June 5, 2024 • 49 mins
As a mentor and coach to entrepreneurs, serial-entrepreneur Jeremy B. Shapiro helps founders find Entrepreneurial Freedom as a true business owner – an important distinction that many entrepreneurs can easily miss when working “in” their business instead of “on” their business. For over two decades, through structured masterminding, one-on-one coaching, and consulting work, Jeremy has been helping entrepreneurs discover the core strengths in themselves and their business and attain the freedom they deserve.
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Episode Transcript
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Thank you for listening to de PicturesMedia Radio. You rat you readything to
(00:31):
me? Oh well, jus wellnot a bad I see you so shupon
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nash along is it as an okay, welcome back everyone. As a business
(01:42):
mentor coach to entrepreneurs serial entrepreneurs,Jeremy B. Shapiro helps founders find entrepreneurial
freedom as a true business owner,an important distinction that many entreprens can easily
miss when working in their business insteadof on their business over the deck.
(02:07):
Over two decades, through structured masterminding, one on one coaching and consulting work,
Jeremy has been helping entrepreneurs discover thecore strengths in themselves and their businesses
and attain freedom they deserve. Jeremyhas had a number of businesses started.
(02:34):
He is when you hear the numberof businesses they actually started, well ask
him about that you will be astounded. And at the same time, if
you're looking to help your business growin all the right ways, he is
the guy to get it done foryou. So why don't we welcome Jeremy
(02:55):
to the show and let's start findingout how to turn that project into something
much bigger than what we might haveever imagined one. So welcome to the
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show, Jeremy. Now two decadesof entrepreneurship and you you have we'll get
to your mastermind and everything what thatactually looks like, because it's one of
the core things that you do.Where did it all start? You know,
twenty years ago? Where were you? Yeah, so you know it's
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twenty pushing the thirty. I hateto say, but we're on that.
We're getting towards the other side of, you know, twenty plus years now.
I've always been an entrepreneur, goingback towards my high school days.
I was both attending high school andbuilding up one of my first businesses.
And as I got towards college,I was trying to do this really challenging
(04:25):
thing, which was balancing full timeuniversity and like a business that was starting
to take up like forty hours aweek. So it wasn't just me.
I'd expanded out. I'd been buildingout a team, but I was at
this inflection point of my business neededmore of my time, and so I
made a really difficult decision as Ilook back, of putting university on hold
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for a semester, because in mymind, this was just a little bump
in business, and then you know, I'd come on back and get back
to school and the business would beoff and running. My wife, who
met me around that time, willtell you even till today that she looks
back when I told her that wasgonna be going back to school, and
she knew even then like now thisguy's not going back, and she wasn't
wrong. But you know, herewe are, all these years later,
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and you know, I've been aserial entrepreneur. Most every business I've launched
has been a spin off of oneof my previous businesses, or filling a
need that I had in one business, or somehow related to you know,
the people I was already helping.And that's always been entrepreneurs and helping entrepreneurs
move towards what I call entrepreneurial freedom. Yeah, well, entrepreneurial freedom.
(05:29):
That that's that's a really cool worp. What does that actually look like?
So you know, it's funny whenI use the term entrepreneurial freedom, some
folks think we're talking about just thefinancial freedom part, and yeah, done
right, that can come from owningyour business. In fact, many folks
get into business because they want to, you know, find that financial freedom
part, but entrepreneurial freedom is reallyabout freedom of time. It's freedom of
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choice, it's optionality. It's yougetting to choose how you spend your time.
So when you build your business inwhat I would call the right way,
you have the right people, theright systems, and so on,
that lets you spend more time givingback in your community with causes that are
important to you, spending time withfamily, spending time with you know,
(06:11):
spirituality, in your business, hobbies, whatever it is that's important to you.
It lets you have choice in howyou do that. And for most
of us, look, we're entrepreneursbecause we love the work that we do,
and so we spend some of thattime I have gotten back within our
own businesses, and that's totally fine. But it means you're doing the work
that you want to do, inthe work that's important to you, with
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the clients you want to and thekind of projects that are interesting to you
and so on. Yeah, becausethey hear here's just a lot from people.
They're they're like, I know somepeople they started their own foundation and
stuff like charitable foundation, and they'relike, oh, they're like, oh,
I have to work seven days aweek, but didn't you choose that
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because it because you're also because that'ssame business is also giving to the community,
And I'm assuming that it means thatthey're doing things that are also giving
to the community. And then youfind out on the back end is like,
oh no, it's paperwork, it'sthis, it's that, it's everything
anything but being able to go outand help people. So it's so interesting.
(07:21):
Many people who get into business thereare right along the lines of what
you're sharing there. They are typicallywhat we call a technician, right,
they're doing the work of the business. Right, You're an accountant working in
an accounting firm and you do accountingwork. Right, You're a plumber and
a plumbing company, you do plumbingand so on, and so the next
natural step is you go and youhang your shingle and you run your own
(07:44):
business doing that same trade. Butalong with that comes all the rest of
the work of owning a business,not just the work of the business,
but now you're dealing with, youknow, your bookkeeping, you're dealing with
your marketing, you're dealing with thesales, you're dealing with everything that supports
that core work of the business.And what I find is a lot of
times you find solopreneurs that are inthis solopreneurship space of having the worst parts
(08:07):
of a job and the worst partsof a business. And so when we
move towards entrepreneurial freedom, we're helpingfolks move from being a solopreneur to a
true business owner where you have abusiness that actually supports you as opposed to
you putting in ninety hour work weeks, you know, supporting the business.
No being a solopreneur because I'm acontrol freak myself, right, I say
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that with with with great conviction andaffection. That doesn't mean that I don't
know when to pass a job onto someone who's better suited to do it.
It just means that the core thingyou are going to be in control
of the of the direction. Right. Yeah, So you as a founder
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are typically still the visionary you well, office still set the direction for the
company. But one of the challengesof you know, being stuck in you
know, a job in a prisonthat you've created for yourself, is that
it can be hard to a recognizethat and be to get out of that.
But it doesn't have to be sohard, you know, as a
client, I was working with whohimself was a solrepreneur, and he wanted
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to be there for his customers whenthey needed support from him because his name
and his pride is tied up inthe product, and that's good. You
do want to stand behind your products, so that's it's commendable. Yeah.
The downside to that is that heloved mountain biking, hiking, getting outdoors,
being in nature. It was goodfor him as restorative for him,
it was good for his health,well being, et cetera. But there
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wasn't much cell phone coverage where he'dliked to go hang out, so he
felt tied to having to be availableto his customers all the time, and
so he wasn't getting out and recharginghimself. So one of the first things
we did was we got him asupport person. So simply having someone on
the front lines to receive customer inquiriesand get to them, freedom up to
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handle sales meetings and not worry aboutlooking at his phone during a sales meeting.
Let him get back into the outdoorswhere he got recharged and was good
for his health and mental well beingand freedom up to do other things in
the business that weren't just the frontlinesupport. Yeah, and so that was
like this first step towards getting backsome in that time and climbing back some
of that freedom. Yeah, butgetting a support person that doesn't necessarily mean
(10:24):
that you have to take one anemployee, does it. No, So
in this case that was, likeyou know, it was an outsource.
You have freelancer, and for alot of businesses sometimes the first hire there
are freelancers, and in fact,you can build entire businesses where all your
team members are freelancers. You canalso go the employee route. There's pros
and cons to both of those,but the point is you're offloading tasks from
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yourself somewhere else, and that typicallycomes in one of those three forms,
right, an employee of BA ora freelancer right. Or thirdly is like
an agency or a vendor. Right. So you hire a company to do
something for you. So you canhire, for example, an answering service
where you have a business arrangement withthem. They enter your incoming calls,
they route calls, do you takemessages, take orders and so on,
(11:05):
right, Or you can have afreelancer do that, or you can do
it which one of those you knowis going to let you scale and be
less distracted when you're focusing on thedeep important work in your business. Yeah.
No, I know when when youfind you talk about the entrepreneurial freedom,
then when people find it, theysomething else seems to light up in
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them. Right, Yeah, yeah, we all know that feeling, or
many of us do, of havingto do something you don't want to do,
but you quote have to do itfor the wrong reasons. Right.
Many times, if you think aboutyou know, you probably have friends who
have jobs and don't particularly love them, but they have to go to the
office and sit through the meetings theydon't want to be in, and you
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know, have the one on onesthey don't want to be a part of
and so on, because they geta paycheck and benefits and so on.
So you look at sort of theenergy that comes from someone they're talking about
the job they don't like, butthey get a paycheck and benefits from,
right, versus someone who spends theirtime how they want to and is able
to pursue their passions and interests andactually make meaningful change on the people's lives.
(12:11):
Right. There's a different level ofexcitement and enthusiasm that comes with that.
You are charting and choosing your ownway, and you're doing what you
want to do and what you feelis the right thing to do and not
what you quote have to do.There's a big, big difference in those
two perspectives. Yeah, yeah,and of course you help people find that.
(12:33):
Now one of your biggest tools.We've talked about this in the pre
interview and everything about you have thismastermind where you start helping, guiding and
molding people into this would you liketo call the entrepreneurial freedom. I keep
going back to that word. Ilike it. It's great, it's wonderful.
(12:58):
So for me as a business ownerfor decades, masterminds were such a
powerful tool that helped me move ahead, get unblocked, and so on.
So, like the idea of likea mastermind goes back to Napoleon. Hill
came out with a book in thethirties called Think and Grow Rich. So
within Thinking Grow Rich, chapter tenis called power of the Mastermind, the
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driving force, the ninth step towardsriches. Now, what he talks about
in there is that when you gettogether more than one person in the same
room at the same time, it'snot just this like additive collective wisdom of
what you both know. By beingtogether and sharing that space, you actually
create this mastermind, which is thecombination of everyone's thoughts working together towards a
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common goal and a harmony. Right. So you think about like, if
you've ever ever been like in abrainstorming SESSI where you spitballing ideas with a
bunch of folks. Right, It'snot like you picked the one idea that
one person had that, thank goodnessthey were there. It's usually a development
of layered building from the conversations thatyou're all having together that would never have
had and if you weren't all togetherin the same space. So the way
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we use masterminds in business is weget folks together once a month for full
day Bay Area Mastermind Meeting, andthat's where we really delve into what's going
on with everyone, what they've accomplishedover the past month, what they're working
on, what blocks they have orwhat challenges they're facing, what's been working,
what's not, and so on.And what you get from this is
not just peer advisory and feedback andinput from those that are around you,
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but you get this really powerful facilitatedconversation. But even more than that.
What I love is that when wehave people join us for a test drive
to see what the mastermind is likefor a day. They come in with
an idea of what they know.This is usually their area of expertise,
the stuff they're doing really well inbusiness, right, so that's the stuff
they know they know. They alsocome in with the stuff they know they
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don't know, and this is usuallytheir block or their biggest question that they
felt if they could only get thisbig question answered, they could move forward,
right, So there's something they knowthey don't know. But the real
opportunities I see again and again aroundthe table are the third category, and
those are all the things you don'tknow. You don't know, and when
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others are sharing what's going on intheir business, what's working, what's not,
what the challenges are, that's wherethose big aha moments come from.
That's where those real mastermind breakthroughs comefrom, because you're getting exposure to new
ideas, new ways that people aredoing business, new ways people are generating
leads, closing sales, building theirbusiness that you never thought of before.
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And so this isn't just like apresentation format where a person is broadcasting the
hot seats and interactive conversation. Sofrom that conversation, what's coming up is
you have a different business owner sharingwhat's going on in their business. Maybe
you know how they're growing their business, and you then ask the questions around
that. And so one of myfavorite examples of this is we have,
you know, an e commerce businessowner sitting across the table from a retail
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store. Right. Ok. Theretail store has been growing their business through
direct mail, right sending you know, buying lists, sending out you know,
physical mailers, and people come intothe store. The e commerce business
owner has been doing email marketing asone of their channels, sending out emails,
people click and they buy online.Both business owners are very successful.
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Both also want to grow, andso the questions start coming up to each
other around what vendors to use,what best practices, how you're finding the
list, what the offers are,and all these things, and next thing,
you know, the e commerce businessover the next month. One of
their accountability items that they follow throughon is the e commerce business owner worked
in the list broker, bought alist, put together a print mail advertisement,
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sent out direct mail, got newcustomers who never heard of them in
the door, buying online, nowon the list, and so on,
all because of what a retail storeowner we're sharing. And on the flip
side, the retail store owner startsasking customers at the front counter in the
store for email addresses, creates aVP membership club like the e commerce business
had for repeat customers. Start sendingout email market with permission to these customers,
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and what do you know, startsgetting additional incremental sales from a whole
new channel simply by hearing about someoneelse's success and being able to ask them
directly in that closed door, confidentialspace where you can have the real conversations
about real numbers, what's working andwhat's not. So that kind of cross
pollination is what happens when you're exposedto what you didn't know you didn't know,
and that gives you direction and helpsyou find those new opportunities. There's
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real power in those I didn't knowthat even I didn't even know to ask
I didn't's real power in those inthose situations, real learning too. Right.
So yeah, what's interesting too isthat when you know, if you
think about working like with a coach, for example, right, you have
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one person you're talking to or ifyou're spit palling with a friend or one
other business owner, that's great.But when you have a group, a
troop, your advisory group, you'regetting feedback from all around and that can
challenge your beliefs, your paradigms.We had someone who came into the room
to see if you know, thegroup would be a good fit for his
business, and one of the firstquestions he was asking was around what he
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was charging per hour for his work. And in his mind, the paradigm
that he was working within his beliefsystem was you're paid hourly and the more
experience you have, the more youcan get paid. An understandable approach many
folks share that belief, but wewere able to provide the feedback of going
(18:32):
switch into a value based pricing modelof what is the value that you're providing
to your clients? Can you priceyourself that way? And that's a totally
different way of viewing what your valueis and how much you can get paid.
And even still this guest was youknow, was challenging back saying,
well, yeah, maybe I'll dothat, but first I want to get
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like, you know, X numbermore clients, because in his mind he
wasn't work, And here the groupssaying, no, you are, because
you've just shared with us the benefityou deliver and the value deliver you can
charge based on that. So we'reable to sort of help people get unstuck
in areas they didn't even know theywere stuck, just by sharing them with
them the group's successes and getting unstuckfrom the same place. You're in a
room of folks who've been there,who'd done that, and want nothing but
(19:18):
the best for you. Yeah,now hang on one second. There for
everybody listening is a this is amore common problem than you think, and
you should be looking at a morevalue based system of because because you are
actually putting putting your value into intoother people's businesses. So jere me because
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we did in our own networking group. We we just had a conversation around
value based UH pricing, And Itold a wedding photogra it's in our group.
I said, you need to takeyour price and multiply it by five.
(20:07):
And he's there and he looked atit and he's like, but that
puts me up over close to tenthousand dollars a wedding. I'm like,
yeah, exactly, sounds good,I said, trust me, you need
to. This is where you needto be because because if you see his
photography and everything that it's like,wow, this is awesome stuff you're doing.
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So make people. It's interesting withwith the price elasticity, what we
see again and again is almost always, not every time, but almost always
when you test a price increase,profitability goes up. You typically don't lose
new customers, no, and youattract better customers. So it's okay,
(20:57):
our listeners, you have my permissionto raise prices. Yeah, can I
show you one other quick stories?Just because we're talking valuate for valuations.
So we remember in our group andshe had a business with seeing success with
it was you know, had builtrelatively quickly a six figure business, and
someone reached out to her out ofstate and found her and was like,
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hey, can you you know,can you come out here and teach me
how to build the same business youhave, but out here in my market.
And so that wasn't her core business, right, Her core business was
doing what she did, not showingpeople how to build the same kind of
business. So she came to thegroup and she was trying to figure out
like what to charge for this,and she was like, well, like,
maybe if a charge like I don'tknow, one hundred bucks an hour,
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you know, if I'm out therefor a day, that's like eight
hundred bucks, But then I haveto pay for my flights and have to
pay for my accommodations and so like, I don't know, right. So
she's noodling this through and we're like, hold on, you're going to show
someone how to build like a sixfigure business and not make the same mistakes
you did and just give them theblueprint for the exact same business. Shouldn't
they be covering all your expenses andshouldn't that be like, you know,
(22:06):
easily tens of thousands of dollars?Yeah, And you know she's looking at
us like, well, but like, that's my time's not worth that,
Like, hang on, it's notjust the time you're spending with him,
it's the time of your career thathas gone into you learning how to do
the thing that you're doing. Right, that's where that value is. Right,
you learned a thousand ways not tocreate the business that you have.
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Now, that's the value you're bringingis how to and how not to.
So don't think about this from likea my hourly time is think about the
value that you're bringing. So theend of that story is, you know,
with a deep breath, she youknow, went home, practiced in
front of the mirror and then youknow, offer that five figure price to
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that prospect too. Is like donegreat and she got that so she well
over ten xt you know what shewas going to make on that by moving
to value based pricing simply by gettingthat feedback from peer advisor who wanted nothing
but the best for her. That'sa huge one. Well, we love
those. I want to ask thisquestion though, with value based pricing,
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people are going to if they ifthey have it or they have the ability
to get it, they're just goingto pay the price. Don't you think
the people are going to the valuesthat Yeah, yeah, they're just going
to look to look to find topay the bill if they see the value,
right. Yeah, if your valueis there, then the price isn't
an issue, right If your valueis not there, and that's where you
(23:33):
run into price crailings and run intoissues. Right. So the wedding photography
you were talking about, if thework was sort of mediocre at best,
probably couldn't five x that price couldyou right? But when you when you
do excellent work and you truly differentiatein an done right. You know,
one of the things we talk aboutis how you don't have any quote competition
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when you're talking to a prospect.It's just a matter of checking for you
know, lead qualification on their sideand it's a done deal. Right.
If your prospects view competitors when theylook at you and they think that you
are just one of many, thenthat's a positioning challenge and we've got to
fix that. So you are theonly option, and that typically comes from
niche and branding and dialing in whoit is that you serve and how you
(24:18):
offer more value than anybody else outthere. So there is no other option.
Yeah, Well, going back toour word entrepreneurial freedom. I told
him this because everybody knows that we'rebasically we're also filmmakers as well as podcasters,
and that we also do film editingalso, And I told him,
(24:42):
I told him like this, Isaid, I said, if you charge
more and that person sees the valuein what it is that you're doing,
you have now the time to sitand put your style to it, because
that's what they want. Yeah,and yeah he's It was like I could
(25:08):
see see the the Demmer switch comingon. It's I love it. I
love it. Yeah. If ifyou think about, like in photography,
if you have just any old photographerwho's like, look I do pet photography,
I do portraits, you know,I do you know headshots, I
do weddings and all this, Likeis that who you want as your photographer
(25:29):
or do you want someone who's like, look, I only do you know
beach weddings, you know, forsunset of you know, couples who have
you know, wedding party this sizeand sort of niche down right, and
someone's like, yeah, we're doinga beach wedding. I want the person
who knows about all the challenges thatcome with that and the guy who's like,
oh yeah, like the reflection thatcomes off the water, we handle
this way and like that's just whatwe do. Right when you when you
(25:51):
if you need cardiac surgery, doyou want the general practitioner slash veterinarian slash
barber, or do you want theperson who's like a cardiac specialist who just
does hearts, you know, onpeople like you. You want a specialist,
and that's always worth more. Yeah, yeah, exactly right. It's
like definitely, And that's a goodexample, you know, heart surgery.
(26:11):
You know, we all need toThat leads us into we do need to
kind of specialize in what we do, don't we. Yeah, yep,
it's it's easy, especially early onif you don't have that mission, that
mission, that vision, the purposedialed in to take whatever work comes your
way, and then you start toget defined by all the projects. So
(26:33):
you say yes to and there aregonna be some kinds of projects clients,
et cetera that just aren't a goodfit, but early on you feel sort
of a need to do whatever paysthe bills. But ideally you grow to
that next step where you niche downto really where your specialty is and you're
able to start saying no to projectsthat aren't a fit or conditional nos where
the client knows what would make ita fit. You know, many years
(26:56):
back, I had a prospect thatI was talking about doing consulting work and
for what they're looking for, youknow, I basically had three terms that
I came back with and said,like, look like this this isn't going
to be a big a fit forwhat I do. You know unless you
know the following three things happen.And so he said, okay, and
may those three things happen. Andnext thing, you know, I had
a great client to work with.Right, So when you know where your
(27:18):
line is, you can communicate thatand then some folks will disqualify and other
folks will more consciously qualify because they'llbe attracted to that that's special. Again,
it goes back to do do ifyou put enough value into yourself,
they see the value and then like, oh well, let me meet those
conditions and get back to you.Right, yep, exactly, so awesome?
(27:44):
Oh is it? I don't know. I just think that that's like
a huge problem. And how doyou how do you walk a person through
to that so that they start tosee that they have with specialty, that
they have that talent and then thattalent polished up bring them. Yeah.
(28:07):
So at a certain point, somost of the business owners we work within
our Mastermind group are established business ownerswith people, systems, proven sales process
and they're scaling right, and theywant to continue to grow. But I
also we have for our founders.We have a founders group that we actually
launched last year for folks who areearlier stage right. And what I found
(28:29):
is really those are really two verydifferent avatars. Right. So when we,
you know, talk about having ourmastermind group for established businesses with proven
sales processes that consciously repels the earlierstage founders but attracts the established business owners,
right. And what was funny isI still found myself talking to founders
(28:51):
who were saying, Jeremy, wewanted to do something with you, we
can we hang out with other foundersAnd that's really what started the Founders Group.
And by having that separate home forthem, we can make sure people
are in the right place. Afounder is going to ask the how do
I questions right, and the establishedbusiness owner is going to share here's what
I'm doing, how do I doit better? Right? And those are
(29:14):
vastly apart, which is why,like you know, you don't put those
in the same fish tank by design. So in terms of like you know,
some of these challenges, there's differentchallenges you face as an earlier stage
business owner then you face as anestablished and scaling business owner. So this
idea of nicheing is typically figured outby the time you are more established and
(29:36):
starting to scale, but not always. And what's nice though, is at
that point you have had enough customersthat we can start to look for the
patterns. So we can look atyou know, which customers do you enjoy
working with the most? Like whatcategory where do you see the most success?
Right? Where do you deliver themost value? Right? What has
the most profit? What takes theleast time? Like, we can look
(29:59):
at any of these metrics to dialinto where you want to niche. And
then the cool thing with nicheing isno one's saying you have to say no,
but you're just choosing who do youwant to attract in terms of your
branding, your website, even yourcompany name, your product names and so
on. Right, So if youthink about even I use the example sometimes
(30:22):
of pizza shops. Right, pizzacould be viewed as a commodity. You
want pizza, pizzas pizzas pizza,not really, right, there's a lot
of companies out there who you sellpizza. Right, there's a lot of
companies out they're selling pizza and they'reall still in business for some reason.
So clearly it's not just commodity.People aren't always going for the cheapest,
(30:45):
are they? But people aren't alwaysgoing for the fastest delivery, are they
right? So you look, ifyou think about going out to a nice
sit down restaurant, white tablecloth,table service and all that, that probably
narrows it down to a certain restaurantfor pizza. If you're thinking about we
want pizza delivered in thirty minutes,guaranteed that's going to be going to a
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different direction. Probably not the tastiestpizza, no table service, right,
but you're getting pizza delivered quickly.If you're thinking highest quality ingredients, you're
thinking it a different brand, you'rethinking cheapest. Right. So we move
around as consumers based on what itis we're looking for beyond just that broad
pizza. And then if you wantto get super nerdy, you can start
asking, well, do we wantlike Chicago deep dish? Right? Do
(31:27):
we want Detroit style? Do wewant you know, even with an ala,
do you want Roman style? Right? Which style? Which kind of
pizza do we want? Specializes asa one? Yeah? Right, there
answered your questions like, yeah,new York Neopolitan, I mean, come
on, even in New York,right, my family is originally from New
York, New York. Someone fromthe Bronx is like, oh, Brooklyn
(31:48):
pizza. I don't want that ofBrooklyn saying, oh, I don't want
pizza from Queens, Like that's evenwithin the city, right. So yeah,
it's just you think about nicheing andknowing your customer. Right. When
you niche, you will very muchattract the customers who want you most,
who will value what you have alot more, and you'll actively repel those
who don't. So we typically lookout to answer your question, Michael,
(32:09):
we look at who are the customersyou are working with, where you've see
that success, what's the best towork with, and so on, and
then we play with nicheng there.That comes in the form of, you
know, more targeted ads, right, using the language of that audience,
going to landing pages, going tooffers that are all much more tailored to
that language. Yeah. So fora lot of people listening out there,
(32:31):
they keep hearing the the the phraseideal customer. But you've just talked about
is a scientific and logical method offormulating who that ideal customer is? Yeah.
Yeah, And when you get startedand you have zero customers, you're
looking for that first one. Well, at this point the question is like,
(32:54):
well, who do you want towork with right, you got to
pick something. Otherwise, if you'regoing out there saying, you know,
I can do anything for everyone,who's going to hire you for anything?
We've all hard like the you know, jack of all trades, king of
none phrase before, Right, Butwhen you start to narrow that down a
niche and niche and niche more,it gets better. Right. You can
(33:15):
have like a general contractor who's like, yeah, I can do roofing and
plumbing and electrical and everything else.Or you have a GC who brings in
the specialist and brings in the rooffor the plumber or the electrician, the
people who were doing just that skillall day long and can bring the expertise
to the table. So our goalfor you is to figure out sort of
what that niche is. You canstill work with an industry, but who
(33:37):
was it you work with? Right? There was in a Mastermuink group that
I was part of, we hada member who did like financial planning,
and so within his customer base hesort of said, look, I only
want to work with people with amillion dollar net worth and hire and he
had some more niche and beyond that, but that was sort of one of
the categories and he decided he wantedto do like a customer appreciation event,
(33:58):
get his clients together, go dosomething thing and bring in some speakers and
that kind of stuff. And soit ended up that that turned into the
idea of a cruise. It waslike, all right, cool, we'll
get everyone together on a cruise.We'll cruise together. And he's asking like,
you know, what topics are ofinterest? What speakers should I bring
in? And people are like,look, I just want to hang out
with people like me. So Iwas like, oh, okay, so
fun. We'll make it fun.So he does. They have a wonderful
(34:20):
cruise, They have a few speakers, no one cared, but they mostly
really enjoyed to hang out with peoplejust like them. But as he did
his feedback surveys after the fact,which we all should be doing in our
business too, right, right,right, he got some interesting feedback.
Many of the folks said like,hey, love, the cruise was great,
but I want to hang out withpeople more like me, people with
like the five million dollar networth andhigher, like that's why I want to
(34:42):
hang out. None of is riffraff at like the million up. And
he's like, oh, okay,got it. Like good feedback, thank
you. Into the next year,he offered a separate event for those with
the five million dollars networth of andhe's like, there we go. Now
people can hang out people like them. I've got my niche for how I
take out those clients and what wedo. And wouldn't you know what,
He did the feedback survey again andgot basically the same feedback folks who were
(35:04):
saying, you know, it wasgreat, but like, we really want
to hang out people with like thefifty to fifty million dollars net worth and
hire not these folks that like,you know, the five So it ended
up he found he really had threesegments within his own client base. He
was he'd attracted them over time,some he'd been working with longer and so
on. But even segmenting within hiscustomer base and changing the offerings he has
(35:24):
for his existing clients comes down to, you know, a few different avatars
that ideal client. So then whodo you think he went out there to
look for more of among those avatars? Who did he start to specialize more
in? Right? And so thatwas that's sort of a good example I
think of about looking at where theniches even within your current clients beyond what
(35:45):
you've been attracting so far, andhow you change your offerings up for those
different audiences. Right, So let'sget to some some some tangibles of of
of what this actually looks like,because we're gonna start running short on time.
You got to get to the kindof beautiful world you want to create
with all this. Yeah, sowhat are some of the tangibles the results
(36:07):
that people have gotten from from this, from your mastermind and from your coaching.
Yeah, so, entrepreneurial freedom isreally is a big thing we're going
for. And you know, oneof the stories I love to share is,
you know a lot of our membersare serial entrepreneurs. So they come
into the group with one business andmaybe they've had business in the businesses in
(36:28):
the past, but they often endup launching some new business during the tenure
in the Mastermind. And that's reallycool because that's where we see these big
pivots that come from the aha momentsand those big light bulb ideas, that
dimmer switch going up, you know, within the group. So we've had
many of our members who have launchedentirely new businesses that be eclipses the initial
(36:49):
business they came in with, andthat comes from those conversations and ideas that
come up in the room. Wealso have members. You know, one
of our members came in with onebusiness, had been doubling it year over
year, had the need for alittle side business to fill a gap in
his market, and sort of throughoutthis little side business that required zero time
of his had a VA doing allthe work and just had like you know,
(37:10):
an ad to carte buy now buttononline that flowed into the VA who
took care of everything the business needednone of his time. Well, that
business grew and grew and grew onthe side. In the interim that main
business he came into the group with, he sold, he exited, had
a seven figure exit on that business, packed up the family in an RV.
(37:30):
They drove around the country for ayear doing the whole like, you
know, let's see all the thingswith their young with our young family,
this is the time to do it, and ended up settling, you know,
in southern California, and you know, found found a home down that
way and has really lived this wonderfullike post exit life that many business owners
are going for. But in themeantime, beyond just that sort of payday
(37:52):
from selling the business, that littleside business has continued to produce, and
that little side business that still requireslike none of his time, has just
continued to scale and grow. Andso we love when that happens. When
you have cash flow businesses as wellas sort of chunky you know, exit
size transactions as well. And thisis thing is one of those cool stories
(38:14):
where there was a bit of both. But yeah, those are the kinds
of things we love to see andour members get to do because at the
heart of it, we're entrepreneurs.We see gaps in the marketplace, but
more importantly than that, we feelthat we found a solution to those problems
in the marketplace. But most importantlyis we then do something about it.
(38:37):
So starting one business is rarely theend game for entrepreneurs. Many of us
have started multiple businesses and continue todo so because we see the gap in
the marketplace, we find a solutionfor it, and then we do something
about it, and you've got abusiness there you go, so fill the
gaps exactly. You probably experience theseevery day, right, You experience to
(39:00):
frustration as a customer, you experiencea frustration, you know, as a
business owner or you know, somewherein your life. Yeah, and then
you realize you can do something aboutit, and maybe there's a service that,
maybe there's a product, maybe there'seducation, maybe there's consulting, maybe
there's something that can help others nothave that same problem you've had again and
again, speaking for myself, youknow, I was in a mastermind room
(39:20):
and had a gap in my businessand we couldn't find a solution for it.
So I threw out the idea ofa software solution for that to our
group, as I would, thisbe a crazy idea because I kind of
want this for my own business,and people around the table all said like,
yeah, yeah, if you builtthat, like, we want that.
And so we had effectively beta customerswho are ready to test this thing
(39:43):
before as ready for the public rightthere in the room. Launched a multimillion
dollar business from that, and youknow, and that still runs to this
day, and that kind of thinghappens all the time and we love it.
Yeah. Yeah, those sort ofthings do actually have and we had
some in our own group. Hewent from repairing websites too to actually finding
(40:07):
his own passion. So and andhe just pivoted off into that he is.
I still still would call him toto fix up a website or help
me, help me put a websitetogether or something. But I know that
his real passion is is there andthat's why I refer him as yea.
(40:30):
And again, no one's saying hehas to turn the work down that you
know that was that that you knewhim by before. He can still take
it. It just might not bewhat he leads with when when he's talking
to you know, talking to prospectsabout more more the passion stuff. But
done right, What what this doesis it gets you that time back and
you get to choose how to spendthat time. And for any folks it's
with families. For others it's pursuingpassions and hobbies. Others as travel,
(40:52):
others is all the above, youknow. It's it's really a beautiful thing
when you when you gain that timeback. We all have the same end
destination. Yeah, but wouldn't itbe nice if we had to say,
and what we do between now andyou know, end of life? Yeah,
it leads back to it sounds cliche. It's not the destination, it's
the journey, you know. Yeah, And you know when when our kids
(41:15):
were younger, our kids are stillyoung. When when our kids were you
know, one or two years old. I remember we met this this other
couple. It was funny is weat that time had like a one year
old and they had us a businesscard and the business card has the kid's
name on it. It has bothparents phone numbers and the nanny's phone number,
and they're like, hey, like, would love to love set up
a playdate for our kid, youknow, text our nanny figure something out.
(41:36):
There was this very business y,transactional thing and we got talking and
ended up there. Both attorneys,so they both have paid for law school.
They hated their work, like hatedit, but the money, the
money was good. So they're like, look, we did the numbers and
they're like, we put in fiveyears and then we're done. And I'm
(41:58):
like okay, but like so likethe first like five years of your kid's
life, you're just not around forthem at all. You're not present for
any of it. You are havethis tension and you know, sleepless nights
and everything, living a life youhate for five years. So then you
can show up and say, hey, the financial parts figured out and now
we can do nothing and just bethere like that. I guess that's a
(42:22):
plan. That's just not the kindof plan that you know, is attractive
to me. I'd rather enjoy thejourney along the way too. It's not
the plan for me. Let's putit that way, right, right,
So I'm always curious what happened withthem, how that how that plan worked
out. Yeah, so it's gonnasay, speaking of kids, is like,
(42:44):
my kids are all well, lastone's getting getting ready to graduate from
high school and and he got theuh, the the cooking and the travel
bug from me. I had onekid, they get the science bug from
me. So yeah, and he'sgoing to go to chef school and then
(43:09):
he's gonna then then he's he's sayingthat he wants to go off to uh
to the Czech Republic and learn howto emmerg himself in a culture and cook
the culture. Like yeah, thereyou go, Yeah, right, let's
do this. It's like that's fantastic. Yeah. Yeah. When when my
(43:30):
wife was graduating in college, uh, well, torture last year. We've
been dating for four years and shesat me down to have a difficult conversation.
She's like, look like there's thisreally prestigious scholarship that if I apply
to and get a Fullbright scholarship,you know, but it's very competitive and
I probably won't get it, likeno one gets these. But like,
if I apply and get this,like after graduation, you know, I'm
(43:51):
gonna be off in Europe for ayear, so you know, what do
you think? And my response waslike, well, that's amazing, Like
where where would we live? Andshe looked at me and she's like,
what do you mean And I'm like, well, like that sounds amazing,
like you know, of course you'regoing to get this, but where are
we going to get to live inEurope? And that light bulb went off
and she's like, wait, youmean you come with me? And I'm
like, well, of course,And in her mind she was like,
(44:13):
oh my gosh, I've got this, you know, long term boyfriend,
we're in love. This is great, you know, but how don't want
to make a decision. And myanswer was well that like it was clearly
the answer was both, and sowe did move overseas for a year,
and you know, my business continuedto build up and grow. When I
ran a business from six time zones, you know, different, and it
(44:34):
was it was fantastic. We youknow, having an entrepreneurial freedom. I
matched her schedule, which was,you know, we worked Tuesday and Wednesday
and Thursday morning, but then bylunchtime Thursday, We're off to a train
station, you know, airport somewhereand off for like four days and then
we're back on for two And itwas incredible. But that was only possible
(44:57):
because I'd been running my own business. I wasn't at asking to someone for
permission. I wasn't quitting a job, I wasn't looking for work. I
just continued to build things, justfrom a different time zone. So that
entrepreneurial freedom gives you that freedom ofchoice of how to spend that time.
And that was at this point twentyyears ago. So it since we are
actually starting to wind down to seein this show. So using an entrepreneurial
(45:22):
freedom, how what is it thatyou want? Want to teach people to
choose for themselves? Obviously not yourchoice, but they need to choose for
themselves. So entrepreneurship isn't for everyone. It's only for us select weirdos who
you know, don't want that comfortof a job but want to create something
(45:44):
want to truly build something and wantto have a say in what we build
and how we build it. Sofor those who are on the fence and
wondering like can I do this asit possible? The answer is yes.
Are you willing to give up thethings that come with a job to go
create something arguably much better? Andif the answer is yes, then entrepreneurship
(46:04):
can can provide that true entrepreneurial freedomfor you. M very cool. So
best way is to work with youin in get just just get in there
and start building. Yeah. Ilove writing about this stuff. Clearly you
know you and I could talk aboutthis for days. But you can find
(46:25):
you know, my writing and everythingabout this that's all over at Bay Area
mastermind dot com b A Y Ar e A mastermind dot com. You
can also find out about our Mastermindgroups. You can apply for a test
drive to see if a Mastermind groupis a good fit for you. You
can read about how to start yourown Mastermind groups, how to find Mastermind
groups, and all those kinds ofthings. That's all over at pay areamastermind
(46:46):
dot com. Awesome cool, It'sbeen great talking to you. This is
fun. It was good to connectand I'm it was great to be on
the show. Yeah yeah, Sothank you everybody for listening, and go
to the Bay Area mastermind dot comconnect with Jeremy and it's like and let's
(47:08):
have some fun with our new entrepreneurialtime seven. All right, Thanks everybody,
find that subscribe button wherever it is. Help us to idam know what
(48:00):
this is days a reason to sayChow shows we can't trust, sir,
(48:23):
wait to so. The show hasbeen produced by Depictions Media. Please contact
(49:47):
us at Depictions dot media for moreinformation.
Thank you for listening to de PicturesMedia Radio. You rat you readything to
(00:31):
me? Oh well, jus wellnot a bad I see you so shupon
(01:17):
nash along is it as an okay, welcome back everyone. As a business
(01:42):
mentor coach to entrepreneurs serial entrepreneurs,Jeremy B. Shapiro helps founders find entrepreneurial
freedom as a true business owner,an important distinction that many entreprens can easily
miss when working in their business insteadof on their business over the deck.
(02:07):
Over two decades, through structured masterminding, one on one coaching and consulting work,
Jeremy has been helping entrepreneurs discover thecore strengths in themselves and their businesses
and attain freedom they deserve. Jeremyhas had a number of businesses started.
(02:34):
He is when you hear the numberof businesses they actually started, well ask
him about that you will be astounded. And at the same time, if
you're looking to help your business growin all the right ways, he is
the guy to get it done foryou. So why don't we welcome Jeremy
(02:55):
to the show and let's start findingout how to turn that project into something
much bigger than what we might haveever imagined one. So welcome to the
(03:42):
show, Jeremy. Now two decadesof entrepreneurship and you you have we'll get
to your mastermind and everything what thatactually looks like, because it's one of
the core things that you do.Where did it all start? You know,
twenty years ago? Where were you? Yeah, so you know it's
(04:05):
twenty pushing the thirty. I hateto say, but we're on that.
We're getting towards the other side of, you know, twenty plus years now.
I've always been an entrepreneur, goingback towards my high school days.
I was both attending high school andbuilding up one of my first businesses.
And as I got towards college,I was trying to do this really challenging
(04:25):
thing, which was balancing full timeuniversity and like a business that was starting
to take up like forty hours aweek. So it wasn't just me.
I'd expanded out. I'd been buildingout a team, but I was at
this inflection point of my business neededmore of my time, and so I
made a really difficult decision as Ilook back, of putting university on hold
(04:46):
for a semester, because in mymind, this was just a little bump
in business, and then you know, I'd come on back and get back
to school and the business would beoff and running. My wife, who
met me around that time, willtell you even till today that she looks
back when I told her that wasgonna be going back to school, and
she knew even then like now thisguy's not going back, and she wasn't
wrong. But you know, herewe are, all these years later,
(05:08):
and you know, I've been aserial entrepreneur. Most every business I've launched
has been a spin off of oneof my previous businesses, or filling a
need that I had in one business, or somehow related to you know,
the people I was already helping.And that's always been entrepreneurs and helping entrepreneurs
move towards what I call entrepreneurial freedom. Yeah, well, entrepreneurial freedom.
(05:29):
That that's that's a really cool worp. What does that actually look like?
So you know, it's funny whenI use the term entrepreneurial freedom, some
folks think we're talking about just thefinancial freedom part, and yeah, done
right, that can come from owningyour business. In fact, many folks
get into business because they want to, you know, find that financial freedom
part, but entrepreneurial freedom is reallyabout freedom of time. It's freedom of
(05:51):
choice, it's optionality. It's yougetting to choose how you spend your time.
So when you build your business inwhat I would call the right way,
you have the right people, theright systems, and so on,
that lets you spend more time givingback in your community with causes that are
important to you, spending time withfamily, spending time with you know,
(06:11):
spirituality, in your business, hobbies, whatever it is that's important to you.
It lets you have choice in howyou do that. And for most
of us, look, we're entrepreneursbecause we love the work that we do,
and so we spend some of thattime I have gotten back within our
own businesses, and that's totally fine. But it means you're doing the work
that you want to do, inthe work that's important to you, with
(06:32):
the clients you want to and thekind of projects that are interesting to you
and so on. Yeah, becausethey hear here's just a lot from people.
They're they're like, I know somepeople they started their own foundation and
stuff like charitable foundation, and they'relike, oh, they're like, oh,
I have to work seven days aweek, but didn't you choose that
(06:57):
because it because you're also because that'ssame business is also giving to the community,
And I'm assuming that it means thatthey're doing things that are also giving
to the community. And then youfind out on the back end is like,
oh no, it's paperwork, it'sthis, it's that, it's everything
anything but being able to go outand help people. So it's so interesting.
(07:21):
Many people who get into business thereare right along the lines of what
you're sharing there. They are typicallywhat we call a technician, right,
they're doing the work of the business. Right, You're an accountant working in
an accounting firm and you do accountingwork. Right, You're a plumber and
a plumbing company, you do plumbingand so on, and so the next
natural step is you go and youhang your shingle and you run your own
(07:44):
business doing that same trade. Butalong with that comes all the rest of
the work of owning a business,not just the work of the business,
but now you're dealing with, youknow, your bookkeeping, you're dealing with
your marketing, you're dealing with thesales, you're dealing with everything that supports
that core work of the business.And what I find is a lot of
times you find solopreneurs that are inthis solopreneurship space of having the worst parts
(08:07):
of a job and the worst partsof a business. And so when we
move towards entrepreneurial freedom, we're helpingfolks move from being a solopreneur to a
true business owner where you have abusiness that actually supports you as opposed to
you putting in ninety hour work weeks, you know, supporting the business.
No being a solopreneur because I'm acontrol freak myself, right, I say
(08:31):
that with with with great conviction andaffection. That doesn't mean that I don't
know when to pass a job onto someone who's better suited to do it.
It just means that the core thingyou are going to be in control
of the of the direction. Right. Yeah, So you as a founder
(08:56):
are typically still the visionary you well, office still set the direction for the
company. But one of the challengesof you know, being stuck in you
know, a job in a prisonthat you've created for yourself, is that
it can be hard to a recognizethat and be to get out of that.
But it doesn't have to be sohard, you know, as a
client, I was working with whohimself was a solrepreneur, and he wanted
(09:18):
to be there for his customers whenthey needed support from him because his name
and his pride is tied up inthe product, and that's good. You
do want to stand behind your products, so that's it's commendable. Yeah.
The downside to that is that heloved mountain biking, hiking, getting outdoors,
being in nature. It was goodfor him as restorative for him,
it was good for his health,well being, et cetera. But there
(09:39):
wasn't much cell phone coverage where he'dliked to go hang out, so he
felt tied to having to be availableto his customers all the time, and
so he wasn't getting out and recharginghimself. So one of the first things
we did was we got him asupport person. So simply having someone on
the front lines to receive customer inquiriesand get to them, freedom up to
(10:01):
handle sales meetings and not worry aboutlooking at his phone during a sales meeting.
Let him get back into the outdoorswhere he got recharged and was good
for his health and mental well beingand freedom up to do other things in
the business that weren't just the frontlinesupport. Yeah, and so that was
like this first step towards getting backsome in that time and climbing back some
of that freedom. Yeah, butgetting a support person that doesn't necessarily mean
(10:24):
that you have to take one anemployee, does it. No, So
in this case that was, likeyou know, it was an outsource.
You have freelancer, and for alot of businesses sometimes the first hire there
are freelancers, and in fact,you can build entire businesses where all your
team members are freelancers. You canalso go the employee route. There's pros
and cons to both of those,but the point is you're offloading tasks from
(10:45):
yourself somewhere else, and that typicallycomes in one of those three forms,
right, an employee of BA ora freelancer right. Or thirdly is like
an agency or a vendor. Right. So you hire a company to do
something for you. So you canhire, for example, an answering service
where you have a business arrangement withthem. They enter your incoming calls,
they route calls, do you takemessages, take orders and so on,
(11:05):
right, Or you can have afreelancer do that, or you can do
it which one of those you knowis going to let you scale and be
less distracted when you're focusing on thedeep important work in your business. Yeah.
No, I know when when youfind you talk about the entrepreneurial freedom,
then when people find it, theysomething else seems to light up in
(11:28):
them. Right, Yeah, yeah, we all know that feeling, or
many of us do, of havingto do something you don't want to do,
but you quote have to do itfor the wrong reasons. Right.
Many times, if you think aboutyou know, you probably have friends who
have jobs and don't particularly love them, but they have to go to the
office and sit through the meetings theydon't want to be in, and you
(11:50):
know, have the one on onesthey don't want to be a part of
and so on, because they geta paycheck and benefits and so on.
So you look at sort of theenergy that comes from someone they're talking about
the job they don't like, butthey get a paycheck and benefits from,
right, versus someone who spends theirtime how they want to and is able
to pursue their passions and interests andactually make meaningful change on the people's lives.
(12:11):
Right. There's a different level ofexcitement and enthusiasm that comes with that.
You are charting and choosing your ownway, and you're doing what you
want to do and what you feelis the right thing to do and not
what you quote have to do.There's a big, big difference in those
two perspectives. Yeah, yeah,and of course you help people find that.
(12:33):
Now one of your biggest tools.We've talked about this in the pre
interview and everything about you have thismastermind where you start helping, guiding and
molding people into this would you liketo call the entrepreneurial freedom. I keep
going back to that word. Ilike it. It's great, it's wonderful.
(12:58):
So for me as a business ownerfor decades, masterminds were such a
powerful tool that helped me move ahead, get unblocked, and so on.
So, like the idea of likea mastermind goes back to Napoleon. Hill
came out with a book in thethirties called Think and Grow Rich. So
within Thinking Grow Rich, chapter tenis called power of the Mastermind, the
(13:18):
driving force, the ninth step towardsriches. Now, what he talks about
in there is that when you gettogether more than one person in the same
room at the same time, it'snot just this like additive collective wisdom of
what you both know. By beingtogether and sharing that space, you actually
create this mastermind, which is thecombination of everyone's thoughts working together towards a
(13:41):
common goal and a harmony. Right. So you think about like, if
you've ever ever been like in abrainstorming SESSI where you spitballing ideas with a
bunch of folks. Right, It'snot like you picked the one idea that
one person had that, thank goodnessthey were there. It's usually a development
of layered building from the conversations thatyou're all having together that would never have
had and if you weren't all togetherin the same space. So the way
(14:03):
we use masterminds in business is weget folks together once a month for full
day Bay Area Mastermind Meeting, andthat's where we really delve into what's going
on with everyone, what they've accomplishedover the past month, what they're working
on, what blocks they have orwhat challenges they're facing, what's been working,
what's not, and so on.And what you get from this is
not just peer advisory and feedback andinput from those that are around you,
(14:28):
but you get this really powerful facilitatedconversation. But even more than that.
What I love is that when wehave people join us for a test drive
to see what the mastermind is likefor a day. They come in with
an idea of what they know.This is usually their area of expertise,
the stuff they're doing really well inbusiness, right, so that's the stuff
they know they know. They alsocome in with the stuff they know they
(14:48):
don't know, and this is usuallytheir block or their biggest question that they
felt if they could only get thisbig question answered, they could move forward,
right, So there's something they knowthey don't know. But the real
opportunities I see again and again aroundthe table are the third category, and
those are all the things you don'tknow. You don't know, and when
(15:09):
others are sharing what's going on intheir business, what's working, what's not,
what the challenges are, that's wherethose big aha moments come from.
That's where those real mastermind breakthroughs comefrom, because you're getting exposure to new
ideas, new ways that people aredoing business, new ways people are generating
leads, closing sales, building theirbusiness that you never thought of before.
(15:30):
And so this isn't just like apresentation format where a person is broadcasting the
hot seats and interactive conversation. Sofrom that conversation, what's coming up is
you have a different business owner sharingwhat's going on in their business. Maybe
you know how they're growing their business, and you then ask the questions around
that. And so one of myfavorite examples of this is we have,
you know, an e commerce businessowner sitting across the table from a retail
(15:52):
store. Right. Ok. Theretail store has been growing their business through
direct mail, right sending you know, buying lists, sending out you know,
physical mailers, and people come intothe store. The e commerce business
owner has been doing email marketing asone of their channels, sending out emails,
people click and they buy online.Both business owners are very successful.
(16:14):
Both also want to grow, andso the questions start coming up to each
other around what vendors to use,what best practices, how you're finding the
list, what the offers are,and all these things, and next thing,
you know, the e commerce businessover the next month. One of
their accountability items that they follow throughon is the e commerce business owner worked
in the list broker, bought alist, put together a print mail advertisement,
(16:37):
sent out direct mail, got newcustomers who never heard of them in
the door, buying online, nowon the list, and so on,
all because of what a retail storeowner we're sharing. And on the flip
side, the retail store owner startsasking customers at the front counter in the
store for email addresses, creates aVP membership club like the e commerce business
had for repeat customers. Start sendingout email market with permission to these customers,
(17:02):
and what do you know, startsgetting additional incremental sales from a whole
new channel simply by hearing about someoneelse's success and being able to ask them
directly in that closed door, confidentialspace where you can have the real conversations
about real numbers, what's working andwhat's not. So that kind of cross
pollination is what happens when you're exposedto what you didn't know you didn't know,
and that gives you direction and helpsyou find those new opportunities. There's
(17:26):
real power in those I didn't knowthat even I didn't even know to ask
I didn't's real power in those inthose situations, real learning too. Right.
So yeah, what's interesting too isthat when you know, if you
think about working like with a coach, for example, right, you have
(17:47):
one person you're talking to or ifyou're spit palling with a friend or one
other business owner, that's great.But when you have a group, a
troop, your advisory group, you'regetting feedback from all around and that can
challenge your beliefs, your paradigms.We had someone who came into the room
to see if you know, thegroup would be a good fit for his
business, and one of the firstquestions he was asking was around what he
(18:11):
was charging per hour for his work. And in his mind, the paradigm
that he was working within his beliefsystem was you're paid hourly and the more
experience you have, the more youcan get paid. An understandable approach many
folks share that belief, but wewere able to provide the feedback of going
(18:32):
switch into a value based pricing modelof what is the value that you're providing
to your clients? Can you priceyourself that way? And that's a totally
different way of viewing what your valueis and how much you can get paid.
And even still this guest was youknow, was challenging back saying,
well, yeah, maybe I'll dothat, but first I want to get
(18:55):
like, you know, X numbermore clients, because in his mind he
wasn't work, And here the groupssaying, no, you are, because
you've just shared with us the benefityou deliver and the value deliver you can
charge based on that. So we'reable to sort of help people get unstuck
in areas they didn't even know theywere stuck, just by sharing them with
them the group's successes and getting unstuckfrom the same place. You're in a
room of folks who've been there,who'd done that, and want nothing but
(19:18):
the best for you. Yeah,now hang on one second. There for
everybody listening is a this is amore common problem than you think, and
you should be looking at a morevalue based system of because because you are
actually putting putting your value into intoother people's businesses. So jere me because
(19:44):
we did in our own networking group. We we just had a conversation around
value based UH pricing, And Itold a wedding photogra it's in our group.
I said, you need to takeyour price and multiply it by five.
(20:07):
And he's there and he looked atit and he's like, but that
puts me up over close to tenthousand dollars a wedding. I'm like,
yeah, exactly, sounds good,I said, trust me, you need
to. This is where you needto be because because if you see his
photography and everything that it's like,wow, this is awesome stuff you're doing.
(20:33):
So make people. It's interesting withwith the price elasticity, what we
see again and again is almost always, not every time, but almost always
when you test a price increase,profitability goes up. You typically don't lose
new customers, no, and youattract better customers. So it's okay,
(20:57):
our listeners, you have my permissionto raise prices. Yeah, can I
show you one other quick stories?Just because we're talking valuate for valuations.
So we remember in our group andshe had a business with seeing success with
it was you know, had builtrelatively quickly a six figure business, and
someone reached out to her out ofstate and found her and was like,
(21:21):
hey, can you you know,can you come out here and teach me
how to build the same business youhave, but out here in my market.
And so that wasn't her core business, right, Her core business was
doing what she did, not showingpeople how to build the same kind of
business. So she came to thegroup and she was trying to figure out
like what to charge for this,and she was like, well, like,
maybe if a charge like I don'tknow, one hundred bucks an hour,
(21:42):
you know, if I'm out therefor a day, that's like eight
hundred bucks, But then I haveto pay for my flights and have to
pay for my accommodations and so like, I don't know, right. So
she's noodling this through and we're like, hold on, you're going to show
someone how to build like a sixfigure business and not make the same mistakes
you did and just give them theblueprint for the exact same business. Shouldn't
they be covering all your expenses andshouldn't that be like, you know,
(22:06):
easily tens of thousands of dollars?Yeah, And you know she's looking at
us like, well, but like, that's my time's not worth that,
Like, hang on, it's notjust the time you're spending with him,
it's the time of your career thathas gone into you learning how to do
the thing that you're doing. Right, that's where that value is. Right,
you learned a thousand ways not tocreate the business that you have.
(22:27):
Now, that's the value you're bringingis how to and how not to.
So don't think about this from likea my hourly time is think about the
value that you're bringing. So theend of that story is, you know,
with a deep breath, she youknow, went home, practiced in
front of the mirror and then youknow, offer that five figure price to
(22:48):
that prospect too. Is like donegreat and she got that so she well
over ten xt you know what shewas going to make on that by moving
to value based pricing simply by gettingthat feedback from peer advisor who wanted nothing
but the best for her. That'sa huge one. Well, we love
those. I want to ask thisquestion though, with value based pricing,
(23:10):
people are going to if they ifthey have it or they have the ability
to get it, they're just goingto pay the price. Don't you think
the people are going to the valuesthat Yeah, yeah, they're just going
to look to look to find topay the bill if they see the value,
right. Yeah, if your valueis there, then the price isn't
an issue, right If your valueis not there, and that's where you
(23:33):
run into price crailings and run intoissues. Right. So the wedding photography
you were talking about, if thework was sort of mediocre at best,
probably couldn't five x that price couldyou right? But when you when you
do excellent work and you truly differentiatein an done right. You know,
one of the things we talk aboutis how you don't have any quote competition
(23:55):
when you're talking to a prospect.It's just a matter of checking for you
know, lead qualification on their sideand it's a done deal. Right.
If your prospects view competitors when theylook at you and they think that you
are just one of many, thenthat's a positioning challenge and we've got to
fix that. So you are theonly option, and that typically comes from
niche and branding and dialing in whoit is that you serve and how you
(24:18):
offer more value than anybody else outthere. So there is no other option.
Yeah, Well, going back toour word entrepreneurial freedom. I told
him this because everybody knows that we'rebasically we're also filmmakers as well as podcasters,
and that we also do film editingalso, And I told him,
(24:42):
I told him like this, Isaid, I said, if you charge
more and that person sees the valuein what it is that you're doing,
you have now the time to sitand put your style to it, because
that's what they want. Yeah,and yeah he's It was like I could
(25:08):
see see the the Demmer switch comingon. It's I love it. I
love it. Yeah. If ifyou think about, like in photography,
if you have just any old photographerwho's like, look I do pet photography,
I do portraits, you know,I do you know headshots, I
do weddings and all this, Likeis that who you want as your photographer
(25:29):
or do you want someone who's like, look, I only do you know
beach weddings, you know, forsunset of you know, couples who have
you know, wedding party this sizeand sort of niche down right, and
someone's like, yeah, we're doinga beach wedding. I want the person
who knows about all the challenges thatcome with that and the guy who's like,
oh yeah, like the reflection thatcomes off the water, we handle
this way and like that's just whatwe do. Right when you when you
(25:51):
if you need cardiac surgery, doyou want the general practitioner slash veterinarian slash
barber, or do you want theperson who's like a cardiac specialist who just
does hearts, you know, onpeople like you. You want a specialist,
and that's always worth more. Yeah, yeah, exactly right. It's
like definitely, And that's a goodexample, you know, heart surgery.
(26:11):
You know, we all need toThat leads us into we do need to
kind of specialize in what we do, don't we. Yeah, yep,
it's it's easy, especially early onif you don't have that mission, that
mission, that vision, the purposedialed in to take whatever work comes your
way, and then you start toget defined by all the projects. So
(26:33):
you say yes to and there aregonna be some kinds of projects clients,
et cetera that just aren't a goodfit, but early on you feel sort
of a need to do whatever paysthe bills. But ideally you grow to
that next step where you niche downto really where your specialty is and you're
able to start saying no to projectsthat aren't a fit or conditional nos where
the client knows what would make ita fit. You know, many years
(26:56):
back, I had a prospect thatI was talking about doing consulting work and
for what they're looking for, youknow, I basically had three terms that
I came back with and said,like, look like this this isn't going
to be a big a fit forwhat I do. You know unless you
know the following three things happen.And so he said, okay, and
may those three things happen. Andnext thing, you know, I had
a great client to work with.Right, So when you know where your
(27:18):
line is, you can communicate thatand then some folks will disqualify and other
folks will more consciously qualify because they'llbe attracted to that that's special. Again,
it goes back to do do ifyou put enough value into yourself,
they see the value and then like, oh well, let me meet those
conditions and get back to you.Right, yep, exactly, so awesome?
(27:44):
Oh is it? I don't know. I just think that that's like
a huge problem. And how doyou how do you walk a person through
to that so that they start tosee that they have with specialty, that
they have that talent and then thattalent polished up bring them. Yeah.
(28:07):
So at a certain point, somost of the business owners we work within
our Mastermind group are established business ownerswith people, systems, proven sales process
and they're scaling right, and theywant to continue to grow. But I
also we have for our founders.We have a founders group that we actually
launched last year for folks who areearlier stage right. And what I found
(28:29):
is really those are really two verydifferent avatars. Right. So when we,
you know, talk about having ourmastermind group for established businesses with proven
sales processes that consciously repels the earlierstage founders but attracts the established business owners,
right. And what was funny isI still found myself talking to founders
(28:51):
who were saying, Jeremy, wewanted to do something with you, we
can we hang out with other foundersAnd that's really what started the Founders Group.
And by having that separate home forthem, we can make sure people
are in the right place. Afounder is going to ask the how do
I questions right, and the establishedbusiness owner is going to share here's what
I'm doing, how do I doit better? Right? And those are
(29:14):
vastly apart, which is why,like you know, you don't put those
in the same fish tank by design. So in terms of like you know,
some of these challenges, there's differentchallenges you face as an earlier stage
business owner then you face as anestablished and scaling business owner. So this
idea of nicheing is typically figured outby the time you are more established and
(29:36):
starting to scale, but not always. And what's nice though, is at
that point you have had enough customersthat we can start to look for the
patterns. So we can look atyou know, which customers do you enjoy
working with the most? Like whatcategory where do you see the most success?
Right? Where do you deliver themost value? Right? What has
the most profit? What takes theleast time? Like, we can look
(29:59):
at any of these metrics to dialinto where you want to niche. And
then the cool thing with nicheing isno one's saying you have to say no,
but you're just choosing who do youwant to attract in terms of your
branding, your website, even yourcompany name, your product names and so
on. Right, So if youthink about even I use the example sometimes
(30:22):
of pizza shops. Right, pizzacould be viewed as a commodity. You
want pizza, pizzas pizzas pizza,not really, right, there's a lot
of companies out there who you sellpizza. Right, there's a lot of
companies out they're selling pizza and they'reall still in business for some reason.
So clearly it's not just commodity.People aren't always going for the cheapest,
(30:45):
are they? But people aren't alwaysgoing for the fastest delivery, are they
right? So you look, ifyou think about going out to a nice
sit down restaurant, white tablecloth,table service and all that, that probably
narrows it down to a certain restaurantfor pizza. If you're thinking about we
want pizza delivered in thirty minutes,guaranteed that's going to be going to a
(31:06):
different direction. Probably not the tastiestpizza, no table service, right,
but you're getting pizza delivered quickly.If you're thinking highest quality ingredients, you're
thinking it a different brand, you'rethinking cheapest. Right. So we move
around as consumers based on what itis we're looking for beyond just that broad
pizza. And then if you wantto get super nerdy, you can start
asking, well, do we wantlike Chicago deep dish? Right? Do
(31:27):
we want Detroit style? Do wewant you know, even with an ala,
do you want Roman style? Right? Which style? Which kind of
pizza do we want? Specializes asa one? Yeah? Right, there
answered your questions like, yeah,new York Neopolitan, I mean, come
on, even in New York,right, my family is originally from New
York, New York. Someone fromthe Bronx is like, oh, Brooklyn
(31:48):
pizza. I don't want that ofBrooklyn saying, oh, I don't want
pizza from Queens, Like that's evenwithin the city, right. So yeah,
it's just you think about nicheing andknowing your customer. Right. When
you niche, you will very muchattract the customers who want you most,
who will value what you have alot more, and you'll actively repel those
who don't. So we typically lookout to answer your question, Michael,
(32:09):
we look at who are the customersyou are working with, where you've see
that success, what's the best towork with, and so on, and
then we play with nicheng there.That comes in the form of, you
know, more targeted ads, right, using the language of that audience,
going to landing pages, going tooffers that are all much more tailored to
that language. Yeah. So fora lot of people listening out there,
(32:31):
they keep hearing the the the phraseideal customer. But you've just talked about
is a scientific and logical method offormulating who that ideal customer is? Yeah.
Yeah, And when you get startedand you have zero customers, you're
looking for that first one. Well, at this point the question is like,
(32:54):
well, who do you want towork with right, you got to
pick something. Otherwise, if you'regoing out there saying, you know,
I can do anything for everyone,who's going to hire you for anything?
We've all hard like the you know, jack of all trades, king of
none phrase before, Right, Butwhen you start to narrow that down a
niche and niche and niche more,it gets better. Right. You can
(33:15):
have like a general contractor who's like, yeah, I can do roofing and
plumbing and electrical and everything else.Or you have a GC who brings in
the specialist and brings in the rooffor the plumber or the electrician, the
people who were doing just that skillall day long and can bring the expertise
to the table. So our goalfor you is to figure out sort of
what that niche is. You canstill work with an industry, but who
(33:37):
was it you work with? Right? There was in a Mastermuink group that
I was part of, we hada member who did like financial planning,
and so within his customer base hesort of said, look, I only
want to work with people with amillion dollar net worth and hire and he
had some more niche and beyond that, but that was sort of one of
the categories and he decided he wantedto do like a customer appreciation event,
(33:58):
get his clients together, go dosomething thing and bring in some speakers and
that kind of stuff. And soit ended up that that turned into the
idea of a cruise. It waslike, all right, cool, we'll
get everyone together on a cruise.We'll cruise together. And he's asking like,
you know, what topics are ofinterest? What speakers should I bring
in? And people are like,look, I just want to hang out
with people like me. So Iwas like, oh, okay, so
fun. We'll make it fun.So he does. They have a wonderful
(34:20):
cruise, They have a few speakers, no one cared, but they mostly
really enjoyed to hang out with peoplejust like them. But as he did
his feedback surveys after the fact,which we all should be doing in our
business too, right, right,right, he got some interesting feedback.
Many of the folks said like,hey, love, the cruise was great,
but I want to hang out withpeople more like me, people with
like the five million dollar networth andhigher, like that's why I want to
(34:42):
hang out. None of is riffraff at like the million up. And
he's like, oh, okay,got it. Like good feedback, thank
you. Into the next year,he offered a separate event for those with
the five million dollars networth of andhe's like, there we go. Now
people can hang out people like them. I've got my niche for how I
take out those clients and what wedo. And wouldn't you know what,
He did the feedback survey again andgot basically the same feedback folks who were
(35:04):
saying, you know, it wasgreat, but like, we really want
to hang out people with like thefifty to fifty million dollars net worth and
hire not these folks that like,you know, the five So it ended
up he found he really had threesegments within his own client base. He
was he'd attracted them over time,some he'd been working with longer and so
on. But even segmenting within hiscustomer base and changing the offerings he has
(35:24):
for his existing clients comes down to, you know, a few different avatars
that ideal client. So then whodo you think he went out there to
look for more of among those avatars? Who did he start to specialize more
in? Right? And so thatwas that's sort of a good example I
think of about looking at where theniches even within your current clients beyond what
(35:45):
you've been attracting so far, andhow you change your offerings up for those
different audiences. Right, So let'sget to some some some tangibles of of
of what this actually looks like,because we're gonna start running short on time.
You got to get to the kindof beautiful world you want to create
with all this. Yeah, sowhat are some of the tangibles the results
(36:07):
that people have gotten from from this, from your mastermind and from your coaching.
Yeah, so, entrepreneurial freedom isreally is a big thing we're going
for. And you know, oneof the stories I love to share is,
you know a lot of our membersare serial entrepreneurs. So they come
into the group with one business andmaybe they've had business in the businesses in
(36:28):
the past, but they often endup launching some new business during the tenure
in the Mastermind. And that's reallycool because that's where we see these big
pivots that come from the aha momentsand those big light bulb ideas, that
dimmer switch going up, you know, within the group. So we've had
many of our members who have launchedentirely new businesses that be eclipses the initial
(36:49):
business they came in with, andthat comes from those conversations and ideas that
come up in the room. Wealso have members. You know, one
of our members came in with onebusiness, had been doubling it year over
year, had the need for alittle side business to fill a gap in
his market, and sort of throughoutthis little side business that required zero time
of his had a VA doing allthe work and just had like you know,
(37:10):
an ad to carte buy now buttononline that flowed into the VA who
took care of everything the business needednone of his time. Well, that
business grew and grew and grew onthe side. In the interim that main
business he came into the group with, he sold, he exited, had
a seven figure exit on that business, packed up the family in an RV.
(37:30):
They drove around the country for ayear doing the whole like, you
know, let's see all the thingswith their young with our young family,
this is the time to do it, and ended up settling, you know,
in southern California, and you know, found found a home down that
way and has really lived this wonderfullike post exit life that many business owners
are going for. But in themeantime, beyond just that sort of payday
(37:52):
from selling the business, that littleside business has continued to produce, and
that little side business that still requireslike none of his time, has just
continued to scale and grow. Andso we love when that happens. When
you have cash flow businesses as wellas sort of chunky you know, exit
size transactions as well. And thisis thing is one of those cool stories
(38:14):
where there was a bit of both. But yeah, those are the kinds
of things we love to see andour members get to do because at the
heart of it, we're entrepreneurs.We see gaps in the marketplace, but
more importantly than that, we feelthat we found a solution to those problems
in the marketplace. But most importantlyis we then do something about it.
(38:37):
So starting one business is rarely theend game for entrepreneurs. Many of us
have started multiple businesses and continue todo so because we see the gap in
the marketplace, we find a solutionfor it, and then we do something
about it, and you've got abusiness there you go, so fill the
gaps exactly. You probably experience theseevery day, right, You experience to
(39:00):
frustration as a customer, you experiencea frustration, you know, as a
business owner or you know, somewherein your life. Yeah, and then
you realize you can do something aboutit, and maybe there's a service that,
maybe there's a product, maybe there'seducation, maybe there's consulting, maybe
there's something that can help others nothave that same problem you've had again and
again, speaking for myself, youknow, I was in a mastermind room
(39:20):
and had a gap in my businessand we couldn't find a solution for it.
So I threw out the idea ofa software solution for that to our
group, as I would, thisbe a crazy idea because I kind of
want this for my own business,and people around the table all said like,
yeah, yeah, if you builtthat, like, we want that.
And so we had effectively beta customerswho are ready to test this thing
(39:43):
before as ready for the public rightthere in the room. Launched a multimillion
dollar business from that, and youknow, and that still runs to this
day, and that kind of thinghappens all the time and we love it.
Yeah. Yeah, those sort ofthings do actually have and we had
some in our own group. Hewent from repairing websites too to actually finding
(40:07):
his own passion. So and andhe just pivoted off into that he is.
I still still would call him toto fix up a website or help
me, help me put a websitetogether or something. But I know that
his real passion is is there andthat's why I refer him as yea.
(40:30):
And again, no one's saying hehas to turn the work down that you
know that was that that you knewhim by before. He can still take
it. It just might not bewhat he leads with when when he's talking
to you know, talking to prospectsabout more more the passion stuff. But
done right, What what this doesis it gets you that time back and
you get to choose how to spendthat time. And for any folks it's
with families. For others it's pursuingpassions and hobbies. Others as travel,
(40:52):
others is all the above, youknow. It's it's really a beautiful thing
when you when you gain that timeback. We all have the same end
destination. Yeah, but wouldn't itbe nice if we had to say,
and what we do between now andyou know, end of life? Yeah,
it leads back to it sounds cliche. It's not the destination, it's
the journey, you know. Yeah, And you know when when our kids
(41:15):
were younger, our kids are stillyoung. When when our kids were you
know, one or two years old. I remember we met this this other
couple. It was funny is weat that time had like a one year
old and they had us a businesscard and the business card has the kid's
name on it. It has bothparents phone numbers and the nanny's phone number,
and they're like, hey, like, would love to love set up
a playdate for our kid, youknow, text our nanny figure something out.
(41:36):
There was this very business y,transactional thing and we got talking and
ended up there. Both attorneys,so they both have paid for law school.
They hated their work, like hatedit, but the money, the
money was good. So they're like, look, we did the numbers and
they're like, we put in fiveyears and then we're done. And I'm
(41:58):
like okay, but like so likethe first like five years of your kid's
life, you're just not around forthem at all. You're not present for
any of it. You are havethis tension and you know, sleepless nights
and everything, living a life youhate for five years. So then you
can show up and say, hey, the financial parts figured out and now
we can do nothing and just bethere like that. I guess that's a
(42:22):
plan. That's just not the kindof plan that you know, is attractive
to me. I'd rather enjoy thejourney along the way too. It's not
the plan for me. Let's putit that way, right, right,
So I'm always curious what happened withthem, how that how that plan worked
out. Yeah, so it's gonnasay, speaking of kids, is like,
(42:44):
my kids are all well, lastone's getting getting ready to graduate from
high school and and he got theuh, the the cooking and the travel
bug from me. I had onekid, they get the science bug from
me. So yeah, and he'sgoing to go to chef school and then
(43:09):
he's gonna then then he's he's sayingthat he wants to go off to uh
to the Czech Republic and learn howto emmerg himself in a culture and cook
the culture. Like yeah, thereyou go, Yeah, right, let's
do this. It's like that's fantastic. Yeah. Yeah. When when my
(43:30):
wife was graduating in college, uh, well, torture last year. We've
been dating for four years and shesat me down to have a difficult conversation.
She's like, look like there's thisreally prestigious scholarship that if I apply
to and get a Fullbright scholarship,you know, but it's very competitive and
I probably won't get it, likeno one gets these. But like,
if I apply and get this,like after graduation, you know, I'm
(43:51):
gonna be off in Europe for ayear, so you know, what do
you think? And my response waslike, well, that's amazing, Like
where where would we live? Andshe looked at me and she's like,
what do you mean And I'm like, well, like that sounds amazing,
like you know, of course you'regoing to get this, but where are
we going to get to live inEurope? And that light bulb went off
and she's like, wait, youmean you come with me? And I'm
like, well, of course,And in her mind she was like,
(44:13):
oh my gosh, I've got this, you know, long term boyfriend,
we're in love. This is great, you know, but how don't want
to make a decision. And myanswer was well that like it was clearly
the answer was both, and sowe did move overseas for a year,
and you know, my business continuedto build up and grow. When I
ran a business from six time zones, you know, different, and it
(44:34):
was it was fantastic. We youknow, having an entrepreneurial freedom. I
matched her schedule, which was,you know, we worked Tuesday and Wednesday
and Thursday morning, but then bylunchtime Thursday, We're off to a train
station, you know, airport somewhereand off for like four days and then
we're back on for two And itwas incredible. But that was only possible
(44:57):
because I'd been running my own business. I wasn't at asking to someone for
permission. I wasn't quitting a job, I wasn't looking for work. I
just continued to build things, justfrom a different time zone. So that
entrepreneurial freedom gives you that freedom ofchoice of how to spend that time.
And that was at this point twentyyears ago. So it since we are
actually starting to wind down to seein this show. So using an entrepreneurial
(45:22):
freedom, how what is it thatyou want? Want to teach people to
choose for themselves? Obviously not yourchoice, but they need to choose for
themselves. So entrepreneurship isn't for everyone. It's only for us select weirdos who
you know, don't want that comfortof a job but want to create something
(45:44):
want to truly build something and wantto have a say in what we build
and how we build it. Sofor those who are on the fence and
wondering like can I do this asit possible? The answer is yes.
Are you willing to give up thethings that come with a job to go
create something arguably much better? Andif the answer is yes, then entrepreneurship
(46:04):
can can provide that true entrepreneurial freedomfor you. M very cool. So
best way is to work with youin in get just just get in there
and start building. Yeah. Ilove writing about this stuff. Clearly you
know you and I could talk aboutthis for days. But you can find
(46:25):
you know, my writing and everythingabout this that's all over at Bay Area
mastermind dot com b A Y Ar e A mastermind dot com. You
can also find out about our Mastermindgroups. You can apply for a test
drive to see if a Mastermind groupis a good fit for you. You
can read about how to start yourown Mastermind groups, how to find Mastermind
groups, and all those kinds ofthings. That's all over at pay areamastermind
(46:46):
dot com. Awesome cool, It'sbeen great talking to you. This is
fun. It was good to connectand I'm it was great to be on
the show. Yeah yeah, Sothank you everybody for listening, and go
to the Bay Area mastermind dot comconnect with Jeremy and it's like and let's
(47:08):
have some fun with our new entrepreneurialtime seven. All right, Thanks everybody,
find that subscribe button wherever it is. Help us to idam know what
(48:00):
this is days a reason to sayChow shows we can't trust, sir,
(48:23):
wait to so. The show hasbeen produced by Depictions Media. Please contact
(49:47):
us at Depictions dot media for moreinformation.
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