How Millennials Can Start A Business, Generate Passive Income, & Find Their Passion | #FFLTV Ep 15

How Millennials Can Start A Business, Generate Passive Income, & Find Their Passion | #FFLTV Ep 15


– [Cameraman] All right, this is, for you guys here, this is episode 15. I’m going to put this up a little higher. – When you have questions
put them in the comments. We’re going to do it live. What’s up, Fast Laners? I’m Ryan Daniel Moran. Today we’re going to look at
how you start a business when you’re not old enough to drink. We’ll be taking live Facebook questions. We’ll look at how to find your passion, and we’ll look at a six-figure business that sells physical products
to people that meditate. We’re going to manifest some more profits. Let’s manifest that intro music! (upbeat music) I started my first business
when I was 18 years old on my parents’ dial-up
computer, in our living room, hand-coding a website,
learning HTML on the fly. There was no WordPress,
there was no YouTube, there was no Facebook. There was me on a dial-up computer, trying to rank websites on Google. I constantly hear from people that business is getting harder,
that things are changing. Yeah, no (censored), Sherlock. Bleep that out. (laughing) So, business is always going to change, but I believe it is
getting easier and easier, especially for young people. So I have a pretty decent following of people who are under 21, and I get asked the question a lot about, what would you do differently
if you were young, or how would you start a business today if you were not even old enough to drink? And I say young people
today have it easier than any other generation. Not just like, let’s demonize millennials, I mean you have it easier in terms of starting a business. The opportunities to be an entrepreneur if you’re a young person are wide open, and I believe, 30 years from now, we probably won’t have 9:00 to 5:00 jobs. They’re a dinosaur. They’re going away. They’re either going to all be remote, or the structure of jobs
is just going to change because mostly everybody
will be an entrepreneur. Not an entrepreneur in,
like, building businesses, but everybody is on their own. We already see this already happening. We see people who are
traditional employees, who are leaving their jobs and taking their old employers on as clients, because that is a more
even value exchange, right? The person who is providing the value is deciding how much they’re going to charge, and the employer, the person who manages the capital and the sales determines if it’s worth it or not, and it’s easy to end the relationship if they decide to. And that is becoming
more and more the norm. I think, in 30 years,
that will pretty much be the structure of most employment, and we won’t have
traditional 9:00 to 5:00’s. That’s not something that
we should be afraid of, it’s actually something
that we should embrace. It’s a good step forward. But there are people today who make six and seven figure incomes playing video games. Why? Because they stream them on YouTube. My two nephews, who are both under six, would rather watch kids
on YouTube play with toys than for them to play
with toys themselves. We are living in a golden era, in which you can have an audience, regardless of what you want to talk about. Today’s case study, we’re going to talk about a couple that sells physical products to people who meditate. You can sell physical products
to any group of people, and we’ll go into exactly how that works, and how anyone can start
one of those businesses. That is the beauty of today, because literally anyone can do it, so it doesn’t matter
if you are 18, 14, 44. Business has been completely disrupted, in terms of what it takes
in order to get started. I did a podcast recently
with a father/son duo, the McGraw family. And they started a business. The father put up the capital, the son did a lot of the work, and they said, “You
know what would be cool “is if we sold 1000 units. “Or let’s dream really big and do “10,000 units of a product.” They ended up selling 100,000 units of a product and counting. That 15-year-old son now manages a million dollar a year business. Why? Because whether it’s you’re 15, or you’re 19, or you’re 90, business is the same, and literally everyone has
access to the same tools. When I started my business, I didn’t even have
platforms to build websites. I was hand-coding them. We have an abundance of them now. We have more abundance to capital, we have more abundance to crowdsourcing, we have more abundance
to vetting your idea. We have the ability to have audiences and to sell things to those audiences, which is how I believe every
business should launch. None of that existed in 2006 when I was 18 years old, hand-coding this from my parents’ dial-up computer, and all of that is accessible now. Young people today have more opportunity than has ever existed before, and this whole narrative about there not being opportunities or opportunities going away
is mislead and misguided. There are more opportunities
than ever before, they’re just changing, and they will continue to always change. We shouldn’t resist that,
we should embrace that. Today we are taking live
questions on Facebook Live. So, if you want your question submitted for upcoming episodes
of Freedom Fast Lane TV, make sure you’re subscribed over at facebook.com/freedomfastlane. First question from Facebook Live, “What’s a really good way
to find your passion?” I’ll answer that question with a question: why do you want to find your passion? Kind of a weird second question. But I ask you this because there is this kinda weird idea that I think is mostly BS, that you’ve got to find a passion, or there’s a passion floating out there that you’ve got to discover. It’s kind of like saying,
“How do I find my life path?” There is no life path. You’re creating it as you go. It’s like, what’s the best
way to build a business? However you do it,
you’re building the plane as this thing is flying. So there is no passion out there waiting for you to be found. There is only what you pay attention to and what you cultivate. So, what you really want is to find happiness and fulfillment. You don’t want to find a passion, you want to find fulfillment, you want to experience excitement. So follow that, follow the emotion. What gives you excitement? What gives you joy? ‘Cause there is no magical
thing out there that, once you find, gives you those emotions. What you want is the emotions, so follow the things that
trigger those emotions, and then you will find lots of passions and probably too many to choose from. Andrew Picard asked,
“What’s the fastest way “to passive income, “even if the passive
income is small at first?” There’s two ways that
I could address this. First, I believe that passive income only comes from investing. So, first thing you could do, allocate a small percentage
of your take-home pay, either from a business
or from your paycheck, preferably 10% or more, and put it into automatic
places of income. This could be a real
estate investment trust, it could be bonds, it could
be dividend-paying stock. These are all places
where you’re just going to park your cash, and you’re
going to sit on the income. But the other way that a
lot of people talk about passive income that is not really passive is working really, really freaking hard for passive income, and that’s like building niche sites where you sell affiliate products, or you have a YouTube channel where there are people who are sponsoring it. These are places where income comes in, but you don’t have to work for it once the hard work is upfront, but you still work really hard for that passive income. So, where are you working really hard that could be monetized? Do you have a large following? Do you have a lot of customers? And this is just the simple question of where do I monetize the
assets I’m already building? Or, another question, are you building any assets that could
be monetized long-term? ‘Cause if not, then we’ve got to address how we do that so that you have a business that you can monetize. So, that’s what most people talk about when they mean passive income, how do I work really hard so I can monetize it later? And we gotta look at where
we’re spending our time, and where we’re building an audience, or where we’re building assets that can be monetized. But on the immediate side, take a small percentage
of your take-home pay, whatever amount that would be, and put it into real-estate,
real estate investment trusts, any place that is going
to pay automatically without you having to think about it. Ty Corfe asks, on Facebook,
“How do you manage your time “with so many different projects?” Actually, I have way more
projects than I talk about here on the show or on the podcast, probably way too many because
I like to start things. But, I have a new way that I have learned to kind of manage my time that has been really liberating for me. And that’s twofold. One, I have identified what
I’m really, really good at, and what really, really just jazzes me up, and that is building an audience, doing stuff like I’m doing right now, and coming up with ideas. So I’m naturally going to be a starter, which means I need to be
surrounded by people who are not fast starters. So, identifying what I’m really good at, and then I block out intentional time when I am only doing that. So, I follow a Dan Sullivan principle, which is dividing my time into free days, focus days, and buffer days. Free days, I’m not allowed
to think about work. Right now, for me,
that’s Saturday, Sunday. Hopefully I’ll work in a
third day in there soon. Focus days are where I am focused only on my unique ability, which is building my audience. Today is a focus day. See what I’m doing? And coming up with ideas, brainstorming how a
business could be improved, new ways that we could
monetize the traffic, new ways that we could grow that business, and then working with my partners to be able to implement those. And then buffer days, which
is all the other stuff that I have to do in order for me to be fully present within my unique ability. So, email, meetings, all the
things that I’ve got to do just to get off my plate so that I can go back
to my unique ability. That’s how I am managing
my time right now, and I’ve found a lot of freedom in that because I save my buffer activities for the buffer day, and my day where I can focus, I am fully able to focus. And that has been a big shot
in the arm for me recently. Martin Absalon asked, “How
do you get the best people “to work in a small business?” This comes down to culture. We did a great podcast
with Cameron Herold, who basically specializes in exactly that, getting really good people
to work in small businesses, taking small businesses
from one to five million to 50 to 100 million. He works with physical product sellers. People who follow our stuff go to Cameron when they’re ready to scale. He also works with COOs and
general managers of companies to help them really learn how
to run businesses effectively, and he says that it all
comes down to culture. It all comes down to creating the type of atmosphere and workplace that
attract the right people. I would add to that the right mission, the right story, the right messaging, the right reason why you exist is part of your culture. Because when you stand for something that is more than just the buck, and there’s nothing wrong with the buck or standing for just money, but when you do stand for something else, something that meets the other needs of your team members and your employees, that attracts a different type of person, because then you’re not just competing on how much you can pay one another, you’re competing on what
is going to be the best life for the person who is joining your team. So, by focusing on culture and focusing on the other areas where you serve an individual
and make their life better, that is how you can attract
higher quality talent, even if you’re a small business. For more on that, make sure you subscribe to the podcast over at
freedomfastlane.com, or freedomfastlane.com/itunes, and listen to the episode
with Cameron Herold, where he speaks exactly
on how small businesses can attract good talent and grow, even from the one person show to an eight or a nine figure business. That’s been his specialty, and that’s why it was a very well-received
episode of the podcast. So grab that over at
freedomfastlane.com/itunes. This is the part of the
show where we look at one of our students’ businesses, and we see where we
can manifest more money into their business. And I say that because today’s submission is from Trevida.com. Trevida sells physical products
to people who meditate. What do people who meditate consume? See, you can sell physical
products to anybody, any group of people. This is why, when you’re building a brand, I recommend you start with the person, what does that person need, and then we address what
products to sell to that person. So Trevida sells meditation cushions, essential oils, diffusers. These are all things
that people who meditate are going have in their
living room, right? So, Trevida is selling about $20,000 to $25,000 per month. They have an audience
of about 5000 people, and they’re looking at
how do we grow this thing? Well, Mike and Lena,
owners of Trevida.com, I took a look at your Amazon store, I took a look at your following. You’re doing a really good job of engaging your audience through content. You’re doing a really good job of building up the audience on Facebook. Your branding is really good,
or at least good enough. Here’s where you are
missing a big opportunity. You are simply not being aggressive, at least aggressive enough in my opinion, at promoting your products,
specifically on Amazon. Now, you’ve got the
audience side figured out. You could probably leverage that audience a little bit harder to sell more product. But where you are simply
not being aggressive enough is in your review-getting strategies and your product promotion strategies. If I were you, I would walk
into this business and say, what are the two products that have the highest profit margin? We are going to blitz this thing for 90 days. We are going to give away tons of product, we are going to do whatever it takes to get 250 to 500 reviews, we’re going to do whatever it takes to rank for these keywords. You’ve been sitting on
the sidelines for too long without having that amount
of focus and aggressiveness. If you were to go all-in on just that for the next 90 days, those two products that you
pick become bestsellers, and that is going to give
you the profit margins to duplicate that process
over on every other product. So, whether that is giving
them away to your email list, going to giveaway lists, going
to Zonblast and Viral Launch, going out to these other places where you can give away
as much as possible to grease the Amazon algorithm, get those reviews from those people. That is how you are going to be able to make these products viable. From those profits, you’ll duplicate it over every other product. That is going to give you the customer base, it’s going to give you the
momentum to roll out even more products. It’ll even give you the profitability to be even more aggressive with the content strategy
that you are doing, to be able to spend more money on Facebook to boost your content, to be able to spend more
money to get more subscribers and more Facebook likes. And this is where the snowball really starts to pick up. Most people, and this is
what you’re doing right now, is just throwing products
up, hoping they take off, and doing a few things without any really focused effort on
what is going to drive the growth of that business. So for you, that focus needs to be on those two products that have the highest profit margin. Blast them, give them
away, get the reviews until you’re on the first page for all your major keywords, take those profits, duplicate that over every product, and you could have a
million dollar business a year from now, probably even sooner. One of the cool things
about this case study, one of the things that
really lights me up, is working with entrepreneurs
who already have the product, and it’s not moving in the
way that they expected, but they’ve done all of the hard work that it takes in order to get that product out there and selling. That really lights me up, because we can steer them from that point. If you’re the type of person, or you’re the person that
has an idea in your head but it’s not in the world yet, we specialize in this. We do something called the
Brand Builder Bootcamp, where in 90 days, you’ll go from, even if you don’t have an idea, to having a product out
there and selling regularly, and this is how everybody starts. And that’s over at
freedomfastlane.com/bootcamp. If you’re the type of person who has a product out there, but you’re not scaling
as fast as you want, we’ve helped over 200 millionaires who have products out there, but they haven’t scaled yet. We’ve helped 200 people go from there to running a million dollar business. And you can join our Tribe, where we can partner people with capital, or people who will promote your products, or people who are way ahead of you and following cutting edge strategies. We have really dialed in the process of what it looks like
to go from one product to having a million dollar business. And you can apply for The Tribe over at freedomfastlane.com/tribe. We focus so heavily on entrepreneurs, because we believe that entrepreneurship is the one thing in the world that actually makes everything better. It makes you better, it
makes your employees better, it makes your customers better, because it is a value creation process, and there is no limit
to the amount of value that we can create in this world. That’s why there’s no limit to income, there is no limit to growth, there is no limit to the amount of a better world that we can create. But I believe that all that comes from capitalism and entrepreneurship. It comes from you. That’s why we do this, that’s why we appreciate your support. Thanks for watching. (humming) (upbeat music)

11 Comments

  1. Mikeal Butler says:

    How can you teach a teenager work ethic? You work your butt off at anything you love and you will be successful. I once spoke with Michael Johnson and he told me when he grew up he was not the fastest runner in high school even. He said that he had a desire to be the fastest runner more than any other desire in his life. He said he showed up before everybody else and stayed later than everybody else. He was the best because he spent the time to be the best. Elon Musk said he lives his work and loves his life! He works all day loving what he does and it's easily 100 plus hours a week. He said in 4 months he learns what the average 40 hour worker learns in a year. He is the best because he spends more time than anybody else doing what he wants to do more than anything else. I love videos popping up like these because the teenage generation needs to u understand that the world is theirs!! Check out SpaceX the world's leading space travel company sending people around the moon this year. Their staff is full of people in their 20's and 30's. Listen to this video, the younger you are the more advantages you have. Work your butt off finding something you love… It's really that simple.

  2. Mikeal Butler says:

    woah, you sell on Amazon and you're crazy successful at it… I follow Greg at Jungle Scout but wow… I'd love somebody to share me your recent strategies the last 6 months or so since the review changes took place.

  3. CJ Alden says:

    NOW that's a hairy Chest!  LOL  Just Kidding man.  Love all of your work.  I really Really need help in selecting and sourcing from Alibaba.  It seems that all are selling high.  I can not divide the going price by 1/3  and source the product for 1/3 of the sell price.  What am I doing wrong???  Help???

  4. Garrett Johnson says:

    3:28 – I think you mean Twitch.tv

  5. TheJwb7111 says:

    FFLTV is getting better and better with every episode! Great job guys!

  6. Michael Lieberman says:

    Ryan, thank you for this great episode. much value was provided to me, just like all your material does. thank you and keep up the great work.

  7. Deepak Adhav says:

    hello please answer my question that how can we build email list.for starting I don't understand what can I give to customer for exchange of email.?

  8. Sweet Babar says:

    how only 2700 people have watched this fabulous episod ?????? great content doesnt seem to attract mass. they prefer to dream maybe with scam ideas for entrepreneurship

  9. Astro Rey says:

    Hi Ryan,

    You are a realle great person and I do really like you!

    thanks for sharing your knowledge!

  10. Bernadette Nadine Almeda says:

    How much is your program tribe

  11. Stevie Knight says:

    Would have loved this episode to be even more focused on the video title…about HOW millennials can build businesses. This only mentioned THAT they can. 🙁

    Would love a playlist focused on empowering millennials… 🙂

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