Do THIS To Make $10,000 (One Person Business)
Summary
TLDRThis 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.
Outlines
🎨 Productizing Graphic Design Services
This paragraph introduces a successful graphic designer who earns significantly more than the average designer by adopting a productized service model. The designer discovered a new system that simplifies the process of selling services, making more money and being applicable across industries. The video aims to guide viewers on how to productize their skills, which is presented as the optimal way to sell services in 2024. The paragraph emphasizes the importance of focusing on a specific service, such as creating thumbnails for YouTubers, to ensure recurring revenue and customer satisfaction. It also touches on the inefficiency of hourly rates and the benefits of offering clear, fixed-price services that are easy for clients to understand and budget for.
🚀 Scaling to a Productized Agency Model
The second paragraph delves into the concept of scaling a productized service into a full-fledged agency. It uses the example of 'Hey Friends,' an agency that manages entire YouTube channels for clients, providing end-to-end services including idea generation, script writing, editing, and design. The paragraph explains how the agency owner, Hunter, achieves a high income without directly performing the services by hiring specialized staff. Each employee, or 'unit,' can handle the workload for up to four clients, allowing the agency to scale efficiently. The financial breakdown shows the potential profitability of this model, with a significant profit margin even after accounting for employee salaries and other expenses. The paragraph concludes with an invitation for viewers to learn more about setting up their own productized agency through a free training program.
Mindmap
Keywords
💡Productized model
💡Recurring revenue
💡Target audience
💡Outcome-based selling
💡Subscription model
💡Scaling
💡Ideal customer
💡Transparency
💡No-code tools
💡Profit margin
Highlights
A graphic designer earns $100,000 per month with no employees, contrasting with the average graphic designer's $40,000 yearly income.
The disparity is not due to education or job titles, but rather the method of selling services.
Brett introduces a new system called the 'productized model', which is gaining popularity for its simplicity and profitability across industries.
The video aims to guide viewers with unique skills and passion on how to productize their services.
Graphic designers typically offer a wide range of services, but this approach can be financially limiting.
Charging by the hour can be counterproductive as efficiency increases with experience.
The principle of wealth is not to sell time but to sell outcomes, which is crucial for business growth.
Focusing on a specific customer segment and offering a tailored service is more profitable than a one-size-fits-all approach.
Recurring revenue models, such as subscription services, are more lucrative than one-time services.
An example of a productized service is offering unlimited thumbnails for a fixed monthly fee.
Productized services are clear, predictable, and eliminate guesswork for both the provider and the client.
The video explains how to calculate the number of clients needed to reach a certain income goal.
A system using Trello boards is introduced to manage client requests and service delivery efficiently.
The video offers a free training on setting up a productized agency within seven days.
Scaling a productized service into an agency model can lead to earning millions by selling outcomes rather than individual services.
Hunter's agency example shows how to productize a YouTube growth service, handling all aspects of channel management for a monthly fee.
The agency model involves hiring specialists to handle different aspects of the service, allowing for scalability.
Financial calculations are provided to demonstrate the profitability and scalability of a productized agency model.
The video concludes with an offer for a free training on setting up a productized agency and预告 of upcoming content on the best productized agencies to start.
Transcripts
this graphic designer makes
$100,000 per month with zero employees
but the average graphic designer only
makes $40,000 per year the difference
isn't a college degree or some fancy job
title and it definitely isn't
intelligence the difference is how he
sells it Brett discovered a brand new
system called the productized model now
everyone is doing this because it's
easier to do makes way more money and it
works in any industry I predict you have
a unique blend of skills creativity and
passion to start your own business but
you may lack a clear guide on how to
share them with the world well today
we're going to solve that by
productizing your skill this is the best
way to sell your service in 2024 and if
you don't have a skill yet don't worry
because at the end of the video I'm
going to cover how you can do all of
this without one just like I have
graphic designers can do a lot they can
design logos banners thumbnails websites
t-shirts infographics branding and more
so when someone comes to them asking
them for a logo in a website it's no
problem they tell them that the rate is
$30 an hour they do the work track how
long it takes and then invoice the
clients and since they can design almost
anything they say yes to any customer
that they can get no matter the requests
now let me ask you a question does that
sound like something that you would do
if the answer is yes well you're going
to learn a lot in the next few minutes
as you get better at something you get
faster so charging by the hour actually
punishes you rule number one of being
rich is you cannot sell your time for
money rich people sell outcomes to
achieve maximum business growth it is
crucial that you narrow your focus and
only sell to your ideal customer so
instead of offering logos websites
thumbnails and t-shirt designs you only
offer one this way a client knows
exactly what they will get finding
customers is very hard once you do get a
client you want to make sure that you're
making as much money from that customer
as you can this makes logos a bad
product to sell because a business only
needs one logo but YouTubers they need a
thumbnail for every video and if they
upload one video per week they will pay
you forever or as long as they continue
to make videos this is called recurring
Revenue so you want to choose a product
that your customers will need again and
again and then charge a monthly
subscription for for your service this
is how pixels does it they offer
unlimited thumbnails for $1,000 a month
but you can only request one thumbnail
at a time and each request takes 48
hours to complete clients love this
because they know exactly what they will
get when they will get it and there's
only one fixed price it eliminates all
the guesswork by making your service
easy to understand for potential clients
this is the difference between an
average graphic designer and a
productized design Serv service average
graphic designer tries to sell
everything to everyone product IED
services are tailormade for a specific
target audience in this case thumbnails
for YouTubers by identifying and honing
in on your ideal customer you can then
create a service offering that resonates
deeply with them this increases the
likelihood of attracting and retaining
valuable clients now if you do the math
to make $10,000 per month you only need
10 clients a thumbnail typically takes
around an hour to make and since you
have 48 hours to do each client's
thumbnail you could handle 20 clients at
once but you need the right system to
handle this let me show you how it works
so to sign up all a client needs to do
is go to your website and pay once they
start their subscription They will
receive an email with a trell board on
this trell board there are three columns
requests active and complete when a
client needs a new thumbnail they simply
submit a request that explains what they
need and then and then when you are
ready to start working on it you move
the tile over into the active column
this tells the client that you have seen
the request and you're working on it
they know it takes 48 hours for a
request to be complete and 2 days later
once you finish their thumbnail you move
the tile into the complete section with
the thumbnail attached there are no
client meetings necessary since all of
the communication can be handled through
the trail board this streamlines the
entire Service delivery process and is
much more transparent because clients
know what is being worked on live while
it is happening now I don't want to get
too technical in this video so I had my
partner create a free training on how to
set up and start your own productize
agency in 7 days so if you want to learn
the details on how it all works step by
step click the link in the description
below to access the free training this
product eyes system that I just
described is making solo preneurs tens
of thousands of dollars per month but if
you're like me you want to make millions
of dollars well the only way to do that
is to turn your product High Serv
service business into a productized
agency so let's take this one step
further remember how I said rich people
sell outcomes well I'm going to show you
how Hunter makes a million dollars per
year with one of his productize agencies
without doing any of the work himself
running a YouTube channel is a lot of
work not only do you need a thumbnail
but you also need an idea a script video
editing titles and more for each video
so Hunter saw this as an opportunity to
start a product ized YouTube growth
agency hey friends they give you ideas
and then they do all the script writing
editing thumbnails and titles his
productize agency will run your entire
YouTube channel so all you have to do is
show up and record for $10,000 per month
they will make you a professional
YouTuber that is how you sell an outcome
you find a very specific type of person
and you solve their entire problem not
just one part of it and that is how he
makes the big buck but how does he do so
much even if Hunter was the most
talented person in the world there's no
way he could do all the script writing
the video editing the design and
everything else for more than a few
clients well the best part is Hunter
doesn't do any of it he just hires a
copywriter a video editor a designer and
a project manager for each client now
each one of these employees can do the
work for up to four clients at once this
is what I call a unit so for every four
clients that sign up to hey friends
Hunter needs to make a new unit AKA hire
a new copywriter video editor designer
and manager hey friends has a around a
dozen clients so right now they have
three units this makes the productized
agency model really easy to scale Hunter
doesn't need to do any of the work or
have any of the skills himself he just
needs to find clients then hire people
to do the work but how much does Hunter
really make here with 12 clients paying
$10,000 per month they are making
$120,000 per month in Revenue it costs
$4,000 a month for a copywriter $3,000
for a video editor $3,000 for a designer
and $6,000 a month for a manager so each
unit cost $116,000 per month multiply
that by three and you have $48,000 in
operating expenses and since it is a
more expensive service I will assume he
has a full-time salesperson that costs
around $8,000 per month bringing his
total expenses to
$56,000 per month which leaves his net
profit at
$664,000 per month that is a profit
margin of
53% which is very common for a
productized agency now these were rough
guesses but it lines up with our no code
agency where we're seeing a profit
margin in between 50 to 60% we target
entrepreneurs who want to start their
own software company we build their MVP
in 90 days by using no code tools and
charge $6,000 per month the great thing
about our model is once they launch
their software and start making money
with it they usually want to add new
features and continue to improve it this
way we have a long-term relationship and
there's no reason for them to stop their
subscription as long as they are making
money so are we this way our incentives
are aligned now there are hundreds of
different services that you can
productize so in my next video I'll be
going over the seven best productized
agencies that you can start 2024 and
again if you want to learn how to get
your product agency set up in 7 Days
click the link below for the free
training
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