Dan Martell - If I Wanted to Go From $0 to $1M, I’d Do This

00:00:00.000 This is the fastest and most realistic way to become a millionaire.

00:00:03.540 Step number one in your millionaire journey is to pick the right business model.

00:00:07.800 And these are the highest leveraged business models you can steal to start your first business

00:00:11.580 today. Number one, service business. Think lawn care, snow removal, window cleaning,

00:00:16.600 website building. Just pick one thing. Don't be everything to everybody. I have a friend

00:00:21.100 of mine, Stefano. He's 23 and has a 3 million a year snow removal business. Why? Because he

00:00:26.860 focus on one thing, reoccurring revenue, removing snow. He focused, he made it happen, and that's

00:00:32.420 how he became a millionaire in almost his first year. Number two, product business. Building

00:00:37.080 something that people buy, direct to consumer or retailers. And people say, well, I don't have the

00:00:41.840 money to pay to buy or build the thing. Well, you can kickstart, you can crowdfund. I have an

00:00:46.520 investment I made in a company called Laundry Sauce. This is how they went from $0 to eight

00:00:50.980 figures in revenue in under a year using this exact strategy. You want to pre-sell what you're

00:00:55.340 about to build so you can use the customer's money to fund the inventory that you need to buy

00:01:01.500 to give to the customers and sell new customers. Number three is consulting business. Teach people

00:01:06.360 how to do something. And if you don't know how to do it, go learn it. You could read the top five

00:01:10.760 books on how to be a great marketer for local businesses and then go teach local businesses

00:01:15.200 how to market their business. It's not a done for you like a service business. It's people paying

00:01:20.360 you to learn the strategies that you've extracted from other smart people in the world. Maybe teach

00:01:25.280 people how to mow their lawns or how to grow a garden or build world-class websites. These are

00:01:30.120 all things that you can get paid to teach people. Consulting has one of the highest profit margins

00:01:34.240 because the cost to deliver is so low. Essentially, it costs you nothing. It's your time. Number four

00:01:39.400 is agency. And this is where people pay you to do it for them. It's one of the easiest because you

00:01:44.780 are the one delivering the value. If you can do the accounting, you could do marketing, sales,

00:01:49.680 whatever the business needs, and they don't want a full-time person, they're going to hire you

00:01:52.980 part-time to do that work. One of my favorite business models right now, the most profitable

00:01:57.200 is AI business automation. You could learn everything you need to know over the weekend

00:02:01.860 on how AI works and connect that with workflow software like Maker Zapier. Go find businesses

00:02:07.300 and tell them I can map out your process and show you how you can remove people and costs in that

00:02:13.300 process using AI and they'll pay you the big dollars. Number five is software business. This

00:02:18.500 is my favorite. Now I'm biased because it's where I've made most of my money. And here's how you

00:02:22.380 start a software business even without coding skills but why is this model so good reoccurring

00:02:27.320 revenue you code it once it runs forever it's a super high leverage business model and if you

00:02:32.320 can't code just find a problem that you could solve using code and solve it manually spreadsheets

00:02:37.340 that's how most software companies start then you can go pre-sell the solution same strategy we just

00:02:42.500 talked about for the product business take all that money they pay you and use that money to

00:02:46.760 hire a coder online you can find them to code the solution and then deliver it to the customer here's

00:02:51.980 where most people make the mistake. Picking the right model is the difference between having a

00:02:56.220 headwind and making it hard or a tailwind. And it's super easy. If you want to be a millionaire

00:03:01.140 fast, picking the right business model is the first step, which leads us directly to step two,

00:03:06.300 which is to find a huge pain. So if you want to be a millionaire, here's what you need to do.

00:03:11.120 Number one, find a huge pain in the market. If we solve big problems, we get paid in a big way.

00:03:17.220 Number two is solve it in a better way than any other solution on the market. When I started my

00:03:21.580 company clarity the big problem i was trying to solve is people getting connected and getting

00:03:26.040 advice from people they follow micro celebrities people on twitter people on instagram people on

00:03:30.440 linkedin and i thought everybody will want to reach out and have a conversation with their

00:03:35.280 followers their fans the problem was is that it turns out the people that follow aren't necessarily

00:03:40.420 people that pay for advice see i had the customer totally wrong and i thought it was every entrepreneur

00:03:46.740 in the world the truth is is it's not every entrepreneur in the world it's the entrepreneurs

00:03:50.600 that pay to go to events because they value access to knowledge in speed and to save themselves time

00:03:57.300 and they go to events to meet the experts on stage to network with people in the crowd and they're

00:04:02.040 willing to spend money so sometimes you think you're solving a big pain but it's not for the

00:04:07.000 market you thought you know in the world of software we talk about painkillers and vitamins

00:04:11.060 we want to build a solution that's a painkiller a must-have not a vitamin which is a nice to have

00:04:17.060 If you want to become a millionaire, the easiest way is to solve big problems for the richest people you know.

00:04:22.220 Talk to them, ask them what problems they're having, understand how they've solved them in the past, and see if there's a better way.

00:04:27.960 You may not have the answer, but you can go find a consultant that already solves this problem for the big companies, and they'll teach you.

00:04:34.460 They'll show you.

00:04:35.340 That's how you can fast-track your way to solving big problems for rich people.

00:04:39.160 You just don't want to fall in the trap of fixing broke people's problem.

00:04:42.700 They'll say they have a problem.

00:04:44.020 They just don't spend money to fix it.

00:04:45.780 There's a reason why they're a small business.

00:04:47.060 They don't invest in solving big problems,

00:04:48.900 which leads us directly to step three,

00:04:50.840 which is never charge for your time,

00:04:52.740 always charge for the outcome.

00:04:54.260 So when I hire people to clean my cars,

00:04:56.040 they don't charge me by the hour.

00:04:57.720 They charge me per clean

00:04:58.860 because I'm not paying for their time.

00:05:00.780 I'm paying for the 10 years of experience

00:05:03.060 they have to be able to clean three cars

00:05:05.820 in under three hours.

00:05:07.220 And I want them to not only do the best job,

00:05:09.740 but have the best tools and to be rewarded

00:05:11.840 if they figure out how to do that faster.

00:05:14.360 If I was paying for their time,

00:05:15.520 they would be penalized for doing it faster,

00:05:17.860 which would then affect me, which is kind of crazy.

00:05:20.440 So in your business,

00:05:21.260 you wanna charge for the outcome, not for your time.

00:05:23.960 People make this mistake all the time.

00:05:25.320 They're like, time and materials, time and materials.

00:05:27.640 Don't do that.

00:05:28.780 Problem, solution, payment.

00:05:30.860 You wanna charge an amount of money

00:05:32.320 proportionate to the problem you solve.

00:05:34.220 If it's a big problem, take 10% of that.

00:05:36.760 That's what you charge.

00:05:37.560 If you wanna make your first 100K,

00:05:39.060 figure out how you can make or save someone a million dollars.

00:05:41.940 It's about 10%.

00:05:43.000 Whatever value, whatever problem,

00:05:44.560 how much time you save them,

00:05:45.840 take that 10% and that's your fee.

00:05:48.360 See, I one time had a bookkeeper come to me

00:05:49.940 and she was like,

00:05:50.600 I wanna be making 300,000 a year in about five years.

00:05:53.760 And I was like, awesome, I want you to be making that too.

00:05:56.120 Let's talk about what would need to be true

00:05:57.780 for that to happen.

00:05:58.760 First off, you need to figure out

00:06:00.120 how to make me 3 million a year.

00:06:01.940 Money saved, money made, opportunities, you tell me.

00:06:05.320 But right off the bat, when I say that,

00:06:07.100 they were like, oh, I don't know how to do that.

00:06:09.140 And that's the whole point.

00:06:10.740 I want you to be making 300,000 a year,

00:06:12.480 but you gotta figure out how to create that kind of value,

00:06:15.300 business is no different.

00:06:16.560 If you wanna be a millionaire,

00:06:17.740 you need to disconnect your time from your income

00:06:20.040 and charge people for the problem you're solving,

00:06:23.200 not for the time you're putting into it.

00:06:24.900 But you can't charge crazy amounts of money

00:06:26.720 without people knowing, liking, and trusting you.

00:06:29.720 Which leads us to step four,

00:06:31.060 which is build demand for your business.

00:06:33.120 You don't wanna be the best kept secret.

00:06:35.020 Here are the four P's of marketing

00:06:36.480 that I use in all my businesses

00:06:38.080 to generate endless amounts of people

00:06:39.900 knocking at my door asking to buy.

00:06:41.660 the four p's are as followed number one publish think content social media seo you're educating

00:06:48.540 the market you're producing content you're teaching people how to solve the problem themselves you're

00:06:53.420 giving them results in advance before they ever buy from you and that builds great marketing and

00:06:58.380 also trust the second p is paid think facebook tick tock google adwords where you're paying to

00:07:04.700 get in front of somebody and borrow their attention and the key there is to make sure that whatever

00:07:09.740 problem you're trying to solve aligns with what the person's expecting to see on that marketing

00:07:14.660 platform. So if they're on Facebook, your ads have to be more social, more inquisitive, kind of like

00:07:20.700 a Facebook post. If you're on Google, you want to run an ad that aligns with their search term. So

00:07:25.900 it's very specific to solve the problem that they searched about. Number three is partners. Some

00:07:30.060 people call them affiliates. I like to call them strategic partners. Other people call them value

00:07:34.160 added resellers. But the idea is asking yourself the three F's. What are my ideal customers currently

00:07:39.160 funding so what are they spending money on who are the people that they follow and only they

00:07:43.920 would follow like the experts in the industry and then where would they frequent with their time

00:07:48.040 either online or in person so whoever has access to those customers those are your partners for

00:07:52.900 them to maybe do a webinar with them maybe get an email sent out to those customers you have a

00:07:57.780 non-competitive way to add value to their customers that that partner you can give them a piece of

00:08:04.120 partnerships are like the best way to grow your business because they're going to subsidize your

00:08:08.120 marketing spend. Number four is PR. And this is one of my favorites. Think, you know, podcasts,

00:08:13.440 getting covered on blogs. But this is where people that have a platform are interviewing you or doing

00:08:19.260 reporting on you so that you can get in front of their audience. It's a little bit harder to get

00:08:24.100 going, but once you get it going, it works like a flywheel. And it's one of the best ways to not

00:08:28.800 only get a bunch of people to know about you, but to position yourself as an expert or the go-to

00:08:34.840 brand in your category so you can't become a millionaire if no one knows about your business

00:08:39.000 but there's a difference between knowing and trusting your business which leads us directly

00:08:43.080 to step five which is to protect your reputation all businesses and individuals all they have is

00:08:48.520 their reputation in the market when you think about apple you think innovation i mean does

00:08:53.160 blackberry have the same reputation do you even know who blackberry is anymore no probably not

00:08:57.480 it's not a surprise that apple's worth 3.5 trillion dollars and blackberry who was once

00:09:02.360 bigger than apple's now worth less than one percent of apple but 1.9 billion dollars which

00:09:07.320 it blows my mind they're still worth that much but here's my question are you known well or well

00:09:11.560 known do you have values that you stand for when things go bad how do you show up do you deliver

00:09:17.880 on your promises but not only deliver but do you over deliver are you somebody that people are

00:09:23.180 talking about because your experience to work with is like truly remarkable which is what

00:09:28.420 marketing is about is being remarkable, meaning you are remarked on, which leads us directly to

00:09:33.180 step six, which is under promise and over deliver. I once knew a guy and he had this bad habit of

00:09:39.080 over promising his customers all the time. And he did it because he really wanted the business.

00:09:43.840 The problem was, is that he was never able to deliver on what he sold. And then people just

00:09:49.400 kept leaving disappointed. You can do that for a short term, but long term, everybody's going to

00:09:54.900 know you're that person. So here's how you do it. Promise as little as possible to get them to buy

00:09:59.620 and get them a result. Once they buy, go above and beyond. The extra 10% will set you apart from

00:10:06.780 everybody else. If you want your business to be extraordinary, guess what? You have to be extra,

00:10:12.540 but you won't be able to go above and beyond if you're the only one working in the business,

00:10:16.560 which leads us directly to step seven, which is delegate everything that doesn't make you money.

00:10:21.920 Most people spend time to save money, which sounds normal.

00:10:25.300 Instead, I want you to spend money to save time.

00:10:28.000 This is where the ATF framework for my book,

00:10:30.320 Buy Back Your Time, comes into play.

00:10:32.220 A stands for audit.

00:10:33.460 I want you to look at your calendar

00:10:34.820 and get rid of anything that you shouldn't be doing

00:10:37.880 that you could pay somebody else

00:10:38.760 a low amount of money to do.

00:10:40.280 That's where you gotta learn to delegate.

00:10:41.540 Some stuff you just have to delete.

00:10:43.120 The second part is T for transfer.

00:10:45.060 First, we list everything that's involved.

00:10:46.960 We define it, then we do it.

00:10:48.880 But while we're doing it, we record ourselves.

00:10:50.780 so we create a video and then when we hire somebody we delegate it we give them the video

00:10:55.980 to watch it's the define do and delegate strategy so the third part for f is fill and this is where

00:11:02.540 you have to fill your time not watching netflix and doing nothing but learning the next level skill

00:11:08.700 or habit you have to add or even beliefs so that you can increase your ability to add value that's

00:11:14.700 what you want to look for it's like how do i increase my income producing skill either as a

00:11:19.580 leader or as a person i always look at where's the next bottleneck in the business that i gotta

00:11:24.060 go learn so i can unblock it so i can move up and help the whole team but once you delegate

00:11:29.180 how do you make sure those people are doing the right work which leads us directly to step eight

00:11:33.180 which is to train other people to do work i literally coach some of the top ceos in the

00:11:38.300 business space and even they struggle to get things off their plate i mean they buy back their time

00:11:43.820 but i tell them you have to make sure it stays sold if you hire somebody and then do their job

00:11:48.140 you're not really winning so i call this process the camcorder method step one is very simple we

00:11:52.620 need to outline what a 10 out of 10 for this thing getting done if i'm going to delegate

00:11:57.340 creating a presentation or showing up for a customer site or mowing a lawn what does a 10

00:12:01.900 out of 10 look like it's kind of the outcome i want the person to achieve step two is when i

00:12:06.620 evaluate the work what are the criteria that i would use to measure if they did a good job and

00:12:12.620 i just outline them it could be like five things four things three things but it's the criteria

00:12:17.500 that I'm gonna use to evaluate the work

00:12:19.780 after it's done, the person shows it to me.

00:12:21.500 I'm gonna go this, this, this.

00:12:23.360 So take some time to evaluate what criteria it is.

00:12:25.600 Number three is you have to collect you doing the work.

00:12:30.340 Screenshots, videos, templates you've created.

00:12:33.440 You wanna ask yourself,

00:12:34.680 when are times that somebody else did this bad?

00:12:37.300 When did they do it good?

00:12:38.620 When did you do it bad?

00:12:39.480 When did you do it good?

00:12:40.180 You wanna like collect all the artifacts

00:12:42.040 or the examples that you could give somebody.

00:12:44.220 Step four is to record yourself doing the work,

00:12:47.640 which is what I call net time, no extra time.

00:12:50.740 If you're gonna do the work, do it,

00:12:52.440 but just talk out loud.

00:12:53.820 You can record yourself on your iPad.

00:12:55.420 You can record yourself on Loom, Zoom,

00:12:57.680 but you're doing the work

00:12:59.100 while you're creating an opportunity to teach somebody else.

00:13:02.600 Number five is you transfer.

00:13:04.200 You give them all of the stuff you've collected.

00:13:06.880 You give them all the videos you've recorded

00:13:08.380 and you have them create the standard operating procedure,

00:13:12.060 not you.

00:13:12.700 they watch the videos they create the SOP in today's world they can use AI and then afterwards

00:13:19.040 they ask you questions for things that might be a gap and you answer those questions and then they

00:13:23.540 update the SOP so it gets even more complete step six is review this is where you've given them the

00:13:28.640 work to do and now you're sitting down with them and you're reviewing how did they do how did they

00:13:33.180 meet the criteria and you're rating them that way they're getting feedback this is what I call

00:13:37.320 training but training is only one part of building a team which leads us to step nine which is to

00:13:42.380 deploy transformational leadership. When I was building my first company, I had 12 people

00:13:46.860 reporting to me. My life was chaotic. I would wake up and tell everyone what to do, check that they

00:13:51.840 got it done. And I wouldn't even really start working on my projects till about 6 p.m. If

00:13:56.280 you've ever had a big team, you could probably relate to that. So now what I do is completely

00:14:00.340 different because I used to do this thing called transactional leadership, which is tell them what

00:14:04.240 to do, check that it got done, tell them what to do next. It's the tell, check, next loop. What I

00:14:08.740 do today is transformational leadership. I start with the outcome. So I describe what it looks like

00:14:14.040 when it's awesome, when it's great. Think if I was asking you to climb a mountain, I'm actually

00:14:17.320 going to describe what the mountaintop feels like, what it smells like, what you're going to see when

00:14:20.920 it's up there. So you can get like a real connection with the outcome. Number two is I'm

00:14:24.480 going to give you a way to measure your progress. Most people in business don't have a number that

00:14:29.380 they use to tell them if they're doing a good job. So we're going to define what is that number that

00:14:33.380 we're going to measure in the mountain climbing, it's feet of elevation gain per day. And you're

00:14:37.820 going to measure yourself and you're going to report every day and then if for whatever reason

00:14:41.160 you don't make a lot of progress the third step is coach that's when they're reporting back and

00:14:45.960 they didn't make a lot of gains you write it down you have a conversation with them i'm going to

00:14:49.640 teach you how i coach people and it's how i work with the top ceos to entry-level people the first

00:14:56.020 step is i talk about the core issue it's an acronym coach okay so ceo stands for core issue i don't

00:15:02.340 talk about the activity i talk about the principle that they didn't follow so the activity might be

00:15:07.140 that they got lost, but I'm gonna talk to them

00:15:08.960 about how you stay on track as a principle.

00:15:12.520 Second thing is if I know what the principle is,

00:15:14.520 I wanna go to A, part of coach was his actual story.

00:15:17.700 I'm gonna share with them a time

00:15:19.340 where I was working on a project

00:15:20.700 and I got a little sidetracked and I got way off track.

00:15:23.940 And then my boss brought me back

00:15:25.360 and explained to me the same principle.

00:15:26.900 And now I don't make that mistake.

00:15:28.860 The CH stands for change.

00:15:31.200 And that's where I try to enroll them into the change.

00:15:33.780 So I'll ask them based on what I just share with you,

00:15:35.820 what did you take away?

00:15:36.700 what are you gonna do different going forward?

00:15:38.240 And they give me the answer.

00:15:39.440 Now, I know you're probably thinking this feels slow,

00:15:41.600 but I'm telling you, this long-term is 100 times more fast

00:15:45.920 because you don't create a bottleneck.

00:15:47.640 And the reason why you have bottlenecks in your business

00:15:49.480 is because they're at the top, which is you.

00:15:52.000 And the first employee,

00:15:53.340 you're gonna teach them how to lead other people.

00:15:55.560 So if you don't use

00:15:56.560 the transformational leadership strategy,

00:15:58.520 you will become the bottleneck,

00:16:00.140 which leads us directly to the 10th and final step,

00:16:03.020 which is to create more millionaires. 0.97

00:16:04.740 If you follow the steps in this video,

00:16:06.360 you'll become a millionaire but do you know what's more fun than making millions for yourself

00:16:10.740 making other millionaires i was once working with a private client and one of the exercises i got

00:16:15.800 him to do is create a vision and a vision board for how he's going to create his multi-billion

00:16:21.000 dollar vision for his life and he sat down and he created his vision board and when he came back and

00:16:25.660 he showed it to me i asked him where are all the other millionaires and he's like what do you mean

00:16:30.880 He essentially designed this future world where he had all this stuff, proof that he was successful,

00:16:38.140 and there was nobody else there. There was no pictures of groups of people. There was no teams.

00:16:42.260 There was no nothing. It was supercars and jets and yachts. And I said, okay, let's take a step

00:16:47.400 back. If you want to go fast, you go alone. But if you want to go far, you need to go with other

00:16:52.880 people. See, your personal income will never exceed the amount of value you create for other

00:16:57.260 people around you. It's just how the world works. If you want to make more money, you've got to

00:17:00.760 become more valuable. A lot of people think this only applies to your clients, but it's to your

00:17:05.180 team too. If you want to go beyond making a million dollars and make 10, 20, 30, even 100

00:17:10.680 million, you need to create more millionaires along the way. If you want to learn how to build

00:17:14.680 a business that runs itself, click the video and I'll see you on the other side.

Dan Martell - November 08, 2024

If I Wanted to Go From $0 to $1M, I’d Do This

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