7 Steps to turn your idea into income

If turning your purpose into a pay check is the ultimate cheat code, then what is the unlock? How is this actually done? In this episode Terry breaks down a 7 step science backed method for making it happen. 

In this episode, you’ll discover:

• The “Superpower Audit”: How to identify your rarest, most valuable skills—and why this is the secret to becoming irreplaceable in any industry.
• The Mindset Shift That Multiplies Results: Adopt the “scientist mentality” to fearlessly experiment, learn faster, and turn setbacks into breakthroughs.
• The 7-Step Scientific Method for Income: A step-by-step process to test, validate, and monetize your ideas—so you never have to settle for work that just pays the bills.
• The Value Equation Decoded: Learn how to create irresistible offers by maximizing dream outcomes and minimizing effort for your clients.
• Real-World Case Studies: See how these principles helped the host climb the ladder in elite sport, pivot to management consulting, and build a thriving business from scratch.
• Market Research Shortcuts: Discover how to instantly assess demand, competition, and profitability—before you invest your time or money.
• The Power of Differentiation: Why your unique journey and perspective are your greatest assets—and how to leverage them for maximum impact.
• Actionable Attraction Offers: Simple ways to attract your first customers and build a body of work that speaks for itself.

Whether you’re looking to climb the corporate ladder, switch industries, or build your own, this episode gives you the tools, mindset, and real-world strategies to turn your ideas into income—on your terms.

Ready to earn your worth? Hit play and start your transformation today

Turn insights into action with Terry's episode coach

Join our podcast community
Get live updates, talk shop with us and meet like minded legends in our digital treehouse. Click here to get access now.
🔗 https://www.facebook.com/groups/4609737389252111

Find out your financial skill score
Do you have the money skills to fund your goals? Take the 4 minute quiz here
🔗 https://financialskill.scoreapp.com/

Transcript

0:29

Hey there, legend, and welcome to the second deep dive in the Earn Your Worth series. Now I have to give you a massive apology. I know it's been a huge time between drinks, but let me explain in actually putting this episode together and thinking through a framework that I could use to be able to teach and decode. what I've done, what I've learned, what I've understood over the time making all these mistakes, I actually started to get a lot outta the process myself, and I started to reflect on this. And so the last couple of months have involved me actually. Practicing what I preach and actually doing this framework that I'm about to show you in this episode. And this is all about turning your ideas into income because in the first episode, we went deep into the first part of the framework, which is knowing yourself. This is all about finding your superpowers and avoiding kryptonite, your superpowers are the unique combination of your knowledge and the skills that your life has led you to, and the curiosity that you have to be able to solve a particular set of problems for a particular person. It's the content of what you do, right? It's what you do. And kryptonite. That's the things about your work that where you down. It's the context of what you do. It's more where and when you do things. And knowing what you do best is how you become rare, and it's how you become valuable and find purpose in your work. But how do you turn that sense of purpose into a paycheck? and how do you know where to start and what to work on, and how can you make sure that you get paid enough to make it worth your while? These are the questions that we're gonna be exploring this episode, and also the next as well.'cause when you know how to answer these questions, you'll never have to settle for work that just pays the bills ever again. And you'll never worry about money ever again as well, because you'll know how to make enough to live the lifestyle you want and achieve your financial goals and what we're about to cover, it builds on the groundwork that we've laid so far in this series. So you're gonna need to have internalized that concept of supply demand tension. From earlier on, and you need to have uncovered that specific knowledge in your life, and you need to have meditated on that and really thought about the skills, the talent stack that your life has led you to, because this is your ultimate competitive advantage. This is absolutely the core of everything we're discussing, but this episode, this is about how and where you can apply those talents to get beyond just working a job and start building a career. and when I reflected on this, I thought there's really three paths that go with this. And the first one is climbing a ladder that you're on faster. the second one is switching the ladder that you're on to find a ladder that you're more suited for. And the third one is creating your own damn ladder. And all of these paths, they demand investment. And investment is essentially you putting time, energy, and effort into something without any, strong sense of when and how that's gonna pay off. That's investment. It's contribution without expectation. And so if you're not okay with that, maybe this episode's not for you. And maybe increasing your paycheck in a way that suits you is not for you either. Maybe you just want a clearer way of moving through a defined pathway that someone else created for you, and that's okay. But in this episode, we're gonna be talking about how to turn your ideas into an income, not having somebody tell you what they want from you, but you actually creating that opportunity for yourself. So if that's you, then this episode is absolutely for you. And for me, I've been able to do this in a few different occasions. I was able to do this in a way that helped me climb the existing ladder that I was on faster in elite sport. I found myself in elite sport at 23 as the youngest performance coach in the country, and by the time I was 28, I was at the international level working on that stage. And then I jumped outta that and I jumped into a new sort of ladder and I found myself doing management consulting and consulting into these exec teams all around Australia within about 12 months. And it's also how I built my own ladder, starting in the cash flow co and unlocking that time and location freedom while also building that earning capacity in a sense that was so leveraged that it just meant that I could earn more with less. and so in this episode, I'm gonna be sharing everything that I've learned and everything that I continue to learn in this space. There's so much more to learn and I don't consider myself a finished product at all. I'm just gonna be sharing with you, here are the things that I've seen work for me, and this is where I got this information from. So what we're gonna be going through is the mindset and the skill sets because you can do the right things, but if you do them in the wrong way,'cause you're coming from the wrong place, it just doesn't work as well. And I've learned that the hard way and I've learned it the easy way as well. So we're gonna talk about the number one mindset you need to adopt first up. And then there's a specific set of skill sets that actually fall out of that. If you are in this mindset, it'll be much easier for you to pick up these skill sets and use them as well. And if you follow this process, you're gonna know how to find an idea that's actually likely to work. And I'm gonna share with you the seven steps sequence that really helps you adopt those skill sets and put them to use with regards to turning your idea into an income. We're gonna explore this through a real world example as well. And I mentioned before the break, and I mentioned the, hiatus that I've been on. I'm gonna talk you through what's been happening and how I've been applying this myself to show you how I've actually started to build a completely new business. it's always said that you learn when you teach and it's absolutely the case. This episode's really taught me a lot. It's made me reflect and it's made me really think about, where I'm applying time and talent and explore new arenas as well. So I'm gonna share that with you as we go through to help you bring this mindset, bring this skillset to life. And I just wanna make mention as well, there's a lot of frameworks in this episode. There's a lot of intellectual property, a lot of mental models that we're gonna be covering. So I'm gonna do my best to break that down. decode that as much as I possibly can. But I wanna just point to a massive influence in this. the ultimate business, bro, Alex Hor Mozy, a lot of these ideas is just the application of what I've learned from him. And if you want to understand. how to create and capture value. I don't think there's anyone better on the planet to be able to do so. It was worth a hundred million dollars by the time he was 30 and just a few months ago, he broke the world record for book sales by making a hundred million dollars In one single weekend selling books. Now most people never make any money selling books, but he managed to be able to do that in one single weekend. So if there's anybody that knows how to create and capture value, it's this guy. And he's also exceptional at teaching it. So I'm gonna share with you a bunch of the frameworks that I picked up from him. And there's so much in here. Some of it's him, some of it's somebody other, other places. But I just wanna kind of pay homage a little bit, to him in that sense. And if you want the resource that goes along with this episode, I definitely would recommend buying a hundred million dollar offers from Alex Ozzy. I realize it's a kind of a clickbait title. But I've kind of found there's a direct link between how clickbait it looks and how good it actually is a lot of the time in this space. So don't write it off, read it, reread it. I probably tend to reread this book at least once a year, and every time I think about creating something new, I go back to this to help me kind of think through how to actually build it. with that said, let's get into this episode and I'm excited to share these tools with you. so the first part of this is the mindset, and as I mentioned, you can do the right things, but if you do them in the wrong way. It's much, much harder to get a result. and the mindset that I like to adopt is the mindset of a scientist. And what this does is it takes the pressure off me, it helps me fear failure less, and it helps me learn a lot faster. And if you think about what our best scientists represent, they represent people who are very curious, very open-minded, and most of all, very persistent. Anyone who's done anything of a measure or merit is somebody who's been curious, open-minded, and absolutely persistent. Really persistent, and this is why I think it's really important to make sure that we're playing that arena. Let's align with our signature strengths, with our superpowers. But if you adopt that mindset, what you're gonna notice is you approach this problem completely differently. You approach this as more of an experiment, where you assume that there's an answer, but you don't have it yet. Your job is to learn. And the faster you learn, the sooner you figure out what's going to work. And that's really the core of this. So if you adopt that mindset, you're gonna be streaks ahead of most people when it comes to this. Now that we've said that, let's talk about the skillset, and I just alluded to it there, but it's actually the scientific method, the framework that I'm gonna walk you through now is the scientific method. And if you think about what goes into the scientific method and how it works, it's really simple. It's seven simple steps, right? You make an observation, you ask a question. You conduct research, you form a hypothesis, you run an experiment, you draw some conclusions from that experiment, and then you update your assumptions. And what I like about the scientific method is it does put you in that scientist mindset. Absolutely. But the second part of it is it's very well aligned to how the brain learns. The brain learns from outcomes more than it does from information a result. Something that you are noticing and experiencing in your life is a far better teacher than anything you could learn in a book. And I know I reference a lot of books, but these books are really guideposts. On the road to doing. And that's what I've learned the hard way as well. More doing less reading. just make sure you're reading stuff that's in time, helping you do better. If you're trying to collect information for maybe one day when you might need it, that's a surefire sign that you may be a little bit paralyzed by fear. And don't worry, I've been there and that's why I've sort of said adopt the scientist mentality.'cause it takes all the pressure off you, it takes all the pressure off and it makes you kind of think about it in a bit more of an open-minded, more interested, curious way, as I said before. So. And let's talk about how to turn your ideas into an income with a scientific method. Step number one, make an observation. So what does that mean? What it means is you need to really think about what your superpowers are, really take audit of those and understand where that X factor is for you, where you can do something uncommonly well. And the reason why is you wanna be able to play to your strengths and do fulfilling work, and that's where you're gonna do your. Best work. So you wanna think about that. And as I said before, we actually have laid the foundation for this in the first deep dive of this series, which is the last episode on knowing Self. So if you haven't listened to that episode, absolutely would encourage you to go back and listen. But how do we do this? How do we actually make an observation that's insightful, that will be helpful for us? Well, I think what you wanna do is you want to reflect on how and where people have made requests of you. Because people are recognizing these strengths in you more so than you recognize them in yourself. And so to give a bit of context and to talk about how this works, I mentioned, I'll give you a live example. So about this time last year, I was approached by one of the directors of one of Australia's biggest financial services businesses. The businesses 20 plus years old, and absolute pioneers very respected. widely throughout the industry and just someone that I really admired as well, and he came to me and said, we're interested in. Buying the business. And it was really perplexed, really, really perplexed when this happened. I was like, why would you wanna buy us? you're a whale and we're a minnow. so I sort of got a bit curious. I was like, just tell me more. I don't understand. because the reality is I didn't necessarily want a boss. This is why I started a business. But what I did understand is there's something here that he saw that I needed to understand better because there had to be a reason why he wanted to give up equity and money for something that we had. That's something that he valued. And if I didn't understand what that was, I was kind of doing myself and asked a disservice. So I asked a few questions about it, and what he said to me was, look, we've had a few people come through. Being referred through from you to us. And the quality of these people, the level of commitment, the level of engagement and the outcomes they get are just far superior to everybody else. And I wanna know what it's you're doing. And actually this conversation, this happened about six months before that offer, and I didn't really think much of it, but I was really. Kind of perplexed. and he said, I would just love to understand what you're doing and how you do things. And so I said, yeah, no worries. And he said, so how about this? How about we do like a half day in-service and I'll show you everything you wanna know about our business and exactly how it works, how I built it? I'll answer any question that you have. And I thought to myself, that's a great deal. He's a lot further ahead than me. and I'm really interested in that. And he said, I just wanna know how you guys do things. And I said, no worries. I mean, what have I got to lose here? So we pretty much did that. And about six months later, that's when this offer came through and he kind of mentioned he'd seen these results. And when I've explained this stuff to him, he sort of said, now I've understood why you guys are getting these results. And I said, if you put your finger on it, what is it? and he said, well, it's not, you know, the brand and everything you built, the podcast is amazing. It's, this is all fantastic, but actually what I'm trying to buy here is the skillset. And I said, when you say that skillset, what is the skillset you are referring to? And he said, it's coaching. It's how you coach. It's how you set up these relationships, how you get people engaged through this process. And that was a big light bulb moment for me. And when I was putting this episode together, I reflected on that moment and I thought about that and said I should really. Think about that more deeply because, you know, coming back to this framework that we're talking about in this series, you know, the superhero framework, your superpowers, figure out what they are. Uncover those superpowers. Avoid kryptonite. Serving others is about finding people to save. Right? But how do you know the people who need saving? We need to think about that bat signal. There's always a signal. What is the signal? And the signal is usually. Time or money, people are spending inordinate amounts of time or money on something. And in this particular scenario, this individual was saying to me, I'm willing to give you a big chunk of what I worked really hard to build in order to be able to have this skillset. So I thought about that really deeply. Now, if you don't know what you are really good at and you dunno how to make this observation and it's not clear to you, what do you do? Well. I like Alex Oz's kind of approach to this. He just sort of says, look, there's three main buckets to think about. Think about a pain that you have worked through in the past and solved that you can help other people solve. Think about something that you're really passionate about, you're obsessed about, that's widely shared with a lot of people as well. Or think about the profession, the skills that you've built, the experience that you have, and how you could bring that to other people as well. Paying the passion profession, it could just come from any of those things. Okay, so make an observation. Within those areas to help you go, okay, this is roughly where I'm starting. And so for me, I'm sitting on coaching and I've, it's ironic'cause I talked about coaching that last episode and I've just been thinking about it in terms of that one-to-one. But I never thought about how valuable it was outside of that and whether other people would want that in their businesses. So that was my observation, step one. Okay. Now that we've done that, we go to step two, which is to ask a question. The next question is, who needs this of me? Who wants my help? Who needs me? And the reason why you wanna do this is because you're trying to determine where you can have the biggest impact. And your income is always, always, always going to be a function of your impact. So if you can figure out how to have a bigger impact, your income will follow. So let's talk about how to do this. You need to choose a person first, and then you need to think about that person and what they want. Right? And if I take my example and I keep working it through, if I think about this person, I really asked him why he cared so much about this. I said, why do you care so much about this? I was thinking it was more about conversion and retention and all those things. And he said, look, mate, the bottom line is I've made all the money here and I've done really well. And it's not really about money anymore for me, but what I want to see more of is I wanna see more people engaging with our services and more people getting bigger and better results and achieving their goals.'cause it's just something that I like to see. It's something I wanna see more of and we just dunno how to do what you do. And so if I think about that and I try to categorize this person.'cause remember step one is choose a person, right? Who needs this of me? Choose a person. I would sort of categorize him as a values led finance professional, okay? But there's really four types of people. There's ambitious people, rich people, poor people, lazy people. And these four different types of people want different things. And you can be one of these types of people at different contexts and at different times. But you wanna think broadly around who you want to serve. Okay? Now, ambitious people, they buy skills, okay? Rich people buy time. Poor people buy stuff, and lazy people buy entertainment. So you've gotta think about what desires that people already have and exist can match up with the skills that you have, with the things that you do particularly well. The things that you can give them, right? Because your superpower, that's your gift, and it's your goldmine if you'll just mine it and give it to other people. And so if you think about my situation, right? It's really gonna come down to ambitious people, right?'cause it's skills. This guy was talking about the coaching skillset. So I wanna be talking to ambitious people and that really helps me to start to understand who I'm talking to, right? Who needs this of me? but that's only the first step, right? The next thing is we need to choose and understand which market they're in. and Russell Brunson, who is a marketer, he came up with this concept where he is there's three main markets. There's health, wealth, and relationships. And if we think about my example, we're obviously in the wealth space, and there's the market and then there's different industries within that market. Okay, so financial services exist within wealth. Okay. And then underneath financial services, there's all these different types of industries. There's financial advice, there's real estate, and within real estate there's mortgage brokers. And within real estate there's a buyer's agents. And within real estate, there's real estate agents. So there's so many different industries that exist underneath each market, and you kind of want to think about where you want to actually be spending that time. And what kind of people you wanna serve there. And the way to kind of think about this is think about the kind of person that exists in one of these markets. And there's two types of desires. There's towards and away from and away from desire. You might wanna finish these sentences. Somebody who struggles with X, somebody who's missing out on Y, somebody who's worried about Zed, and someone who's under pressure to whatever the next letter is in the alphabet. These are all away from type desires. And then you've got towards desires. And the way to kind of think through this is finish these sentences. Somebody who wants to, somebody who wishes they could, somebody who wants a simpler way to, or somebody who wants to feel more confident with. These are just good kind of prompts to think about. So from my perspective, right, I could look at coaching, and within the wealth. Markets and specifically within that financial services, I could go deeper if I wanted to and say real estate industry, and I could go even deeper and say, buyer's agents, that could be a, an an area for me, but. What is the desire? Somebody who struggles with maybe client indecision, they could use coaching somebody who's missing out on referrals'cause they're not doing a good enough job connecting with people through the process. And they're really just more transactional at that point. Somebody who's worried about not getting the results they want for their people and not having the level of, commitment to the process as well. Or somebody who's under pressure to get certain results in certain timeframes and doesn't know exactly how to work with people to make it happen. These are all away from, but we can flip those as well for towards as well. So it might be somebody who wants to get better outcomes for their clients, somebody who wishes they could have their staff perform at a higher level and get better retention when it comes to this. Now I'm not gonna keep going but you get, get a sense for, okay, cool. I'm in a marketplace and I'm talking to a particular type of person. And so for me, we're talking about wealth, we're talking about financial services, and we're talking about an ambitious person who wants skills, they're gonna help them with, you know, all those factors that I just discussed before. Once we have that, the next part of this process in, in thinking about who needs me and who wants what I have, is to craft what's called a premise. And what is a premise. A premise is essentially, think of it like a movie trailer. It just explains very succinctly what the whole thing is about. And there's a guy called Jay Klaus who came up with this, and he says, the best premises, they're legible, they're compelling, and they're differentiated. So legible just means really easy to understand. Compelling means that, it's very desirable and there's a sense of, it's, it's a big kind of value gain. And differentiated just means that not many people can do it the way you do. And so how do you do this? How do you make your premise really clear so that it communicates really clearly to the kind of person that you wanna serve? Well, there's seven ways to make something more specific and really it's just about mixing and matching these different things to come up with a simple message that kind of goes, yep, that's what it's about. So lemme talk you through these, and these are from a guy called Dickie Bush. You can make something more concrete and specific by focusing on and knowing it down to a particular problem. You can focus on making more specific by defining it by price or by industry, or by situation, by experience, by location, or by demographics. Okay, so problem, price, industry situation, experience, location, demographics. These are all ways to make something more concrete, more specific. Okay? And if we go through my example, okay, what about by problem? Well, if we think about problem as a filter, we say, well, people who aren't getting the results they want, their clients aren't getting results. Financial services pros who are not getting results from their clients, maybe they're not getting referrals or like I said before, maybe you're the owner of the business and you don't feel good about not enough people getting those results. These are all problems that people wanna solve. or maybe it's conversion rates. Maybe you actually wanna build a higher affinity and trust in those early onboarding interactions with people where they're more committed and they see things through. So that's the problem. What about price? Well, if you think about price, you've got high income earners or what they call Henry's, high income, not yet rich. These are the kind of Henry's, or you could say high net worth people who have actually accumulated and already have that so that's two ways that we could make it more specific by price. Then the next one we said was industry. So I've already discussed this, but financial services is kind of broadly the market that we're talking within, within wealth, but we could get more specific and say real estate, we could get more specific and say buyer's agents, we could get more specific and say brokers or real estate agents, there's so many different ways we could cut this, but broadly I think financial services is probably. Good enough. and then we've got situation. So maybe the situation is, you're starting a new business or maybe two businesses have merged and we wanna do a better job of, you know, upskilling everybody at the same time and creating a new culture in that sense. or compliance has changed and it's changed the way we have to go about things. These are all different sort of changes in situation. The other one was experience. So this could be beginners. People who are starting out, as I said, or maybe they're established in their careers or in their businesses, and you can make it more specific, location. So Australian financial services industry professionals, or maybe Australians, financial services professionals on the East coast only. Or you could make it by demographics. So millennials versus Gen X versus boomers. These are all different ways that you can mix and match. So why is this so important? Well, the more clear and specific it can be, the easier it is for people to understand the value of something, the thing that you're actually doing. So when we mix and match these seven ways to make something more specific, we can come up with a clear and compelling premise. Something that's legible, something compelling, something that's differentiated. And if we think about my example, again, we talk about coaching skills. for finance professionals. Who want to create client results that competitors can't match, Coaching skills for financial professionals who wanna get client results, the competitors can't match. Does it meet the test? Is it clear? Is it legible? Coaching skills? Is that legible? it's pretty legible. You might need to do a little bit of explaining. Financial professionals. That's pretty legible. That's pretty clear who it's for and who wanna create client results. Competitors can't match. Again, pretty clear, but you could go. What kind of client results? Okay. that might be a better way to make it more clear as well. But the key thing is legible, compelling, differentiate. And from my perspective, I think it's quite legible. Compelling client results. Competitors can't match. That's kind of really speaking to an ambitious person in that sense. Somebody who wants to outperform and then differentiate it. It's not so much what it is, but it's more so who I am. So if I'm teaching these skills and I'm giving these skills to other people and I'm sharing my frameworks and I'm showing them how to do this. It's quite differentiated because of just purely where I've come from. So, you know, spending over 10 years in elite sport and building the coaching skillset in that arena, in that context, and then bringing that across into financial services, building my own financial services business here, using that as a proof point and then sharing what I've learned with other people. that's probably gonna be quite differentiated in that space. It's gonna be hard to compete with me if I'm sharing that knowledge and that wisdom, just because. I'm credible in a way that a lot of people couldn't be. You'd have to go and retrace my exact steps to be able to say, yeah, I got all that. so in that sense, I think it's a kind of a clear enough premise and we can make it clearer over time. It's not about being perfect, it's about making progress. so if we recap at this point, what we've done is we've kind of gone, who wants us, who needs our help? And we've said it's an ambitious person who wants to buy skills and they're in the wealth market, in the financial services industry, and they want to create client results that their competitors can't match. That's the desire they have. And so now we've kinda really narrowed down, the first two parts, that sort of equation, which is like, what are we particularly good at? And what do people want from us? The next step in our scientific process is to conduct research. We wanna understand a little bit more about this market, about what they're looking for, this is the great thing about internet now, you can just jump on chat, PT or perplexity on one of these. And you can use these agent modes, these deep research modes to get very, very good quality information very quickly. information that would've taken weeks in the past to do really well. But what we're trying to do here is we want to identify where our skills are highly valued so that we don't end up being a martyr who hates something that they used to love. Right? And again, I know what that feels like. You're in a place where you're doing something you love, but you're actually not getting rewarded for it. So we want to conduct a bit of research to make sure that before we jump into a sandbox, it's gonna be a game that we can play and win for good reward. And if I call you back to the start of this series, remember we talked about the money mechanic, that universal money mechanic. Okay. Supply demand tension. Okay. When demand exceeds supply, the price of something is going to go up. When there's more people who want a thing than there are people who can sell the thing or have the thing, the price of that thing's going to go up. Doesn't matter if it's a banana, a can of coke, or a skill. If there's more people who want it, then the price is going to go up, and so we wanna make sure that we are playing in a sandbox. that we can win playing to our strengths in a position where we can win and get well rewarded for it. So there's two ways we can do this. We need to be able to assess the profitability of this market, and it's about that demand supply dynamic. Now coming back to Hormo, he's got these four value drivers that I think are great. He says, if you wanna understand demand in a marketplace, you need to think about four things and understand in terms of the prospect or the client or the customer, whoever it is that's buying what you're selling here, they need to be in pain. They need to be able to pay, they need to be easily targeted. And that market, the amount of these people, the amount of transactions that market needs to be steady if not growing. And when I think about. My example through this, well, there's a psychic pain that comes with this, that business leader is feeling the pain of just wanting to make sure that these people have the results, and are getting the reward as well. but this could be compounding as well. with the rise of technology, people are needing to become more and more human and differentiate themselves and have higher quality interactions because if you are just gonna be competing against technology, you're gonna lose that gap. And what's interesting is that just recently, there's been a survey done by ensemble, which is, I think it's a financial advisors sort of, they're like an association, an industry association, and they did research that showed that 82% of clients, financial services clients in Australia, they value interpersonal skills more so than technical knowledge. Think about that for a second. They value interpersonal skills more so than technical knowledge. And the reason why is because the technical side of the job is becoming easier and easier to commoditize. But the actual interpersonal part of this is where all the value sits, at least in the eyes of the customer. So. If you're not good at that, it is going to be costing you and it's gonna be costing you new business. It's gonna be costing you referred business as well. And not to mention the psychic pain that we talked about before. So are they in pain? Well, the people who are aware of it and the people who understand it, they are in pain. They'll understand that this is really important to the customer, and if they're not good at it, they'll want to get good at it. The second part of it is, can they. So services in this industry, they have pretty healthy margins. and also something that's working for me in the sense is that they always have to be upgrading their qualifications. So. There's, career professional development. There's CPD points that have to be, kept up all the time. And they can do this in many different ways. There's a fair bit of flexibility with this, and there's opportunities to be able to make sure that this part of it actually comes into their CPD. So it's kind of within their interest to keep doing what they're doing, which is good for me in that sense. And then the next one was easily targeted. So as I mentioned, there's industry bodies in places where you have to go to get CPD points and also places where you go, to keep the qualifications and also learn more over time. And, it's relatively easy to get into these industry bodies. turn up to these conferences and really just kind of meet a lot of these people quite quickly. the last one was growing or steady. So right now the Australian financial services industry is worth apparently around 524.6 billion, and it's growing at 6% compound annual growth. Now 6% actually. Not a huge growth rate. It's quite steady, I'd say. So I wouldn't say that it's like, wow, this is a rocket ship. but it's a big enough market. There's a lot of value. There's a lot of demand in this market. There's a lot of need for help. And so for me, that's okay. Now the other side of it is supply dynamics. So we've looked at demand through these four drivers in paying can pay easily, targeted, growing, or steady. We need to think about supply because even if there's a lot of demand. If there's more supply than there is demand, it's still gonna be hard to make money. So we need to think about the other side of this equation. And the way we do this is we use a tool called Porter's five Forces. Now this is probably one of the only. Thinking tools, frameworks that I actually took from my MBA and I still use today.'cause I think it's a really, really good model. It's not accurate, but it's really useful for you to think about what's the opportunity here? What's the competition look like in this space? And so there's these five forces that can help you assess the supply dynamics. The first one is threat of new entrant. And what this means is how easy is it for other people to come in and do what you do? Okay. The second one is bargaining power of suppliers. So if there's inputs to what you do, for example, if I had to put somebody on and actually employ them to do this job and teach other people coaching, how many of those people are there? Is there a lot of those people or is there fewer of those people? Okay. And if I was putting those people on, if there's a lot of them, I don't have to pay'em as much, but if there's a few of them, I'm gonna have to pay'em more. And so for me, the great thing is that with technology and the way that I've managed consulting in the past, you can make this quite leveraged. And I'm not necessarily gonna have a lot of suppliers, it's gonna be mostly technology that's gonna help me package this up. and I may or may not use other people at times, but they're really not gonna need to be the main part of this. It's more of a consultancy than anything. the next one is bargaining power of customers. Okay, so how many alternatives, how many other people that are very similar to you do these people have, if they've decided they wanna solve the problem in this way, how many other people could they go to that do it exactly like you? And if the answer is a lot, then it's gonna be hard for you to make money. If the answer is very few, if not none or one, you're gonna make whatever you wanna make. Remember I talked about Dr. Hans Muller Wolf Art? He is the supply of one. In that sense, there's only one Hans Mulah wolf heart, and so bargaining power of the customer, very low in that sense. Now, if I do my job well, there'll be low bargaining power here for the customer as well, because there'll only be one me that's doing this. There'll be only one way to get this information in this way. And then the next one is. Threat of substitutes. So what are the other ways, the other approaches people could take to solve the same problem? So there's maybe self-directed learning, they could do it themselves. There's generic leadership training that's not really specific to the coaching skillset. There's AI driven tools that are coming in and absolutely will play a role. And there's also peer networks just sort of informal, uh, mentoring and things like that where people just pick this up on the job. So these are all different ways that people could solve this problem. And I'd say that's kind of moderate, maybe moderate to high, but not something I'm too worried about. And the last one is competitive rivalry. So how many other people are in this marketplace trying to serve the same person and solve their problem in the same way? And I think the biggest one here is this more internal training when it comes to large organizations, a lot of these large organizations actually do this training internally. So a lot of these financial services professionals that sit in this marketplace, they sit under those banners. so that is gonna be something to consider as I go. But if I think about those things, threat of new entrance is high, but not really a problem for me because of the differentiation. Bargaining power supplied is not really that applicable. Bargaining power of customers is very low because of the nature of how I'm sort of positioned. the threat of substitutes is moderate to high and something to keep an eye on. And competitive rivalry, it's absolutely there. and just knowing how many people to work with is gonna be a question as well. But I kind of get a sense through this, what the demand and supply dynamic looks like. There's a lot of demand. it's a steady demand. And if you're clear about what the problem that you solve for the existing demand, you'll be able to get and create your opportunities. the supply side of things is not something I'm really worried about, just purely because of how differentiated I am. And that's probably a good rule of thumb. If there's really high demand, I don't really worry too much about supply, high demand. You're gonna push to be at the top of that. And if you are at all ambitious, you are gonna be able to capture some of that demand. But it's all about differentiation in the end. So the more that you can differentiate, the less it really matters. With all this stuff, you just wanna make sure that you're not in a market where there's not enough demand, and heaps of supply. So this is just a good test to be able to do that. And again, this is where the Internet's amazing'cause you can just get. An agent, perplexity agent or Chad PT agent, a deep research agent to be able to say, Hey, look, here's the, the sandbox that I'm playing in. I want you to help me run a Porter's five forces on this and help me understand, the need for this and the desire for this. help me understand the buying power and the purchasing power in this space and where the people pay for this. How easily targeted, make me a list of all the different places I could find these people, and help me understand the compound annual growth rate of this market and provide evidence. That's gonna help you with demand. And then just say, Hey, run it through of Porter's five horses. and it'll tell you everything you wanna know about this marketplace, and then you can go and verify that information and get a bit of a sense for how profitable this problem is to solve. Now, once you've done that, you should have a bit of a sense for how easy it will be to be able to create a customer. if you're in a market where there's heaps of demand and very little supply, it'd be actually quite easy for you to create a customer. and that's absolutely what we're looking for. So that's the first three steps so far. Make an observation, ask a question, and conduct research. The next thing is we wanna form a hypothesis, and this is all about making an educated guess on the best way to solve these people's problems. Using your skills, using your tools, using what you have. And the reason this matters is because we need to throw something at the wall to be able to get a result, to be able to learn. We are not gonna be able to figure this out on the first try. It's something that we have to just move forward with, with imperfect sort of action and learn as quickly as we possibly can. and the way we need to do this is we need to think about how to create value. And coming back to our spirit animal for this episode, Alex osi, one of the most brilliant things he did was come up with what he calls the value equation. And there's four components to this that can help you understand how value is created in the mind of a customer, right? Because value is subjective, it's completely subjective, but what are the things that make it up? Well, it's the dream outcome. You gotta know what that dream outcome is, and you gotta understand that really, really deeply. And it's that times the likelihood of achievement. You obviously want a high likelihood of achievement and divided by the time to result and the effort to be able to produce that result as well. And the best solutions to problems, the best opportunities for the customer are the things that have a very high likelihood of achieving the dream outcome. And. Take a relatively short time to result and with minimal effort, and so if you want to understand why Ozempic is absolutely printing money right now, that's the reason why, because the dream outcome times the likelihood of achievement. Well. There's no real human error. you just gotta take the medicine. time to result dramatically shortened and effort, absolutely nil. Just take the medicine. So it's really hard to compete against Ozempic if you're a personal trainer. You gotta think about marketing in a completely different way. You gotta think about positioning in a completely different way, but that's why it's really important to understand this, because we need to come up with something. To actually package up and be able to offer the person to be able to help them, be able to serve them and help them solve that problem. And what we're talking about here is creating a minimal viable offer. And the way to do this is pretty simple. We just need to think about and understand what is the dream outcome. And again, surprise. Surprise, you won't know. You need to actually talk to people and say, what is your dream outcome? What are you actually looking for here? And how would you know that you've achieved it? It's important to have those conversations. This is what's called primary research. Okay? Getting into the field, talking to people and saying, what are you actually looking for? And really having those conversations. Once you know what that is, and you can sort of codify that, then you've gotta ask yourself what gets in the way? Ask them. See what they say. But also observe your expertise really comes in here because you've got this kind of skill set that's uniquely suited to solve the problem. So you've gotta ask yourself, what are the three major obstacles? What are the things that hold them back or stop them from getting that dream outcome? And this starts to form a bit of a structure around what you can do to help for each of these obstacles, you wanna think about how can I help them resolve or remove this obstacle? Make a list of ways. And then for each of those things, you gotta think about how can I decrease the time to result to be able to resolve that obstacle? And how can I minimize the effort to be able to get that to happen as well? Make lists for each of those. And under each of these questions, right? How can I help them resolve or remove that obstacle? How can I decrease the time to result and how can I minimize the effort? There's three lists there. Okay. And that's for each obstacle. So you're actually gonna have a fairly long list when it comes to this. And then what you wanna do is you wanna give each of these items on the list, an ice rating and an ice rating. It's just impact, confidence, and effort. So how much of an impact would this have on helping them resolve that obstacle? How confident am I. That I can make that happen, and how hard will it be to actually make that happen for me to be able to produce? And what you wanna do is create, and again, an extensive list of these things. and then the next step is to trim and stack that list. For the highest I scores against each obstacle. And you should come up with a handful of things that you can do to help them address each obstacle and then know exactly, what you need to be able to do to be able to create a minimum viable offer and then define what that is. And the way I like to do this is I like to write this up in an offer doc, and it's something that pretty much explains exactly how you solve the problem that you solve and help people achieve the outcome, that they wanna achieve. Bonus points if you think about pricing, giving it a really compelling name, and also thinking about a guarantee, especially for earlier customers. Really good to have a guarantee for earlier customers re reverse their risk, just so that for them there's more upside than downside. And so they're the sort of steps for forming a hypothesis, right? This is the best guess on how we can serve others by solving this problem in a particular way that's uniquely suited to us and our skill sets. Once we've done that, we need to move to the next step in our scientific method, which is to run an experiment. We need to collide our ideas with reality to learn. And the reason we wanna do this is we need to collect evidence, collect evidence that we can actually solve this problem and understand it really deeply so we can build confidence. Confidence only comes on the other side of evidence, and if we don't do this part of it, none of the rest of the matters. So we need to be able to figure out how to create our first customer. So how do you do this? Well, the first thing is you just wanna start talking about it. Start talking about it everywhere you go. And this is essentially how I've created the opportunity for me, how I've started this new kind of consultancy. I just start talking about this as an idea and I talk about it to people who are in the industry, and that's how I've created opportunities. I basically said, what do you, what do you think about this? You know, I had this opportunity and it kind of made me think about this and people have kind of said, I'm really, really bloody interested in getting help with you on that.'cause I know that that's something that you're really, really good at. And that's created, the initial opportunities that have led to other opportunities. And I found myself up in Sydney presenting to a group, of financial professionals on helping their clients overcome indecision when it comes to big money decisions. And just working through coaching frameworks, showing them how it's done, building up like a real live case in the room, and then decoding it for them, and then letting them do it as well. Building tools around that so that they can actually benefit from that skillset. And when I'm in the room doing that. What happens is somebody else who's another business owner in the room says, I need your help on that as well. I don't run the exact same business, but I'm having these conversations with prospective customers and I need to understand this skillset, just like the way you showed it. so can you help me with that? And so it's kind of created these different opportunities just by virtue of just putting it out there. Right. Putting it out there, just talking about it. And the good thing about the internet is it's so much easier to put it out there than ever. All you need to do now is actually just start sharing your knowledge. Just start talking about what you're doing and just start sharing your wisdom. Start sharing your insights. Start sharing what you've learned and actually show that you can help people by actually helping them. Crazy idea. Frank Kern says it crazy idea. Show'em. You can help them by actually helping them. Don't hold anything back. Give every bit of information away. And you'll be surprised at what happens. You know, when we started this podcast, we were like, well, how much, what are we gonna share and what are we gonna keep? And we made the decision early days to keep nothing, to share everything, absolutely everything. There's nothing on the podcast that isn't in our program, but the reason people come to us to go through the program, and the reason they want to do that is because they want our actual help to do it. Information by itself is useless without action. And so there are people who are always gonna wanna do it themselves and they're gonna be so happy and so glad that you've been able to share that information with them and they're gonna love you for it. And they're gonna talk about that, but they're probably gonna never do business with you'cause they're do it themselves type people. but some of their friends who they introduce to you, they might be people who actually want help doing it. And that's the thing that you've got to gain. And the great thing about the internet is it's free global distribution. So you can just share your ideas. So for me, I've just been writing posts on, on LinkedIn just talking about this new idea and just saying, Hey. Here's some things that I've picked up over time. If your clients aren't committed enough at the start of this process, consider using these questions. Consider spending a bit more time here and a little bit less time there, and just sharing that information. Now, super early days, but. What I find really interesting is that I've had several business owners just reach out to me randomly and just say, Hey, let's catch up. And that's created other opportunities as a result of that.'cause I've started to talk about something different. I've started to talk about something that's specific to me in that sense, there's very few people who know or have that depth, when it comes to this. So you wanna run those experiments to collect buying signals. And what is a buying signal? It's engagement. So if you are watching somebody like a post and the same person keeps liking those posts, that's a signal. And if you create some sort of resource that will help them achieve a very narrow sort of task that's gonna be sort of like adjacent to that problem and they put their hand up to get that, that's another buying signal. And so this is all just you just collecting information and gauging interest, gauging, and testing the marketplace. It's like walking into a bar. You don't walk into a bar and say to somebody, Hey, come, let's go home. Let's go home and sleep together. You get to know them first and you get to understand what they want and you, you pay attention to whether they're responding to things like whether they will actually sit down with you for a drink, whether they're interested, whether they ask you questions, whether they're, engaged in the conversation. And it's all the same way with a customer. So you gotta start kind of creating those buying signals and giving people a chance to put their hand up. Easy way to do that is to create an attraction offer, something that helps'em solve a problem. And you might have noticed actually the start of this series, I put the resource guide together. That's a really good example of an attraction offer. there's lead magnets that I've created through this as well, where, you know, there's, chat chip, that I've created there, you can just download and use. these are all opportunities for people to put their hands up and say, hi, I'm interested in this topic. I'm really more engaged in this topic than other people. And you can actually build a list of people. Who are interested. You don't need to go out to everybody. You just need to understand who's interested in this and you need to make it easier for people with their hands up. And then you just wanna build a body of work, get out in the world, solve this problem for people, and if people will give you your time in the be. Do it for nothing.'cause time's more valuable than money if they're spending an inordinate amount of time with you to solve this problem. It says they care about it. You can solve the money thing as you go. it is important. But just build a body of work. Start collecting that evidence that you can solve this problem for people. And once you've done that, you're gonna notice that money starts changing hands and again, money is the signal, right? That's the measure of value. So how much people are willing to pay, how often they're willing to pay it, that's a measure of how much they value the thing. And so think about how you can go through that cycle and just get it in front of people, just to see how they respond and react and create results. Just work as hard as you possibly can to create results for those people. Some of our earliest clients, like favorites of the podcast, Helen and Chase and Gab, their early episodes as they sort of came on, you know, we said to ourselves, you know, these guys believed in us and they're willing to back us when we're sort of starting out. They get the red carpet treatment for life. Anything they want from us, they will get, they don't need to ask. They need nothing.'cause we wouldn't have a business without those people who bet on us early days. And so this is really, really important to do at the start. Be really humble. Spend time in the trenches with people and show them you are more committed to their problems and somebody else. And you're not gonna have any problem turning that idea into an income. I guarantee you that. But you just have to be persistent enough, and that's where that scientific method comes in. Okay, so quick recap. What we've done so far. We've made an observation. We've asked a question. We've conducted research, we've formed a hypothesis. We've now run an experiment. We've started to collect some evidence. It's time to draw some conclusions. We wanna reflect on what we've noticed and what we've learned so that we actually do learn, and so that we actually do improve, and because we need to improve really quickly. This is a learning process to understand where and how the people want their problems solved. So how do we do that? We need to just record sentiment and feedback and ask them how they found that at the end of every session. How did you find that? What could we do better? Was there anything that was unnecessarily glitchy or confusing or complex? Always be asking those questions as you go. And then you also wanna conduct a bit of an energy audit for yourself. Just pay attention to where you lit up and the things that weigh you down because the things that weigh you down, you wanna get off your plate and the things that lead you up, you wanna create more time and space for. And so be drawing those conclusions and understanding where the value is and also what you wanna do particularly well and what you wanna offload as you go. The last part then is to update your assumptions. So you want to take your learnings and actually put them into the new solution. Iterate it. Improve it so it evolves and it's more and more compelling for those people so that you can improve outcomes and build your confidence over time as well. And really simple to do this. Just write down these I will statements, okay, based on this information, these conclusions that I've drawn, here's what I'm gonna do in the next iteration of this. And then you wanna update your comms and your messaging as well to be able to account for that. People need to see that you're evolving things. So that process, that is the scientific method. Observation, question, research, hypothesis, experiment, conclusions, assumptions, repeat. Repeat, repeat, repeat. If you do that and you keep going through that, you're going to notice that you get smarter and smarter about this problem, and when you know and understand how to solve someone's problem better, then they can even articulate and you can articulate it better than them. They will automatically credit you with the solution and you, because you've become an expert in that space, if you're willing to do that and you're willing to build and package solutions around that, you won't have any problem turning your ideas into income. Now another meaty, meaty episode. I realize that. I wanna make sure that we're not skipping over this stuff because it's not rocket sciencey stuff. It's actually quite simple. Just use that scientific method, right? Adopt that scientific mentality and use that scientific method. Go through those seven steps to be able to make this happen. When you do that and you've got a bit of traction, you're gonna start to notice that things start to move. Things start to snowball a little bit. Opportunities start to come to you, and you're gonna start to feel at some point, actually overwhelmed with the demand that you've created, and this is where the next part of our process becomes really, really important. Okay? Once you know who you're serving, you know what your superpowers are, you know how you're serving them. You've actually got a little bit of traction with this. There's gonna be a point in time where you actually get a bit stressed. You get a bit stressed about taking on more opportunities because you feel like you're actually working pretty hard. And this is where the final part of our framework becomes really important. And that's all about amplifying your impact. Amplifying your impact is about helping as many people as possible. And if you are the choke point and you haven't figured out a way to do more with less, then you're going to limit your own growth and that's gonna stop you having a bigger impact, which will limit your income. As well. And so that's what leads us into the last part of this framework in this Earn Your Worth series, which is all about applying strategic leverage. And that's what we're gonna be covering in the next episode. And once you get this, once this clicks for you, there's gonna be an internal block to income, which is, I'm already working hard, I don't wanna work twice as hard to make twice the money. Once you really internalize leverage, and once you experience it, what you realize is there is no limit to income. And once you know that for sure,'cause you've experienced it, you start to look at the world completely differently.. So that's what we're gonna be covering off in the next deep dive and the last deep dive in this framework. And I promise it's not gonna take another three months. I'm gonna get straight into it after this and I hope to get it out actually quite quickly, probably within, maybe within a week or so. between this episode going out and the next one. So I hope you enjoyed this, And if you have questions, make sure you jump into our Facebook community, or if you are part of the mentorship, jump into that circle community as well. We're probably gonna be running maybe a few q and as on this, and there's some drop-ins that have got between now and Christmas around this topic as well. So if you want any help digging through this stuff, make sure you turn up to those drop-ins. that's all for this episode. Looking forward to seeing you in the next one.