The Secret To Not Wasting Time On A Business Venture: Building In Public
Hey everyone, today is day number five of me going live every single day. If you haven't caught up or seen any of the other Facebook lives, you can just scroll down on this feed and start from day one where I explain why I'm doing this, what my huge crazy goals are, and some more of the logic behind what the strategy is behind this jump that I've recently taken.
So today I wanted to share a really cool concept that has helped me make a crap ton of money and saved me a lot of time that I think is super valuable for anybody that is interested in creating any form of online business venture, actually any business in general doesn't matter if it's online at all. And I've kind of developed this strategy over years of studying many, many other different people and have adapted a little bit to myself. So the first thing I want to do to explain this is to tell you how most people think about creating a business venture. They have this idea and then they go and they build the logo, they make a website, and they spend all this time trying to make this idea perfect.
Then they go and they build it and they launch it. They find out that nobody wants it, which is not only super embarrassing, it is also a huge waste of time and a lot of wasted money because you just spent all that time trying to do all this stuff that nobody actually cares about that can't actually sustain a business. So how can you avoid that? How can you instead create something that when you launch it, you know, it's been validated and you know that people actually want it?
I want to share with you step by step what I have done to validate a few of the ideas that I've had that I've ended up launching successfully so that you can eventually mimic it yourself. So the first thing I want to tell you about is the story about how I created my course called Ultimate Advantage. The idea behind it was that if you heard my story, I believe that the fastest way to get to where you want to go is to connect with somebody who's already been exactly where you are.
I had a whole bunch of failed startup ventures in my college -- that's how I learned all this stuff doesn't work -- and then my senior year, I didn't know what the heck I was going to do. And I said instead of trying to launch something else, why don't I just find somebody who's exactly where I want to be in their career, in their health, and their relationships and figure out a way to partner with them, learn and help them to grow their business while learning what I need to do to take my business to the next level.
So then I reached out to Jonathan Levi, ended up working with him and his company for three years, helping to grow SuperHuman Enterprises -- it's a 7-figure online business of over 200,000 students. And when I approached Jonathan, the methodology that I used to approach him, he thought it was so valuable that he wanted to create a online course about how anybody could reach out to somebody and leverage a mentor, if you will, to help you skip years of trial and error in whatever ventures you want to be.
So anyways, that was the idea behind the course. Now, since I had failed at a bunch of things previously, I wanted to do it a little bit differently this time. I wanted to ask myself, "How can I figure out if people actually want this?" Because at the end of the day, it doesn't matter how cool you think the idea is; at the end of the day, people need to buy it. So that is the idea behind it.
So what I did this time that was different is instead of creating a logo or creating a website, doing all this crazy stuff, the first thing I did is I opened up a Google Doc and I wrote a sales page -- there was another episode I did about writing copy, writing copy is one of the most valuable skill sets you can have -- but basically I wrote a sales page on what this course was going to be, what the objectives were, and I immediately reached out to people that I thought would be in my target market and I asked them for feedback.
That's another valuable lesson I learned early on in my career -- I had a mentor tell me that if you ask for money, you get advice, but if you ask for advice, you get money. So people don't like just saying, "Hey, will you buy this?" People like to be bought into a process and they love being able to give feedback and feel like they contributed to the end outcome.
So going back to what I did is I created a sales page that explained what this process was going to be and what was going to be included in the course. Then what I did is I found people in my target market and I asked them for feedback on it, like, "Hey, I'm building this thing. I'm really excited about it. And I just want to get your early feedback on it."
After they gave me the feedback on it, if they seemed like they were interested -- this is a really important part, this next part -- I said, "Will you pay me for it now?" And this is so backwards because people think they need to have a finished product, but the idea behind it is if you can get someone to pay, there's a difference between somebody who says, "Yes, that sounds interesting to me. I would pay for it." There's a difference between that person and somebody who literally will pull out their wallet, give you their credit card or money, and literally say, "Yes, this a big enough pain point that I have. I will pay for it right now."
So that is what I did. I created this outline and I reached out to friends that seemed interested, and I said, "Hey, would you pay for this, right now? I'm going to create an early, early version of this with a select group of people. If I can get enough people that are interested in this, it'll tell me that this is something that people actually have a pain point around." And then what I did is I ended up getting, I think it was about ten friends, not even that huge, ten friends, all paid me, I think one hundred, maybe two hundred bucks and said, yes, I want to learn this and I walked them through it manually.
And then what I did is I used their feedback to eventually bake into the real course. So if I had gone and I created this whole product without getting feedback, then I could have created something that people didn't want. But because I launched it early and got feedback, I what I ended up doing is I took that material that I learned from coaching these people one on one and used that. And I used it directly inside of the product.
So the end product ended up being even better because I was getting feedback. That is why I call this whole concept -- and I don't think I was the first one to come up with it, but I do own the domain, so that is really cool, I own the domain -- build it in public. And so that is what I think it would help people so much if you just understood how to create something in public and you get validation, get people to pay for it early and then use that feedback to launch something more effectively.
This is exactly what I'm doing right now as I'm building this 7-Figure Millennial community is I'm building in public, I'm asking people for feedback. In fact, I don't know how I can potentially do this, I'll have to figure out a way to do it, but I just got back some early ideas for what the what the group should look like. So maybe I'll post that in here. Maybe not. Maybe I'll do it later in the group.
But regardless, the idea is that I'm creating this content and I'm letting the community help me decide what what they want and then they will further tell me what products they want me to create and what pain points they have. Those will all eventually be fueled into products that I will create in the future. So that is the main story I wanted to tell you. And this is not the first time I've done this. I actually did this a few months ago.
I came up with this idea. If you've seen some of the other videos, I created something called the Focus Formula. And the idea behind it is that you only need two things to ever accomplish any goal: you need to plan and execute on that plan. The problem is that most people don't have a plan and they don't have a process for executing on that plan, and then they complain that they don't get what they want. How can you complain that you're not getting what you want if you don't have the only two things you need?
If you need a plan, you need to figure out if you're actually executing on that plan and learning from that process. I thought that this process that I had used to help me accomplish my goals was incredibly valuable. So I reached out to a bunch of other people, I did exactly what I said I did to validate my course idea. I came up with a sales page that outlined what I thought would be the content inside of this thing, I called it the Focus Formula, and I reached out to people and I said, "What do you think about this?" And the people that said they were interested, I said, "OK, I will create this if you pay me for it." So I had ten people pay me $150 and I just walked them through it the rough version of it.
And then I'm going to take those people, and those people are close friends of mine, people that are what I consider top performers, my ideal target market. And those people helped me to validate this process that I can now eventually go ahead and create a product around, because I know people find it valuable. So instead of creating things that people don't want -- stop creating things that people don't want -- figure out a way to create a very early version of it. For me, it's always just a Google Doc. It's really not that hard. No design, no nothing, just words on a page saying this is what the thing is, will you pay me for it right now? Then use that information to eventually create the thing that you will want and you will end up creating a better quality product because you've gotten feedback on it and it is something that people have proven that they will pay for.
So those are the two steps to this process that I call building it in public. And so that is what I wanted to share with you today. One other thing that would be interesting to comment on, I've mentioned this so many times just because I'm a huge fan of Russell Brunson's stuff, but I've been reading Russell Brunson's book called "Traffic Secrets".
I have it lying around here somewhere. Anyways, I don't know where it is, but the cool thing is, as I've read it, "Traffic Secrets", I'm like looking through it. I'm like, "oh my gosh. I remember when Russell was talking about this on his podcast before he had even written the book." So that is another form of building in public, not specifically for a product, but also for ideas that you can validate that become even more powerful once you have validation behind them.
I'll give you an example that I've heard multiple times, I think I heard it from Dean Graziosi, but he was talking about how if you ever go and you see a really famous comedian right there up on the stage and for an hour there, they're just crushing it. People are crying. It's the most hilarious thing ever and people think it's the most amazing thing that they've ever listened to, this guy is perfect. But the funny thing is that you only see the finished product of that stand-up comedy routine.
What you don't see is that that person, for the past ten years, maybe even longer or shorter than that, whatever it was, they wrote a bunch of jokes, went to a small little club, performed, found out what was like, what jokes did people find funny. And then they kept the jokes that people found funny and the jokes that bombed they got rid of. And they did that every single week, and over a long period of time eventually what they did is they have this set that is perfect and they can go up and in front of a stage of thousands of people, and people are laughing at every single one of the jokes, but because they tested it in public in the very beginning, they didn't wait. They didn't wait until they were booked. In fact, they probably couldn't even be booked at that stage with tens of thousands of people watching them if they hadn't gone and done all the small little tests, built their contents in public, got that validation and then eventually launched it. So it's all the same concepts that we talk about that we see in every single day life, but it also is applicable to creating business and creating value in the world as entrepreneurs.
Hopefully you guys found this valuable. If you did give me some likes, some comments, some shares and let me know, DM me, or anything that you are finding valuable so that I can create more content like this in the future. But this is something I wish I had learned a long time ago. And for the group that I'm creating called 7-Figure Millennials, I'm still building it right now, the page is not even set up yet. But for those of you that do feel like you are a high growth oriented entrepreneur, somebody that wants to make a difference, somebody that is a millennial, then this group is where I'm going to be sharing all these kind of business building tips that I've learned along the way. So hopefully you found this valuable and we'll talk to you soon.