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Business assets are things you build that continue to serve you.
Compare having to work every month for money to having it come in automatically. We all want to build assets!
Because assets are so appealing, it’s tempting to try to get them as soon as possible.
But assets, like products, require upfront investment to acquire. It takes time, money, and effort. When you’re just starting out, you typically don’t have the money to afford the time to build assets.
This is why I recommend against trying to build assets as the very first thing you do. Instead, you should prioritize generating cashflow. When you start with a full focus on cashflow and building up front capital, you earn freedom.
Freedom is your first asset. The freedom that comes from the asset of cash in hand provides you the time and availability to work on investing in building other assets.
In this episode, I share a very purposeful and methodical approach to building assets from square one.
Highlights, Takeaways, Quick Wins
- Assets make the difference between working hard every month to make money and having that money come in automatically.
- Repurpose the content you’ve created to produce something like a book or a course.
- You have to invest your time and resources into building assets before they continue to serve you.
- Work with clients, build up capital, and then take the time to invest in building assets.
- Like all assets, your brand requires investment.
- Books are the distillation of someone’s knowledge.
- Buying a product could be someone’s first experience with you and your brand.
- Do not prioritize building assets over getting rid of liabilities and do not acquire liabilities to build assets.
- The smaller assets you’re creating now will help you validate the larger assets you’re going to create five years from now.
- If you see people as competitors, you’ll never have community.
- 02:15 Sean: Ben had this crazy idea that he wanted to set a goal of making $500,000. We decided to break it down. What does this look like? How do we reverse-engineer this? In fact, that is the title of the next episode of this podcast, Reverse Engineering a $500,000 a Year Business. I want to lead up to that, the things I think are required to get to that point. In the last episode we talked about getting more time, increasing your focus, and accomplishing your goals—time management and saying no to things.
- 03:07 Ben: That’s where I originally introduced this idea, that I’m going after this goal. I don’t think it’s impossible for me to make $500,000 in a year, but I’m not sure from where I am right now if I can reach it within this year. That’s where my uncertainty is. I appreciate that we’re going through these episodes—I think it’s going to add some clarity to that goal.
- 03:39 Sean: I think people are going to find a lot of value in these episodes. We’ll get to this more in the next episode because we’re going to deconstruct it, but there are different ways to get to $500,000 a year. It looks like very different things for different businesses and individuals, and there are different ways of approaching it, even from a cashflow perspective or something that’s more of a sustainable asset business. There are ways we could break down how you could make $500,000 in a year, but to be able to do that means doing things that might make you that money but won’t build you something that will continue to make that money year after year after year.
- 04:29 In order to build a sustainable, asset-level $500,000 a year business, it will take typically a longer time. 12 months is pretty short to build something sustainable like that. I tend to think more in five year terms, building up systems and possibly hiring employees if that’s necessary. However, leading up to the next episode, I want to talk today about building assets the smart way. In our meeting, we talked about building assets. Today, I want to share why I think that asset building shouldn’t be the very first thing that you do. We’ve established why you want assets.
Everyone wants assets—it’s the difference between having to work hard every month to make money and having that money come in automatically.
- 05:32 It’s having something you’ve already built that continues to serve you, and everyone wants that. Everyone wants to build assets.
I’m Writing 3 Books in a Month
- 06:04 I want to tell all of the podcast listeners about one of my big projects this year. We’ve got the whole year mapped out, and we haven’t even done an episode since I had all these meetings with Aaron, Ben, and the team. Two episodes from now, I’ll break that down. I will tell you the one most ambitious goal and plan for 2016. The plan is that I will be writing The Overlap Technique. This was the topic of the very first seanwes podcast, believe it or not, and the title of the book I’ve been supposedly working on for two years now (Related: e001 The Overlap Technique).
- 07:25 I wrote tens of thousands of words, scrapped it, started over, shelved it, and wanted to bring it back and write it over the winter, but I’ve promised that I’m giving this book away for free and I want to fulfill that promise. My advisors and friends said, “You’ve got to stop giving everything away for free, Sean, or there isn’t going to be a seanwes in 2016.” I said, “Okay, I guess I can’t write the book over the winter.” I tweeted publicly that I will publish three books in 2016, so I have to do it now. I’m writing The Overlap Technique, but I’m not just writing one book. I’m writing thee books in a month.
- 08:28 I’m taking off July and maybe a little bit of June after the sabbatical. The whole month, I’m going to write three books. I’m calling this whole series The Overlap Technique, but the names of the books are Overlap, Curate, and Reciprocity. I’m very excited about this. One word. I’m envisioning an icon or an illustration for each of them, nice and cohesive. I’m pretty set on hardcover. I’m talking with a few people who are book designers, and some of them are talking about flex cover, but I’m pretty sold on the hard cover.
- 09:16 Ben: I’m set on it for you, because I can see it in my head and it looks so nice.
- 09:20 Sean: It’s going to be a linen or cloth cover, embossed, a colored embossing on the fabric. I have this vision for it. I’m imagining that I’m 50 years old and I’ve written 40 plus books at that point. I’m looking back to my first book, and I’m looking back on it with regret. “Yeah, I wrote my first book. I still stand by it. I think it was one of my more important messages, but look how flimsy it is. I was so short sighted, thinking about how to get this out without breaking the bank, but that was my first book, the first of 40. How I wish I could go back in time and think a little bit longer term.” I time travel back, and here I am.
- 10:30 It’s me now, sitting in the chair doing the podcast with you, and I’m 27 years old. I’m about to write my first three books, and I’m making that book now. That book is going to be a beautiful, functional book, one you want to read, re-read, and pass on. To me, it’s an investment. I’m expecting to put money into this. Writing a book is not at all a profitable thing for me. If this ends up making money, that would be a surprise to me. I would be happy to find out that we made a profit on this, but I’m making this for me when I’m 50 years old. That’s my mindset going into this.
Overlap, Curate, & Reciprocity
- 11:14 As a quick breakdown, you guys have heard me talk about The Overlap Technique a lot. It’s a common theme throughout the podcast. In a previous episode, we did a crash course on it (Related: e137 The Overlap Technique: A Crash Course). This book is for someone who wants to pursue their passion, but they’re scared. They have no money, no plan. They hate their day job, they’re frustrated. They come home from work exhausted and drained of the energy needed to do anything outside. That’s Overlap.
- 11:42 Then you have Curate. This is for the person who, now that they’ve overlapped, they’re trying to niche down and focus their efforts. That’s what I’m trying to encourage them to do. It’s for the person who wants to build an audience, be known for something, and support themselves financially from work they love to do, but they’re afraid to limit themselves to a single thing because they have multiple skills or passions.
- 12:09 Finally, one of my favorites is the Reciprocity book. This is for the person who is now growing an audience. They’re growing this audience, but they’re having trouble making money from their efforts. They have many loyal followers and they’re working hard every day to produce content, but the money coming in doesn’t seem to reflect their efforts. They want to build a sustainable, long term business that’s driven by rapidly loyal fans, not by cheap monetization strategies, but rather timeless business principals and trust built over time.
- 12:51 Currently, I have 13 books I want to write, but these three go together really well in a series. I’m going to be giving away the Overlap book for free, as I promised, as an eBook. All of these will be available as hard cover books, and you’ll be able to buy them as a collection. If you’re interested in that, I’m working on setting up a new landing page for this.
- 13:32 Most likely, I wasn’t even planning on this, but when I shared this with the Community members the other day, they said, “Is there any way I could preorder this? I want to have it.” I think that’s a really good idea. I’m already going to spend tens of thousands, maybe. I don’t know how much this is going to be. I’m thinking of this as an investment, but if people can preorder it, I think that would be good, because it helps me even more think long term as an investment in quality materials and stuff. I’m still setting that up, but this is Backwards Building. We’re seven months out from the writing process, and there’s a lot more work beyond that, but it’s finally going to be happening.
- 14:31 I have domains for the individual books, like OverlapBook.com, CurateBook.com, and ReciprocityBook.com, but right now those just forward. In the future, yes, this will be available as a collection, but I want to be able to personally recommend to people a specific book for them based on their circumstance. For someone who has an audience but isn’t making money from it, who says, “I have 10,000 followers, but I’m not making any money,” I can say, “Go to ReciprocityBook.com.” They could get just that specific one. I’m really excited that this is finally happening. Ben, do you remember our conversation on Behind the Scenes With Sean & Ben? I said, “Ben, I want to write books.” I was struggling through it, but this is the resolution, the closed loop.
Learn Lettering Autoresponder
- 15:31 I may say this more on Lambo Goal, but I’ve been wanting to get the Learn Lettering autoresponder in place. There are so many projects, but something like 70 to 100 people sign up for Learn Lettering a day, and since the 2.0 launch in July of 2015, we haven’t set up the autoresponder. I’ve thought, “I have to go through that and refine all the material,” but I finally did it. Yesterday, Matt was not able to show up for the Lambo Goal recording. I was so bummed. When someone cancels on you or a meeting falls through, you can feel like you have free time, or you can figure out a way to be productive with that time.
- 16:32 I was determined to do the latter, so I said, “I’m going to do this.” I called up Cory Miller and shared my screen and basically had him watch me. It’s pretty great, working at seanwes. Sometimes you get to watch other people work and get paid. He’s just sitting there, so I thought, “I guess I better work.” I was going through all of the emails. I went into an alternate state when I wrote this autoresponder. Remember how we launched Learn Lettering 2.0 in 50 days? We wrote, produced, marketed, and launched in that time? It was insanity. I hardly even remember writing this stuff, but I wrote 45,000 words just for this series, this 30 day email series.
- 17:29 As I’m going through it and reading it, I’m making sure the information is still timeless. There were a few places we linked over, because we used this for the launch series and I want to repurpose it as the autoresponder. We had to refine a few pieces, but it was gold. I thought, “How am I not selling this?” Not only is the starter class not $99, which is what it previously was worth, because I gave it away for free, but this autoresponder should be a book that I sell. I’m giving it away for free, over-delivering on the value. I spent an hour and a half and finally got it in place. People sign up for the starter class that’s free, and then this autoresponder kicks off, and it’s pure value.
- 18:18 It’s pure value for 23 of the days, and toward the end, it starts telling you about the master class, what’s in the modules, and some teaser videos and that kind of thing. Before that, it’s pure education, providing value for people. In the close, after the signature, it said, “Ready to make a living as a hand lettering artist? Upgrade to the Master Class.” There’s a link. It’s a ton of value, but also a handy link in case someone happened to be ready. I’m thinking about this and we got it in place, Cory Miller helped me set it up and turn it on. I thought, “It’s going to be about 30 days, there’s going to be some lag time here.” This morning, 18 or 19 hours later, first $699 sale. I’ve been missing out on that for a long time.
Autoresponders as Assets
- 19:58 What I have built here with this autoresponder is now an asset. This is going to continue serving every time someone signs up. I did something once, I busted my butt for 50 days and wrote 45,000 words, I thought about it, I implemented it, and now every time someone signs up, they get this automatically. I’m building a relationship with them automatically. We know that relationships are key, that’s leverage. That’s really important. You don’t have time to go out and build relationships with people, but what if, on autopilot, you could build a relationship with someone? You never have to pick up the phone or think, “I haven’t talked to them in a while. I should probably write them a message to keep this relationship good.”
- 20:48 What if you could just build relationships like that on autopilot, without ever having to do anything? You can! It’s called an autoresponder. It’s super valuable. I talk about this in Start Sending Daily Emails, which will become a full-blown course. Go sign up there. I’m going to teach a course on autoresponders. People think, “I don’t want to get emails every single day,” but that’s because they’ve only gotten spammy emails every day. “Buy this, buy that, we’re running a sale.” You want to build a relationship. I literally wrote a book worth of content here, 45,000 words, and it’s pure value, pure teaching.
- 21:35 I’m just reading this, when I was going through the material for the first time. Because I was in some kind of alternate state when I wrote this, some sleep deprived state, but I thought, “My goodness, I’m getting value from this, reading it again with a fresh mind!” I can’t imagine how people are going to feel while they read this. It’s not even selling or pushing at all. It’s just, “Here, let me help you.” Of course, people are going to be excited to read those every day. Of course, they’re going to open them every day. That’s why I got such positive feedback on this.
If you build an autoresponder that continues to send value you’ve created to your audience on autopilot, you’re building trust and loyalty that will come back to you later.
- 22:27 Ben: If you’re like me, building a relationship on autopilot sounds a little bit funny. For the people I call my friends and my family, I would never put an automated version of myself in front of them. Can you imagine putting your family on an autoresponder series to keep up with anniversaries and that kind of thing? It seems impersonal, but you have to think about what people are looking for from brands. They’re not looking for a personal connection with another individual. In general, we want to feel important and meaningful to whatever brand we’re investing our money in, and when you do an autoresponder series, you’re creating that kind of connection. Most companies aren’t doing that. Even though it’s automated and they aren’t actually talking to you, it could open the door for you to have conversations if you want to. It’s a much deeper level of connection than most companies make.
- 23:39 Sean: The thing about autoresponders and the way I teach doing them is to have them be a direct response to people’s questions, so they feel like you’re reading their minds. It’s kind of like this podcast. This podcast and the topics we bring up are based on real struggles, real situations, and real people’s questions. These conversations are not personally with each of their listeners, but they feel like they’re Cory, sitting right here in the room, listening to a conversation between two friends. They feel like they’re a part of it. Because we’re sourcing our material for conversations off of questions and struggles people like them have, they’re able to relate to it.
- 24:26 These conversations aren’t phone calls with each of our individual listeners, and for people who go through the backlog and listen to episode after episode back to back, it’s kind of like an automated sequence. Not everything is 100% relatable for everyone, but more or less, you’re going to get a lot of really useful stuff. With an autoresponder, you would figure out what those things are. That’s something I teach at StartSendingDailyEmails.com. You turn that into the content you put out. With Learn Lettering, I did just that. I had a year and a half of data and emails from customers, so I was literally writing in response to everyone.
- 25:13 “How can I get better at handlettering and not do it the slow way?” So I write an article called Get Better at Handlettering the Fast Way, and I show them how to do it. Or, they say, “When am I going to get a return on my investment in Learn Lettering?” I literally write a title that says that.
Every autoresponder post is in response to someone’s struggle, and that’s why it feels personal.
- 25:44 Ben: You’ll have questions you won’t ask, but other people will ask. You may only hear a question from a single person, but in answering that question, you’re actually answering a similar question that many people had but they just didn’t verbalize.
What Are Business Assets?
- 26:05 Sean: An autoresponder is just one example of a business asset. What is a business asset? It’s something you’ve built that continues to serve you. If you’re doing client work, you have to do work to make the money. It’s not anything that’s automated or that continues to serve you, so it’s not an asset. An autoresponder can continue to serve you and, ultimately, produce revenue and make sales. An autoresponder isn’t the only kind of asset. Your brand is an asset. Your brand is the reputation you have, and that’s very valuable. An online course can be an asset. Cash is an asset. Freedom is an asset, absence of liabilities is a kind of asset. A lot of people, because they understandably want assets, try to build them as soon as they can. The thing with assets is that, like products, they take investments.
- 27:15 At some point, I had to write 45,000 words to come up with this 30 day series. If you want to have your own infrastructure to sell courses on your site and you don’t want to do it on someone else’s platform, you have to spend the months or years building that platform. All of the things that can become assets require time upfront or money upfront. A lot of people are starting a business and want assets, but it requires time and money. They also have their own expenses they need to pay, and that requires money.
- 27:54 They’re building assets, but they need money to be able to do that or to afford time to do that. Typically, they’ll go out and do client work or consulting to try and get money first, but on the side, they’re sort of building these assets. I would recommend thinking about it in a little bit longer terms. The reason people do that is because they say, “Assets are good. I need to build assets. I’m going to build assets.” If you think in a five or ten year period, what you really want is a sustainable asset and freedom. You want the ability to not be stressed, not be spread thin, and to build quality things. If you’re stressed and spread thin, if you’re trying to make money while you build assets, the quality of the asset you build will suffer, it will take longer, and you’ll be more stressed.
You have to invest your time and resources into building assets before they continue to serve you.
Generate Cashflow Before Building Assets
- 28:52 I recommend going all in on generating cashflow. Step one would be to generate a bunch of cashflow, save up money, and then go all in on building assets. You invest all of your time into building this asset, and maybe it returns immediately. With a course launch, you can get a 10X or a 50X return on your time investment right at the launch. Other types of investments take a lot of time. They may take a bunch of time and money invested. Cory spends six months working on something, and when he launches it, he doesn’t get six months of revenue back. It takes a year, maybe, to get six months of revenue back, but then it keeps growing and growing, and it eventually becomes worth it.
- 29:44 You might find that, with this first asset you build, the time it takes to build it isn’t returned in money immediately. You may need to go back to generating cashflow again. It looks like this: generate cashflow, save up money, focus on building an asset, and then go back to cashflow. Gradually, you’re building up assets, and you’re waiting for these assets to come up to covering your expenses. Once your assets are covering your expenses, you no longer need to generate cashflow. That’s a luxury, if you want to do it. At that point, you have freedom, you potentially have cashflow, and you have assets.
- 30:32 Ben: That sounds wonderful. One of my overarching goals that I didn’t bring up is that I want to have enough passive income from assets to cover my basic monthly expenses. That’s one of the things I want to work toward and the reason I want to focus so much on assets. I wonder if I could bring it to a really specific example with the things I’m setting out to do, because I have some questions about what Sean just said. For me, cashflow looks like doing video content marketing for clients. Those things can’t be assets because I’m creating assets for them, and they’re paying me money for those assets.
- 31:38 Building an asset would look like putting together a course, a book, or doing an online workshop that I sell that continues to make money around doing video content marketing for your business. There are some other ideas I have for ways to build assets. A scaled down version of an asset might look like a blog post, kind of in the same way that a podcast episode is an asset, because it leads people to things that can make money. If my focus is just on creating cashflow, working with clients, or even putting on a workshop that people pay to come take part in, could I not be looking for ways to take the content I’m creating or the principals I’m using and earmark those as pieces of content that could be applied toward an asset?
- 32:44 There’s this mindfulness. Maybe you’re doing this for a client, maybe it’s a consultation, and you’re writing out principals in this thing you’re sending to them that they’ll use to make money. Because of your perspective, that’s valuable information. Taking away the specific information for their company, making it a little bit more general, can also be an asset you can use.
How to Generate Cashflow
- 33:19 Sean: I like the idea of earmarking and the mindfulness. You want to get capital upfront to afford the ability to build assets. To get cash quickly, the best way is client work. Typically, you’re paid 50/50, or you can get paid all upfront. It’s immediate cash, it’s very fast. For products, you have to invest in inventory, you have to market them, and you have to sell a bunch before you break even. It takes a while to become profitable, and in order to be sustainable, you really have to invest that money back into inventory. It’s a big investment.
- 34:07 Teaching is the other option. This is what I call the Trifecta: Client work, Products, and Teaching. It takes a long time to build up a reputation as a teacher, know your material, produce the material, market, and launch it, and to have an audience. Having an audience comes as a byproduct of doing client work and products. You’re able to build an audience while you’re doing those things anyway, so the natural progression is to start with client work.
Start with client work, because there’s no faster way to make money.
- 34:46 As soon as someone signs the paper and they pay you, you have the money. It’s a done deal. This includes client work, consulting, and workshops. Say you have an in person workshop and people show up, they pay you right there and you teach them. It’s a done deal.
- 35:08 Ben: When you do a workshop, you do have to do the work upfront of coming up with the material.
- 35:14 Sean: There are varying degrees of upfront work, even in client work and consulting. You have to have a little bit of pre-project discussion. Say you’re doing things that generate cashflow, like client work, consulting, or workshops, things that get immediate money. Not investments—work. You’re doing work for someone, providing a service, maybe building assets for someone else in exchange for money. You need that capital. Let’s say you’re working with a client and you’re working through a process, and you notice that what you’re working through here is actually something valuable that could be repurposed as an asset later on. “Oh, I could take this process for this client and generalize it, and this could be reused over and over by other people. I could teach that.”
- 36:10 I like the idea of being mindful and earmarking that. That’s a perfect word, because earmarking is marking something so you can come back to it and find it later, so you know it’s the right thing. It’s different from working on it, acting on it, or trying to build an asset actively at that point. It’s not saying, “This is a process! I should downgrade my client work a little bit and work on turning this into a product while I really need money to pay my bills.” You end up getting split focus. I love the idea of earmarking.
Work with clients, build up capital, and then take the time to invest in building assets.
- 36:54 In my situation, I was doing lettering client work. I was increasing my rates as I worked with better and better clients, and I got to the point where I realized that a lot of people wanted to learn how to do hand lettering. My lettering guide that I put up for free had received 200,000 views in a year. I saw that people were really interested and I could go really in depth, but I didn’t have the time to produce this massive course that people would want. So, I worked on client work for six months. I took on tons of work, 18 hour days, and I saved up enough money in six months to be able to live off of it for another six months. I spent that entire time focused on building the original version of Learn Lettering that continues to serve me now.
- 37:42 Sarah said, “An asset is a long game thing. Does it mean I should continuously update it to make sure it’s still relevant or can it be something that’s set in stone?” Most assets require maintenance, and the degree to which an asset requires maintenance will vary depending on the asset, but ideally, you want assets that will be relatively low maintenance. That’s going to be the easiest thing, or at least try to automate the maintenance.
- 38:24 You have to expect that almost all assets will require some form of maintenance, even if your focusing on content marketing, information products, and creating evergreen courses, things that aren’t going to be the latest version of software but are timeless principals. Even then, you still need to expect to update things sometime in the future. That’s what I did with Learn Lettering—I launched Learn Lettering 2.0 a year and a half later. I reproduced and refined it based on the feedback that I got, and I made it a little bit better. That will continue serving me for a number of years into the future, but at some point, I should update it again if I expect it to continue serving me.
- 39:14 Ben: I get a little bit hung up on that idea. Ideally, I would love to make something that continues to work for me and set it up in a way where I don’t have to be involved with it again. Maybe that means overlapping longer, so not only can I afford to invest the time in making the thing, but I can also afford to invest in a person who’s going to manage it for me. Ultimately, what’s lower maintenance is the money you make from that working in the investment realm, making more money for you that way, having someone manage your portfolios and that kind of thing. I love the idea of not having to babysit something.
- 40:11 With that in mind, if you don’t mind babysitting something, it’s definitely less time consuming than having to work with clients, and you don’t have to put as much time investment into making it something that isn’t going to require some maintenance.
Your Brand Is an Asset
- 40:49 Sean: Your brand is an asset. Guy in the chat said, “Is your audience your most valuable asset?” An audience is certainly an asset, absolutely, but I would put it second to brand. Your brand is just so valuable. The value of a brand is being able to launch something completely new and have people trust it. That is incredible. Anyone starting something from scratch has to build up that trust and loyalty. “Should I really invest in this? Should I buy this product? Should I trust you for my service?” Apple can come out with something, and we automatically think it’s going to be good. We think it will be high quality and that they’ll use good materials.
- 41:46 They’re going to care about the experience. What if they made something and there wasn’t an Apple logo? It wasn’t the operating system we’re used to, so you look at it objectively, and you have to figure it out. You think, “I’m going to need to do my research and try this out, experience it.” We just don’t know if it’s some random brand we’re not familiar with. It’s the reason you’ll see a film associated with Disney more often than you’ll see a random animation studios film. It could be great, but if it’s associate with Disney, it already has some weight.
- 42:37 Ben: It takes a lot more work to try something new from a brand you don’t have any experience with. People say that it’s because we’re lazy, but I say that it’s because we’re efficient.
- 42:54 Sean: It’s a kind of risk. It may go wrong, but you’ve had past experience with a brand that you know.
- 43:05 Ben: That efficiency is, “If there are two objects on the table that are nearly identical except that one has this brand on it that I’ve come to trust, I’m not going to waste my time with the other object. I already know that I trust this brand.” It’s more efficient. Most of the time, it’s going to play out the way I expect it to.
- 43:31 Sean: That is super powerful from the perspective of the person who owns the brand. Cory can put out a new film that says Cory McCabe Films, and people will go see that because of your track record. That’s the power of a brand. It’s the power to put out your own conference and have people go to it because there’s a certain expectation. To put out your own courses, have a Community, or whatever is is—that is the power of a brand. A brand isn’t just a logo, and that’s why Cory Miller and Kyle Adams have an entire show dedicated to it, Invisible Details. There’s so much more that goes into it, that’s intangible and experience driven.
Your brand is an asset, and like all assets, it requires an investment.
- 44:29 You’re going to have to invest in the design, the experience, and the quality if you want people to care. You are injecting meaning into this brand, and the longer you do that, the more you do that, the more consistently you do that, the more valuable this brand becomes and the more powerful it becomes as a vehicle to your other future pursuits. It gives them weight. It gives people trust and expectation right from the get go. To invest in your brand looks like not cutting corners. It looks like caring about the customer experience. It looks like not launching something and discounting it when the sales go down, not rewarding the loyalty of the people who bought first.
- 45:15 It’s all of these little details, things like audio quality or that we’re 40 plus minutes into this episode and your experience has not been interrupted by ads. We’re paying to keep the lights on, we paid for these microphones, the audio interface, the rack mount, the pre-processors, the computers, the electricity, Cory’s salary, the hosting of the episodes, the payment of people’s salaries to edit the shows, write the shownotes, pay for the email marketing software, all to get this to you to listen to it for free without ads. Nothing is free. It takes an investment by someone, but the reason we’re doing this is because I have a super long game. I’m not doing this for next month.
- 46:10 How can I make money this year? How can I make money next year? This is about 10, 20, and 30 years from now. Every single show, every video we put out, the lighting, the color grading, every detail, every 15 pixels of padding vs. 20 pixels of padding that we pour into this is about the long game, investing in the brand. For that reason, it’s an asset. Being able to afford the luxury of investment means that you need cashflow. You need money, capital. We’re investing in the asset that is our brand, just like if we weren’t doing podcasts, I would be building other assets. I would be writing more books, making more courses. Your brand is just one of many assets.
- 47:19 Content is absolutely an asset. The fact that you’re showing up and blogging every week has plenty of benefits. “If I blog, people will come to see me as an authority in my niche. Maybe they’ll sign up for my email. Maybe they’ll eventually buy something from me.” Those are all great things.
- 47:37 Ben: It’s even about the perception, when someone comes to your website and sees that you’ve got years of content, whether or not they go back and read that stuff, that creates a perception right off the bat.
- 47:56 Sean: The aspect of content being an asset that people don’t really think about is, essentially, the repurposing value of your content. I’m going to write three books in a month, and that’s pretty hard. It’s going to be close to a quarter of a million words, maybe. It’s going to be a lot of content, but the reason I’m able to do that is, yes, I do know my message and I am very passionate about it, which will help the words flow, but I also have an immense backlog of podcasts, blog posts, and videos all with shownotes, which was an investment.
- 48:35 I have all of that catalogued, and that’s an asset. I can take the thing I wrote for the launch of Learn Lettering, content I wrote for one purpose, and repurpose it as an autoresponder, as an asset, that is valuable. Your content becomes an asset in many regards.
You can take the content you’re creating that eventually goes in the backlog and repurpose it to produce something like a book or a course.
- 49:10 Ben: I would love to hire somebody to follow me around full time, so when I do my thinking out loud and I say something insightful, I can say, “Write that down!”
- 49:25 Sean: Matt does this. He has an app that he will record his thoughts into, and the app syncs with his virtual assistant. Part of her job is to transcribe, reformat, and act on this content. You’ve got to start recording.
- 49:58 Books are another kind of asset, and it’s part of why I really want to get these out this year. I’ve got maybe millions of words on my website and on my computer, but for as many as are on my website, people aren’t really easily able to access it. They have to make a big commitment, and it’s a big hurdle to say, “I found the seanwes podcast and I’m on episode 234, but I’m going to go back to episode one and I’m going to listen to all of them.” A lot of people start tuning in now, and there are plenty of podcast listeners and people in the Community who haven’t gone back through the backlog.
- 50:44 There is tons of value there, there are tons of timeless principles, and it can make you money if you go back and listen, but it’s a really big commitment, so they don’t. It’s understandable. We all do this. Simon was mentioning to me that he’s probably recommended the seanwes podcast to 50 friends. Thank you for spreading the word, Simon! He said, “I think only a few of them have surmounted the technical hurdles of listening to a podcast.” Those of us who are a little more tech savvy take it for granted, but some people think, “I don’t know. Can I search it on YouTube? If not, what is subscribing to a feed?” It’s confusing to a lot of people.
- 51:52 What’s not confusing is books. As antiquated as we like to believe that they are, they aren’t going anywhere super soon. People like holding things, the tangible, having a bookmark, and being able to write in the margins. They like the smell of it, remembering the feeling of holding it. “I was about 150 pages in,” and they can remember holding that 150 pages in their left hand as they were reading. People like that tangible experience. It’s already hard to recommend a podcast. Dedicated listeners who have listened to all of the episodes understand the principals we talk about, the recurring themes, the concepts, and you’ve gotten value out of that, but you’ve invested two years of your life regularly listening to this show.
- 53:11 Even though you want to impart this to someone else, it’s hard to get them to make that kind of commitment. A book is so valuable because is it’s the distillation of someone’s knowledge, and that takes so much effort. It’s really hard to do, but the result is super valuable. You can’t super easily recommend a podcast, and gifting an eBook isn’t a fun experience for any party. You have to assume that the other person knows what eBooks are, knows how to read them, already reads them, has a reader, and all of those things. I imagine that half the time, if not more, anyone who’s been gifted an eBook thinks, “That’s a nice thought.”
- 54:04 It’s almost like getting a card that says, “Happy Birthday, we love you.” That was sweet of them… archive. A physical book is something you can gift, something people do gift. It feels like a gift. You can unwrap it, open it, hold it, and read it. I would concede that an eBook is an asset, a weaker asset of the kinds of books. A physical book is your strongest asset, and that’s why I’m investing so much in creating these. I see them as being timeless assets for me.
- 54:55 Courses are like the Holy Grail of assets and passive income. Nothing is ever 100% passive, there is maintenance required even if it’s evergreen, but it’s just great. Every day, a new person signs up for my Supercharge Your Writing course. It just happens. Every day, hopefully now with my autoresponder, someone signs up for Learn Lettering. Having these courses is huge. You spend the six months, or whatever it takes to put this into a course and share your knowledge, but once it’s there, it continues to serve you. Then you can work on it rather than in it.
- 55:43 You can do promotional efforts, you can work on your autoresponder, you can add more emails, do webinars, workshops, and other things that promote the course. You do the course once, you make it once, and all of your other efforts can go toward supporting it or automating the discovery of it.
- 56:07 Ben: I’m way too excited about building assets to focus on cashflow. What’s that?
- 56:19 Sean: The technical definition is kind of complicated. It’s not as simple as your income minus expenses, because there’s a lot of other factors, like the fact that you might have quarterly estimated tax payments and you’re paying based on estimates from last year, but you made more this year, so there’s a difference there that you’re not really realizing or recognizing. Maybe you have accounts payable or accounts receivable. Maybe you did a job and someone paid you, but the payment’s on the way. When you have cash in hand, that’s an asset, but cashflow is the cash leftover when you factor in all of these different things. Generally, I’m talking about getting cash in hand, having capital, to be able to work on building assets. No one wants to work on getting cash before building assets.
- 57:29 Ben: Here’s the thing that was encouraging for me. When we looked at our budget for the year and we outlined this plan to get to this $500,000 mark, one of the first steps was getting our basic bills covered. We calculated that, for the year, that’s about $60,000. I suppose we need to add to that whatever we’ll have to pay in taxes. That’s the first bucket we’re filling. The rule I can hold myself to is that I’m allowed to earmark, but not work on, assets, until I fill that first bucket. Once that first bucket is filled, whenever that is, maybe it’s eight months from now or near the end of the year, I really do have the freedom to work on assets and really focus on and do them well. That’s encouraging to me, to think about it in those terms. I’ve got to fill this bucket first.
- 58:54 Sean: What I like about the earmarking thing is that it’s saying, “I’m going to come back to this later. I know where to find it, I know what it is.” You’re essentially building a list. You might generate cash and then get to the point where you think, “I should probably build some assets. I’ve got my expenses covered and I’ve got some extra cash—I should probably invest it in building assets, but I don’t know what to build.” Then you get distracted and you move on. This way, you have a list, so when you get there you know exactly what you want to work on. Possibly, in the time between earmarking it and building the asset, you can let it marinate a little bit. Research it, keep your eyes open.
- 59:39 Validate it. Have some conversations with people. In the months or years between earmarking something and working on it, you could really make sure that would be a wise asset to build, rather than working on it in a knee-jerk fashion.
What Asset Should I Build First?
- 1:00:03 Autoresponders are probably one of the easiest assets you can build. It really depends on your vision and how long term you want to go. An autoresponder can automate the selling process of existing products that you have. While I say that an autoresponder is the easiest one to build, it may not be the first one you build. The first one you build is the product, the thing you’re going to sell to people. An autoresponder is in service of the product you’re selling. Yes, it can build relationships with people and build trust, but what is the ultimate gain? Do you want people to have a warm fuzzy feeling about you, or do you want to be supported in doing what you do so you can continue doing it?
- 1:00:52 To be able to do that, you need to make money. You need to sell things. Ultimately, you’re providing value and building trust so that then those people can support you by buying something that gives them greater value. Work on building that thing that provides greater value to people and then work on the autoresponder. The autoresponder is going to help people get there.
- 1:01:21 Ben: While the autoresponder is a way of building trust, which is good for your brand, it’s also a good way of deepening the relationship, even if it doesn’t lead people to a sale eventually. A product also is something that can build trust. Somebody lands on your page and sees that you sell products, that you have a page full of them. There was a Community member who popped in this morning, brand new, and I went and looked at her site. She has a bunch of products, so already my perception of her is that she has been successful enough to sell this many products and offer this many things. Obviously, she knows what she’s doing. That can be valuable, too.
- 1:02:18 Don’t underestimate the power of creating a product first. Having an autoresponder lead to a product vs. just being in service of people, it’s going to do that and build trust anyway. You may as well allow it to lead to something that’s going to make it possible for you to continue providing value.
- 1:02:43 Sean: I’ve never even thought of it that way, in that the product itself can be a way of building that relationship, showing people what they can expect from you and your products, your services. I know that there have been people who have bought Learn Lettering where that was what lead them to listening to the podcast or signing up for the Community. Someone bought a Make Things, Not Excuses mug, and that was their first experience, or the It’s Always Coffee Time mug in my store.
Buying a product could be someone’s first experience with you and your brand.
- 1:03:39 I wonder how many people who are going to seanwes conference bought other things before that. I’m guessing it’s a high percentage. I’m guessing a lower number of people bought seanwes conference tickets as the first thing they ever experience with seanwes. It builds upon each other—each thing builds upon the previous one.
- 1:04:14 Ben: It would be interesting to know how many people listened to the podcast for how long before they decided to join the Community. “And while I’m joining the Community, I may as well get a conference ticket, because I get a Community membership with that.”
- 1:04:29 Sean: We’ve seen a lot of people say, “I heard over 200 episodes before joining the Community.” We say Magic of 7, but that’s like the Magic of 7,000. How many of us only think in terms of, “Well, if someone doesn’t buy in the 30 days of my autoresponder…” I bet 0.1% of people listening to this even have a 30 day autoresponder. Let’s say that they do—how many of the people who do have a 30 day autoresponder think that’s just the beginning, that’s nothing? I’m guilty of thinking this—I thought this the other day. “45,000 words of what should be a book that I sell for money, because this is so valuable, and people aren’t buying? Come on! What’s the deal?” It’s so easy to fall into that. 30 days is nothing.
Think Long Term
- 1:05:43 You’ve got to think in terms of five years or 30 years. How many people are going to buy from you because of a relationship you’ve built for five years? Believe it or not, there are times when people receive hundreds of emails from you and read hundreds of blog posts from you before they buy. Don’t be shortsighted in that. You might get lucky. A few people might be primed and ready to buy from you, and they buy early. Don’t get addicted to that, and don’t think that’s the only way for people to buy, follow you, or subscribe in a short amount of time. Short is months or single digit years. That is a short amount of time.
- 1:06:33 That’s why I think that you should think in very long term with assets. That’s why you need cash upfront. That’s basically where we are here. Everything we’re doing is this massive investment, and we’re generating enough cashflow to survive until this pays off in what I think will be five to ten years. Kelly says, “It took me almost 200 podcasts to join the Community.”
- 1:09:05 Ben: You feel like you’re overstating it, but you’re the one saying it. Of course, you experience every interaction with that pitch. The people listening are not paying as close of attention, they’re not hearing every single time. Even if they are, they aren’t as close to the information as you are. You can’t really overstate it.
- 1:09:31 Sean: What’s the deal with this Community we’re always talking about? Apparently, we aren’t doing a good job of explaining it, because we got this comment.
- 1:09:38 Ben: We got a review, and the reviewer said, “I’ve been listening for a long time. I want to save up money and join the Community. I’m interested in doing that, but I would love to hear you talk in more detail about what the Community is.”
- 1:09:53 Sean: She said something like, “Maybe people can share testimonials or something, existing members. Why are you in the Community?” Maybe a lot of Community members can’t remember this, but it’s like this big void or fog. What’s beyond? What’s on the other side? I listen to the podcast and it’s great, but why would I join the Community? I would love to hear from everyone listening live. Why are you here? What do you get out of this? Why do you enjoy taking to the other members? What is the value, the reason?
- 1:10:30 Ben: Kelly brings up an interesting point. She says, “They haven’t listened to the Community episode.” We did a whole episode about the Community (Related: e165 The Community Episode).
Assets & Liabilities
- 1:10:53 Sean: Guy says, “Is building assets more important than limiting liabilities?” The answer is no. Always get rid of liabilities. Your number one priority is to get rid of liabilities. Liabilities are keeping you in the red. You think you have $500 in the bank, but you have $10,000 in debt, so you’re in the red. You don’t have $500 in the bank, you have a net worth of -$9,500. Get rid of liabilities, get to ground level, get above water, and then build your assets.
Do not prioritize building assets over getting rid of liabilities, and absolutely do not acquire liabilities to build assets.
- 1:11:57 That’s terrible. Don’t do that. We can’t get into a whole financial episode right now, but the number one goal is to get rid of your liabilities and then build your assets. That’s the priority order.
- 1:12:13 Ben: My wife Rachel spoke up in the chat and said, “My kids are liabilities.” I think she said that tongue in cheek. We don’t want to get rid of those liabilities. They do cost money, but they bring so much value in other ways that’s impossible to call them liabilities. Arguably, they’re already assets.
- 1:12:44 Sean: That’s a weird one. Are they assets and liabilities at the same time? That’s a thinker.
- 1:12:58 Ben: Assets can cost you money and time. It’s an asset if it brings more value than it costs.
What Assets to Focus On Now
- 1:13:25 Sean: Cory Miller says, “How do you determine which assets to focus on now and which ones to focus on in 5 years?” I want to hear what my brother, Cory, thinks about this.
- 1:13:55 Cory: It’s like you say, Sean, the work you do now will take effect in two, three, or five years. Hopefully, that asset will still be working for you then. What does he mean by “what asset to focus on”?
- 1:14:11 Sean: Probably building. Maybe he has multiple ideas, and he’s wondering which ones he should do sooner rather than later. Which ones should he wait five years for?
- 1:14:35 Ben: Of the ones listed, I would say that the course and possibly book are more long term things. When you launch a course or a book, you want them to have a deep impact. You can launch a course or a book to a relatively small audience. I’m talking about a full-blown, Learn Lettering Master Class style course. You can do smaller versions of that early on as a way of testing the waters and gathering more information.
- 1:15:23 Sean: For my Supercharge Your Writing course, I released a workshop. As promised, I will be taking that down very shortly, because the workshop was something I did live. It was two hours and I jam-packed it. It was worth many, many times what I charged. I left it up so people could buy the recording for a short amount of time. The workshop was basically the validation of this course I want to do—Supercharge Your Writing is going to be a full blown course on growing your business with writing, and how everything has transformed for me since I’ve been writing religiously every day.
- 1:16:07 It will talk about selling with writing, copywriting, and all that stuff. The workshop was validation for it, and it went really well. It was well received, and people are buying the workshop recording every single day. That was enough validation for me, and I got so many questions back. I wrote this massive outline, 40 sections, and I only got to half a dozen of them in this workshop, so I want to go in depth with the course. Free things aren’t the only way to test the waters. By putting out something smaller and selling it, you can validate the idea for a much bigger course.
- 1:16:51 Ben: I don’t know that any of the things we listed are things you have to wait five years to do, necessarily. That’s me thinking five years is a long time, but it isn’t. If you’re starting from scratch today, five years is right around the corner.
The smaller assets you’re creating now will help you validate the larger assets you’re going to create five years from now.
- 1:17:23 Sean: The only thing I would wait on is something that requires a lot of capital upfront. I personally don’t want to take on VC money or anything like that, so if I’m going to build something, I personally want to bootstrap it. I have some bigger ideas, and it’s going to require a lot more capital. In the meantime, I’m building up the assets I have now so they can produce something and I can invest that in something bigger in the future.
- 1:18:05 Cory: Wouldn’t you say brand? We said that that is an asset.
- 1:18:09 Ben: From the beginning, you should be focusing on every aspect of how your brand could be perceived by your audience.
- 1:18:19 Sean: That’s a never-ending investment. Other assets become complete and whole, and they can continue to serve you and be done. They may require some maintenance, but they’re done. A brand doesn’t make you money directly. It’s a vehicle to future pursuits that can make you money. The brand enables the selling of products that are assets, things like courses and books.
- 1:18:52 Ben: That may not be an answer to Cory’s specific question, but that’s absolutely right. Even before you build your first asset, you should be focusing on your brand. You should always focus on your brand.
Are Assets Always Intentional?
- 1:19:09 Sean: I really liked this question from Jake, “Did you know Learn Lettering or the Community was going to be such a major asset when you set out to make them, or is an asset not always something you can foresee?” I suppose there are assets you can’t see, so you don’t know what you’re building. That’s possible. For me, it was always intentional. I had already seen with the free, 10-Step Lettering Introductory Guide on my site that it was an asset to me. It brought in 200,000 people in a year. I realized from that small example that Learn Lettering would similarly be an asset that would actually produce revenue.
- 1:19:52 That’s why I busted my butt for six months to make the course. That’s a huge investment. I’m not going to do that just for fun. I definitely knew that Learn Lettering was going to be an asset, and the same with the Community. The Community has always been a five year minimum game for me, and it has only been about two years. At one point last year, like we’ve talked about here before, I invested $50,000 into building the chat system you use right now. I’m continuing to invest because of salaries and paying Justin, my developer, but that was a massive investment. Back at the time, when I did that, I had to really think about the future. Do I believe the Community is the future?
- 1:20:45 Do I want to improve people’s experience here? The dinky little chat plugin we were using was not panning out. We needed to build something around the needs of the Community members so we could serve them. At the time I made that $50,000 investment, the Community wasn’t bringing in much over $1,000 a month, if I remember correctly. Think about that scale, that 50 to 1 ratio of the investment. At the current rate, I wasn’t going to get that back for many, many months. To me, the Community was always a very long term investment, and I do see it being one of the more substantial assets of the seanwes brand.
- 1:21:34 While we were answering all of these questions, people in the chat were chiming in. What is the deal with this Community? Why are people here? Is it just a thing were people sign up and there isn’t really anything here, or is there some substance?
- 1:22:18 Ben: Jake says, “I’m here because I want to be around like-minded people people who challenge me.” He just joined yesterday. Isn’t that great? Nick says, “The Community is the best place to be when people in your physical space don’t share the same mindset as you. The Community will double your hustle game.”
- 1:22:57 Sean: This was Nick from Australia. Here’s the thing—you build relationships with people. He left the Community for a little while because of funds. He’s building businesses and he had to leave, but he’s back. Why would he come back?
- 1:23:29 Ben: Kelly says, “It’s definitely helpful. Even when I don’t have questions, I can learn from everyone else’s questions and answers. Everyone is so helpful, and people go so in depth to help others. Everyone is trying to bring everyone else up.” That’s huge. Scotty Russel says, “I joined the Community because I was lost and stuck in Scarcity Mindset and was on the path to being a starving artist. Upon joining, it’s been a space where I’m confident in that, every day, I can go into the chat and know I have resources I can count on to keep me on the right path. It’s full of people on a level where I want to be, and in order to get there, I need to surround myself with these people who are doing what I want to do. This place has changed my life.”
- 1:02:24 Sean: We’ve both met Scotty. Scotty’s awesome. Motaz says, “I joined because I didn’t want to be a freeloader since I learned so much, but I made great friends, and I learned so much more about the inner workings of business in the meantime.” That’s something really beneficial about the Community—you can ask questions, and there are people who have businesses here who can answer your questions. You also get to observe the inner workings of a business, that is seanwes. The whole team is here. I share things, insider stuff, things I’m working through, thinking about, and working on for the future or projecting. You get to see all that, because I share the real struggles in there. I’m real with people.
- 1:25:11 Ben: That has been contagious. Other people are also sharing a lot about what they’re doing and being real with their businesses. Even if your specific industry doesn’t match Sean’s, there are likely other people in the Community who are sharing what’s going on behind the scenes. There isn’t any sense of competition here. Everybody is thinking, “What am I learning and doing that’s working, and how can I share that with the other people in the Community?”
- 1:25:44 Sean: Guy says, “I’ll be here to get accountability and feedback once I get over my issue of asking for help.” I think this is a common one. We’ve got this welcome video, and we encourage people to jump in and start talking with people. Introduce yourself, say hi. We already consider you a part of the Community—it’s not something you’re encroaching upon. A lot of people don’t realize that their hesitancy to ask what they might think is a silly question or a noob question is not only robbing themselves of the benefit of getting the answer, but everyone else who’s too scared to ask something could have learned from the public asking of it. Think of it in those terms.
By asking for help, you’re creating value for everyone around you in the Community.
- 1:26:38 Ben: Keshna says, “So many amazing changes have happened since joining the Community. It’s a motivation to do better, to create something, and to share everything I’ve learned.”
- 1:26:47 Sean: She also said, “More on why I joined: hearing Sean talk about Scarcity Mindset and never having debt, I wanted to know what I’m doing wrong and how I can be debt free.” Nick said, “It’s like having 1,000 different mentors.” Allison says, “I also joined because I didn’t want to be a freeloader. Additionally, I also wanted to stop being so cheap and actually invest in things that would help me grow. The Community has definitely helped me grow already, and I’ve only been here for a few months.”
- 1:27:14 Scott says, “I joined back in June to get around like minded people, because I didn’t know many people going after their passions where I lived. Little did I know that there’s so much more to being a Community member. The people here are great, and it’s encouraging to be around so many creative people. We’re all at different stages in our careers and can learn from each other, whether it’s technical, like building a website, or why you should set up an autoresponder to help build your business. Just in the amount of time I’ve been here, I’ve learned so many things I know I would have come across in the future, but never thought about before. Now that I am aware of these things, I know I’m ready for the challenges ahead. The people are awesome, and what you learn on a daily basis is priceless.”
- 1:27:55 Ben: I don’t know if the person asking about the details about the Community was interested in the features, like what they get access to.
- 1:28:06 Sean: Like, “Is it just about the fact that I get to watch video broadcasts live, tune in to live audio, or listen on the go with the mobile app?” We have those kinds of features.
- 1:28:21 Ben: There’s a list of all of those things. Those things are great, but the greatest value in the Community is the people.
The thing that makes the Community a great place to be is how seanwes makes people accessible to one another.
- 1:28:45 It’s not just about, “Here’s a forum.” We’re working constantly on the chat to make sure your ability to get in touch with people, have conversations, and get answers to the questions you have is as easy and seamless as being in a room with them.
Community Among Competitors
- 1:29:08 Sean: I think people like Nathan Barry and Sean Blanc, who are going to be speaking at seanwes conference, also listen to this podcast, and I think they’re missing out by not participating. They’ve been in the Community, but I’m talking about participating more regularly. People of that caliber, with six and seven figure businesses, you can get a lot of insight coming into the Community. I’m not saying that you should sign up just to take advantage of my audience, but if you’re smart, you got to a place where smart people are and provide value. Go in and answer people’s questions.
- 1:29:49 You have experience. Answer people’s questions—Sean, about focus, Nathan, about email marketing. Whoever else you are with a bunch of experience, if you think, “I don’t need to join a Community. I already know this stuff. I don’t have questions about my business,” you’ve got to start thinking differently. You’ve got to think smart. You’ve got a bunch of experience, so go where smart people and ambitious people are and answer their questions. Provide value. They’re going to look at your profile, go to your website, sign up for your email list. 80% of these people are on the sixth time of Magic of 7.
- 1:30:31 If you go in here and provide value and build relationships with these people, you’re going to have some of the best customers right away. You’re thinking, “I dont’ have time to invest in the Community.” Okay, so you don’t have time to get a bunch of awesome customers who are going to be the best customers, the best business partners, or the best podcast cohosts you ever work with? There is so much value if you learn to think about it just a little bit differently. At rainmaker.fm, they’ve got awesome shows. They’re another podcast network that does a lot of similar things to us.
If you see people as competitors, you’ll never have community.
- 1:31:18 I don’t see people as competitors. I listen to their shows and get a lot of value out of it. Check out rainmaker.fm. I’m giving them people right now because I’m not afraid. I don’t even care, because it’s multiplying the value. I get value out of their shows. I buy into what they’re about. I give them hundreds of dollars for their events and their memberships. I’m just going around learning. I’m going to their conference next year because I want to shake their hands, because I know that smart people listen to their shows and I’m going to get around smart people.
- 1:31:58 Those smart people are going to talk to me, and I’m going to provide them with value. They’re going to look up my website, find my video shows, find my podcast, they’ll eventually join my Community, and they’ll buy my courses. That is how you have to think. Go in here and ask the noob questions, the silly questions. Build relationships with people. It’s a crazy amount of value. I don’t like being a freeloader either. I watched Levi Allen’s film, Untethered. It’s an incredible film about slacklining. Levi’s one of our Community members. He gave away this film for free.
- 1:32:46 He made to where you could buy it if you wanted. You could pay and get a 4K download. I watched it, I enjoyed it, I got some fulfillment out of it, so I went and I bought it. That’s what you do. If you get value out of something, you compensate it. If you want that value stream to continue coming to you, if you keep freeloading, you are not actually backing up your words and desires of wishing that it continues. You’re not enabling it. The value you get from joining the Community is a hundredfold, but you’re also helping us, compensating us for the value.