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.

Outlines

00:00

🎨 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.

05:02

🚀 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.

Keywords

💡Productized model

The productized model is a system where a service is packaged and sold like a product. This approach simplifies offerings and makes them scalable by focusing on one specific service or outcome, rather than offering multiple services. In the video, Brett's productized model focuses on recurring services like thumbnails for YouTubers, which clients need regularly, ensuring ongoing revenue.

💡Recurring revenue

Recurring revenue refers to consistent, repeat income generated from clients who pay for services on a regular basis, typically through subscriptions. In the video, Brett emphasizes how choosing a service like thumbnail design for YouTubers ensures recurring revenue because clients need new thumbnails for every video, as opposed to a one-time service like logo design.

💡Target audience

The target audience is the specific group of people a business focuses on serving. Narrowing down the target audience allows a service provider to tailor offerings to the needs of that group, leading to better results and higher customer retention. In the video, Brett highlights the importance of serving YouTubers instead of offering design services to everyone, increasing effectiveness and profitability.

💡Outcome-based selling

Outcome-based selling is a strategy where the focus is on the results or outcomes a client will achieve, rather than charging for time or individual tasks. This is presented as a key difference between successful entrepreneurs and average freelancers. Brett explains that wealthy individuals sell outcomes, like Hunter's YouTube growth agency that guarantees professional channel management for $10,000 a month.

💡Subscription model

A subscription model is a business model where clients pay a recurring fee, often monthly, to receive ongoing services. This model is promoted in the video as a way to secure consistent revenue. Brett suggests offering services like unlimited thumbnails for a fixed monthly fee, which eliminates the unpredictability of one-time payments and provides steady income.

💡Scaling

Scaling refers to the ability of a business to grow by increasing output without significantly increasing costs. In the video, scaling is discussed in the context of Hunter's productized agency. By hiring additional teams (called 'units') to handle more clients, Hunter is able to scale his business without personally doing the work, allowing him to manage more clients and increase profits.

💡Ideal customer

The ideal customer is the specific type of client who benefits most from the service offered. In the video, Brett stresses the importance of identifying and focusing on the ideal customer, such as YouTubers who need regular thumbnails. By targeting a narrow audience, businesses can create more relevant services and foster stronger relationships with clients.

💡Transparency

Transparency in business refers to being clear and open about processes and progress with clients. In the video, Brett explains how using a tool like Trello to manage client requests increases transparency, as clients can see the status of their projects in real-time. This builds trust and makes the service delivery more efficient, as clients know exactly what to expect.

💡No-code tools

No-code tools are software platforms that allow users to build applications without needing to write code. In the video, Brett mentions his agency’s use of no-code tools to build MVPs (Minimum Viable Products) for entrepreneurs, emphasizing how this approach accelerates development and reduces costs, while still delivering valuable outcomes to clients.

💡Profit margin

Profit margin is the percentage of revenue that remains as profit after all expenses are deducted. In the video, Brett calculates Hunter's profit margin from his productized agency, showing how after covering the costs of employees and operational expenses, Hunter retains 53% of his revenue as profit, highlighting the financial efficiency of the productized model.

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