[00:00:00] Hi there. Hey, I’m back. Are you ready for your three part mini course? All right. I am too. So this is probably my favorite thing to do is to, of course, teach The Million Dollar Equation. And after I wrote the book and then I wrote The Million Dollar Equation for Doctors. As I explain all of the pieces, I hope that your brain’s going to, you know, boom, boom, boom, and that you really understand that building a million dollar business is a science.

 

You know, there’s a reason why less than 9% of all businesses ever reach the million dollar level, and there’s a reason why less than 3% of all women owned businesses. Reached the million dollar level. And you know, I don’t know if you know this, but less than one 10th of 1% of all African American owned businesses ever reached the million dollar level.

 

So I realized that what I did was definitely different. And every time a [00:01:00] reporter wanted to talk to me about the business. So from the USA Today Reporter all the way to the smart money. When I do my financial segments on Fox 5 here in Las Vegas, cause I’m the money honey there, they all ask me the same questions and I, you know, they all want it to be one thing.

 

So that’s where I think the biggest problem has been happening with most of you entrepreneurs out there, is that there’s so many folks selling, you only have to do this one thing. This one thing will get you there. And, quite frankly, that’s not true. It’s not this one thing. As a matter of fact, it’s a combination of what I think is nine things that when they are all put together, it works.

 

Now, who this isn’t for is, it’s not for folks who don’t wanna work. So if you don’t wanna work, you can just stop the video. Now, you know, I love you for free, but if you’re ready to work and you’re ready to get started, then let’s go [00:02:00] through. The nine steps of the million dollar equation. All right. All right, here we go.

 

Okay, so hopefully by now you’ve got your checklist and you’ve got it in front of you. You’ve printed it out. It still can be on your computer, but I’d love for you to get your checklist and also grab some extra paper because I think you’re gonna be able and need to take a couple of notes so that you can implement this yourself.

 

But the number one thing that I believe that every single business needs is a great solution. If you don’t have a great solution that you are providing for someone who wants to buy your product or service, it’s gonna be very, very difficult to get to the million dollar level. I’m not saying it can’t happen because there are some things, you know, some products that are there that get to the million dollar level and those folks who have those.

 

You know, all they focus on is selling another one of their products. So, you know, I giggle when I [00:03:00] look at it because I go, Ooh, okay, so where are you now? And where do you wanna go to? And you have one product and one product only. And it sells for $10. Okay, well, so do you realize how many you have to sell to get to the million dollar level?

 

One of the things that is in The Million Dollar Equation book is where I break down price and how you should price all of your things. And, you know, reviewing that will help you decide where you need to be. The other thing that I saw is when you have a one-time use product, right, like let’s say it’s a match.

 

Okay. Match fire match or a toothpick or a light bulb. Right. Something that burns out. You’ll see that when you go to buy one of those things, you always buy them in bulk, right? Right. They don’t let you just buy one toothpick because it’s gonna go out and that’s not the way to build a business. 

 

So, part of it [00:04:00] is bundling. Part of it is making sure that you got the right solution. That is, you know, step one, but. Here’s, before we even get into that, let’s talk about the three ways to grow your business. Okay? So part of the million dollar equation is there’s only three ways to grow. So here’s the first one. It’s not on your sheet, but you can certainly write it on your piece of paper.

 

And this is one of them that I believe that you need to write down right now. So the first is getting a new customer, right? So how do you get a new customer? How many ways are you getting a new customer? How is that working throughout your business? And if that’s the only way that you focus on building your million dollar business, you’re leaving so much more on the table.

 

Okay? Let’s talk about the second way to grow business. The second way is to get your existing customers to come back to see you more often. So that means if. For, I have an example that we’re gonna talk about in the third video [00:05:00] where we talk about the implementation with Walter. So Walter is a tax preparer and customers were only coming to see him one time a year.

 

So when he first came to see me, all he focused on was getting a new customer because he’s like, well, during this time if I can get, you know, one more new customer, it’ll be great. Well, that doesn’t work, right? No, Walter, we need to get. Your existing customers to come back more often. 

 

So what we did was we offered them another service. So when we offered them another service, they came back two or three times a year and it doubled his business. Okay? So look at your business and see how often that your customer comes and buys from you and double it, and that’ll double your revenue. So listen, so simple. That’s just a couple of little tips.

 

All right, so here’s the third way to grow your business. Get your existing customers to spend more each time that they’re with you. So one of the other things that we [00:06:00] did with Walter, with his tax firm is that we made sure that when they came to see him, that they didn’t only just buy tax preparation, but they bought other products and services that he had available from the bookkeeping to the incorporating resident agents cause he talks with small businesses, right?

 

So now you’ve got the three ways to grow. Okay? Within those three ways to grow your business, you need these other nine steps that’s on your worksheet so that you can put it, and so have it all work, right? So that’s one of the great things about having us here today is not only is it just the checklist, so the folks who just grabbed the checklist. We’re gonna let them go, and I’m gonna give you everything in my power to help you build your own million dollar business because it’s not easy.

 

If it was easy, we’d have more than 9% of generals getting it. And if it was just this [00:07:00] one little piece, then everything that you would’ve done in the past would’ve already generated that million dollar stats and it hasn’t. So, I’m just here to tell you why. Okay? So we already went through a great solution, right?

 

You have to be solving somebody’s problem. If you are not solving their problem in the business, then it’s not going to help them. So for example, if you’re only selling t-shirts, who cares about buying a t-shirt unless you are hot and it’s the middle of the summer and you’ve got on a long sleeve shirt, and now you want a short sleeve shirt.

 

Okay, that’s an immediate fire. But what about a t-shirt that has a saying that represents what’s going on, that when you go to like my college t-shirts right now are selling like hotcakes now. Cleveland Cavalier’s t-shirts. Right now you can charge $35 for this t-shirt selling like hotcakes, right?

 

[00:08:00] Because are they solving a problem? Well, not only are they solving a problem, because yes, you need something to wear, but there’s an affinity for them. It’s a great solution. It’s somebody wanting to represent the 52 years it took for them to win. All right, so here, let’s go on, because we can be here all day with me giving you examples, but I just wanna make sure that you understand what all these pieces are.

 

So your assignment tonight before we get to the implementation video is to figure out what your great solution is. Okay. Look at your business and tell me what that is. All right. Number two is figuring out your reachable target market. Reachable. By reachable, I mean someone that you have access to. How do you get to them?

 

It can’t be everybody in the world because quite frankly, you don’t have access to everyone in the world. Well, let’s say this, you may have access, but you don’t have the money to reach them so that they can see it. Yes, you can [00:09:00] post it on YouTube or the world could see it, but the world is not going to see it if you don’t pay for promotion of that video so that the world could see it even on a viral video. 

 

Everybody doesn’t see that. Okay, so let’s talk about your reachable target market. Somebody that you can reach by some sort of media. Are they on Facebook? If you’re trying to reach medical doctors, they’re not really on Facebook.

 

Okay? So where are you going to reach out to them? Dentist, where are you gonna reach out to parents of autistic children, you know, where would they be if that is your target market? So normally a great solution in target market goes hand in hand because you can connect them together yes. And find more of your target market who have the problem that you need to solve.

 

Does that make sense? All right. If [00:10:00] it doesn’t, you know, leave it in the comments below here and we’ll jump in and answer them as best as we can to really help you. We also have a private Facebook group where other experts that are there, other really smart entrepreneurs that have been working with me for quite a while can help you get through this piece because it really is important.

 

If you’re not solving a problem, you’re gonna need way more money. To build your million dollar business. So I wanna make sure that you’re doing that all right. I know I’m always fooling with my hand. Okay, let’s get to step number three. Step number three is your marketing calendar. So what is your marketing calendar?

 

Your marketing calendar is your plan that you use in your business every single month where you decide how you are going to promote your business. Okay? So, my biggest frustration is when I go into a business, I go, okay, so what are you gonna do next week? And they look at me, [00:11:00] okay, how about next month?

 

Okay, well let’s talk about what are you gonna do today to promote your business? So if you just get this right where. You’re very clear on what you’re going to do every single day. When you walk into your business, it’s going to change the look and feel of your business, right? It’s not just gonna be where everything is reactive.

 

If you stay in reactive mode, and reactive mode means that you don’t do business until the phone rings or until somebody walks in your store. Or somebody goes to your website and submits some information, you are missing so many pieces of the business. You need to know exactly how you are going to promote your business.

 

Okay? Step number four is I like automated follow up systems. So even if it’s not automated where you’re using it online, I wanna make sure that you have some type of [00:12:00] system. That, you know, what happens when the phone rings and that you do it the same way every single time. So for example, in my telephone business, my telephone business was the one that I grew to over a hundred million dollars.

 

We had a script of what happens when somebody calls, and then from there we know how we’re, we are going to promote it. We know what the next step is, we know what the third step is. Okay? So you need to have some type of follow up system of what happens next. Tomorrow in the implementation video, I’m gonna go through how the follow up works and what happens when you meet them belly to belly, when you meet somebody at a networking event.

 

When you meet somebody online, when they’ve connected you, you know, by a referral, what should happen? What should the follow up session be? Okay. Now that we’ve kind of broken that down, now that the three essential systems for the RS come in, which are my three Rs, my retention, [00:13:00] how do you keep this customer freud, how do you get this customer to come back and buy from you again?

 

Remember when we talked about that earlier? There’s only three ways to grow, and how do you get them to spend more while they’re with you? How do you hold on to that? So, you have to do just as much as you did when you courted them. When you called them three times to see if they were gonna buy, yes, had to do the exact same.

 

Once they’ve given you their money, that’s when the real work starts to hold on to them, to get them to do and stay with you forever. So the second R is, if you screwed this up, Okay. If you screwed this part up in the retention, then I want you to focus on the reactivation part, okay? How do you win them back?

 

How do you get them to come back to your business and buy from you again? What is it? You know, look, they already know you, so you need to have a system of number one, an alarm bell that rings to let you [00:14:00] know that, hey, this customer’s lost and they are not gonna buy from you again. 

 

And then secondly. You need to have an offer that you’re gonna go back and get them. You know, how are you gonna make sure that they come back and buy from you again and again? Right? So your reactivation system is just as important as your retention system that we talked about before. All right? Your last R is in your retention system. I want you to create a referral system, which is your next R a referral system.

 

A way that people are automatically out there talking about you. What story are you giving them so that they’re talking about your business to other people. If you allow referrals just to come in however they come, you’re gonna be frustrated and you’re gonna constantly be in this start and stop mode and this, oh, I’m busy, busy, busy, busy, and then I’m not busy.

 

Ooh, it’s [00:15:00] holiday time and I don’t have any money. I don’t know what I’m gonna do. Okay, so you’ve got to figure out this way to get them from not only knowing you to now becoming a customer, and then after becoming a customer, staying with you for life, and then bringing all of their friends, okay? Then bringing all of their friends. 

 

So you want them to go around that circle so that they’re constantly doing that over and over and over again, right? You get a new customer. They stay with you. They buy more from you. They tell their friends, their friend comes in, they become the new customer. They stay with you. They buy more from you. They tell their friends, so their friends. 

 

So you see that it’s constantly running. So running a million dollar business, it can’t be solely dependent on you. If it is you, then you’re never going to get there. You’re never going to get to where you really need to be unless, let’s say you’re selling a product that’s a million dollars [00:16:00] and you only have to sell one.

 

All right? But if you have a product that’s under $10,000, that’s around a thousand dollars that you need to sell a thousand of them, you have to put the systems in place or else it won’t work. You’ll never get to that point. So now that we’ve got, you know, your referral system working, now, here’s probably.

 

What I’m known for and what everybody buys my book for and comes into my training for. Okay, cause this is what they think they need and this is the 85 ways. So you can’t just use one way to get a customer, you know, if your only way is going to networking groups or, you know, I have, I was gonna tell the story. Okay. I’m just gonna tell it. 

 

I have this guy who, because every story with me starts with, I have this guy all right, who he’s in our private Facebook group. And I finally had to block him because all he was doing was coming into the group and posting a link to his website, [00:17:00] and I’m going, okay, do you think that works?

 

I mean, it doesn’t work. It doesn’t work. But somebody told him that it works and he thinks that, okay, all I have to do is post a link and then I will miraculously make money. So I happen to know that it doesn’t work because one Saturday I was doing research for this training that I was doing for you, and I jumped into the group and I was asking questions and he replied and he goes, you know, I’m really having a problem getting started and I only have two customers.

 

And I wanted to tell him, well, you know why? Because you keep posting that silly link in here and you’ve turned people off. You know, nobody wants to buy when you’re in their face. You have to give first, give first. And that’s what. Like right now, I’m giving you the content, right? That’s how you’ve been watching me for 18 minutes already, because I’m giving you detailed step by step.

 

Okay? So let’s get back to 85 ways. So [00:18:00] 85 ways to get a new customer is it has to be more than just posting your link. It has to be more than just telling people to go to your website. It has to be more than just networking. You have to figure out other 85 ways. To get people to come see you. So how did I come up with 85 ways?

 

So actually it was I read this book that said I was reading about a chiropractor building, building his practice, and he said, you know I knew that I need 72 new patients every single month to get to the million dollar level. And I went, Hmm, okay. And so the next question is, well, how did you get 72 new patients?

 

And he said, well, I didn’t know one way that I could do to get 72 new patients, but I knew 72 ways, 72 things I could do to get one. So each month I did each one of the 72 ways so that I, it would produce that one new patient that I needed. I went, [00:19:00] how smart is that? Okay, so I set out to do the 72 ways each month.

 

Well, it turned out that I came up with 85 ways and I did 85 new things 85 of 85 different things each month to bring in a new customer, because most people think that it’s but it’s not. It’s not one way. It’s you have to do multiple ways and multiple things to get them to come in. So, you know, start listening, at least start with three to five, and then once you master those three to five, then you could start adding on more and more and more.

 

But you know, you realize where this is. I mean, we’re almost, this is the ninth thing, the eighth thing. You have to do this eighth thing at this eighth place because if you don’t already have a great solution in a target market and you’ve already scheduled your implementation and you have your follow up.

 

You already have your retention of how you’re gonna keep them for life. You know how you’re gonna reactivate them in case you screw up [00:20:00] a little bit and you’ve got them bringing in referrals. If you do all that, your business is humming. So by the time you add your 85 ways now, instead of it going here, I always like to, instead of it going like this, your growth.

 

Which is what the bank tells you to do when you write a, and so can you see this? Instead of your growth growing like this, which is what everybody thinks it’s supposed to, and that’s what they tell you to do in your business plan and be conservative. No, this is what happens is that it goes like this straight and then it goes like this.

 

So you see that? See the second one? So as you come in you’re coming in, doing your marketing calendar, you’re doing all the things that you need to do, your retention, and then all of a sudden it goes like that. So you [00:21:00] go from climbing, climbing, pushing the boulder, pushing the boulder, pushing the boulder to, it just goes up and it goes up because now your backend systems are all working for you automatically.

 

So all you have to do is fix the 85 ways. See? I know, I know, I know. It’s really exciting when you get there too. And then the last piece, the ninth piece that’s on your sheet, that’s on your worksheet that we have to put together is the accelerator. You need to pick one of the three that I have. I didn’t list them there cause I wanted you to be able to pick what they are, but once you get to the 85 ways, then you throw lighter, lighter fluid.

 

On the business, and that’s in picking one of the accelerators. So what are they? The first one is affluent pricing. So on the last video, the third video of this three part series, I’m gonna introduce you to Miles. And so Miles has an affluent product that we only sell [00:22:00] to folks who live in affluent neighborhoods.

 

He builds. Backyard courts. So tennis courts back well courts, courts four people’s backyards. And we’ve taken his business from when we first started working together at $80,000 a year, which is nice, you know, a lot of people want, it’s close to six figures. He has growing family, so he was doing okay, but we just did 812,000 in the last six months.

 

Right. So he’s on track to do 1.6 million in four years time. So we started at 80,004 years ago and now we’re at 1.6 million. Yeah. So we’re really excited and I can’t wait to do his case study and show you and break it down how we applied the million dollar equation to this business and how now we went from.

 

From just this 80,000 all the way up to 1.6 million. And here’s the deal, he’s [00:23:00] doing almost the same amount of courts that he did at 80,000. It’s just that we found a different who? A different person, right. That he’s selling to. And then we applied the million dollar equation and then we went after the one of the best accelerators that there is. And that’s affluent price. 

 

So look at your business and see if you can take something that you’re charging a hundred dollars to and maybe add a zero charge a thousand dollars to. Can you do that? And if it’s worth that it, if it provides that much value, then how do you do that? We’ll tell you about that in the next video, in the implementation video, right?

 

The second way. An accelerator to building a business very, very quickly is in continuity. It’s figure out a way that the customer can pay you more than just once, but pay you monthly. Pay you quarterly, pay you annually. Okay. So like something like insurance. [00:24:00] Well, it’s very easy to build an insurance based business because you need insurance every single month.

 

Normally you’re paying monthly, or you’re paying quarterly, or you’re paying yearly. And once you go to the carrier, you attend not to move. Right? You stay with them for years and years and years, right? That’s a way, and the telephone business is really nice. You know, once we turn on their telephone, they’re gonna pay us every single month that they wanna keep it on.

 

Yeah, very easy for continuity there. So look in your business and figure out is there a continuity portion we can put to it. And as I said, when I, when we get to the third video and we start showing you these, all of these ways, and we actually put them in motion so that you can see them step by step of how they work. I think that’s gonna help you like if you’re struggling with any of these items. Okay. And the last accelerator that I used in my [00:25:00] telephone company and that I use every day in my agency that I run for medical practices.

 

And so we help build medical practices on a daily basis and other business, but primarily medical practices is we work it with joint ventures, you know, and finding other people’s customers is what I call it a O P C way, and finding other people’s customers and then going in. And they’ve opened it up for them.

 

So in my telephone business we used it also. We went to a place where they had a group of customers already, so I did joint ventures with a bank. Who we provided telephone service to all of the bank’s customers. We did one with an auto dealership where anytime somebody came in to get a new car and they didn’t have home phone service, they would refer them automatically to us.

 

And so making sure that you can put those deals together, you can’t do them without having a great solution in a target market. Okay. So the car dealerships that I went to, [00:26:00] so my great solution in my telephone company, just so you know, is that we helped Second Chance folks, so people who had already been disconnected before.

 

So we know that second chance, people who have been disconnected before have a challenge with their credit reports. It’s not as great as they’d like it to be. So what we did with that is we took car dealerships that targeted credit challenge customer. And I talked to them about, wouldn’t you like to have a customer who not only has come through the program with us, which we had a whole credit repair program at Fresh Start, but that we can give them back to you so when they’re ready to buy cars.

 

So they were excited to work with us, but if I didn’t have that great solution, you know, which is totally different from every other telephone company that was in my town, and I didn’t have this target market who we had worked with. That the dealership would’ve been like, okay, well what sets you apart [00:27:00] from everybody else.

 

They wouldn’t have understood it. Okay. And that’s where I want you to understand that this process, it starts at the hard part of getting the target marketing and you making a decision and picking them. Because a lot of people don’t wanna pick them. They’re like, no, no, no. Because if I pick that, then that means I’m not gonna get these people.

 

Well, if you pick that, it also means that people are, it’s easier for them to refer you. It’s easy for them to know who to find for you. It’s easier for you to grow. It’s cheaper for you to grow because now you’re working with this small segment. Wait, but we’ll get to that in the implementation and tomorrow’s video.

 

Okay. So number one, thanks for spending, you know, over 28 minutes, almost 30 minutes with me so that we could break down for you The Million Dollar Equation and The Million Dollar Checklist. I hope you can see that there are so many pieces, but once you put the pieces together, it definitely works. [00:28:00] What I wanna caution you about is don’t give up on, oh, this is too hard.

 

Once you get it, it’s so well worth it. And it’s quite frankly is the reason why so many of the other things haven’t been working for you is that you are unsure about, you know, the three ways to grow and you’ve only been focusing on getting new, getting new, getting new. 

 

And the other two ways, the getting customers to come back more often and having them spend more. Or what’s going to catapult your business, and those are the specific systems that I believe that you should focus on for your business so that now they can run automatically without you having to generate income. Because if you’re doing everything right from your wowing welcome sequence all the way down to your Happy Birthday card, they will come back to you and buy over and over and over again.

 

All right. So hey, [00:29:00] thanks so much. I’ll see you tomorrow where we talk about the implementation and how you need to break it into three different categories, and then from those three, you know, what to work on for your business. So go home evaluate these nine steps, see where you are, see circle what you need to work on, and then tomorrow we’ll get to work.

 

All right. Thanks so much for watching this video. And I’ll see you tomorrow for more fun. All right, bye-bye.