Capitalism.com with Ryan Daniel Moran How To Build A Million Dollar Business In 20 Minutes #WednesdayWithWyan
Today’s episode is a talk Ryan gave at the Health FX event. He is speaking to people in health and fitness crowd, reminding them they are navigating one of the most opportune markets in recent history.
How do you Yoda-fy your audience — and why would you even do that? Ryan explains how to leverage your audience’s trust into a business building journey.
Key Takeaways
[1:29] The health and fitness industry is in a unique position in the entrepreneurial marketplace — it’s easier to build an audience.
[3:51] If you really want to make a difference and believe in sharing a message with the world, don’t waste your time, energy and attention trading clicks for dollars — build a long term asset, and build long term customer value.
[7:05] Here is what a million dollar business looks like:
3 to 5 products
20-30 sales per day
30$ price point
And what you need to take it off the ground is a 10k audience.
[8:47] Stop trying to reverse engineer what other people do successfully. Build for your existing tribe, serve them first and foremost.
[9:31] A brand is outsourced trust, and its asset is the audience. That is the basis on which almost all business acquisitions are made.
[10:56] Big health and food brands are quite agnostic as to where their profit comes from, but they are nowadays unable to innovate as fast as the consumer (information sharing has seen to that).
So if you have built an audience and trust, they will give you money — lots of it — to gain access to that asset.
[14:11] People will hand over leadership to individuals that they trust, and you are already leading your audience on a journey. You have their trust. Your job now is to show them how your products help them navigate that journey.
[16:00] The way we talk about physical health, mental health and lifestyle health has evolved rapidly in the last 15 years and as a result there a massive amounts of smaller communities waiting to be led.
[17:55] Yoda-fy your community and let them take it to the rest of the world.
Thank you for listening, it means the world.
Mentioned in this episode
Contact Ryan on Twitter @ryanmoran
Contact Ryan on Instagram @ryandanielmoran