Latest / Networking Unleashed: Building Profitable Connections / Networking Unleashed: An Interview with Joe Mindak and Michael A Forman, Professional Speaker

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Networking Unleashed: An Interview with Joe Mindak and Michael A Forman, Professional Speaker · Networking Unleashed: Building Profitable Connections

0:17
Welcome to Networking Unleashed, Building Profitable
0:20
Connections. I'm your host, Michael Foreman,
0:23
and today we're tackling a question a lot of
0:26
people think about, but few talk about openly.
0:30
What if people who connect others, the one who
0:33
opens doors, bring opportunities together, and
0:38
build rooms that matter, actually got paid for
0:42
the value they create? Today's guest understands
0:45
how communities turn into income, why connectors
0:49
should stop apologizing for charging and why
0:53
real results only come when you put in the time.
0:57
This episode is about ownership, credibility
1:00
and earning what your relationships produce.
1:04
If you've ever wondered how to turn your network
1:08
into something that lasts and pays, you're in
1:11
the right place. start getting into it. I'd like
1:15
to introduce today, Joe, you are my guest today
1:20
on my podcast. Welcome. Why don't you give me
1:23
a little bit about your background and where
1:26
you are today? Sure. Thanks for having me, Michael.
1:29
This is great. I'm excited to be on here. We
1:31
had a lot in common. We were talking before we
1:32
got on. So a lot of Jersey, Rockland County stuff.
1:35
So a lot of connections there. But yeah, but
1:37
I'm a Jersey guy. I went to school in Ohio, came
1:39
back. I started a marketing agency right out
1:41
of college. I ran that for 20 years and I became
1:44
a connector. I just fell in love with networking.
1:47
I went to a BNI meeting when I was 25 and someone's
1:50
like, yeah, you network. I'm like, what is this?
1:51
And next thing you know. I loved it. And I'm
1:54
like, wait, if I introduce you to that person,
1:56
you could get me business and just the whole
1:57
idea behind it. So the next whatever, 15, 20
2:01
years or so, I was running the agency. I became
2:02
a real big connector. And then I sold the company
2:05
and I started another company and people are
2:07
still calling me, right? Joe, I need this. Joe,
2:09
I need that. Oh, Michael, listen, I'm happy to
2:11
connect you. you know what? How about you pay
2:13
me if I connect you to another deal, right? I
2:15
had a $100 ,000 deal that I connected somebody
2:17
on. I'm like, I should have gotten paid for that.
2:19
That was a nice size deal. And I went back to
2:21
them and said, how about I bring you more business
2:23
and you pay me? And they were like, yeah, like
2:25
you literally walked me in the door, president
2:27
of the company, and I got a $100 ,000 deal. I'll
2:30
pay you 15 % of whatever you bring me. So that's
2:33
when the whole thing started. It was like, maybe
2:34
connectors should be getting paid. And I think
2:36
we all as connectors, you as a connector, everyone,
2:38
I think we all in our back of our minds, like,
2:41
man, I've given out millions of dollars over
2:42
the years. Why I should have been, I should have
2:44
been getting paid. And people get frustrated.
2:46
I don't even get a gift card, not even a bottle
2:48
of wine. And I've done that before. And it's
2:50
like, you should be thanking people. And then
2:51
now that we have the upfront contract that we
2:54
put together through our software, it's like
2:56
you're going in saying, I'm going to, if I introduce
2:58
you, you're going to pay a commission. and just
3:00
let's stop playing around with this and we're
3:02
just calling it connectors get paid this is the
3:05
book i put out i feel like i'm always hawking
3:07
the book but connectors get paid how to build
3:09
a referral network that pays and we trademarked
3:11
it connectors get paid let's all start paying
3:13
each other that's our mantra if you're a good
3:15
connector get paid and the people that aren't
3:16
good I'm happy to pay you, Michael. If you get
3:19
me business, I don't like selling. I don't like
3:21
opening doors. I don't like doing all this networking.
3:23
But if you get me in the door somewhere, I'm
3:25
happy to pay you. So both sides are happy right
3:27
now. The connector is getting paid. And the other
3:29
people that are afraid, not afraid, but are just
3:31
uncomfortable with networking sales, they're
3:34
getting paid as well. And that's it. It's very
3:36
simple. It is simple. It is simple. And I based
3:41
my whole business. on that concept. I truly believe
3:46
it. I believe that networking is the lifeblood
3:49
of business. And some people don't have the salesmanship.
3:54
They know what they're doing. They know how to
3:56
do it, but they hate to go out and sell. So if
4:00
they find somebody like you or me or somebody,
4:03
and we put the two together, why not get paid?
4:06
Get a little piece of the pie. So that works.
4:09
Yeah, and it's not a sale at that point. No,
4:11
it's not. Michael, to somebody I know that's
4:14
looking for your service. They know me. Oh, Joe.
4:16
Okay, good. Yeah. Let me, I'm looking for your
4:18
service. And like you said, they know what they're
4:20
doing. Our friends are just looking, our colleagues
4:22
are looking for someone that could do the service
4:23
we're looking for. And all right. And if you're
4:25
always going to ask for a referral, people always
4:27
want a referral. So we're just making that introduction.
4:29
It takes that, that, like I said, that awkwardness
4:31
that I'm doing a sale. It's just an introduction
4:33
to someone who wants to do business with you.
4:34
It is. And it's so well put. I'm going to ask
4:37
you about the book later on. Okay. Let me get
4:39
right into this. Why do connectors often create
4:43
massive value for others yet struggle to get
4:47
paid out themselves? Yeah, I think, look, connectors
4:51
just love connecting, right? It's something we
4:53
want to do and just love making that introduction,
4:56
but are always, always been afraid to ask after
4:59
because it's like, I introduced you to somebody
5:00
and I just heard you close that $250 ,000 deal.
5:04
i can't go back to you after so you got to get
5:07
that upfront thing going now and that's what
5:09
we're talking about so they're often giving out
5:11
those referrals because they love making introductions
5:13
i didn't make introductions all day long and
5:15
they're just they're hoping i think that someone
5:17
would pay them and do the right thing but Why
5:20
would they have no contract to do? And that's
5:21
why we're putting in place to say, look, you
5:23
should start getting paid now. But put that up
5:25
for upfront contract that says I will introduce
5:28
you. I'm going to get paid now. So because they
5:30
haven't been getting paid and they're always
5:32
giving, giving and not getting reciprocation.
5:34
I think that's the bottleneck in a lot of these
5:36
networks is I give you four referrals. You don't
5:39
give me anything back. I don't get paid back.
5:42
I gave you four deals, Michael. You closed two
5:44
of them. You don't have one person you can introduce
5:46
me to? Now I'm not giving you any more business.
5:49
Not because I'm a jerk, just because I'm like,
5:52
I give you four deals. There's not one person.
5:54
But if you paid me on two of those deals, now
5:57
I'm going to keep that flywheel open and keep
5:59
giving you business. I'm happy now. I would love
6:02
if you gave me a referral back, reciprocated,
6:05
but maybe you're not a connector. Maybe you don't
6:06
have a good network. But I do, so I'll keep giving
6:09
you business. I just want a little piece of the
6:10
business. The other person's, again, happy because
6:13
you're the one that's connecting me. So you have
6:16
all the introductions. I'm happy to pay you because
6:18
I know you bring me more business. So it's a
6:20
simple, simple two -way street here. On a small
6:24
business plane, if you're just dealing, because
6:28
I hold a networking group every week and it's
6:31
about 15, 20 businesses come together, but they're
6:35
all a single man shop. They're just starting
6:39
out. So how would you handle speaking to somebody,
6:43
let's say of that group on what you're doing?
6:48
Yeah. So listen, they got to utilize the other
6:50
people in the group, right? Cause every one of
6:52
those 20, there's only 20 people, right? And
6:54
they're single man shopper. The only person that's
6:55
doing sales, you got to use the other 19 people
6:58
in our group to open those doors for you. But
7:00
a lot of times people just sit back and wait
7:02
for them to open a door. Right. But you got to
7:04
ask. the other person group hey john listen i
7:08
noticed on linkedin three people are cfos i'd
7:10
like to talk to cfos because i'm an accountant
7:12
do you know any of those cfos well enough to
7:15
make an introduction oh i do yeah i know i know
7:18
this one and that one good Do you mind asking
7:19
them if they're looking for somebody with my
7:21
services? And then, yeah, they go back to that
7:25
person and say, hey, I wanted to introduce you
7:26
to a friend of mine. He does accounting. He'd
7:28
like to talk to you. Maybe one of those two CFOs
7:30
are like, yeah, actually, we're looking for a
7:32
new accounting firm for a company. And then they
7:34
make the introduction. But these are 19 other
7:36
salespeople that are, you're a one -man shop.
7:39
You don't have a sales crew. No, you do. You
7:41
have 19 other people that are a salesperson for
7:43
you. You just got to ask them who they know to
7:45
get you in the door. And if they tell you they
7:48
don't know somebody, Tell them, you know what?
7:50
Okay, Michael, go on LinkedIn. Look at it. Because
7:52
a lot of times we forget. I don't remember what
7:54
every one of my buddies from college does. People
7:56
I went to high school with. You forget. Oh, you
7:58
know what? Do me a favor. Type in CFO in LinkedIn.
8:01
Oh, yeah. You know what? I do know John. I forgot
8:03
he's a CFO. Yeah, I can make that introduction
8:05
for you. So utilize those people. They're your
8:08
sales force. That's why you join a networking
8:10
group. So hire a sales force. Absolutely. Absolutely.
8:14
Okay. At what point does a network stop being
8:18
just relationships and become something people
8:21
should be compensated for stewarding? That's
8:27
the tough part. And that's why we're out there
8:28
with this mantra, connectors get paid. We all
8:31
have to agree upon it, right? And we're trying
8:34
to get it out there. And that's why I'm doing
8:36
these podcasts. Hey, if you're a connector, demand
8:38
your networking group to pay you. Hey, I could
8:41
join another group. This other group over here,
8:43
I heard they're paying their people that are
8:44
making introductions, right? So I think all the
8:47
networking groups, and look, I've talked to a
8:48
lot of them. They're like, we don't do stuff
8:50
like that. We do, you scratch my back, I scratch
8:52
yours. But again, these networking groups have
8:54
this bottleneck because the good connectors are
8:57
in a group. They're giving, giving, not getting
8:59
anything back. They go to another group, and
9:01
then they go to another group. You want to keep
9:02
them here. You want to keep those good connectors
9:04
that are going to. stay with you if they're getting
9:06
paid. And then they're giving business to the
9:08
other people. So they're going to keep the other
9:10
people there. So I think every networking group
9:12
should be doing this because you should all be
9:14
paying each other. You have a B &I, which it's
9:19
one person in one industry per group. And it's,
9:24
let's say, 30, 40 businesses. And they are required
9:28
to give a referral or an introduction or something
9:32
else. And they don't get paid for it. Right.
9:36
But the requirement makes it a BS referral. That's
9:39
the problem. Oh, I'm required? Okay, Michael,
9:40
who do you want to talk to? CEO? Good. I got
9:43
a CEO. Here's my friend, Kevin. And I introduce
9:46
you. Hey, Kevin, Joe told me to call you. About
9:48
what? Oh, I do accounting services. My brother's
9:50
our accountant. So why would he tell you to call?
9:52
Because I had to put a referral in. Otherwise,
9:54
you can't force referrals. So what we teach is,
9:57
look, do you know that person well? Michael,
9:59
do you know that person well enough to make an
10:01
introduction? Oh, yeah, that's my college roommate.
10:04
Okay, good. Can you ask him if he'd like the
10:06
services I provide? Here's what I provide. Is
10:08
he in the market for those services? And if he
10:10
is, then you make the introduction. And you are
10:13
making the intro because you're going to get
10:14
paid on the intro. So you have an incentive to
10:16
get that introduction done and to make sure that.
10:19
Both are following up. I'm following up with
10:21
the lead you gave me and your roommate is following
10:23
up with me and making sure I get back to you.
10:25
So otherwise, everyone just throws out a referral.
10:27
Here you go. You want a referral? I could give
10:29
you a referral right now if you wanted one. But
10:31
is it actually a referral that's going to close?
10:35
That's why I left BNI like four years ago. I
10:40
went through one year of it because everybody
10:41
said, you got to go, you got to go, you got to
10:43
go. I went and I'm like. There's nothing here.
10:47
It's just, they refer everybody within and I
10:51
didn't get a lot of it. So I know exactly what
10:55
you're talking about. And it is high time that
11:00
this is a needed, this is a needed something
11:03
for what's called a super connector. Yeah. And
11:07
I think every super connectors, I can't believe
11:09
you guys are doing this. I've been thinking about
11:11
this for years. I can't believe you guys built
11:12
something that actually does this. This is great.
11:15
Good. What must be in place inside a community
11:19
before money can enter without damaging trust?
11:26
Again, we built the software, so not to sell
11:28
the software, but we built the software to take
11:31
care of all that, like the upfront. You're going
11:33
to sign a contract that says, I will pay anyone
11:36
in this group that gives me a referral, I've
11:38
agreed to pay X percentage. So you need everything
11:40
in writing, just like anything in life. If you
11:43
think you're going to get paid on something,
11:44
hey, Michael, look. No, put it in writing. Send
11:47
me an email. I sent the guy an email the other
11:49
day. Hey, just want to put this in the email
11:51
so it's in writing that this is what we've agreed
11:53
upon. If you don't use our software, some sort
11:57
of software that is going to put that agreement
12:00
in writing. So what we do is we have an upfront
12:02
contract that says, I will pay a percentage.
12:05
Everyone puts their percentage on their actual
12:08
profile. Here's the percentage I actually pay.
12:11
And they have to accept an introduction. Say,
12:14
yes, Michael, you introduced me to that person.
12:16
So again, they click on a link that says in writing,
12:19
yes, you're the one that made an introduction.
12:21
So I can't three months from now say, Michael,
12:23
I already knew. I already knew Susie. Oh, really,
12:26
Joe? No, you accepted that I made the introduction
12:29
to you. So you just have to have those things
12:31
in place, right? You want to trust everybody,
12:33
but you can't. So we have a bunch of things in
12:35
place that before anything goes across, before
12:38
any money's done, sign these contracts that everyone's
12:41
in agreement on what's going to happen here.
12:43
If your client closes a deal for 10 grand, I
12:44
know I'm going to get 7 % of that. So I know
12:47
I'm going to get $700 into the pot. It's all
12:50
in there in writing. Good. Okay. What separates
12:54
communities that generate steady income from
12:58
those that stay social but never go further?
13:02
I mean, that steady income is going to keep people
13:05
there. And I think people get to, I've seen a
13:07
lot of communities I've talked to over the last
13:08
couple of years that get to 60 people and then
13:11
just go stagnant. Because again, after that first
13:14
year, you get all that momentum building and
13:15
then the connectors are leaving because they're
13:17
not getting business back. So they leave, the
13:20
other people leave because they're not getting
13:21
business from the connectors anymore and just
13:22
go stagnant. And they stay at 60 and they lose
13:25
a couple of people. They never get to that other
13:27
point. I have a guy, he's been running a group
13:29
for 10 years now. He's got 60 members. right?
13:32
Our group has been three years. We have 550 members.
13:35
They're like, well, how do you have so many members?
13:37
And our group charges double what they charge.
13:40
I said, because everyone's getting paid. It's
13:43
just a simple switch. Let's all pay each other.
13:46
And now that money's flowing in. So if you get
13:49
a deal. More deals are happening because people
13:51
are introducing more people because they're going
13:53
to get paid. And then the connectors are getting
13:55
more money. So they stay in a group and keep
13:57
giving one out. Without the ROI, and we've talked
13:59
to a lot of chambers, like we're talking to chambers
14:01
right now. Chambers love what we're doing. They're
14:03
like, we need non -dues revenue. We can't just
14:05
rely on the dues to come in. Because if that's
14:08
all it is, our members are going to leave. But
14:10
now they want other revenue sources. Oh, this
14:13
is great. Now we can pay our members when they
14:15
get deals done. And the chamber could get a cut
14:18
of every deal that goes through. This is great.
14:20
This is a great revenue source. And the software
14:22
doesn't cost $129 a month. It's not like we're
14:25
trying to, because we're invested in people being
14:28
successful. So the deals come in, we all make
14:31
money, including us. And that's how we set up
14:33
the model, right? Deals come in, we make money,
14:36
the community makes money, the member makes money.
14:38
Everybody's happy. Good, good. Okay. Many people
14:44
underestimate the work involved. What does it
14:48
truly take? behind the scenes to build a network
14:52
worth paying for. Yeah, I mean, this has been
14:58
going on for a few years now. I think we're at
15:00
five years or so now. Look, it takes a lot. When
15:02
you're starting a network, you're the one bringing
15:05
people in. You got to convince them why you should
15:08
be part of your network. And I would be on LinkedIn.
15:10
I would be on Lunch Club. I would go to meetings.
15:13
And you got to put, like any business, you got
15:15
to put the time in to grow it and convince somebody
15:17
why your network is better than the other. And
15:19
for me, it was that whole mantra of getting paid.
15:22
Hey, you want to be in a network that pays for
15:24
your referrals? Come over here. And that was
15:26
my simple message on LinkedIn. Hey, Michael,
15:28
we have a networking group that pays you for
15:30
your referrals. Was that of interest to you?
15:33
Yes or no? And you send 50 of those messages
15:35
out every day on LinkedIn or whatever it is.
15:38
You'll get three, four people every day responding
15:40
yes, and you get those people. So it takes it.
15:42
But the thing we did to build it, again, the
15:45
incentive. Every group, there's not incentive.
15:47
The other incentive we put into place is, okay,
15:50
Michael, you join up. It's $100 a month to join.
15:53
If you bring another member in, we'll give you
15:54
$100 for bringing that member in. So now every
15:58
time you bring a member in, you're getting paid.
15:59
So if you're paying $100 a month to be a member
16:01
of this group and you bring in a new member,
16:03
you didn't pay dues that month. Okay, so now
16:06
you're incentivized. Let me see who else I can
16:08
bring to the network. And then that exponential
16:10
growth, that network effects just starts to happen,
16:12
right? We have 3 ,300 prospects right now for
16:16
our 500 -person group. 3 ,300 prospects. We have
16:20
six times the amount of prospects trying to join
16:22
our group because people are like, I want that.
16:24
And the members are bringing those prospects
16:25
in because they want the incentive to get the
16:27
money. And then they're going to get more people
16:29
on that deals are going to flow in and get more
16:31
money. So it's just... Again, the thing that
16:34
was missing and I saw with BNI and LinkedIn and
16:37
anything, any of the other networking things
16:38
is where's the incentive for me? Where's the
16:41
incentive for everybody? And what's the greatest
16:43
incentive? Money. Absolutely. Absolutely. No,
16:48
I couldn't agree more than 100%. It's exactly
16:52
what is needed. I've been networking my whole
16:56
life. I made it into a business three years ago.
17:00
And I have networking groups. I go to different
17:03
events. I think I'm holding my own event and
17:06
I understand exactly where you're coming from.
17:10
And this has been needed for quite some time.
17:12
People love the idea of passive income from a
17:15
network. What parts can eventually run quietly
17:19
and what parts require attention? Yeah, so look,
17:25
once it's set up in a system and people get to
17:27
know and start to build relationships. That just
17:30
starts to happen. So you don't have to push it
17:31
anymore. You start to build this relationship
17:33
with the group. Now you and I are referral partners.
17:35
So I'm just quietly giving you referrals because
17:38
you've done a great job. I've introduced you
17:40
to a couple of clients. You're doing an awesome
17:42
job for me. And I keep making money off of you.
17:44
I'm just now quietly, you and I are just sending
17:47
referrals. But I keep sending it to you and I
17:49
keep putting it into the system and the community
17:51
owner keeps getting paid every time. So they're
17:53
happy the deal's going on. Then that passive
17:55
income just kicks in, right? We did in the last
17:57
two weeks. our community, for the groups out
17:59
there that run networking groups, chambers, whatever,
18:01
our community made $5 ,000 in the last two weeks
18:04
in passive income. Just deals that I don't even
18:08
know about. That's where it starts to get interesting.
18:11
I was on a call today with a group that has 2
18:12
,000 members, a chamber of commerce out west.
18:15
They have 2 ,000 members. We just generated five
18:18
grand from 500 members. That's exponentially
18:21
grow that. That's $20 ,000. That's in two weeks.
18:24
That's $40 ,000 a month. $500 ,000 that a chamber
18:30
or other can make in passive income. So it just,
18:34
once it starts going, there's, again, our group,
18:37
I always use our group, we have 4 ,300 deals
18:39
going on right now, 4 ,300 deals in a 500 person
18:42
group, right? Because the incentives there, these
18:47
people want to, it's just, it's so simple and
18:51
so easy and so effective. And that's why I try
18:54
and tell people, why are we at 550 members after
18:57
three years and you're at 60 members after 10
18:59
years? Not much different. Networking is not
19:03
much different across things. Pull people together,
19:05
let them talk to each other through referrals,
19:07
but we're paying people. The numbers don't lie
19:11
in anything, right? That's the difference. That's
19:14
the difference. Okay. How should connectors think
19:18
about pricing their access? introductions or
19:21
community without feeling awkward or apologetic.
19:26
So listen, when you're starting a community and
19:28
you have no proven track record, you're going
19:30
to have to go low, right? When I started, our
19:32
community was 500 bucks for the year, right?
19:35
Which there's communities out there charging
19:36
$6 ,000 for the year, right? We were 500, right?
19:39
And then we got to 100 people. Okay, now we have
19:41
a little bigger community. We're going to start
19:43
charging $100 a month. Nobody batted an eye,
19:46
right? And now we haven't even raised it in a
19:48
while because we're still doing that. So you
19:50
want to price it. Where's the value? Am I going
19:52
to pay $100 a month for 20 people in a group?
19:55
No. You got 100 people in a group? Maybe I'll
19:57
pay $100 a month. Now you got 500, 1 ,000 people
20:00
in a group? Maybe you're going to pay $250 a
20:02
month. So base it on the value you're providing,
20:04
right? People want to pay for value, right? When
20:06
I first started, I had a guy come to the New
20:08
York meeting. There's eight people there. He's,
20:11
call me when you're bigger. which I get it, right?
20:13
Okay. You don't want to be here when we're starting.
20:16
And honestly, a year later, he tried to join.
20:17
I'm like, you know what? You didn't want to take
20:19
the chance when we started. You're not in now.
20:21
I told him no. But listen, I get it. There was
20:24
no value at the beginning. I don't want to come
20:25
here where there's eight people here. So I think
20:27
you got to price it according to how many people
20:30
you have, how much value you're bringing, right?
20:32
Now we've been around for a while. We could probably
20:33
raise our prices if we wanted to, because we
20:35
could see all the value, see all the deals we're
20:37
going. And as far as the value you're putting
20:40
on you to pay for these referrals, you have to
20:43
decide what your margin is that you could afford
20:45
to pay the other member of the group. Hey, Michael,
20:47
you're a member of the group. I'll give you 10
20:48
% of whatever comes in. I'm going to pay 10 %
20:50
on that. Or I'm going to pay 7%. Or I'm going
20:53
to pay 12%. It's up to the members what they
20:55
want to pay. They put it in the system, tell
20:57
you what to pay. That's what the system will
20:59
do. But the problem we see a lot is someone will
21:02
be like, I'm only going to pay for the first
21:03
deal. And people aren't incentivized like that.
21:07
If the initiation fee is $500 and you're paying
21:11
10%, that's $50. You're doing an ongoing deal
21:15
with this company because you're the one that
21:17
made a referral. And all of a sudden, you're
21:18
out with your friend. Oh, yeah, we're doing $10
21:20
,000 a month with Michael. He's been doing a
21:22
great job. $10 ,000 a month? That guy only paid
21:25
me on the first $500. So don't undervalue your
21:28
incentive for the other people to give you money.
21:31
Because I'm not going to go back to you if I
21:33
find it out. I made $50 off that deal, and I
21:35
know you're making $10 ,000 a month. So you've
21:38
got to make sure there's a value to the other
21:41
member to bring you more business. So incentivize
21:44
them. Give them a good commission. Okay. All
21:47
right. What are the fastest ways people damage
21:51
a community when they rush to make money from
21:54
it? That's a good one. I'll give you the story
21:58
of what happened with me. When I started, I had
22:01
a certain vision of what I wanted. And I want
22:04
a certain... type of person in the group right
22:06
i wanted someone to more higher end business
22:08
we want to b2b we wanted people that really vetted
22:11
out right we didn't want to let like a lot of
22:13
groups the problem is and not to say any groups
22:16
but as long as you have a hundred dollars and
22:18
a pulse you're in right because they want to
22:20
make money so i did the same thing right i had
22:22
a certain thing i wanted to do And, but all of
22:25
a sudden it was growing. Somebody wanted to open
22:26
up a chapter. I said, oh, Michael, you want to
22:28
open up a chapter in Atlanta? Go ahead. Yeah,
22:30
that sounds cool. And someone else wanted to
22:32
open one. All of a sudden I had four chapters
22:33
of this group that I was starting in the first
22:35
six months to a year. And it was great. We're
22:37
going to make a ton of money. Now we'll get more
22:39
members in. We were just letting everybody in.
22:42
We started to just loosen up the reins because
22:44
again, someone comes to meetings, eight people.
22:47
That looks bad. I want 20 people in those seats.
22:50
So I'll let Susie in, even though she's not the
22:52
best member, right? But then you devalue your
22:55
group because you have people in there that aren't
22:56
good networkers, don't do a good job, make you
22:59
look bad in front of the client, right? So I
23:02
literally woke up one morning and I had about
23:04
60 members in my group because I wanted to grow
23:07
this quickly. And I woke up one morning, I cut
23:09
30 people out. I sent them a note that day and
23:12
said, sorry, Michael, we're going a different
23:14
direction. Nicely, you're not part of that direction.
23:17
We're just going a different thing. And from
23:19
there, we always stuck to our guns about who
23:21
gets in the group. Because if you're just trying
23:23
to grow a group fast and get as many people in
23:25
there, you're going to have bad people in there.
23:26
And then the good people are going to leave.
23:29
So we don't put the value on the $100 a month.
23:33
We don't care about your $100. That's what we
23:36
charge to be in our group. I don't want you in
23:38
just to get $100. right if you're not if you're
23:41
not a good member of our group we don't have
23:43
a bad feeling about you somebody raised their
23:45
hand and says i've done business that michael
23:47
before i don't like you're not in where other
23:50
groups are back up you got 100 bucks you're in
23:52
yeah so that's the bad part you don't want to
23:54
just go after as many people as you can it's
23:56
just not going to be long no and i understand
23:59
that 100 i i've i don't charge for my being in
24:05
my group, but I know exactly what you're saying
24:08
because I've had to cut people out. Now it's
24:12
a free group. So for me to cut somebody out,
24:15
what are you doing? It's, this is free. I don't
24:17
have to come to you. I know, but I would prefer
24:20
if you didn't come to the meetings at all. So
24:23
without putting a price on it, I've had to do
24:26
the very same thing only because I wanted to
24:29
keep the integrity of the group. Exactly. And
24:32
that's what you have to do. Okay. How does patience
24:36
shape who succeeds in turning relationships into
24:40
income versus those who burn out or fade away?
24:46
Look, patience is the biggest thing in sales.
24:49
You can't expect somebody to buy when you want
24:53
them to. I want to get my quota done this month,
24:56
but the person's not ready to buy. I tell everyone,
24:59
if you're going to be a salesman, get used to
25:01
fishing. Go out and fish. Get on a lake for the
25:04
day and throw your pole in there. It's going
25:06
to take you six hours to land a good bass, right?
25:08
But as long as you're patient, a fish is going
25:10
to hit at some point. It's not going to hit in
25:11
the first hour that you want it to in the second
25:13
hour. But that last fish you get, and I got it.
25:15
I was up in Canada three years ago. We go fishing
25:18
every year. And the last day, after three days
25:21
of fishing, I hadn't caught anything. Me and
25:23
my buddy are sitting on a dock sharing some tequila,
25:25
and we just threw our pole in, and I hit a bass
25:28
like you wouldn't believe. And it was the last
25:30
hour of... Any chance to go fishing, I hit that
25:32
bass. It's the same with sales, right? You got
25:34
to be patient. If you're not going to be patient,
25:36
you're going to get frustrated, burnout. Oh,
25:38
this isn't working. Let me try something else.
25:40
You can't. Go get your plan in place. Have your
25:42
MVP. What's your value proposition, right, that
25:45
you want to do? And go after the right people.
25:47
Not all of them are going to buy. And you can't
25:49
force them to buy. Hey, Michael, if you buy this
25:52
month, like we'll give you a discount. All they're
25:54
doing is trying to hit their quota. They don't
25:56
really care if you come in as a client. They're
25:58
just trying to get somebody in because they know
26:00
they want to get X amount of clients this month.
26:03
It's frustrating. It's the most frustrating thing
26:05
possible in sales is like, I had a woman this
26:08
morning said, let's wait till the spring. We
26:11
have other things going on. I'm like, oh, all
26:14
right, listen. I got to build a pipeline. So
26:17
right now I'd love to close her. But in the spring,
26:19
April comes around May. Oh, I have 10 people
26:22
that said to wait to the spring. OK, I was patient.
26:25
I got five of those clients. OK, but I had to
26:27
be patient for again. It'll come. You just keep
26:31
on to figure out a path, figure out your go to
26:34
market strategy and just stay with it. Right.
26:35
I do the same thing all the time. Reach out to
26:38
people all the time, every day to your pipeline,
26:40
build your pipeline. It's tedious, but you have
26:43
to be patient with it. It's so true. And consistency
26:46
is always the way you go. If you stay consistent
26:51
in your marketing and everything else. So consistency
26:54
is being authentic, of course, but that consistency
26:59
will always net you more results. I found. Yeah.
27:05
Okay. So let's bring this full circle. If someone
27:10
wants to move from helpful connector. To paid
27:13
community builder, what mindset shift must happen
27:17
first? Yeah, if you just want to be a helpful
27:21
connector, that's great and all. But if you want
27:23
to really build a community, you got to go in
27:25
with the fact that how are you going to build
27:26
your community? How are you going to bring people
27:28
in? And how are you going to monetize that community,
27:30
right? What is the community you're going to
27:32
bring? What type of people you want to bring
27:34
in? And then you got to go from that mindset
27:36
of just being a helpful connector. I'll help
27:38
you here and there. You got to drive. business
27:40
to those people then especially those first 10
27:42
to 20 people you bring in and say hey michael
27:44
come to be part of my network you better be ready
27:46
not to be just a helpful connector like i'm going
27:48
to drive a lot of business to you Because if
27:50
I do that, you're going to tell your friends
27:52
to join the group, right? And you have to go
27:54
in thinking, this is a full -time job for the
27:56
most part. Maybe you have another gig going on,
27:58
but you got to put the time in to get this thing
28:00
going. So like when I started the group, yeah,
28:02
it took a lot of time to get that going. And
28:04
it was every week of having meetings, doing more.
28:07
And eventually you get to the part where you
28:08
could start growing, but you got to get the first
28:11
couple of people in there and make sure they're
28:13
getting value out of the group. Because if you
28:14
start getting people to leave in the first two,
28:16
three months. it's not going to be good. So yeah,
28:18
if you're going to start your own network, go
28:20
in with a plan in place, how to do it, and make
28:23
sure you're going to be out there knocking on
28:25
doors, getting people in and getting results
28:27
for them pretty quickly. So those first people
28:29
that buy into what you're doing are going to
28:31
be the ones that make or break you. Absolutely.
28:33
I can't agree with you more. With my networking
28:35
group that I started only about three months
28:38
ago, that's exactly what I'm doing. And I'm staying
28:43
consistent. I'm staying, and it's just... I only
28:46
have 15 or 20 members now. It grows every week,
28:52
but I put a whole lot of time into it. Okay.
28:57
That conversation cuts straight to the truth.
29:00
Building a network people trust doesn't happen
29:04
by accident. It doesn't run itself. It takes
29:09
consistency, care, and showing up long before
29:12
money enters the picture. If this episode challenged
29:16
you how you think about relationships, community,
29:19
or getting paid the value you bring, share it
29:22
with somebody who's been doing it quietly behind
29:25
the scenes. Thanks for listening to Network Unleashed,
29:28
Building Profitable Connections. I'm Michael
29:31
Foreman. Keep building real relationships. Keep
29:34
showing up. Keep creating something worth paying
29:37
for. Until next time. But before we start, before
29:41
we stop this podcast. Joe, I want to ask you,
29:45
listen, you have a book that you published. You
29:48
have this great software. What's the best way
29:51
for people to get in touch with you? So if they
29:53
want your services, how they can get you. So
29:57
if they want to read the book, just go to Amazon,
29:58
put in connectors, get paid. Kindle's 99 cents.
30:01
It's a great, if you want to start a network,
30:03
it's a great book to do it. Otherwise go to Joe
30:05
at Nolodex, N -O -L -O -D -E -X .com. That's
30:08
my email. Shoot me a note and say, I want to
30:10
learn more about it. And we'll set up a time
30:11
for a discovery call. That's great. Joe, I have
30:15
to tell you, it was a great podcast. I'm so thankful
30:19
that you came on. And I love hearing about New
30:21
Jersey because I'm from New York. So we hung
30:25
out in the same places. Exactly. All right, Joe,
30:29
take care. Thank you. Well, hold on, folks. Don't
30:36
go anywhere. Let's hear from our sponsors. David
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31:29
All right, folks. A huge thank you to our guests
31:32
for sharing such incredible insights today. And
31:35
of course, a big shout out to you, our amazing
31:38
listeners, for tuning in and spending your time
31:41
with us. If you're interested in my digital courses,
31:45
being coached, or having me come and talk to
31:47
your company, just go to Michael and fill out
31:51
the request form. Remember, networking isn't
31:54
about being perfect. It's about being present.
31:58
So take what you've learned today. get out there,
32:00
and make some meaningful connections. If you've
32:03
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32:12
Let's keep the conversation going. You can find
32:16
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