every single time we have a new lead or a new customer um obviously my you know people pay through stripe or paypal it then goes through to my crm which i use drip at the moment or whatever the crm said drip um and then what happens is drip then sort of sends me an email going hey you've got a new subscriber blah blah blah and then i've created folders in my outlook you know trial yeah so basically i can just simply glance my outlook on my left hand screen over here and go oh i've got a new sale today or a new lead or whatever and then you you can then easily work out your conversion rates because let's because for example there's one thing here where i've got new trialer and then new customer okay and so a good stat you need to keep your an eye on is what is your conversion rate from trial to paid customer and then all i need to do is simply divide the numbers so um yeah so and that's important because that is one of your leading indicators if your conversion rate starts dropping you know that future sales is going to be harder you're going to be spending more money on marketing and profitability is going to wane so yeah you need to know that conversion rate what else is a lead generation again there's a whole topic of that i mean there's all sorts of things you can do with lead generation conversion rate optimization so this is the thing people um so it's like that bananarama thing it's not what you do it's how you do it so people may follow a list like i pac-man go right i'm going to do every single thing here but then they do every single thing really poorly so it could be like one of the things could be create a landing page to promote your product okay and then people go go to wix.com and create the world's worst landing page um and they the copywriting on it will be dreadful it will be literally a massive wall of text because guess what business owners we're close to the thing it's our little baby so we simply just vomit over the page of how much you know love we have and how amazing it is but i mean there's a whole topic on conversion rate optimization and simple landing page configuration um so yeah you can go through all the motions and do everything i've done the website i've done this but if you don't do it properly you're not going to get the you know the results and i experienced this in the early days you know it's set up adverts to a landing page i've got everything ready and i realized wait a minute i've spent five grand on ads and i haven't had a single customer what's going on and well no i've either driven people to a ship website um or the website could be great but i haven't you know fully optimized all the little bits and you need to go really into the details so for example your headline the sole objective of the headline of a landing page is to get people to read the sub headline the sole objective of the sub headline is to get people to read the first paragraph the sole objective of the first paragraph is to get people to read the second paragraph and so on and so on and the whole page needs to be orchestrated in in that sort of order and at the same time you need a thing called dual readership pathways so a dual readership pathway is basically you have two people that land on web pages you have someone that will read every single word on the web page in the right order um and then you have another type of person which is pretty much everyone that will skim reader page they'll look at the and it'll probably be headline video or picture call to action scroll scroll scroll scroll scroll and they'll probably only read the bold writing so you still need to even on your web page you then need to somehow create that give this the message you want to give based just on the bold writing because people will literally just read the bold and not read normal words and so can you can you still convey that message if just by if if people are skin reading so yeah so conversion cro conversion rate optimization is everything and when i buy a business that's pretty much all i do um it sounds really like yeah i will literally i can go into an average business and make it or you know better than average simply by doing cro and that's all i do and then sales yeah so that's just the sea of ipac man and then yeah there's a load um it's like if you look at my piece of paper i've got ipac man the actual letters those little sub headlines and then like a million sort of sub threads in each one of them so yeah can't go through all that metrics in ipad command is yeah know all your stats know your conversion rates in your client attraction journey know your basic p l your business maths um all that sort of stuff i mean even little hacks like your like bank account management that i guess i sort of put that in the metrics thing a lot of people run their whole business out of one bank account which is you're asking for trouble if you do that so basically they have one business bank account and all sales go into that account and all outgoings go at that account and and it's like oh so what happened and i did this myself and the reason i chuckled was because i got myself into a real sport of bother once it's because i had one bank account and there was you know money coming in i think oh i've got lots of money and then i'm spending spend spending marketing or whatever and then realize i wasn't you know the fat bill comes along because ash and then all of a sudden game over so the the spot of bother i got into because i was operating a bullion business so high revenue um and it one day um my accountant said oh yeah you got um next week you got to pay your vat bill it's 44 000 pounds or something like that 40 or 44 grand i went um i looked my bank account and there was like 20 grand in the account i was ah i've got five days to find 20 something grand um yeah so top tip at the very minimum have two accounts i mean i've got four accounts for every business so i have a operating account a wages account a tax account and a profit account so there's a good book called profit first by mike mccallowitz i think good book read it kanga a bit fiddly with four accounts because although i've got four accounts for every business my discipline has waned a little bit with some of the accounts and i just operate a two account sorry i'm sort of swearing at you guys um a two account thing so i have an operating account where all money goes in all money goes out but that but twice a month so on the 15th and the 30th of every month i look at i add up all the income of the account so i know that says 100 grand and then i'll simply just put 20 of that into the tax account now what happened and that's just for that now you're never going to be paying a full 20 because you've got vat reclaims and there's expenses you can deduct so what will actually happen if you if you're restricted with yourself and just take 20 of all revenue that enters your account and plop it into a tax account that tax count will actually grow over time so yeah so that's that a in ipac man is assembling a kick-ass team oh big old that's a massive topic but in a nutshell this is the thing you need to do when you're recruiting you need to nail all of these things in order job spec job ad recruiting and head hunting filtering interviewing hiring onboarding and legal bollocks training testing goal setting monitoring quarterly reviewing partying getting drunk career progression all of that in that order and you need to do it properly whereas before i would put out a job ad expect you know amazing people to apply you you literally probably end up having like three interviews and you pick the best of a bad bunch or best of those three you end up with a substandard employee and who is then even worse because you have very woeful very substandard training and onboarding and whatever you probably do a week of training then expect them to know everything and get on with it and then before you know it you've got high staff churn because you're hiring a you're training as you're monitoring and your progression like everything is pa pants i i honestly struggled for about five years with staff i really did until i was like right the military is probably the best honed organization on the planet you know for as long as humans been around there's been some sort of militia or military and i was like right i was in the air force what did the air force do oh okay that makes sense and so i literally just copied and stole everything the air force did with their recruitment and training so that's what we do here and guess what it works um so
yeah that's a and ipad man n in the last letter is next and then i guess it's like okay is this a lifestyle boutique business is it is this a business you're going to scale is it a business you're gonna exit um like are you gonna ipo it or you know list it on the stock market are you gonna tokenize it um is it a portfolio type business um or is it yeah i mean there's so many questions like in the next bit um and i guess it's interesting so this is the last bit of teaching that i'm going to open up for questions um i've got three groups so in all my businesses i've got three major groups okay and i guess this is important so um those in clubhouse you can't see me holding up my fingers so group one is what i call my lifestyle group so lifestyle group are businesses that simply fund your lifestyle and fund whatever your dividends and your take home or whatever so they are i guess what would be your sort of average cash cow type businesses where yeah so whatever they may be the second group i have are my scaled businesses so these are the business i'm really growing um so i'm posting zero profits every year so so with a business you're aiming to scale aggressively or to sell you don't really want to make any profits because declaring profits is actually wasted capital because if you you know declare a hundred grand profit you're then gonna be paying 19 grand in corporation tax etc and that 19 grand is wasted funds uh wasted money or in fact if you even having profit you know 100 grand profit that means that's 100 grand in your business that you haven't allocated properly for growth so in my lifestyle businesses i will declare profits because i'm taking divvies in my scale my aggressive growing or business i'm trying to sell you don't you you you really don't want to make any profits any year so what happens is the end of you know three months before the end of the year i have a little bing bong on my calendar go right how much you know disburse profit so you know let's say it gets the three months before the year end and a company's got a hundred grand of declared profits or a million pounds it doesn't matter a hundred grand of profits i'll then go ah um i need to disperse a hundred grand of profits in three months so i'll then go and there's all sorts of things you can do you can go and buy another business you can buy a property you can what i tend to do i'll just plonk 100 in marketing because then that will go down as an expense year end comes along you've got zero profits sweet zero tax what have you just done you've just simply deployed boomerang money out there and like marketing so the hundred grand you put into marketing it's going to come back um in in the form of new customers so i call it boomerang money um but that way you've saved 19 grand in corporation tax or depending on you know with the new tax changes it's going up to what's 25 corporation tax depending on the size of your business so hell 25 grand um yeah so that's the scale group and then i have a capability group or an ability group so these are businesses i'm not going to be selling i just know that you know i genuinely feel i'm going to live a long long time especially with crispr tech the fact that we're most likely going to be able to upload our mind to the cloud at some point in our lifetime which means you'll then effectively become digitally immortal insurance is gonna be completely changed when that happens like get hit by a car okay just re-download your mind and consciousness into another vessel um okay yes yeah not yeah that's a whole other topic anyway um so i'm going to live a long time and for as long as i'm alive i'm going to be doing business and investing and trading and so i want a capability group so in that group i'm slowly growing i've got a whole some of these elements but i want this is just a personal want i want a marketing company a law firm a pr company a tech company a building a construction facilities management company um did i say law firm oh accounting firm is another one dan stratton ultra carbon style yes i freaking love that series and it's that's where we are going i believe i know it seems far-fetched but what we're doing in altered carbon or what is in ultra carbon that box set is is i think very accurate especially if you look at ray kurzweil and his predictions i mean with when we get that tech space travel you will literally be picked yeah anyway moving on so anyway going back to my sort of capability group basically i want a business in every sort of niche or sector from publishing to pr to marketing to accounting to legal whatever so what this means is that when i then buy a new business i simply parachute my whole ability group in and i can then pimp out a company like that so my little hack my little trick that i do when i buy businesses is i simply deploy i parachute in my marketing team in and then pimp it out that's pretty much all i do and i focus personally i focus on the cro element um but they're my three groups my lifestyle group my scaling group my ability group um and so when you when you look at the next part the end of your ipac man you then good you sort of got to figure out you know what is this business so i've just seen aaron logan um on uh mentioning he said what an awesome series yeah i agree so aaron for example he's got a tattoo studio in norwich and he's he he's planning on growing it nationally um but the question that aaron needs to ask himself is and is is this a lifestyle business or is this a business to scale because i i've had businesses where i thought it was a lifestyle business and then it's gone really well it's a great cash cow business then i'm thinking hmm do i scale it maybe okay then you start scaling it and all of a sudden you turn that that really lovely lifestyle boutique business into a horrible monster that bleeds just eat cash and then you're like oh no no no disregard you know backtrack backtrack and then you like go right i'm going to turn this back into a lifestyle business this is an ugly business to scale no no no and so yeah aaron um don't be scared like when you start scaling your business to going back to a lovely boutique lifestyle business because setting up a business that chucks out 20 grand a month profit is easy like when you get the hang of it and literally you just got to do fail learn pivot like and eventually you'll get the hang of this and operating businesses in that lower end of the spectrum is you know piece of piss um eventually but operating businesses sort of a million pound ebitda upwards it's ugly it's ugly and you have all sorts of different ceilings that you can't break through and it's hard and the infrastructure just goes nuts honestly you will have a much easier time having a really hot team of three maybe four people plus yourself let's call it five team of five you have i love the yeah you have the best fun in business where you have a team of four or five people and that includes yourself where your time isn't being soaked up and absorbed by a million and one different time vampires and it's just chucking out a nice 10 20 grand a month profit that that is the like the that's bliss it's when you start trying to scale into a big old monster that's yeah so it's horrible and there's actually been a few times see this is where different personalities come into it so i've actually tried to scale a few life lifestyle boutique businesses into and and they always turn into ugly horrible monsters and i end up scaling down and and so this uh admittedly it just could be it just could be my personality i'm not an admin type person i can't be asked with any bollocks politics all that sort of stuff um and so i yeah i think it's my thing i think the lifestyle boutiques and so what i choose to do is operate a whole bunch of different lifestyle boutiques and before you know it your whole group is an ugly horrible big bigger company if that makes sense especially if you've rolled them all up in or they're in within a holding company that holding company becomes you know that thing that you're always always aiming for so yeah um i've been waffling on for 42 minutes now 43 minutes so um again supposed to be half an hour but i want to open up for questions now because i have been rattling on all of this is in in depth in the wac by the way um oh thanks for commenting much appreciated so i'm just gonna those on clubhouse if you have any questions please pop your hand up i'll give you the mic and whilst uh we're gonna see if anyone's gonna ask a question i'm gonna scroll through here on the facebook feed and see if there are any questions oh some old names here alice bamba hey alice it's been literally years i don't know if you're still watching but um lovely blast from the past as in your name um long time long time um any questions have been many questions actually uh right uh okay aaron said agreed if i end up having to spend my time managing folks it might ruin the love for tattooing yeah business will always ruin your passion by the way but that's another thing a lot of people say set up a business that is aligned with your passion wrong honestly every time i've set up a business a lot that is part of my passion i've ended up ruining my passions i love flying what i do i set up an aviation business i quickly hated flying i love like so he goes in cycles i then stop doing that and then i love flying again um i love gold and silver so i set up a billion dealing business and then quickly hated gold and silver because all the rubbish business brings with it i love trading so i set up a trading business and then very quickly started hating trading and then then i had to go and turn the business back into a way that i did like you know trading and then um bubble football i saw that on youtube i wanted to play um play it but nowhere there was nowhere in the uk so i set up the uk's first bubble football company quickly hated bubble football i love floating as in floating in a sensory deprivation pod on epsom salt water so i set up a float company i haven't floated in well over a year even though it's literally a seven minute drive that their direction um like don't follow your passion it's better setting up a business in a really boring sector or industry that you really don't give a about and just focus on getting profit um and then having an income so you can just do your passion and just pay for your passion like it's that's a much better way and then when you are rolling in cash then go and do your pet project um then you have enough money to actually set up the business properly so it's not required you are not required in the business honestly the the the there's a massive disconnect like there's a gap between i guess the haves and the haves not but in i guess in the business sense because when you like you see like new people setting up business for the first time never been in business and it's like a endless train crash of events like basically me and my first four years of business but then we have people like angel investors and you know some of my mates and you know who like any anything they touch is you know they have the minor stuff any new business they set up boom it'll be like a million pound profit in day one like my mentor john davies pro is like the sharpest business mind i've ever met honestly i have like the the best respect for him of anyone i've met in business he's the shot like john davey just google in fact you ain't even find him with google but like he's yeah like he could touch anything and he will make profit um but the thing is one of the things that people like john do differently than you know someone started from scratch is that he will start up a brand new business with you know five or ten staff day one and he'll set up this brand new business with a director a manager a general manager an ops manager the whole team there and all he'll do is sit doing the puppetry at top with very little effort or input because he would have got the team together that is the first task he would brief them on the mission the directive the vision etc and then let the team get on with it and that's how you set up businesses properly but you can't get there until you it's a right of passage you need to burn some businesses before you get there um let's see any other questions will hey simon i remember you saying you bought a marketing company previously could you explain a bit about how you found a suitable company and how is how it worked out does the does the company just work for your own projects or do they have other customers okay cool good question so um i covered this in the m a um one of the m a sessions we did but long story short what i tend to do with um when i look for businesses is twofold so i i have fortunately now i have a stream of people saying hey you want to invest in this business and i have people approaching me all of the time um and so but another way where i sort of go head hunting is i will literally buy a list of companies within a certain profitability certain amount of staff um basically businesses within my criteria and then i will send a letter to all of them so i'll probably buy a list of like a thousand businesses in the area that i'm looking for within my criteria and i'll send a heartfelt straight candid letter saying hey this is me i've got a pot of money i'm looking to buy a company of this size this criteria i found you because i bought a list of a thousand companies and i sent this identical letter to all a thousand businesses and i am hoping for a law of averages that there will be one company here that will like me and i like them and then we get in bed i don't actually say in bed but you know we'll do business blah blah blah and so what i'd like to do is set up uh i'm holding a a dinner uh like a a business investment dinner um and i'll and i'll do say three dates so i'll go this date this day this date and the and basically it will be me plus whoever you know uh yeah so this dinner is only for businesses owners of this you know who i've written to um what we'll do is have yeah we'll have a q a um intro over starters i'll do a presentation over main course then i'll do q a over dessert and then if we like each other then we can have a further one-to-one dinner later um and then take things forward and then all you're doing is running these dinners and then hopefully after one two or three dinners you would have got probably a lit out of a thousand people you'd probably be you know um talking to a ten or five or ten businesses and then out of that probably get one business that will do really well that you get into bed with um so that's typically how i find it so with the marketing company um i actually just did it for the list i wanted revenue so i did exactly this with marketing companies i then bought actually it ended up i ended up buying a business that i didn't actually really want so the business was going bust because the owner was like 70 odd years old he was going he was just winding it down and i was like oh you can't just wind it down you've got like 10 years of client data there and so i bought his business it wasn't out of administration it was basically as he was winding it down so i i bet i effectively just bought his list and i i then reactivated that list so what happened was that he had already told all of his customers hey i'm retiring thanks for your services goodbye and so i bought this list um and i made a video with him saying hey um this dude siam has just bought my company um and i know i've said goodbye but here this is what he does feel free to engage with him and then i email and then i try to reactivate that list so that's basically it but typically these days it's um i mean i because of 2020 i've downscaled everything so really my marketing company yeah that business is is no more so so to speak so um the marketing company we have right now is pretty much dorman um it's me that does all the big picture sort of facebook marketing stuff and planning strategic stuff we have matt who's our in-house web dev who's a you know wizard gadgetry wizard type thing we have lewis who is our systems architect so he can set up crm zap and all that sort of stuff and you know you know where i said you map out your cl
ent attraction journey he can like actually code all of the crm to do all of that and then we have joe who's our young digi marketer so really there's about four of us in the company now and it's pretty much dormant um so however the marketing company that that basic so panoptic partners is what it's called um that simply just caters for all my businesses now really so you know the rt my fairy pen pal the lighthouse group zed and float holdings um i'm missing two businesses four business what have i missed zenon the web yeah there's nine in the group i've forgotten a couple oh make it happen i haven't done much in that one damn it i need my list um yeah so uh yes that's that but yeah we do service other customers etcetera any other questions oh so we had a good aaron aaron on clubhouse you you have the mic sir um sorry you put your hand up ages ago hey hey how can we help uh yeah cool so yeah just a very quick one i know uh um um if you've got a an idea for an applicant like based on saying like you're dating similar to how tinder started swiping yeah if you wanted to test something like that where would you or how would you work out what the kind of costs would be involved in yeah i know exactly where you're coming from yeah so i get the app sort of business idea thing all the time and i know where you're coming from so the the app sort of business comes in falls in the into the investing as an invention category and it's an utter ball lake so if you look at the app headspace or calm or any of the you know let's take headspace so it's a really simple app by the looks of it okay you look at it you press the button and there's like a monk speaking and then it's like a simple line and it's cool it's a really great looking app what a lot of people don't know is how freaking expensive apps are so that the last time i checked and this was a few years ago that headspace app cost at least 300k and they're full-time devs now working on that and then with an app you need the android version and then you need the apple version and so you've got to maintain basically you don't have you may have one app but you may actually maintain two different apps um you then need to constantly be on on top of it with it with the devs and all the you know a um ios and android updates the and it's expensive yeah you can go yeah there's loads of companies that say hey we'll build you a mobile phone app for five grand or whatever but it's gonna be pants and i've done that i've bought god knows how many different apps for my companies and they've just been a pile of poo um and so it's actually better what i've done is done web applications instead so like the what originally was meant to be like a headspace style app and people learn wealth generation through the web app but instead i've gone down a different route and it's a better route actually because you actually need to prove the business model first um so you simply create an online portal so like a web app and then try and run your business via that and see if you can actually get it going via the web app and if you know something which is you know responsive so you can open up on a desktop to a mobile phone iphone whatever and and if you can get the ui good on that that's pretty much all you need to begin with and if you still want an app then you need to go out and raise funding and go and raise like 250 500k and then get a proper app going and then use most of the marketing for marketing earn money for marketing so hopefully that makes sense but if you're starting off with like a dating type app oh man it's going to be tough it's going to be really tough but and especially dating because it's a two-pong business you've got to attract boys and girls um and then yeah it's hard because no one is going to advertise on your site or go on if there's no one there and so you like to get all the boys and girls on your dating site like there's a lot of marketing involved because no one's going to get it if there's like 100 people on the app and this is where companies app companies have actually sort of been cheeky and what they've done is that they've you know pre-populated their app with you know like 10 000 bot accounts just to appear as though it's a busy hotspot when in fact there's probably like 50 humans but you know chatting to bots um so yeah that's my quick answer i i would not bother try and set up a business based on the web sort of portal first and see if you can actually get it working too many times i've seen people waste to 250 grand on an app and they realize the business model is and the business doesn't work they then go bust and everyone loses their money um okay so hopefully that makes sense i've got to move on to the questions johnny peters have you had many crypto business ideas or areas you see emerging in the in this space there's loads pretty much every business you can think of that exists right now you can put a crypto element into it to get rid of the middleman that's basically a quick sort of nutshell how to create a crypto business basically apply crypto to any business that gets rid of middlemen that is that is an easy way to think about it uh donal came across your print t-shirt on demand idea like the web like the fact that it can be done all online with no stock yep i'm thinking of trying to pounce on whatever is currently trending uh what pitfalls do you see with it um yeah i.e funny bitcoin shirts yeah so for example facebook served me an advert a couple of weeks ago and it was the wall street bets guy with hoddle on it and i was like ah yeah easy buy buy like 30 quid done still haven't got it so i mean they're really those businesses are really simple to set up you can just get a shopify account connect it to you know your publisher your print t-shirt thingy they then send it directly from the factory to the client um yeah so you'll basically have to get a designer to design your print t-shirt stuff to you know and then get in on on the trend so yeah bitcoin stuff and like hell you could really niche it i mean there's like let's take doge there's a strong look loyal fan base in the doge community so you can rake a hot your whole company on doge based merchandise um and then just do facebook and then facebook adverts into all the doge groups out there simple um yeah so stick to one niche and then you can yeah so you could be a doge based company first and then you could filter out into other crypto based companies uh niches pitfalls is you just need marketing money everyone always sets up businesses with zero marketing spend and realize why is my business not working because you're not buying customers you have to have to have to buy customers to begin with even now like 10 years down the road all i'm doing is buying customers and when i say buying customers as in facebook ads marketing etc uh what other questions are there yeah that's it right this has been an hour session double the amount of time i was hoping to spend you
