Make Money From Other People’s Expertise – Vancouver Business Talk With Andrew Barber-Starkey

– Now, another thing you can leverage is your information and expertise. For those of thee who wrote a book, raise your hand if you wrote a book, with that book, what are the ways you can leverage it? You can come in a group like this. You can give it away, right? You can give it to a
client when you meet them to give yourself credibility. There’s all sorts of ways you can leverage the information you have. You can also find other people who need the information you have. For example, let’s say you’ve
created a really great process for running credit cards automatically or something that bills monthly. You can tighten that
process, and then you can find other people that have the need to do the same thing, and you can actually license your right,
your knowledge to them. There’s some fellow who learned, he was in the carwash business, and you know in carwash they always want to upsell you to the wax and all that
kind of stuff, right? In a hand wash he developed
this amazing process, where he could train you,
he trained his people, how to upsell. He’d get like three times
the industry average in upsell to the higher levels of service. That’s profitable, yes? So what did he do? He put a name on it, he packaged it, and he went out and he sold it to other, licensed the right to use
that process, to other car wash companies across North America, and surprise surprise, he made more money doing that than he made from his car wash. That’s an example of leverage. Going back to my Mastermind again, we had a great example of leverage. When I was in the group, one of the things that happened after four or five months, and this will happen in any
Mastermind Group typically, the Mastermind Group started
to get a little flat. Has anyone ever been in
a group where it’s blase? After a while you don’t really
want to go the same way. There wasn’t as much energy in it. And we were going, “Okay,
there’s something missing here?” I mean, we’re coaches, we’re aware. You guys, there’s something wrong. How do we fix this? Well, what’s the first way
you fix anything these days? Google, right? So we go on Google, you know, how to add energy to group dynamic stuff, there was nothing. We couldn’t find anything. And finally one of them
had the brilliant idea and said, “Well, we’re
coaches. Why don’t we figure it out and then we’ll teach it!” Is that a good idea? Right? So we figured it out,
we went to some people who work with group dynamics and so on. We figured out the process that would work for a Mastermind Group to keep them alive, and how to make a group really work. We put some structure around it, and we wrote a book called
The Magic of the Mastermind. All nine of us wrote it together. Of course we had to hire an author, because we had to leverage that, too. None of us had the time to write it, so we leveraged, we hired an
author to write it for us, (mumbles) and it was about how to create your own Mastermind Group, and
also most importantly, how to keep it, We’re in trouble. and we put the book I’ve actually got a copy of it here, let me show you. So here’s the book. You can buy it online,
I don’t like the way this is going, you can buy
it online for $49 U.S.. And we made a deal with each other, that nobody would undersell anybody else. So we could all put it on our websites, and sell it, and make money from it. Yes? So I’ve paid a grand total of $300 to pay for the writer, the
author, and she created the whole thing into a
PDF, and I contributed my ideas into it, and boom we’ve got a product that we can sell. That’s good, yes? That’s an example of
leveraging your resources. Making sense? Okay, another thing you can leverage products and services. You might have a product
that somebody else would need elsewhere. Why not look for and spend your time, instead of trying to
sell more of your product to your customers, find somebody else who would be able to sell
it to their customers who already has a grand,
big customer base. And yes, you’re going to
sell it at a discount, but so what. Assets and locations. Has anybody ever eaten
Granola King granola? Are you familiar with that product? A couple people, okay. Ben the Granola King
lives in North Vancouver. He used to be a coaching client of ours. So he’s got this bakery, makes fantastic granola by the way, highly
recommend Granola King. He makes this great granola. He had this bakery to do it. He only used it two days a week for making granola, and
the rest of the time it sat empty. He says to me, “Andrew,
this doesn’t make sense. I’m paying for the place to sit empty.” so we talked about how could he find somebody else that would be able to utilize it without, like synergistically so they wouldn’t have to
move in and out every week. Found somebody else to
come and use the space, kind of sublet the space to
use it for their own baking. Guess what? The other person paid his entire rent. So he got his rent for free just from leveraging his asset location. So, those are some examples. Now, you also can get creative about the resources, leveraging
the resources of others. Other people’s time. Biggest thing you can
do other people’s time? You can hire them, yes? Use your money, their time,
and you hire somebody, and you delegate whether
it be a virtual assistant or some’ll add an employee, or whatever, hire somebody on a
contract to do something so that you don’t have to do it. Use other people’s time
to get what you want done. Second thing is other people’s money. How many of you own a house
that’s not fully paid for? Probably quite a few of you, right? Guess what? You’re leveraging the bank’s
money, and in Vancouver as the prices go up as they
seem to continue to do, you get a full return on
the value of your house, even though the bank just wants their money back with interest. It’s actually a pretty good deal, especially if you’re in a rising market. So, you can leverage other people’s money just by loans to get
started in your business. Other people’s contacts and relationships. How do you do that? You could go out an find somebody else, like I just actually
mentioned an example of it, you have a product, and you want to find somebody else who is going to sell it to their people. They’re going to sell
it to their contacts. So you leverage their
contacts with your product. They’ve got hundreds maybe
thousands of customers that are looking to buy
something from them. They trust that company. They’ll bring their customers
and contacts to you, if you create the right
agreement with them. Even things like we talked
about relationships, the whole power of a
celebrity endorsement, yes? A celebrity endorsement simply comes from people have a relationship
with a celebrity. They think they’re important. You hire that person to
come and speak for you, and next thing you
know, you’re benefiting, you’re leveraging their
credibility with your product. So, you guys get the idea? Information next. Other people have, if you have a large database, raise your hand if you’ve got a database
of 3000 people or more. Anyone? Okay. The question immediately becomes, “What do most people need
that you’re not providing that they’re either buying
elsewhere or would benefit them in some way, shape, or form?” then you go out an find
somebody who has that, and you sell it to your people. You, of course, purchase it at a discount, or you arrange for them to sell it, and you take a percentage of it. That’s all leverage. Your product is other people’s
products and services. And other people’s assets and locations. For example, maybe there
is a Greyhound depots are often in a gas station, yes? They find a gas station that has a little empty space
and a big parking lot, and they’ll have their
Greyhound depot there. They’re leveraging. The other person owns the building. Got it? This is the most powerful concept. That’s why we’ve spent some time on it. Are your heads stirring
with some ideas, I hope? You want to identify your own resources and the resources of
others, and then just look at all the ways. And I guarantee you any company
that’s making big bucks, like all these
multinationals, they are using leverage like crazy. Coco Cola and Disneyland. McDonald’s and who knows? All of these companies,
they do business together over and over. They’re leveraging each other. That’s how they get such a big, that big slice of the pie. Is they make these
relationships with each other that are mutually beneficial. You know, you go to some event
that the Marriott puts on, and you know, some new
water company gives out a bottle of their water to
promote it, or whatever. Leverage is everywhere. The people that are making
big bucks are leveraging. Got it? So, give somebody a high five. Say, “I am about to start
leveraging everywhere!”

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