Wed, 29 May 2019
Are you too late? Did you miss the boat on Internet opportunities? Ryan signs in from Austin Texas to answer this important question.
This podcast will share what opportunities he is currently chasing, as well as others he has watching in the marketplace.
[3:02] Isn’t it risky to invent a new product and do something cool? No more so than releasing a product that anyone can copy.
Ryan built his most successful businesses around a cool idea for a group of people and then used Amazon as the delivery mechanism.
On the other hand his businesses that struggled were the ones trying to find the hole in the market and then release for that.
[5:20] He shares a super exciting new project he’s become an advisor for, he thinks he can get the company to 100k a month in the next 90 days.
There is no data to back this statement up: there is no demand for the product on Amazon, it’s never existed before, it’s twice the price of similar products on the market. How is he so confident?
[8:06] Lots of entrepreneurs will have the product in hand and ask what influencer they should bring on. Ryan does things differently:
Partner with influencers; find out what their community needs and make it, then use the sales channels (Amazon, Shopify, etc.)
[9:25] Become good at creating a product that a group of people want. There are lots of different ways to do this but the obvious one is that you need to bring unique value to the marketplace.
Think outside of what other people are doing.
[16:08] One of the mistakes Ryan made was releasing the same product in the same way as others, which can bring a successful company to plateau.
Ryan has helped people learn and watched them scale and sell for 10’s of millions of dollars. And that was another mistake: he wasn’t partnering with them at the start!
[19:30] Ryan talks about the new backroom where he has now started to do mentoring and advising work with entrepreneurs and businesses that are looking for a more intimate, hands on experience with possible partnerships.
It’s open to about 20 people for the next year but it doesn’t come cheap, the financing structure is interesting though in that you pay the bulk of the fee off your profits.
If this kind of thing is out of budget for you or if you’re just starting out you still have 2 options:
1. A less involved online option will become available in the coming year
2. 3 day workshops are also held for 4 to 15 people at Ryan’s house every quarter