Do THIS To Make $10,000 (One Person Business)

Summary

This video introduces the concept of 'productizing' skills to build a highly profitable business. It contrasts traditional graphic designers, who charge hourly and serve a wide range of clients, with the productized model, which focuses on recurring services for a niche audience. The video emphasizes selling outcomes instead of time and highlights examples like offering subscription-based thumbnail design for YouTubers. It also explains how to scale by hiring teams to handle the workload. The video offers free training on starting a productized agency and outlines steps to make substantial revenue in 2024.

Takeaways

• 💼 The video discusses a graphic designer earning $100,000 per month without employees, highlighting that success in business is not about a college degree or job title, but rather sales strategy.
• 🔑 The 'productized model' is introduced as a new system that simplifies the process of selling services, making more money, and is applicable across industries.
• 🚀 The presenter predicts that viewers have unique skills and creativity to start a business and offers guidance on how to effectively share these skills with the world.
• 🎨 Graphic designers can offer a wide range of services, but the video suggests focusing on one service to maximize efficiency and profitability.
• ⏰ Charging by the hour can be counterproductive as skill improvement leads to faster work; instead, selling outcomes is recommended for wealth accumulation.
• 🎯 It's crucial to narrow focus and sell to an ideal customer to ensure maximum revenue from each client interaction.
• 🔄 The concept of recurring revenue is introduced, suggesting services that clients will need repeatedly, such as YouTube thumbnails, leading to a subscription model.
• 📊 A detailed example is given about how a service can be structured with a fixed price and clear expectations, making it easy for potential clients to understand.
• 🔧 The video outlines a system using Trello boards to manage client requests and service delivery, streamlining communication and work processes.
• 💰 The potential to scale a business by turning a productized service into an agency is explored, with an example of a YouTube growth agency that manages entire channels.
• 📈 The video concludes with a teaser for a future video that will cover the best productized agencies to start in 2024 and offers a free training for setting up a productized agency.

Q & A

What is the main difference between an average graphic designer and the successful one in the script?

The main difference is how they sell their services. The successful designer uses a productized model, focusing on recurring revenue by offering specific services like thumbnails for YouTubers on a subscription basis, while average designers try to sell a variety of services to everyone.

What is the 'productized model' as described in the script?

The productized model involves offering a specific service to a target audience in a simple, recurring revenue format. Instead of charging hourly, you sell a well-defined service on a subscription basis, providing consistent value to clients.

Why is charging by the hour considered a disadvantage in the productized model?

Charging by the hour punishes you as you get faster and more efficient. In the productized model, you sell outcomes rather than time, allowing you to scale your income without being limited by the number of hours you work.

Why is it recommended to narrow the focus to one service, like thumbnails for YouTubers?

Narrowing the focus makes it easier for clients to understand what you offer and ensures they need your service repeatedly. For example, YouTubers need thumbnails regularly, which provides a steady stream of recurring revenue, unlike services like logo design that clients need only once.

How does the subscription model work in the productized service described?

Clients sign up for a subscription, and when they need a service like a thumbnail, they submit a request through a platform like Trello. The service provider has 48 hours to deliver the product, and clients can submit unlimited requests one at a time.

What tools or systems are recommended for managing client requests and projects in a productized service?

Trello is suggested as a simple tool where clients can submit, track, and receive updates on their requests. It helps streamline the communication process, reducing the need for client meetings and enhancing transparency.

What is the key to scaling a productized agency beyond solo work?

The key to scaling is hiring a team to handle different parts of the service. For example, a copywriter, video editor, designer, and project manager can handle multiple clients, allowing you to serve more clients without doing all the work yourself.

How does Hunter's productized YouTube growth agency work, and what is its value proposition?

Hunter’s agency offers a complete YouTube channel management service, handling ideas, scriptwriting, video editing, thumbnails, and titles for $10,000 per month. The value proposition is that clients only need to show up and record, while the agency takes care of everything else.

What are the profit margins in a typical productized agency model?

Profit margins in a productized agency model are typically around 50-60%. For example, Hunter's agency has a profit margin of 53%, which is achieved by outsourcing work to a team and keeping operating costs manageable.

How can someone without a specific skill still create a successful productized service?

Even without a specific skill, you can start a productized service by identifying a need, creating a system for delivering the service, and hiring people with the necessary skills to perform the tasks, as demonstrated by Hunter’s agency.