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The Red Pill Retirement Podcast
27 minutes | 2 years ago
Considerations When Buying An Existing Business
For people who are interested in buying online businesses, it can be hard to know when you’re finally ready to commit and make your first purchase. There is a seemingly endless number of questions to ask and decisions to make. For some, it can be hard to know when you’re prepared enough to act on your investments. Today, we’re talking about the questions and self-assessments you should be considering as you move towards a final decision. We also talk about seeking success, and the fact that you never fully know until you jump in and try. In this episode, you’ll hear: What you need to keep in mind as you make this decision, including your desired end state and monetization plan Self-assessment advice – how understanding your personality type, skills, and interests should inform your decision The need to commit when the time is right. You never know everything, and you may never feel fully-prepared, but if you have a good team of advisors around you and have asked all the right questions, you are as ready as you’ll ever be. References Retirement Rehab Website No Nest Egg Retirement Plan Retirement Rehab Facebook Community 3 Essential Steps to Become Confident Investing in Your First Website Lessons I Learned in Professional Website Investing Transcription of This Episode Welcome to The Red Pill Retirement podcast, where we give you the raw unfiltered truth about retirement planning in the modern age. Pensions and 401ks are quickly becoming a thing in the past, so we’re here to share resources and recommendations that will help you create the retirement lifestyle you’ve always dreamed of. If you’re ready to take control of your financial future, we’re here to help. Let’s get started. I’m your host, Ryan Cowden and this week we’re joined by Ian Bond from redpillretirement.com. In this episode of The Red Pill Retirement Podcast, Ian and I discussed the final questions you should be considering before you buy an online business. For people who are interested in buying online businesses, it can be hard to know when you’re finally ready to commit and make your first purchase. There is a seemingly endless number of questions to ask and decisions to make, and it can be hard to know when you’re prepared enough to act. Today, we’re talking about the questions and self-assessments you should be considering as you move towards a final decision. We also talk about seeking success, and the fact that you never fully know until you jump in and try. In this episode, you’ll hear what you need to keep in mind as you make this decision, including your desired-end state and monetization plan, self-assessment advice, how understanding your personality type, skills and interests should inform your decision, and the need to commit when the time is right. You’ll never know everything and you may never feel fully prepared, but if you have a good team of advisors around you and have asked all the right questions, you are as ready as you’ll ever be. There’s a lot of actionable advice in this episode, so grab something to write with because you’re going to want to take notes. As always, I’ll be back on the other side to wrap up any loose ends. So without any further ado, here’s my conversation with Ian Bond. All right, Ian, welcome back to the podcast. How have you been recently? Ryan, never better. Great to hear your voice again and see you again too. Now that we do these videos last few podcasts ago, we couldn’t get the video to work on my end here. So my apologies. It’s good to see you. Yeah. Yes, exactly. Good to see you. Yeah. Well we’re diving into a really interesting topic today. We’re looking at websites and that decision point, when do you really know that you’re ready to pull the trigger, and what should you be considering at that stage in the game. So something you have a lot of experience with. Well, I went through the soul searching and I’ve described it before. We’ve talked a little bit about it on the podcast. Just to remind people, I became convinced through my professional analysis that website investing was an incredibly attractive opportunity. At 58 years old, my biggest fear was the tech fear. Could I crack that or would I lose every penny I invested immediately? I put down 53 deposits on websites with one website broker alone, and my bookkeeper nearly fired me because the money was going back and forth every time I canceled my deposit. So yeah, I have a lot of experience with the soul searching. So I wrote a blog piece that talks about how you might think about a framework to get there. So how might you do that. Now maybe we can, maybe you ask me what you think the relevant questions are to unpack that and fire away. Sure. Well, I think one of the good places to start is one of the things that you mentioned is having an end goal in mind. So what’s your desired end-state? That’s probably going to look different for different people, but how did you go about figuring out what your end-state was going to look like? Obviously, the old Stephen Covey start with the end in mind comes to the forefront when you think about this. You don’t want to do something that you’re going to be horribly unhappy with. I’ll just give you a for instance, I’ve been in sales my whole life and so we decided to do a physical goods eCommerce that has a big customer service component. That worked and also you have the supplier relationships. So consequently, it didn’t threaten us. In fact, it was attractive to me to bring my skills and experience to bear on that. Other people would make a totally different decision because they want nothing to do with them, and I know people like that. People that like to do analytical things and want nothing to do with human interaction. That wouldn’t be me, that would make me unhappy. I enjoy what we’re doing right now. So I think you have to start with like if I end up succeeding in this, what’s it look like? Obviously we’re all here to make money for one reason or another. I am late career professional and I’m here to make money to finance something beyond this career that excites, and that can support my family. So there’s certainly a monetary component, but you have to also think, do want to go into the coal mine every day or whatever it is. All right. Great. Well another thing that you mentioned is having some framework of a monetization strategy. You want that piece in mind and- Yeah, so two things I would point out there. In the piece that we wrote, we talked, I leaned heavily on Tom Corley from Rich Habits. If you just Google, Tom Corley, Rich Habits, he has a wonderful blog. He did a study of wealthy people and what the habits are of the wealthy, and what they do that’s different than normal people. He has a framework where he says take expert knowledge, develop advanced skills, and then the way to achieve success is by you got to do it. Okay? So the big question is, how do you push yourself to get to that next level? Now I’ve articulated and explained on this podcast that I shamed myself into it, because I put all those deposits down. I’ll tell you a story before we moved over here, we went on a family vacation to a Connecticut, rented a house. House came with a couple of bikes. My kids were nine and five at the time, and both wanted to learn how to ride bikes. They’re city kids. We didn’t have bikes in the city. One kid’s a daredevil, one kid’s incredibly cautious. Girl is older, boy is younger, boy is more cautious. Okay, but on either end of the bike trip, at the beginning where was mom or dad on one end and mom or dad on the other end, expanding the distance between each other as we taught our kids how to ride bikes. After the long weekend, or the week that we were there, both kids were riding bikes at the park around the tennis court unendingly. I mean, come on it’s time to go home kind of thing. Overjoyed to have learned it. How did they get there? They had mom and dad continuing to move the goal pole, or move the distance further and further apart. I would tell you that I think it’s the same thing in terms of that achieving success component is the same thing. You need to try to lean on other third parties, other telltale signs, any kind of framework that you can develop that tells you that you’re ready. In my own investing experience, I basically shamed myself into it and made a $17,000 tuition deposit on what I call the University of the Internet to say, “Look, I can afford to lose this. I really think it’s going to work. I’ve done as much work as I possibly can. Time to pony up and try it.” Okay. So would you say that … You mentioned two personality types, you got the dare devil and the cautious. Which one are you? I was overly cautious. You’re overly cautious, okay. Yeah. I was 58 years old investing in websites. I’m not a tech guy okay, so I manage tech guys. I have tech people reporting to me, we manage big projects. I’ve managed major transformational technology projects, I understand the moving parts. If there was one thing that I underestimated, it was I could do that, I could take exactly those skills and with the pool of outsourced workers I have access to, I can literally recreate that. I really thought I was going to have to do more myself, and I’m incredibly positively surprised that the opposite is true. Okay. So let’s talk that through. It sounds like an important step here is self assessment that people need to figure out what type of personality they have as they get into this. What do the daredevils need to keep in mind, and then what do the cautious people need to keep in mind is if you’re just getting started? I
29 minutes | 2 years ago
Starting a Profitable Website – Build or Buy?
One of the early, major decisions you will make in your foray into online website investment is whether you should purchase an already existing platform or build one yourself. This is an important decision that will affect your time, resources, and strategy as you build your online business. While this is a valid question, there is strong evidence to suggest that buying an established website is the more attractive option here. In this episode, Ian weighs the pros and cons and makes his case for why you should focus your activity on established online properties. In this episode, you’ll hear: Ian defend his conclusion that established websites are the more attractive investment Specific benefits that established websites offer Lessons from Ian’s first website purchase References and Resources Retirement Rehab Website No Nest Egg Retirement Plan Retirement Rehab Facebook Community 5 Reasons Why Established Websites are the Most Attractive Investable Asset Class Lessons I Learned in Professional Website Investing Transcription of This Episode Welcome to the Red Pill Retirement podcast where we give you the raw, unfiltered truth about retirement planning in the modern age. Pensions and 401K’s are quickly becoming a thing of the past, so we’re here to share resources and recommendations that will help you create the retirement lifestyle you always dreamed of. If you’re ready to take control of your financial future, we’re ready to help. Let’s get started. I’m your host Ryan Cowden, and this week we’re joined by Ian Bond from Red Pill Retirement dot com. In this episode of the Red Pill Retirement podcast, Ian and I discuss the debate between building or buying online websites. One of the early, major decisions you will make in your fore into online web investment, is whether you should purchase an already existing platform or build one yourself. This is an important decision that will affect your time, resources and strategy as you build your online business. While this is a valid question, there is strong evidence to suggest that buying an established website is a more attractive option here. In this episode, Ian weighs the pros and cons and makes his case for why you should focus your activity on established online properties. In this episode, you’ll hear Ian defend his conclusion that established websites are the more attractive investment, specific benefits that established websites offer, and lessons from Ian’s first website purchase. If you’re weighing the decision of what type of website to invest in, this episode is one you won’t want to miss. There’s a lot of actionable advice in this episode. So grab something to write with because you’re going to want to take notes. As always, I’ll be back on the other side to wrap up any loose ends. So, without any further ado, here’s my conversation with Ian Bond. All right, Ian, welcome back to the show, how you doing man? Ryan, never better. We’ve gotten through kind of the wild and crazy Thanksgiving and Thanksgiving shopping holidays and we’re coming into the homestretch to end up 2018. And so, as I’ve said before, I love finishing strong because that’s how you start strong for the next year. Call this the ruling season because how we finish is gonna rule how we are able to behave next year, it sets the rule all right. Right, that’s great. Well, we’re talking about something that I know you’re passionate abut today. We’re talking about how to build profitable websites and we’re raising the question of should you build that website or should you look to buy it from someone else. And the answer is yes, okay. So we can dive into that. And I have, as you know, a fairly, I have a fairly strong view on this. Okay. Well, let’s jump right in. What is your recommendation between building or buying a website? Sure, so we wrote a blog piece back when we launched the site about lessons I’ve learned in website investing and why I feel that investing in websites is the most promising asset class that you can invest in. And I do this with over three dozen years of experience in investing in all kinds of asset classes. So, I would point anybody who wants an institutional analytics to take a look at that, drop me online and I’d be happy to defend that because I interview asset managers on a daily basis in my day job. And so I have a very strong view on it. But the reason I became compelled is that I saw this incredible opportunity in this asset class and I’m not a genius, I know that 90% of all small businesses fail in the first five years and of the ones that survive, 90% of those fail in the next five years. And those are bricks and mortar businesses, probably higher in website investing, so that’s number one. I didn’t think that I’d be the one to probably find one of the 10% that would create one of the ones that would survive the first five years. I didn’t think I’d be that lucky. And number two, I was already in my mid to late 50’s and I don’t have the time or the inclination to do that. And so, coupling that age factor with statistics that so many fail, such a huge percentage fail, buy a profitable one cheap, on the cheap, and then operate it. Don’t spend the time. The question Ryan, comes down to, do you have more time or do you have more money. And when you have something as cheap in the marketplace as websites, it really tilts in favor of buying rather than creating or building. Okay, yeah. Because the point of all this is to make money right? It’s absolutely the case. Making money is why we’re here. Yeah, it seems like a lot of online businesses start off, people try to start blogs or thins like that. Is that a good class to invest in or? It’s horrible. Okay. Okay, all right. So anybody listening to this, if someone is preaching to you to start a blog the finance your retirement, immediately unsubscribe. That’s the worst advice on the internet. You will be eating cat food in your old age, you’ll be a greeter at Sam’s or Wal-Mart. Not that that’s a horrible thing, that was something my dad always wanted to do, when he was a – he liked to talk. But, I mean, there are more blogs on Earth then we need. And they are proliferating like every day. It’s a horrible notion that you can start a blog and monetize it as your way to fund a retirement or to fund anything meaningful. Now, it is not a horrible idea if you want to do this, start a blog, to enhance your professional career. It’s not horrible idea if it’s something you want to do because you’re passionate about it and you really like it, you want to contribute to a community of people or maybe develop a community of people. It’s and to a bad idea to want to do it as an accountability thing, hold yourself accountable to something. I’m following a guy that I’ve known that’s in the Philippines who’s lost over half of his body weight. I started following him because he is called 430 to Fit. And it’s the number 430 T-O-F-I-T, and his name is Bob Phillips and he’s lost over half of his body weight. I started following him ’cause he’s commented about life in Dubai City in the Philippines and he had a health scare. So he’s doing, he’s taken 430 To Fit and chronicled his own journey to becoming fit after several health scares. It’s marvelous reading. Is he going to make a fortune out of it, no. But he has a number of supporters helping him along the way. And he has a bunch of people that he’s helping and he’s getting a lot out of it. I mean, that’s great. I think enhancing your professional career is great. I think there’s a number of good reasons but it will not fund your retirement so it’s horrible advice to start a blog to fund your retirement. Okay. Was that too namby-pamby? Oh no, that’s good. That’ good advice ’cause it’s, I feel like you’re always looking at new blogs popping up and advice on how to get your blog, how the get followers. Oh yeah, yeah, if you’re gonna do this, please use our blue host affiliate link so we can make millions of dollars off of people that are gonna do that, please. And we have that. Yeah, okay. Everybody does. So for people looking to jump into the website world, I feel like one of the first decisions you have to make is are you gonna design this website yourself or are you gonna hire someone to build it for you or purchase one. What’s your recommendation on that? Well, okay, so let’s go down the path for a career professional, someone who’s contemplating retirement. Again, it comes down to time or money. Most things you can particularly in the website world, whether you’re creating or whether you’re just operating one, most things you can outsource relatively cheaply. We advocate staying on all of the standard platforms. You know if you’re gonna be blogging because of the reasons I just suggested, or if you’re gonna do eCommerce which is what we do, the standardized platforms you can get tons of help. So, you know, why would you spend time doing that when you can spend your time creating useful content that you have the years of experience to share with the world, why would you go and learn how to upload products on Shopify or do the latest, greatest thing on WordPress. I don’t see any point but there are some people that geek out about that stuff, I don’t. Okay. So, let’s dig into some of the main reasons why, I just want to get more in depth on why existing websites are good for someone to buy and one of the points that you raised in one of your articles was, Established websites already have a built in audie
34 minutes | 2 years ago
How To Rehab Your Retirement With: Ecommerce
Subscribe to the Red Pill Retirement podcast in iTunes For people who are looking to earn additional retirement income on the side of their day job or establish an income stream that can eventually replace their salary, managing an Ecommerce site can be a great option. So, in this episode of The Red Pill Retirement Podcast we talk about why Ecommerce is an attractive retirement rehab path, what it takes to get started, and what you can expect in terms of time commitment and earning potential. You’ll learn about: What kinds of professionals are a good fit to become Ecommerce store owners and why Ecommerce is an attractive retirement rehab model The different types of Ecommerce business models that exist and why you might want to choose a certain model, depending on your goals Whether you should build your first store from scratch or consider buying an existing store that you can grow over time What level of capital, experience, and resources you need to get started as a store owner What you can expect to earn as an Ecommerce store owner and what you’ll need to sacrifice in exchange for those earnings References and Resources: The No Nest Egg Retirement Community The My Retirement Rehab Facebook Community Amazon FBA Shopify WooCommerce Oberlo Article: What is Dropshipping? Transcription of This Episode Welcome to the Red Pill Retirement podcast, where we give you the raw unfiltered truth about retirement planning in the modern age. Pensions and 401K’s are quickly becoming a thing of the past, so we’re here to share resources and recommendations that will help you create the retirement lifestyle you’ve always dreamed of. If you’re ready to take control of your financial future, we’re here to help. Let’s get started. In this episode of the Red Pill Retirement podcast, Ian and I discuss how to rehabilitate your retirement by building or buying an E-commerce store. For people who are looking to earn additional retirement income on the side of their day job, or establishing an income stream that can eventually replace their salary, managing an E-commerce site can be a great option. So, today we’re talking about why E-commerce is an attractive retirement rehab path, what types of E-commerce models exist, whether you should build or buy your first store, what it takes to get started, and what you can expect in terms of time commitment and earning potential. This episode is full of actionable advice, so I recommend that you get something to write with because you’re going to want to take notes. As always, I’ll be back on the other side of the conversation to tie up any loose ends. So without further ado, let’s dive into my conversation with Ian. Everyone, welcome back to the show. My name is James Sowers, and I’m joined as always by Mr. Ian Bond. Ian, how are you doing today? James I couldn’t be better. We’re going to have one of my favorite topics to talk about. We’re going to talk about E-commerce today as a retirement income strategy. So, really looking forward to unpacking this one with you. Yeah, and if somehow you’re just dropping into this particular episode, and you haven’t already subscribed, we have covered two other models. Previously, we talked about coaching and consulting and then we also talked about freelancing. Those will be in the show notes and they’ll also be in the show archives, so you can go back to those if you find this one compelling if you got linked through social media or whatever. But today we are going to be focusing on E-commerce and building an E-commerce site or buying an E-commerce site, running an E-commerce store as a retirement rehab method. And this is actually your preferred method Ian. So is there a point where you can give us your reasoning behind that, why you recommend it above the other two? Sure. So, just to make a comparison, look, I’m doing all three. I wouldn’t say I’m freelancing as much, but I’m doing coaching and consulting, I am doing skills based stuff for other people, so it’s not really freelancing. But I started out with mostly intrigued by E-commerce and I would say that the type of person that E-commerce would appeal to might be like myself, someone who has managed a bunch of people. Might be someone who as a grade school kid had a lemonade stand and figured out they could put their system and their two best friends to work for them and they could get leverage on other people’s time. And so when I looked at it, as opposed to going to the office every day and earning a nice high salary or income, this is something where you can employ technology, although all three of the models employ technology, this one employs technology probably much more intensively, allows you to build a mini empire of people that you manage, and is location independent and scalable because, as I’ve mentioned before, we’re all native online shoppers. It’s semi-intuitive to most of us. And so the skill sets that you need fit career professionals or corporate executives who’ve ever been in any a management role or ever had any people reporting to them. So for me, it ticked those boxes and really it was the one that I could leverage my time best. We are pretty public in having generated over $2 million in revenue off one of our websites last year, and that would be hard to do in two or three years, I guess that was our second full year of running that website, and you’re not going to do that coaching and consulting or freelancing. So, it’s really the leverage on your time that I found to be exciting. Yeah, and to expand on that a little bit, I think maybe one important caveat to put on this is that, at least in my opinion, an E-commerce store is probably the most demanding of the three from a resource perspective, from a skills perspective, but it also has the highest potential. Because, as you mentioned, coaching, consulting and freelancing, they don’t scale all that well. Your time is required to keep that business running. If you’re not actively doing client work, you’re not earning income. Whereas, with an E-commerce store, it runs while you sleep. The scale is pretty much infinite, it’s as high as the market will support. So, I think that’s an important thing to mention here right up front is that, what we talked about for the rest of the show, if this is something you’re thinking about pursuing, it is probably going to be a little bit more of an investment from capital, to time, to energy, you may have to have some staff to support you because I think an E-commerce store is going to demand the most diverse skill set. And managers are going to be great at it, but you can’t be a copywriter, and a website developer, and a logistics manager. One person is very unlikely to be all those things. So you’re either going to need to outsource to help or hire somebody, probably. Yeah. Let me mention one alternative perspective. And I think back to when I was going down this path to begin with. I didn’t have a strong sense as to what skills that I might that I possess that others might find valuable. And I have coached people and mentored people before, but the way to really scale coaching and consulting is through online courses. And I couldn’t really figure out from the get go, what was going to be the magic formula to where I can have a wildly successful online course. It was really pretty simple to take a look at existing websites, see how they were doing, and for me to try to figure out how to scale them through using some of my native skills in managing people. So, that was one of the things that came into my thinking also. Yeah. And it’s going to be a consideration for anybody who’s listening and trying to choose one of these three paths. Maybe you start as a freelancer, and you build up a savings, and then you use that to buy an E-commerce site, and then you transition to being an E-commerce store, that’s one model. Or maybe you just dive right in. Maybe you have the free capital, maybe you have a very stable job, maybe you have a high level of income and you’re comfortable taking on some of that risk for the higher upside on the return side. So, yeah, I think that’s a super interesting point Ian. So yeah, we mentioned in the last episode if people didn’t hear it, that I have a friend who he and his wife have been incredible new business generators. And her skill set really is a very, very high end freelancing skill set. And they now employ several freelancers who have zero interest in doing the marketing and managing the client relations. So you could start out as a freelancer and if you find out that you’re really a great do business person, you actually know the nuts and bolts of what it takes to succeed and who you should hire, so you could scale that. And there are a lot of online businesses for sale that are service related businesses. Yeah, that’s true. You could go into the agency route, you could go into the product type service route. I don’t know that you’ll get there as fast as you could maybe with E-commerce, it just depends because there is a big steep learning curve and then you’re managing a team and that’s not always a great fit for everybody, but it’s certainly an opportunity. Whereas I think if you buy an existing E-commerce site, like we may talk about here in a few minutes, that has revenue already, then you have a head start on that and then your job is just to grow that revenue. So maybe before we get into that though, let’s talk about really quickly the different types of E-commerce models. Like we have job shipping, we have white labeling. What are some of those options, and why do you maybe prefer one over the other or a couple over the rest? So
37 minutes | 2 years ago
How To Rehab Your Retirement With: Freelancing
Subscribe to the Red Pill Retirement podcast in iTunes When it comes to saving for retirement, we always recommend that you stay at your job as long as possible to extend your financial runway and grow your nest egg. However, not every entrepreneurial endeavor fits neatly around a 9-to-5 employment situation. That’s why we recorded this episode, which gives you everything you need to know to get started with one of the most flexible side income models – freelancing. For people who are looking to earn additional retirement income on the side of their day job or establish an income stream that they can transition to in a full-time capacity, freelancing can be a lucrative, natural choice to make. So, in this episode we cover how you can identify what type of services you are qualified and capable of offering, where you can find your first clients, what tools and resources you need to get started. You’ll learn about: Why freelancing is an attractive retirement rehab option and what kind of professionals are a good fit for trying it out How to figure out what kind of freelancing services you can offer and compare that to what services are in high demand in your target market Where you should go to find your first freelancing clients and how you can make sure that you knock your first projects out of the park What level of capital, experience, and technical resources you will need to start acquiring and serving clients What you can expect to earn as a part-time or full-time freelancer and what you’ll need to sacrifice in exchange for those earnings References and Resources: The No Nest Egg Retirement Community Upwork Clarity.fm Fiverr Freelancer.com Transcription of This Episode Welcome to the Red Pill Retirement podcast where we give you the raw, unfiltered truth about retirement planning in the modern age. Pensions and 401K’s are quickly becoming a thing of the past so we’re here to share resources and recommendations that will help you create the retirement lifestyle you’ve always dreamed of. If you’re ready to take control of your financial future we’re here to help. Let’s get started. In this episode of the Red Pill Retirement podcast Ian and I discuss how to experiment with freelancing as a means to rehab your retirement plan. For people who are looking to earn additional retirement income on the side of their day job or establish an income stream that they can transition to in a full-time capacity, freelancing can be a lucrative natural choice to make. Today we’re talking about how you can identify what types of services you are qualified and capable of offering the clients, where you can find your first clients, what tools and resources you need to get started and what you can expect in terms of time commitment and earning potential. This episode is full of actionable advice so I recommend that you get something to write with because you’re going to want to take notes. As always, I’ll be back on the other side of the conversation to tie up any loose ends. Without further ado let’s dive into my conversation with Ian. Hey folks, welcome back to the show. My name is James Sowers and I am joined, as always, by Mr.Ian Bond. Ian, I see you’re burning the midnight oil there. How are things on your side of the word? James, it’s actually not the midnight oil, it just happens to be November now and things are getting dark earlier. It’s actually not even dinner time yet. It is what it is. The days are getting shorter although the weather is just spectacular so we’ll trade one for the other. Yeah, it’s funny how that happens. I can’t believe it, I dropped my daughter off at daycare this morning and I was looking at the schedule in her classroom and I looked at the date and I went oh my goodness, it’s November already. The year is almost gone, it feels like new years was yesterday. It’s insane how time passes and things just keep moving right along when you get busy with your day to day. We have a great topic today and we’re continuing our series on rehabbing your retirement and we’re focusing on three core models, one that we already covered being consulting and then today we’re going to talk about freelancing and then in our next episode we’re going to talk about E-commerce and running a E-commerce store. Let’s focus on the story for today which is how you can get your retirement planning back on track or accelerate the growth of your nest egg through freelancing. I think specifically what we want to talk about to kick things off is why might freelancing be a more attractive option compared to those other two depending on what an individual’s personal background is. What attracts you to freelancing, why would you recommend that and what types of people are predisposed to try this versus consulting or E-commerce? I think it’s a real, I think it’s a real opportunity for people that have a very, very specific skillset to be able to cash in on it at out sized money and be able to have a very well defined workable time commitment that fits their schedule well. I’ll contrast that with what I think the two big retirement publications talk about which I think is just wrong, okay, which is kind of competing in the commodity world of utilizing your English language skills to teach English as a second language and/or do travel writing or something like that which I think are horrible uses of your time if you have other skills. We’ll get into that in just a sec. Yeah, I’m sure we will. I think maybe where we can start here is one of the green flags that I’ve seen and I’ve done some freelance work on the side while working a full-time job, the nights and weekends thing. One of the green flags that I have seen is that if in your day job you have people elsewhere in your social network asking you to do the same type of work for them, like say the run a T-shirt printing company and you’re a graphic designer and they want you to design T-shirts for them so that they can print them for an event or something like that, that might be your first indicator that you have a marketable skill that could be utilized outside of your employment. Of course, we don’t want to violate any kind of employments contracts or agreements that might be in place if you work for an agency or something like that but to the degree that you have the flexibility to go out and pursue that on your own, that’s the first indicator, when you have friends, family and connections of those folks coming to you and saying, “Hey, Suzie told me that you do graphic design, I’ve got a couple of things in mind that I’d like to get done, could you help me out with that?” And then that’s like, hey, maybe I should try this on the side, maybe I could earn some additional income that way. I couldn’t agree more. One of the first people I hired four and a half years ago when I arrived in my new job was a fellow that did strategy for me. The guy was incredibly gifted at writing strategy presentations and one of the things he did was write a strategy presentation for a business that his father was launching. Well, most nascent business people have a need for a strategy document, whether that’s for lenders, whether that’s for investors, whether that’s for internal purposes to educate people that are going to work for the company. He has an ability to have a conversation like you and I are having and come back with an incredibly insightful presentation that leads from the beginning all the core reasons why, what the strategy of the organization would be, why that strategy will be successful, how someone would fit in and what the unique selling proposition would be. That’s one of those skills that’s incredibly useful to have, very, very specific and for the person that’s looking for it, it’s almost invaluable. I’ll chip another one in later but it’s almost invaluable. What’s that skill worth? For him, writing a strategy presentation is almost like rolling out of bed in the morning, it’s that easy for him because he’s that well schooled in it. I think if you’re looking at yourself in the mirror and you’re saying hey, I do this in my day job, I’ll just do that freelance, that can work out but it doesn’t always, especially if you think you’re going to be a freelance writer or something like that, there are so many writers out there, just generic I’ll write anything that you need for your website blog articles and things like that because the entry is so low, it really is. We’re going to talk about here in a minute, doesn’t take that much to get started with freelancing. I would encourage you to find a more specialized like, what do I do that only I can do or that I am very good at compared to the general population and is something that every business needs. If you are, we talked about this before we hopped on the show here, if you are a grant proposal writer for your organization, pretty much every company at some point is applying for a grant or something like that and they may or may not have the budget to hire somebody to do that full-time like you. You can step in and help them in a freelance capacity for a short term in a very structured scoped out project and you can deliver your expertise in the moment that they need it when that pain is most urgent and they’re going to be willing to pay top dollar because they need to get that grant money to keep whatever it is that they’re going in action. That’s just one example of somebody- Two incredibly important things in what you said. First of all, the distance between you and the money, the shorter the distance the more you’re going to get paid. Secondl
34 minutes | 2 years ago
How To Rehab Your Retirement With: Coaching & Consulting
Subscribe to the Red Pill Retirement podcast in iTunes When it comes to saving for retirement, we always recommend that you stay at your job as long as possible to extend your financial runway and grow your nest egg. However, not every entrepreneurial endeavor fits neatly around a 9-to-5 employment situation. That’s why we recorded this episode, which gives you everything you need to know to get started with one of the most flexible side income models – coaching and consulting. For people who are looking to earn additional retirement income on the side of their day job or establish an income stream that they can transition to in a full-time capacity, coaching and consulting is often a lucrative, natural choice to make. So, in this episode we’re covering everything you need to figure out what kind of coaching services you are most qualified to provide and what you’ll need to start serving your first few clients. You’ll learn about: Why coaching services are in high demand and why coaching and consulting is an attractive entrepreneurial path How to identify what kind of coaching you are best equipped to provide AND a market that has a demonstrated need for that knowledge How to structure your coaching services and find your first clients The knowledge, tools, and resources it takes to start serving your first coaching clients What you can expect to earn as a coach or consultant and what you will have to sacrifice in exchange for those earning References and Resources: The No Nest Egg Retirement Community AllConferences Reddit Clarity.fm Zoom Transcription of This Episode Welcome to the Red Pill Retirement podcast where we give you the raw unfiltered truth about retirement planning in the modern age, pensions and 401(k)’s are quickly becoming a thing of the past, so we’re here to share resources and recommendations that will help you create the retirement lifestyle you’ve always dreamed of. If you’re ready to take control of your financial future, we’re here to help. Let’s get started. In this episode of the Red Pill Retirement podcast, Ian and I discuss how to get your start as a professional coach or consultant. For people who are looking to earn additional retirement income on the side of their day job or people who are looking to establish an income stream that they can transition to and a full time capacity, coaching and consulting is often a lucrative but natural choice to make. So today we’re talking about how you can identify what type of coaching services you are well positioned to offer, where you can find your first clients, what tools and resources you need to get started, and what you can expect in terms of time commitment and earning potential. This episode is full of actionable advice. So I recommend that you get something to write with because you’re going to want to take notes. As always, I’ll be back on the other side of the conversation to tie up any loose ends. So without further ado, let’s dive into my conversation with Ian. Hey everyone. Welcome back to the show, my name is James Sours and I am your cohost and I am joined as always by Mr Ian Bond. Ian, how are you doing today? James, couldn’t be better. It’s great to see you again and looking forward to today’s show. Yeah, we’ve got another great one, I say that every show, but that’s just because we keep pumping out the good content. I think today is going to be exciting for a lot of folks in our audience because this starts a series where we’re going to dive deep into specific steps that you can take to generate income on the side of your job or even if you want to do it full time to generate income indefinitely and sustain your retirement that way. We’re talking about coaching and consulting specifically today, but Ian do you have anything that you wanted to lead folks into? It looked like you had a thought there. Look, I think this is going to be a great topic. I think that I can’t think of anyone that I know that couldn’t coach if they wanted to. So I think it comes down to saying, look, if you’re a people person, venue can probably coach somebody else something, now if you don’t want to be with people then this is not probably the right thing for you. Yeah, totally agree, and to the same point, I don’t know anybody that is operating at the top of their game, elite athletes, Olympians, surgeons, CEO’s at all walks of life, the people that are tier one in what they do, they all have a coach, every single one of them. And so I think that what that indicates is market demand for coaches and if you are somebody who has knowledge, skills and expertise in a specific area, there’s somebody out there that can benefit from having a call, a conversation and learning from you. Right now I have two coaches that I pay money to for different reasons. Both of them I utilize for kind of specific outcomes and they both keep me accountable and it’s amazing, It’s Kinda like having a personal trainer when you know you’ve got to show up you kind of have that urgency that you’ve got to kind of do what you promised that you are going to do and I can’t imagine not, kind of tapping the cranial fluid of an expert and getting there faster at age 61. I don’t want to go spin my wheels. Absolutely. So somebody is thinking that they want to get into coaching or consulting and you know, we’ve already talked about how if you like people and you’re a career professional, you’re probably a good fit to be a coach or a consultant. But if somebody is saying, “Yeah, but I don’t even know what I would coach people on. I don’t know what I would consult people on.” How would you recommend that they get started finding out where they should be playing in that space? Well, I would say, you know, give me five minutes with you and I can help you. I think that there’s a couple things to think about, first of all, the biggest hurdle that people cross is I think that they have to be the smartest person on the planet and that’s just not the case. I have a nine year old son who is not the strongest swimmer, I’m certainly not going to be on the Olympic swimming team any time soon, but I can certainly help my nine year old son swim better. And I think most of us, if you’re just a couple of steps ahead of people, that’s actually what people are looking for because they don’t want the guru. The Guru is so far gone and so far ahead that while they may be inspirational, they know you probably can’t relate to them.So the first thing is you have enough expertise. The second thing I would say with regards to kind of what it is that you would do, you have to find the intersection of the stuff that people will pay for and stuff that you know well about. Okay. So what is that expert now? It could be professional things, most people consult in kind of the industry that they’ve been in and coaching as a kind of a wider feel there’s everything from spiritual healers and life coaches to people that coach on very specific skillsets, to people that kind of you would call tutors because they teach things like English as a second language. So there’s not a whole broad range of things, but you have to find what people are going to pay you money for. Yeah, absolutely. And you know, like you said, coaches come in all forms and functions. I mean there are people who literally just coach software developers on how to find their next job or negotiate a pay increase or something like that. I mean, there are, the niche can be as small or as large as you want to make it, it’s about looking in the mirror and saying what am I good at and what do people in the market have as pain points and problems that I can solve given my unique experience. Yeah. Let me just add to something that, because I actually suffered through this for a while, you don’t want to be all things to all people and there’s a great Pat Flynn’s saying that the riches are in the niches. Okay. So actually the tightest that you can get your proposition, you will find a tribe, you’ll know where to look for them and you’ll find them. And I think you want to bring it down and narrow it down, here we are talking to people who are behind the game in their retirement planning, who may not have anywhere any nest egg at all, that was certainly the situation that I was in coming up late in their career, possibly facing age … we’re way down the funnel in terms of kind of qualifiers to be talking to people about and if that’s you and you’re listening to this podcast, you’re in the right place. If we were to talk about some broad topic, you’d probably find it uninteresting. So I would say try and drill down as tightly as you can to find that real pain point. And with regards to the kind of thing you’re going to coach or consultant on, I really do think that you want to have something that I would consider the solution is similar to an aspirin and not a vitamin. What I mean is if in the middle of the night, this would be something that would annoy someone so much that they would get out of bed and go to the store to get an aspirin, that’s the kind of analogy I would use as opposed to something that would be a good to have, a vitamin. Yeah. So it’s all about severity of the pain and urgency of the pain or urgency to take care of it versus something that’s more proactive, like I take vitamins because it supports my health and I’m being proactive but it’s not really a big concern for me. You want something that somebody wants to get solved or taken care of right now and that’s where you want to insert your coaching or consulting offering. Is that sound right? Yeah.
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