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Dealing With Burnout, Launching New Products & Analyzing A New Coffee Company | #FFLTV Ep 10

Dealing With Burnout, Launching New Products & Analyzing A New Coffee Company | #FFLTV Ep 10


– Hey boys and girls,
I’m Ryan Daniel Moran. Today we’ll talk about
dealing with burn-out as an entrepreneur, launching
new products and businesses, the ideal relationship
between entrepreneurs and the government, if
there is such a thing. And we’ll look at a brand
new coffee product line. Let’s do it! (music) So I’m going to be real
honest with you Fast Laners. I am not operating in the
“fast lane” the last few days. I’m actually dealing with a decent amount of burnout this week. I kind of hit a wall, especially
yesterday where I just had one of those moments as an entrepreneur. I’m like, I don’t know what
I’m doing with my life. Does anything I do really matter? Do I really want to work this hard? Where’s the end in sight? When do I get to retire to
a beach and just hang out and enjoy my life and not work so hard? So, I know I’m working too hard. I know I’m trying to do too many things when I have those thoughts. But at the same time, as an entrepreneur this naturally comes up,
partially because we’re starters and we like to start new things and not actually complete anything. But the other is because
we’re making it up as we go. Like, there are manuals,
sometimes we put some of them right here in this stack of books about being an entrepreneur. But really we are building
this plane as it is flying. And, sometimes I have to
remind myself of that. So, I wanted to take a
second and talk a little bit about dealing with burn-out
because it is something that I worked through kind of in cycles. And I know I’m not the only
one and we don’t like to talk about it as entrepreneur,
we like to talk about crushing it and hustling and
work your frickin face off and this is my ninth cup of coffee today. And really, look, we’re human beings. And unless what you’re doing
is, if you are Gary Vaynerchuk, this is a video game to you. So we’re just constantly energizing. Not everything I do is energizing. And I’d love to sit here and
tell you that wasn’t the case. I would love to tell
you that everything I do on a daily basis leaves me more
energized than the opposite. But that’s just not the case. I deal with voices,
voices in my head, great. Somebody’s going to edit
that into a YouTube clip. I deal with self doubt. I deal with wondering
if I’m doing it right. I wonder if I’m making the impact that people tell me I’m having. I’ve created over a hundred millionaires and I’m wondering if I’m
having an impact, right? Elon Musk has alluded to
the fact in interviews, that he wonders if he’s making an impact, if he’s really making a
difference in the world. So as an entrepreneur, as entrepreneurs, we all kind of deal with this. But let me get to my point which is this, I know that the brain
creates fantasy lands which means that regardless of how good you think you’re doing or how poorly you think you’re doing, the truth is probably somewhere in between there. So when I’m dealing with burn-out, two things that I do
that can really switch me into a different mind set. Even when I’m, I feel like
I’m balancing everything in the world. I’m managing multiple businesses. I’m building a YouTube subscriber base. I’m trying to get six pack abs. I’m trying to be a good dad
while managing personal life. The first thing I do
is I get down on paper all the things that are irritating me. All the things that are
actually causing me stress. All the things that I
wish weren’t on my plate. And on the other side of
the paper, I write down all the things that I
wish were on my plate. What are the things that I
wish I had more time for. What are the things that I
wish I had more of in my life. And immediately upon seeing that list, it is out and it is manageable. Now it’s interesting
is that as soon as you put the list on paper, you know the things that can be delegated, the
things that can be ignored, the things that can be put off. And there are some things on
there that can be scheduled like the vacation you’ve been putting off, the thing you want to add more. Last night, I did exercise
and the first thing that was on my list of what I
wish was on my plate more of was investing more in businesses. Meaning, I wish that I had
more deal flow that I could just mentor people and put
cash into it and inspire people and then it was like, wait a minute. Why don’t I just do one of those. We could record it, it
becomes content, that’s things that people would really like to see. That would create more deal flow and more good thing I would want to do. So why don’t we do more of that? And I can delegate some
of the other things that I don’t want to
do and all of a sudden there’s creative strategies
that start to come in and make it look more manageable. The second thing that I do is
get away from it for a while. After it is out on paper, get
away, either for a few hours or a few days because when you come back, the list doesn’t seem so bad. And giving myself a break from having a crushing every workout
or crushing every podcast or hitting everything at 100%. It’s okay to take a step back because when you return
you’re much sharper and that list of things to do doesn’t seem so daunting anymore. So dealing with burn-out comes
from getting some perspective realizing how good you have it realizing how close you
are to what you want by making that list of things
that are irritating you and the things you want more
of and getting away from it all so that you’re sharper
when you come back to it. And that how I personally
deal with burn-out on weeks like I’m having right now. I believe the fastest
way to financial freedom and getting to a place where
you have to deal with things like burn-out is to
start a business because that puts you in the driver’s
seat of your financial future. And I think that the way
you really grow wealth and diversify is by taking the
profits you make in business and then you invest them
into other passive sources of cash flow. That’s what we believe in
here at Freedom Fast Lane so let’s address some questions
about doing just that. – [Narrator] Sierra Robinson
asks, “What are some strategies for launching a new business?” – I was asked a question
in the first ever episode of Freedom Fast Lane TV, where
someone asked, “What would you do if you only had $500
a month to start a business?” And I said I would put every dime of that into the building up an audience. It could be an email list,
it could be a Facebook list, it could be an Instagram following. I don’t care what it is but
spend your money on advertising so you have leads and you have eyeballs. I think that is the best
way to launch any business. I would combine that with a quote from one of my mentors, Dan Sullivan, he says, “Only test new
ideas on check writers.” Meaning, people who would
actually be customers. Go to them and say, would
you pay for x, y, and z? If we roll these to new product, if we release to this
service, whatever it is, ask them, would you pay for this? So those two things give you the feedback that you need to be able to
launch quickly and effectively. It is a huge shot in the
arm to launch a business with customers and take
sales out of the gate. We will go through a case study later in this episode about doing exactly that because the biggest fear
that any new entrepreneur has is I’m going to put all this work and I’m going to put all
this effort into a thing that nobody wants but me and then we’re going to hit store
shelves or Amazon shelves and no ones going to buy
it and I’m going to put all this blood, sweat, tears and money into this thing that nobody wants. The way we mitigate that
is by building up eyeballs and asking them if they actually want it. And releasing that as fast as possible and getting feedback. There’s a difference between
feedback and failure. Feedback means something can be changed. Failure means you gave up and you scrapped the whole thing and you lost. And even then, you learned
something and you could reiterate the product and bring
it back and be successful. But putting it out there
in front of eyeballs is the thing that will
make you launch fastest and be the most profitable
because you have feedback and customers from day one. It’s the thing that I think most people get wrong the most in business. Is they ignore the fact
that they can collect leads and eyeballs and put product out there really quickly. Look, it is 2017, you have
things like Kickstarter. You don’t even need to
have an inventory order, you just need to have a prototype and you get in front of eyeballs. Which by the way, is a lot
faster and more profitable to do a Kickstarter if
you have eyeballs as well because you could mail your
lists to the Kickstarter and really get things moving. We did a podcast episode
about this with John Lee Dumas where he had launched
a book to his audience on Kickstarter and had a six figure launch of a frickin book on Kickstarter. Amazing times that we live in. This is the magic formula people. This is writer-downer:
audience plus channel plus good product equals
million dollar business. There you go, there’s all the secrets. We’ve created over a hundred millionaires with this magic formula and
that’s all that it takes. If you have eyeballs which
comes from a Facebook following an email list would be preferable
because the highest ROIs come from email. Actually email out polls
social like five to one. Anyway, having the audience,
having the eyeballs, having the channel, Amazon,
Kickstarter, retail, a place where you’re taking the sale
where people are already going. Combine those with a really good product, people will want to come back for, you have a million dollar business. You are knighted, happy millionaire day. You get to be a millionaire
now, you have the formula. That’s what it takes. That is the provable model
to launching a new business and every time you roll out a new product, it gets easier because
you have more eyeballs, you have more provable concepts, you have more of an established
presence in that channel. The way you start is by
collecting the audience, collecting the eyeballs to
launch that first product. And that’s where everything starts. – [Narrator] Tiffany Ryder
asks, “In an ideal world, what would be the relationship
between government and entrepreneurs?” – At Freedom Fast Lane
Live, this past December, I think John Mackey, the
founder of Whole Foods, gave a pretty good framework
for how things can get done. And he said that if anything
can be done profitably, it should be done by private enterprise. If something cannot be done profitably, then it should be done by non-profits. And if something is too big to be done through either of those, then
it needs to go to government. I think that is a decent, rough outline for determining the
roles of entrepreneurship and the role of government. I think it just changes over time. So some things that are
not profitable right now will become profitable ten years from now. For example, there are
things that the government invests in because it thinks that it needs to be stimulated and that
might have had an argument 25 years ago. We look at health care, it might
not have been as profitable 25 years ago or today,
private organizations can pretty much handle
just about everything and don’t need outside
funding from the government because we can raise money
privately to do things now. I would love to be able
to look at you and say that I’m an anarcho-capitalist
that believes that there is no role of government, that private individuals
can handle everything. I’m just not there. I think that the government can have a role in certain things. I think that the government,
I think that capitalism assumes that you have
protected property rights and that the government
can be an efficient way to guarantee private property rights. Of course when you get
into questions of like imminent domain, where
do those lines blur? Ah, that’s a tough one. But I think capitalism assumes
that you have a government protecting your ability
to earn and your ability to keep what you earned and
that you have safe borders and that you are protected
from outside threats. So, I think that is basically
the framework for me. That you protect freedom
from a government level. Everything else is done by government. I have heard some proposals
that the government can basically issue certain challenges, kind of like the XPRIZE does, but for challenges that are
facing the nation for example, like who could, for something
that is passionate to me, who can come up with a way to
better take care of livestock? Which is weird for me to talk about, but to be honest with you, we’ll
look back on our generation fifty years from now and
say that the way we treat the animals that we eat is
kind of an ethical problem. The way that we mass produce
meat, that like, it’s hard for us to justify what we do here. Now you have private enterprises
like Impossible Foods or Beyond Meats that are
basically reverse engineering the amino acid profiles of meat and then creating plant based options that are basically
engineered meat products. That is kind of like the XPRIZE idea. I think PETA had kind of an XPRIZE bounty on who could create the
ideal plant based burger. Like the idea of creating challenges that companies then organize
around to be able to entrepreneurial ways of
getting that prize money. Can the government get involved in that? I’ve heard ideas in that,
that are somewhat attractive. I think that would probably be the least bad type of
government intervention. Barack Obama signed
legislation that said that all vehicles had to be,
had to have a certain type of fuel efficiency by,
I think it was, 2030. I don’t think that is the
best use of government but I think putting that
type of a limit or structure around how entrepreneurs
need to adjust in order to meet certain regulations
is a less bad form of government than the government actually going in and doing something. I think creating a challenge
for an entrepreneur could be beneficial, could
have benefits, or at least less negative effects than
the government going in and trying to do something themselves. So, ideally, I want the
government as removed from entrepreneurs as
possible but at the same time, I think it does assume
certain property rights and certain protections
so there will always be a role of government. I just think that it’s a lot, lot less than what we have right now. Holy crap, where’d all
this coffee come from? This is the part of the show where we go through a case study. Usually one of our student’s businesses. Today, we’re joined by our
Tribe Director, Maruxa Murphy. – What’s up? – So it was a year ago
that Maruxa said to me, “I have this idea for a coffee
line that I want to launch.” – Yeah – And pretty much everyone
here at the Capitalism.com team runs some sort of
physical products business or some sort of a side business. And Maruxa had this idea for a coffee line and Maruxa, I don’t think you
even thought it was possible to be able to do something like this. So I wanted to kind of
unpack the launch strategy, the branding you did here because I think you’ve done a spot on job. – Thank you – Would talk a little
bit about the process and then I want to ask you some questions. – Sure, well, basically
the process was I joined the Freedom Fast Lane
Team in August of 2015 and basically started to
hear and learn from you and from many of our members who had been taking their companies from
just an idea and growing it and really making a big
impact on so many lives and their own lives. And I started to watch
literally, client after client after client after client doing this. And I said to myself, I’m
so incredibly appreciative of the fact that all of us are
entrepreneurs in the office and what if that idea that I
had about a year before that to start a coffee line,
could actually happen? – So it was just like in idea
land and then you started – Yeah
– to see that it was possible. – Totally, you know it
was one of those moments where it’s like, where you are like, oh wouldn’t it be cool if? And I had that idea
about two years ago now. A year before I joined but
I didn’t know how to do it. And I figured it out.
– and now she knows I think you have done two things incredibly well which is the reason why this is going to be a
really successful line and the first was you started
documenting the experience before the product even existed. – Right – You, big tip here, writer-downer here, I talked a lot about building audiences, launching to audience, you
didn’t have a huge audience, you just started documenting
the process of I’m building this product line because I believe this because I want to make this
impact and this is my vision and you started doing it just
on your personal Facebook. – Yeah – And then you started a
Facebook page for the coffee line and you were starting to get
like like a thousand views here, a thousand views there. Talk a little bit about that. – Yeah, so, basically honestly, one day I went to one of the roasters, I was interviewing and I
was so incredibly pumped up about what he and I were
talking about with coffee and I’m a huge coffee snob. So I’m pretty snoody
about what is in my cup. And so as I’m talking
to him about my vision, he was getting excited about the vision, and I was getting more
excited about the vision. And I was like, okay,
so if we’re all excited about this vision we’re creating, maybe I should share this
vision with more people. So, literally, I was on
my way back to the office and I got my I-phone out
and did a selfie video and I was so freaking nervous. But I was just on that
high of this meeting that I just had had and I was just like hi guys on Facebook, pretty much, right? And was like, this is
what I’m going to do. Well one of our other
members here on the team saw me doing this video outside
the window, and was like, you’re posting that video. (laughter) Heck no, I’m not posting this video. And I was double dog dared and
if anyone double dog dares me alright, fine. So, what happened was,
that video in particular got about 3500 views and my
Facebook message box was full of people excited for me. I was getting messages over email, texts, like you need to do this, this is amazing. And honestly, it was, and a lot of them were Tribe members actually,
which was really really cool to experience. – And they were all people who
wanted to support the vision. – Yes – Like this is really really good coffee. – Yes – But it could not be
really really good coffee and people would still be like, I want to be a part of this because you put your vision out there right? – Yeah – Because there’s people
rallying behind this and you as a new business owner can rally a few hundred people by just publicly talking
about what you’re doing as a business, it’s one of the reasons why Kickstarter has been so successful. They’re putting out their vision and their mission out there. And people shared that
and they talk about it. And you get a few hundred people and that builds your base for customers. – Yeah – Now you did one other thing, the second thing that I
think you did just spot on, was you absolutely dialed
in your target market and you built your entire
branding around that. Like when we look at this, first of all, this branding is spot
on because the avatar is front and center of the package. You are basically targeting
like women, housewives. You even say on here, on
the back of the package, you are powerful, you are
simple, you are serious, you’re thoughtful, you’re
playful and complex, you’re silly and unstoppable. You’re speaking to a very specific person. – Yes – And you don’t care, you’re
happy if I buy the coffee but I’m not your target market. – Right – And so that allowed you to
really dial in your marketing – Yep – Talk a little bit about that. – Absolutely, so, in my
case, to really get clear on this particular market,
I had to make the choice to know who I wanted to serve. I have a community here in Austin of moms that tell me
every day how they feel. About the motherhood
journey, about what it’s like to know that you’ve had
a career your whole life and have been so incredibly
powerful and smart and felt so on top of the world. And then you go home to your little one and you feel like does anyone
even remember me or matter? And it tears me up all the
time because so many women are going through this and so as I started to build up this coffee line
and think about the journey I had been on myself as
well, I started to remember that wait, in the coffee
space, every single coffee, you look around and I encourage
everyone to this today, go look at the coffees that are out there. It’s all marketed in a very masculine way in dark browns and oranges
and things like that. And there’s really nothing
geared to the women who are, 85% of them are
the ones buying all coffee in the first place. And there’s no one marketing
to them and hearing them. And so a part of what I
chose to make a stand for, you talk a lot about disruptor businesses, and about creating a brand
that will either make it and succeed majorly or fail miserably, and both are huge successes. And I was like, you know what, I want to do that. I don’t want to be lukewarm anymore. I don’t want to, because
I’ve done that too, and I failed miserably. – You mean like built
up cash flow businesses, just there for the money
– Exactly – Totally fine to have a business that is just about the money but in this case you didn’t want to do that. – I didn’t want to do that. I was just like well, if I’m
going to stand for something, and I want to build something long term, what could I stand behind? And to me, honestly, the
easiest thing to stand behind was the journey I had been on, the journey that so many women, millions and probably billions
of women have been on, and know very well. And so I wanted to speak to
their story and to who they are. – And here’s the beauty of this, as a result of this having it so specific of who you’re talking to,
every one of those women are excited about the mission,
are lining up to buy it. Basically a waiting list
of people who want it. All of those people are going to come back and leave a review. You don’t have to beg for a review when you have a market that is passionate about what you are doing. It’s actually really simple,
if they really believe in what you’re doing. So you’re already taking sales? – Yep – I don’t know that you’re on Amazon yet – we’re not.
– but you’re getting there. – Yeah – But you have people, oh my goodness, you’re taking orders
through an e-commerce site without having an Amazon
presence or an email list. It’s like you have people
already coming to you and saying I want this
– yeah – Because you put the mission out there. – Yeah, absolutely. So, what happened was that first video then catapulted a whole series of videos chronically the whole
process of going from an idea to this, to the product today. And to being, you know, just
starting to do our first sales. And what’s happened is,
I found that my audience was incredibly invested in the process. So it’s become an easy
thing, not I wouldn’t say, sales are always a thing right? At least that is something I
have to work on in my head. But, at the same time,
it’s felt comfortable to just say, hey, our
product’s finally here and actually see all these sales coming in because they literally, they were the ones that helped with the logo,
they helped with the… okay. (laughter) The bag design, they help me, actually we had over 50
women taste-test our roasts throughout the process. So whenever I had a potential roaster, I would interview the roasters. I’d bring home anywhere from
3 to 5 different coffee roasts from our roasters and my community said oh this is disgusting or this is amazing, we need to go with this. And this one in particular,
won hands down 5 out of 5, like every single time. – What was it like to put it out there and make that first inventory order once you have the decision made. Like it’s one thing to say, what should my logo be and
get feedback on the logo? But it’s another to be like,
what flavor should I have? And it’s another to say, I’m going to take however many thousands
of dollars and say okay, decision made, let’s go. Which is a completely different – Right – mindset and it’s scary
for most entrepreneurs. What was it like for you,
how did you navigate that? – I think, I mean a big part of that was knowing my numbers coming in. Okay, here is the money that
we are putting into the company and then saying, if we
want to grow, you know, if we want in our first 30 days to have over 1000 sales let’s say, what would it take to make that happen? So we really calculated all
those costs ahead of time to know what I wanted, like how much money we were both, myself and my partner were going to be putting into the company. – So you brought on a partner,
was it a capital partner? – I did – What type of partner? – Yes, a capital partner.
– Okay, got it. – So we came in together
because my partners skill set is so opposite of mine, it
was a really good partnership. We can create something
really fast together if we put our minds together. And our hard work and our sweat and tears. – Did having a capital partner
make you feel more confident? – Yes.
– Making the order? – Yes
– Okay – Yes, definitely. A simple end and a part of
that was because, you know, I felt like that person
was that much more invested into what I was building long term. And so we were doing something
pretty magical together. – That is pretty magical,
where can people find out more? – Perkyperky.com – [Ryan] You’ve done a
bomb-ass job at your branding. – [Maruxa] Thank you – This is probably the best
branding I’ve ever seen. – Oh thanks – I’m so proud of what you have – Thank you – I have begged Maruxa to take
my money as a capital partner but they’re going to be super successful with or without me. – Oh, thanks Ryan, appreciate it. – So this is what lights me up. This is what gets me really excited. If this is fun for you,
Maruxa is our Tribe Director where we take people who are investors, we take people who are brand builders, we take people who have audiences and we put them together
because magic happens when those people come together and play business with one another. I love being part of the investment side and the advisement side so
I work with Tribe members and Maruxa puts those
relationships together. This brand could not
exist if we hadn’t taken those relationships and made
them happen within the Tribe. That’s what we do inside of the Tribe. So you can join that at
FreedomFastLane.com/Tribe or if you are a new entrepreneur and you want to know what
does the process look like, to make a product line like
this, get it on Amazon, get those reviews, get into
retail, build the audience. We have a boot camp put
together just for you that when you go through it,
you will have your product made you will have decisions made, you will have funding allocated. We can put you together
with funding partners. Teach you how to get funded,
whether it’s your money or someone else’s money. We talk about how to pre-sell it so that you’re profitable from day one. We talk about Kickstarting
it if you want to do that. Building audiences so you
have customers from day one. We talk about that whole process inside of our brand builder boot camp. That is at FreedomFastLane.com/bootcamp/ I think we need as many entrepreneurs in this world as possible. When you become an entrepreneur, you become more personally responsible. You realize what it
takes to grow an economy because entrepreneurs are
what stimulate hiring, and new products, and the
growth that we experience and we enjoy. You will learn so much about
yourself from the world when you’re an entrepreneur. That’s why we run capitalism.com That’s why we have created
over 100 millionaires. It’s why we run the Tribe
because I believe that more entrepreneurs makes
this world a better place. That includes you and I
appreciate you watching. We’ll see you on the next show.

Comments (7)

  1. dude you are the best..

  2. I just realized I was experiencing burnout from what you just shared!! I just read the book "The Subtle Art of Not Giving a F*ck" and that seemed to snap me out of my funk. Meanwhile, we are selling our physical products business for a 7 figure exit…part of the success is from following your teaching philosophies you've shared over the last couple of years through the podcast. We built a BRAND not a random collection of products. Anyhoo, thanks Ryan!

  3. Excuse me Ryan can you answer this question does your brand builder bootcamp help do a product launch alternative since incentivized reviews are no longer acceptable?

  4. Hello Ryan,
    I've been watching your videos for a while, but in my opinion, this is by far the best video you made for startups .. thanks so much for the laser-focused content. Keep up the great work.

  5. I'd love to learn from you guys.

  6. I like how you dont cut/edit your videos

  7. you have the perky perky business since 2016 its 2017 almost 2018 you talk about building a audience and since 2016 you have 1 thousand member who joined your Facebook page the perkyperky page what i don't understand is how come you haven't done any ads and got that 1k to 10k and more can you please explain! ???

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