Episode Transcript
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Speaker 1 (00:03):
You see other
entrepreneurs on the internet
living it up Fancy cars, fancyhouses, fancy vacations.
How did they do it?
Well, you're about to find out.
This is taught by a billionaire.
Being an entrepreneur or abusiness owner is fun.
(00:25):
It's lucrative, but it takeshard work and tons of brains,
and that's why we're here.
We'll interview otherentrepreneurs that have hit the
millionaire status and teachup-and-coming entrepreneurs the
steps you need to get to thenext level.
Welcome to Taught by aBillionaire.
Speaker 2 (00:59):
Now your host,
ferdinand Mellinger, mentor the
things that I remember so that Ican share with you the things
that I learned and the processof how I go through things or
how I look at certain things tomake decisions when I'm moving
into a different businessdecision.
So first, the very firstepisode that I did was about
(01:21):
time management.
That's what my first lesson wason.
But within that time managementlesson he was also speaking to
me about the product versusservice industry, because he
said I was so focused on theservice industry that I wouldn't
really make any money because Icouldn't duplicate myself.
And so again, I didn'tunderstand what he meant at that
(01:42):
particular time.
It wasn't until years laterthat it kind of dawned on me.
So you know, as he told me,that I'm, I'm processing the
whole thing about service andproducts, which made sense.
You know he was saying I can'tduplicate myself, so I can't be
everywhere at once.
So if I'm giving a service tosomebody, if there's a person in
(02:03):
California, there's a person inNorth Carolina, there's a
person in Florida, there's aperson in New York, I can't
duplicate myself on all thosedifferent places.
I have to now spend timeindividually with each of those
different clients.
So it's a service, it's aservice industry.
So you can't again, you can'tduplicate.
You can duplicate a process,but that becomes a product.
So during the next like I think,three to four years, I was just
(02:26):
mostly just learning businessand business acumen and how to
negotiate and board meetings andhow to be a proxy, and you know
, I was learning all thosethings.
But there was a time when itcame where I needed to kind of
apply what was being taught tome.
So I remember sitting at mycomputer, it was late at night
(02:49):
and I had a client and he had astore, an e-commerce store, and
I was looking at the websitebecause we were taking care of
all of the online marketing forthem.
So I was looking at the websiteand I saw everything in the
back end.
And I'm looking at the storeand I'm like wait a second.
He said products.
You remember he said he had2000 products and that's what he
(03:12):
banked off of, because he hadmentioned to me that he had like
two of 2023 products.
So like if one failed it didn'tmatter, he'd have other ones to
fall back on.
So I'm looking at the store andwe had like 33 products and it
dawned on me like at that momentit was like, wait a minute,
that's what he's talking about.
This is that whole productindustry that he was talking
(03:35):
about and I have 33 of themright in front of me.
So I immediately called myclient that I had and I said to
him I said, can we have ameeting?
And he was in Vegas.
And so I went out there and hada meeting with him and you know
I'm kind of new to this.
At the time I didn't reallyunderstand how to.
(03:56):
I knew the negotiations, ofcourse, because I had gone
through that, but the wholeproduct thing I didn't get.
I knew what I was missing, butI didn't know how to make them.
I didn't know the branding.
That goes to the firstpercentage.
He didn't agree, but to thesecond percentage.
(04:27):
We came to an agreement and sothen I had my first 33 products.
That's when things became kindof very clear, because you know,
when you have a serviceindustry, you're constantly
working for your money andyou're looking for a new client
to buy your service.
With products people are buying24 hours a day.
(04:50):
I remember waking up that nextmorning because now I had a rev
share, now you see what comes inat night and now you see what
you've made, the percentage ofwhat comes in.
So it was a different feelingas opposed to having to have a
client and then wait for apayment.
Now I've got products coming in24 hours a day.
My advice to everybody would beto make sure that you have some
(05:14):
type of product.
It doesn't have to be your ownIt'd be great if it was but you
know, if you have your ownproduct, there are different.
A lot of research that goesinto doing your own product,
because you got to make surethere's going to be a market for
it.
And if there's not going to bea market for it, then you're
going to be wasting a bunch oftime, a bunch of money.
Make sure that, if you aredeciding to enter into the
product industry, that it's ananswer to a specific need.
(05:36):
Niche things are extremely,extremely valuable and extremely
profitable.
And the next I would look atwould be margins.
You know you want to make surethat your margins are in the.
You want to make sure that yourmargins are within the
(06:01):
capabilities of what you cansurvive on while you're getting
to your profitability, becausethere's going to be costs that
come up, so you got to coverthose costs.
You got to make sure withinthose margins it's covering
those costs and also making youa little bit of money.
So you're in the green, youdon't want to be net negative on
things because it's going to.
That's bad.
And then I would say fine, ifyou can't find your own, if you
don't know it, maybe do try anaffiliate product.
(06:22):
I I'm not don't know it, maybetry an affiliate product.
I don't know too much aboutaffiliate marketing and all that
.
That's not what I do, but I'veseen people make a lot of money
off of that and those areproducts.
So you can do that.
I tend to create my ownproducts.
I'll find a need and I'llresearch that specific niche
within that specific industryand I'll see what the need is
and what the trends are.
(06:43):
And then you want to be able tokind of tell through the data
what your return is going to be.
But there's also going to be alot of costs because there's got
to be the development that goesinto it.
So just be aware that.
But to own that product so thatbecomes yours.
And this can be anything.
These could be digital products, these could be physical
products.
It's just a matter of what youare wanting to do, and let's
(07:07):
take it for a question that,let's say, someone has right now
of.
Okay, today is April 17th.
It's almost my wife's birthday.
I need to get her a present andI'm spending time with you guys
.
Her birthday is in a few days,I don't even know.
Okay, but I'll get that doneno-transcript In the form of a
(07:35):
product to be beneficial to younow, because a lot of the stuff
that I did was years ago, so I'mbenefiting from that now, from
years and years ago.
But today, what would you do?
What are you supposed to do andhow do you make a product today
?
Well, there's a number ofthings.
I think the easiest thing thatI would say right off the bat is
(07:57):
everybody knows this is ChatGPT.
There's numbers of ways thatyou can make products with
ChatGPT.
I don't know what everybody'stalents are.
I don't know what you do for aliving, but I can only go by
specific hypothetical examplesthat I can give you right now.
(08:18):
So let's just say right nowthere is a mobile detailer.
I don't know, I'm just makingthese things up, I don't know.
And if there is, thank you forlistening.
I really appreciate you beinghere.
I appreciate everybody forlistening to what I have to say
and hopefully I can give youguys some knowledge or help you
(08:39):
guys along the way.
So let's say you're a mobiledetailer.
You want to create your ownproduct within this mobile
detailing world that you're.
In order to really besuccessful, you've got to be
kind of the best of the best,right?
You're not going to be amediocre detailer, because then
you wouldn't get hired forcertain things.
So when you are trying to bethe best of the best, this would
(09:02):
go for anything.
I mean, this could go for anyof the bodybuilding mobile
detailer, house cleaner, foranything, you know, whatever.
Don't limit yourself.
You guys have power withinyourselves.
You just got to realize wherethat power lies.
Now, mobile detailers, so that'swhat we're talking about.
What power do you have?
What's lying inside of you thatthat is powerful for you to
(09:24):
make some money?
Well, let's look at this.
Is there a specific productthat you use, that you love,
that has done better than otherproducts?
Okay, so that's one aspect ofthat.
So we've got now a product thatyou like that you use.
Now, you, you like.
Okay, so that that's one aspectof that.
So we've got now a product thatyou like that you use.
Now you you like, okay.
So that's one aspect to this.
Next is, in all the years thatyou've been doing this mobile
(09:48):
detailing, there have got to besome secrets or some things that
you have done that make thingseasier or make things better.
Let's say that you I don't know, I mean you can get into the
cracks better, you clean thevents better, you make sure that
there's no sticky stuff onanything If they have kids.
You, you use a different typeof technique for the carpets and
(10:12):
cleaning and you use.
You, you leave beautiful line,whatever it may be, when your
carpet, you do it, when you'revacuuming the carpet, whatever.
I mean, I don't know, I'm not acar detailer, I'm just trying
to think of things to kind ofhelp people here.
So you've got that specifictechnique that you do.
There's a process to thattechnique, isn't there?
I mean, it's not like you justgo there willy nilly and just
(10:33):
kind of do things.
There's a process that you'vebuilt.
So let's take the products thatyou have, that you love, that
you use, that you vouch forbecause you use them.
See if there is an affiliateoffer for them, which most
products there are.
See if there's an affiliatecode.
Go to that site, look for anaffiliate code or affiliate
(10:56):
partnership, excuse me, and goand sign up.
Get your links to thoseproducts that you use, store
them in like a Google sheet.
Name the Google sheet, mydetailing I don't know.
My detailing, product Numberone, I don't know.
I'm just making up some names.
So now you've got the product,you've got the links right To
(11:18):
that specific product.
Next, what I would do is go intochat GPT and get personal.
So everybody, everybody that'slistening right now, when you go
into chat GPT for whatever itis, whatever you're creating,
you need to get personal.
You need to let this robot,this brain, understand who you
are, what your strengths are,what your weaknesses are, what
(11:42):
you do good, what you don't dogood.
The more information that ithas, the more it's able to help
you.
So in this particular situation, I would go to ChatGPT and say
my name is let's just make thisup, it's a profile, it's a
persona that we're making upright now.
So my name is Chris Bellevue andI am a mobile detailer.
(12:03):
I've been mobile detailing forthe last 15 years.
I started mobile detailing whenI was a kid, watching a friend
or watching my dad who detailedcars or who worked at it.
Whatever the story is, what Iam looking to do, and I need
your help with, is creating aPDF of my systemized process
(12:26):
that I've created to detail cars.
The very first step in thisprocess is I take clean water
that has no contaminants in it,so the distilled water that I
use to spray the cars down sothat there's no water spots that
are left over.
That's the first step that I use.
Next step that I use is I use apower washer thing that shoots
(12:50):
bubbles and does that on the carso that I can scrub the car
down.
Next thing that I do is I dryit with this particular towel,
this particular product.
The next thing I do is I go inand I use this particular vacuum
and this particular process forthe carpets and the vents and
these tools for that You've gotto get.
So what I'm basically saying isyou've got to get personal and
(13:10):
let chat GPT know.
The more it knows, the more itcan help you.
You don't have to type this out, guys.
You don't have to type this out.
You can speak just as I'mspeaking to you.
It's not difficult.
You just hit that littlemicrophone and speak.
Next, you ask it to generateyou a PDF that you can now sell.
Affiliate product that you use,that you vouch for, that you
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know that works.
So you know that once someonebuys it, it's going to be a good
experience.
You've got the links to thatwithin your pdf with your
specific process.
That you've done that you do.
Right, that's yours.
Nobody else is doing it thatway, or maybe they do.
It may be similar, but it's notyour specific way, it's not
your specific steps.
So now you've got that down.
Next, next, what I would do askChapGPT to generate you a
(14:01):
thumbnail image and to generateyou a PDF cover for this
particular PDF, so that you canwrap this up into a digital
product.
Next, what do you do?
So you've got now this PDFlooks good, it's your systemized
product.
Go to Substack.
Or, if you don't have a websiteor anything, go to like
Substack and subscribe and addyour links in there.
(14:23):
So now you've got now.
Or if you want to go deep, youknow you go to Shopify, start a
store, but let's just say it's amobile detail and you just want
to sell the PDF, go to Substack.
Next, I would then start somevideos about you doing your
specific process.
Do that on TikTok, do that onYouTube, instagram, whatever you
use for your platform.
Use those videos to then sharewhat you're doing.
(14:46):
Then share that link or have itin your link tree to your
specific process for theproducts that you use.
That's what I would do for amobile detail or in this
specific time and space rightnow.
Let's say, is there anotherexample that I could use?
That's maybe not a mobiledetail, who else could maybe be
(15:07):
on?
Let's say that you are a Idon't know, I don't have, I'm
just trying to think of thingsfor an example.
Let's say that you are atrainer.
Well, it could be for anything,it could be for sports, it
could be in the gym.
So you're a trainer.
There's got to be somethingspecific about you you like,
(15:29):
specifically you.
That's different.
You're not the same as anothertrainer.
That's the reason why you'retraining.
You saw something differentthat somebody else was doing or
wasn't doing, and now youimplemented a process or a
system that changes that or thatkind of deviates from that in
(15:51):
the way that you think is thebest way.
That's your proprietary system,that's what you do.
So you need to take that andthen put it into a product.
Or if you have, let's say, acertain workout routines, take
that, put this into a productInstead of being a service to
where.
Now someone's calling you andsaying, hey, I need you to train
me, I need you to excuse me,give me a diet.
(16:14):
I need you to train me.
I need you to excuse me, giveme a diet.
I need you to do this.
You now have the capabilitiesof basically sending someone to
a link 24 hours a day sayingthis is what I have, this is
what I'm offering you and thisis what is.
This is basically a piece of mein this piece of paper that you
can buy, and you don't have tocall me.
(16:35):
I don't have to answer yourphone.
You're just making a product.
You've duplicated yourselfwithin that product.
So, if you're a trainer, makesomething.
It could be diets, it could bea workout plan, but you need to
make sure that it's in a digitalmode so that you're taking the
human aspect out of it, so thatyou're taking the service aspect
out of it.
So now you've made a productout of your specific system or
(16:59):
your specific ways or yourservice.
So there is ways that, if youare in the service industry, to
make a product out of that.
So don't think that if you arein the service industry, you
can't make a product.
Let's say a plumber.
Okay, let's do a plumber like aservice industry.
What could a plumber do to havea product?
Well, there's a number ofthings that I could actually
think of for a plumber that, Ithink, would be really good.
(17:20):
Now realize that doing this, ifyou're going to push a product
out there, you've got to becomfortable getting in front of
the camera.
You have to.
It's just part of the process.
People buy from people andthey're not going to buy from an
AI bot.
They process.
(17:43):
People buy from people andthey're not going to buy from an
AI bot.
They're not going to buy fromsomething you just typed out or
some image.
They buy from people.
So I would film videos aboutyou doing your job.
I mean, people are.
People love this stuff,especially some gross, icky
stuff.
Like people watch that stuff.
It's it's interesting to see.
So if you share that stuff, andthen let's say that you have
again.
You have products that you use,that you love.
You're not using thisparticular product because of a
certain reason.
You're using this particularproduct because of a specific
(18:06):
reason.
So now you need to go and builda relationship with that
specific partner of that product.
99% of products have anaffiliate partnership that you
can build with them so that youcan make some money maybe 15%,
maybe 30%, maybe 60%, you neverknow.
So find those affiliate linksto those products, build a PDF
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pamphlet or a PDF, step-by-stepguide that tells people
homeowners, other plumbers, mygosh, man, gosh you could do a
lot.
So let's say you're a plumber.
So I'm just going down this nowjust thinking so if you're a
plumber, you talk to otherplumbers.
Of course, other plumbers areusing products too, right?
So let's just think you haveanother friend that's doing
(18:55):
something, or you've heard ofsomebody that's doing something.
Now you've got access to almostlike a B2B, so you have access
to so many different things thatyou can now build off of.
You can talk to differentplumbers about your specific
technique.
You can talk to homeowners, youcan talk to renters I mean, the
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list goes on.
So you basically scale it out,right?
So if you have something towhere you're talking to plumbers
, that's one specific nicheDon't mix that niche with other
niches.
Don't mix when you're speakingto plumbers like you're speaking
to homeowners.
You mix that niche up and it'sgoing to get muddy.
You've got to keep themseparate.
So you got one aspect where yougot plumbers that you're
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selling something to, and thenyou got another aspect to where
you're selling to homeowners andanother aspect where you're
selling to renters.
So each one has a differentstep or a different process.
Renters could be somethingabout make sure you use these
products so it doesn't damagethis homeowner's home.
Homeowners could be like makesure you include there you go,
(20:00):
make sure you include this PDFwith your rental agreement,
because these are the steps andthe products that you should use
and you could sell that forlike $3, $7 all day long and
it's selling 24 hours a day andif you market the right way and
you're doing some little stepsabout what you do during the day
and now you've got a link tree,now you can sell that.
So that would be my advice.
In today's world, I think AI ispretty much going to take over
(20:23):
everything and a lot of jobs.
So I think you need to get intoAI and start embracing it and
using it not having it take overfor you, but having it aid you
to make money in this.
So think about what you have tooffer, think about what job
you're doing, think about howyou can systemize that process
and make it a product and thengo on from there.
(20:45):
Now there's steps with this too, so that when you make that
product, there's steps, becauseyou're going to have to now make
you know there's email, soyou're going to have to have,
like email sequences forfollow-ups just in case people
fall off, because there's goingto be people that come to your
store, come to your link, thatwant to buy, that fall off.
So now you're going to want tosend them an email sequence
(21:07):
about why they didn't.
So you're going to have to havethat put in place.
But that's all easy.
You can have chat GPT help youout with that, too easy.
You can have chat GPT help youout with that too.
And if you don't like chat GPT,you can use cloud.
If you don't like cloud, youcan use grok there's.
So just get used to using AIfor what you need to do for your
systemized processes, to createproducts for yourself.
This is not limited to justbusiness owners.
This could be a mom, this couldbe a dad, this could be a coat.
(21:29):
Like guys, you guys don'tunderstand how much power you
have inside of yourselves.
You guys don't get it.
There's so much power you haveinside of yourself to make money
.
Don't doubt yourself.
Every single one of you that'slistening to this and even if
it's just, let's say, one, youspecifically the one person
listening to this you have aspecific power within you that I
(21:50):
don't know about.
Nobody else knows about.
But there's something thatsomebody's told you about
yourself that is different aboutyou.
I don't know what it is, butyou've got to find it.
Or there's a skill that youknow that you're better at than
anybody else.
You could be the best fisherman.
You could be a worm farmer Idon't know that.
Whatever it may be, you aregood at and you know what that
is.
You need to tap into that andjust put it out there, because
(22:12):
there's people out there thatneed access to that information.
You can be your own worst enemy, like myself, like I've spent
probably the last year debatingmyself of should I do a podcast?
Are the people going to listen?
But then I started gettingcalls and emails about people
that were and that made me holdmyself accountable that I really
(22:33):
need to share some of thisinformation with you guys that
I've been holding back, that Ijust haven't.
So my goal is to help you guys.
My ask of you is to challengeyourself and try to get out
there and do something that is alittle bit different.
Step outside the box, but addsome type of profitability
(22:56):
aspect to it.
So don't just go out there andoffer something for free.
You need to make money.
You've got to survive.
So use something that you knowknowledge, something that you
know very well, that you'reskilled at and it could be
dancing, cleaning.
There's so many things outthere that you could share with
people.
So, just again, don't limityourself.
(23:17):
Hopefully this helps people withunderstanding the difference of
products and services.
Services are great, don't getme wrong.
If you're in the serviceindustry, it's wonderful, it's a
great industry, but there'salways a way that you can
duplicate yourself into aproduct from that specific
industry.
So, with that being said, I amgoing to wrap this up.
I hope this helped people out.
(23:38):
I'll be doing more podcastshere lately, and probably every
Friday I'll be doing a podcastand sharing some new tips.
But this is the next tip of theproduct versus services.
I've been thinking for the oneafter this, for the next lesson
that I learned after theproducts versus service industry
was really just kind of likemaking sure that if you have
(24:01):
these products, that you have anoutlet for them.
It's really a detrimental stepto think that you have a great
idea but then you don't have anoutlet for it or you're not
answering.
You're not answering theproblems question, as you took
that step out.
So I'm probably going to begoing into more research of how
(24:23):
to launch these products in mynext podcast, so look for that
coming out next week.
Again, thank you guys for beinghere.
Everybody, have a wonderfulweekend and hopefully, again,
I'm hoping that my advice ishelping or my suggestions are
helping you in some way, shapeor form.
Please like, share andsubscribe, because that just
(24:43):
helps me get my channel biggerand my podcast into more ears to
listen to.
So I appreciate everything.
Everyone you guys have awonderful and great weekend.