How to Make $10,000 per month (with no money)

money money money money we all want more of it we don't have time we don't have resources how is it possible well here's the good news as we go forward in history it's easier to make money than ever before thanks to technology technology and software well the robot does what you say and it doesn't ask for a paycheck this is why there are so many more companies being started so many more young millionaires started in the last 10 years than ever before it is just so easy to move mountains with technology I'm going to show you how to do it I'm going to show how I have done it my way here this is my framework ten thousand bucks no money [Music] okay of course this is brought to you by the entrepreneur's field guide book and guided course this gets you on your path to success on your own terms this is a blueprint I've used to build my business this is a blueprint hundreds of other entrepreneurs have used check it out at nicholascrown.com all right I like to start with some data today so there is a extensive research survey from zippya.com uh that 18 of individual Americans make over a hundred thousand dollars a year thirty four percent of U.S households so double income households make over a hundred thousand dollars per year and depending on where you are right now in your life you might say oh man that's nothing or you might say wow that's actually a lot of people the way that I look at it as I say it's actually more than you think because two and ten make over a hundred thousand but how many people are above the age of working of how many people are above 65. how many people are below 18 of that population also how many people are incarcerated there's millions of people how many people are out of the workforce for whatever reason how many people are just not in the market Market not attempting to make this money not interested in it their working industry where they're never going to make over a hundred thousand dollars a year I think this number is a lot higher meaning it's a lot easier than you think to achieve so the way I look at this is you've got two different buckets of people earning over a hundred thousand dollars a year you've got the Highly Educated earners your lawyers your doctors your Finance Bros like I used to be and then you've got tech savvy Hustlers these are the solopreneurs the entrepreneurs the small business owners these are the folks without the fancy degree these are the people that can do it from their bedroom from their basement with seemingly no resources uh you know go down to the lambo dealership and there's a 21 year old buying an Aventador you know this is a tech savvy Hustler this is the way that things are going in the future this is the way that Tech just enables people to make a lot of money a lot faster than ever before uh really who am I I'm a bit of both I started my career in the Highly Educated uh earner category and now I am firmly in the Hustler camp at Hustler is for lack of a better word somebody that isn't trading their status or their certifications or their degree for money basically building businesses using technology staying lean that's me and that's what I'm going to show you in this video okay so why should you care about this topic the more tech there is the less Capital you need so technology is outpacing social change so that means you can make more money if you stay current with tech if you let it pass you by you don't know how to use chat GPT you're not sure how to use things like fast outreach.ai you're like I don't know what I'm doing I just I'm just gonna figure it out you know later or Ah that's just for techies you are missing out on opportunities to make a ton of money so the way that I like to think about this is you can do the work of a hundred people with your laptop if you don't realize this you are suffering for no reason you're doing grunt labor you're not using tools like canva to create beautiful flyers for your business for free you're not using zapier to connect all the pieces of of your business for twenty dollars a month there's all these tools out there that are making your life easier and it's replaced facing the ability and the need to have another human beside yourself in the business in math this is really called getting leverage so there's more leverage than ever before to take your skills amplify them and make your magical ten thousand dollars a month by the way once you make the 10 trust me it's a lot easier to make the 20 30 40 or 50. and finally I want to leave this uh thought with you plan to see dumb people are making money with technology too it's not just the smartest people out there I can assure you of that I am by no means the smartest guy out there here's an episode breakdown section by section section one we're going to talk about deciding on your path where you're gonna head taking a skill inventory how to run some tests and then finally how to choose your business model there are a few to pick from so I want to expose you to all those section two hang your shingle it's the old school term for starting your own business I think back in the day you'd actually used to hang a plate outside your door a shingle and write your name on it anyway that's the title of section two basically discussing the routine of building a business Talent marketplaces and how to leverage them how to get started local business building and Outreach how to grow your business in a couple different ways section three we're going to talk about scaling up so this means you've already got some smoke now it's time to kind of turn that into some fire uh determining if something is working or not for you building Sops with your standard operating procedures hiring lean and then virtual teams which is how a lot of businesses are built right now including some of the biggest tech companies on planet Earth certainly my businesses are built around virtual teams and I'm going to explain why it is a great idea and then as a bonus money map this is where you get to really face the music base the numbers face the math I'm going to make it easy I'm going to make it painless so stick around till the end of the video section number one decide on a path okay before you go out in the market and say ah you know what's hot what's trending you know what crypto can I get involved in when when a project you know we all know how those things turned out right and ultimately it's not a problem of those products it's a problem of it has nothing to do with you the people that made the most money in crypto were the people that actually were building those projects themselves everyone else got fleeced so how do you just ignore what's hot you build a skill inventory so you answer these questions and you have to answer them there's no wiggling out of this what have I done meaning what are the great projects that I built what have I designed what are the things that I just do in my spare time what do I have to offer and number two perhaps the most important one what do I want to do I don't have to do any of these things I can choose things that I want to do that the marketplace also values so asking myself what do I want to do is really important finally what can I learn to do so if you say hey Nick you know haven't really done that much and uh I don't really know what I want well then what can I learn to do in a very affordable and cheap way look on YouTube just like this video you can learn to do wild amounts of things completely for free so if you've got a hunch I want to learn more about this I want to learn more about that I want to develop in this software language well you probably can learn it for free on something like YouTube or with a very very low price course you don't need to go to Harvard to figure this out okay in fact I would suggest that you don't waste your time okay testing testing testing how do you test your idea once you've got an idea of where you want to go what I like to call it is to lace it into a minimum increment okay how do you slice up what you do into the simplest First Step you can do this two ways on one hand you could do digital and on the other hand you could do in real life let's talk about digital first what digital means is making a landing page basically a virtual storefront a virtual offer for what you're doing you can create this very very affordably and cheaply on wix.com you can use lean Pages you can use click funnels there's so many tools most of them have a free trial so you get 30 days under your belt just playing with the tool and take this thing and connect it to a social media post whether it's an organic post or a paid post directing people out to this page and then hey if you're going to run an ad or you want to run a 20 ad to really test the idea use canva use the cheapest video editing editing tools out there to make a post where you're talking about what you do and seeing how many people click on it this is how I test apps everything I do everything I do starts with a social post and a landing page so we don't build the whole solution we don't buy an office building you know and fill it with chairs and computers until we understand if people really want what we're building so if you're watching this video you might be starting a very little Capital right so this is where you start this is a test now you say Nick I'm not so tech savvy I haven't run an ad before I haven't built a social media post before isn't there another way to do this yeah there is talking to real live humans so I know this is scary talking to real live humans but leaving your house and interviewing people you could do this on the street you can well I don't think you're allowed to knock on doors anymore back in the day used to be able to knock on doors you can walk into businesses you can say hey if I were to build this solution for your business would you consider buying it what are the things that you struggle with on the course of your day-to-day so going in and actually surveying real live humans this is so effective arguably more effective than the digital side although I highly recommend you understand the digital side because it's so darn cheap and you get feedback like that oh and don't forget about your friends if you know you want to run these ideas by your friends and say hey I'm building this solution to solve this what do you think would you be interested in purchasing it of course if your friends are your target a customer have any interest in the thing that you're building choosing your business model this is critical so number one I just want to say it's not all about these billion dollar companies don't go into business thinking you're to be the next Facebook don't go into business thinking you've got to be be the billion dollar valuation of the tools you're using to build your business the canvas of the world whatever start small here's the way that I think it flows it's the solo agency first this means you selling your services the solo agency is the kind of gateway drug too being an entrepreneur after the solo agency I'd say the agency model this is when you start working with others to deliver the service onboarding Talon this is when the headcount grows from just you and your cat to a few other people finally micro software I say microsoftware because I'm not trying to tell you how to make 100 million dollars a month I'm trying to tell you how to make ten thousand dollars a month so building a solution to solve a very very specific problem a solution that I've built with which started out as a very small problem soon became a much bigger problem as as we sort of realized how valuable it was in the marketplace we wanted to solve the problem of writing a cold email now my company fast outreach.ai we do that at scale so you could send tens of thousands of cold emails so microsoftware would be the next step don't build the next HubSpot start small attack a very specific problem section two right you've decided hey this is the model that I'm gonna use I'm going alone I'm going solopreneur Route you know I'm The Lone Ranger here so it's time to actually get into business and I've got a five-step routine that I think about every single time I start something new number one find something you can deliver yourself what that means is end to end I don't need a graphic designer to do this specific project I don't need a photographer I don't need a videographer whatever it is find something that you can deliver yourself put it up for sale and once you see traction here take that money to hire more people or build software then you grow this is step four and then finally only reinvest everything goes back to the beginning this is this the five-step routine and it all starts by the way with something you can deliver yourself all right how do you find a solution that you can deliver yourself I like to say make a deal with the devil at first this is Talent marketplaces so telemarketplaces online portals where buyers and sellers are connected and the marketplace takes a cut so here is where you will find your first worst clients uh why are they your worst because the highest quality clients aren't really using these Talent marketplaces they're looking for individual independent talent but that's okay you can start here you just don't want to stay here so this is where many businesses find their first Customer because there's just so much traffic if you Niche down and you build a really compelling case for what you do which of course you've decided what you do what you want to do and what you can offer and put up for sale this is where you would start that process I use and have used these marketplaces in the past to build a portfolio of logos meaning a portfolio of brands that you worked with email even if they're really small here you can also create case studies that you can use to sell to far bigger customers down the road and finally reputation and referrals even these early customers have friends so if you do a great job you're going to get a referral in fact my belief is if you do such a great job it's impossible not to get a referral my suggestion is to stay in this Talent Marketplace no longer than a year make sure your deal with the Devil is no longer than a year and then you're gonna take this money and you're going to use it to grow and expand quick moment from our sponsor the entrepreneurs Field Guide guided digital course check it out at nicholascrown.com if you are a budding entrepreneur or you're just looking to refine your model for how to grow your business tons and tons of value three months of work three months of work it took to make this course so check it out at nicholascrown.com all right back to the show section three how to scale it up you've made money from selling your time perhaps you've used a talent Marketplace perhaps you found some small clients locally in your community how do you grow well you could do this in two ways with software which is tough if you don't know how to develop software or with more talent but here's the bad news you can't afford top talent at first and they probably wouldn't work for you anyway so that's because there's too much competition so top talent won't work for your small business when they have an opportunity to work at a better larger business with more organization structure and upside for their career your risk is also very high you can't really hire anyone long term you're kind of looking for contract people you know on a month-to-month basis and finally you're a new manager so you don't really even know how to manage people yet so you're not going to get top talent but this is all okay as long as you've outlined your processes with standard operating procedures just a Google doc with all of the things that you do in writing in it that's okay you don't need top talent you can hire Junior Talent as long as you have everything in writing this is how fast food restaurants run this is how McDonald's delivers that same juicy burger in Dallas and in Dublin with people from all over the world simply because they have those standard operating procedures in place they don't don't need top talent to hand out that juicy burger everywhere I hire on potential not on experience so what that means is people that seem to care about what you do care about your mission this is so much more of a an indicator of someone's success is if they care about what you're doing what you're going to build these are the people that just outperform no matter what experience they have so pay attention to potential help these new hires get better bring them on and explain to them that you are there to help them get better at their job and actually do it finally be fun to work with nobody wants to work with a jerk so the more fun you are to work with you might retain people just because you're fun and cool I I can't tell you enough how many other high-paying jobs with jerk bosses can't retain talent because the boss is a jerk so be fun to work with might save you a lot of money in heartache and hey now that you have some Capital you can start to leverage the global Marketplace you can start to hire on the talent marketplaces that you once sold your services I suggest hiring virtually All In All Case cases it's far more affordable also you can choose locations more affordable than where you live this is called Geo Arbitrage so basically targeting areas of talent a specific talent to what you need but in regions that are a lot cheaper so if you're in the US and you're looking for customer service Talent the Philippines is known for their high quality customer service Talent at a very very competitive price just an example Colombia is known and is building a reputation as having technical development talent that is now more affordable than India and the other countries that have traditionally led the pack in providing Engineers software developers so pay attention look for the areas where you can save money and hire more Junior this is going to help you get your business off the ground in the beginning you can't just go down to Austin Texas and hire a senior engineer you can't afford him or her it's not going to happen get it out of your head I suggest building very very siled job descriptions don't hire Jack or Susie to do everything in the company so you can go sit on the beach that's not going to work you've got to to make sure that they have a full job description run an interview like a real company okay so funnel 10 to 3 to the final hire that you make what I do is I score on what matters most I try to look at five different aspects of the candidate perhaps it's verbal communication maybe it's written communication maybe it's experience with sales whatever it is score them on what matters and ignore everything else it actually doesn't necessarily matter if you like this person it's that they have the highest score as compared to the next finally once you get your score make the darn higher don't be scared it's your first hire you've hired them flexibly hopefully so on a month-to-month basis so if something goes wrong you're just out of month they understand they sign up for it too and find a way to gauge performance in an ongoing basis I built my virtual teams in slack so you can get very organized with different rooms and different communication channels and private chats so slack is really great to building your virtual company it's also free which doesn't hurt either they've got premium free features but it's mostly free you've hired Talent now what do you do you've got to be or or at least try to become a leader this comes with experience you have to lean to get experience leading you can't just read the management textbook this is very different a leader doesn't go oh well let me get the answers from Mike early hires actually that's your job what your job is provide standard operating procedures to lead by example so get off the beach okay that's not gonna work command respect from your team by doing the job and setting example of how detail-oriented you are and how much you care about the final product and service nobody's going to care about it more than you if you think it's time to slack off because you hired John or Susie think again be a leader as early as possible doesn't matter if you're 21 so don't think you're paying out hundred thousand dollar salary straight away you could be a leader very quickly by building these virtual teams bonus round I told you there was going to be a bonus money math oh this is so important okay because if you don't realize how simple this is you're gonna over complicate it you're gonna say oh but my Facebook funnel is leaky and that's why I'm not succeeding you've got three levers and in your business you've got the price of your product or service you've got the number of customers and then you've got the repeat purchases so if Johnny buys one serve Johnny buys it three times these are the three things you can influence that's it all the other things that you can think of oh the delivery of my ad wasn't right no no these are the three things that you're looking to manipulate to grow your business what I say is be real with yourself or switch to something else let's talk about setting yourself up for Success first because I think this is important ten one thousand dollar clients or twenty five thousand dollar clients are gonna get you that same magic number of ten thousand dollars a month which one would you choose okay could you imagine juggling 20 clients or better yet how about one ten thousand dollar client a month this is going to show you how much pressure you can put on yourself or better yet the amount of pressure that you don't have to put on yourself so find your sweet spot here depending on what it is if you're selling software you really don't mind uh a bunch of one dollar clients that adds up to ten thousand but if this is something where your consult thing if it's something we're treating your personal hours you're sweating around the clock I would be very very careful about pricing your service too low so if that's what you're currently selling and if that's what the marketplace can bear 500 guess what you have to change something so don't lose your mind thinking well I'll make it work if the math doesn't work the business doesn't work once you dig into something make those calculations you're going to refine those calculations so how many outbound emails or calls you know I'm using fast Outreach I'm sending 10 000 emails how many of those outbound emails leads to a lead then you understand a conversion rate when you actually a close rate excuse me when you get on the phone and then how long will those clients stick around that's the lifetime value of the client now you can start to say am I ever really on the path to making that number and I love to estimate this stuff up front and I try to make sure that I don't set myself up for failure by selling a product that's too cheap or a product perhaps that's too expensive with a client that doesn't stick around for more than a month then your business is at risk of shutting down every other month so be real about this math up front get the back of the envelope get the napkin and make sure you're not setting yourself up for failure it takes about a hundred website visits to convert a customer this is the one percent e-commerce Benchmark so you need a hundred touch points just to get one person in the door so if you're selling a 200 product a hundred site visits is never going to get you to ten thousand dollars a month this is how honest you have to be you have to play these math games to make sure that you're not building yourself a system that's not going to work and you're going to be saying Nick why isn't it working well the math never worked to begin with face the music early you need to increase the site visits you need to increase the prices of your product you need you need to be manipulating the levers that are actually changing the math here so if the math doesn't work something has to change always more to learn at nicholascrown.com if you got value out of this video don't forget to click like And subscribe there's going to be more business tips coming soon there's going to be more money making tips coming soon let me know what you need in the comments I'll make the video and I'll see you soon

Channel: Nicholas Crown

Views: 168,932

Keywords: nicholas crown, nick crown, the really rich podcast, rich versus really rich, nickolas crown, nicolas crown, nocholas crown, nicholas podcast, entrepreneurship podcast

Id: 4ebAQT-k94o

Length: 20min 38sec (1238 seconds)

Published: Mon Sep 25 2023