Name: How to Go From $0 to $10,000 a Month (in 4 Steps)
Uploaded: 2024-07-29T16:28:53.000Z
Duration: 23 min 34 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Hey friends, welcome back to the channel.

So what if starting a business that could make $10,000 a month was as easy as building Lego?

In this video, we're gonna be going through the step-by-step chaos framework for starting your first business and scaling it to 10K a month that I learned from multi-millionaire business guru, Daniel Priestly.

So imagine you start with this Lego box and then there's a little set of instructions that says do this, then this, then this.

And it breaks it down just step by step by step.

Now entrepreneurship is actually very similar to that.

And so we're gonna be going through this chaos framework in four stages without any special skills.

I've built multiple $10 million plus companies.

There are a series of steps that allow you to de-risk it and to de-mystify it.

So in this video, I'm gonna take you through each step of the process like we're following a set of entrepreneurial Lego instructions.

And I get that for a lot of people, if you're thinking of starting your first business, it can seem really overwhelming.

But hopefully by the end of this video, you'll have a little bit more of a step-by-step framework that you can genuinely follow and you can apply to any business idea that you have.

Okay, so the first brick needed to start building your 10K a month business is your concept or idea.

And so many people get stuck at this stage because they just can't decide or come up with one.

Now, Daniel actually has a simple answer to this that I'll explain.

But the first part of the problem is that people often think they need to be inventing the next Facebook or Uber just to make 10K a month.

When actually Daniel explained that for basically everyone, this is the wrong way to go about starting a business.

This is because Facebook is what's known as a performance business.

Whereas most people should be trying to build at least initially a lifestyle business.

So a lifestyle business is gonna be, are we keeping it small?

So that you can have fun, freedom and flexibility.

The second thing would be a performance business, which is we're building something to sell it.

We wanna be 50 million, 100 million plus in valuation.

We want to build something that's gonna be valuable.

Now, an easy way to think about this is the difference between building a skyscraper versus your dream home.

Building a skyscraper is cool and all, but it's fricking massive and it's gonna take way more people, investment and time than just working on your personal dream house.

So most people should be thinking about a lifestyle business, but what business idea should you actually choose?

And the way you can figure this out is by investigating something Daniel calls your OMV.

And your OMV is your origin story, mission and vision.

Now, just like Batman, Daniel believes that everyone has an origin story.

And that's the reason why we're driven to be interested in certain topics.

And given that you're much more likely to succeed in a business, if you're actually interested in it, it's definitely a good thing to look into.

Now, I've worked with enough entrepreneurs to discover that always around age 10 to 13, there was a moment where you discovered that you were actually independently powerful, separate to your parents.

And you have a moment of like, wow, okay, you know what?

I've actually, there's something going on here.

You might have taken ownership of something.

You might've put together a little play, something like that.

Psychologically, one thing I've found about entrepreneurs is that they're at a very deep level, they're trying to get back to that feeling, that feeling of empowerment.

So for example, my origin story moment was around that age when I first learned to code and I realized I could build websites and make money on the internet without needing my mom's permission, which was obviously absolutely amazing.

So using that example and breaking it down, you can see that my origin story has elements of freedom, creativity and sharing and making money on the internet.

And so 16 years on from that origin story, it turns out that what I do with this YouTube channel is make creative videos that I share on the internet in a business that helps me make money and gives me financial and personal freedom.

And that's actually pretty ideal, which is why I can keep going with this YouTube entrepreneur author business and hopefully not burn out.

Now, your business idea to make 10K a month doesn't have to necessarily fit in with your origin story, mission and vision, but everything becomes a lot easier if it does, because when you're doing something just for the money, it's very easy to burn out if you don't start seeing the results immediately.

Whereas when you're doing something because you have this intrinsic passion to do it and it gives you autonomy and mastery and purpose, freedom and all that kind of stuff, it's a lot more likely to succeed purely because you're much more likely to keep going with something you enjoy rather than something you don't enjoy.

When you try and do things purely to make money, it never works.

So once you've looked into your origin story, then how do you actually come up with the business ideas and choose them?

Now, I thought Daniel would say that this needs to be a huge part of the process, but he basically just said to do a simple brainstorm and think of whatever problems you can solve that fit your OMV.

And crucially, the point that I've been iterating time and again throughout this channel over the years is that a business is a vehicle that solves problems for people, and ideally those people can pay for those problems.

And so really, when you're thinking of these business ideas, you're coming up with ideas where you think you can provide value, and you're ideally trying to not overthink it.

Is it a case of you lock yourself in a room with you and your buddies and you're like, think of some business ideas or what's the ultimate model?

You come up with 10 ideas and you pick the best three.

Okay, so what does this look like in practice?

So based on my personal origin story of being into web design and coding, and also the fact that I used to do private tutoring back in the day to make a bit of money, all of these things gave me a sense of autonomy and agency, like I'm my own man, I'm making my own money, I'm making my five pound 50 an hour.

Here are 10 random business ideas that I've just come up with in a very quick brainstorming session.

I'm not gonna go through these in detail, but if you are interested, you can pause the video right now, and you can read these and you can see what they are.

And then just without overthinking it, for the sake of this exercise, I'm gonna narrow it down to the three that I like the most.

So I like the idea of designing websites as an agency.

I like the idea of building a productivity app because I used to code and I think building an app would be cool and I like productivity.

And I like the idea of doing courses for medical school applicants because I'm good at teaching and I like med school applicants and I think I could do that as a business idea.

Okay, so at this point, we have got our 10 random concepts, we have narrowed it down to three and for the record, this stuff maybe takes 10 minutes to brainstorm, especially if you help out, you know, get Chad GPT to help you out, whatever you want.

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So thank you so much Trading212 for sponsoring this video.

We now move to brick two of the chaos framework and brick two of the chaos framework is audience.

So at this point, we've got three concepts that fit our OMV, but will they connect with the type of customer who will actually get us to 10K a month?

And how do you test if they might actually buy it?

Now I'll explain how to test in a minute, but the first step is to check that you're actually targeting the right customers.

And this is where we have to accept an unfortunate truth.

When it comes to any problem in the world, there are people who throw their time at the problem in order to solve it.

And there are people who've got loads of money and they wanna throw money at the problem to solve it.

And if you wanna run a great business, you need to talk to people who've got money to throw at the problem.

I think this is a concept that is absolutely worth elaborating.

This is something Noah Kagan talks about in his book, Million Dollar Weekend.

Great book, I've done a video about it over there.

Interestingly, the process that Noah recommends in the book sort of inverts audience and concept.

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How to Go From $0 to $10,000 a Month (in 4 Steps)

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