Vérité inavouable : la majorité des Français ne souhaite pas devenir RICHE !
Je sais. Je ne suis plus très actif en ces temps-ci.
Voilà. Je mets tous mes œufs dans le développement de ma boutique e-commerce. C’est très prometteur donc je ne lâche rien.
Ceci étant dit, je continue d’apprendre avec des livres pratiques.
J’avais encore la mauvaise habitude de prendre trop de notes. Ce serait dommage de les laisser sur un document Word et de ne pas t’en faire profiter.
En parallèle de mes 3 vidéos sur The Millionaire Fastlane de MJ DeMarco (voir ma chaîne YouTube), je te propose ici une version plus complète de mes notes.
Alors tu me pardonneras. Mais pendant cette période transitoire, je vais me permettre la rédaction de contenu “facile”.
On parle tout de même de 7000 mots. C’est un cran au-dessus de l’article lambda. Tu devrais y trouver ton compte 🙂
Bonne lecture à toi !
PS : tu vas voir, c’est rigolo, mes notes passent progressivement à la langue de Shakespeare.
Disons que m’amuser à traduire m’aurait demandé de la réflexion, aurait coupé encore davantage mon rythme de lecture.
Et surtout, l’anglais est une langue magnifique de concision, qu’il aurait été dommage de gâcher.
The Millionaire Fastlane
La richesse est un process, pas un événement
Se focus sur le plan de route et pas la partie titilleuse
Votre situation financière est le résultat de la route que vous avez choisie et des croyances et actions qui découlent de ce plan de route.
La route de la richesse : choisir demain à aujourd’hui.
Wealth = 3F: family (relationships), fitness (health) and freedom (choice)
Le processus de l’action crée des événements que d’autres voient comme de la chance.
La chance est créée par des probabilités améliorées.
L’accomptabilité est d’être coupable des conséquences de vos actes et de modifier les comportements qui empêchent ces conséquences d’arriver.
La promesse de la richesse dans la voie classique se paye de votre vie.
Vous êtes rarement challengé, et vous mettez des dizaines d’années à vous rendre compte de la supercherie.
Ce plan est un échec car il repose sur des facteurs que vous ne contrôlez pas (santé de l’économie).
Il est OK de saisir quelques éléments de la voie classique mais ils ne peuvent pas être la partie entière du plan.
Refuser un deal 5-2 pour votre temps : un -60%. Pourquoi les gens ne l’acceptent jamais avec la richesse mais l’acceptent avec leur temps ?
Le coût : la désintégration de ta liberté, de ta famille et de tes relations.
Accepter de faire du 7-0 pour du 0-7 dans le futur proche, pas 40 ans.
Pas d’argent si vous arrêtez de travailler. Vous avez mieux à faire à créer quelque chose qui peut vous apporter la liberté financière.
Si vous ne contrôlez pas votre revenu, vous ne contrôlez pas votre plan financier. Si vous le contrôlez pas votre plan financier, vous ne contrôlez pas votre richesse.
To accumulate financial wealth, you need:
Time can’t be leveraged
Sortir du taux horaire
Vous ne pouvez donner plus de 12h par jour, ni plus de 50 ans de votre vie.
Dans le salariat vous ne contrôlez pas votre augmentation
Les intérêts composés sont aussi dépendants du facteur temps
Pour classe moyenne :
Richesse = Travail + Investissements
= Temps x Taux Horaire + Somme Investie x (1 + Taux)^Temps
Vous dépendez d’un taux de 15% par an, ce qui est impossible sur 40 ans.
Vous ne pouvez pas contrôler une économie à faible taux de chômage et stable.
Les taux que vous touchez dans 40 ans représentent 50% du pouvoir d’achat d’aujourd’hui.
Erreur de logique : vouloir augmenter son taux horaire par l’éducation ou le MBA (sacrifier 44k$ et 800 heures pour gagner 15% plus ou au moins 120k$/yr)
Ne pas chercher à augmenter sa valeur intrinsèque
Problème : rembourser ses frais étudiants (somme doublée en 20 ans, aujourd’hui 30% du revenu mensuel)
Mythe (2007) : étudiants pensaient gagner 145k$ annuels et n’en gagnent que 54k$
Une dette qui t’emprisonne à un boulot n’est pas une bonne dette
Le piège de la classe moyenne : la conformité et la servitude à leur éducation
Vous risquez d’avoir une éducation marginalisée et d’être dévalué, ou d’être trop qualifié et inemployable. Problème de la course à la technologie.
— Pourquoi tu n’es pas riche ?
— Je n’ai pas le temps.
— Pourquoi tu n’as pas le temps ?
— J’ai un emploi.
— Pourquoi tu as un emploi ?
— Parce que j’ai besoin d’argent.
— Pourquoi tu as besoin d’argent ?
— J’ai des dettes à payer.
Sidewalker : lifestyle servitude
Slowlaner : education servitude
Arnaque des gurus
Le paradoxe de la pratique
Pratiquez-vous ce que vous prêchez ? Êtes-vous un modèle de ce que vous enseignez ?
Utiliser les marchés pour la préservation de la richesse, pas pour sa création !
Slowlane = l’Exode de Moïse : marcher 40 ans dans le désert pour la promesse d’une terre de miel et de lait.
Le marché immobilier n’est pas systématiquement haussier et ne pas considérer son logement comme un appartement.
2008 : crash de 60%
Si vous aviez investi depuis 15 ans, il faudrait encore 15 ans pour absorber cette perte : perte de 30 ans (en plus de l’inflation !)
Trop de friction dans la FastLane
Chercher à l’accélérer en ajoutant des emplois ou en travaillant plus, en améliorant sa carrière, en augmentant ses taux) n’y change rien
ULL : Uncontrollable Limited Leverage
If Slowlane is your plan, ULL never be rich.
Pour classe moyenne :
Personal Net Income = Intrinsic Value – Personal Expenses
Ce n’est pas réduire les dépenses qui font devenir riche
Mais bien d’exploser ses revenus et de contrôler ses dépenses. (Revenu exponentiel et dépenses linéaires)
Ne pas viser la dégradation de votre lifestyle. Ne pas se dire « la vie est à propos de ce que je ne peux pas faire. »
70% des gens doivent continuer de travailler après la retraite
Taux d’échec de la SlowLane : 70% (et ceux qui réussissent sont soit très doués ou ont trop travaillé)
Le seul hack : la célébrité pour doper sa valeur intrinsèque
If millions seek you, you will be paid millions
Slowlane millionaires = upper middle class, cheap with money
Fastlane millionnaires = cheap with time
$5 million is the new $1 million
People would do better, if they knew better
Choisir SlowLane (500k$ dans 40 ans) : 16% de chances de succès
Choisir FastLane (10M$ dans 6 ans) : 14% de chances de succès
FastLane : business and lifestyle strategy characterized by Controlled Unlimited Leverage (CUL)
Se créer un environnement optimal pour la création de richesses et le lifestyle extraordinaire
Wealth = Net Profit + Asset Value
The more I help, the richer I become in time, money and personal fulfillment.
Don’t allow SlowLane losers to corrupt truth. Don’t concede. Don’t make « that only happens to other people » your truth.
SlowLane = travail manuel (lutte perdue contre le temps et votre valeur intrinsèque)
FastLane = industrialiser le process de richesse, l’automatiser comme nos ancêtres ont automatisé la production.
3 années à créer le système et 5 années à soutirer les bénéfices de son système pour la construction de son business rentable.
Tu as été conditionné pour vouloir acheter des produits.
La différence entre un Sidewalker et un SlowLane : ton job facilite ton process de consommation.
Passer de l’équipe Consommateur à l’équipe Producteur / Créateur
- Offrez des cours
- Embauchez au lieu de prendre un emploi
La minorité est au service de la majorité.
Regarder des pubs pour les armes marketing déployées.
Inciter les gens à acheter.
Vous attirez la richesse parce que les consommateurs (la majorité) recherche les créateurs (la minorité)
L’ironie : une fois que vous êtes producteur à succès, vous devenez un consommateur sans limite car vous serez devenu riche.
To consume rich, produce richly first.
CUL est le contraire de ULL
Déverrouiller l’aspect du levier pour une richesse illimitée et contrôlable.
Avec un livre qui survit au temps, vous générez un revenu longtemps après votre investissement en temps.
L’acte de la génération de revenu est transféré de l’humain au livre.
Pour 1000 heures de travail, plus vous faites de vente plus vous augmentez votre taux horaire.
Pour 10 minutes de radio qui génèrent 1000 ventes en plus, vous explosez votre taux horaire.
Wealth = Net Profit + Asset Value
Net Profit = Units Sold x Unit Profit
Asset Value = Net Profit x Industry Multiple
10k prospects par jour vs 24h
En réalité, 5% conversions vs 8-10h de travail
Pour avoir une augmentation :
- Augmenter le taux de conversion
- Augmenter le trafic
- Augmenter le profit unitaire
Un business peut toutefois aller dans des domaines où les vitesses sont limitées.
Consider upper speed limit.
En salariat, WAF (wealth acceleration factor) = 8%
En entreprise, WAF = industry multiple = 4100% pour beauty shops
If your company has net income $1,2M/yr, you earn $100k/month and your company (asset) is worth $1,2Mx4.1 = $4,92M
To grow, you can grow:
- business (grow wealth via asset value)
- cash flow (grow income)
- seek to liquidate (sell asset value)
Slowlaner : hope to become millionaire in 40 years
Fastlaner : control to become billionaire in 4 years
5 Business Seedlings
5 Fastlane Business Seedlings (from most passive to least)
- Rental System
- Computer/Software Systems
- Content Systems
- Distribution Systems
- Human Resource Systems
Careful: the business model can be “rental system”, but the operation would be “human resource system”
- Scale business by adding human resource system: reduce passivity of business and need to take time against more money
- Sell business before obsolescence
Human resource system can increase passivity if it removes you from working on your company
But if your business is 85% passivity, you lower passivity by adding HR system.
Devenez prêteur pour ouvrir un business
10M€ a 5% -> 40k€/mois
L’inflation monte en corrélation avec les taux d’intérêts donc votre revenu est protégé de l’inflation.
Un business Internet est 85% passive mais un business de prêt l’est à 99,5%
Slowlaner : use it to get wealthy, start at $5
Fastlaner : use it to create income and liquidity, start at $5 million
Use market to increase existing wealth with leverage business asset, not to create wealth
One Penny Doubled during 40 years
Try to bypass first 30 years and start with $5M
Try not to become a man of success, but a man of value
The Law of Attraction -> The Law of Effection
LOA are old principles of belief and visualization repacked and remarketed for mass consumption.
Take massive action into path of least resistance
Make millions? Impact millions
Net Profit = Units Sold (Scale) x Unit Profit (Magnitude)
Activities of magnitude have higher profit potential with smaller scales.
Sell 20 million pen and make ,75 cent -> $15M: huge scale and tiny magnitude
Sell 400 housings and make $100 margin -> $40k income: magnitude but low scale
Scale creates millionaires. Magnitude creates millionaires. Scale and magnitude create billionaires.
If you want to go rich via intrinsic value, do it with Law of Effection.
Else, go to the source of large numbers and serve it.
No matter roadmaps of scales and magnitude.
Pay Yourself First : ne marche pas si c’est pour épargner et espérer devenir riche avec.
Déclaration de Slowlaner.
Dans le salariat, ce sont les gouvernements qui se paient en premier.
Envelopper le business dans une entreprise.
Dans l’entreprise, les profits nets sont réduits par les dépenses, et le reste est taxé.
Vous payez le gouvernement 4 fois par an alors que vous vous payez tout le temps.
Pour choisir le type d’entreprise :
- Exit strategy? Go public or sell to private investors?
- Growth strategy?
- Liability exposure in worst case?
- Plan on raising capital now or in future?
- Plan on hiring employees?
- Plan to take on new partners?
- Plan on earning profits fast or not for a while?
Cause of poorness? Choice
Fix problems instead of masking symptoms
If you aren’t where you want to be, the problem is your choices.
People don’t choose to be poor. They make poor decisions that slowly assembly into a poorness puzzle.
Nos choix ont des conséquences qui transcendent les décennies.
Impact differential: butterfly effect
When you have under 25 you have maximum horsepower and your choices discharge an incredible amount of firepower.
Youthful choices radiate the most strength and fabricate the trunk of your tree. Branches then get thinner and weaker and do not have enough power to bend the tree in new directions.
Go Fastlane is a choice. A Fastlane process is a hundred of choices.
WADM : Weight Average Decision Matrix
Define factors, apply weight up to 10 to these factors and compare your 2 options with a grade from 1 to 2 for each factor. Then multiply with the weight of the factor and sum.
The consequences of your choices can’t be manipulated, you can manipulate your memories to serve you.
Pourquoi tout le monde ne sera pas riche : certains sont prêts à faire la queue des heures pour un poulet à 6$ gratuit.
Value your time poorly and you will be poor.
Invest your time into a real life worth living.
Time is gas tank of life, much more valuable than money.
Money is richly abundant: $3 trillion is exchanged in the world every day: its more than if you were spending 1 million per day for 8000 years: 109 lifetimes !
Your Lifespan = Free Time + Indentured Time
Indentured Time = actual work + work you must do for the work
Money buys free time and eliminates indentured time.
Your free time isn’t free, it’s paid by your indentured time.
FastLane is being both lifestyle rich and time rich.
Extreme inconvenience is never a match for saving money.
What you know today is not enough to get you where you need to be tomorrow.
To cease learning at graduation is wealth suicide. Your most effective earning years happen after graduation.
Education is used for
– Slowlane, to elevate intrinsic value
– Fastlane, to facilitate and grow the business system
Books can transfigure novices to experts in non-physical disciplines.
Double duty on one time block:
- driving university V
- exercice university V
- waiting university V
- toilet university X
- jobbing university V
- TV-time university V
People don’t want to read and connect the dots, they want it done for them.
Winners are forged at Redline = pure, unadulterated commitment
Profound difference between interest and commitment
Interest = read a book
Commitment = applies the book 50 times
Do not quit after third failure, but go on after the hundredth.
Fear of failure is attributed to an overestimated worst-case consequence analysis.
A smart man learns from his mistakes. A wise man learns from the mistakes of others.
Risk analysis: intelligent risk and moronic risk.
Intelligent risks have a limited downside while their upside is unlimited.
It is easier to live in regret of failure than in regret of never trying.
Make someday today
Road for Slowlane = job
Road for Fastlane = business
But some business are mathematically limited!
Your road must go near or through the Law of Effection: to make millions you must impact millions.
In Fastlane, you engineer a business that touched millions of lives with scale, or many lives with magnitude.
5 FastLane Commandments: NECST
90% business fail within 5 years because they fail Commandment of Need
Business that solve needs win. Business that provide value win. Business that solve problems win profits.
Business don’t exist to satisfy your selfish desire to do what you love or to become rich.
Why should people give your business money? What value are you adding to people’s life?
Don’t start a business just to make money. Stop chasing money and start chasing needs.
Needs precede money. Give first, take second.
Money chasers are consumers who haven’t quite made the transition to producer.
To attract money is to forget about money. Ignore it and focus on what attracts it.
What do you have to offer to the world?
Make 1 million people achieve any of the following to be worth millions:
- Make them feel better
- Help them solve a problem
- Educate them
- Make them look better (health, nutrition, clothing, makeup)
- Give them security (housing, safety, health)
- Raise a positive emotion (love, happiness, laughter, self-confidence)
- Satisfy appetites, from basic (food) to the risqué (sexual)
- Make things easier
- Enhance their dreams and give hope
Fastlane allows money to be removed from equation: you don’t need to be paid to do what you love.
Money led to « do what you love », it didn’t follow.
If you can earn an income from a specific activity you love and are good enough, a Slowlane might suffice. For the others who can’t transform our loves into outcome, you need other alternatives with Fastlane.
The motivational fuel for the Fastlane is passion, not love.
When the focus is “doing what you love”, the focus becomes industry-specific and you’re likely to violate the Commandment of Need.
Have a passion for something and be willing to do anything for it.
Passion for an end goal, a why, drives Fastlane action.
Don’t love what you do, but have a passionate why.
Fastlane is a personal journey.
When you concede dreams, life withers. In Slowlane, dream is dead and road is derelict.
Don’t make your job your mean to the end, because the « end » will most likely never come.
The right road for you is the one that will converge with your dreams.
Take 4 years of hard work in exchange for 40 years of freedom.
Higher entry barriers equals to stronger, more powerful roads with less competition and less need for exceptionality.
Low-barrier-entry businesses are weak roads because easy entry creates high competition and high traffic, all of which share the same pie.
You can be the sheep or the sheepherder.
Exceptionalism is required to overcome weak entry.
Target higher opportunities where you have less competitors.
La magie de voir grand
The best and richest poker players in the world are exceptional and take advantage of the weakest lured by weak entry.
Entry must be a process, not an event
For investment, if there is an irrational exuberance about any investment that pervades to Team Consumer (the general populous), that’s when you know it’s time to GET OUT AND STAY OUT.
Dumb money always shows up at the end of a boom. Dumb money are consumers, money chasers.
If you want to live unlike everyone, you can’t be like everyone.
You need to control every aspect of your business.
Drivers makes the big money ($200k/month). At best, the hitchhiker makes good money ($20k/month)
Legendary money: $1M/month : not impossible if you leverage all five commandments and control your company
Make affiliate program, control the affiliate process.
Can an entity have the power to instantaneously kill your revenue stream?
Are ads and your product funnel directed by a centralized source?
Ecommerce: no control on the product and on delivery
Think shark: business is a fierce competition for the consumer’s mind and their money. Be at the top of the food chain. Build corporate ladders, pyramidal organizations. Think manufacture, not retail.
Invest in your brand
At the heart of entrepreneurship is creation and innovation. Hitchhikers aren’t pioneers, they don’t create and innovate. They sell, operate and manage.
In MLM, you don’t control R&D, marketing, rules, cost analysis… you don’t own a business, you own a job managing and creating a sales organization. That’s like stuffing money under the mattress and calling it an investment.
People are sales people and sales manager, commissioned employees disguised as entrepreneurs, soldiers in the Fastlaner’s army.
Though, MLM has excellent educational value: sales, motivation, team-building, and networking.
It can accelerate your future.
Stop climbing pyramids and start building them.
Command of scale: Internet instead of a local store
- Can the net income scale limitlessly?
- Can the asset value of this business scale into the millions?
- Can this business impact millions? Is its customer pool the world or a small community in the city?
- Can the business be replicated and expanded beyond the local trading area by franchising, chaining?
- Best-case scenario, what is the units-sold potential? One hundred or one hundred million?
- Best-case scenario, how pliable is unit profit? Does it have magnitude?
If you can’t access to the Law of Effection, you won’t get rich.
For Slowlaner, LOE is massive intrinsic value explosion: entertain millions.
For Fastlaner, LOE is leveraged by scale or asset value explosion: sell millions, help millions, serve millions, impact millions.
3 barricades from realizing LOE
Strongest is scale: if you can’t serve millions, you won’t make millions.
Without scale (units sold) or magnitude (high unit profit), you drive a business that will produce a weak asset value.
Unit Profit cannot be manipulated easily cause raising prices reduces units sold.
Indirect access of LOE doesn’t work. LOE honors only those in control. If you don’t control the system, you’ll be rich depending on if your intrinsic value is evaluated nicely by owners of the system.
To access LOE, drive a road that can break though scale or magnitude while controlling its source.
Think big but think scale/magnitude. Analyze variables of Fastlane equation.
Votre business se détache de votre temps de travail.
Viser le revenu passif
Spending time at startup, growth and maturation is normal, but not for 40 years.
Are your margins thick enough to hire HR seedlings?
How can you get your business to operate exclusive of your time?
Jobs are time trades for income
Goal of Fastlane: disconnection of your time from income
Better to spend 10hrs/week in your business and do what you love after, than creating a business in what you love and spending 60hrs/week on it.
If your business fails the commandments of time, it will fail you.
Your road should be traveled with the intention to make it automated.
Create a business that use a money-system seedling or have strong margin to deploy Human Resources.
Chose interstate depending on 5 commandments
3 I that are good interstates
- Intentional Iteration
Internet has 5 Fastlane Commandments assuming a need-based premise (and barriers are way lower now)
- Lead generation
- Social networks
- Brokerage systems
Brokerage system : seller and buyer together (PayPal)
- leverage with advertising system : like eBay or Google
- Manufacture: product that solves a need or fulfills a desire
- Distribution (infomercial, sell on internet, marketing distribution network, wholesalers that sale it to retailers)
Core activity is to take something and improving or modifying it
- Take something old and stale and make it better
- Take an underexposed product, make it your own and reintroduce it to the world
- Take something unconventional and make it conventional
Manufacture is one tiny battle in a larger war. Distribution is where the war is won
Authoring is a potent Fastlane. But writing a book isn’t a business, selling the book is.
Intentional Interaction for a business that do not have scale.
Multiple investments in real estate or franchising
With iteration, scale is conquered
Opportunity is rarely about some blockbuster breakthrough but as simple as an unmet need or a need not met adequately.
- Solution to an inconvenience
- A feeling
- Better service
- Fixing pain
- Putting weak companies out of business
Someone is always already doing it. Do it better. The question is: can you do it better?
- Fill the need better
- Offer great value
- Be a better marketer
Competition is everywhere. It’s a staple of business. Make it more easily found and more user friendly.
Skip the big idea and go for the big execution
Solve other people’s problems and you will solve your own money problems.
Everyone fails on the road to success.
Don’t quit but it’s ok to switch roads.
Fastlane is a means.
You need money to be happy and free.
People want the fruit of the freedom tree but lack resolve to plan it.
Dreams have a price: money, responsibility, accountability and commitment.
- amass a lump sum large enough to earn monthly interest that support your lifestyle needs
- business system that spawns passive cash flow that supports your lifestyle AND simultaneously funds your money system
- Define Lifestyle Cost: sum all monthly cost
- Gross Living Cost : Add allowance (clothes, gadgets, …)
- Net Living Cost : divide by 0,6 for taxes
- Money System Target : x12 / 0,05
- Business System Target = Gross Living Cost x 5
Your business system target has passive monthly income : 40% taxes, 40% to find your money system and 20% lifestyle: here 70k$/month
Or amass money system target and place it 5% interest to cover taxes and lifestyle: here 5,6M$
Don’t search for event: 5k$/month
Search for process: 50$/month first
Slowlane: Live below your means
Fastlane: Live below your means with the intent to expand your means
Don’t seek to minimize expenses but seeks to maximize income and asset values.
Hiring a financial adviser doesn’t fix financial illiteracy (like more money doesn’t solve poor money management)
You need competency to assess his advisement. Literacy gives you the power to evaluate your adviser’s advice.
Chess and checkers
Ideas are nothing but neurological flatulence
Guru make money on planned obsolescence: marketer’s expectation that whatever they are selling you, you won’t use it.
If you don’t use it, you are unlikely to ask for your money back.
Doing nothing is expected.
Human nature plays a powerful role in the business models of producers.
Path of least resistance: not to do anything
Strategy: difference between checkers (one dimensional) and chess (each piece moves differently with different roles)
Checkers: just play with price -> cyclical bidding wars, marginalization of offers
King : your execution
Queen : your marketing
Bishop : your customer service
Knight : your product
Rook : your people
Pawn : your ideas
Execution is king. Ideas are pawns.
Potential Speed -> an idea
Actual Speed -> an idea accelerated and executed
An idea is the event (a chemical reaction in your brain) while the execution is the process
Awful idea to brilliant idea: 1mph to 200mph
No execution to brilliant execution: $1 to $10M
A brilliant idea with no execution is worth 200 bucks.
When you become successful, others will copy you but your business won’t decline and fail as long as you have better execution.
Chess isn’t won by stealing pawns.
Execution takes process: effort, sacrifice, discipline and persistence. Ideas are just events.
FastLane is growing a business exponentially and taking advantage of exploding net income and asset value.
He who thinks the idea owns nothing. He who executed the idea owns everything.
You NEVER know what works until you put it out to the world. The ultimate judge-and-jury of ideas is the world and the marketplaces that serve them.
The world tells you which direction you should be going at all times.
The world doesn’t care about ideas, it only reacts to them.
This simple fact pokes a hole in one of he sturdiest institutions of business practice: business plans are useless.
Though, this does not exempt financial analysis.
The value is not the plan but the person giving it and his track record of execution.
Instead of an idea on paper, you have a tangible concept that reflected execution.
A business plan shows organizational skills, not execution.
Complaints are a beautiful thing: they represent free feedback and expose unmet needs in your business.
- Complaints of Change
- Complaints of Expectation
- Complaints of Void
- Complaints of Fraud
Complaints of change are the least informative so the ones most difficult to decipher.
Complaints of expectation violate what the customer expected, from what you provided. They expose operational issues, marketing misinformation and/or product problems.
This happens because your service fails or because the expectation is malformed by a deceptive marketing strategy. Do a better job in fulfillment or in managing their expectations.
People who complained didn’t use your product as intended. Your service will indeed suck if isn’t used properly.
Complaints of void are when your customer continually request something, and you don’t have it.
Extremely valuable since they expose unmet needs.
By fixing the issue, you raise the value of your leads: higher value equals greater magnitude, higher profits and growing asset values.
Complaints of fraud: illegitimate complaints designed to exploit the business owner: low-class frauds.
The key to failure is trying to please everybody. Pick your battles.
Better products produce better customers and better customers pay well.
Follow complaints with google alerts.
Customer service today has become a lost art.
SUCS: Superior Unexpected Customer Service.
Transformation from customer service that naturally sucks, to SUCS.
You turn clients into loyal, repeat buyers and disciples of your business -> HR system for free!
Word of mouth: powerful advertising tool because it’s FREE and reaps infinite ROI.
At the start, you can do prospecting, marketing, advertising and cold calling but soon it becomes needless if your customers love your business.
You don’t want support to be outsourced. Customers should not dial any number and have a person directly.
Customers pay you with 1) money and 2) frequent recommendation of their service. Both builds speed, which builds wealth.
Determine your customers’ expectation profile and VIOLATE IT.
Great customer service cost money but it’s worth the cost. Spend more money on existing clients rather than trying to find new ones.
Don’t be your own boss. Your customer is the boss, it’s the number 1 stakeholder to your business.
Say to your employees: “the customer pays your paycheck, not me – keep them happy.”
Your customer has the keys to everything you selfishly want. So dream about your customer more than your selfish desires.
Look big, act small: make employee apparitions.
Beat competitors before they start: make them think you have 12 employees!
The castle is your business.
You choose to whom you will give the keys: employees, partners and investors, and advisers.
Business partners is like marriage.
You must be compatible in work ethics, values and vision.
How many time would they work?
Which priority number this business will be?
Will this be the only one they would do?
Partner with people that focus to this business and have the priority 1.
Consider priorities or development (advertising, branding, expanding, …)
Complementary skills is good but you must go deeper.
Do you just want to live from it or conquer the world?
Do you trust this person with your life?
Partners don’t seek synergy but diversification of risk, expense and workload. They look for the other for the burden to wear.
A’s : accountants and attorneys
Choose them from referral, not blind hope.
Find some with a Fastlane business mindset.
When you allow words to disarm your trust or BS meter, you become vulnerable to attack.
Reagan : “Trust, but verify.”
Madoff stole billions because of unverified trust.
Don’t trust everyone on your road to success. Don’t engage in business opportunities that violate the Commandment of Control.
Consumer/producer equation: many people will go the extra mile to try to screw you.
Trust no one but gives the opportunity to prove trust.
There are a lot of good people but it takes a mild effort to find them and keep them in your life.
Spectacular product features can’t overcome poor service and poor human experiences!
All the intangibles in the world can’t change a poor customer service experience.
Your employees drive the public’s perception of your company.
Don’t treat your customers like inconveniences and fulfill their requests.
Henry Ford : “A market is never saturated with a good product, but is very saturated with a bad one.”
Be someone’s savior.
“Me-too” businesses make “me-too” incomes. They have no differentiation or uniqueness.
Commoditization is a product or service that appears homogenous among providers (like gas and air travel, you are loyal to the best price)
If you don’t have differentiation, you are forced into the strategy of “cutting prices to stand out from the crowd.”
Don’t start a business cause you want to start one.
If you have incredible value but people don’t want to buy, change your business premise. What do people value today?
Most business owners paid more attention to their competition than to their own business.
When this happens, you become reactive instead of proactive. If you’re following, you aren’t leading and if you aren’t leading, you’re not innovative. Don’t cheat your business and your customers.
Forget about competitors 95% of the time. Other 5% will be used to exploit their weaknesses and differentiate your business.
Focus on your business and everyone follows you.
Introduction of lead generation revenue model (example)
Differentiation is a defense to commoditization.
Make feel people important.
Marketing is the most powerful piece in business (the queen). It can convince people to buy mediocre products. It can hide or disguise service flaws.
It’s a game of perceptions, which isn’t the reality.
People are loyal to brands and relationships, not corporations or businesses.
Rely brands to a value (Volvo = safety, Porsche = speed, Ferrari = rich, Volkswagen = practical, Toyota = reliability)
You need to brand and to differentiate. Though questions have though answers, especially if your entry into the industry are based on fault premise.
Apple = creative, trendy, easy, hip
You can brand yourself as a « no-nonsense » : fixed prices, no surcharges and no fine print.
No-risk advertising : if we send you nothing, you pay nothing.
Unique Selling Proposition: anchor to your brand.
USP-less businesses offer nothing distinct, unique, no benefit, no logical reason that someone should buy from then rather than hope or circumstance wrapped around a cheap price.
USP can compensate for higher prices or even inferior products!
FedEx USP: « when your package absolutely positively has to be there overnight. »
M&Ms USP: « the milk chocolate melts in your mouth, not in your hand. »
Domino’s Pizza: « delivered to your door in 30 minutes or less – or it’s free. »
- Uncover the Benefits
- Be Unique
- Be Specific and Give Evidence
- Keep it Short, Clear, and Concise
- Integrate your USP into ALL Marketing Materials
- Make It Real
- Uncover the Benefits
Solve a problem or a need. Find the greatest benefit of your product, one that sets it apart from the competition.
Keep your customer in mind: what are his needs and what they want.
- Be Unique
Use powerful action verbs that create desire and urgency.
Lose weight -> Obliterate fat, Shred Pounds
Grow your business -> Explode revenues, Shatter sales records
- Be Specific and Give Evidence
Your car sold in 20 days or less or it’s free
Drop 20 pounds or you don’t pay a dime
Your home sold in 30 days or I own it
- Integrate your USP into ALL marketing Materials
USP must be on advertising and promotional materials, business cards, brochures and flyers, web site and email signature, voice mail system, receptionist script.
Must be strong enough to convince people to buy or switch brands.
USPs can’t be fraudulent so make it real.
No one likes to be like everyone else.
Even if stuff from you is true, it’s just noice in world’s perceptions.
But a lot of marketers of illusion.
Rise above the noise
How to rise above the noise:
- Arouse emotions
- Be risqué
- Encourage interaction
- Be unconventional
Polarization doesn’t work for mass-market brand but if perfect for Websites in need of traffic.
Extreme viewpoint that forces people to love or hate you.
- Be risqué
Sex is a powerful noise disruptor, it never gets old. You can overuse it, but people will always respond to it. It’s always in style.
- Arouse Emotion
Buying decisions are driven by emotions. MAKE THEM CARE.
A relationship sells more than an anonymous corporate entity.
At the end of ads, make “find out what happens next… visit [web site]”
- Be unconventional
“Lamborghini sold for one buck”
What crazy person would sell an expensive car for a buck? Is it a scam? What’s the catch? I’ve got to see!
“I’ve got great news!” at the start
First half: get someone’s attention
Second half: letting selfishness take over your audience and tailor your messages to self-interest
what’s in it for me? : WIIFM principle
Features and benefits
Beginner business owners sell features (limousines) over feelings (convenience and events).
Customers buy things to solve need.
You don’t buy a dress, you buy an image.
You don’t buy a drill, you buy a hole.
You don’t buy a Toyota, you buy reliability.
You don’t buy a vacation, you buy an experience.
People don’t care in you are the largest company in France. Until you translate the feature into a benefit.
- Switch places
- Identify features
- Identify advantages
- Translate advantages into benefits
- Upload pictures
- Target leads by vehicle, date and service
- Schedule vehicles
- Quit wasting time with clients meeting at garages. Upload photos of your fleet and show your clients your product!
- Target the clients you want – right down to the day, service, and vehicle type.
- Maximize your fleet’s road time and receive leads based on your vehicle availability!
What is their modus operandi?
Are they price-sensitive?
Once the buyer is identified:
- What do they want?
- What do they fear?
- What problem do they need solved?
- Or do they just want to “feel” something?
Marketing effort must be specifically targeted to the desires of each group.
Don’t let them fill the blanks: fill the blanks for them.
Use price as a branding weapon.
Price is like a paint job for your product.
Taped prices visibly slashed conveyed in two things: higher value and a smoking deal.
You can reframe price in the mind of the buyer.
Price conveys more than just cost, because it implies value.
Story of someone that can’t get rid of something for free but gets it stolen when it has a price on it.
Same objective, different pricing strategy
If your product or service has better value, you can allow competitors to undercut by 10%.
Keep your prices correlated to the value.
Target better leads.
2 adds for one job and 2 salaries: $120k/yr and $32k/yr. the first hot 4 responses and the second one over 100 responses.
The wrong price conveys the wrong meaning.
To use price for your brand, you have to convince the consumer of value beyond the cost of its practicality.
No life ever grows great until it is focused, dedicated, disciplined.
When you have 5 businesses on the same time, you become a polygamist-opportunist.
A scattered focus leads to scattered results.
Have one business that thrives rather than 20 businesses that suck.
10 businesses with $10k are not better than 1 business with $100k.
When you segregate your effort among assets, you build weak assets.
Your new Web business will siphon time away from your core breadwinning company.
- Continue cheating on existing business
- Hire someone to manage existing business
- Hire someone to manage new business
- Discontinue new business
Options 2 and 3 need to inject management time into your life. If you don’t want that, pick option 4
You will get rich by focusing on one core purpose: then you will afford to be polygamous with interests.
Monogamy leads to polygamy.
Don’t confuse “passion” with “do what you love”.
Passion burns your soul and drives you to do whatever it takes.
Passion revs you with excitement and enraged you with discontent.
Some passions are selfish (own a Lamborghini) and other passions are selfless (help orphaned children).
It doesn’t matter what it is, as long as the passion burns hot enough to burn a hole in your pants and gets you embroiled into process.
Education begins at graduation. Pledge to never stop learning.
What you know now is not enough to become the person you need to be tomorrow.
Information is the oil in your financial journey.
Train your mind to see needs and problems.
Observe your thoughts and language, because they expose unmet needs, or needs met poorly.
You don’t have to find the next breakthrough, just find a problem, a pain-point, or a service gap and solve it.
HAVE what others NEED and money will flow into your life.
Stop chasing money, focus on what attracts money: a business that solves need from providing value.
Cast aside selfishness.
- Full passivity accomplished by a money system
- Liquidation event of massive asset values, to turn paper money into real money
After liquidation, Retire, Reward or Repeat
Pay cash for everything. If you can’t pay cash, you can’t afford it.
If you have debt, focus on your income.
Your spouse if your lifelong partner, and if your roads don’t run parallel, it could be rough riding ahead.
Today’s road that diverges one degree from your partner’s road will be divergent 90 degrees years from now.
Don’t be interested in relationships that are “good enough”. Be interested in relationships that empower both individuals to be the best they can be.
Value time, value the importance of financial literacy. Divorce your income from time.
Real estate is Wealth 1.0, it’s a slower road.
It possess magnitude but lacks reach. You need to engage in multiple successes or intended iteration.
Richest real estate investors are not only older but they focus on high-dollar properties.
4-hour workweeks are fruit from money trees, but money trees cannot grow from 4-hour workweeks.
Affiliate marketing (AM) violates the Commandments of Entry and Control. If you subvert those restrictions, it can be Fastlane ; though, it isn’t by itself.
You give control to the owner of the system and have weak entry, then you must be exceptional.
Matters with probabilities, like in MLM and lottery (1% wins 99%)
Committed Fastlaner build wealth, while interested Fastlaners build excuses.
Happiness evolves from the process of the achievement, while the purchase is the reward and the event.
Achievement is a process and it’s the cake of your experience.
Your process of repeated and impassioned achievement toward your specified goals will make you happy.
To reduce risk, get in business for the right reason: fill a void in the marketplace or do something better than anyone else.
Do what needs to be done instead of what you love. Profit follows, it doesn’t lead.
Be a control freak on your financial plan.
Search mentors for guidance, not as wealth chauffeur.
Mentorship is not about outsourcing process, but about providing guidance as you forge your own journey. Good mentors are accelerative tailwinds!
Fastlane isn’t about buying stuff but about freedom, and the freedom is to afford whatever you want.
There’s a difference between being imprisoned by your stuff and buying stuff you can afford.
Change starts with your beliefs, because they dictate your future choices. Start making better choices, and your first choice should be an analysis of your past choices.
You need to reflect on how you can help others within your talents. If you lack talent, you need to acquire it.
You can become an expert at anything with enough study and application.
The Fastlane road trip isn’t a destination but a personal journey, and that journey becomes your life and your process.
It doesn’t matter where you start, but how you proceed.
If your dream is alive, you’re already living the dream.