Experimental with Justin Wise

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:

1. You have to compete on price.
2. It's WAY more difficult to establish a relational connection with your client.
3. 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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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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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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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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As a white person, there's only so much that I can understand of what it means to be in a minority.

And in light of the recent events  with George Floyd, it is imperative that we have a conversation with someone who truly understands the struggle and what it means to be black.

That's why in this episode, we have my good friend, Jean Perpillant. He's the owner of Design Theory -  a digital agency in South Orlando; providing services in web design, photography, and digital strategy solutions.

Tune in as we talk about micro aggressions, white privilege , and entrepreneurship

Resources Mentioned