The video discusses the misunderstood message of entrepreneurship, emphasizing the importance of connecting with an audience and providing value without the pressure of making money. Justin Welsh has created a one-person business model that generates $2 million per year by writing for only one hour a day. He focuses on designing a life that aligns with his values and building a business around that design. Welsh emphasizes the importance of excellent customer service and primarily promotes products through newsletters. He thrives with smaller audiences and multiple revenue streams, offering different price points and solving different problems. The fear of money and success is a common concern, even for those who have achieved significant financial success. Welsh discusses the fear of not creating new products and becoming irrelevant, as well as his strategy of not promoting products frequently to avoid buyer deafness. He also discusses effective product promotion strategies, the value of an offer-based business, positioning and niches in online business, and overcoming creativity ruts. The video also addresses the mean-spiritedness of online interactions and the importance of building a supportive community. Justin Welsh emphasizes the significance of appreciation and bids farewell to the audience.
The Misunderstood Message
The misunderstood message of entrepreneurship is discussed in this video. The speaker shares his experience in building successful businesses and highlights the misconception of constantly seeking attention. He emphasizes the importance of connecting with an audience without the pressure of making money and the significance of providing value to customers. The speaker also discusses the misconception of equating financial success with admirable achievements and the need to align personal goals with desired outcomes. Additionally, he addresses the misunderstood message on social media, emphasizing the importance of focusing on the bigger picture rather than seeking validation or recognition. The speaker concludes by emphasizing the importance of prioritizing personal growth and designing one's life before focusing on business success.
Creating a One-Person Business Model
Creating a One-Person Business Model
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Justin Welsh has created a one-person business model that allows him to make $2 million per year by writing for only one hour a day.
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He believes in designing a life that aligns with his values and building a business around that design.
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His business costs around $12 to $1,800 per month to run and generates a monthly revenue of $180,000 to $210,000.
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He has invested in improving his website, messaging, and email automation, as well as outsourcing some tasks to others.
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Welsh spends his money on things that provide a good return on investment, such as hiring an assistant and flying in lay down seats.
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He emphasizes the importance of paying off his mortgage and owning his possessions outright.
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He spends between $30,000 and $40,000 per month, with a significant portion going towards food and drinks.
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Instead of traditional charitable giving, he chooses to tip generously as a way to give back to service workers.
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The advantage of running a one-person business is that there are no employees or growth targets to please.
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The speaker highlights the importance of providing excellent customer service.
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The speaker's business model primarily relies on promoting products through newsletters rather than public promotion.
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The speaker uses a four-stage model for attracting customers: problem unaware, problem aware, solution aware, and product aware.
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He spends most of his time on social media raising awareness about problems and offers solutions through articles.
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By linking these articles to his products, he drives traffic to his website and generates revenue from course sales.
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Running a profitable on-demand course business for smaller, niche audiences can be successful.
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Opting for low price, high volume products can be effective in this context.
Thriving with Smaller Audiences and Multiple Revenue Streams
Thriving with Smaller Audiences and Multiple Revenue Streams
- Having a niche audience may require delivering different price points and solving different problems.
- Besides courses, there are various ways to build a successful business, such as selling subscriptions, partnering with others, and offering sponsorships.
- Defining how much money one wants to make and working towards that goal is crucial.
- Even with a smaller audience, it is possible to make a significant income.
- Scarcity in business can lead to more peace and less stress.
- Transitioning from service business to social media and coaching packages can be a successful move.
- Introducing subscription emails as an upsell after course purchases can generate recurring revenue.
- Using proven structures and styles to share valuable information effectively is important.
- Prioritizing success over artistic expression can lead to engagement.
- Creating valuable content that resonates with a specific audience is more important than reaching a large number of people.
- Diversifying income sources is key to achieving financial success.
The Fear of Money and Success
The fear of money and success is a common concern for many individuals, even those who have achieved significant financial success. Despite reaching certain revenue or income milestones, feelings of safety and security do not automatically follow. This fear can lead to constant worry and paranoia, even for billionaires. Objectivity and realism can be easily lost when faced with setbacks or challenges, causing the mind to immediately jump to worst-case scenarios. Breaking free from this cycle of fear and negativity is difficult but necessary for maintaining a healthy mindset.
Key points:
- Fear of money and success is experienced by many, regardless of financial achievements.
- Feelings of safety and security do not automatically come with financial success.
- Constant worry and paranoia can arise, even for billionaires.
- Objectivity and realism can be lost when faced with setbacks or challenges.
- Breaking free from the cycle of fear and negativity is necessary for a healthy mindset.
Justin Welsh, who makes $2 million per year by writing for just one hour a day, discusses the fear of not creating new products and the fear of becoming irrelevant. He explains that his previous products continue to sell and increase in value over time, so there hasn't been a need to create new courses. However, he acknowledges the fear of not being seen as innovative and is currently working on his first product in two years. Welsh also shares his strategy of not promoting his products frequently to avoid buyer deafness, but occasionally promotes them when necessary.
Key points:
- Justin Welsh earns $2 million per year by writing for one hour a day.
- He fears not creating new products and becoming irrelevant.
- His previous products continue to sell and increase in value.
- He is currently working on his first product in two years.
- Welsh avoids frequent promotion to avoid buyer deafness.
The video discusses the fear of money and success and how to effectively promote products or services without exhausting or bombarding potential customers. The speaker shares his strategy of using his newsletter and articles as a Trojan horse, providing valuable content and allowing readers to make the decision on when to purchase. He also emphasizes the importance of setting clear expectations and not overwhelming customers with excessive emails or promotions.
Key points:
- The fear of money and success is discussed in relation to effective product promotion.
- The speaker uses newsletters and articles as a Trojan horse for promotion.
- Valuable content is provided, allowing readers to decide when to purchase.
- Clear expectations are important, and excessive emails or promotions should be avoided.
The video discusses the fear of money and success, focusing on the importance of understanding and connecting with customers before bombarding them with marketing campaigns. The speaker emphasizes the need for a modern approach to selling and highlights the concept of lead generation.
Key points:
- The fear of money and success is discussed in relation to understanding and connecting with customers.
- Marketing campaigns should not be immediately bombarded on customers.
- A modern approach to selling is necessary.
- The concept of lead generation is highlighted.
The Value of an Offer-Based Business
The value of an offer-based business lies in providing direct solutions to customer problems, rather than focusing on persuasion. This approach can lead to better results and profitability. Key points include:
- Nurturing leads through email campaigns is less effective compared to an offer-based approach.
- Packaging offers as solutions rather than trying to persuade people to buy performs better.
- Personalizing email content based on survey information can be effective.
- Creating dynamic landing pages that change based on customer needs is important.
- Tracking the lifetime value of subscribers helps optimize marketing strategies.
- Analyzing data and analytics can determine the worth of each subscriber and customer.
- Focusing on high-value customers who are willing to spend more is beneficial.
- Having a thriving business with a passive income component is crucial.
- The ability to monetize is not solely determined by the number of followers, but by what people are willing to spend.
- Having a more expensive product and putting in more effort can lead to success.
- Being well-known in a niche is important.
- Understanding customer problems and providing personalized solutions can lead to financial success.
Positioning and Niches
Positioning and Niches in Online Business:
- Simplifying the process of positioning oneself in the market is crucial.
- Success can be found by focusing on specific niches within industries.
- Differentiate oneself by identifying unique value proposition and sharing personal story.
- Practical experience and learned obsessions create a compelling narrative.
- Having specific expertise and experience in a particular industry or target market is valuable.
- Personal branding and sharing aspects of one's lifestyle can attract clients.
- Align content and products with a narrative, mission, and movement that resonates with the target audience.
- Showcasing a positive future and addressing the gap between the present and that future motivates action.
- LinkedIn is better for business professionals open to buying products and services, while Twitter involves jockeying for position and often includes exaggeration and facade.
- Understanding LinkedIn's dynamics and leveraging its formula for success is important.
- Use a hook, meat, and call to conversation structure in LinkedIn posts to engage the audience.
- Overcome writer's block by using tools like chat GPT to help formulate ideas.
Creativity in a Rut
Creativity in a Rut: Overcoming and Monetizing
- Using a structured approach, such as a step-by-step outline, can help overcome creative ruts in writing.
- AI, like chat GPT, can assist in structuring writing but is not extensively used.
- Developing muscle memory and relying on intuition are important in writing, but a structured approach can benefit beginners.
- Monetizing knowledge and creativity can be achieved by turning experiences into courses.
- Waiting to launch a product can have potential benefits, rather than monetizing too early.
- Qualitative signals, like receiving repeated questions, can determine when to launch a course.
- A course launch strategy involves collecting customer information, previewing content, and addressing specific problems through personalized emails and testimonials.
- Social media preparation, launch emails, price anchoring, urgency, and scarcity tactics are used to attract customers and achieve sales.
- Justin Welsh earns $2 million per year by writing for one hour a day and believes in overcoming the fear of failure.
Reigniting a Dead Audience
Reigniting a Dead Audience: Strategies for Success
- Two types of creators: snipers (high-quality content once a week) and machine gunners (multiple posts a day)
- Phased approach to revive a dead audience: create significant content to get algorithm and audience attention
- Use data analysis tools like Chat GPT to identify resonating content
- Transition from machine gunning to sniping by focusing on effective content themes and styles
- Twitter commonly requires this strategy
- Stay top of mind by tweeting four times a day and including plugs for newsletter articles
- Track content effectiveness using UTM tracking
- Repurpose old tweets to maintain consistent posting schedule and engage audience
- Find consistently effective content, such as fortune cookie tweets
- Leverage platforms like LinkedIn to add context and drive traffic
- Edit posts to keep them growing and bypass algorithm restrictions
- Drive traffic to website through engaging LinkedIn content
- Track article performance and share articles that convert into revenue
- Use aspirational stories to sell, rather than relatable stories
- Be transparent about resources and keep costs low to create a relatable image
- Justin Welsh's perspective on life and business as a successful writer earning $2 million per year.
The Mean Spiritedness of Online Interactions
The mean-spiritedness of online interactions is a topic that is discussed in these summaries. The key points include:
- Twitter has become more abrasive, with people constantly trying to "own" each other and gain dopamine wins through insults and hurtful comments.
- Building a supportive community is more important than gaining followers.
- Negativity and trash-talking online are frustrating and counterproductive.
- One's own behavior attracts certain types of people.
- Starting meaningful conversations on LinkedIn is more effective than using generic prompts.
- Being genuine and treating online conversations the same as offline ones is important.
- Avoid using engagement baits and ask genuine questions to foster meaningful conversations.
- Connect with others online based on the effort put into reaching out.
- Adding value and supporting others in the online community is crucial.
- Solve problems, support, introduce, and share valuable content instead of being critical.
- The impact of mean-spiritedness on online interactions is discussed.
Appreciation and Farewell
- Justin Welsh, a writer who earns $2 million per year, emphasizes the significance of appreciation and says goodbye to the audience.