I am good at only one thing, business. For the last 30 years I've built 19 companies and invested in 78 startups. People ask me every day to be their mentor and to help them and they've even offered me 10,000 pounds to help them just for one day in business. I don't want to charge people for help. I want to give you the knowledge for free. And today I'm going to give you everything you need to start a business, to grow a business, to maintain a business and to sell a business. But if you can't stay on this video for 5 minutes without clicking off, I've got some news for you, you're probably not going to make it. I'm now going to list all the things I'm going to go through in the next 45 minutes to change your mindset, give you the tools you need to be successful and hopefully create new pathways in your brain that give you the chance to be successful.
The very thing that the education system does not want you to be is free. Working for yourself, controlling your own business. So the day we're going to cover how to start a business with no money, how to win and the secret to it all in business, how to lose. Important, how to do a mind map, which is much better than a business plan, much more liquid, how to find purpose.
Very important to motivate you to get up in the morning, to motivate your team to get up in the morning and to motivate customers to want to work with you. How to find a co-founder. Something that I personally believe is like having a relationship partnership. It can change everything if you have the right co-founder and can give you that accountability that we all need. How to sell. Everybody can sell. There's no such thing as people that are good at selling and people that aren't good at selling. They're just people that haven't been taught. The system of selling. Everyone can sell. Everyone must learn to sell. It is the key to unlocking freedom.
How to market your business, how to PR yourself and your business, how to get an investor. And I'll go through many different ways around that subject. You can get an investor. How to get sponsors. Often an untapped secret source to making a business grow without needing an investor. So we'll get into that. How to build a company brand. Because I honestly think value comes from building a brand not a business. And we'll go into what a brand is and how to build one. How to build personal brand, which in this day and age without doubt is vital. You can't really build a company today without having a personal brand. And I'll get into personal brand on a public stage and personal brand within your industry. How to hire.
How to grow. How to build. How to go global. Which is easier than it sounds. And probably very important to you not stuck in one market and living yourself vulnerable. How to get a mentor. There is a way to do it. And nearly nobody does it. And how to avoid big mistakes. But accept luck into your life. Make luck happen in your life. And finally how equity works and how to sell your business. At the end of this video you will know everything that's taken me 35 years to know. You will be changed if you watch this video. And I promise you at the end of it it will cost you nothing and you'll never look record.
How to start. Now most people tell you to start a business when you have an idea. That's not where a business starts. A business starts with a feeling. An instinct that perhaps you need to make a change. And then applying yourself to learning what is the best way to build something that you love. Now everybody tells me that starting a business is filling a market gap or finding a niche. That is not true.
One of my most successful early companies was a company called Fluid. This company turned into one of the biggest agencies in Asia. Which I sold to Price Waterhouse people for more money than I'll ever need. And when I launched that company there was 500 other businesses doing almost exactly the same. So how did I manage to win? I didn't have an original idea. Like everybody tells you you've got to have to start a business. You don't start with an original idea. You start with what you like doing.
Now I love helping businesses and people succeed. I love marketing. I can spend all day long studying and understanding marketing. Every time someone launches a new business I want to understand how they made it successful. I'm obsessed. I enjoy it. It's my hobby. There is no work life balance. It's only syncing up your life with your business. And so I believe the first step in starting a business is following your passions. Now everybody tells you that that's not the way to start a business because often your passions initially don't necessarily generate revenue. But that's because you haven't applied a business mindset to what you love.
So I loved marketing and I started a creative agency called Fluid that helped people come up with marketing ideas to make their businesses successful. Now there were many companies doing it but not many of. these people doing it loved it like I did. So I evolved my marketing abilities pushed the boundaries of what was possible. Used new technologies like at the time E&M marketing and direct marketing that no one else was doing because I was obsessed with is the latest thing.
And for you the way you do it is you've got to write down what you like doing and got to write down what you don't like doing. What you love doing you've got to get really good at and what you don't like doing you've got to outsource and not do it. The school system has taught you the wrong thing that if you're not good at something you need to spend more time getting better at it. That is a lie. You've got to spend more time getting good at the thing you love to do. Get obsessed by it. And that's actually where a business idea begins because once you have figured out what you love doing the next step is the idea.
Now again people will tell you that you need to come up with an original idea that's not true. The second thing is when it comes to an idea you can actually combine forces with other people. So back to my example when I launched Fluid I loved marketing and I met someone who could take my marketing ideas and turn them into graphic illustrations and brilliant presentations and the ability to help that company in a visual way understand my idea. So I teamed up with her and created a 50-50 business partner and I'll come on to equity later in the video that was literally the springboard to one of the most successful companies in Asia in this space.
So the key is not coming up with an original idea and trying to do it all on your own. The key is coming up with something you love new to what you do and perhaps if there's a gap within your ability to execute on what you love find a partner. So for example if you love writing then write a book and maybe you need to find a partner that can publish that book or find a company that will publish that book or get someone to help you like an agent find someone that will publish that book.
And that's where it really begins in the idea phase it's got to link to your passion and I'll come on to purpose later but it's key you won't be able to follow through and probably won't be successful if you're not willing to do the thing that you're doing more often and all the time compared to other people. So you figured out what you love doing and now you have an idea. Now the idea itself can evolve.
From my point of view when I started what I'm doing today which is a platform to help you for free the first thing I did was in fact a podcast. So the step after idea is step one execution and execution involves what is the first thing you can do to make your business idea come to life and for me in my example it was a podcast but for you it might be a blog it might be a LinkedIn post it might be setting up a social media handle and starting to post up your photography. Whatever the first step execution is do not make it too hard for yourself.
In my case sitting down interviewing people I found interesting recording it and putting it up would serve the purpose of giving people mentorship in a podcast for free which was my first step in my mission in my recent business. So all I really did was get a microphone sit down and record conversations. Now if you go back and look at those very early podcasts execution was not brilliant the guess was good the execution was not great I had a rubbish microphone I had a rubbish camera and I slowly improved and step one is come up with a simple execution plan.
Step two in starting a business is consider where the revenue is going to come from. Now some people say you need this within the idea phase and yes you can put it within the idea phase but sometimes revenue doesn't actually make itself clear until you start. So an example if you're a photographer and you think you're going to make your money charging by the hour for your photography skills you're probably limiting yourself right. So you're probably better off initially taking pictures of things you love and putting them up online and seeing if people would buy them. Seeing if people would license the pictures.
Experimenting with revenue models and seeing what sticks. Sure maybe people will book you by the hour but why would you start off with a revenue model that limits yourself. So I think when building a business the thing to really think about is not necessarily revenue but experimenting with different ways to make money from the thing that you are doing. So again when I launch Fluid most companies charge by the hour for their marketing consultancy service. We didn't. We charged by the outcome of what we did.
So if we helped company be successful sell more product we took a percentage of those sales. Now that was not part of most companies business models because most people start with an idea and then they do a revenue model and then they start. The famous quote is everyone's got a plan till they get punched in their face. And the truth is when you launch a business you just want to keep yourself nimble like a boxer you want to see what is going to be the best punch combination for you to make your business work.
And finally when starting a business step three is you've got to make sure your purpose is strong. Now you made sure that you enjoy what you do and that's great because that's going to help you get up in the morning but actually I believe new businesses today need to think about what they're going to do to make a difference in the world. How are you going to make sure that people want to work with you how are you going to make sure that what you're doing isn't just for profit because if it's just for profit everybody that works for you is going to want more money everybody that's working with you is going to want to pay you less.
But if you have a purpose bigger than yourself and identify that purpose and install it in your business I promise you you won't be managing people anymore one of the biggest stresses of building a company you won't have to manage people because you will only have to manage purpose. Now I'm going to go into more depth how this all works but a lot of what I've talked about here already has cost you no money you haven't had to spend any money.
Now even if your idea is to launch an app that costs a million pounds to develop start off with a service business start off with a revenue based model that can get you there. So an example is Airbnb when they launched they actually sold cereal boxes at conventions it was enough to be similar to Airbnb because when the first accommodation Airbnb ever sold what was at conventions people go to see Obama speak go and see different politicians speak at these conventions and they would rent out rooms on Airbnb later but initially they sold cereal boxes, Obama reels at this event at these events to get to know their customers connect their customers have a conversation with their customers and make money and that is the money they use to initially get the business going.
So I will come on to other steps later now in the video about raising money and other ways to do this but if you do this first few things your business is up and running it's cost you no money and I promise you because it will have purpose because you like it and because there's a revenue model behind it you will do it it will happen.
So how to win in business let's say you've already got a company you're not winning and you want to win or you want to know the secret formula to winning and having built nearly 19 companies I'm on my 19th business now how to win in business is actually very simple. Now I mentioned earlier having purpose and you personally being passionate about it that's definitely going to give you an edge because most people are not loving what they're doing so if you are you're already winning but there is a secret formula to winning and that starts with a couple of things.
Number one delayed gratification spelled completely wrong you get what I mean though right? Delayed gratification is the number one reason that businesses win. You don't rush to charge customers for example you let them help you succeed. So the first customer I ever got in my agency fluid I actually did the work for free. Now a lot of people say don't do the work for free I don't agree I built up a relationship with that customer over delivered when it was free and that meant once they were happy not only did they use me forever for the 16 years that I ran that company they also recommended me to everybody. They felt like they were part of my early journey.
Getting your customers on side is another element of winning but realizing that if you delay getting gratification you will make more money and there's so many examples of this. If you look at big businesses they spent years making no money and then when they had the system all in place huge databases for example then they can monetize and people don't wait long enough. The other thing you can do is have a very strict moral code within your business a culture. Culture will eat strategy for breakfast every single time. You've got to make sure that your culture in the company is client centric.
A good example of this is Amazon. I'm just saying that they do actually focus on their customers as a culture and I think that a lot of people are too busy, for example, thinking about how they can get money out of their customer and not thinking how they can bring value. If you want to win, bring value. You want loyalty, bring value. You want them to follow you, promote you, share you on their stories, care about you, talk about you when you're not in the room, then show them some love. It sounds simple but people don't do it because they're too busy not waiting for the payoff and too busy not installing a culture of patience, a culture of caring about your customer.
The final thing is luck. Now, luck is not a subjective thing. Luck, I have discovered, is hackable and you can hack it three ways. First, be persistent and what I mentioned earlier about purpose and loving what you do will help you be persistent. You have to outlast other people. When I launched my company Fluid in Hong Kong, I had so many competitors but slowly they all shut down, went bankrupt. They didn't care like I did.
The whole luck thing is about persistence, that's number one. Number two in hacking luck is know your destination. What is success for you? What will make you happy? What do you want? Big company, small company? A big company is much easier to run than a small company, aim for a big company is my recommendation, but that's my opinion. It might not work for you. So, I suggest you define success for yourself.
Today, success for me is having the time to take my son to soccer and be able to pick him up, having time to do the exercise I want to do, that's how I define success. So, I never sell hours. We'll come to that in a little bit why you should never sell hours but luck is hackable, you have to be persistent, you have to know your destination and finally you have to learn to take risks.
Be careful with saying out there trying to trick you into options and that is not true. So, the worst one is the harder you work, the luckier you get. That is not true, that is a lie. A lie designed to make you work hard. If it was true, every nurse in this country would be a millionaire. It is not true that working hard equals success.
What equals success is taking risks. You have to learn to take risk, you need to fear, learn to love fear, embrace it and then you can take more risks and the more risk you take, the luckier you get. Learn to build a culture in your business about long-term and learn to hack luck, you will win. The secret to it all is learning to accept that you could lose everything and it doesn't matter. You've got to be willing to risk it all, take a chance and go for it. Do not rush, do not see this as anything but a marathon. It's not a sprint, enjoy the journey, don't rush, no one can beat you if you do it.
Delayed gratification is key, brands like Facebook and Instagram, although I'm not a fan necessarily of these platforms, they personify this concept. They did build massive user bases but they didn't monetize them at the beginning. They waited, they just kept building value in their platforms for the users and more people kept signing up and they didn't actually monetize for a very long time. I think Facebook was in the 10 years before it started making money.
Although I'm not suggesting you wait 10 years and those companies have different investment structures which we'll talk about a bit later, it is important to understand how important this is to building a successful long-term business. Do not think about making money straight up, build a brand not a business and those businesses like Facebook and Instagram they waited a decade before they started monetizing and as soon as they started monetizing Facebook in particular it started to decline as a brand, less people liked it, too many ads on the screen, too many annoying buttons that didn't have any relevance to them because they were suddenly trying to make their client happy, the advertiser and no longer focused on using them the same way. So be careful but that is how you build massive economic modes. People like Google similar at the beginning, no revenue, Youtube at the beginning no revenue. Focus on building something that has a value for people, delay gratification is one of the secret weapons in building a sustainable, large and successful business that you love.
Next up, how to lose, it might sound like a strange title but it's the number one thing I've noticed that people don't learn to do that doesn't allow them to be successful. This all stems back probably to school where you were told that success was getting an A, it's not, success is actually accepting failure, learning to bounce back from failure, embracing failure, having learnings from the businesses that I have been involved in that have failed have allowed me to be successful. I guarantee you if I hadn't lost a million pounds or don't in a comic book business, I wouldn't be rich or successful today.
I needed to learn how to fail, I needed to accept. losing it's key and so how do you build the stamina and the ability to lose the first thing you realize number one don't let things own you if you let things own you you are controlled by the very thing that's meant to bring you pleasure you have to learn to lose those things and not care about those things the second thing to lose you need to let your short-term ego go now ego is actually a very powerful motivator and there are different types of ego ego I'm talking about here is driving around in the right car to give an image to people that don't care about you that you are successful do not worry about this learn to enjoy looking like you're a loser let people underestimate you it is so powerful to be underestimated by your competition even by your customers because if they think you can't deliver and you do then brilliant do not worry about losing learn to be a D student love to fail that's why 80 percent of A students end up working for D students because A students are scared to lose they don't want to lose they always want to get an A they always want to be seen as the smartest person in the room don't worry about it learn to lose learn to embrace getting a D getting a D in business means take your time don't let someone else decide whether or not your success or not do not let anybody else tell you how to do things and ironically power up your ego in a different way an internal ego that tells you you're not a loser you know where you're going
我需要学会如何失败,我需要接受。失败是关键,那么如何培养耐力和失去东西的能力呢?首先要明白的是,不要让事物控制你,如果让事物控制你,你就被本该给你快乐的东西所控制了。你必须学会失去这些东西,不去在意这些东西。第二点是,你需要放下短期的自我。自我实际上是一个非常强大的动力,不同类型的自我。这里说的自我是为了向不在乎你的人展示成功而开豪车的那种。不要担心这些,学会享受看起来像个失败者。让人低估你是非常有力量的,甚至让你的竞争对手、客户低估你。因为如果他们觉得你做不到,而你做到了,那就太棒了。不要担心失败,学会做一个 D 学生,喜欢失败。这就是为什么 80% 的 A 学生最终会为 D 学生工作,因为 A 学生害怕失败,他们不想失败,他们总是想得到 A,总是想被看作是房间里最聪明的人。不要担心这些,学会失败,学会接受得到一个 D,商业成功的 D 意味着慢慢来。不要让其他人决定你是成功还是失败,不要让其他人告诉你如何做事情。讽刺的是,以一种不同的方式激发你的自我,一个内在的自我告诉你你不是失败者,你知道自己要走向何方。
no matter what people judge you based on the car that you're driving or where you're living or what you do with your day don't let them decide that you're a loser let them think whatever they want learn to love losing learn to embrace failure i promise you if you think that the first is if you try something and you lose everything it doesn't matter you can go again you will succeed i guarantee it next up i want to teach you something practical how to do a mind map so many people teach you in business to do a business plan forget that shit there is no use for a business plan what you want to do is map out where your business could go how it could go and understand the different directions of which to take your business and i'm going to go through how to do a mind map next now i have never seen anyone teach anybody how to do a mind map and the reason i think that no one teaches this is because there's no template to sell you there's no product to sell you around a business plan has a million ways to make money out of you and none of it works this business plan things actually kill companies i've seen people who have massive business plans stick to it and die a mind map however will cost you nothing to do and actually leaves you nimble and free to explore where the business can go and it's so simple it starts in the middle with your hobby whatever that is what you love to do second part of my map is the business i can't spell but don't judge me for that luckily i know i'm doing a business what is the business so what is your hobby what do you love to do and ideally it now links to the business now with the business and i'm going to use my company as an example hopefully it translates into what maybe your idea is but in my business which is what we call free humanity the name probably gives it away what we want to do we want people to be free to do what they love so within free humanity this is what i did when i first started the business four years ago i looked at different ways that i can make the business work so off it i wrote podcast i actually as i mentioned earlier this is one of the first things i actually did so for a podcast what comes off it well i build a network right i'm now doing a mind map of something i actually have already done to illustrate how on my map works when you're building out a business of value so one of the benefits of doing a podcast was a netwo
rk in my case i managed to interview over 200 of the world's most successful entrepreneurs which are now part of my life and help me with what i'm doing help you on helpbank.com that was one of my ambitions and it was on my mind map network
the second thing was brands i realized if i did a podcast i could probably make revenue from brands now with on my map you can get bigger and bigger and bigger with my maps there's no there's no stopping how big a mind map can get just like your brain it's infinite in its ability to think mind map is also infinite and when i wrote the original mind map out for my business i thought brands and then i started listing them so in my case go daddy uh tied banking adobe these were brands that i felt were a fit with what i wanted to do give people the ability to start their own business be free do what they love so i listed out all the brands that i could work with
i also listed in my original mind map and i didn't do it at the beginning but it ended up becoming part of what i did was an app and an app that would focus on free help for people now at the time i didn't have the name that i now have which is helpbank.com but i knew that i needed to build a scalable way of giving people knowledge now what i didn't know back then i know now quick bit of insight is that app is overused as a word it's actually not an app that you need to build at the beginning for most platforms you need to build a web based platform why well if you build an app you have to go in the app store or in the google play store you get restricted by one of those two locations so people that have a sang-song phone can't access the apple store to download your app why would you when you launch something restrict people from getting access to it plus if it's web based people can just log in straight from a web browser any web browser that aside i realized in my early days i needed to do an app and from that i would do free help and from that i would be able to connect the network that i built in the podcast to the free help
so the people that i had interviewed in the podcast the knowledge that i was capturing in their case i could connect now that network being built by the podcast to the help on the platform this is how it's actually played out the next thing i i spent time thinking about was team and on a mind map i thought about who i actually need now because i knew i was going to do a podcast i knew that i needed an editor but i also know my weaknesses so i know i need an accountant someone who's going to take care of the admin these are things that i don't enjoy doing so i i know what to do but i also realized with the network that i'd build through the podcast that i could have partners so it's not just employees but partners
i could link to the team again working with the people that i'd spoken to on the podcast i could connect them the people that were going to work on the app i could connect them although they're not necessarily on my payroll they are people that perhaps are connected to my mission want to help people and they can become part of my extended team now within the team structure i can also start thinking about things like if i have an editor maybe the editor hires editors or i hire editors but you can start breaking down what you actually need within your team right now as a mind map you start in my opinion with what your hobbies are what you enjoy doing you're then building a business around it and then you're thinking about different things that this business is going to need now
one of the things that i spent a lot of time thinking about that i haven't yet done but will be coming soon in my platform was what else i could do that would scale the business give it what it needed resource-wise without necessarily me being involved in it and at that time back four years ago the word was merchandising so i wrote down merchandising now i think it's actually evolved now it's beyond merchandising but from now i wrote down of course what everyone was doing four years ago t-shirts and caps that sort of stuff right stuff that you know maybe the word free humanity would look pretty cool on and i thought about in those days uh things like sweets and products that perhaps we could launch and i wrote down basically anyway merchandise-wise we could make money
Now what's interesting is I'm about to launch a sweet brand called Bizies. It's taken four years to get to this part of the mind map, but it was on there. It was always on there. Ironically, when I was building a team, if anyone said to me when I was interviewing them that they had some experience with a sweet business, I made a note and kept them as someone who maybe could help us in the future. Same with merchandising. Anytime I spoke to anybody that was perhaps looking at starting a t-shirt brand or working on building product, I'd see if perhaps they wanted to work together in the future. Because once you know in your mind map one of the things that's going to come up in the future, you can look out as you're building other things for the very thing that's going to help make that happen. So this is a mind map. It is literally mapping out all the different things and different ways your business can go. It's fun, it's simple, there's no template you can download and pay someone for, you don't need it.
The beautiful thing about a mind map is you're not fixed. You can start adding bubbles and adding things as things evolve as people and the world change. You can start adding things and connecting the different dots between parts of your business, something a 20-page document will never let you do because it's too linear. So that's a mind map. I hope it's a useful practical tool for you going forward. How to find purpose. Now this word purpose might sound woo-woo. They don't teach you it at school in my opinion for a reason. Because if you understand purpose, you're very unlikely to work for someone else. Purpose is a very personal thing. You can find other people with purpose, you can find your tribe, you can be free. But finding purpose is not an easy thing and it's not something you've been given any of the tools in which to make happen. So what is the first step in finding purpose and it's a very obvious step that people do not do you think about it.
Now the problem is if you say you're thinking about purpose people might laugh at you. Other people try to throw silly jokes out there like 49 and they'll throw you off or purpose will get so complicated in your head because you've not really thought about it before you'll give up and go back to your old ways. You need to think about purpose, what is your purpose. We used to live in tribes of five thousand and we used to work on a method called give without take not give and take. We used to help each other because it made our tribe better not because we'd make money from it. You ask me for help, I would give it to you for free, the world will be a better place.
I get better at giving you that help for free, I'd become an expert at giving that help for free. Eventually when I'm not in the room, people will talk about me and what I do because I think I'm so good at helping people. But I think today that doesn't fit the narrative of working at a call center and putting up the phone and doing what you're told in the factory that hand me forward created. So when the school system was developed, the word purpose wasn't included in any of it. They asked the wrong question of you, what are you going to do when you grow up is what schools say. That's not the right question. What you should be asked is what problem are you going to solve.
So the second step in thinking about and finding hopefully purpose is what problem matters to you. Now at first nothing might spring to mind, if something has jumped into your mind then great, in a minute I'm going to explain how you action that. But if it hasn't jumped into your mind start thinking about what problems have actually affected you, big or small. Now it can be really simple, like the banks aren't open early enough for you or the swimming pool you wanted to go to doesn't let you swim at the time you want. It might sound silly but you start thinking about problems that bother you and your brain wakes up, the entrepreneur muscle in your brain. that helps you figure out how to solve that problem. Now it might be that the banks not opening on time isn't a problem you're going to solve but if your brain starts thinking about that problem and how it can solve it you might begin to understand how to find a purpose.
The third thing you can do is start breaking down how to make your life and that purpose match. Now matching what you do in your day with your actual purpose is often easier than you think. I've met hundreds and hundreds of people who tell me what their dream is and it turns out that their dream is often just three percent different from their existing life. You know between chimpanzees and humans there's only three percent difference in the DNA and often for example I met someone that wants to do their own catering business, they're working as someone else's catering business, they're just missing this vision in their life to figure out how to tell what they feel is their purpose to make cakes for someone and make them smile and own that business and into that business they're just missing knowledge. they're also not realizing that actually their purpose is nearly there in fact i would argue that the system sometimes wants you to feel like you're getting enough satisfaction that you don't need to make a change so in other words if you are working for someone else baking cakes even if they're not using the ingredients you would use they don't care about the customer the same way that you do at least you are baking but you've got a break free from this thinking you've got to realize that if you're going to do your purpose you have to learn what i said earlier take risk but most importantly to truly know yourself i once interviewed a billionaire on my podcast and i asked him how did you build your intuition and he said to me i used to go and ask my mum and my dad a question when i was young and they both used to say to me you know the answer you know it never gave him the answers so he had to go away and figure out the answers for himself and that in itself is the point i'm trying to make here you have a purpose yes i can help you get there but you need ask yourself what is that purpose how are you going to make it happen how are you going to get there and you do it by thinking about it asking yourself not what you're going to do when you grow up but what probably we want to solve and then matching your life to that problem the final thing i say you don't have to do this thing on your own let's say you care about climate change and i would just say we don't need to save the planet we need to save humans when the humans have gone the planet will be fine but let's just say you care about saving the planet you can go and work with other people doing something in this space the only thing i would say to you is make sure you ask for equity wherever you work i'll come to that a bit later how you do that and why you should do that but that can be still a way for you to have the life you want you can find your purpose and then go work with someone that's actually doing it so in my organization behind the camera right now it's a whole group of people talented people that care about the same thing as me so they can go off and help help people in their own way like they want to or we can come together as a team and solve the problem together that people don't have the knowledge they need to do what they love what i have noticed is that once you find your purpose and this is what you need to be careful of is that you don't think that it's such a big purpose like solving the world's problems that you don't do it you can team up with other people to do it and i will tell you one plus one equals 11 remember that once you know your purpose you can seek out people and communities and old days tribes to help you go and fix this problem with other people but if you don't know what that purpose is you won't do this and you'll get stuck working on someone else's purpose someone else's destiny and i promise you it's harder to work for someone else than work for yourself despite what you have been told.
How to find a co-founder now if you're someone that likes to work alone you can perhaps skip this bit but i would say to you before you do make sure you understand the power of a co-founder sometimes we get caught in our own ignorance bubble we think we know what we know but you don't know when you don't know so be cautious before you skip this section you're absolutely sure that a co-founder cannot bring you value i will tell you first up why a co-founder can bring you value it's a bit like if you get a gym membership you probably don't go to the gym but if you have a buddy who goes to the gym every morning you often have accountability and you go for me that's one of the number one reasons i love having a co-founder now there was a counter argument to having a co-founder you'll hear from many people which is well why would you give up 50% of your company to have a co-founder i personally would rather have 50% of a business i enjoy that's successful than a hundred percent of a nightmare and a failure and i honestly think with all my heart that if you get a co-founder your life is better how do you get a co-founder and what should you look out for is something i'm now going to cover but i want to just say you have to think carefully about the equity structure and later in this video i'm going to talk about equity and it's going to be important and it's going to connect back to this but for now i'm just going to talk in this bit about how to get a co-founder now
The first step is to identify what I said earlier which is what do you love to do and what do you hate to do be honest be clear hate and love right hate and love. Now once you've identified what you hate to do what you love to do you can identify what is the perfect co-founder because you want someone that has the opposite skill to you but and this is very important when looking for a co-founder I'm going to put it as number two has the same moral code. This process of finding a co-founder is pretty much the process of probably finding a partner in life you're going to spend a lot of time with this person this person is going to become literally your business life partner and if you do it right it is for life like I have in business done businesses with people and even when I've sold that company I've done another business with them if you get it right it is a lifelong partnership and so you want to make sure you're honest and clear about what you hate doing and what you love doing so that the person comes in and works with you one doesn't question you cross over with you lets you run your area and give you respect equally you have the same with what they do you write down exactly in detail what this person looks like and I would go as far as to say you write down how tall they are what they look like how they speak their background where they're from everything you can possibly think of just as if you're picking a partner in life what is it you're looking for write down every detail.
The reason I say the more detailed you are with it the more likely you are to manifest it you aren't going to be looking out for something unless you make it very clear what you're looking for I mean it's the red car theory right if I suddenly tell you the words red car you're probably going to see a lot of red cars but if I don't mention red cars you probably haven't seen one at all today you have to list out what you want so you've identified what you love doing what you don't love doing you've identified your own moral code and a moral code I can go into a little bit more it's quite a complicated thing but there is one quick hack on this I can give you whenever I'm trying to find out whether or not someone's good. I don't care about money I care about reputation so I don't want to accidentally end up working with someone that all they really care about is money and I have this test to check I will say to them what if from this day until you're 70 so let's say you're 30 now in the next 40 years you'll have the most amazing life three houses one in New York one in Hong Kong one in London anywhere you go people will love you private jets everything you need for the next 40 years that's your life and in 40 years time however there is a catch you'll get to 70 and then everyone will find out that you are a financial fraud that you tricked people to get here and that your life genuinely will be very different people will look at you differently maybe then you'll die and maybe it doesn't matter but that's your life do you want to take the deal. I'm surprised how many people say yes I would say 50/50 people say yes they take that deal they'll have 40 years of a good life for a bad reputation at the end be careful with people like that is what happens in my brain right because that is the mordov story that is what mordov did his son's committed suicide name is in the dirt no one ever wants to hear that name again in their life and a lot.
Of people were hurt so I use open questions and philosophy to figure out whether or not it's someone I want to work with and you should do it too because you don't want to be in partnership with someone that doesn't care in the same way that you care. I'm not here to judge what is right and what is wrong. I'm here to tell you how you can check what's right for you aligns in your business in your culture of your business and more importantly in your day-to-day personal life. So you've identified what you love and what you don't love you've checked them all code in every way you can or the person you want you've drawn lines in the sand what you're not willing to do and you know what this person looks like the final thing is post it now post it is very simple you start telling people you're looking for this person you post it on LinkedIn you post it everywhere you ask people you make it clear this is what you're looking for you look out for it in cafes when you're out having dinner when you're at the supermarket you look out for this person because they're out there. You just have to have your eyes wide open of course you can go and help bank.com and ask people if they know someone like this you can use the tools around you to get what you need but ultimately you've now set yourself up with every chance of finding a co-founder now you're going to have to sort out the equity structure and get that right I'm going to come to that in a minute but that is how you find a co-founder and in my opinion it's one of the. most powerful things you can do to ensure success in your business
Next up how to sell now anybody can sell it's a system it's a philosophy and anyone can do it i don't care your background you can be an introvert you can still sell and understand the systems of selling and if you are presently selling i promise you you are missing a few tricks i'm going to try and help you with now first up how to sell is not what you have been taught it is not here's my product this is how much it is and this is what it does the first thing in sales that you need to learn and the number one thing i learned through the hard way of doing it is sell the sizzle not the steak so what does that mean well let's pick one of the best products ever sold apple products Steve Jobs used to always set up events where he'd invite 3,500 people into a room all the right tech reporters all the right people and he would then present to them the sizzle he would not say here's a phone with an intel processor that has this and has that he would talk about how this product was for the game changers for those that wanted to do things differently for the creative types it was very specific about what the sizzle is he didn't sell the steak
now in that process of selling there's a couple of other lessons that Steve Jobs teaches us of course he doesn't sell to millions through social media he picks a community 3,500 people in a room he sells to them he connects to them he talks to them and they go and talk to the rest of the world getting someone on your side selling for you is one of the most powerful ways to sell the number one sales person in my last company was my accountant why because i gave her the tools to sell i told her what we did and how we did it i showed her the sizzle through the numbers we helped clients be more successful we helped businesses starve off bankruptcy we made sure companies did well and she was proud of that she would sell the sizzle she'd sit with her other CFO friends at lunch and she'd say we saved a company from going bankrupt we made one company an extra million pounds a month they didn't expect she would tell people the outcome she wouldn't say oh i work for fluid and we have marketing ideas that's not exciting she talked about the results she talked about the philosophy the sizzle
the second element of learning to sell is understand the process of selling so many people don't so many people start on what i call the third step and you need to do two steps first before you ever start implementing the third step in sales so the first step in any sales is understand your customer now it sounds so obvious and i'm shocked how many people don't do it i often get emails that say dear john or they say dear simon i really love what you're doing x and they haven't actually researched what i'm really doing however when someone sends me something and understands what i'm doing it's clear on how they can bring value to me i sit up and i listen and that is the number one thing that people don't do in the first step of sales enough research they do not spend enough time understanding if the person they're talking to actually needs them they spend way too much time selling to people that don't actually need what they've got to sell don't waste your time with people that don't need what you've got focus on the people that do need what you've got first step is do they need you get to know them the second step in this three step process to get any sales done is understand the person you're working with in the context of do you like them this element of sales is so powerful if you can have a real connection with the person you're selling to a genuine connection not a fake connection it is something that will help you get through all sorts of difficult times in that relationship you need to like each other you need to genuinely like each other and if you meet someone who needs what you need but they don't like you and you don't like them one the sale probably won't go ahead
but even worse the sale might go ahead then you'll be working with someone that doesn't like you and you don't like them if they're rude they're abrupt you go out for dinner they're rude to the waiter if it doesn't appeal to you drop them do not work with these people it might be hard you might want the revenue but i promise you will not build a business that will last if you sell to the wrong people so first step do they need you do you need them second step do they like you do you like them if you do these two things well the final step and let's call it the deal it will happen because they like you and they need you they will work with you to make a deal happen i have done enormous deals every single time in my career i've done the first two steps right it's no problem in fact i have said how much i would like for sake example of contract and that clients come back to me and given me even more told me the budget giving me insight into how to make sure we get the work so it's so important not just go in there cold with what you've got to sell but go in there understanding the person and making sure it lasts if you follow these three steps i promise you you'll get every single sale done
now there's one more final thing i want to tell you tell you about sales you've got to think long term there was a study done by harvard they analyzed the best salespeople in the world and the top 50 salespeople in the world would on average approach someone to get a deal done five times they would send them an email for example and then a few weeks later they'd send them a follow-up email and then maybe they'd send them a brochure or contact them through social media they would basically contact maximum of five times before they would actually consider that lead dead and that was their mistake and we're talking about the leading salespeople but the top 1% of salespeople which it turns out i am one of these people i didn't know it at the time i now know it looking at the research the top 1% of salespeople do something very different when i started fluid i wrote down all 50 companies i wanted to work with in the building of this business and there were big names on there and from day one i built a system to reach out to them by hook up by crook in some way every single month for example at christmas i would wish them a made christmas send them a card chinese new year i'd send them something when i learned something about their industry that i thought could be useful to them bit of research i would send it to them i would always make sure that every single month i made contact with them in some way not to sell necessarily but to build a relationship to get to know what their needs were in some cases i got those clients quite quick but in the majority of the businesses it took me for example nine years to get some of those companies on board every single month for nine years i would approach those companies and that's the secret to it it's a long game you have to apply yourself build a system in sales that lasts it cannot be one email they don't reply or they one email and they say no you've got to keep staying in contact with them building things like email lists are still very powerful it no it's not as cool these days as being popular on tiktok but i promise you having an email list where you can contact that person regularly keep an update of what you're doing keep an update of what they're doing we'll ensure a sale at some point in the future as always you're politely persistent i promise you you follow these rules and sales your life will change i'll add in sales people don't bring their personality into the mix enough you've got to be yourself be honest be authentic in sales it's not about selling someone a car that doesn't work that is bullshit that is how people are projecting what sales looks like sales is about selling someone a car they actually need i have seen in my own life on a gondabyte car the best sales sales people tell me you don't want this car you want that car in another showroom where they don't get the commission i've actually had that happen and when i saw that happen i hired that person because that person is thinking long-term they're not trying to sell me a car to make the commission they're building a relationship with me and that is what you need to do to be successful in sales
Next up, how to market. This is a deep subject, but I'm going to try and give you all the knowledge I've gained in decades of building some of the most complicated marketing structures there is. Now marketing is one of the most important pieces in making a business work. When I think about this subject, it's so complicated. I honestly think because I know everything about this subject, it's like rocket science. I will start off perhaps by teaching you that in marketing 50 percent of what you spend will probably be wasted. So if you've got a million views but the wrong views, it's wasted. So marketing is about really experimenting.
Now I mentioned earlier when talking about sales, sell the sizzle not the steak. Of course, that applies in marketing too. But marketing is actually about connecting with people over time. The biggest example is branding. If you get the branding right, people will resonate. You're probably a victim of this. You would rather buy an apple than an X other brand, right? You become a victim of good marketing. And when, for example, the iPod launched, people all thought the product did the selling. Or such a good product that's why it did so well. No, when they launched the iPod, they spent more money marketing that product than any company ever spent on marketing a product ever. Marketing is not one thing, marketing is a complex structure combining PR, brand messaging, product market fit (if you don't know product market fit, I can cover this later), but basically you've got to make sure that the people you're talking to will resonate to the product that you're selling or the service that you're selling.
Marketing, in my opinion, is actually the number one thing. It's understanding who your customer is. Often in business, you'll see businesses focus on niches to start with. Now, it doesn't have to stay in that niche, but it's a great place to start. So Facebook, for example, it started off in universities and by connecting people in universities, of course, now it became connected to everybody all over the world. But they understood their customer, they knew what that customer was looking for. And in the early days of Facebook, they put a feature on there called "Single It Off" or "Available." I can't remember the exact terminology, but they basically created a feature that let you know if that person was in a relationship or not. And that was designed to help the university students understand the dynamics between their fellow university students. They knew their market, audience, and they then marketed that feature. People then go around saying, "Did you see Sarah? She's suddenly single." And that would be the marketing for their product. They built a tool in the platform that became what people spoke about that created the marketing for you. And in my opinion, that's the holy grail of marketing.
This brings me on to point two, I call this the Staircase Philosophy. So the best way to me, the best way for me to teach you this is to tell you what I have recently done. So weirdly, a few months ago, a staircase came up for sale in London. It's the first time a staircase had ever been for sale in London. It's ridiculous. And I heard it on the news that this staircase was for sale, and I told my brain instantly, we're going to buy it. Now I didn't have an exact plan of what I was going to do with the staircase, but what I knew was that staircase symbolized something for my business, which was step by step you can get anywhere you want.
But also, I knew I could newscast that staircase was a sensation, people didn't know why someone was selling a staircase. And two days after hearing on the news, I owned it. I spent 26,000 pounds buying it at auction, and then we did a couple of clever things that hopefully symbolize how marketing works. First up, as soon as we bought the staircase, the news channel that reported it was for sale jumped on us. I knew they would, and they wanted to know why we had bought a staircase.
And that gave us an opportunity to get on the front page of the New York Times, on the front page of the BBC, in every single newspaper around the world, millions of US dollars worth of coverage for our platform because we bought a staircase. It doesn't seem relevant, but doing these wild things, these crazy things, can actually make a huge difference. One of the things that I always loved in marketing was when flash mobs were a thing. And what happened was suddenly, you get a whole shopping mall, people would start dancing, everyone would wonder what it was, right? That is brilliant marketing.
Now, it might not sell your product exactly in that exact moment, but over time, it allows you to have a reach and expansion and uniqueness to you that will help you stand out. Because that's what it's about, it's about standing out. So by buying a staircase, we then evolved it. We got all this PR, millions of dollars worth of free PR for a staircase. Then we put a doorbell at the bottom of that staircase and we said if you've got a dream, press a button. We'll then upload your dream to our four million following and get you free exposure well that was what the press needed to do a follow up story on it once you bought the staircase what did you do with it that they wrote all about that but also we built a whole new way of helping people on the back of a staircase that was for sale i knew it symbolized helping people step by step and then the final step in marketing we all need partners marketing isn't about promoting something on your own we then want to get a partner like ring doorbell or amazon who own ring doorbell on board to sponsor the doorbell to sponsor the staircase to help us reach even more people and then suddenly they pay for our marketing and so marketing isn't a standalone thing marketing isn't a non-living organic product you have to see it as living you have to see it as evolving and you have to see it as something that you do that pushes the envelope now marketing is connected to sales if you have a sales team in a way when they ring someone up how they speak to someone how they treat someone that is also marketing that's brand marketing however that person receives your phone call receives your your interaction with them will affect your brand and that is marketing night for example how do they do marketing well they endorse the very best athletes in the world of course in some cases they make shoes with those very successful athletes they are lining themselves up with these people that are incredibly successful what does apple do apple links to creative
people so therefore everybody wants to have some sort of creativity in their life beauty in their life so they buy the product they think is for the creative people right i bm note but was a better product but we want that i didn't symbolize something cool and sexy and creativity so i think marketing is about again some like similar to sales selling the sizzle but it's also about understanding who your customer is how to reach that niche and then how to work with that niche to expand into the wider world if you want to scale it's the staircase method what's your staircase what's going to make you stand out how can you evolve that thing that makes you stand out and go even further
number three is systems when you're doing marketing it is such an overwhelming thing there's so many different ways you can do it you can do email marketing you can do social media you can do pr you can do branding you can do events i mean the list never ends so how do you decide which one to do well first of all whatever you do you've got to build a system to do it so if it is email marketing then you have a good data collection system you have a good data management system and then you have a good way of pushing out the content to that database and whatever. one of these things you do if you do all of them or you do one of them do them well do not do all of them and order them badly i see so many people with on their website twitter and facebook and instagram links and then you click through to them and they're dead you're better off doing one well now i think marketing is something where you should spread your bet you want to do many different ways where i call entrances into your business you want to do many of them as many of them as you can but do not over stretch yourself it's better to do one platform on social media really well then try and spread yourself in but if you set up a system for doing your social media there is a chance you can do all of them well with the same amount of resources doing one of them well so for example on my social media i have one core video and then we edit it in at for each of the channels so we don't have to record separate videos for each of the channels but we do in at edit them so they're actually tailored to that particular platform's nuances be it their font or their image so you can actually set up a system to do all of these marketing things but the key of course is not only just systems but making sure you pick what works for you
Now when it comes to marketing one of the big mistakes I see people get taught is marketing is about having the staircase only it's not about having the staircase only it is about applying what you like to do as a founder or maybe what your team likes to do into your marketing strategy. As an example, if you don't like talking on camera that's not your thing as long as you're not hiding away from learning something new and you genuinely don't like to do it but for example you love to write then doing an email marketing strategy is probably right for you. Posting on LinkedIn is probably the correct platform for you. Sure you'll hear people talking about how good TikTok is and how much benefit they've got from it but it doesn't work for you. It's not sustainable for you. It's not something you're going to enjoy and marketing is something fun. This is something I want you to take away. No one talks about it but marketing is meant to be fun.
I took my son to buy that staircase, we had a laugh. Once we got the staircase, we had a laugh cleaning it up. We had a laugh putting a blimp on top of it. We had a laugh putting a doorbell on the front of it. We enjoyed the whole thing and if you don't enjoy it what's the point? Marketing is about enjoying it. That's why I see brands do well. I'll give you an example, Starbucks marketing in the early days was two things. First, they would take good locations sometimes quite close to each other so instead of getting a billboard advertising Starbucks they'd open up another Starbucks and even if it was a loss, making as long as it wasn't more expensive in its loss than a billboard they were better off having a store so then people could have the experience. They never did any billboards.
It's changed now and I would argue it's not as good a brand anymore but they opened up locations and that was one of their marketing strategies. The second thing that they did that was really clever is they looked after their staff. Which sounds really obvious, doesn't it? But they did. They talked about their staff as partners, the baristas were partners. In some respects the internal training manual talked about their baristas as the customer and it worked. In the early days of Starbucks, to say what you like about them today but in the early days of Starbucks when I used to walk in there a barista would know my name, they'd know what drink I wanted and they were just working for Starbucks but they cared because they were looked after.
They were given medical care, for example. They were given full-time medical care even if they were part-time staff. They were given insurance and looked after and they were given days off if they didn't feel very well. They were looked after and I think that this is also part of marketing. It might not sound it but if your people don't represent you then good luck making everything else represent you because those people will create all the things that represent you. So do include funding to your business, do look at the nuances of your business and figure out what is going to be your staircase and ultimately apply your marketing love to something that's sustainable, that's going to be enjoyable, that's going to be able to actually deliver the very thing that you want to deliver which I think should always be the promise of a better future for your customers.
Next up how to PR your business. Now some of these things are interconnected and sales and marketing all connect to how to get PR but I'm going to give you some hacks and some insights in how PR works and it is quite a complicated subject but it's something if you get right it can be a game-changer for your business. Now first up, I'll say getting PR has to be very targeted. I know plenty of people that have got PR for the money they've raised in their company and it will go out to platforms like Tech Crunch. It'll make them feel good but it had no impact on their business other than to make them feel good which is fine I. guess but I do think PR should be more strategic. I'd rather spend time reaching the press and actually getting a tangible result and not just playing to the echo.
So recently, for example, I was featured on the BBC News. They talked about what we were doing at the doorbell where people could pitch their dreams and this led to hundreds of people finding out about it, going to ask their case pitching their dream and helping to make their dream happen. Now that, in my opinion, is targeted marketing. Equally, I have done recently an article in a business journal that got a zero reaction. Now, I was proud to be in the business journal. I don't want to say which one it is so I don't insult them but ultimately it actually led to no value as far as what I wanted to do which is help people do what they love and make sure people know there's a service out there for free to help them do what they love. So PR is very important to be targeted and so I write that down first.
Now targeting can also be subjective because a bit like... marketing itself and sales of course sometimes you do need to cast the net wide and get as much coverage as you can but if you do start to target your actual needs it's much easier to get pr i'll give you example if for example you want to let people know that you are now selling cherries on the side of the street the best thing to do is get some pr in the local area that you live now as much as it might be nice to so you've started a cherry farm selling cherries on the side of the street to make that farm work probably could get you in a mainstream news channel it won't necessarily lead to sales in the location in which you sell those cherries so targeting and understanding exactly who you're trying to reach is actually the key and it's more likely that if you are selling cherries in esusics that esusics times will cover you it's more relevant more chances of actually getting the pr then say for example the bbc covering it because it's not necessarily going to be that interesting you could tend to spend a lot of time and money reaching those people and then not covering you
the second thing i'll teach you about pr is journalists a lazy so if you understand this and understand if you provide everything for them then they don't need to do any work more likely to get the press coverage so what i always do is i actually write the press release like it's the actual story you want written with a good headline that makes them happy that they're not selling you because that's the journalist i want to write and sell you they want to write something interesting for the reader so making a good subject line that's good for the reader making the story good for the reader i do all the work for the journalist and then things like photos i take high resolution photos and i send them with the press clip to make sure they've got everything they need all they have to do is say yes to the story and then put their own touch on it job done they're human beings they want to go out for lunch as they can so if you can make it possible for them to go out for lunch and do their job then you will win in pr too many people are lazy they send press releases that are generic and they don't tailor it to the journalists they're writing to so the other thing you need to do is research that journalist back to the targeting you need to understand what their journalist writes about what their journalist is interested in and almost write in their style if you want that particular journalist to write about you
the third thing on pr i'll tell you is there was a lot of companies out there that will tell you they can get you pr please be careful now as much as it might be nice to just pay someone to do this i have discovered doing the pr yourself especially if you're a small business can pay huge dividends why because you can make a relationship direct with the journalist and how do you find these journalistic contacts that's what the pr companies tell you they've got you can go for a newspaper and find them you can google them you'll find them quite quick and one big hack i'll give you is twitter in particular is really good to get hold of journalists if you start following the journalist that you want to write about you and you start engaging on their posts i would say that's one of the best ways to start building up a relationship with a journalist most people will reply to comments or read a comment that you've made on one of their posts and weirdly enough often journalists don't have big followings and they don't actually have a lot of comments so you can start making a relationship start commenting on something if they post something about global warming and you've got a product that's helping reduce global warming then you will get noticed if you start commenting on a story they've done about it start being part of their thinking when it comes to i need someone to help me write this story i need someone to give me a quote to make the story better start becoming part of that journalist life and it starts with just following them on twitter or replying to one of their comments engaging on one of the stories they've already written even online things like daily mail the journalist will read the comments on their own story so engage engage is the number one thing i can tell you when it comes to getting pr from journalists
and finally i have been involved in many conversations where i know brands have not worked with someone because they saw on someone's social media that they posted something obscene or rude or stupid remember do you as a business owner would always be the number one pr engine whatever you post up be conscious be careful think about your brand think about the image that you're projecting and i i can't tell you enough how important it is because if you do the first few things i've just mentioned you connect with the press you know who you're targeting and you're not lazy you help them do it if a journalist sees that you are out of control or inappropriate they will not waste their job to write about you so learn to be disciplined learn to be the brand pr starts with one person having respect for you so make sure you're disciplined don't be lazy yourself
next up one of my favorite subjects one of the questions i get asked the most how to get an investor learning how to get an investor can dramatically change the trajectory of your business equally though just before i go into how to get an investor i want you to think carefully about whether or not you need an investor now i have invested in 78 companies you can go on my website simon script dot com and look at some of the companies i've invested in i have seen it all and sometimes if you get the wrong investor or get an investor for the wrong reasons you will have a new boss and your life will become a nightmare it will be easy at the beginning when you get the money and we'll get harder over time if you do it wrong i will try to teach you how to not get it wrong but equally please ask yourself is there another way to make the business work and i'm going to touch on other ways that you could make it work even if you don't get an investor within this how to get an investor chat
now there are quite a few different ways to get an investor depending on the stage of your business and how much you're trying to raise if you're trying to raise money in the early days of a business i would say to you the more traction you have in your business the easier it is to get an investor then that does not mean to say if you just have an idea you can't get an investor you definitely can it's just less people that will fund it so just like the sales stuff i taught you earlier it's probably better to make sure that you actually know who you're targeting when you're getting an investor what is the profile of the person you want so if you're going after someone that perhaps will fund a business that has no traction it's just an idea then remember those people's profile they probably want quite a lot of equity they'll probably want some involvement in
the business to make sure it works they probably want some sector relevance industry relevance to your business so they can add value because no investor i don't care who they are just want to feel like money everybody wants to feel like they're bringing some sort of value in fact i would argue you shouldn't invest in a business unless you can bring value you've got to make the value the thing that gives you the edge to make that investment work otherwise you might just invest in the stock market if you can't bring value you might as well invest in the stock market and i don't think you make money from the stock market middle-class people make money from the stock market you make money like Warren Buffett makes money you own a piece of a company you can influence you can help make sure it's successful so do your research but these are the types of profiles that often the best
family and friends now i know family and friends can be difficult for a lot of people a lot of people don't have family and friends with money and i totally understand that and i'll come to other methods but i just want to touch on this first because family and friends the reason it's such a good thing to do is because they know you you don't have to convince someone of your personality your profile your dedication they will know all of that they will know the true you most of the time that could be really powerful in speeding up the process of getting the money you need now of course we all know it can get messy if you take money off family and friends and you don't pay them back so tell them the truth they can lose all their money that's all you need to do you can tell them they can lose all their money in the wish to get investment we sometimes go down the road of
overselling it and that's totally normal but please be careful with this especially with family and friends if you tell them you invest in my business it could all go wrong you can lose everything then after that it's up to them but you make it clear don't oversell it there is a guaranteed win it cannot be a guarantee win nothing ever is unless you watch all of this video of course then the high chance but you know what i mean please please be careful but i have seen it work and often family and friends can also help you which in the early days of any business if that's the stage you're at then getting help is probably more valuable than money but i've seen it work so do give it a serious consideration and of course friend of a friend can also be the way to raise money if you don't have someone in your family that's rich maybe you've got a friend who has a family that's rich learn to leverage the network because your friend recommending you to someone who's rich will be powerful and it doesn't mean you'll also save you time in the VC world which i'll talk about in a minute getting a recommendation is the only way to get investment they don't take applications online despite what their website say i've seen it they don't they take it from recommendation so start really networking
the second thing i'll say and i've never seen anyone else talk about this when it comes to getting an investor and that is consider the people you want to work with you in your company as potential investors so sometimes when you're profiling the people you want in your business you look at it and say right well i can't afford the best so i'll get this person right which is fine i understand that but the smart people think differently the smart people think who are the best and let's say i'm building right now a competitor to linkedin help bank.com so i think who's number two at linkedin i want them to come and join me they're never going to be number one at linkedin not for a long time but maybe they want the chance to build their own linkedin and come and join me now the great thing about the number two at linkedin definitely got some money in the bank right so money to invest in the business so i can and i've done this many times so this is just a theory but look at your team look at your team members as potential investors in the platform i'm running today help bank.com the people that are involved in this business have invested in this business calam who's buying the camera right now it's put his own money into this business and he's got equity because of it and he's taken a lower salary initially so there's all sorts of benefits to actually doing it this way you can get your cost down you can get the best in class involved in the business and you can bring money in to help make the company work and it's much better to have money from people that are actually working in the business than people externally who are asking you for a report of when they're going to get their money back
the third thing you can do and of course this is more traditional but it is very complex i try to explain how to go about getting in this type of person in your business but it's an angel investor now you might have heard the term many times you've probably watched rubbish shows like dragons then and thought that getting an investor is the dragon or the angel since they were all the money and you are desperately trying to get that money off them by making them see your vision that is the wrong way to get an angel investor the best way to get an angel investor on board once you've identified them and done the research to find out who they are you've been very clear about what you're going to give them if they invest all of that is common sense right i don't need to teach you that right now you of course you need to know how much you're going to give them and why and i'll get into equity in a little bit later in the video so you can try to work that bit out but once you've established who you want as an investor and what you're willing to give them the way to get an investor is completely opposite to what you think you think getting an investor is hi i've got a business this is this business would you like to invest no the best way to get an angel investor is not asked for money
the best way to get an angel investor is asked for help because you've identified the right investor they want to feel value if they can't bring value they don't want to invest and often if you do it right it's not like dragons then i've invested in 78 businesses i always feel honored and lucky when i get to invest in their successful business they do not treat me like a dragon they do not treat me with awe they treat me with respect but they also identify why they've approached me how i can bring value and make me feel special and ultimately i then feel lucky to be involved in that business if they do that right if you ask me for advice you're more likely to get money out of me than you straight up ask them ask me for money now i'm not saying don't build ask into the process of course when you do a picture angel investor you should definitely put in there you're looking for money but the best way to put it is we're looking for money from the right people make it a little harder for people to get involved in your business that's how you get an angel investor you create fomo right fomo you probably heard it but in case you haven't it's probably one of the most powerful things fear of missing out you make people understand and you do it sincerely that if they don't invest they're missing out that is the key to getting an angel investor now of course treat an angel investor with respect if you can prepare a correct and appropriate amount of equity they're going to get make it clear why explain your long-term investment plan so how they're going to dilute because angel investors often get diluted so if you're offering them five percent it might sound like a lot but if you get another investor another investor as the things go as things go down the line that person could end up with one percent of the company or half a percent of the company and remember most angel investors will be involved in the business so make sure you actually need them to help you don't just pretend that they need you you need them because once you get them on board as an investor you'll also it will go pear-shaped so it's not just about convincing the person to get on board it's also convincing yourself that the right person to have with you on this journey in the long term make sure you do that
now the fourth way of getting an investor more traditional VCs venture capitalists now these types of profiles often a little bit further down the line in your business model than just a startup or an idea most of the time nearly all VCs although things have changed a little bit when there was a lot of money in the market but most VCs will genuinely want a business that's proven that needs capital to scale so the way to get a VC on board a couple of ways first you identify have they got money now what happens with a lot of VCs is they're raising funds and the deploying funds and then they're raising funds again and they won't necessarily tell you they'll take a meeting with you they might meet you and understand your business but they won't necessarily have the funds and they'll tell you what we joke in the VC world is you're too too tall for radio so you go for a job interview radio station they reject you in that job and the interview rejection reason is you were too short for radio in other words it's bullshit they don't tell you why but you can find out if they're raising you can google them to find this out don't waste time approaching VCs that are raising money they won't deploy the capital they will waste your time
the other thing you can do and i think it's very important is see who they've invested in before and there's a good chance if they've invested in a similar business to yours it's one of two things that it's even bad news of good news for you if it's good then they will invest in many different companies so for example there was an investment company they invested in all the uber type businesses as they invested in uber they invested in lift they invested in all of them they hedged their bet that one of them was going to win they want to be a part of all of them to make sure that they didn't lose other VCs will only invest in one company in that category so just make sure you understand that but if it's bad news and they only invest in one company in that category then you can go to the competitor of that BC and create a rivalry between the BC firms i've seen it play out many times make them feel like well they've invested in uber but i'm lift and i think we're going to beat uber would you like to invest in us and it's primal but it works so think about again have they got money don't waste time selling to people that don't have that see the investor companies they've invested in before understand that and in three
try to get connected to a previous company that that VC is invested in it's much more powerful for you to get introduced by one of the other portfolio companies of that BC then you personally approaching that BC so try to make connections and it was also good due diligence by the way if you speak to the company that got investment from that BC you can find out whether that BC was decent or not because some of these VCs are awful so you can do your due diligence at the same time hopefully make a relationship with a founder that can introduce you to the BC when the time is right
Now the fifth way again I've never seen this way explained to people before and it's not traditional but I have done it many many times and that is work with your brand partner or client to fund your growth so I had an office in Hong Kong and a client wanted us to open up in the Middle East and I was a bit reluctant which is why I think I found out about this hack. So I originally said we don't want to open up there. I think they just wanted us to open up there and then service them and they didn't want to spend any money doing it. But because we said no and they really wanted to work with us there, they offered to pay us to open up there. So this is a hack I learned and I will use it many many many more times after this. Sometimes your client who wants your service or the brand that's sponsoring you will pay for your expansion. Sometimes it's easier for them to do that than go out and build it themselves, for example, or work with a new partner that doesn't understand their philosophy. Your existing clients can be your investor and it can be really powerful if you do it right too because that client then feels invested in your success. They're not going to make you go for a tender every year, they're not going to chop and change you as a client or partner or supplier because they want you to succeed because they own equity in you.
Now of course, you have to do this carefully. For example, if one of your clients is a bank and they invest in you, it can get very messy suddenly on the legal side. Equally if you are working with a particular provider, let's say in my case I work with lots of different online service providers but I'm partnering with GoDaddy. But if GoDaddy invested in my business, it means all the other online suppliers probably wouldn't work with me which would not help the people I'm trying to help which is people starting businesses. So I think it's quite important to make sure you get the right client or the right brand to invest in you but it can be huge money and brands do have investment divisions. Google Ventures, google it. Ironic they invest in businesses. They invested in a coffee shop called Blue Bottle. A coffee shop. So it's possible to get Google to invest in your business but you have to understand again the motives. Go back to my sales point I made in the video earlier. If you want to understand how to sell to these brands, use that sales system again. But ultimately it's a way to raise money.
现在当然,你必须小心谨慎地做这件事。举个例子,如果你的一个客户是一家银行,他们投资于你,法律方面可能会突然变得非常混乱。同样,如果你正在与某个特定的供应商合作,比如我合作的情况是我与许多不同的在线服务供应商合作,但我正在与 GoDaddy 合作。如果 GoDaddy 投资我的业务,这意味着其他在线供应商可能不会与我合作,这并不利于我想要帮助的人,即那些开始创办业务的人。因此,我认为确保你得到正确的客户或正确的品牌来投资你是非常重要的,尽管这可能是一大笔钱,品牌确实有投资部门。Google Ventures,可以搜索一下。讽刺的是他们投资于企业。他们曾投资一家名为 Blue Bottle 的咖啡店。一家咖啡店。因此,有可能让Google投资你的业务,但你必须再次了解他们的动机。回到我之前在视频中提到的销售观点。如果你想了解如何向这些品牌推销,再次使用那个销售系统。但最终,这是一种筹集资金的方法。
There's one final way I want to quickly flush out with you to raise money to make your business work. It kind of touched on what I said at the beginning of this part of the video and that is make sure you need an investor. Sometimes when people are asking me for money, I will ask them what they're using the money for and most of the time not always but quite often is to get more sales, to grow the product, to make sure more people can buy the product and so on. But when I dig in, it's not money for me that they need, they just need a better sales system. Often when it comes to raising money, you'll find that if you can actually go look at your business and you might say to yourself well I need the money to buy the product. Well you can do crowdfunding for example, you can find methods of selling your product ahead of time through platforms like Indiegogo and platforms that will pre-sell your product to get you the revenue you need in advance and you're not giving away any equity when you do that. You can pre-sell your product on certain crowdfunding sites before it's made and then you can go and use the money you got from that pre-order to go and make it and that is often a much better way than raising money from an investor.
Crowdfunding is quite big across the board now and you can raise money crowdfunding, you can do equity crowdfunding and there's plenty of sites that do that. I'll put some links down below in the video if you want to check out who they are but ultimately you want to figure out whether or not you really need the money from a customer pre-buying it or from an investor who's going to help bring value or from a community that's going to support you in the future. You can do crowdfunding where you sell your product, you can do crowdfunding where you sell equity, you can do crowdfunding where ultimately is just alone, you can do crowdfunding where people just support you like GoFundMe. Crowdfunding is definitely one of the ways I think today you should leverage before going to the more traditional routes of say a VC or an angel. Of course family and friends. So crowdfunding is powerful and don't overlook it. I'm going to put the links to all the different types of crowdfunding sites down below. Go check them out and let me know if you have any questions in this subject because it is a complicated one. I will do a video in the future about how to launch a proper crowdfunding site but that's not now.
How to get a sponsor, this is something I get asked all the time. I'm going to give you the. code i'm going to give you the cheat code i guess on how to do it and i want to first of all say if any sponsors are listening to this i have applied this technique on you so forgive me the first is understanding why sponsorship deals happen we can get into what sponsorship deals structures are and that's quite complex in itself but i want to give you the tool today to get a sponsor on board and the way to understand the sponsor there's two things that makes a sponsor come on board one is value return right what they invest in sponsoring you they get back in some form right be that in views or be that in sales they get value back ideally trackable value so billboard companies which i think are a joke really what they value wise give back to a brand sell because they show how many people walk past that billboard how many people are looking at that billboard each day and brands love that stuff so proper ROI on their investment the second way and this one's a bit more tricky but very powerful if you get it right is the emotional sale right so you see this quite a lot in like local football clubs in England big brands sometimes are sponsoring small local football clubs why because the ceo plays football there or the ceo grew up there playing football basically the emotional sale now i have used both of these to get deals and both of them can actually work together they're not mutually exclusive frankly sometimes the emotional sale with the value return is probably the holy grail if you can make it personal for the brand and the people running the brand don't overlook them if you're going to make it emotional for the person who runs the brand alongside bring proper value most of the time you can get a brand deal now where people fall over is not structuring value for a sponsor or and this is probably the third thing i highlight that's important to get a sponsorship deal you've not understood the brand now i have made this mistake many times i launched a business called coaster ads and it was brilliant marketing you took all the bars in hong kong and i put ads on coaster to scrap the carsburg coasters and the heine cun coasters and i put in coasters with ads on them and it was brilliant because you put your drink down on that coaster you're up and down look at it for an hour at least as you're putting the drink on it and picking it up it was brilliant retention brilliant engagement people saw the ads every time they're brilliant but i tried to sell that service that coaster ad service to a jewellery business and of course they laughed at me in fact i lost them as a client on the agency side because they thought i didn't understand their brand i was so sure that that jewellery brand would get traction which they would have done but i didn't remember what their brand philosophy was and their high-end they're fashionable they don't want a beer sat on top of them i made a mistake i didn't understand the brand and this is where you need to get really really clear what is the brand value
and so in that case in the jewellery case they want to sponsor you know 007 movies with James Bond's Goughran wearing the jewellery and looking sexy you know they want to be involved in things that are not linked to beer that are not linked to somebody drunk putting their beer down on their brand now i did eventually sell coaster ads out to airlines that wanted to promote going from Hong Kong to Singapore and so on and so forth so i eventually did really well with that brand but initially i learned an important lesson understand the brand understand what their values are understand how they traditionally advertise so visa for example visa advertised at the olympics they not only sponsor the olympics then they spend a lot of money promoting the fact that they're at the olympics too many people go to visa and ask for sponsorship without understanding the probably the biggest activation of visa ever do is the olympics so you're better off going and selling some value linked to the olympics as opposed to saying please sponsor my event because they're saying we sponsor the olympics we sponsor the biggest event in the world now you want us to sponsor your event brand values and understanding what that brand wants is key but i mentioned it briefly a second ago but i want to highlight it is important don't forget the people in these brands research who they are understand what their motives are some of the brand that sponsor me today go daddy and tie banking the people that run those brands care as much about entrepreneurs as the brands themselves so when they see that me and my team are helping people genuinely helping people have a better life not only do the people buy in to becoming a sponsor for us the brand alignment is there and it happens right now this does tie into the emotional cell somewhat because for example one of the people i work with go daddy had a small business she knew how hard it was to make that business work so when she sees what we're doing alongside what go daddy does and this isn't a sponsor video by the way but i'm just highlighting the example so you learn ultimately these people make a difference in that brand that brand is made up of people so as long as those people don't get fired for sponsoring something that has no relevance to their brand you can actually end up having champions inside these companies for you to help you get the sponsorship and i've had that many many times now
因此,在珠宝领域,他们想要赞助007电影,让詹姆斯·邦德戴着珠宝看起来性感,你知道,他们希望参与到与啤酒无关的事情中,不想把啤酒放在他们的品牌上。我最终将餐具广告卖给了想要推广从香港到新加坡等地飞行航班的航空公司,所以最终我的品牌做得很好,但首先我学到了一个重要的教训:了解品牌,了解它们的价值观,了解它们的传统广告方式。例如,签证公司在奥运会上做广告,他们不仅仅赞助奥运会,还花了大量资金宣传他们参与奥运会的事实。很多人直接去签证公司要求赞助,却不了解签证公司最重要的活动可能就是奥运会。了解品牌的价值观和他们想要的是关键。不要忘记这些品牌背后的人,研究他们是谁,了解他们的动机。一些今天赞助我的品牌是 GoDaddy 和 Tie Banking,运营这些品牌的人对于企业家一样关心,所以当他们看到我和我的团队真诚地帮助人们改善生活时,不仅人们参与成为我们的赞助商,品牌的契合也会发生。最终,你会学会这些人在品牌中起到了决定性的作用,所以只要这些人没因为赞助与他们品牌无关的事情而被解雇,你实际上有可能在这些公司内部有为你助力的倡导者帮你获取赞助。我已经多次经历过这种情况。
the fifth way to get a brand to sponsor you that no one talks about i don't know why maybe it's some sort of industry dirty secret but it's a very very powerful way of getting a brand responsible and bored is work with someone that's already working with one of these brands an agent is often one way to describe it but there are two types of typical agents that brands work with there is a media buying company this is a company that will go out and buy all the ad space for that brand they're paid by the brand to go and get the best deals possible and buy up ad space you can talk to these media buyers and often it can be better to talk to them than go direct to the brand because the brand is too busy with its day-to-day to deal with you as a media owner they would prefer to deal with the media buyer one contact and then that media buyer will deal with everybody that wants to sell media
so recently someone came to me and said they've got a fleet of bands and they want to get brands to advertise on their vans and they tried going direct to brands and brands said no gave them a contact on the media buyer the media buyer said great and they bought with the inventory it's much quicker the media buyer has a relationship with the brands and often they hold the money the brand's already allocated the money to the media buyer so stop trying to sell to the brand sell to the media buyer the other way to do it is via the agencies so i used to own an agency one of the reasons i know this subject so so well but a brand will have a company that will come up with a campaign idea for them now often when you're coming up with a campaign for a brand you're also looking at how the campaign will be applied in the real world so it might go on taxes it might go on a bus it might go on a coaster so you can actually tap into these agencies examples without showing any preferences people like mc sachi auger v leo bannette these agencies already have the relationship with the company and if you get in there with your idea or your product they can often insert it or even come up with a campaign to sell it into the brand for you now i personally prefer to deal with brands direct many times but do not neglect media buyers are your friends and agencies can be your friends and it can be a much quicker sell to get them on board as a sponsor
one of the best hacks to get a brand as a sponsor is to be personally really vested in that brand so for example we recently as you know i mentioned earlier put a doorbell on the bottom of our staircase that people could press that doorbell pitched their dream and we would help them we decided the best product for us to do that the most economical product that worked on the internet was ring doorbell owned by amazon now we didn't ask ring to sponsor us we didn't ask amazon to sponsor us it was just the best product we believed in the product and suited what we were trying to do so we installed it and we marketed it and of course guess who's seen it ring and amazon so now who we now working with amazon now of course what i'm talking about here is just using the brand in your life and therefore it being a natural fit for the brand to work with you when i wear work out on the street it's natural I'm wearing it because I like the product and then work will see me with millions of views in my videos wearing a work and they will contact me so i think that just leaning in to a brand relationship and not initially thinking about the money back to some of the points i was making in some of the other areas earlier delayed gratification in sponsorship can also be very powerful just work with brand that you love will always be easier than forcing a brand into your ecosystem but also just doing stuff with that brand as part of your day-to-day business life can lead to sponsorship
how to build a brand now this subject is complex and exciting if you get it right lot of the things i've talked about earlier like sales and marketing will happen naturally but it is complex now there's lots of videos out there about what is a brand so i'm not going to bore you with that it's obvious it's ultimately a statement about what you are doing you want people to look at it and know i love the images i've seen many you can take away the logo you can take away everything and you still know it's that brand it's not about the actual logo the design branding is about the purpose of the business the essence of what you're doing Nike is about supporting athletes apple is about supporting creativity ultimately when you're coming to figure out your own brand i will start with your personal brand because it's a really good way of figuring out how to build a brand why you know you right if you're honest about yourself you can make a brand persona and you start with writing down your values what do you care about what are your non-negotiables what will you say no to what will you say yes to you understanding your personality understanding what is you want to do that's what your brand is about that's who you are now you will already have a personal brand and anyone that doesn't want a personal brand i'm sorry you're going to have one no matter what people will talk about you when you're not in the room you need to embrace personal branding and by understanding how others and by understanding how others perceive you it can literally change the trajectory of your life
Now I have some real gripes with personal brand and it's not very scalable only in certain exceptions around people like Kardashians and so on can you actually scale a personal brand. As someone that's built a personal brand, someone that's got four million followers that's spent four years building a personal brand here in the uk, I can tell you it is sometimes a pain in the ass. I am responsible now no matter what to do videos like this and post up stuff even when I'm tired like now. I'm actually tired and I still have to do this video because if I don't do it probably won't take it seriously. I can give this knowledge to my colleague and give it to you and you probably wouldn't listen to. You need to hear it from someone that's been there and done it like me. And I understand that and I actually do love doing these videos and helping you but I'm just trying to highlight the personal brand side is dangerous if that's all you build. You have to take personal brand seriously. You have to identify what your personal brand is. And by the way, I know people that have made their personal brand not being on social media. Their personal brand is they don't get back to you in email that's actually sometimes what makes them unique that's their personal brand.
I don't reply to dms. I want to make videos like this that bring you value. I want to do lives that means I interact in a real world with real people. I have my rules. I have my values. I'm dyslexic so I don't like reading dms but having those rules and having that discipline will ultimately help you define what people say about you instead of people saying it without you having defined it. But brand values of your own can teach you how you need to do exactly the same for your company name. So let's take my brand help bank right. Help bank has a lot of the traits that I personally value honesty openness or fantasy value these are all words in my personal brand persona that I have translated into my company persona. However, help bank's long-term future also involves helping people with finance. Finance is not a word I use on my personal brand and also supporting people to get the funding they need is something I have personally done many many times but as an organization as a platform it's going to be a much more serious thing for help bank. So when the branding was designed we said it has to look a little bit more serious than the Simon Squib brand because ultimately we'll be funding people's dreams at scale and people need to trust if we tell them we're going to fund their dreams it's actually going to happen.
The help bank branding is a combination of the Simon Squib branding and our competitors potentially in the future we want to make it look serious it has some element of fun but ultimately it has its own brand persona. And all you need to do initially to get the brand right is write down all the different brand values. Now I want to teach you about how companies apply brand at scale and there's a few different ways it generally plays out. So let's take a brand like canon and canon run a brand method which we call reference right and reference is when they leverage someone else's brand to make their brand look good. So canon for example what we've got a photographer called Peter Mckinnon who is a brilliant photographer I'm a big fan of his and by by sponsoring him by supporting him they don't need that person as a CEO and their company like like apple have done they have an external night also do this I mentioned it earlier night will sponsor top performing athletes with nice personalities that have values and that therefore becomes part of the night brand so they use this reference model to make their own brand look good now apple as I mentioned earlier.
They use a different method I call this the leadership method and the leadership method is basically where you have a person in the company that represents the brand values now in help Bank I am that person probably in your business you are if you're a small business owner the person that is the leadership value brand ambassador for your company you're probably the one that's asked to go on stage and talk about your business you're the one in sales meetings whatever your business model is you're probably the one representing the brand of course your staff will represent the brand your office environment will represent the brand like I said earlier the days when you go out have a party and post on your social media will represent your brand but when it comes to making your brand values clear you do it by these two methods you either have a reference model which means you sponsor certain people that represent your brand value or you have a leadership model which is you personally in the company leading the charge to make sure people understand your brand and I think when it comes to brand building there are some risks in both of these models.
In the reference model if a celebrity that's supporting your brand does something bad. that can affect your brand now this happens a lot and they often get fired quick i think one of the most famous cases kanyo west who of course got dropped by adidas and and then lawsuits galore but what i'm saying is though what's good about the reference model is you don't have to spend four years building up social media presence like me i've spent every single day before years doing a post building up a community you can just leverage all of that hard work and your brand can have the halo effects of working with me but the downside is what if i do something bad then your brand is at risk so you need to have mechanisms in place to make sure you're protected as a brand but that's how you scale brand and of course the leadership model also has its weaknesses we all saw this a little bit with Steve Jobs when Steve Jobs left apple apple had a real problem for a long time they put so much of their brand value in the Steve Jobs brand that when he left the magic left was often what people said right so you have to make sure that you as a leader is sustainable for you to be that leader and lead that brand effort and all there's a good transition model in place and again when Steve Jobs went back to apple he did have a strong transition model with Tim Cook now Tim Cook's an interesting one because he's not Steve Jobs of course but he is mr data he's someone you trust with your data right they picked him in part because he looks trustworthy he talks in a very trustworthy and transparent way and in apple's process of building a brand today that is more important to them than a maverick leader telling you about a brilliant product in fact the apple iphone hasn't changed much since Steve Jobs but the point i'm trying to make here is if you want a brand to be successful you've got to pick one of these two strategies now you can do both of course but you probably double the risk of having some problem in your business and whichever path you choose make sure you think it through right to the end have the ability to cut that influencer out of your business if anything goes wrong and equally if you're running the leadership model make sure that that leader has a transition plan because at some point we're all going to die now hopefully we're all going to live forever with Elon Musk help i'm sure that's true but i will tell you now the final thing really important in brand learn to say no if you don't say no to the wrong relationships the wrong brand partnerships the wrong clients your brand will get damaged i have had this experience myself i spent 10 years building up a brand i had a fantastic reputation and then i got a bad client that didn't understand how the world worked and made my brand shit with their big mouth and their lies and this can be hugely damaging we all have probably heard the saying you can spend 30 years building a reputation it only takes five seconds for it to go to shit i tell you from experience that saying no to things is powerful if you have an inkling spider senses that someone isn't good or brand isn't good don't match up your morals do not take their money
Say no your brand is the most valuable asset you will ever ever build my company got sold for a lot of money in the end because i had a good brand image i had a good brand value they told me they bought the brand not the business build a brand not a business and i promise you that brand will live forever next up how to hire how to grow and how to build these three things are interlinked and if you get this formula right your business can take off and forever give you the income you need be a brand you love and ultimately not be a management nightmare that a lot of people have when they build a business so first of all how to hire i always tell people if your business has a purpose and the people you hire believe in that purpose you'll never have to manage anybody you will be managing purpose not people one of the big things people complain to me about is managing people and often when i look at their business to see why because they have not installed a purpose in their business that resonates with the people that have hired and sometimes some businesses later install a purpose but then that purpose just becomes a slogan on the wall because the people they hired in the early days weren't hired around purpose you have to have this at the center of ill and when you hire someone always check they genuinely care about that purpose some people will play you lip service to get the job so there is a few hacks that you can do to make sure that person really cares first of all go check out their social media go see what that person really cares about you will see it if they care about the planet if you see them driving around some gas guzzling car they probably don't care about the environment
so actually doing your research on your hires being careful about the people you bring into your purpose matters check their history check for references i don't know why people don't do this people don't ask for references anymore i don't know why now i know in england it's illegal to give someone a bad reference but if you ask right i don't want people to have a bad employee in their life if i had that bad employee in mind it's important that we share these things to help that employee get better if they had a bad reference they'd act better they do a better job now ultimately i think when hiring people the key is give them equity now i'm going to talk more about equity a little bit later in the video it always comes up but if you give your team equity they are aligned with your success now any owner of any business knows that the real value in a company is not its turnover it's in its brand and if over 10 years an employee helps make that brand grow but are only taking an income they're never getting their true value you have to own equity in the business that you are working in now there's many different ways so if you're working for someone today of course you can go ask for equity in that company you've got nothing to lose they'll probably laugh they might say no i promise you they'll respect you more especially if they're a founder the second thing is you can build a business where you work with that company but you own equity in it so you can start your own company but have equity in that company and then work for that person now the point i'm telling you here is that give your employees respect if you want to keep people and you want them to be motivated have this conversation openly talk about this subject you should be saying they should have equity now it might not be possible to give people equity straight away it might not be something you feel comfortable with doing straight away but i promise you your turnover will be less your stress will be less your company will be stronger if that person in your company has equity and most people don't have the guts to do it and they what then spend years stressing they can't find anyone or that they can't find anyone that actually cares it's because they don't
Own what you own give them a piece of the business and you'll have loyalty of course it comes with its risks but in my opinion high turnover high management high stress is a bigger risk than any equity problem you could have if someone leaves for example and ironically most of the time why would people leave if they have equity in fact i had a case recently someone who worked with me for four years i gave them equity in the business and then they left but because i treated them with respect and because i treated them well and we had a good relationship when they left they let me buy their equity back at a very low rate they were very reasonable they did not hold me blackmail now of course if you've hired the right person under purpose and you've given them equity most good people will not hold you over
it to get that equity back you can be reasonable but if you've done the right thing in the beginning by giving people equity it's so easy now the third thing i'll tell you and this really links to how you grow your business you can't grow a business without people i would say that today with AI and all this technology you'll be able to grow a business with less people but you won't be able to grow a business with no people so you need to grow a business through growing its culture you need to make sure that this business has values i had a business called fluid this business went on to become one of the most successful creative agencies in Asia i sold a price for the housekeeper for more money than i'll ever need and one of the things i did in the early days of that business which was a big mistake is i built a business to make money now that might not sound like a mistake but what happened
first year i hired people they were new it was exciting second year people started to leave why did they leave because the values of the business were wrong i changed the values in that business we went from a business that was designed to make money to a business that would protect the staff from bad clients i had a creative agency often designers were treated badly do this by tomorrow at 12 i need it instead of understanding that creativity is a process so we switched our whole model and instead of working for clients we worked for the creative people and helped them manage clients that transformed our business and helped us grow by thinking about things differently instead of traditionally you will grow your business and by looking after your people it's cheesy i know you can grow much easier now when you grow assuming you follow my advice and you grow your business this is the important thing you need to identify what is your destination what are you actually growing for
now i have a lot of people recently approached me and say please invest in my business so i want to grow it my first question is why what is it you're trying to do by growing your business what's the real reason you're growing your business is it ego do you really want to work more or is it when you make the business bigger so you can bring in management so you can not have to work so hard so you're working hard now to grow it that's fine i think you need a reason to grow it now i want to grow the biggest platform in the world that helps people for free learn business so i want it to be big i know my destination i want to help 10 million people for free start a business they love and never feel alone doing it so i know my destination and therefore i'm growing both from a higher point of view from a culture point of view in that direction but i have had points in my life and the early days of fluid well actually i wanted to work three days a week doing cool stuff with brands in two days a week going to the beach with my girlfriend having fun and so i didn't grow the business too much at the beginning i actually had a different ambition and there's nothing wrong with that and if you want to grow your business brilliant follow this formula have a purpose bring people in that have value and own value in the business and you will grow if you look after them and your customer base
the final thing i talk about when it comes to really building a business and making a business successful first of all take risk make sure that you build mvp's minimum viable products try things out if you really want to build a company you can't stay stagnant no company today is around when they stay stagnant think about blockbusters or any of these businesses that just sat on their technology like Kodak and didn't do anything with it you can't sit still Kodak invented the digital camera you can't sit still you have to put these things into the market Kodak didn't want to put their film in uh the camera digital gamma into the market because it would have meant film was gone and film was their core business you've got to disrupt yourself if you really want to build a business that's going to last if you really want to build a successful company i'm going to use a dirty word a word that my personally hate but has saved me you need to build systems you need to move from what is often in the early days of a business what i call a generalist mindset where everybody can do everything to a specialist mindset you need to allow people to be specialists in certain areas
now when i was younger i'm a generalist i can do kind of everything i can clean the toilets and the company toilets when they're dirty i can help people get their car loaded up and get to the site to do the pitch i can do the pitch i could do everything but i became a specialist in marketing and i think as you grow a business you have to take away the generalist people and build out specialist people people that do a particular thing well to help the business grow and that involves building systems that allow people to do that in your hiring process in your growing process and in your mindset even you as a founder potentially you have to make sure that you learn a skill set otherwise you become redundant which by the way is fine i have often got myself replaced in a company that i have built i think that's actually pretty smart unless you can become a specialist it's probably the best thing for the company too there's likely to be a CEO out there that's better than you when you're at scale i found that to be the case many times i replaced myself at fluid 11 years in by someone who was a better CEO than me so hopefully if you know your purpose and you give purpose to the people you hire you have equity both for your team and for the wider growth of the business you know your values and you apply them you know your destination and you apply this very important point of systems and removing generalism you will have a business that is easy to hire people that will scale and will build into something that lives without you now let's talk about how to fire someone now i have five hundreds of people in my career and i'm going to teach you how to fire someone and also when you're likely to be getting fired so one of the things i hate to do is fire someone it's a very necessary skill if you want to survive in business i have often built up large companies that needed to get small again quick for various reasons you have to learn to fire people it is not nice but one of the most difficult things about firing people is understanding when to do it now i think when it comes to actually firing people structurally like for example doing it legally sending the appropriate warnings doing the proper paperwork all of this stuff you can get off a lawyer i'm not going to waste your time telling you the law in your country wherever you are it will be different anyway i'm going to talk more about the actual act and also what's involved in making the decision as to whether or not someone should be fired i learned long ago a system that i call the seven and eight rule it's very simple and obvious when i first start explaining it now if someone's in your company and they are really good like you love them they love you they're obviously a nine and ten you want to keep them and you want them to stay and they want to stay most of the time those people are nine and tens because they're enjoying it
now of course like i said earlier make sure you get these people equity make sure you look after these people over time but you know you want to keep them and they want to stay it's no brain that it's cool
then you have what i call the ones and twos these are people who are shit at their job they know their shit at their job you know their shit at their job and most of the time they either quit or you file them into no brain or everyone feels it
the really difficult thing for any employer and for that matter any employee is if you are a seven and eight which means you're almost good enough you're almost able to do the job and sometimes as an employer you're desperately hoping they become good enough you're waiting for them to become a nine and ten and some days they are but then they stick back to a six
some days they're a seven and there's various reasons why people are seven and eight and often it's not because they're crap at their job it's because they're in the wrong job with the wrong team doing the wrong thing i have often seen a seven and eight and actually moved into a different department or a different role and they become nine's and ten's but that's not always the case and sometimes the hardest people to fire are the seven and eight's
So how do you do it well I think first of all you put proper structure in place to identify what is success for that employee. You want to understand how they work, what's going on in their lives. Instead of walking into the room and saying you haven't performed, you walk into the room and you say how can I help you perform. There's things that you can do as a leader to check whether or not that person can get better at their job and if there's anything you can do to support them. But in the end learn the seven and eight world and I have seen this. I have kept seven and eight's in my companies in the past and the nine's and ten's leave.
If someone can surf get away with it and not do their job and know with the cushions then why would a nine and ten stay? Why would a nine and ten stay a nine and ten if they can get lazy and not work as hard or cut corners and not get fired then you're going to have a problem. Nine and ten's will not stay in your business and you'll have a company full of seven and eight's. And seven and eight's are hard to manage, take up nearly all of the conversation any HR conversation.
You have to learn to grow a pair of balls and fire these people and you know what when you do this has happened to me many times, they're grateful because those seven and eight's if you fire them can often go on to find a job they like where they are nine and ten and are appreciated. It's your responsibility to fire seven and eight's. So how can you identify if someone is a seven and eight? Well the law I have is how many times a day are you talking about them. If they come up too much in any conversation amongst your team members, or even customers more than once or twice in a week, you've probably got a problem.
Second thing is you often are running a system in your brain where you are fearful of not finding a replacement so you don't want to fire them because they're better than nobody. And I've done this myself many times. A seven and eight is at least a pair of hands helping you when you're building a business, sometimes that's a relief and the idea of having to find someone new is painful. So you need to get strong. You need to realize and maybe even line up your next hire before you fire. Now I promised you that the employee and I would be the same is also looking for another job. So maybe what you can do is help them find that other job.
I have done this many times, I've gone to someone who's a seven and eight and said you're not happy I don't think you're not completely doing the job the way you should I've helped you get an interview at this other company. It has actually built relationships with people that weren't happy in the company but are now my friends outside of work. You can help that person even though it might be frustrating that that person's in your company and not performing. The best thing you can do is work out a solution for them and for you.
And you can build a great relationship with that person even though it's perhaps not a great relationship with the company right now by helping them move on. Following the rule identify seven and eight, be honest with yourself, do not have fear that you cannot replace them, and find a nine and ten. You will help that seven and eight find a new job and always be honest with seven and eight how you're feeling. It will be better for you and for them and there is a chance and it's happened a few times in my career or that person becomes a nine and ten and it can often be when you give them equity.
Let's talk about how to go global now, why is going global one of my main points? It's because a lot of people don't realize that they can go global, a lot of people don't realize that they'll probably remove a lot of the risk in their business if they do go global. Why? Well, if you're in more than one market and the market you're in is in trouble you spread your risk. I've had this happen to me many times in my early career with Fluid. We were just in Hong Kong and it was risky, Hong Kong had a lot of ups and downs and when we had the downs I was subject completely to that down. I had no counterbalance with a business potentially in another market doing well.
And going global it turns out is not difficult anymore, often people don't realize there are a few steps to allow your business to go global when you didn't think it was even possible. So what are those steps? First identify whether there's an opportunity for your product or your service in another market, so research and even if you don't want to open up that second office or sell that product in that market once you understand what markets where this could work are there's a couple of opportunities for you.
Now I could reverse back to raising money if you're able to say to someone that you could open up your product in other markets with their investment it can make an investor happy that's just one example. It can make an investor actually go ahead and invest in you equally like I mentioned earlier as well if a brand wants to sponsor you. To open up another office this can be a way for you to grow your business and you'll reduce your risk under the dime of a brand partnership research is key at this stage find out where your product could be sold even if you don't want to do the work to do it second you can basically set up models like franchising so if you don't want to set up that business in another market you can set up a brand franchising arrangement so someone else will open it up and someone else will do the work but you can make money by doing nothing.
I hate passive income i don't think that exists but this is the closest thing to it in my opinion someone else running your brand in another market under a license so i think that franchising is a real opportunity and it's a it's a bit of a misunderstood word franchising because a lot of people kind of think of like subway or donalds but franchising can apply to a service business and many many companies are built on partnerships under a franchise structure the other thing that's really important about going global is making sure your business can stand the test of time and if you have a business that is thinking globally ironically you're more likely to survive in the long term you'll learn an important lesson which is it's easier to run a big company than a small company.
Far too many entrepreneurs and me included the points in my career have made my business too small that i am the only one that can run it i can't afford senior management i can't afford to get help i can't afford to actually stop working for a week i'm telling you now by thinking global you give yourself a chance to grow a big business and it's easier than having a small business despite what you've been told by other people get a big business if you can now it does link back to what your mission in life is maybe you don't want a big business but do not decide to not have a big business because you think it's easier to have a small business it's not small is not easier i have run big businesses and i have run small businesses and i had an easier life once i've made the business big so do not trap yourself in any market do not subject yourself to any market that could disrupt your business and make sure you always give yourself the chance to be free of your very own business not trapping you.
How to get a mentor this is the single biggest question i ever get asked and it's so simple to answer no one seems to listen to me but i'm going to try anyway if you want a mentor in your business i totally understand why that sounds cool but the reality is people have built businesses around this concept that you need a mentor and they've sold you it as the solution is not what you actually need is not a mentor what you need in reality is someone who can answer the questions that you have and perhaps even give you the answers to questions you didn't know to ask and this can all be done without a mentor in fact i would argue if you got me as your mentor it would be pretty annoying because a mentor will tell you their experience but it might not be relevant to your life this video today in a way is all the knowledge i have anyway so of course you can still have me as your mentor but what you're really saying if you're honest about it is you're looking for a coach you're looking for someone to keep you accountable and you can actually break down what that means into what you really need if you want someone to work with you in your business and keep you accountable get a co-founder if you want someone to help you with sales hire a sales person if you know the question you want to ask then ask it
now i say all that i still want to deliver on a promise to help you get a mentor and this is how you get a mentor number one you research what matters what matters to that person someone reached out to me yesterday asking me to be their mentor for a properly development business they want to run do you not know who i am i hate the property industry and everything it stands for i think property should be a basic human right and the present bitalet system has screwed the world up i don't want to help someone do that. Now they were very nice and very polite i won't name who they are but i'm telling you right now do your research before you ask someone for help of course i'm not going to reply to that but i did reply saying no but i'm saying that most people won't reply you don't want to ask someone to be your mentor i have not done the research on them the second thing is don't just say please be my mentor now there are plenty of people that don't take my view that you don't need a mentor and do want a mentor and they. will mentor you some more charge and some won't i'll get onto that in a minute but when you ask someone to mentor you remember it's a bit like saying would you like to get married you need to define what it means so define what you mean when you say will you be my mentor tell people what that means for you i would like ten minutes of your time once a week and perhaps consider if you do start defining what it is what sort of questions you're going to ask and often if you ask a question you will get a mentor if you ask for a mentor you'll get no reply at all because no one can commit to an open-ended question especially from a stranger asking for mentorship you need to define it in an ideal world i suggest you ask a question first that's actually why i built help bank.com so you can go and write a question to 105 000 potential mentors
now if after all this you're still set on getting a mentor another way to get a mentor is change the word mentor to advisor and when you're looking to build a company for example and maybe you want a mentor to help you build a company look for someone that has specific knowledge that you're after and ask them to join your advisory board now advisory boards a little bit more glamorous for most people a mentor isn't something you see on many people's LinkedIn profile but advisor to this company and advisor to that company often is so reframe it as advisory now if you've got a business with purpose and you've followed the other things i've said in this long video the day you'll know how important things like process and systems and structure and goal will lead you to decide what type of advisor you need and it's much easier to get an advisor than it is a mentor and it's much easier to structure what the relationship is like if they're for example one of your board of advisors they'd probably have equity in your business so you're no longer asking someone to hang out with you and give you a bit of advice and motivate you you're asking someone to give you specific knowledge around something they love and believe in and it's much much easier
the next thing you can do to help yourself get a mentor is connect to the people that they are connected to so referrals are the best way to get help many times someone i know for a long time this helped me out has asked me to mentor someone to help them out and i have done it without question and so that referral a bit like in sales and the other things i've mentioned today referrals are so powerful try to get someone to refer you to the mentor that you want it's also much easier for someone to say yes when they've got some reference point of someone that knows you now be careful don't go become friends with someone just to get them to refer you it'll be transparent and actually hurt you so do it genuinely but if you can get a referral for the mentor that you need it's very powerful
now the final way to get a mentor if that's what you want the best way is to give value to the person you want as a mentor some of the people i've helped in my past have helped me first i didn't ask them to so for example someone redesigned a website for me and made my website better of course after someone's gone and made all that effort to support me and help me i'm going to give them time and i think that time in the early days allows us to work together to define the questions they're asking and define the things that a person actually needs and so go and give value to the person that you want as your mentor don't just ask them for something try to bring them something and it will make a huge difference and i think that that's one of the things that people never do they just want to extract value and this goes back to my personal philosophy in life it's not give and take it's give without take
if you follow give without take when trying to get a mentor if you follow give without take when trying to get a mentor i'm pretty sure you'll get that mentor but don't expect anything don't expect that person to become your mentor give them value give them respect clearly you respect them you want them to be your mentor make the effort and over time it will come back to you even if it isn't in that person becoming your mentor how equity works this is such an important subject if you don't get the equity structure right in your business you will fail i have been involved in many many businesses that didn't do this right and collapsed not because they weren't good businesses but because they didn't know how the structure of equity works now just before i get into the detail of how to structure your equity structure in the future correctly i will make sure that you understand one important point most people don't want to drop below 50 equity in a company because they think it means they lose control that's not true you are able to control your company under the operational agreement now in each country u.s. Britain different markets you have different terminology for this but you control your company by the shareholder agreement you don't control your company by the amount of equity that you hold so if for example you have 50 50 equity split with someone you are actually potentially in joint control as far as equity is concerned but you can still allocate one person to make all the decisions and have actual control so do make sure that you understand that equity ownership does not equal control right it does not equal control keep an eye on this mindset because you will often make big mistakes around equity ownership thinking it means you lose control of your drop below 50% and that is not true
the second thing to keep in mind with equity is understanding where you're going with the business everything i've already discussed in this video is interlinked but if you don't know where you're going you don't know how much equity you need to get there too many people sell a lot of chunk of equity at the early stages of their business only to realize later in their business they don't have enough equity to get to the finish line if your model is like tech company model and you intend to raise a lot of money you have to be very cautious with the equity in the early days now there were all sorts of graphs and information on the internet they will explain to you this point but i'm highlighting it to you so you can go and research it it's a very deep subject but do not sell too much equity at the beginning having said that the best thing you can ever do is sell no equity at all i know it's cool to raise money i know it but it's cooler to run a business where you don't raise money a bootstrap business in my opinion is healthier you can retain 100% control and 100% own equity it's always probably going to be better now there's a lot of exceptions to that suggestion and one of them i would say is make sure you don't make this one big mistake i see a lot of people make i have seen people start businesses and when they start businesses with a partner they do 52% 48% and often for no other reason than the person who came up with the idea believes that he deserved 2% more this has happened time and time again it's a huge mistake i've seen arguments ensued two years later between those two people because they didn't just do it 50 50 do not assume again control 52% means anything if anything is detrimental so if you have a co-founder my instant recommendation my instant recommendation is you do 50 50 do not belittle the other partner by giving them less they will instantly psychologically think they will do 48% of the work you will do 52% of the work it does not bode well in the long term now there is a danger with 50 50 that danger is decision lock if you're making one decision and your partner's making the other and you haven't put a shareholder agreement in place to decide who has the deciding vote you have a problem so the way around this is often to have a third party help you make big decisions someone you both trust ideally but you create a 50 50 ownership structure with a board of advisors for example and this allows you to make decisions especially difficult decisions without major argument and avoid conflict with your partner
now the best way to avoid conflict and avoid even needing to turn to your board of advisors is to be very clear about where you're both going and i'm using at the moment in this equity example a 50 50 partnership could equally be a one third one third one third or one fourth one fourth i'm just using this as an example that you all know where you're going i have seen problems in the business for example where someone is building the business money's coming in one person wants to take the money out and put it in their pocket as profit the other person wants to put it back into the business to help it grow one person wants to stay in one market the UK and no person wants to expand to the US you need to try and work out all of this stuff ideally before you even start the company within your mind map that i taught you earlier you figure out where you're going and why and therefore you avoid conflict when it comes to major decision making later again i have seen companies fall apart because one person wanted to take the money out and one person didn't and literally business collapses because the two don't agree don't get along the business fails equity ownership under this system i'm now teaching you it's not about control as i mentioned but it is about understanding what the equity is there to do now depending on your structure if you're a charity this won't matter so much but if you're a limited company that's looking to raise money please make sure your cap table has the right people on it i have seen many people not get investment because they gave two percent to the wrong person that the other investors don't want associated with equity ownership will tarnish your reputation understand how equity is structured it's showing who is involved in the company so you need to make sure that you align your brand i talked about branding earlier to the equity ownership and whoever owns that company whoever owns a part of your company will affect the brand image so make sure that you're aligning your brand values with your equity ownership
Now there is a lot of talk by me and anyone that actually knows what they're doing in business about giving equity to your staff. I really believe in this. Now there's a couple of ways to do it. I honestly think if you want to build a business that scales you have to give equity to your people, but there's two types of equity structure. There's what we call share options which technically isn't actually equity. It's a percentage in the future of the company, but it can often be in what are framed as earnouts or there's straight up equity. Now there is a hybrid in this model and I don't want to get too technical now because I'm actually not a lawyer, but I want you to understand the difference. Most of the time people are buying stocks and shares in the stock market they have share options which means that yes they'll get given shares but those shares have no class level so they have no decision-making power. So you can own shares in the company in the stock market but have no influence over that business or no control but that is one way to incentivize people you give them share options. My preferred method and everyone on my team has this actual physical equity in the company not share options via the stock market listing but real-life equity in the company so the company was sold today they will get paid out whereas often with share options it's some link to the stock market listing or in some cases if it's already listed to you selling the shares in the stock market but if the company decided to take the company off the stock market wherever that price was you'd have to sell out again some legal obligations around this it has to be more than 70 percent of the shareholders agree but the point is I have owned shares in the stock market of a company that I believed in and then the owners of that company actual equity owners of that company decided to take the company off the stock market I had no choice but to sell my shares that company d listed became worth a billion dollars and I could have owned it but I wasn't allowed because I only owned the share option side the stock market side not actual physical equity in the actual company and I think it's important if you're even thinking investing in a company to understand the difference of course if you're going to work in the company understand the difference and if you're building a company and you don't understand the difference you're going to have a major problem in the future.
Now this subject of share ownership understanding the different classes please spend time understanding the different classes go google how it works go google share options go google stock market shares go google equity ownership this stuff is complex it's going to be too long I'm not legal I've got to go through all of you now but this structure of share ownership can literally make or break a company I would also finally say to you depending on what your end goal is is how you should reverse engineer your share equity ownership if you are looking to IPO your business then you want to make sure that the IPO process is fully understood of course but your stock is reversed backward. So when you start the business and you're looking to list it one day you need to know that when you're starting the business ideally because if you don't structure it early on to eventually get listed it probably won't. Now I learned this the hard way with a few businesses that I was involved in the share structure was so complicated we couldn't get all the shareholders to agree to even do an IPO some shareholders wanted to keep it private other shareholders wanted to do an IPO and it gets so messy because they didn't know where they were going in the early days so learn to structure what I call reverse engineering know what your end goal is and reverse the share equity structure from day one under that premise.
Now there's one final thing I teach you about equity sometimes it's harder to determine the value of your company to sell equity so one thing you should look into and perhaps use is products like a safe now platforms like y-combinator one of famous accelerators out there that help businesses grow use a safe to help determine a business and its long-term potential for value there's many different ways to structure a safe but the beautiful thing about that model and go and google it is you don't need to determine the value of your business now someone can invest in your business on a discount of the value in the future now again there's many different ways to structure that concept but the concept of safe I have found to be very useful especially in the early days of building a business to take away the conversation about what is your business worth and move towards investing this business and this is what we're going to do it's much easier to get an investor for example frankly it's much easier to incentivize your employees with it you're not determining a value on the stock share now so it doesn't cause tax implications. as well i really think it's useful and not many people know about it so i hope this overview and equity gives you a good understanding of how it works i am going to do a whole video on this much more detailed i'm going to get some lawyers involved too to show you the different agreements and how it works but if you go do a little bit of googling you'll get most of the information you need that i haven't provided here and if you have any questions about equity feel free to drop them in the comments
how to sell your business how to exit a company i have done it a few times in my life there's loads of different ways to do it i'm going to share it with you how to exit your business ultimately selling a company is often a dream of a lot of entrepreneurs i have done it a few times i've done it a few different ways and i've got some interesting insights to share with you one of the things I start off by saying if you really want to sell your company the best way to sell your company is not want to sell it at all the most amount of money I ever got for a company was because I didn't want to sell it that's the strongest place to negotiate from so the number one thing I'm going to tell you in an ironic twist when coming to sell it for your company the best thing you can do is build a business you love and selling it or accident and selling it will accidentally happen
this has happened over and over again history always repeats itself Mukzukabur was offered a billion dollars by Yahoo to sell his company and he said no so now it's worth a trillion and I think there's something really powerful in this process it's kind of sales like I was teaching you earlier it's kind of sales you don't want to sell it means you can get the most for it it's a very hard thing to actually be truly not interested in selling it it is actually your goal but it will ensure you get the maximum value out of a business if you do it this way the other way to think about selling your business and the way I've sold my last company is I partnered up with a company that could buy my business so fluid partnered up with Price Waterhouse Cooper and we worked on a project together
and in that process of working on a project together PWC realize that this should just bias now at the time when it was first mentioned I didn't want to sell great negotiating first step but in the end I did sell it and I tell you all about that process in a minute but I'm trying to highlight that another way to sell your business is partnership work with the company that is likely to want to buy your business build the relationship up and you'll be surprised how that can lead to an exit again don't lean into it wanting an exit lean into it wanting to build a partnership that works for both parties but it can be a great way to sell your business the third way is to work with agents that actually sell businesses and there are a few I'm not going to recommend any because this isn't a sponsored video by them but you can google them there are many companies that do it sometimes it can be quite useful to get one of these companies to do it because of course if you're busy trying to sell your business you're not busy growing your business
but I honestly feel like that these days these agents there's a lot of them and they all have their own different agendas so just make sure you do your due diligence Ask the previous company that they work with what they were like make sure that the legal structure is very clear because you don't want to get conned by these companies when you come to the exit actually will fee the fourth way to sell your business is more a merger so your competitor is a way to exit and it might seem odd. You've probably spent 10 years hating your competitor I spent most of my early career making friends with my competitor I originally thought I was. going to sell fluid to ogivy i made a lot of friends at ogivy i used to sit next to them at the awards dinner on purpose to connect to them i did projects with them i thought they were going to be the exit but they weren't and so i think mergers however are very common and two businesses coming together is the easiest that do the same thing it's often the easiest way to sell a business
and i will however caveat it with most of the time you don't get the most value so i sold my company fluid to pwc pwc of an accounts business they're not a creative agency so they saw more value in us than if i'd merged with ogivy they think they can do what we do so sometimes selling to a non competitor is more valuable but if you want an easy sell mergers are often the way it works and it's not always true that you don't get the true total value i've just from experience learned sometimes selling outside the industry like i did with fluid to pwc can lead to more money than selling to someone in the industry like ogivy but that doesn't mean it's always true
and finally if you want to sell your business one of the things that you can also think about is allowing the management in your company to buy it so i have also done this i let the leadership team at nest buy that business and there's many different ways to structure a buyout over time percentage of profit but in the end it can be a really good way allowing you to sell your business without that business getting hurt and by also giving the people that worked in the company a chance to really step up and own what they've been building with you i personally really was happy to sell nest to my team and i think it's a really powerful way of building an exit strategy for yourself while at the same time giving the people that run it the love and success that they deserve so they're the main ways
now i will add that when it comes to selling a business the the key thing like anything at the beginning when you're building the business never ever pitch to an investor or yourself that you're building a company to sell it and in fact i would argue if you're building a company to sell it and i've seen this many times be careful you might end up getting stuck with a business you don't love do not build a business to sell it do not pitch to investors that you're going to sell it build a business you love investors want to invest in that build a business you never want to sell people want to buy a business like that that's the key to being successful in business in my opinion do not build something you don't love do not build something that doesn't have purpose
if you've got value from this video i'd really appreciate it by you asking a comment down below or even telling me what i've missed out on this video that you want in the future so i can make it for you and don't forget we're following people's dreams every single week on this channel if you want to hear what happens to the people we help hit that alarm button so you get the latest update as soon as the upload button is hit good luck everybody goodbye i'm going to eat chicken now see ya