Episode 23: How to Make Money Fast

In today’s episode, we’re talking about something super important, and one of the most searched terms in Google today. How to make money fast. 

This is something that people are searching for all the time and the reason for that is that money plays a big part in our lives in terms of making sure that we are safe, have a roof over our heads, and can pay our bills but, it’s also one of the biggest stress-inducing parts of life.

Here are the highlights from this episode:

{1:13} The three parts of our brains and how they control our behaviour

{1:32} The ID, the superego, and the ego

{4:39} Having one core signature product

{7:02} Keeping it simple

{7:31} Why people say things are too expensive

{8:57} Recurring income and passive income

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Welcome to Dawn of a New Era, the chronicles of a serial entrepreneur podcast, with a real difference, where we’re focusing on the real truths of business and not just focusing on the successes, but also addressing the hardships. Now, in today’s episode, we’re going to be talking about something super important and one of the most searched terms in Google today. Guess what? It’s all about money.

We’re going to be talking about how to make money, fast. This is something that people are searching for, day in, day out, minute by minute, hour by hour. The reason for that is, is money plays a big part on, obviously, our lives in terms of making sure that we are safe, and we have protection in terms of a roof over our head. We can pay our bills. It’s also one of the biggest stress-inducing parts of life and, also, one of the biggest causes of arguments in relationships.

Now, how do we see money? Everyone has a different attitude towards it. This is really interesting. When we start thinking about our own psyche, we have to address how our minds work and why we have the thinking around money that we have the thinking of. These are all down to three areas, these three key areas, these three parts in your mind that control your behaviour. Now, if we hadn’t got a handle on this, and we understand how our brains work, we start to truly understand how our perception is, and our thoughts and beliefs are formed around money.

So what are these three parts? Well, the first one is your ID. The second is superego, and the third is ego. Now, to give you an idea of what all of these three parts are, the ID is basically formed from birth. It’s your instinctive urge, something that’s innate to you. It’s just your natural disposition to what your feeling is and how you behave. These are all part of what you think about when you are making a decision.

When we talk about getting deeper into the psyche around money, it starts to make a bit more sense when you truly understand what you feel because then you can see what your natural reaction would be. Now, if you’re someone that feels that they’re not particularly good with money or someone who feels that they are very good with money, this is often formed from your superego, which is all about your upbringing. Things like your parental guidance, what their perception of money was, your mom’s and dad’s, or family members’, or colleagues’ or people around you when you grew up. These all form a basis of what you think. Now, if, again, you were brought up in an environment where money was always a problem, you will probably have got that feeling in your own behaviour. It’s very hard to shift.

Now, the third area, and this, again, is really, really impactful in terms of what decisions you make around money and, again, how you feel about it, is ego. Now, this is the driver in all your decision-making. It’s like your inner voice. Now, the ego, its whole goal is to satisfy both your ID and your superego. It works in balance. If you think about it, if you hear about, say, a get-rich-quick scheme or something that you’re going to get these really fast results, but you’ve just got this nagging feel. Then, the ego’s job is to listen to this inner voice. It’s your gut instinct.

When you get that feeling, that’s your ego. What it’s trying to do is it’s always trying to satisfy both the ID and the superego. Because your ID might be that you have this instinctive urge that your whole disposition is, “Oh my goodness. That sounds amazing.” So you’re all guns blazing, and then your upbringing is that you’re quite into risk-taking. You could be lured into thinking, “Oh, my goodness. This get-rich-quick scheme, this sounds fantastic. Why not just take a punt?” But then you get this nagging feeling in your gut. That’s the, “Oh, well, if it sounds too good to be true, maybe it is too good to be true.”

So you have to listen to all three parts. Again, when you think about making money online, one of the biggest reasons and the huge cause of businesses failing, when someone maybe starts a business for their own passion, is that there’s an overwhelm. There’s this innate belief that you have to sell everything to everyone. Now, the opposite is actually true. You would be better off developing a one core signature item.

Now, again, in my business, in our academy, one of the things I can attribute millions of pounds worth to is our fast track. The reason that that was so successful is it was geared around our customer. It was designed for our clients. It was a one-thing, one-focused product, and it was really tangible and easy to understand. The messaging around it was basically, “We have designed a model, the dynamic digital marketing model, which is a framework that encompasses all eight powerful ways to market your business online. The reason to do the course is if you really want to master online marketing and social media to grow and scale your business and accelerate your career, this is the one-stop-shop. It will get you from A to B really quickly. It’s got some amazing guarantees that you’ll save 30% of your time. Seven times your return on investment and so on.”

It was just a really, really clear product designed for market, designed for demand. When we launched it, it just sold, sold, sold because people could see exactly what it was, what it was for them, how are they going to get from A to B, and that it was going to be super quick, super great results. But it also had to satisfy the ID, the instinctive urge. It was like, “Yeah, fast track. This sounds great: Superego, your upbringing, while weighing up all your options, what you’re going to learn, how it’s going to be delivered, all of those things built-in.” Then, for the ego, which is the ultimate, driver in the decision-making, this inner voice, it clarified all the guarantees, the promises, the accreditation, the certification, the person who’s delivering it. It basically overcame any of the frequently asked questions and sales objections.

So when you design a product, you have to create the desire that appeals to the ID, the desire that appeals to your superego. But also, for the ego side of things, put the proof, the social proof in that really validates and quantifies what they’re going to get for their investment of money.

When you want to make money quickly, it’s about getting laser-focused and super focused on one thing and one thing only and thinking about creating a signature product. Simplification in businesses is often one of the main things that I work with on clients because they’ve just got too much. They’re trying to sell all things to everyone.

As I said, you will be better off designing something super, super focused, to your ideal client and your ideal client, only. At the end of the day, if you care about the people who are not your ideal clients, that’s when you open yourself up for failure because you don’t want to attract your ideal client. So if someone comes to you and says, “This is too expensive.” You’ve either not front-loaded the value for that investment, the return on investment or you’ve got the wrong person.” When you have a product like we designed the fast track, we didn’t have to sell it. People were coming to us already with the desire. They’d already seen the frequently asked questions. They’d already overcome most of the sales objections. They were just looking for further validation, just further questions, but more specific to them. That became a very, very successful and lucrative product for us.

Obviously, with the book Dynamic Digital Marketing that goes hand in hand, you can start to see the proposition either doing it online or through three days, having a book that supports it. We also have a podcast. There was just lots of goodies that it just sold itself and still is. It will probably be our signature product from now until I die or the business dies. It could even go past that point.

Now, the reason that the fast track is so successful is it doesn’t centre around me. Now, yeah, I might be the founder. I might be one of the head tutors. I might be a trainer, but my time is not spent in delivering. My time is spent in creating the content, creating the assets, and creating the things that actually form the of the foundation of the business, but they allow me to step away.

For me, recurring revenue and passive income are the two biggies. The fastest way to make money online, because you’re not trading time for money. This is where it’s so super tempting to do. Because you think, “Well, I could show up, and I could do this. I could show up and do this.” But you need a level of things that can happen so that you are not the business, that the business is its own entity, and can survive without you so that you can step away and be strategic and be creative and not have to be in the business, in the thick of it. You can take a step back and work on the business, but not in the business.

Now, recurring revenue, this is great in terms of our academy. We have things like payment plans. Now, we don’t charge interest. There’s no admin fees on that. And you might be thinking, “Well, how does that work with cashflow?” But it’s on scale. Because at the end of the day of someone signing up for a diploma, you might be thinking, “Well, gosh, they’re only spending… What? £99 a month. But when you start to think about it, the fact that the diploma is hosted online, and we’re training 5,000 students a year, you can start to see that there is no need to charge interest. There’s no need to have admin fees. We can make the course as accessible as we can for students, and all of our clients, for any age, at any stage, but still have good cashflow. Because every single time someone signs up, we know for the next six or 12 months, depending on the payment plan they choose, how much we’re getting in.

Now, going into the month ahead, knowing that you’ve got that, absolute guaranteed revenue coming in is massive. When you start to think about the fact that that’s an online course, and that’s passive income, you start to see how the business can be so successful. This is what I work on with clients all the time, just these subtle shifts of getting the recurring and passive. This doesn’t have to be a labour of love. This can be as simple as creating one signature online course. As I said, we make millions on the fast track. This is something that each and every year we’re bringing in huge, huge revenues because the course is very solid. It’s a signature course. It’s what people want.

If you got your business, whatever you’re doing, most businesses can lend themselves to creating an online course. I can’t stress to you how fundamental this is. It’s worth putting in a little bit of effort to create something like a six or eight module course that is super strong. That is front-loading your experience, your expertise, and taking your knowledge, not just to a few people to many.

Now, what that does, also, in turn, is, it’s amazing for brand awareness because now you’re reaching scale. The more people who, obviously, engage in your products and services know about your brand and think you’re absolutely amazing, then guess what happens? The ripple effect. You start to get referrals/recommendations. Your brand is well known. The social proof is growing. This whole momentum is just building on the force of strengthening this business, so it’s becoming a real asset. It’s not just you anymore. It’s something that is in the market that has a brand, and has the leadership, and can run by itself.

I hope you found this useful. Just think back to the three parts in your mind, your ID, your superego, and ego. They’re all working together, but try and be conscious and bring it back. When you think about how to make money, think about the fastest way. Just be laser-focused on the one thing. The one thing that you feel absolutely would be your ideal client’s dream. Then, start building something like an online course that can get you this amazing recurring and passive income.

So I shall see you on the next podcast. Don’t forget to go to Apple and/or any of your podcast listener tools that you’re using and subscribe. Now, you can catch up on all the episodes that I’ve created. Just go to DawnMcgruer.com, and you can see all the podcasts and worksheets that I’ve created since I started the podcast. Have an amazing week, and I will catch up with you on the next episode. I hope you enjoyed this week’s episode. Don’t forget I’m going to be with you each and every week, so download and listen on DawnMcgruer.com or on iTunes. Come and join us and our Facebook community too. All the details are on the website, and I’ll see you next week.

 

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