004 - How Could You Lose THAT MANY TIMES?!? - My Origin Story (Part 4)

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My Origin Story (Part 4) - How Could You Lose THAT MANY TIMES?!?
Part 4 of 4 of My Origin Story
The product isn't the business. The MARKETING of the product is the business
Using a SWOT analysis for inner change
Why The Lucky Entrepreneur Podcast

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Show Notes

Josh Tapp 0:00
What's up everybody? Josh Tapp here and welcome back to the lucky entrepreneur podcast. So today is part four of four of my origin story. So I hope you're excited today, because today is where we're going to start talking more about my last business, the business that we've actually been running successfully for the past couple years. And I've been really excited to share this part because this this is my most recent failure. Honestly, it's been it's one of the big things we just cycled. A lot of this stuff is really raw for me. So I'm sorry if I get emotional or anything in this. I just very excited about sharing it with you because I want to be transparent, and I want to help you guys win. So I'm gonna share some of the lessons I've learned up to this point. And we're going to get rolling with all that. So where I left off last time was that we, we had just started doing some information products, and then we'd spent over $5,000 and Facebook ads on them. And the great thing is we've made a little bit of money. I started to see a little bit of success, but I was coming up to my last year in college and I was like, man, okay, if I don't get something going here, I'm gonna have Have to go get a job and my mind just been so on entrepreneurial ism and marketing online, that I just, you know, I don't want to have to like, give that all up. So there's a lesson to be learned there. By the way, it's the sunk cost principle. There's no such thing as you've already gone too far to just stop and change directions. If it's killing you, you don't you know, you don't keep you running off the cliff, right? You turn around and you say, Okay, I need to I need to adjust. So what was happening though, is I had spent all that time all that money, trying to figure it out trying to make these products and said, well, shoot. You know, I can't really make any of this work. And then I ran to a guy named Dan Henry. Okay. If any of you have heard of Dan Henry, he's kind of a jerk. I love him to death. He can be a total jerk. But the best part is, he's a really awesome guy. He's a really nice guy. His persona that he puts across is basically he is his attractive character is the villain, right? He's the guy that you're like, I love you, but I hate you, Dan. I think that really is, is good for him because that's him being polar. So which is another huge lesson to be learned to be polar in your message, right? But he came and he started advertising to me, and he started retargeting me. And I was being really annoying. I was seeing his ads
Unknown Speaker 2:13
everywhere,
Josh Tapp 2:14
Matt, who is this guy? So I finally look into him. And as a marketer, I like to go on ads. I'm really nerdy. I like to study what other people are doing. So I my Facebook feed, you would all laugh. I basically goes a post from a friend or family and add a post for a friend or family and ad and it goes that way. Every other thing is an ad all the way down my feed. And I love it that way because it helps me to spy on my competition and to learn from other people. So I do that all the time. But anyways, I click on this ad, and this is the first time that I decided to invest in myself. Dan sold me hook line and sinker. And I am so glad he did. Because in his message that he shared, he went and taught how to do Facebook ads and how to start what he called an ad agency. So many of you have probably seen this online. Some of you may Be at agencies. And some of you may be brick and mortar businesses who get hit up 40 times a week by agencies. He, he was teaching how to basically do these ads, he was only charging 1000 bucks. I said, Well, I'm married. So this is gonna be a little bit tough. That's gonna pull from our savings, I'm gonna have to convince my wife and luckily, I have an extremely supportive wife. And so she was like, let's do it. I think it's a great idea. And it played to my strengths. I was like, Okay, I'm already pretty decent at this. So I'm like, how about I learned what I'm not good at at it, and then I just start selling to other people. We started doing that. Within the first two months, we started to make like two grand a month and I said, Well, okay, we've we figure something out. We went out, got some clients, a lot of them were just people in our town that we knew and me and my brother again, we were splitting that the cost and everything associated with it. And then came all the work. We said, Okay, we're, we've figured something out. So how do we automate the system? So I was finishing up college so we we said okay, for right now, let's be in a learning phase. So we ended up up over the next six months spending over $20,000 on education. We learned how to do Facebook ads, chat bots, we learned funnels, we learned how to do YouTube ads, Google ads, pretty much everything under the sun. And all of these courses, were starting to teach me more and more and more and my brother more and more and more so where we felt like okay, we're pretty good at this, you know? But then we're starting to have problems because our offer was awful. We're like, well, literally, we're just gonna charge you what Dan Henry says, we're just gonna do Facebook ads. But one of the things he talks about now is his packaging your information, or packaging your, your offer in a new way so that it's it's something that, you know, they actually need, it's something that they want. And for me, it was it was just kind of eye opening, because we realized, wow, we need to change our package. And then I graduated from college and I started to make this my full time gig because we were starting to gain momentum. And I said, Okay, we're doing great and everything and then Facebook starts to throw the stinking algorithm changes. Is that us. And for some of our businesses, it completely eliminated the possibility of succeeding with them. For some of them, so for example, we were doing some for some restaurants. And for those we had, we were basically getting people in the door for 50 cents, and we could get them back over and over and over again, basically once a month, for free, it didn't cost them a dime, other than paying our cost, right. And so their costs were extremely low on that. But then Facebook's algorithm change made it so basically, to get them to come back again, was going to cost anywhere from 50 cents to $1. Every single time we want people to come back, and that that can add to our costs, and they all dropped us. That was a huge letdown for me because I just graduated and I was so excited because we were making enough that I didn't have to go get a job. We were on track to make a $200,000 a year and I got all excited and anyway started calling my shot again. Hear that those repeating themes over and over again. In college. I was like oh yeah Every business I make this much money and people kept asking me questions. So I started to go in and brag about where we were going and say, Oh, I want to hire you and all these things and and I call him my shot. And then we started to to lose momentum. A lot of our value was getting eaten up by these, these, these changes, the algorithmic changes. And honestly, we just started to figure out we didn't have a set, simple way to get consistent clients coming in. And if any of you've ever done an agency model before, it's a very high churn, so that means your your average clients probably gonna be like a three to six month contract, and then they'll usually be done with you because either you perform really well, or you perform really poorly, and they they get upset because they didn't, they didn't get the results they wanted or you gave them so many leads, they can't handle it right. And we were picking different niches, we started to try different things, buy more courses, buy more coaching, and a lot of those things were keeping us afloat.
But I started to help hate my life. I'll be completely honest with you guys. This is where my most recent change has been happening. Just a few months ago, I said to myself, I'm like, this is so ridiculous. It's so hard. There were some months where we were coming out with big paychecks, or some months where we had to pay back to our business. And I was starting to be like, Man, this is really taxing on my wife, and on my family. And I said, you know, is this really where I want to be? And when I got into Facebook ads agency, it was never meant to be the long run business. It was meant to be our, you know, our, our funding for the other businesses. Here's I love the information product realm. I love coaching and helping other people. And I've always wanted to do that. So this was meant to fund that. And then I realized, wow, you know, how did it How did I get here? When you start asking yourself that question, it's pretty easy to look back and start saying, Wow, I made this decision there. I started working with this person there. I committed to this when I shouldn't have there. And when you do that, you start to say wow, I know I'm here, okay. When I identified that for myself, it became so obvious that I just wasn't doing what I wanted to do. I started to have major depression and anxiety. I've been a bit struggling with that for the last year. But for me, I started to realize, I'm, you know, I'm not happy, I'm not doing what I want to do. What I really want to do is I want to work with people I love working with people with a higher mindset, they're they're saying, okay, I want to change, right being getting that average of the five people, you know, I wanted to increase that average, so that my income and my my happiness can increase as I average that with other people. So this is where I had to evaluate myself again. I sat down I said, Okay, what are my strengths? What are my weaknesses? What are my you know, the opportunities that I have, and what are the threats of any of those opportunities? It's called a SWOT analysis. If you've never done that, it's usually for a business but I was using in my own life. And this was one of the most I mean,
painful moments, I guess, in my, in my business experience because I had to start being brutally honest with myself. You know, I started to say, you know, I'm not good at XYZ. I mean, some of my big weaknesses is, I am not good at cold outreach I To this day, I've been doing this for three years. And the cold outreach for me has has always been difficult, I can do it. But sometimes my anxiety kicks in so hard, I can't even pick up the phone. Okay. I'm like, Okay, I need to call these people. Or I've set an appointment with somebody and I'm like, I can't call them I have to make an excuse to quit like, I can't do it. And that that anxiety is something that I know most entrepreneurs struggle with. We say man, like I can't pick up the phone. That was one of my weaknesses. Another one of my weaknesses was that I just honestly like, I didn't. I have a shiny object syndrome. I'm constantly chasing different things. I couldn't really commit to one thing. And I started to say wow, like these, these are my big weaknesses. That's hard to write down my strengths. And I'm like, first off, I care. I really care about our clients. The hardest part for me is when I work with a client is if I don't get them a result, it kills me. I don't want your money if I'm not going to provide a good result for you, because then I feel like it's blood money, right? So it was sacrifice in a way that shouldn't have been sacrificed in order to get the money. I want you to win if I make you win, we both win. And I'm so happy when it happens. And I started to write down Okay, I'm, I'm you know, one of my strengths is I'm actually good at closing people when when they know I'm calling them so I'm like, man, well, maybe if I had some sort of way to have somebody else do the cold calling and then I just did the clothes or you know, maybe I'm not outsourcing enough. That was my other big thing. I wasn't outsourcing enough. And as I started doing these this strengths and weaknesses, I started to realize I'm like I need to stop chasing the money. One of my big problems is that like, Okay, well we need the money and it's not for me like, I'm not out there to buy Corvette a Ferrari. I'm not there to buy a yacht to live in the Bahamas or whatever, right? I don't know what everybody always wants to tell their money, but I'm like, I want the money so I can start businesses, so I can have the freedom to do what I want to do, right? And when I started to write those things down, I was like, Okay, well, maybe in the pursuit of money, I'm running into some some problems. I'm not being honest with myself, about, you know, who I want to be. I started say, you know, I want to help business owners, I've always known that all of our products have been tell business owners and I'm like, I, I love helping people where you know, that they're having weaknesses and starting, they're saying, okay, I can't get to that hundred thousand dollar price point. And I'm like, Well, you know, I've pretty much done that. So I'm like, I've, you know, that's something I could teach to people, but I'm like, well, maybe I shouldn't be the one to do X. I'm not uniquely qualified to do that. I couldn't tell you how to do that. You know, in every single way, but how Mike but I do know, people could tell you, I know. So I know. a realtor who could tell you how to make six figures that are as a realtor. I know somebody who has a marketing agency has made six figures and they could teach you how to as a marketing agency. I know XYZ for every industry, I started to think, wow, I could just start sharing these things with you guys. I could make a podcast I could do it around a concept that I truly believe in which is making your own luck. That's where this podcast has come from guys, I'm, I want to be here to really truly help you to make that that environment great for yourself. And I'm like, I that's something I can do. The money may come down the road from this, I don't know. But I want to do this regardless because it's not about the money. It's about me going out there sharing what I know with who I love and who I love to help. And that way they can they can succeed I want to help people succeed. Then the other thing arises Mike, I didn't get around wealthier people who are amazing people. So Russell Brunson. I've talked about him multiple times. He has an award. That is called the two comma club award. It's When you've when you've made a million dollars using a funnel, so you've built a website to basically create a sales process that sells a product or service, and you've made a million dollars in it. So to get to that point, you have to have a mindset change, right? You don't just make a million dollar business when you you know, wouldn't when you have all these weaknesses, you make a million dollar businesses when you play to your strengths. And so I started to say, Okay, how do I get around these people, I just started reaching out. And guys, I have found mentors in three of them. Already three people who have been willing to reach out and and share time with me. And from them, I have been being mentored in those specific steps. And so I'm going to be sharing a lot of those things. I'm learning from these people with you. I'm going to try and get all of them and many other people onto this podcast so that they can be sharing with you how to win, I want you to win. I want you to be able to avoid those pitfalls. So they're going to be sharing about the pitfalls, the fires, they had to put out, you know, all of the big problems that they've been running into in their business, so that you can overcome those things. It's going to give you ideas, it's going to help you You broaden your perspective on on the range of businesses that you could do. And I want to be here to help you guys to accomplish all of those things. So I was so excited to share his origin story with you. And thank you for listening to these all these episodes. Because if you listen to these, I hope you can, you can feel my authenticity, my passion, I love business, and I want you to win. I can't emphasize that enough. That's the only reason I'm here. I want you to win. So I want you to be able to go out there and and make those correct decisions for your business. And I want you to be able to learn in a way that structured and simple I know most of you listening to this are probably on a commute to work or to your business every day. There's tons of podcasts out there you could be listening to that are excellent. And I would highly recommend many of them. I want this to be another one of those for you. I want you to be able to put this in and may feel like it was worth the time. So I will only put up episodes if I feel like they were truly going to help you in some way. If they're not, I won't post them. So that's kind of my guarantee to you. I'm gonna only share the tool The trainings the people that I know are going to help you guys to win. So I hope with all of that, again, you can feel my authenticity and that you've learned so much already about me and about some of the pitfalls I've been able to overcome, and to know where I'm at. So I'm going to be documenting this journey all along the way. And you can guarantee
that I'm going to be here sharing with you every time I learned something great. Once I'm like, Okay, this is something you can learn, I'm going to be on here. You might get annoyed by me and that's okay. If you don't resonate with me. There are other great podcasts out there, go listen to them. I'm not here to pull you away from everything else. I'm here to add to what you have to make it a pleasant experience for you. So guys, I'm so excited to be here with you and welcome to lucky entrepreneur, go out there today and make your own luck. Do you ever feel overwhelmed by all of the software's and tools that call for your attention and for your money, but you never know which ones work well for your business? I personally have worked with over 100 companies and every single company has different tools that work well for them. But I found a few specific tools that work well for every business and I've made a resources page. That you can access at the lucky entrepreneur.com slash resources. On that page. We've got trainings that will teach you how to use the tools effectively, what businesses they work best for, and then how to access them and get discounts on them all through our resources page. So if you'd like access to those resources, go to the lucky entrepreneur.com slash resources. Once again, that's the lucky entrepreneur.com slash resources.
Transcribed by https://otter.ai

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