Short Summary:
Dealing with depression and anxiety can be challenging, but there are several strategies you can use to help manage your symptoms. One of the most effective ways to deal with depression and anxiety is to seek professional help. A mental health professional can provide you with the tools and support you need to cope with your symptoms and develop effective strategies for managing them.
In addition to seeking professional help, there are several other strategies you can use to help manage your depression and anxiety. These include practicing good self-care, such as getting enough sleep, eating a healthy diet, and engaging in regular exercise. You can also try practicing relaxation techniques such as deep breathing, meditation, or yoga, which can help reduce stress and promote relaxation.
Another important strategy for dealing with depression and anxiety is to stay connected with others. Social support is essential for maintaining good mental health, so try to stay connected with family and friends, even if it means using technology to communicate.
In terms of giving up ownership, it can be difficult to let go of something that you have worked hard to acquire. However, sometimes giving up ownership can be beneficial, particularly if it allows you to focus on other priorities or reduce stress.
One way to give up ownership is to delegate responsibilities to others. This can be particularly helpful in a work setting, where delegating tasks can free up your time and allow you to focus on more important projects. Additionally, consider whether there are items or possessions that you could donate or sell, which would allow someone else to benefit from them while reducing clutter and stress in your own life.
Ultimately, dealing with depression and anxiety and giving up ownership both require a willingness to let go of control and prioritize your own well-being. With the right strategies and support, however, you can successfully manage your symptoms and find greater peace and fulfillment in your life.
Main Article:
Dealing with Depression & Anxiety:
Depression and anxiety are two common mental health conditions that can affect individuals of any age, gender, or background. While these two conditions are different, they often occur together and can be difficult to manage. There are several strategies that can help individuals deal with depression and anxiety.
One of the most important strategies is seeking professional help. This can include therapy, medication, or a combination of both. A therapist can help individuals identify the root cause of their depression and anxiety and develop coping strategies to manage symptoms. Medications can also be effective in treating depression and anxiety, but they should always be used under the guidance of a healthcare professional.
In addition to seeking professional help, there are several lifestyle changes that can help individuals manage depression and anxiety. These can include regular exercise, a healthy diet, getting enough sleep, and reducing stress. Engaging in hobbies and social activities can also be helpful in managing symptoms.
It’s important to remember that everyone’s experience with depression and anxiety is different, and what works for one person may not work for another. It may take some trial and error to find the right combination of strategies that work for an individual.
Giving Up Ownership:
Giving up ownership can be a difficult decision, whether it’s a personal possession or a business. However, there are several reasons why someone may choose to give up ownership.
One reason is to reduce financial risk. Owning a business or property can come with a significant amount of financial risk. By giving up ownership, individuals can reduce their risk and potentially avoid financial ruin.
Another reason is to free up time and resources. Owning a business or property can be time-consuming and require a lot of resources. By giving up ownership, individuals can free up time and resources to focus on other areas of their life.
Lastly, giving up ownership can be a way to pass on responsibility to someone else. This can be helpful for individuals who are looking to retire or move on to other ventures. By passing on ownership, individuals can ensure that their business or property will continue to thrive under new leadership.
Regardless of the reason for giving up ownership, it’s important to carefully consider the decision and seek professional advice if necessary. This can help ensure that the process is handled correctly and that individuals are making the best decision for their unique situation.
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Transcription:
Intro
Welcome to Business Coaching Secrets with Karl Bryan. If you want to attract new high-end coaching clients, fill live events, and build a wildly profitable coaching practice where business owners pay, stay, and refer, you come to the right place. In this podcast, Karl provides his keys to the kingdom for finding and signing, high-paying clients and building the coaching business of your dreams. Here we go.
RodeDog
Ladies and gentlemen, boys and girls, coaches around the world, welcome to another episode of Business Coaching Secrets, it’s your boy, the RodeDog, with none other than the man, the myth, the only guy that I know that literally gives himself a two minute time out whenever the Leafs take a penalty, Karl Bryan.
Karl Bryan
That’s happened. Shoots. That has happened. The Toronto Maple leaf.
RodeDog
There you go. Like, you know what? You’re the only guy that probably records a podcast with a hockey stick in his hand. So there is that, right? You still doing that?
RodeDog
Or is that like that was just a Colonial thing? You’re too colonial island boy or not Cayman, pardon me.
RodeDog
Turks and Caicos boy now, that’s no longer a thing. Now you’re just holding on to your water ski?
Karl Bryan
I did that, too, Shoots. But yeah, yeah, I don’t have enough cologne. I have very large office, and here I do not have that privilege. I am pretty much outside most of the time. But anyway, no hockey stick, Shoots. No hockey stick near me. But that did use to happen.
RodeDog
There you go. You know what? Nobody feels sorry for him. Oh, he’s got a small, little office in Turks and Caicos. Like, I’m not sure how many security gates before you’re into the palace. How does that work?
Karl Bryan
Let’s keep my widgets.
RodeDog
All right, listen, speaking of the exact opposite of that, I got a question here. If you have a coaching client that suffers from depression and anxiety, what do you do? Do you tackle that or ignore it and get straight to business? I just thought that is really really good because, again, depression now two ends almost of the same spectrum, I guess. I don’t know. Have you dealt with that before?
Karl Bryan
Have Shoots, have.
RodeDog
What’s the answer? Because look, it’s well, that’s what we’re asking.
Karl Bryan
I don’t have one Shoots, but no, I think it’s a case by case basis. I think you know what I mean? Like, do you have talents with dealing that? And if you don’t, I would get some, because don’t think that this is gonna be horrifically unique when you’re dealing with business owners. And I think depression and anxiety, I think you’re dealing with people with look, the foundation of both of those is inability to control emotions, right? And by the way, the foundation of anxiety is feeling unsafe. Everybody knows that. I think there’s power in that. Like, the foundation of anxiety is feeling unsafe. So if someone is having anxiety, they don’t feel safe. So you got to solve the safety issue rather than the anxiety issue, right? Because not the anxiety is not the problem. That’s the symptom of the problem. The real problem is they’re not feeling safe. And then the question is why. Is it a health issue? Is it a marriage issue? Is it a kids? You know what I mean? Is it a business issue? Is it an economic issue?
Karl Bryan
They have this horrific habit of watching CNN and watching Fox News and reading the local news, and, like, who wouldn’t suffer from anxiety if you were staring at that stuff? What do they say? If it bleeds, it leads, right? So anyways, you got to go to the foundation of it. The Dalai Lama, I remember he was asked I don’t know what it was, but it was like, what advice would you give somebody? And I’m pretty sure it was a young person, which may or may not have value, but what advice would you give a young person suffering from anxiety and depression, right? And the answer that he gave was something to the effect of way too much emphasis on you. And then you really pronounce the you like, bold it, italicize, it capitalize it, underline it. So if the problem is too much emphasis on you, what’s the solution? And the anecdote is altruism, right? Like examples, like real basic fundamentals of altruism. RodeDog and I are sitting there, we’re having KFC, I’m super hungry. And I’m like, you know what, RodeDog? You have the last piece. We’re at a kid’s birthday party, and it’s the last piece of cake.
Karl Bryan
It’s giving your jacket to a partner when it’s cold, and you’ve only got a T-shirt on. So giving up of this jacket means that you’re going to be cold, but you give it up. Think about a man taking off a suit jacket for a woman, right? Caregiving for a relative with a chronic condition or moving that relative. There’s five kids in the family, and one picks up moves to be closer to mum because dad has already passed and they’re going to move to basically look after her in her final years. That’s altruism at its finest. Donating a major organ would be one. Donating blood would probably to a lesser degree, but that’s going to fall into it. It’s Christmas time, and you’re walking a single mum to her car. It’s dark, cold, and you’ve got other things to be doing, but you just see an opportunity here to make sure that somebody feels safe and you walk into the car. But anyway, so then Dalai Lama, he would say that that altruism is the anecdote to somebody suffering from that. Let’s call it anxiety and depression. I think that would be a gross exaggeration. In fact, I know that’s a gross exaggeration, but hey, I don’t know.
Karl Bryan
Dalai Lama said it, so let’s go with it. Another thing, actually, Dalai Lama says that I know he talks about all suffering comes from attachment, right? So again, what’s the anecdote to that? What are you going to do? You need to detach. And in fact, I can tell you that if there’s Alcoholics Anonymous and then Alanon is like if you have a, your wife, your husband, somebody very close to you is an alcoholic and you want some support, you’ll go to Alanon. So that’s like AA for like the families and that they will say that there’s one word very pronounced in it. And my dad is like the grand kuba, I call him of AA. He’s been in it for like 50 odd years. Still goes to AA every single day. He talks about his sobriety on a semi regular basis, but the bottom line is I know a thing or two about it. Alanon, they’ll just talk to you about detach, detach, detach. Right? So question, if you’re listening to this, what do you need to detach from? Right? What do they say? Like a man who needs nothing can be controlled by no person and no thing.
Karl Bryan
And question, what are you controlled by? And I don’t know RodeDog, it’s material possessions. Certainly keeping up with the Joneses could be a horrific reality that many, many suffer from. Maybe it’s the BMW, maybe it’s the Mercedes, maybe it’s the Porsche, maybe it’s the, you know, the fancy minivan that just, you know what I mean? That again is a little bit above where you’re at the job. The salary would be better examples. Like in the corporate world, I’ll just tell you the happiest people have very few material possessions, or certainly, they need very few material possessions actually said in an email RodeDog, within the last few days. But if you buy a car for that new car smell, you’re nuts, right? Like three cars with that new car smell is the cabin on the water that you could have your retirement in, right? So instead of buying the new car and it’s not to say you don’t buy a new car, buy a secondhand car, buy one with 20, 30, 40, 50,000 km on it. Don’t buy one necessarily with 250,000 km/mi, probably going to fall apart, right? But again, buying a brand new car for that new car smell because it’s yours, maybe do it once if that’s something that’s really important to you and that’s a milestone.
Karl Bryan
But I would challenge you there, hardcore. What is Jordan Peterson love the guy, by the way. He says it’s harder to something to the effect of it’s harder to rule oneself than it is to rule a city. Right? So controlling of the emotions around things like the new car smell and detachment, all sounds good, but can be challenging and control. RodeDog. I know. I’m Tony Robbins. So he uses the word certainty. So he says that the people that have the most challenging lives have the deepest need for certainty, right? So something to the effect of your happiness will be dictated by the amount of uncertainty you can handle comfortably. And I don’t know, hopefully I’m saying that right. But again, you don’t want to need certainty. You want to enjoy and invite uncertainty into your life, right? Remember, nobody’s getting out alive. Right? And control uncertainty, by the way, of the same family. So I’m sort of going there. So that control. I get a mentor. Shoot. And I’m trying to think of what he says, but he says, I want to control everything but be responsible for nothing. By the way, that might fly in the face completely what I just said.
Karl Bryan
But anyway, very, very smart guy. Worth a whole boatload of money, and that’s what he said. So that might provide some value. But I do know this, that your need, he wouldn’t be the type of guy that needs the control. And again, hopefully, we’re talking about two different things there, and now that I dropped that. But control is something you want to be really, really careful. Like, think of this from a business standpoint. You know, the richest people in the world do not own 100% of their companies. Like, it would be ridiculously rare. You know, like Elon, I don’t know what he owns, but Elon owns less than 20% of Tesla, right? Bezos owns 10% of Amazon. Warren Buffett, I think he owns 38% of Berkshire Hathaway. Right? So do you own 100% of your company? And, like, that might not be the best idea, and maybe giving up a little bit of control might be an incredibly good idea. Possibly not, by the way, depending upon, again, your, because if you wouldn’t want you to give up control, I wouldn’t want your client to give up control. If that was something that was going to bring an enormous amount of uncertainty, enormous amount of anxiety, it was going to make them feel unsafe, right?
Karl Bryan
Because, remember, the foundation of anxiety is feeling unsafe. So I wouldn’t want that. But that being said, I would educate them at a high level to say these things that you’re fearful of. You realize that people are fearful of things that they don’t understand, right? Like, I know people are fearful of financial statements, and they steer clear of it because they don’t understand them. They’re fearful of accounting because they don’t understand it. And the gap between those two to make them feel comfortable, it just lies in education. We are business coaches. We are business consultants. I believe at the foundation of what we do is we have to educate, right? Like, again, a true leader will show you where to look, but not what to see. So we point them in the right direction and allow them to come to the conclusion that hang on, maybe understanding this at a higher level might be a good idea. And the fact that I’m not a numbers person isn’t necessarily the worst thing in the world. Look, we’ll hear something straight from my notes on my phone, which I go to on a regular basis like that.
Karl Bryan
I do my daily email or I hear something or I read something and I think that it’s powerful and will provide value in my emails and whatnot like when I do one and I do my random thoughts, they come straight from this particular file in my notes. But I can tell you that I go to it at least every day and multiple times. And I’ve got rule number one, forgive yourself. So on your deathbed, you won’t be thinking about, I wish I bought the car. I wish I had a bigger business, I wish I earned more money. I wish I would have gone on more trips, business trips. What you’ll be saying. One of the things that will be very prominent is I wish I would have been more forgiving of myself. So I dare say now is a good time. Just treat yourself kindly, put it that way. And by the way, here’s number two. That may surprise you, but rule number two is alcohol is the number one reason for unhappiness. And this is backed by science and a whole lot of research, by the way, you line up 100 unhappy people and you will be looking at 90 people that drink too much alcohol.
Karl Bryan
True story, by the way. Look it up, look into it. And by the way, you were talking to a guy who drinks a little bit of alcohol. But I will tell you that I keep it under control. I have been known to drink a few too many on isolated situations. But at the end of the day, I don’t make the rules. I’m doing my best to follow them, right? So I will leave that one with you. But the reality, I don’t know if I’m answering this very well, it’s on a case-by-case basis. What is your expertise, little red Arrow, you are here. What’s the level of chaos that it’s bringing to the business? What’s your level of expertise and understanding of anxiety, of depression? How many people do you have close to you that really don’t talk a good game but genuinely understand psychology, depression, anxiety, that could genuinely help. Because the real issue a lot of the time, it can be a whole lot simpler than you realize. I said this again in an email recently, but Joe Rogan’s harshest critics are people that have never listened to Joe Rogan, right? And then Tony Robbins’ harshest critics are people that have never been to a Tony Robbins event.
Karl Bryan
So again, people are scared of things they don’t understand. So I would dare say that it might be a little bit easier than you think if you’re intimidated by it. But I think that on a case-by-case basis, RodeDog, they got to go to just understand the dynamics of the business. Because a lot of the time if you can come in and make a dramatic positive effect on the business financially. They will suddenly feel safe, and they will feel protected, and they will feel guided and they’ll feel safe with you as their coach. That will drop their level of anxiety. That will no doubt handle some of the depression. And depression is a very real thing, to be clear. So I don’t want to minimize that. You can just solve depression by helping me make them a little bit of money in the first 60 days of your relationship. And again, if it’s serious, I’d be encouraging to go speak to a professional, frankly, because, yeah, I don’t know, there’s people a million times smarter than me to answer that question, by the way. Shoots but case by case basis, and there’s some things that I think Dalai Lama these, like, get them concentrating on other things, their clients, their kids, their wife, their spouse, their, you know, their business, their products.
Karl Bryan
And you might find that might have a positive I don’t know. What do you think? Might have a positive return real quick. Shoots what do you think?
RodeDog
I thought you were going to break out into a Ski low song there for a minute. That’s what I thought was going to happen when you started going with the I wish, I wish, I wish I was a little taller. I wish I was a baller. You know that one. Remember that song? Shoots come on, buddy. That’s where I thought you were going. Hey, listen, you talk about giving up ownership real quick. I just want to touch on that. Not to go down any rabbit holes.
RodeDog
But.
RodeDog
When you see these top guys and they’re giving up ownership, does that almost force them to not get complacent, you think? And then just to keep them on their toes a bit because now they’ve got other people that are holding them. Off their feet to the fire.
Karl Bryan
Yes, but here’s what happens. Let’s say that you’ve got three people that own you got an operations guy that owns 10% of your company. You get legal and accounting on 10% of your company. Somebody an expert in, you know, those areas. And then you’ve got somebody that’s a master of lead generation, and they own 10% of the company each. So that’s 30. You own 70%, they own 30%. You’ve got three people trying to get rich off 10% of your company. So what happens if you just think again, think of it as a wave. If you’ve got a large wave, a really bad surfer could look like, I’ve done some surfing, right? I’m a horrific surfer, but if I’m on the right wave, I can stand up, turn, and look like I know what I’m doing, right? So in fact, I was water skiing on the weekend. Again, water is a little bit choppy, and the best skier in the world is going to have a little more difficulty if the water is super glass, smooth. Somebody who’s not as good of a surfer or skier can be significantly better.
Karl Bryan
Right. Or think of the parade. Again, you stand at the front of the parade. What happens? You are moving forward because the force of the parade is moving whether you want you or not. You kind of get the metaphor is that by having other people in your company, he will forget complacency. He’s going to have the parade of three people behind him pushing so fast and so hard forward that he can’t help but lift his game, solve bigger problems, think at a higher level, do better things. Imagine having somebody trying to get rich off 10% of your company. Hugely powerful.
RodeDog
Do you also think that in the next couple of years, obviously, we’re looking at we’re staring, I believe, at a recession straight in the face if we’re not there already. But you know what I mean, it’s going to my all accounts turn a little ugly. Do you think a lot of these big companies sitting on piles of cash are going to do a whole bunch of buybacks and buy back a whole pile of their shares?
Karl Bryan
If they’re smart, they will absolutely do that. And then, yeah, I think they will. And by the way, if you just look at Apple over many years, this is what they have done. So yeah, no, look again Facebook. Look it’s down 70%. You want to make some money in the stock market, not financial advice, but just look straight at Meta. They’ve been pulverized because Zuckerberg has just been too excited about the Metaverse metaverse. So I just think that that’s a really easy buy. And again, acquisition, they’re going to be looking straight. Why have the greatest companies of the world been started during serious downturns in the economy? Disney, Apple, Microsoft, the list goes on, right? Why? Because everything is on sale, including really good people. So really good people get left. Like how many people got let go from Amazon just the other day, right? Really good people are getting laid off. They’re available and you can pick them up and you’re essentially starting a company with people. And by the way, if you’d worked at Amazon for the last ten years, do you think you might have learned a thing or two? The answer is absolutely.
Karl Bryan
And in many cases they don’t even know what they learned until all of a sudden they’re given the opportunity to teach others and help others with the frameworks and the way that they were thinking and doing things. Right. So anyway, so acquisition is something buybacks.
RodeDog
It’s interesting too. That’s a really good point, Karl. I was reading that this morning, actually just I think over the last three months, the amount of big organizations, all the big tech companies, the amount of layoffs that they’ve had, we are tip of the iceberg here, I think, right? I think there’s going to be far more. But yeah, you’ve got people that they’ve been working at google for 20 years that now have been given their walking papers. You think some of these people might add some value. You think they might know a thing or two. Sort of an interesting way of looking at that. But anyways, again, it all comes down to obviously profitability within your own organization and being able to afford these things. With that said, we have been talking about gross profit margin quite a bit lately, and we had a question come in when it came to gross profit margin. And just they asked, other than just increasing price, are there other ways to do it? So I thought I’d throw that past you here.
Karl Bryan
Yeah, cool. Good question. Good question. So I’d answer this two part. First. If you don’t understand margins, you’re not understanding a first principle of business. So again, because you don’t understand accounting and you can’t read financials, just say that you don’t understand margins. You can’t say that anymore. You got to lift your game and you got to lift your game and hold yourself to a higher standard. It’s like kicking the ball for a soccer player or throwing and catching in football or baseball. You got to be able to do it, right? So the funnel hacking obsession and whatnot, start learning how to read financial statement. And again, just I’m not a numbers guy, I’m not a maths person. You’re holding yourself back. But like the altruism, you’re holding your clients back, right? You’re holding your city back, you’re holding your state back, you’re holding your industry back, right? A little bit dramatic, but if we do it from that standpoint, you always do more for others than you do for yourself, right? So push the envelope a little bit. But margins is just like recurring sales, right? Like saying you don’t understand recurring sales. Recurring sales is another it’s the first principle of business.
Karl Bryan
It’s just why would I never become a Realtor in a million years? Because there’s no repeat clients. And of course, that’s a black-and-white answer for a gray matter. But generally speaking, someone will buy a car or a house from their realtor in five years until they buy another one, right? Reason enough for me not to do it and well, forget me doing it, but somebody comes and asks me if becoming a realtor is a good idea. My answer would be along those lines. But I don’t just tell my son a good idea. I give them the foundation of why. Right? So answers, if your client has 15% net margins and you help them increase them to 20, so you went from 15 to 20, how much of an increase is that? The naked eye would say, oh, that’s a 5% increase and that would be incorrect. It’s a 25% increase on how much money your client makes, right. Or your coaching client makes $100,000 over twelve months. And then you did that, right? You increased their margins from 15 to 20. They now keep 125. They get $25,000 extra thanks to you. 25 grand lives in their bank account that wouldn’t have otherwise, thanks to you.
Karl Bryan
And let’s assume that you charge $2,000 a month. That would be 24 grand a year, which is a lower end. But if you’re getting $24,000 a year for your coaching client, let’s assume that we can both call that success. Well, you just covered your twelve months of fees with a 5% increase in their margins, right? And by the way, could you do that in 90 days? And could you do that in 60 days? Could you do it if you’re good in 30 days? Remember, they didn’t learn anything new. They didn’t hire anybody new. They didn’t sell anything new. In fact, they kind of did less and probably had more time for their kids and lined their bank account and line their pocketbook with a little bit more money. Why? Because you help them think strategically and at a higher level rather than what they were doing before you showed up. And that’s just chase their next sale. Chase their next sale. Chase their next sale, right. Because again, they’re thinking tactically. They’re not rising up. They’re not thinking strategically. They’re certainly not thinking about their profit margins with about 95% predictability, right? Look, there’s six ways to increase margin.
Karl Bryan
And by the way, as a frame here, wealth is built with recurring revenue, remember that, right. But most clients are trying to how does it go? They’re trying to get a client to make a sale. And what you want to do is you want to make a sale to get a client. Hopefully I’m saying that right. Most people want to get a client to make a sale. You want to make a sale to get a client. Maybe just translation, you want to have a back end. Here’s an example of that RodeDog, if you own the local bar, I would give you the keg to sell you the beer, right? If you had a local office, I would give you the coffee machine to sell you the coffee. You wanted the dog, I’d give you the dog to sell you the dog food. And by the way, if I was going to give you a dog, would I give you a Rottweiler or a Great Dane or would I give you a toy poodle? And the answer is obvious, right? Because a Rottweiler is going to eat significantly more dog food than the toy poodle.
Karl Bryan
So I’m going to give you a big dog. Am I going to give you the dog? In a perfect world, I would sell you the purebred dog and the dog food, by the way, to the front and a back end. But believe me, if I was going to give you the dog in order to sell you the dog food, you’re going to build a pool, right? Again, I build you the pool for free to sell you to open and close your pool every year, to sell you all of the stuff that you need in and around the pool, and of course, the chemicals. And by the way, would I actually build a pool that was going to cost $50,000 plus to sell you cleaners and chemicals? No, but as a frame, I want you to do thinking about the dramatic, well, just take keg in the coffee machine to sell you the beer to sell you the coffee would be a better example. Just think Facebook, Instagram, LinkedIn, how much did they charge you to set up your profiles? And they charged you the same thing they charged me and the same thing they charged rogueville, zero.
Karl Bryan
Right? And by the way, Uber, how much did Uber charge you to download the app on your phone? And how much does Airbnb charge you to put your house up for rent? And the answer is, nothing. And then they take a piece of the back end. Right?
Karl Bryan
So having a model like that is important as a frame, right, which I think that’s important to be thinking along the lines. Recurring revenue, again, is something that I would be looking if you came to me and said, Karl, is this a good business idea? Will this business will this business work? I’m going to be looking at profit margins and I’m going to be looking at recurring revenue of two things that I won’t go I will not give you my answer until I have answers to those two things. Right? So back to the six ways. Look, you can increase your prices pretty obvious. You can lower your expenses pretty obvious. But my experience, nobody does it. That’s a quick, quick, easy win for a business coach to go straight to your credit card statements great. To your profit and loss, and just stare straight at your expenses and go, ping, ping, ping. The third way is to get people to buy more consistently. I gave you a couple of ideas, like the keg, right? How do you get them to buy more beer more consistently? How do you get them to buy more coffee more consistently?
Karl Bryan
Well, if Starbucks know what they’re doing, they add flavors. They got significantly more flavors, and they have promotions and green cups at Christmas, etcetera. The next way where am I at? What are they in? Prices, expenses. So number four is cross-sell. So do you want fries with that? Do you want an apple pie with that? The local lawyer says, do you want a will with that? Right. The fifth way would be Upsell. Do you want me to supersize it? Or let’s say you’re buying a car and they say, hey, do you want the sports version with the mag wheels, bigger engine, slightly better body type? Yes, we’ll call that the equivalent to supersizing the vehicle. And then the next way would be down selling. And an example of down selling. Let’s say somebody calls you and you want to build a pool, okay, how much is the pool? And they go, 80 grand. Okay, we can’t afford 80 grand right now, say, okay, how old, would you going to find? When somebody wants to build a pool, they’ve got kids under the age of five. You find that with ridiculous consistency. Well, when my daughter was five and under, I can tell you that she would hang out in her Jacuzzi and she would spend an enormous amount of time if you put cold water in the Jacuzzi.
Karl Bryan
She spent all kinds of time in the Jacuzzi, like as much as she would in a pool, right? No, it’s not as cool as a pool, but I can tell you that it’ll entertain a five-year-old big time. And as they get a little bit older, you’ve now got your house set up. You set up the Jacuzzi and need a certain amount of power, etcetera. So what you do is you sell them to Jacuzzi and then you stay in touch with them and you do the pool in two years time when they can afford it, offer financing, etcetera. But anyway, so you got down sell. There’s a zillion ways to do that. The internet marketing world is famous for doing down selling very well, right? So that’s the first way. The first way is kind of like those fix. And then the other way is to add value. Actually talked about this not long ago. So there’s three types of there’s three types. There’s three ways to add value. You’ve got practical value, you got inherent value, and you got social value. Right? So the token way of explaining add value, quote unquote, over lower prices is they say price is what you pay and value is what you get.
Karl Bryan
Right? So value is pretty trite word. It’s just sort of thrown around. So if you were to break it down, how do you create it? How do you amplify it? How do you communicate it? How are you going to multiply it? I can tell you that attracting the right buyer is as important as anything when it comes to adding value. Because what will happen is a higher level client that will get your thing at a higher level. I’ve often said you can start a cleaning company and do very well, but you need to do it in affluent areas, right? So if you’re going to a place where everybody’s renting their home and then you’re cleaning carpets, I got bad news. Unless they’re moving, they’re probably just going to do it themselves because they’re not worried about the life of the carpet. They’re just worried about basically a vacuum is going to do it for them, right? So the affluent area is kind of the magic of a cleaning company. They care more about trustworthiness and reliability than how much they pay you. And of course take that with a grain of salt, right? But bottom line, that is like, okay, so let me just give you the different practical.
Karl Bryan
So practical is the pen. It’s paper, it’s a computer. A laptop has different practical value than a desktop, right? Inherent value is reliability. Okay? So let’s say that you had the cleaning company example, the reliability, the trustworthiness her or his punctuality, rapport. Some people you dislike and then some people you don’t have that rapport with. Or in an instance of a tangible, like a car, the reliability of the car would go a long way, right? Or if safety is actual, than it’s practical. Okay, so like a bigger car versus a smaller car, that’s practical. But if it’s assumed in the case of, say, Volvo, and they’ve marketed it very, very well, it’s more inherent, so hopefully that makes sense. But inherent value, think of it as trustworthiness, punctuality, rapport, reliability, right. And then social value is one you’re probably going to know very well. But think Ferrari, Louis Vuitton purse that everybody knows. When a woman is carrying a Louis Vuitton purse, the women walk. The guys wouldn’t have a clue, but the gals absolutely know, right? Again, you drive by in a Ferrari, I can tell you the girls hardly notice. And the guys are like, oh my God, that’s a cool car.
Karl Bryan
Right. A Rolex? Same thing. When people see a Rolex on your wrist, they know that you’ve spent some money on that thing. So it’s got social value, right? So living in the right neighborhood will absolutely have that bring social value. Those are social inherent and practical value. And you might want to write those down, by the way, because if your client is not doing it properly, I would encourage you to be looking at those different ways to create add value. We talked about it in the pre-show here, semi-at length. But part of why we encourage our coaches to do local live events is it brings a compounding effect of authority, in some cases of many amounts of celebrity if they’re good at it and entertaining and do it consistently. If you don’t do it consistently, you’re not going to get that celebrity factor. If you do, do it every Tuesday 07:00 at the Chamber and they come to rely on it and you do a really good job, you’d be surprised what ends up happening. But again, you end up getting more referrals, more JVs, you can charge more, the list goes on.
Karl Bryan
But the bottom line is it’s going to increase the gross profit margin that you can provide for your own company, and then it’s going to help you with when you say one of the most important things with your coaching clients is that you say jump and they say, how high? Right? Well, if that’s the case, you’re going to be able to help them jack up their gross profit margins quicker and easily and kind of like they’re going to be happy doing it. But again, because you’ve got that authority, because you’re coming in with, again, you’re saying jump, they’re saying how high? Right. And by the way, the problem is coaches know this and they know they should do live events and they’ve heard us talk about it here a thousand times, RodeDog. But the question are they doing it? And the answer is, you know, commonly no. So don’t, if you don’t do something you don’t know. It is the way that I like to frame it up.
RodeDog
Right.
Karl Bryan
So bottom line, breaking down the three types of value could be incredibly valuable for you and your coaching clients relationship and you just got practical value, you got inherent value, you got social value. The way we got there is profit margins just going straight to raise your prices. Again, in some cases that works and in fact many cases that works, they haven’t raised their prices in three years. But I’d be looking at this more in a holistic way and going rather than just raise prices, how would you increase the value without increasing the expenditure? Right. If you want to be the best business coach you can be, this is something that I would want you to understand and that I want you to be able to educate your clients on. Right. By the way, we’re talking about Rolex, Ferrari, Louis Vuitton, Gucci. What we’re referencing here is luxury brands who have luxury pricing and luxury margins, right. So when somebody says, oh, you shouldn’t really worry about building a brand, everything’s about direct response without that is not true. There is a degree of truth to it, but again, it needs context. But I can tell you that Enzo Ferrari will battle with you night and day that direct response marketing is not what he is doing, not what he was doing.
Karl Bryan
He built himself a brand and then that brand, not just a brand but a luxury brand, right. And that allows them to charge luxury prices and have luxury margins. Yeah, RodeDog. That was going to say something I can’t remember. So there you go, bud. That’s what I got. That’s how you want to merge.
RodeDog
I’m going to interject now. I just got to ask you this though, your business coach, we encourage everybody to do live events. What are a couple of things a business coach can do? The coach we always talk about the business owner, right. What are a couple of things a business coach can do to add more value to their local live event?
Karl Bryan
Nice, one word entertainment. You go to Tony Robbins and what people don’t see, they see Tony Robbins, they don’t realize they’re in a four day rock concert, right. The music is he does not play a single thumb. That is not like, you know what I mean, like an all time great almost, right? Like, you know, every song is designed to jack you up or in the case that he’s getting you to meditate type of thing. But again, it’s all designed so entertainment is the answer, Shoots, people come in. What’s the environment? Do you have music? How loud is the music? Do you have one speaker in the corner? That’s kind of annoying when you’re in the corner, and then it’s hard to hear when you’re in the other corner. Do you have somebody I hate to say it, but attractive people change the dynamic of a room. Again, do you have some attractive people there? There’s modeling agencies all over the world looking for girls and good looking guys to show up and handle things and don’t think for a second that a good looking guy doesn’t have as much value as a good-looking girl.
Karl Bryan
In fact, you know, RodeDog, it’s funny. If you own the bar, everybody would assume you’re going to hire one person to work behind the bar. You can only hire one. Do you hire a pretty girl, or do you hire a good-looking guy? Right? 90% will answer a good-looking girl. But you know what the answer is? You get a good-looking guy, and guess what? The same way that you get a good-looking guy, and then guess what the ladies do. Oh, my God, it’s a good-looking guy. Guess what they do. They hang around them longer than they plan, and then they drink a little more than they otherwise planned. And then who sits behind the pretty girls? The guys. And now you get yourself a full bar, but you can hire one person in a bar. You’d hire a good-looking guy as opposed to a good-looking girl, and you’d have a more full bar. And of course, now we got to talk about personality and a few other things that could factor into it and sway maybe in the other direction, but I doubt it. Again, if you can hire one person, you hire a good-looking guy.
Karl Bryan
And most people are thinking good-looking girl. So having attracted people in that room like it, hate it, call it sexist, I don’t know what you’re going to do, but I’ll just tell you that good-looking people change the dynamic of a room. So I would encourage you to do that. The content RodeDog, it’s got to be, again, like, when you’re done, are you videoing it, going home and then watching it and going, here’s how I can demonstrate that better. Here’s how I can demonstrate this better. Your ability to joke around, your ability to engage with the audience. Remember, we talked about it earlier, just saying somebody wasn’t quite ready to do an event, and I just said, you know, what your first event? Remember what I said, RodeDog, what’s he going to do at his first event?
RodeDog
He’s going to suck.
Karl Bryan
Yeah, that’s it. Guess what? Took all the pressure off. You could literally hear the wind come on. He’s like, so it’s okay. It’s like you’re going to suck the same way that I stopped in the same way that RodeDog sucked and everybody and by the way, he’s probably going to show up and do a bang up job. But guess what? You show up, and it’s just by assuming that you’re going to suck, it takes the pressure off. And then I also said only two people are coming. Just so you know, I don’t care how many people you enroll, only two people are coming. And then what it does is it takes the pressure off, because, see, people aren’t scared of failing. They’re scared of people seeing them fail, right? So it’s like, just take that away from them, and magically the event happens. So, RodeDog, the ability to be entertaining, the ability to make people laugh, the ability to engage all those things, the content, I don’t want to very important. Entertainment is important. But when you go to Tony Robbins and some people love them and some people hate them, and you know what I mean, maybe you’re in the middle, and it really doesn’t matter.
Karl Bryan
Let me tell you, his content is excellent. And remember, the people that have the most dramatic, that have the most what am I trying to say? The people that have the strongest opinions of Tony Robbins have not been to a Tony Robbins event. Right? Again, so don’t worry about you know what I mean? His content is amazing. That’s what I’m trying to say. Absolutely amazing. So what else Shoots a really strong, like, a feedback form and a really good one? Like, again, if you’re going to put a feedback form where you expect feedback, are you going to have a piece of paper where you’re going to have the most expensive paper that’s more like cardboard and really good ink, you know what I mean? And like, a strong feedback form and assume everybody can get which one it should be. It’s not the piece of paper. What else can they do, Shoots? What am I not thinking of?
RodeDog
I would say venue. Like, make sure you’re at a cool venue. Let me just share this. One of the coolest Mastermind events I’ve ever attended was at Speed Las Vegas, where during our lunch break, one of the owners was part of the Mastermind. He said, all right, boys, take whatever car you want. And then obviously, they have their drivers that go with you. Right? Just as copilots, let me tell you. How cool was that, right? It’s like you have all these sports cars that you can choose from, but I’m not saying you have to do a racetrack, but find something cool, higher end, something a little bit unique and different. And again, it just draws out a little bit more of an intrigue. That’s what I would say. What do you think?
Karl Bryan
There you go. Yeah. Love it. Love it. And again, is that realistic? So do that once a quarter. Do the racetrack or the go cards, but do a cool go cart. Racetrack would be way better. You probably don’t have provision for that in your city, I tell you. I used to rent the I think we said this last week, but the penthouse of the most expensive hotel in the city, and I rented the ban. It costs me a pretty penny. But don’t think for a second I didn’t get value. And don’t think for a second it’s wasn’t standing room only, and I did it over and over again, right? And again. And it wasn’t standing room every single time, because again, the more times you do it anyway, so he gets the idea. But let me just tell you, whatever I spent on the penthouse, I got back big time. We did it.
RodeDog
Hold on, Karl. With that in mind, by also you investing in the venue. You didn’t just give yourself a pass that well, you know, if it doesn’t work out this time, that’s okay, right? Like, you were you were now committed to filling that room. You’re committed to making that event a success.
Karl Bryan
Now, see, that’s a little bit like you said earlier, like that’s, you know, a little bit of the headwind pushing me, like the parade standing at the front of the parade, part of it. And I whipped out my credit card and I paid. I didn’t say, hey, can I have the pentos on this date if I can manage to get enough people, right? I said, charge me. This is happening. We’re doing it. So, yeah, for the venue, but you bring up it again. Yacht club, golf course, chamber of commerce is a great event or sorry, a venue, because people assume that the chamber is putting it on, but it’s not as cool as the yacht club. And maybe at the yacht club, you can take everybody for a sale afterwards. I know Earl. Shout out to Earl, silent assassin. He takes everybody on a yacht. He does a regular event, he hires a yacht and he loads people on it, and he does it consistently. And it costs him a pretty penny, by the way. But you know what I mean, you don’t even need to look, first of all, he does it consistently. So is he making money?
Karl Bryan
I’ll let you guess, right? The answer is, of course it’s going well, but again, he’s all in. And I bet the first one possibly ran at a loss, right? Anyway, that’s the answer.
RodeDog
Let’s close this out. What’s the one thing people can take from today’s episode and implement into their business?
Karl Bryan
What’s the one thing? Today I said something and I don’t think I emphasized it, but people are scared of things that they don’t understand. People will send another way. People don’t underestimate the level of fight that people will put up to stay in their comfort zone. I’m sure I could word that a little bit better but hopefully you’re getting that, right? They want to stay in their comfort zone, and they will fight you tooth and bloody nail to stay there. So the solution to both is just educate, educate, educate. Get better at educating. How do you get better at educating? The use of metaphors, the use of examples, the use of tonality, the use of your stories, doing it consistently. Like, again, don’t just assume that you’re going to be Gary Vaynerchuk straight away. How do you become Gary Vaynerchuk talks on stage constantly. How do you think? He got good at it? That’s how. Right? Anyway, so that’s my one thing, Shoots. People are scared of things that they don’t understand. So don’t try to help them understand. You got to deal by helping them understand. You’d be dealing with the wrong problem. You got to help them with the fear.
Karl Bryan
It’s like, you know what, accounting is just not that complex. You realize that they make it stupidly, confusing, so they can continue to steal your money. Right? Believe me, I know. People that are half the level of intelligence that you have that have degrees in accounting and operate as accountants look so edge. You know what I mean? Like, help them with the fear as opposed to help them with the understanding. But you got to do both, but start with the fear and then move the understanding. There you go.
RodeDog
I got a couple actually from the sermon I watched yesterday. You’ll like these. Are you more committed to your limits than you are to your potential, and are you acknowledging your weaknesses or are you now an advocate for them.
Karl Bryan
That’S say them both? I want to just say them both again, please. They’re too good. Awesome.
RodeDog
Okay.
RodeDog
So are you more committed to your limits than you are to your potential, and are you acknowledging your weaknesses, or are you now an advocate for them?
Karl Bryan
Nice. There you go.
RodeDog
There you go.
Karl Bryan
They could sort out their problems if they weren’t so busy denying them, right?
RodeDog
There was also a part in there of all the time that the creative time you were spending basically came up with more excuses to stay in your comfort zone. Imagine if you applied that to grow. There’s something to be said there. But anyways, on that note, we will cut it off there, and thank you for tuning into another episode of Business Coaching Secrets with the man, the myth, the coaching legend, Karl Bryan, of course, with that beautiful checklist of his. And if you’re not on the inside getting access to the preshow and you aren’t getting Karl’s daily emails, then just be sure to check out Focus.com and subscribe today. If you enjoyed the podcast, please share it with a fellow coach or someone you think might make a great coach. And of course, as always, we’d appreciate if you leave any reviews as well. And that is it for another week, folks. We will see you in the next episode. And remember, progress equals happiness. Take care, everybody.
Karl Bryan built profit acceleration software 2.0 to train business coaches how to find any small business owner more than 100 percent $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising. This becomes a business coach’s superpower. So as a business coach, you’ll never again have to worry about working with business owners that can’t afford your high-end coaching fees. Check us out at Focused.com. You may also see our Business Coaching Secrets: Dealing With Depression, Anxiety & Giving Up Ownership .