Tai Lopez on “How to scale a Coaching Business to $10,000,000/month” - LIVE Mentoring

Summary

In this business mentorship session, the focus is on scaling a business to achieve a monthly revenue of a trillion dollars, aiming to surpass the global GDP. The current business model, which relies heavily on influencer marketing and affiliates, is discussed, with strategies such as implementing SMS marketing, developing a recurring revenue stream, and diversifying marketing efforts to include paid advertising. The mentor emphasizes the importance of controlling the narrative, creating a tribe-like following, and the potential of long-form content to solidify brand loyalty and credibility.

Takeaways

• 😀 The goal is to scale the business to a level where it surpasses the global GDP and runs through the business's bank account.
• 📈 The current business model is based on influencer marketing and affiliate marketing, with a significant growth from 1.6 million to 3.3 million in monthly revenue.
• 🤝 The business has a partnership structure and is open to implementing new strategies like outbound sales teams.
• 📱 There is an emphasis on the importance of SMS marketing and the need to build an SMS list for better customer engagement.
• 📈 The speaker suggests diversifying marketing strategies, including the introduction of paid advertising to complement organic reach.
• 💡 The concept of 'push' and 'pull' marketing is introduced, with the speaker advocating for a balance between the two to maximize business growth.
• 📚 The speaker discusses the importance of having a comprehensive business structure, likening it to the military's division of forces for effectiveness.
• 🔑 The idea of creating a 'tribe' or community around the brand is highlighted as a strategy for business growth and loyalty.
• 🔄 The speaker emphasizes the need for recurring revenue in the business model to ensure stability and scalability.
• 📈 The strategy of focusing on the top-performing areas (60%), developing new areas (30%), and having a backup plan (10%) is suggested for sustainable growth.
• 🌐 The importance of controlling all aspects of content creation, from short to long-form, is stressed to maintain a competitive edge in the market.

Q & A

What is the primary goal discussed in the transcript for the business?

The primary goal discussed is to scale the business to make a trillion dollars a month, eventually running the entire Global GDP through the business's bank account.

What is the current monthly revenue of the business mentioned in the transcript?

The business is currently making 3.3 million dollars a month in cash collected.

What marketing strategies is the business currently using?

The business is primarily using influencer marketing and affiliates on Instagram, without running any paid advertising.

What is the nature of the product or service being offered by the business?

The business offers training on how to start and monetize social media profiles, either with one's own product or mainly through affiliate products.

What is the speaker's approach to business divisions?

The speaker divides business operations into 14 divisions, drawing a parallel to the military's structure, emphasizing the importance of not missing any division for effective business operations.

What is the speaker's advice on outbound sales for the business?

The speaker suggests implementing an outbound sales team that calls potential customers after they provide their name, email, and phone number.

What is the speaker's view on affiliate marketing?

While acknowledging the effectiveness of affiliate marketing, the speaker advises caution as building a business solely around affiliates can lead to potential legal and financial issues.

What is the '60 30 10' philosophy mentioned by the speaker?

The '60 30 10' philosophy suggests putting 60% of energy into the current best-performing strategy, 30% into developing secondary business opportunities, and 10% into a completely different backup plan.

What does the speaker suggest regarding the introduction of a recurring revenue stream?

The speaker recommends introducing a recurring revenue product to make the business more stable and salable, and to ensure a consistent cash flow.

What is the importance of content length variety according to the speaker?

The speaker emphasizes the importance of creating content in various lengths to cater to different audience segments and to ensure a competitive edge in the market.

What advice does the speaker give on leveraging social media platforms like Instagram?

The speaker advises to grow the business's own social media accounts, including Instagram and YouTube, and to create high-quality content that can be boosted to increase brand visibility and credibility.