Experimental with Justin Wise Justin Wise
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- Business
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Welcome to Experimental, I'm your host Justin Wise, a pastor-turned business consultant for growth-minded entrepreneurs and experts. It's my mission to help you time travel into your preferred future, find the highest and best use of your time, and build a business chock-full of profit so you can design the life and business you WANT. If you want to hear how other experts and leaders are using creativity and experimentation to grow their businesses, this show is for you.
👉 StartTheExperiment.com
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16: Putting "Handlebars" On Your Client-Based Business
Do you ever feel like your clients see you as a cog in the wheel? Replaceable? Interchangeable with someone else who does what you do?
Years ago, I had a bank as a client. They believed their values, "Service, Loyalty, Integrity, Honesty" were enough to set them apart from every other small bank on the planet.
Spoiler alert: they weren't. They were getting crushed by the competition and couldn't figure out why.
It's because they were playing by the industry's rules—and not setting themselves apart ... for real. When a client sees you as replaceable, a few things happen:
You have to compete on price.
It's WAY more difficult to establish a relational connection with your client.
You're completely, totally, unavoidably forgettable.
On this week's show, you'll see what happens when you "monetize your mind" and create a business that's wrapped around the way you think (which is WAY more difficult to replace in the open market).
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15: Monetize Your Mind
Have you hit the ceiling of complexity in your business yet?
If you haven’t, you’ll likely face the challenge of trying to grow the impact of your business beyond where you’re at now.
Defining the “ceiling of complexity” is super simple: you hit a level of success and then the stuff you did to generate results stops working.
You can’t work more hours.
You can’t raise your prices.
You can’t go and get more clients.
On the surface, it might seem like you’re stuck.
I hit that limit when I was working 60, 70, 80 hours a week in my digital agency. We tapped out just under 7-figures. Because, frankly, that's when everything kind of exploded. I couldn't work more. I could not give more hours. I had a wife that I wanted to stay married to. I had kids growing up that I wanted to see.
For that alone, things had to change.
That's when I discovered the four levels of "Monetizing Your Mind" I talk about on this week's show.
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Take Action
Liked this week's show? Claim your free gift and get started monetizing your mind at StartTheExperiment.com.
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14: 4 Secret Fears Holding You Back
One of my mission in this world is to help people stop trading their time for money.
And one of the biggest benefits of being an entrepreneur is generating income 24/7 without being directly involved - it's called Freedom.
The way I do that primarily is by helping folks create scalable digital products - whether it be online courses, coaching programs, virtual summits, etc.
In this episode, I share 4 secrets fears that holds people back - and in this context, building digital products.
Show Notes
[03:19] Fear #1: Money
Ask yourself a series of questions. How much is financial freedom worth to you?
Financial freedom means the income that you make is enough to cover your expenses in perpetuity without having you to pull levers to earn it
What is time freedom worth to you?
[04:36] Why entrepreneurs get stuck financially
When I was starting my business, there is a season of hustle but you can't run a business out of hustle. You'll burn out.
I reached a point where the market cannot tolerate the price increase.
You might be making an impact on your business but not life-changing levels of wealth.
The solution is to bottle up what you know into a digital product that you can sell over and over again.
You have a sales channel that's open 24/7 called "Digital You"
[07:42] Fear #2: I don't have time
Audit your time for two weeks and be as granular as you can.
More hours rarely fix the problem. In many cases, more hours compound the problem.
Start time allotting time (for ex 1 hour) for a digital product.
The more time you free up on your calendar. the more time you can put on building a digital product.
[10:19] Secret Fear #3: I have no confidence.
Building something once and selling it a thousand times takes believing in your skill-set and wisdom. That's where the confidence needs to come from.
Ask yourself: Do I know what I'm doing?
The feeling of having not enough social proof will never go away.
[15:03] Secret Fear #4: Finding the right time
Finding the right time is just an excuse.
There's never a good or a bad time. There's just time.
Create small steps: Ask your audience with their pain point.
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13: New Excuse Every Day
For those who may not know, I used to be a pastor before launching Think Digital, but I was really interested in social media and digital marketing. I found myself coming up with excuses everyday as to why I cant launch my digital product. I felt that people may think that I am a fraud, no business experience, no team, and my biggest excuse of all - there are a million people who are talking about digital marketing.
Finally, I have a friend who shifted my way of thinking about digital products, and I eventually stopped making excuses.
Show Notes
[01:44] The conversation that changed the way I think about digital products
There are hundred of thousands of books getting published everyday
Pick any topic you want into Google and there are hundreds of thousands of books every topic
You have experiences, relationships, and a particular way of seeing teaching a particular topic
[03:25] The three shifts in concepts that completely changed my family's life
Digitizing my mind - What I knew.
Digitizing my skills - What I did.
Digitizing my systems - How I did it.
I launched my course in July 2013, and by the end of the year, we had 100 students in our first course.
[05:00] The hurdle in creating digital products
Why would anybody listen to me?
It's not always a problem of skill. Throughout the years, I saw people who knew less skills that I did but makes more money.
Stop making excuses. Start building the digital product that you want to make.
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11: Escaping The "Business Friend Zone"
You know how friend zone, or being in the friend zone works. A guy or a girl giving tremendous amount of care and support to their special someone. And after all the effort, they're just...friends.
Your business can suffer the same fate as well. I was put in the business friend zone with the clients that I wanted to work with, where I would show interest in working with a client or have a desire to work with a client.
Have you ever been in this situation? Listen in as I'll share 3 steps no how you can break out of the business friend zone.
Show Notes
[1:00] How "Friend Zone" in the relationship setting works
On a guy's perspective, A guy likes a girl, guy waits on the girl, caters to her desires and whims, etc.
But the girl doesn't like the guy or not like how the guy likes her anyway.
"I'm so glad we're just friends".
[02:38] Friend Zone in the business perspective
I was doing all the things that I was supposed to be doing as a business .
I was giving a ton of "value" to those who I want to work with.
The business likes having you around but have no intention of ever working with you.
[04:36] Step 1: Create some friction in your market
Say something that scares you. Be easily approachable, but not easily accessible.
Don't be afraid to piss some people off in your market.
Be bold, take a stand, be who you want to be in business instead of who you think your market wants you to be
[05:56] Step 2: Teach the "what" and sell the "how"
Businesses give away the milk because they think it will attract buyers. By doing that, you are training your audience to ignore you.
Show the market that you understand the problem that they are facing. This builds trust.
Do not give away your solution. SELL your solution.
[07:28] Step 3: Increase your opportunity volume
Businesses get put in the friend zone because they don't have a predictable, dependable way to automatically bring in new opportunities.
Once you have the ability to increase your opportunity volume, leads will come in.
Have a simple and predictable way to bring in leads.
Having bigger opportunity changes your perspective on the market and it changes the way that you approach your market
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09: Tame Your Technology
Distractions are everywhere.
Little interruptions - like email, Slack messages, notifications - these distractions get us out of our flow.
And brain studies show that it takes the brain 30-45 minutes to get back into the groove after a distraction.
In this episode, I'll share how you can get rid of distractions, take back your time and increase your productivity
Show notes:
[00:55] We thought we are productive
I thought I was productive until I did a time audit.
I realized that I am wasting a tremendous amount of time.
We can't get work done at work so it hounds us all the way home.
[02:05] The power of distractions
Small situations can even get you out of your groove.
Brain studies show that it takes the brain 30-45 minutes to get back into the groove after a distraction.
We need to stay in the groove because it's where we do our best work.
[03:00] How I get rid of distractions?
Put your phone into airplane mode or just turn it off.
I use Pomodoro method where I give myself 25 minutes for work and 5 minutes for break
Continuous use of Pomodoro method shows increase in productivity.
[05:37] Action step
Block of 2 hours off your calendar.
In my "smash time", I smash my task list.
Make it holy. Commit to it and get stuff done.
Resources Mentioned
It Doesn't Have to Be Crazy at Work by Jason Fried
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Customer Reviews
Worth the time!
With being a busy small business owner I pick carefully the podcasts I listen to - this podcast is worth your time investment! So insightful, motivating and entertaining! Love Justin’s perspective on business - make time for this one!
Word
Justin Rocks! Can’t stop listening.
Practical, real world, high value content
Justin’s topics are always relevant, well thought through and explained concisely. Almost every episode sparks a new idea or course correction for my own entrepreneurship. Love the show!