Latest / The Empire of Wealth / Building A _5K_month Business In 32 Minutes

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Building A _5K_month Business In 32 Minutes · The Empire of Wealth

• 0:00
  Speaker 1: These guys want to start a business, but they don't
• 0:01
  Speaker 1: have any money and they're lacking the knowledge to do it.
• 0:04
  Speaker 1: So today, we're going to step through a five-point plan
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  Speaker 1: that they can use to start their business and you
• 0:09
  Speaker 1: can use it too. So the five things we're going
• 0:11
  Speaker 1: to learn today. Getting started. Second is funding. Third is marketing.
• 0:15
  Speaker 1: Number four, we're going to talk about making the idea real.
• 0:17
  Speaker 1: And then finally, we're going to talk about team. So
• 0:19
  Speaker 1: let's get started. So tell people in 60 seconds what
• 0:22
  Speaker 1: your idea is.
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  Speaker 2: We want to create delicious sweet treats called Sweet Life.
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  Speaker 3: And it's going to be protein sweets.
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  Speaker 2: We're going to blend indulgence with enjoyment and create the
• 0:31
  Speaker 2: ultimate sweet treat.
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  Speaker 1: Okay, so we're getting started. What I would suggest people
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  Speaker 1: do is a mind map. So in the middle, you
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  Speaker 1: have your idea, right? So sweet life. By the way,
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  Speaker 1: have you trademarked this?
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  Speaker 3: No, that's one of our questions.
• 0:43
  Speaker 1: So straight away, I haven't even started the mind map.
• 0:44
  Speaker 1: We highlight one area we know we've got an action.
• 0:47
  Speaker 1: We've got an action plan now, right? Number one, trademark.
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  Speaker 1: Because if you don't own this name, If you don't
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  Speaker 1: control that name, you're going to build a business on
• 0:55
  Speaker 1: it and you could get into trouble because someone else
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  Speaker 1: might have it. Trademarking will normally be about £ 300 per category. Okay.
• 1:01
  Speaker 1: And so as a gift, I'll pay for that for
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  Speaker 1: both of you today. Thank you so much. Just to
• 1:04
  Speaker 1: get things going.
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  Speaker 3: Thank you.
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  Speaker 1: But it's an important thing to have that baseline done. Okay. Now,
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  Speaker 1: within a mind map, to quickly write down is what
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  Speaker 1: the brand stands for. So you mentioned it earlier. Enjoy, indulge, protein.
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  Speaker 3: Yeah. Right?
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  Speaker 1: A general vibe.
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  Speaker 3: Yeah.
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  Speaker 1: And then we think about where the business is going
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  Speaker 1: to go.
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  Speaker 3: Okay.
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  Speaker 1: You're saying at the moment, let's say it's going to
• 1:23
  Speaker 1: be protein bars. Would that be fair to say?
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  Speaker 4: Protein sweets.
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  Speaker 1: Protein sweets.
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  Speaker 3: Okay.
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  Speaker 1: Protein sweets. That's the product. Okay. So product wise, you
• 1:34
  Speaker 1: start thinking about, well, where might it be distributed? So
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  Speaker 1: let's say supermarkets, right?
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  Speaker 3: Yeah. Okay.
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  Speaker 1: Now we might say TikTok shop.
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  Speaker 3: Yeah.
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  Speaker 1: Where else do you think it might be distributed?
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  Speaker 3: We thought like gym vending machines.
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  Speaker 1: Brilliant. Okay.
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  Speaker 3: Gym. Where else?
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  Speaker 2: We also thought like health and fitness events in terms
• 1:56
  Speaker 2: of being like a sponsor.
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  Speaker 1: Perfect. Fitness events.
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  Speaker 3: Yeah. Anything else?
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  Speaker 4: We had some specific supermarkets in mind.
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  Speaker 3: Okay. But yeah, they're the main categories.
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  Speaker 1: By the way, so supermarket, great. You're now identifying another
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  Speaker 1: part of this mind map, which is because brand has
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  Speaker 1: to relate to where you distribute.
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  Speaker 3: Yeah.
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  Speaker 1: So you don't want to be distributing in a X
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  Speaker 1: brand that isn't on. So I'm not going to say
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  Speaker 1: one in case I insult someone, but let's say Asda
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  Speaker 1: as an example. It might not be right brand alignment
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  Speaker 1: for you, right? So give it a supermarket that you think.
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  Speaker 3: Is in line. Whole Foods. Perfect.
• 2:24
  Speaker 1: I knew you were going to say that. Okay. I
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  Speaker 1: also think Selfridges as a launch, for example, right?
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  Speaker 3: Yes, yeah.
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  Speaker 1: Kind of think selfridges by the way it's much easier
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  Speaker 1: brand wise to start high end and come down yeah
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  Speaker 1: then be a low brand product and go up then
• 2:40
  Speaker 1: you want to start thinking about let's say the marketing
• 2:43
  Speaker 1: okay which we're going to talk about this later on
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  Speaker 1: in much more depth but in the mind map it's
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  Speaker 1: quite good to think about the marketing side that the
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  Speaker 1: simplest two methods of marketing are influencer-led marketing so let's
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  Speaker 1: say simon squibb launches help bank And I'm promoting it
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  Speaker 1: because it's my business. So what Steve Jobs used to
• 3:01
  Speaker 1: do is he'd get 3,000 news reporters and tech people
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  Speaker 1: in a room and he'd launch the new product. So
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  Speaker 1: he'd have him as a personality then present to a
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  Speaker 1: niche group of people, tech magazine writers. And then those 3,000
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  Speaker 1: people would go away and write articles and become very
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  Speaker 1: famous overnight. But you've got individual marketing. Now with individual marketing,
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  Speaker 1: you've got the personal brand. which could be, for example,
• 3:28
  Speaker 1: behind the scenes. So you've got the ability to share,
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  Speaker 1: you know, in your personal channels, today we did this and,
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  Speaker 1: you know, selfishly said no, but we're not going to
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  Speaker 1: give up.
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  Speaker 3: You know, people like that.
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  Speaker 1: So that's a personal brand and then they know who's
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  Speaker 1: behind the product. Within the individual marketing space, You also
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  Speaker 1: want to think, I think, about how brands like Sony
• 3:46
  Speaker 1: do it. Now, Sony don't have someone who founded the
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  Speaker 1: company that you can think of. Yeah. And so when
• 3:51
  Speaker 1: you think of Sony, I don't really think of anybody
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  Speaker 1: in particular. Yeah, same. So what they do is similar
• 3:55
  Speaker 1: to Nike. So they have, I'm going to write down
• 3:57
  Speaker 1: the Nike strategy. It's probably an easy one to remember. Okay.
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  Speaker 1: So what Nike do is they go and get the
• 4:02
  Speaker 1: best athletes in the world and then they sponsor them.
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  Speaker 3: Yeah.
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  Speaker 1: Okay. So they don't have anybody in the organization that's
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  Speaker 1: a personal brand.
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  Speaker 3: Yeah.
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  Speaker 2: Okay.
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  Speaker 1: They find the best in the market and they sponsor them.
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  Speaker 3: Yeah.
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  Speaker 1: You can also do this. But you basically will then identify,
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  Speaker 1: let's say, 10 people that you think, hey, if they
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  Speaker 1: hold our product and really love it, then that will
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  Speaker 1: be brilliant endorsement. I'm going to say Grace Beverly, for example. So,
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  Speaker 1: you know, people that I can sense, and I'm sure
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  Speaker 1: you can make a nice list of people that are
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  Speaker 1: just awesome, wholesome, authentic, that I see eating your product.
• 4:35
  Speaker 1: So we can make a list on this mind map. Now,
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  Speaker 1: once you have this list, We're going to talk a
• 4:40
  Speaker 1: little bit about sales for a second. Everybody can sell.
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  Speaker 3: Everybody.
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  Speaker 1: It's not for the special few. All you need to
• 4:47
  Speaker 1: sell is the story.
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  Speaker 3: Yeah. Okay?
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  Speaker 1: And I kind of feel like you have it.
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  Speaker 3: Okay.
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  Speaker 1: The one thing in your story I'm going to talk
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  Speaker 1: about in a minute is you need to have your why.
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  Speaker 1: You know, why you're doing this, right? So we'll cover
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  Speaker 1: that in a minute, but just before we do.
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  Speaker 3: Okay.
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  Speaker 1: So in sales, now we've identified that there's a list
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  Speaker 1: of people we want. You have to add them on
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  Speaker 1: here as influencers. We now have a number two action list.
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  Speaker 3: Sell.
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  Speaker 1: To influencers. We all know what I mean, right? So
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  Speaker 1: now we know influencers.
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  Speaker 3: Yeah.
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  Speaker 1: And we have a list to sell to. Of course, supermarkets.
• 5:19
  Speaker 1: When we list here supermarkets we have to sell to,
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  Speaker 1: remember there will be things like accelerators that you can
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  Speaker 1: get into. So these are programs that these supermarkets run
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  Speaker 1: to try and find brands like yours.
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  Speaker 3: Oh, okay.
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  Speaker 1: And then there's trade events, right? So trade events. So
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  Speaker 1: now we're going to put on here, you know, what
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  Speaker 1: trade events are there?
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  Speaker 3: Yeah.
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  Speaker 1: That you can go to. Research.
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  Speaker 3: So how do we find those?
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  Speaker 1: Or Google.
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  Speaker 3: Easy.
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  Speaker 1: Once you put accelerator in, supermarket, they'll come up. Trade events,
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  Speaker 1: food events, supermarkets, go to, they'll all come up. But
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  Speaker 1: you need to do some research on this. And now
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  Speaker 1: we're starting to see the marketing side, the actual distribution side,
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  Speaker 1: the sales side.
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  Speaker 2: Cool.
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  Speaker 1: So now we have our mind map. You're ready to
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  Speaker 1: get started. So now we're going to move to the
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  Speaker 1: next bit, which is funding. Now I could do a
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  Speaker 1: whole video just on funding.
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  Speaker 3: Okay.
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  Speaker 1: I could spend a day just but I'm going to
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  Speaker 1: give you the juice of it okay I'm going to
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  Speaker 1: teach you the different quickly the different ways that we
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  Speaker 1: can raise money for your business yeah and the best
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  Speaker 1: way to raise money the first thing I'm going to
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  Speaker 1: say to you is try not to need money now
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  Speaker 1: in your particular idea there is a product based element
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  Speaker 1: to it so that means oh i need money to
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  Speaker 1: make a product yeah i'm going to talk you through
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  Speaker 1: how to do this without money but i'm also going
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  Speaker 1: to teach you how to get money if you really
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  Speaker 1: need it and we are going to need it yeah
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  Speaker 1: we are going to need it yeah but there's many
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  Speaker 1: different ways to get it here's a quick tip this
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  Speaker 1: is the biggest and most important thing about fundraising i
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  Speaker 1: ever learned if you want to raise money don't ask
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  Speaker 1: for money ask for help if you ask for money
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  Speaker 1: you'll get help.
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  Speaker 3: Okay.
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  Speaker 1: If you ask for help, you'll get money.
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  Speaker 3: Right.
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  Speaker 1: Okay. The other good thing about asking for help and
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  Speaker 1: not money is not only the psychology of it, but
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  Speaker 1: also you can flush out these investors because there are
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  Speaker 1: a lot of bad players.
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  Speaker 3: Okay.
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  Speaker 1: So there will be people that want to steal your business.
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  Speaker 1: There are VC firms. That's their whole model. They invest
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  Speaker 1: in you, they say.
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  Speaker 3: Yeah.
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  Speaker 1: And then slowly they try to replace you and take
• 7:19
  Speaker 1: over the brand.
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  Speaker 3: Yeah.
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  Speaker 1: And take over the business.
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  Speaker 3: Okay.
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  Speaker 1: And then asset strip.
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  Speaker 4: Okay.
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  Speaker 1: Okay? Now that's, of course, I'm being general, there's a
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  Speaker 1: lot of really good investors out there too. And you're
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  Speaker 1: going to find out if they're good investors by whether
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  Speaker 1: they will help you.
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  Speaker 3: Okay.
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  Speaker 4: Right?
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  Speaker 1: If someone says to you, I'm only going to help
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  Speaker 1: you meet the people at Tesco's if you give me
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  Speaker 1: 20% of your business, you don't want to work with
• 7:38
  Speaker 1: these people. Yeah.
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  Speaker 4: Okay?
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  Speaker 3: Yeah.
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  Speaker 1: You want people that will genuinely help you. Now most successful, properly,
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  Speaker 1: truly rich people.
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  Speaker 3: Mm-hmm.
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  Speaker 1: Will help you anyway. Because yes, it will be nice
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  Speaker 1: to have equity in your business, but they don't need it.
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  Speaker 1: They're already successful. It's only the ones that aren't successful
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  Speaker 1: that I've seen in my life that really go, right,
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  Speaker 1: I'll only help you if you give me equity now,
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  Speaker 1: a large chunk. Do not, and this is a big,
• 8:01
  Speaker 1: big flag on fundraising, do not give a large chunk
• 8:07
  Speaker 1: of your company away too early.
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  Speaker 3: Okay.
• 8:12
  Speaker 1: This is probably the number one mistake new founders make. Okay.
• 8:15
  Speaker 3: Okay.
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  Speaker 1: Because you meet someone and they're rich and they say,
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  Speaker 1: I'm going to give you some money. Oh, money. Yeah.
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  Speaker 1: And I know everybody and they're all right, but I
• 8:26
  Speaker 1: want 25% of your business.
• 8:27
  Speaker 3: Yeah. Yeah. Okay.
• 8:28
  Speaker 1: Now, instantly that puts you between you and 75%. You're
• 8:30
  Speaker 1: going to dilute. You guys are no longer in charge.
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  Speaker 1: You have a new boss.
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  Speaker 3: Yeah.
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  Speaker 1: And this person, depending on the terms that you did
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  Speaker 1: with them, could stop you raising money in the future.
• 8:40
  Speaker 1: They can stop you selling the company. And they can
• 8:42
  Speaker 1: stop the whole business growing if they're the wrong person. Okay.
• 8:45
  Speaker 1: Before we go to, a little bit later in this list,
• 8:47
  Speaker 1: how to get money from angels, which we'll talk about
• 8:50
  Speaker 1: in a minute, I think your production partner. When you
• 8:53
  Speaker 1: raise money, you're going to spend it somewhere. And the
• 8:57
  Speaker 1: way to think about funding, instead of getting money from
• 8:59
  Speaker 1: some idiot who's just got money and then giving it
• 9:03
  Speaker 1: to the person who's going to do the work, why
• 9:05
  Speaker 1: not just give equity to the person who's going to
• 9:06
  Speaker 1: do the work?
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  Speaker 3: Okay. Okay. Right.
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  Speaker 1: So if there's a production partner and I have one,
• 9:11
  Speaker 1: by the way, I'm launching a product called Dream Brew.
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  Speaker 3: OK.
• 9:13
  Speaker 1: Everything I'm teaching you here, I've done myself. Yeah. I
• 9:15
  Speaker 1: have a production partner.
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  Speaker 3: Yeah.
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  Speaker 1: Who is helping me make sure all the product we're
• 9:20
  Speaker 1: doing cold coffee, decaf and regular coffee.
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  Speaker 3: Yeah.
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  Speaker 1: In supermarkets.
• 9:24
  Speaker 3: OK.
• 9:24
  Speaker 1: And so he is an expert in manufacturing that product. OK.
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  Speaker 4: Right.
• 9:29
  Speaker 1: Now, actually, you can't pay him to work for you.
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  Speaker 1: He's too good. He's too knowledgeable. He will only work
• 9:35
  Speaker 1: on projects if he gets equity. That's a true sign
• 9:37
  Speaker 1: of success, by the way. And actually, the good thing
• 9:40
  Speaker 1: about that is, I could raise a load of money, easily,
• 9:43
  Speaker 1: because of my reputation, I can raise a lot of money,
• 9:45
  Speaker 1: and then I'm basically going to try and hire him.
• 9:47
  Speaker 1: But I can't, because he only works for equity. So,
• 9:52
  Speaker 1: what I'm trying to teach you here, and those listening, is,
• 9:55
  Speaker 1: in your cycle of the things that you need to
• 9:57
  Speaker 1: get done, in your case it's pretty obvious, production and
• 10:00
  Speaker 1: a product.
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  Speaker 3: Yeah.
• 10:00
  Speaker 1: You want to find either a person who does that well,
• 10:04
  Speaker 1: and they could work in a big company already, or
• 10:07
  Speaker 1: the manufacturer, so the factory. Now, there might be an
• 10:11
  Speaker 1: investment is they make the product for you, right?
• 10:14
  Speaker 3: Okay.
• 10:15
  Speaker 1: So a manufacturer. Again, these guys often are on the
• 10:17
  Speaker 1: back of packets.
• 10:18
  Speaker 3: Yeah, mm-hmm.
• 10:19
  Speaker 1: But what I'm trying to teach you here just broadly
• 10:22
  Speaker 1: is the best investor you can get is people that
• 10:25
  Speaker 1: can actually fill the gaps you've got.
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  Speaker 4: Right.
• 10:27
  Speaker 1: Whatever you'd raise the money to do, you want the
• 10:30
  Speaker 1: money to go direct to the person that's going to
• 10:32
  Speaker 1: do it. Now, the fourth idea when it comes to fundraising,
• 10:34
  Speaker 1: everyone says it, but family and friends. The thing that's
• 10:37
  Speaker 1: good about family and friends is no one will know
• 10:39
  Speaker 1: you better than them.
• 10:40
  Speaker 3: Yeah.
• 10:41
  Speaker 1: So the most important rule when you raise money from
• 10:43
  Speaker 1: friends is you tell them they're going to lose all
• 10:45
  Speaker 1: their money. It sounds counterintuitive when you're pitching for funding.
• 10:47
  Speaker 1: It's like, don't worry, we'll make it work.
• 10:50
  Speaker 3: Yeah.
• 10:50
  Speaker 1: It will be brilliant. I think you say to them,
• 10:52
  Speaker 1: we've got this plan. Simon Scribber's influence is kind of involved.
• 10:56
  Speaker 3: I think it's going to be good. Yeah.
• 10:57
  Speaker 1: But any money you give us, just please pretend you've
• 11:00
  Speaker 1: lost it all.
• 11:01
  Speaker 3: Yeah.
• 11:01
  Speaker 1: Okay. Then you'll be never awkward on Sunday lunch. Yeah.
• 11:05
  Speaker 1: But honesty is the key.
• 11:07
  Speaker 3: Yeah.
• 11:07
  Speaker 1: And you say to them, look, if you give us £ 20, 000,
• 11:11
  Speaker 1: this is what we're going to spend it on. and
• 11:13
  Speaker 1: be totally transparent with them. Again, ideally, family and friends
• 11:16
  Speaker 1: are going to help you. And even if it's packing
• 11:18
  Speaker 1: the product. But don't overlook family and friends. People are
• 11:21
  Speaker 1: always nervous to ask family and friends. I don't think so. Again,
• 11:24
  Speaker 1: work-life integration. The key is honesty. Fifth is crowdfunding. Do
• 11:29
  Speaker 1: you know much about this?
• 11:30
  Speaker 3: Not really.
• 11:31
  Speaker 1: A little bit, but not a lot. There's lots of
• 11:33
  Speaker 1: different crowdfundings, and I have actually done a whole different
• 11:36
  Speaker 1: video on crowdfunding, but I'll just give you a quick
• 11:38
  Speaker 1: sum up. Basically, it falls into three categories. You've got
• 11:41
  Speaker 1: products like GoFundMe, Yeah. Which is simply, here's our idea.
• 11:45
  Speaker 1: Here's what we're doing. Would you like to give us
• 11:47
  Speaker 1: some money to help us make it happen? Okay. They
• 11:49
  Speaker 1: don't get equity and they don't get anything.
• 11:51
  Speaker 3: Yeah.
• 11:51
  Speaker 1: They're just doing it to support two young people with
• 11:53
  Speaker 1: a dream.
• 11:54
  Speaker 3: Yes. Right. Yeah.
• 11:55
  Speaker 1: By the way, I think you can do this.
• 11:56
  Speaker 3: Okay.
• 11:56
  Speaker 1: I'll put some money in your crowdfunding deal.
• 11:58
  Speaker 3: Thank you. Yeah.
• 11:59
  Speaker 1: So option one is what we call kindness equity.
• 12:03
  Speaker 3: Right.
• 12:04
  Speaker 1: And it can work. The second element is equity crowdfunding.
• 12:11
  Speaker 1: So there's quite a lot of different platforms that do this,
• 12:14
  Speaker 1: but basically you sell a part of your equity to
• 12:17
  Speaker 1: the community. And then the final one is product crowdfunding.
• 12:21
  Speaker 1: It's basically getting community to buy your product. Now they
• 12:24
  Speaker 1: don't need equity, but they do need to feel valued.
• 12:27
  Speaker 1: So maybe you create a special WhatsApp group. Maybe they
• 12:29
  Speaker 1: get invited to the launch parties. Maybe they get to
• 12:32
  Speaker 1: see the new product first before anybody else. But these
• 12:35
  Speaker 1: three methods are definitely something to consider for you. I
• 12:38
  Speaker 1: think all three of them have a strength and weakness.
• 12:41
  Speaker 1: There is one more funding thing I want to teach you.
• 12:44
  Speaker 1: Angel investing is a very complicated world. I actually think
• 12:48
  Speaker 1: they shouldn't call it angels. I'm trying to think of
• 12:50
  Speaker 1: a better word. It's often lazy people with money.
• 12:53
  Speaker 3: Okay.
• 12:54
  Speaker 1: Okay. And so it doesn't sound as good as angel,
• 12:57
  Speaker 1: does it? I already mentioned the psychology of it. You know,
• 13:00
  Speaker 1: generally of angels, you want to ask for help because
• 13:04
  Speaker 1: then they feel they can bring value and they should
• 13:06
  Speaker 1: bring value. And then you let them invest. Right, you
• 13:10
  Speaker 1: let them invest. Important psychology.
• 13:11
  Speaker 2: Okay, does that value, sorry to interrupt you, does that
• 13:14
  Speaker 2: value include like not just money but contacts and support?
• 13:17
  Speaker 1: Of course, of course. But that should not be held back,
• 13:22
  Speaker 1: I don't think.
• 13:23
  Speaker 2: Yeah.
• 13:23
  Speaker 1: Right, a lot of angels would disagree with me on
• 13:25
  Speaker 1: this and the TV show Dragon's Den is built on that.
• 13:27
  Speaker 1: I'm going to introduce you to someone at Tesco's, therefore
• 13:29
  Speaker 1: I'm worth 50%. Right, okay. I don't agree with it.
• 13:31
  Speaker 3: Yeah.
• 13:31
  Speaker 1: So the way I think an angel should operate is
• 13:35
  Speaker 1: they should say, right, hi YouTube. You're cool.
• 13:37
  Speaker 4: I want to help you.
• 13:39
  Speaker 1: I know the person itself, which is I'll just email
• 13:40
  Speaker 1: them now.
• 13:41
  Speaker 3: Yeah, okay.
• 13:41
  Speaker 1: Done, right?
• 13:42
  Speaker 3: Good.
• 13:42
  Speaker 1: You want the sales process to be them pitching to
• 13:45
  Speaker 1: you as much as you're pitching to them. Yeah, okay.
• 13:47
  Speaker 1: Don't get me wrong. You should still pitch. Yeah.
• 13:50
  Speaker 2: Right?
• 13:50
  Speaker 1: You should still be excited about them having involved, but
• 13:52
  Speaker 1: you want them to almost interview for the job.
• 13:54
  Speaker 3: Okay.
• 13:54
  Speaker 1: All right? Any questions on funding before I move on
• 13:57
  Speaker 1: to marketing and income?
• 13:58
  Speaker 2: The one question I've got with funding slash equity is
• 14:01
  Speaker 2: how much equity is.
• 14:04
  Speaker 4: Like too much to give away?
• 14:06
  Speaker 1: Yeah, okay. Okay, good question. I'll add this on then.
• 14:08
  Speaker 3: Equity.
• 14:09
  Speaker 1: Because this is what the audience will be asking as well.
• 14:11
  Speaker 3: Okay.
• 14:11
  Speaker 1: So I like it.
• 14:12
  Speaker 3: Okay.
• 14:12
  Speaker 1: Like I mentioned earlier, 25%. No, don't sell 25% to
• 14:16
  Speaker 1: just someone with money.
• 14:18
  Speaker 3: Okay. Okay?
• 14:20
  Speaker 1: And if you do, make sure they have a dilution
• 14:24
  Speaker 1: clause in there so that later if you raise more money,
• 14:26
  Speaker 1: they dilute.
• 14:27
  Speaker 3: Okay.
• 14:28
  Speaker 1: Otherwise, if it's just you diluting and they keep their 25%,
• 14:31
  Speaker 1: It's going to be a real problem. A lot of
• 14:32
  Speaker 1: investors won't invest in the future.
• 14:34
  Speaker 4: What do you mean by that?
• 14:35
  Speaker 1: So every time money comes in, a company, when it
• 14:38
  Speaker 1: raises money, everybody who has equity, the number or the
• 14:42
  Speaker 1: percentage of shares they have reduces.
• 14:44
  Speaker 3: Okay. Right?
• 14:45
  Speaker 1: So if you think about it, percentage can be confusing.
• 14:46
  Speaker 1: If you present it as 100 shares, you've sold 25 shares, right,
• 14:50
  Speaker 1: to Bob.
• 14:51
  Speaker 3: Okay. Right?
• 14:52
  Speaker 1: No offence to any Bob.
• 14:54
  Speaker 3: Okay.
• 14:54
  Speaker 1: Now, the rest, between the two of you, you have
• 14:57
  Speaker 1: 75 shares, right?
• 14:59
  Speaker 3: Founders.
• 15:01
  Speaker 1: Now, if I sell later another 10 shares, what should happen,
• 15:05
  Speaker 1: and sometimes with the paperwork's wrong, what should happen is
• 15:08
  Speaker 1: this 10 shares could come from both of you. Okay.
• 15:11
  Speaker 1: But what actually happens if you get the wrong investor
• 15:14
  Speaker 1: is 10 will come from you. So now you're on 65,
• 15:16
  Speaker 1: and this new shareholder's come in with 10.
• 15:18
  Speaker 3: Okay.
• 15:18
  Speaker 1: Right.
• 15:19
  Speaker 3: Right?
• 15:19
  Speaker 1: Another pop. Right? So you just need to be very careful.
• 15:23
  Speaker 1: So when you ask what's the wrong number, it's more
• 15:25
  Speaker 1: like what's the wrong paperwork structure.
• 15:27
  Speaker 4: Okay.
• 15:28
  Speaker 1: Okay? And if you're a novice founder... You won't know this.
• 15:31
  Speaker 1: This has happened many times. And so you just don't
• 15:34
  Speaker 1: want it that someone comes in, gives some money, does nothing,
• 15:38
  Speaker 1: and then never has dilution. They'll be a bigger shareholder
• 15:41
  Speaker 1: than you by the end of the process. And also,
• 15:43
  Speaker 1: I mean, the dilution is much heavier on you each time.
• 15:46
  Speaker 1: So they've got to be a diluted shareholder. Plus, frankly,
• 15:50
  Speaker 1: you also don't want them blocking a sale, for example,
• 15:53
  Speaker 1: or blocking an investor. So you need to retain control.
• 15:56
  Speaker 1: Control isn't about the amount of equity you have. Control
• 15:59
  Speaker 1: is literally in the shareholder agreement. So it's not about
• 16:02
  Speaker 1: the amount of equity, it doesn't equal control. Shareholder agreements
• 16:06
  Speaker 1: equal control. So you also gotta make sure that there's
• 16:09
  Speaker 1: voting rights and this person who has 25% doesn't outvote
• 16:12
  Speaker 1: you two. So those sorts of things are what you
• 16:15
  Speaker 1: need to watch out. To bring you the best tools
• 16:16
  Speaker 1: to help you build your business and make your dream
• 16:19
  Speaker 1: a reality, I team up with brands that I believe
• 16:21
  Speaker 1: in to help you. As I've mentioned many times before,
• 16:24
  Speaker 1: More now than ever, it's important to have a unique
• 16:27
  Speaker 1: identity and the ability to showcase your brand to the world.
• 16:30
  Speaker 1: The problem? Many of the great. com domain names are
• 16:33
  Speaker 1: already gone. Try searching your brilliant business dream ideas name
• 16:36
  Speaker 1: and likely it's already taken. You'll either overpay to get
• 16:40
  Speaker 1: it or have to change your name literally in your
• 16:43
  Speaker 1: URL to try and make it work. That's why I love. online.
• 16:47
  Speaker 1: It's the world's second largest new domain name extension and
• 16:50
  Speaker 1: many don't know about it because it still has a
• 16:52
  Speaker 1: huge amount of great domain names still available. And because
• 16:56
  Speaker 1: online appears over 500 million searches, you're more likely to
• 17:00
  Speaker 1: get rankings on Google. You can purchase a. online domain
• 17:03
  Speaker 1: name from major providers including GoDaddy, Squarespace, Wix, and more. However,
• 17:07
  Speaker 1: I have secured for a limited time only the ability
• 17:10
  Speaker 1: for you to buy a domain name for 99 cents
• 17:13
  Speaker 1: using only the link down below and the code SIMON.
• 17:16
  Speaker 1: Click the link in the description to claim your domain
• 17:18
  Speaker 1: name today. Marketing is a mind map as well, okay?
• 17:23
  Speaker 1: So we've got sweet life in the middle.
• 17:26
  Speaker 3: Yeah.
• 17:26
  Speaker 1: And then we talked a little bit about, you know, distribution,
• 17:29
  Speaker 1: so supermarkets, right? And TikTok. But then marketing can also be,
• 17:34
  Speaker 1: let's call it PR. What magazines do you read?
• 17:37
  Speaker 3: Vogue.
• 17:38
  Speaker 1: Of course you read Vogue. So you might say PR
• 17:41
  Speaker 1: might be getting in Vogue.
• 17:42
  Speaker 3: Okay.
• 17:42
  Speaker 1: It might be, I read The Sun.
• 17:44
  Speaker 3: Okay.
• 17:45
  Speaker 1: Sorry, I don't really read The Sun. But it might
• 17:48
  Speaker 1: be like, you know, I think the Daily Mail was
• 17:49
  Speaker 1: one of the biggest portals in the world.
• 17:51
  Speaker 3: Okay.
• 17:52
  Speaker 1: Not a fan, but you know. So that's one marketing method,
• 17:55
  Speaker 1: by the way. Get PR, right? So it's obvious distribution
• 17:59
  Speaker 1: like TikTok or supermarkets. And then we might do events. Okay.
• 18:03
  Speaker 1: And we said this earlier, but in events, there's kind
• 18:05
  Speaker 1: of quite a few categories. You've got your own events.
• 18:08
  Speaker 1: So you might do a launch party.
• 18:09
  Speaker 3: Yeah. Right.
• 18:10
  Speaker 1: And then you might go to other people's events and
• 18:12
  Speaker 1: sponsor them.
• 18:13
  Speaker 3: Yes.
• 18:14
  Speaker 1: So you can, this is my map, by the way,
• 18:16
  Speaker 1: you can do this in your own time, but you
• 18:18
  Speaker 1: might list all the people you quite like to sponsor.
• 18:19
  Speaker 1: So I was just at a Nike event.
• 18:21
  Speaker 3: Okay.
• 18:22
  Speaker 1: Organized by a friend of mine. I say a friend
• 18:24
  Speaker 1: of mine. She's a dreamer as well.
• 18:25
  Speaker 3: Yeah.
• 18:25
  Speaker 1: She started a business. It's called Rocks Queens.
• 18:27
  Speaker 3: Okay.
• 18:28
  Speaker 1: She just did a partnership with Nike.
• 18:29
  Speaker 3: Okay.
• 18:30
  Speaker 1: And so she's sponsoring her events, supporting her events. I'm
• 18:33
  Speaker 1: interested in her, by the way. Amazing. She is amazing.
• 18:35
  Speaker 1: But she got Nike to sponsor her launch party event.
• 18:38
  Speaker 3: Okay.
• 18:38
  Speaker 1: Yeah. But then you could give product at her future events.
• 18:42
  Speaker 3: Right. Okay.
• 18:42
  Speaker 1: So you can combine. So she's already done the work.
• 18:44
  Speaker 1: She's already going to do the event.
• 18:45
  Speaker 3: Yeah. Yeah.
• 18:46
  Speaker 1: And she'd probably support you because she's also a young
• 18:48
  Speaker 1: female founder trying to make it happen, right?
• 18:50
  Speaker 3: Okay.
• 18:50
  Speaker 1: But events... That are sponsored, that you can sponsor, but
• 18:53
  Speaker 1: also events that you can get sponsored.
• 18:54
  Speaker 3: Okay.
• 18:56
  Speaker 1: Okay. Now, this is where I see revenue.
• 19:00
  Speaker 3: Hmm.
• 19:01
  Speaker 1: You could, I'm going to make a little list of
• 19:04
  Speaker 1: revenue because marketing today is not like it used to be.
• 19:07
  Speaker 3: Okay.
• 19:08
  Speaker 1: Marketing used to be a cost center, right? Marketing would
• 19:10
  Speaker 1: cost you money.
• 19:11
  Speaker 2: Okay.
• 19:12
  Speaker 1: Now, the smart people like me that know marketing so well.
• 19:16
  Speaker 3: Yeah.
• 19:16
  Speaker 1: Marketing is income stream.
• 19:17
  Speaker 3: Okay.
• 19:18
  Speaker 1: I promoted my book. Got hundreds of thousands of copies sold.
• 19:22
  Speaker 4: Yeah.
• 19:22
  Speaker 1: I got paid by TikTok for the videos I made
• 19:25
  Speaker 1: to promote my own book.
• 19:27
  Speaker 4: Okay.
• 19:28
  Speaker 1: Right, so it didn't cost me money.
• 19:29
  Speaker 3: Yeah.
• 19:30
  Speaker 1: It made me money to promote my own book. If
• 19:32
  Speaker 1: we do this right, you can make money before you've
• 19:34
  Speaker 1: even sold one product.
• 19:35
  Speaker 4: Right, okay.
• 19:36
  Speaker 1: And that's what can underpin you as a business. Okay.
• 19:39
  Speaker 1: So your marketing is going to make money.
• 19:41
  Speaker 3: Yeah.
• 19:41
  Speaker 1: You have to believe this is possible.
• 19:43
  Speaker 2: Yeah.
• 19:43
  Speaker 1: A lot of people don't get it.
• 19:44
  Speaker 3: Yeah.
• 19:45
  Speaker 1: This is another hack no one's really realized yeah so
• 19:48
  Speaker 1: your marketing doesn't have to be a cost center and
• 19:50
  Speaker 1: it could be an income stream before your products even
• 19:52
  Speaker 1: hit the.
• 19:52
  Speaker 4: Shelves so would this support like a pre-order.
• 19:55
  Speaker 1: Model yes and no yes it can so like I
• 20:00
  Speaker 1: take my book I do a video saying this you
• 20:02
  Speaker 1: know I did one video it's 10,000 pounds on my
• 20:04
  Speaker 1: book that video made a A lot of money.
• 20:07
  Speaker 3: Yeah.
• 20:07
  Speaker 1: And then people saw the video and went and bought
• 20:09
  Speaker 1: my book.
• 20:10
  Speaker 3: Right.
• 20:10
  Speaker 1: Okay. So the same model. You guys could do a video.
• 20:12
  Speaker 1: We're going to make the most amazing sweets in the world.
• 20:15
  Speaker 1: And then you do a video going into sweet shops
• 20:18
  Speaker 1: and stuffing them in your mouth. And you're like, oh,
• 20:19
  Speaker 1: these are all disgusting. And you spit them out. That
• 20:21
  Speaker 1: gets 50 million views. Right.
• 20:23
  Speaker 3: Yeah.
• 20:23
  Speaker 1: And that can be 10 grand.
• 20:24
  Speaker 2: Yeah.
• 20:24
  Speaker 3: Okay.
• 20:25
  Speaker 1: Now, you've marketed your products coming.
• 20:26
  Speaker 3: Yeah.
• 20:27
  Speaker 1: And you've made 10 grand.
• 20:28
  Speaker 3: Okay.
• 20:28
  Speaker 1: Now, I don't want to... When people are listening to this,
• 20:30
  Speaker 1: and you guys included, I don't want to make this
• 20:32
  Speaker 1: sound easy because I think that this, like anything else,
• 20:36
  Speaker 1: is a combination of pressure, persistence, execution and innovation, and luck.
• 20:42
  Speaker 1: But you will only get lucky if you try. Yes.
• 20:45
  Speaker 1: So if you made a video every day from today
• 20:47
  Speaker 1: until six months from now, if one of them goes viral,
• 20:49
  Speaker 1: you can make more money than you have done in
• 20:52
  Speaker 1: your salary in the last six months. Right. And give
• 20:54
  Speaker 1: yourself more runway.
• 20:55
  Speaker 3: Yeah.
• 20:55
  Speaker 1: Let's call it social media income.
• 20:57
  Speaker 3: Mm-hmm.
• 20:58
  Speaker 1: And here's the exciting news. You don't need a following
• 21:01
  Speaker 1: to get social media income. Now on TikTok, technically, I
• 21:03
  Speaker 1: think you need 10,000 followers to get on the income program.
• 21:08
  Speaker 1: And YouTube, you need 1,000 subscribers. So you do actually,
• 21:12
  Speaker 1: I'll take it back, you do actually need a bit
• 21:14
  Speaker 1: of a following, but you can work with someone else.
• 21:16
  Speaker 1: So I can do a video about you and that
• 21:18
  Speaker 1: video can make money and I can share it with you,
• 21:21
  Speaker 1: for example. So there is one method where you have
• 21:24
  Speaker 1: no following, but what I was trying to say really
• 21:26
  Speaker 1: is you can put a video up today, And it
• 21:28
  Speaker 1: can get 100 million views and you don't need any
• 21:30
  Speaker 1: following to do that. I mentioned it already a little bit,
• 21:32
  Speaker 1: but just to make it clear, partners. You can get
• 21:34
  Speaker 1: brand partners that say Nike. By the way, people always
• 21:40
  Speaker 1: think these big brands are not easy to get. Right.
• 21:42
  Speaker 1: They're easier than you think.
• 21:43
  Speaker 3: Okay.
• 21:43
  Speaker 1: These brands need you. Okay. They are losing relevance.
• 21:47
  Speaker 3: Yes.
• 21:47
  Speaker 1: They need you more than you realise.
• 21:49
  Speaker 4: Which person in a big organisation would.
• 21:52
  Speaker 3: You go to?
• 21:53
  Speaker 1: There's two ways to find out. One is you just
• 21:55
  Speaker 1: go direct on LinkedIn and look for the marketing manager.
• 21:59
  Speaker 1: And if you see the marketing manager, maybe you see
• 22:01
  Speaker 1: that that marketing manager knows someone you know. I'm pretty
• 22:04
  Speaker 1: sure they know me. But you'll see a connection of
• 22:06
  Speaker 1: who they're connected to. So you can just see it online.
• 22:09
  Speaker 1: You'll see these events promoted to you all the time.
• 22:11
  Speaker 1: Just go look at the organisers and go to them
• 22:13
  Speaker 1: and say, hey, we're two founders trying to start a business.
• 22:16
  Speaker 1: I noticed that you got Nike as a sponsor. How
• 22:19
  Speaker 1: did you do that? And who are they?
• 22:21
  Speaker 3: Teachers, teachers.
• 22:22
  Speaker 1: Yeah, yeah, yeah. And they might reply, they might not.
• 22:24
  Speaker 1: If they're a small business, they probably will teach you, right?
• 22:26
  Speaker 1: But there's the Nike type partnership. But there's also, of course,
• 22:29
  Speaker 1: and we talked about this earlier, but there's also like,
• 22:32
  Speaker 1: let's call it, influencers that aren't making lots of money
• 22:35
  Speaker 1: but have lots of followers. So let's not talk about
• 22:37
  Speaker 1: Grace Beverly or Jamie Oliver because they've got successful businesses. Yeah, yeah.
• 22:41
  Speaker 1: They can be partners.
• 22:42
  Speaker 3: Yeah.
• 22:42
  Speaker 1: But I think the easier, low hanging fruit is often
• 22:46
  Speaker 1: people that are doing quite well on social media, but
• 22:48
  Speaker 1: they don't have a product.
• 22:49
  Speaker 3: Right.
• 22:50
  Speaker 1: Okay. Right. So a lot of those guys, you can
• 22:52
  Speaker 1: do something called affiliates.
• 22:54
  Speaker 3: Yes. Yeah.
• 22:55
  Speaker 1: So affiliate, you really need the product to do affiliate. Okay.
• 22:59
  Speaker 1: But they could also be your event partners in the meantime.
• 23:02
  Speaker 4: Okay.
• 23:03
  Speaker 1: And you could even do crowdfunding with them and give
• 23:05
  Speaker 1: them equity if they support.
• 23:06
  Speaker 3: Okay.
• 23:07
  Speaker 1: And they could become your ambassadors.
• 23:08
  Speaker 3: Yeah. Okay.
• 23:09
  Speaker 1: And these are the micro-influencers. A lot of these guys
• 23:13
  Speaker 1: have big followings. They can't monetize. So you can be
• 23:17
  Speaker 1: their partner to monetize. This is the single biggest thing
• 23:20
  Speaker 1: that's going to separate all future businesses from past businesses.
• 23:25
  Speaker 1: And it's community. As soon as you can, you want
• 23:30
  Speaker 1: to start building a community. Now it can start with
• 23:34
  Speaker 1: you two that care about this problem. But I'm sure
• 23:36
  Speaker 1: you know five friends or five people that also care
• 23:38
  Speaker 1: about this problem. Marketing is an income stream. This is
• 23:41
  Speaker 1: the important lesson I want you to take away from this.
• 23:43
  Speaker 1: It is not a cost center. It takes time to
• 23:46
  Speaker 1: set up. Of course, social media numbers take time to
• 23:48
  Speaker 1: build up. But today, this is your secret weapon. Because
• 23:51
  Speaker 1: social media, you can do better probably than big companies.
• 23:55
  Speaker 1: So you can beat them by doing this. So now
• 23:57
  Speaker 1: we're going to talk about making the idea real. I'm
• 24:00
  Speaker 1: actually going to combine it with team. Because making the
• 24:04
  Speaker 1: idea real and the team have a strong connection and
• 24:08
  Speaker 1: everything I've just gone through with you, I'm now going
• 24:09
  Speaker 1: to connect to all the dots. So for team, there
• 24:14
  Speaker 1: is today and then there's a year from now.
• 24:16
  Speaker 3: Okay.
• 24:17
  Speaker 1: I think as I described earlier already today is, you know,
• 24:20
  Speaker 1: let's say you're in charge of marketing, you're in charge
• 24:23
  Speaker 1: of finance. You're both going to help each other, but
• 24:25
  Speaker 1: you have this responsibility. So the gap in the team
• 24:27
  Speaker 1: is manufacturing.
• 24:28
  Speaker 4: All right.
• 24:29
  Speaker 1: The difficulty is going to be when you first hear
• 24:32
  Speaker 1: this idea, You need to run a sales system. So
• 24:34
  Speaker 1: I'm going to take team. Let's say marketing we already
• 24:36
  Speaker 1: talked about. And then we talked about finances. And then
• 24:39
  Speaker 1: we're going to talk about manufacturing. So that's really for
• 24:41
  Speaker 1: this type of business, the basic structure of the team
• 24:43
  Speaker 1: you need. So marketing is you. Finance is you. And manufacturing,
• 24:49
  Speaker 1: option one, is an investor. Option two is a partner.
• 24:57
  Speaker 1: And by the way, partners can also do a percentage
• 24:59
  Speaker 1: of profit. Basically what you say to the manufacturer is,
• 25:02
  Speaker 1: We're going to go do crowdfunding.
• 25:05
  Speaker 3: Yeah.
• 25:06
  Speaker 1: And we're going to pre-sell a certain amount. Right, okay.
• 25:09
  Speaker 1: And then once we've sold, I don't know, let's say
• 25:11
  Speaker 1: a million units, we'll have the cash to pay you. Oh, okay.
• 25:16
  Speaker 2: When you say we'll pre-sell, do you mean that we'll
• 25:19
  Speaker 2: make our sales and pay you?
• 25:21
  Speaker 3: Yes. What if you didn't get the amount of money
• 25:24
  Speaker 3: that you needed or that they would need?
• 25:26
  Speaker 1: So you get the price from them to make it.
• 25:28
  Speaker 3: Right.
• 25:29
  Speaker 1: For argument's sake, they say it's a pound. to make
• 25:32
  Speaker 1: the product. And then you have a pound of costs
• 25:35
  Speaker 1: and you have a pound of profit. So you need
• 25:37
  Speaker 1: to sell the product for argument's sake for £ 3.
• 25:38
  Speaker 3: 50.
• 25:38
  Speaker 1: And then I mentioned earlier crowdfunding. And there's many different
• 25:43
  Speaker 1: ways to do it. But let's say you do product
• 25:44
  Speaker 1: crowdfunding and you sell one million units at that price.
• 25:48
  Speaker 1: Then you have the money to pay them to make it.
• 25:53
  Speaker 1: And this, by the way, for manufacturers now, they're fully
• 25:56
  Speaker 1: aware of this model. So you tell them you're going
• 25:58
  Speaker 1: to do this and then they can give you samples.
• 26:00
  Speaker 1: They can give you arguments like they might invest in
• 26:02
  Speaker 1: you and say, here's a thousand samples. If you're going
• 26:05
  Speaker 1: to use us to make this product after this pre-order
• 26:07
  Speaker 1: and in the future, we'll give you a thousand samples
• 26:09
  Speaker 1: to get things going.
• 26:10
  Speaker 2: How does sampling work in the sense of everything that
• 26:14
  Speaker 2: I've heard from founders and business owners, they always reference
• 26:19
  Speaker 2: rounds and rounds of sampling.
• 26:22
  Speaker 4: What's the criteria?
• 26:24
  Speaker 1: Well, I mean, you need to write down what you
• 26:26
  Speaker 1: want the product to be.
• 26:27
  Speaker 4: Right, and then it needs to be done.
• 26:27
  Speaker 3: So you just basically go round and round and round?
• 26:30
  Speaker 3: with sampling and receiving different samples until you find the
• 26:33
  Speaker 3: one that fits you.
• 26:34
  Speaker 1: So you're a graphic designer, right?
• 26:35
  Speaker 3: Yeah.
• 26:35
  Speaker 1: So you've done logos.
• 26:36
  Speaker 3: Yeah.
• 26:37
  Speaker 1: It's exactly the same.
• 26:38
  Speaker 3: Yeah, it is.
• 26:39
  Speaker 1: So sometimes you'll nail it the first time. You'll be like,
• 26:41
  Speaker 1: someone tells you to do a logo, you'll do it,
• 26:43
  Speaker 1: and the client will go, oh, perfect.
• 26:44
  Speaker 3: Yeah.
• 26:45
  Speaker 1: Other times they're like, don't like it, do it again. Oh,
• 26:47
  Speaker 1: almost right, don't like it, do it again.
• 26:48
  Speaker 3: Yeah, yeah.
• 26:49
  Speaker 1: So you're going to have a bit of like, there's
• 26:50
  Speaker 1: no guaranteed process.
• 26:53
  Speaker 3: Right, okay.
• 26:54
  Speaker 1: But I would say, if they haven't got it 10
• 26:57
  Speaker 1: samples in, you've probably got the wrong one.
• 26:59
  Speaker 3: Okay.
• 27:00
  Speaker 1: Price will also determine this.
• 27:01
  Speaker 3: Yeah.
• 27:02
  Speaker 1: And you need to do your research. Yeah. Right? Who
• 27:04
  Speaker 1: is good? Who is not? What's going to happen is
• 27:06
  Speaker 1: the people that you research that are really good are
• 27:09
  Speaker 1: not going to want to deal with small players.
• 27:11
  Speaker 3: Right.
• 27:11
  Speaker 1: They're going to be big, big companies that know what
• 27:13
  Speaker 1: they're doing. You have to act big. Fake it till
• 27:16
  Speaker 1: you make it. People don't like me saying this, but.
• 27:18
  Speaker 1: I don't mind fake it till you make it as
• 27:20
  Speaker 1: long as you follow through. Don't lie to people. You'll
• 27:25
  Speaker 1: have to give everyone a refund if you can't deliver.
• 27:28
  Speaker 1: But you have to believe you're going to sell a
• 27:29
  Speaker 1: million units because when you talk to this company, you
• 27:31
  Speaker 1: have to say you're going to sell a million units.
• 27:33
  Speaker 1: Then they'll give you the samples, which means then you
• 27:35
  Speaker 1: can do the marketing, which then means you will sell
• 27:36
  Speaker 1: a million units. Now, if you don't sell a million units,
• 27:39
  Speaker 1: then this company took a little risk on you. If
• 27:41
  Speaker 1: they're big enough, it won't even hurt them. It won't
• 27:42
  Speaker 1: even matter to them, right? So you just need to
• 27:45
  Speaker 1: be a little bit bold and believe in your vision.
• 27:49
  Speaker 1: And that's how you get the manufacturing. It's chicken and
• 27:52
  Speaker 1: egg because actually all of this links. Now the team
• 27:54
  Speaker 1: will matter. Marketing, you're a novice and you don't have
• 27:57
  Speaker 1: large social media following. So you don't have social proof
• 28:00
  Speaker 1: to say you could sell a million units. So when
• 28:02
  Speaker 1: you're marketing strategy, you need to explain, we're going to
• 28:04
  Speaker 1: get Grace Beverly on board. By the way, Grace, if
• 28:06
  Speaker 1: you're listening to this. I love you.
• 28:08
  Speaker 4: I watch your things all the time.
• 28:10
  Speaker 1: Jamie Oliver could come on board. Yeah. Simon Squibb might
• 28:13
  Speaker 1: come on board. He's hard to get hold of. But
• 28:16
  Speaker 1: you kind of want to show how you're going to
• 28:18
  Speaker 1: get numbers when you're not personally a big social media
• 28:22
  Speaker 1: influencer just yet. Now, how much would it cost? Honestly,
• 28:24
  Speaker 1: this is what kind of drives me crazy about people
• 28:26
  Speaker 1: starting businesses. People think they need a billion pounds before
• 28:28
  Speaker 1: they start. You don't. You need a million dollar plan
• 28:32
  Speaker 1: before you start. You actually don't need a million dollars. Now,
• 28:35
  Speaker 1: what's going to have to happen, and this is what's
• 28:37
  Speaker 1: going to be tough for you, and this is where
• 28:39
  Speaker 1: this team thing plays out a little bit more. There's
• 28:42
  Speaker 1: a huge sales role in the beginning of any business.
• 28:45
  Speaker 1: This is the biggest thing I wish they'd teach at school. Right.
• 28:48
  Speaker 1: Because if people understood sales and everybody can sell, then
• 28:50
  Speaker 1: every single part of what I've told you here works. Okay.
• 28:53
  Speaker 1: If you don't know how to sell and you think
• 28:55
  Speaker 1: it's hard.
• 28:56
  Speaker 3: Yeah.
• 28:57
  Speaker 1: Then this becomes quite hard and you just need to
• 28:59
  Speaker 1: raise money and then you have a boss.
• 29:00
  Speaker 3: Okay. Okay?
• 29:00
  Speaker 4: Yeah.
• 29:01
  Speaker 1: So selling is just mindset. All selling is is storytelling.
• 29:04
  Speaker 3: Okay.
• 29:05
  Speaker 1: Okay? It's just storytelling. It's not faking. They're not car
• 29:08
  Speaker 1: salesmen selling you something you don't want. Yeah. Sales is
• 29:11
  Speaker 1: literally like there's a problem with sweets out there. There's
• 29:13
  Speaker 1: not enough protein in sweets. We need to change that. Yeah.
• 29:17
  Speaker 1: We're not going to stop until this works.
• 29:18
  Speaker 3: Right.
• 29:19
  Speaker 1: And you need to sell to your future team.
• 29:21
  Speaker 3: Yeah.
• 29:21
  Speaker 1: You need to sell to your manufacturer. You need to
• 29:24
  Speaker 1: sell to the partners that you want to have come
• 29:26
  Speaker 1: on board, like Beverly and Jamie and so on. And
• 29:29
  Speaker 1: so you need to learn to do this. And all
• 29:31
  Speaker 1: you need to do, you guys already do it a
• 29:33
  Speaker 1: little bit. Your sales pitch, I would just make it
• 29:36
  Speaker 1: a little less like an act.
• 29:38
  Speaker 3: Okay. Yeah.
• 29:40
  Speaker 1: I would almost like, I'd let one of you take
• 29:42
  Speaker 1: the lead on it.
• 29:42
  Speaker 3: Okay.
• 29:43
  Speaker 1: And then you jump in with some passionate point.
• 29:45
  Speaker 3: Okay.
• 29:46
  Speaker 1: And, you know, you might be like, and we want
• 29:47
  Speaker 1: to make these sweets really good. And you'd be like,
• 29:49
  Speaker 1: oh my gosh, I'm in school on board. And, you know,
• 29:50
  Speaker 1: we've gone viral all night. Have you seen?
• 29:52
  Speaker 3: Yeah.
• 29:53
  Speaker 1: So make it a little bit more natural.
• 29:54
  Speaker 3: Okay.
• 29:55
  Speaker 1: Yeah. And the sales process is basically everything. Numbers. If
• 29:59
  Speaker 1: you research, you'll find 100 manufacturers that can make your product.
• 30:02
  Speaker 3: Right.
• 30:02
  Speaker 1: And then you need to have a rigorous system. We
• 30:05
  Speaker 1: use Pipedrive, I think. We use Pipedrive. You need a
• 30:07
  Speaker 1: rigorous software system and or product to allow you to
• 30:10
  Speaker 1: rigorously follow up with these people.
• 30:11
  Speaker 2: Okay.
• 30:12
  Speaker 1: Because if you send me an email today, even you two,
• 30:13
  Speaker 1: I know you.
• 30:14
  Speaker 3: Yeah.
• 30:14
  Speaker 1: Right? I like you and I'm helping you.
• 30:16
  Speaker 3: Yeah.
• 30:16
  Speaker 1: If you send me an email tomorrow, I probably won't reply.
• 30:19
  Speaker 3: Yeah. Yeah.
• 30:20
  Speaker 1: You send me an email a week later and say, sorry,
• 30:22
  Speaker 1: you didn't reply.
• 30:23
  Speaker 3: Yeah.
• 30:23
  Speaker 1: I might not still reply.
• 30:24
  Speaker 3: Yeah.
• 30:24
  Speaker 4: Nothing personal.
• 30:25
  Speaker 3: Yeah, yeah, yeah.
• 30:25
  Speaker 1: And the following week, you send me one. You're like, oh, sorry, guys.
• 30:28
  Speaker 1: I missed the last two emails.
• 30:29
  Speaker 3: Yeah, yeah, yeah.
• 30:30
  Speaker 1: Your email came in. I was getting on a plane.
• 30:31
  Speaker 1: And your other email came in. I didn't press reply.
• 30:34
  Speaker 1: I forgot to press send.
• 30:35
  Speaker 3: Yeah, yeah.
• 30:35
  Speaker 1: You know, like, you just have to remember, no is
• 30:37
  Speaker 1: not a no in business until you've seen it in
• 30:39
  Speaker 1: black and white. And even when they say no, you
• 30:42
  Speaker 1: can go back and say white.
• 30:43
  Speaker 3: Yeah.
• 30:43
  Speaker 1: You just have to rigorously push through.
• 30:46
  Speaker 3: Okay.
• 30:47
  Speaker 1: Not stop until you've got that yes. And even if
• 30:49
  Speaker 1: they say no, okay, we'll come back to you in
• 30:52
  Speaker 1: a month.
• 30:52
  Speaker 3: Yeah, yeah, yeah.
• 30:54
  Speaker 1: And that's all sales is.
• 30:55
  Speaker 3: Yeah.
• 30:56
  Speaker 1: Rigorous, careful follow-up. Pipe Drive by is our partner. I
• 30:58
  Speaker 1: can get you access to this.
• 30:59
  Speaker 3: Amazing.
• 31:00
  Speaker 4: Thank you.
• 31:01
  Speaker 1: So just remember, team is never ending. You want to
• 31:04
  Speaker 1: be looking out for people that can replace you.
• 31:06
  Speaker 3: Yeah.
• 31:06
  Speaker 1: This is the long-term plan.
• 31:07
  Speaker 3: Yeah, yeah.
• 31:07
  Speaker 1: So you might think you're the best at marketing.
• 31:09
  Speaker 3: Yeah.
• 31:10
  Speaker 1: You want someone better than you.
• 31:11
  Speaker 3: Yeah.
• 31:12
  Speaker 1: So when you start a business, you will always be
• 31:14
  Speaker 1: a generalist. Any founder is a generalist. You're going to
• 31:17
  Speaker 1: be the salesperson. You're going to be the finance person.
• 31:19
  Speaker 1: You'll probably be involved in manufacturing. You're going to be marketing.
• 31:21
  Speaker 1: You're going to be recruiting. Yeah. And then as you
• 31:23
  Speaker 1: develop your business, you go from generalists to specialists.
• 31:27
  Speaker 3: Okay.
• 31:28
  Speaker 1: So you start to see where you naturally fit in
• 31:30
  Speaker 1: the order of your company. Right. I naturally fit within
• 31:33
  Speaker 1: the order of my company in marketing.
• 31:35
  Speaker 3: Okay.
• 31:35
  Speaker 1: I'm the CEO at the beginning. Yeah. And then I
• 31:37
  Speaker 1: bring a CEO in.
• 31:38
  Speaker 3: Okay.
• 31:39
  Speaker 1: Makes sense? Yes, that makes sense.
• 31:40
  Speaker 3: All right.
• 31:40
  Speaker 1: So that's it. I think you guys are ready to go. Amazing.
• 31:44
  Speaker 1: So I have one last question for you. How much
• 31:46
  Speaker 1: money do you need to make the business go?
• 31:48
  Speaker 4: Nothing.
• 31:50
  Speaker 3: Nothing?
• 31:51
  Speaker 1: Yeah. If I'm wrong, come back to me in a month.
• 31:54
  Speaker 3: Okay.
• 31:54
  Speaker 1: But I'm not. You can if you persist.
• 31:57
  Speaker 3: All right?
• 31:57
  Speaker 4: Thank you.
• 31:58
  Speaker 1: Thank you. Thank you. We'll have some chicken now.
• 32:01
  Speaker 3: Bye.
• 32:01
  Speaker 4: Bye.