Richelle Shaw

Hey there, it’s your girl Richelle and we’re ready for Episode Three where I’m going to talk about Sister Wives and business. Our lessons for the day all with The Million Dollar Equation about finding a really great target market and your assignment, creating your Four D’s. And then lastly, of course, my message for Devyn’s, stay tune, here we go.

Welcome to the Million Dollar Equation Podcast, a podcast about the easiest, fastest way to build a million dollar business based on the best selling book, The Million Dollar Equation. If you love business, each episode reveals all of the core fundamental essentials for growth. Now, here’s your host, Richelle Shaw.

Hey, it’s your girl. I’m back. It’s Richelle. And so today’s topic. I have been laughing all weekend long, because they keep showing a clip of Sister Wives. And one of the wives is so upset because it looks like they’re breaking up. And she says, can’t imagine a marriage without intimacy. Like, what do we have then? She for real a woman that shares her husband with four other women. Says, without intimacy, what do we have? What the hell do you think you have?

I can’t, just the laughs that I’m sitting here going, of course my heart breaks for this one. It breaks for, oh my gosh, that you have to get a divorce. It breaks for her children. She’s like, what am I gonna tell my kids? They’re gonna miss their dad. Well, don’t they miss him on the four nights and he doesn’t come through. Like what I’m talking about? But more importantly, I want to talk to you about what does that mean in business? And the business lesson that I get from Sister Wives.

Number one, is that people like things that are different from them. They say they don’t, but it’s one of the highest rated shows on television. They’re watching it. I can’t stomach it. So sorry. I just absolutely cannot stomach it. But some of them do. So of course people want to see like, it’s almost like a train wreck, like, oh my gosh, what happens in this show? And how do they make it work? Men think it’s like, oh, my gosh, this is amazing. And women go, what in the world are you talking about? So how is this going to work? But the lesson, truthfully, the lesson is not only that crazy sells, but you also want to really think through, what lesson do you want people to know about your business when it’s out in the world? Do you really want them to come because it’s crazy or freaky? So I happen to be a SOFTEK girl great, a curvy girl. And when I date, I don’t want to date someone that only dates curvy girls, I want to be like the first curvy girl because I don’t want it to be an odd thing. I don’t want it to be like a fetish thing. I want it to be that you’ve accepted me for who I am. And so you want customers to accept you for who you are. So you don’t want to fake it till you make it. You don’t want to do things that are out of character for you. You don’t want any of that you just want to do and present who you are with the world. So that now they can choose you authentically. They can make sure that you are in their lives authentically. And then you can move forward from that. God bless those folks. On Sister Wives if you love it, if you like it, I love it. I am all for you being able to do whatever it is that you want to. But I am going to laugh. So let’s let’s go into today’s lesson here on The Million Dollar Equation podcast.

Thank you so much for listening to my passion projects and The Millin Dollar Equation podcast, what you’re hearing. If you like it, I love it. So click the subscribe button to get each week your new favorite episode.

Hey, so we’re back, let’s talk about what’s your target market? That’s step number two in The Million Dollar Equation in the best selling book from 2012. That has tons of reviews. And lots of I’ve been teaching it since 2006. And helping entrepreneurs build their own million dollar business, all using the steps. So the last episode, we talked about a great solution. And so now let’s talk about the second step is finding a target market. So you will hear people say this all the time, especially marketing people, they’ll say, so who is your target market? And so the biggest thing that makes me cringe more than anything is, everybody needs my product, everybody, shut up. Everybody does not need your product. Everybody does not want your product or service. Everybody is not your target market. And here’s really the reason why is that you don’t have enough money to reach everybody. So you pick a target market so that you can centralize and formulate your pitch, your promotion based on the amount of money capital things that you have to invest in it right time. So of course, you don’t have an unlimited amount of time. So everybody can’t be it if you are investing all of your time, investing money investing your patients, yes.

So here are some things to look at when you are thinking about your target market. So number one, just like with your great solution, you want to be extremely specific. So I’ll get people all the time say I want to reach women. That’s my target market. It’s like, no, just like with men, all women are different. And you’ll figure that out very quickly. And you’ll burn through a ton of cash unless you understand that all women are different. Not all women are mothers. So you definitely want to fugure out if is it mothers. Is it young mothers? Is it older mothers? My cousin Ryan, who is one of the top thoracic surgeons in the country at 42 just had her first baby. She’s a different mom, than teen mom. Then my other cousin who had her baby straight out of high school. They have different things. They’re gonna buy different items for their children. Ryan has every gadget for her baby, she had her baby shower, even where she was registered. Some of the items were over $200 that she had on her registry. That’s totally different. So that mother, Ryan, Dr. Ryan, is totally different than my other cousin. So start thinking about who is your who? Who is it? Who is it that you want to target, be very, very specific. Let’s keep going on this women thing. Are they younger? Are they older? Like what appeals to me does not appeal to my 18 year old niece. She giggles when I asked her d she want to go to a specific concert? So for my daughter’s 16th birthday, I surprised her with tickets to go see Justin Bieber, I’m like, with beauty and the beat, I love Justin Bieber. Because my mama don’t like you and she likes everyone. So it’s like, what are you really kidding me? So I call my niece and I’m like, hey, we’re coming to Portland to go see the concert and I’m bringing Dev and she can’t wait. So do you even like Justin Bieber? And so she says, Auntie lowkey I really listened to his music but out in public, I don’t listen to the music. Totally different. So when you are targeting women, you need to know the age, what side of town they are? So I was traveling back to East. So I am a Southern California gal, I spent almost 30 years in Las Vegas, but I’m back in Southern California, because I like being able to if I want to go to the beach, I can go in January, because it’s 76 here. Or if I want to go to the mountains, I can go up where it’s snowing, each way less than an hour away. So there’s always things that come into my timeline when I travel to the East Coast. And so they had this coat. I was like, coat is $400. I’ll spend $400, because it was cold last week, and it was in the 60s. Can’t wear that $400 coat when it’s 60 degrees. But now when I go visit my friend Katrina, that’s in Detroit. It’s like, oh my goodness, that’s different. So even geography is going to make a big difference about who wants to buy it. My friend Katrina, she’s got boots. She has lots of hats. And I’m like, my hair is cute, I’m not wearing a hat. Okay, well, it was snowing. Guess what? I need that has so I had to borrow a hat from her. I’m not buying those things because of my geography. So when you are looking at your target market, you need to think about, okay, so even if I’m selling a candle, so who’s going to buy this candle? Where do they live? What do they do? What do they watch on TV? Do they watch TV. My kid has a TV in her room, she hasn’t turned it on in the last two years. Because she sees she watches everything on her phone. Now she will kind of watch her iPad. And she goes, oh my gosh, this is so big. I go, wait to hear like mommy and have to have some cheaters. Some cheated cheaters so that you can see and just doesn’t work. So with your target market, you want to be as specific as possible.

Number two, make sure that whatever it is that you’re selling solves a problem, that we talked about last week and a great solution. Because if it doesn’t solve a problem, then guess what happens when your item does not solve a problem, then when somebody is making a decision on whether to buy your product, or the next one, then they will go with the only common denominator which is price. So if you are selling it on Amazon, and you are selling a phone charger, all they’re looking for is does it have the USB cord so that it works for my iPad? Or it works for my iPhone? I don’t just buy Apple products because those are normally doubled the price. So when they do the same thing, and when you haven’t convinced me that is exactly for me. Now if you have a really pretty coral charger, that matches everything in my bedroom, so that when the charger is sitting out that I put my phone on and guess what, I’m going to pay more for it because coral, as you can see from the picture coral, yellows, burnt orange are my favorite color. Make sure your items solves their problem, the great solution that we already had.

Number three, make sure that your target market has a means to spend some money. So I will hear people come to me and say, oh, Richelle I want to target single moms and really help them. I’m like, most single moms don’t have extra cash to invest in your product or service or your coaching program. They’re like, yeah, no, that’s on the bottom of the list. So think about does the person that I’m targeting, do they have the ability to invest in my product or service or do they have money to spend, do they have extra money? The person who buys this, do they spend extra? So I am a bottled water person, so save it for everybody, I only drink bottled water. So I normally drink Aquafina or Dasani. Those are my two. When I speak on stages, I grabbed the last one because it is glass, so I can hold on to it very well and it’s sturdy and it’s not like these ones down. But there’s no difference in it, people tell you that but water snobs like me, I can tell you, there’s a difference. There’s a certain brand and I won’t out them and it tastes like dirt, I refuse to drink it. But this one is much better, even though water should not have ingredients. And this one has like a whole, yes, bad habits, but I absolutely love it. So that’s what I drink. There are some people that can’t imagine paying for water. Or they buy the cheapest water. Okay, do you? I don’t. So you want to find me? If you are selling a custom bottled water? Hopefully this is starting to make sense.

Number four is do they want to spend it? So realize that people buy what they want, not what they need. Let me say that, again. People buy what they want, not what they need. So you can develop a product or service that people need, people really need this. But if they have to make an investment, often, they make the investment in what they want. Which is why my good friend Apple again, just keeps upgrading phones. And now there is a one I’m recording it, the 13 Promax just came out. It’s a better camera that has a different front screen. There’s nothing really different about it. But people bought it. People who still haven’t paid off their 12, or their 11 that’s been two years ago, are upgrading and buying it because people buy what they want, not what they need. So is it something that people want? Is it something that you’re selling that people want, so make sure that that is always a yes.

And then lastly, you want your target market to be reachable? So remember when we talked about that, everybody and I started yelling. Reachable is when you have a budget, you want to make sure that you can reach them. So I always ask is there a specific television show that just is dedicated to that particular target market? Like the one that we talked about in the beginning of today’s episode Sister Wives? Like who’s watching that? What does what does she like to buy? What else does she like to buy? Get that woman and make sure we can sell to her. Because now that we have the TV show, we can buy ads on it. We can buy ads on the internet for the replays. We can buy ads on the internet that go to the website where people go and find out more information. We can have our ad stream on People Magazine. Where people want to know more about this crazy lady who’s waiting for without intimacy. I just can’t imagine. How intimate is it when four other women are there, shut up. It just cracks me up.

So just to reiterate your target market, what you’re looking for is you want something that is definitely specific. Two, is you want to make sure that your item, your service, the product that you are selling solves a big ass problem, and it solves their problem of your target market. Number three, make sure that your target market has a means to spend and they have some money to invest in your product or service. Number four, that they want to spend it, like this product or service is something that they want. And then lastly, that it is reachable. So look, I always like to give this disclaimer. Is that, is there other ways to build a million dollar business? Yes. Is there another way to sell a very generic product that doesn’t do much except for it’s not specific for one person. It’s not any of those things. Is there the ability to do that? Yes, there is. However, I’m teaching you how to build a million dollar business the way I did, without a rich uncle without any ton of money. So I had to learn to sell and market my way out of bankruptcy and make sure that I can deliver to the right person like with no assets wasted, no money wasted, no time wasted, no investment wasted, so that me and my daughter and the other 100 people that I employed, and their families could eat. So are there other ways? Absolutely. And you should probably listen to those that have tons of money. But that’s never it. And you should wait and listen to my message for Devyn today because I talk about money and what money does to some folks. So hey, I’ll be right back, of course with your other assignments, your big assignment from me for this week that you can work on, as well as my message for Devyn. And we’ll be right back.

Hey, hey, hey, MDE nation. Have you grabbed the original, the OG book, the book that started it all, the book, The Million Dollar Equation, that was my original passion project, where everybody kept asking me, Richelle, tell me how you rebuild back your million dollar business? How in the world did you come back from losing it all? How in the world did you do it? And I sat. And I spent two weeks and I wrote The Million Dollar Equation. So it sounds exactly how I talk. If you put my voice to it while you’re reading it, you will feel the essence of me. But you will also learn some really great valuable lessons on how to build your own million dollar business. Yep, you can grab it right there on Amazon.

All right. Hey, we’re back with your wonderful assignment for this week. So what’s your assignment? What do I want you to do? I really want you to look at your to do list. And start pruning that thing down. Look, there is never enough hours in the day for us entrepreneurs, there’s never. So I have my Four D theory that helps me look at my items and make decisions on does this make sense? So here’s the first D that I do. Number one is I decide. So I make a decision, every item on my list, does that really need to get done today? And if it doesn’t, I push it off. So I also have this, my green pen. So I always have my green money pen with me. And my green pen, what I do is that I go through my list and I circled everything that makes me money today. So that I’m constantly working with today’s money. And I know what today’s money is, so that’s invoice a client, pick up a check, send an invoice, mail the bills out. That’s a whole another story. Well, I have to tell you how I decided to delay the bills going and 911 happened, never fun. Yep, we’ll do that one later. But I circled those things that I could make money today, if it’s a phone call that I need to make, if it’s a collection call, I do those things first, with my green pen, circle those in green. So I decide does this need to be on the list today or not? That’s the first D. The second D is that I go back through the list and I see what I can delegate. Can I delegate it to my virtual assistant? Can I delegate it to my in person, Assistant? Can I delegate it to one of my partners if I’m doing something else? Is there somebody else that can do this thing and it doesn’t have to be me. The third D is oh my gosh, I delete, because sometimes I have things on the list that it’s expired. I was supposed to do it two weeks ago never got to it. So I just marked through that. And then lastly, I get down to that 4th D, that last D that really helps me move forward in my business and that’s the DO. The DO, what do I have to do today? And then now I have the ones that make me present money. The ones that are going to make me future money, and that’s sometimes start the relationship, follow up on a phone call follow up after I met this person that said that we should work together. And then lastly, those things that are going to move my business forward, because that my friend is really, really, really important. All right, I’ll be right back with my message for Devyn.

Thanks. Thank you so much for listening to my passion projects and The Million Dollar Equation podcast, what you’re hearing, if you like it, I love it. So click the subscribe button to get each week your new favorite episode.

All right, my sweet baby. This is my message for Devin today. Money makes you stupid. People don’t like when I say that. But I’ve really found that money really makes you do things that you might not have done before makes you not really pay attention to some things. So that when you have ample money coming in, you make the decisions and you say things like, you know what, I’ll go ahead and buy this today, I’ll get a new car without really thinking what the long term implications are. So as my daughter, you’re going to have money to make some decisions within your life. And I want to make sure that you make the best decisions. So I have some money rules. The first one is never make a hasty decision of anything over $500. And as you are growing up, it really should be over 50 bucks, don’t just automatically buy it. As someone who file bankruptcy before, I learned that valuable lesson. Number two, that you don’t need money to prove to people who you are. So even when you’re starting your business or when people are starting the business, the first thing they want to go do is spend the most they can on a desk, on an office, on business cards on all of these things that mean absolutely nothing, nothing. You don’t need any of that stuff to start your business, nothing zero money, you’re just spinning it, don’t, keep it so that you can use it. Money is for leverage, money is for leveraging an idea that you’ve already proven works. Money is not for really testing, yes you can assign a certain amount, but not your big lump sum. Money is used to get you more information for your business, if it is your business, and for you personally to get more freedom, so that you can make choices. So success to me is being able to do whatever the hell I want, when I want. That’s what I say is success. It’s not about the things that I’ve purchased. It’s not my palatial estate that I had. It’s not the 10 cars that I’ve purchased. None of that matters, none of it. What truly matters is meaningful relationships. Having people be your friend because they love you. And because they care about you, not just there until the money. My precious Devyn I love you. And to my listeners, I love you all for free. I can’t wait to get with you next week. So we can go over the next piece of the million dollar equation. Of course, if you would love to reach out, if you want to leave a message, if you want to have a question for me. I’d love to answer that too. You can go to RichelleShaw.com and look for this episode of the podcast episode and number three. All right, I love you for free. We’ll see you next week.