Well it’s been six months since I sent you an update on the hydroponics system, the podcast, and my life in general, so I wanted to fill you in on the latest, greatest, and not-so-greatest…
So let’s start with an update on the Self Made Man podcast real quick…
Last month was the show’s biggest ever with 77,591 downloads, which is a whopping 2,586 per day! Amazing!
Within the next 2-3 months, we’re on track to cross over the 1 Million downloads mark!
Thank you so much for your support, and I’m so glad that everyone is getting so much value from the show….
Alright, let’s dive into the latest on the hydroponics system…
Starting with the good news…
It WORKS! Really, really, really well in fact!
Last month we completed our first “grow study” where the system grew its first round of plants.
The goal was to document everything along the way… Light output, nutrient usage, PH levels, water levels, root growth, and everything in between…
We started with seedlings for 13 different plant varieties and within 30 days we had a jungle on our hands.
At this point the team will continue to refine the system and complete two more growth studies over the next two months, and then the prototypes will be headed here to Austin and we’ll begin media production!
We’ve also decided to file our patents internationally, which is what this crazy document written in Chinese is about…
As for the bad news…
Well one of the biggest challenges we’ve had so far, has been around the name…
My attorney and I have been wrestling with the USPTO for the past six months to lock down my preferred name for the company, and we’re running into some roadblocks. Our second round of appeals started this week
Finding the perfect name for this product and the company brand as a whole… that isn’t trademarked… and with a domain that was available, has been the single biggest challenge of it’s kind that I’ve ever had.
We’re now two years and tens-of-thousands of dollars into name and trademark research.
On the business side of the project, we’ve settled on a launch date in Q1 of 2017, and there’s A LOT left to do…
We need to figure out the name situation.
We need to figure out which which technology platform we’re going to build the company on.
We need to finalize our manufacturer and begin tool production.
We need to lock down our seed supplier and a distribution partner, etc, etc, etc…
So to help me navigate a project this large, I recently hired Cameron Herold. Cameron was the former COO of 800-Got-Junk, and helped scale them from $2 million in revenue, to over $100 million within six years, with a team of more than 3,000 employees.
One of the first things we put together was an estimated expense budget that will be needed to get the hydro company from where it is today, to launch…
Unfortunately, the number was higher than expected…
$250,000 Continued design, engineering, and testing.
$50,000 Misc (Packaging, seedpod development)
$65,000 Film and media production.
$50,000 Mobile app production
$100,000 Graphic design, website, CRM, and cart setup
$200,000 Advertising, and PR
Total estimated costs: $1,215,000 which will be incurred in the next 6 months…
While I literally have people on a waiting list who have already asked if they can invest in the company, I’m determined to fund 100% of this project myself, as the valuation I’d get today would be 10-20X lower than the valuation I’d get the day after the launch ends.
So my job at this moment in pretty clear… I need to focus on helping other people get what they want, so I can get what I want.
Here’s How I’m Going To Do That…
Right now, my two primary revenue generating assets are the Self Made Man Society, and my List-Grow course.
I’m happy to report that they have been ROCKING.
The Society is producing a monthly recurring income of around $48,000/mo with almost zero marketing since the launch a few months ago.
We have one FB ad campaign promoting it at the moment which brings in around 150 new members per month. Not huge numbers, but I haven’t had any time to give the marketing pieces any love either.
On the other hand, List-Grow has been crushing it.
It’s produced over $807,000 in sales since January 1st, which is an average of $5,800 per day, or $170,000 per month.
I think a big part of that success was the introduction of the “Completion Challenge” a few months ago.
Essentially, I’ve decided to reward my customers and students who take action. Anyone who goes through the entire course and actually builds out their business as instructed, gets 100% of their money back.
My primary goal is not to sell you a course, it’s to make a massively positive impact on your life, but the only way that will happen is if you actually USE and implement what you’ve purchased.
So this is my way of motivating that action. It might sound crazy to some, but I consider it a worth-while investment in my customer’s success, and it’s definitely had a positive impact on sales.
So revenues from the Society and LG average around $220,000 per month right now. Ideally that would be enough to cover the expenses for the hydro system, but once you get down to a net-revenue level, there’s a pretty big gap…
($30,000) – ad spend
($35,000) – refunds and completion rewards
($25,000) – customer service, podcast production, tech dev.
($10,000) – legal, software systems, misc…
($60,000) – personal expenses and taxes
So that leaves around $60,000 per month that can be put towards the hydroponics development which is what has funded it for the past year.
The bottom line is that it’s going to take an additional $160,000 in monthly net revenue for a total of $200,000, for the next six months, to cover the $1.2MM needed to launch.
So it’s time to do what entrepreneurs do best…
Solve their problems by solving other people’s problems…
I have around three more months before the prototypes come to Austin, which is enough time to produce a second training program that’s at the same level of detail as List-Grow, so that’s what I’m going to do…
Like List-Grow, this training series needs to solve a huge problem that most business owners have, and ideally, make a significant impact on their ability to generate cash flow as they implement it.
So What Has Been THE KEY To The Success Of My Businesses Over The Past 10 Years?
Why have List-Grow and The Society been selling so well and producing such a large profit when most business owners can’t even break even on their advertising budget?
How can I build three companies at once… Self Made Man, Mike Dillard Media, and the hydro, from my laptop and without a staff?
What is the ONLY way to make more money and change your financial lot in life?
And what will ultimately determine if the hydro product does incredibly well, or fails?
The answer is the same for every question…
It’s the ability to effectively SELL… And do it automatically.
When I was first starting out in business over 10 years ago, I absolutely dreaded the thought of selling anything to anyone. I was super shy and very introverted, and the thought of talking to a prospect in person, or over the phone petrified me.
I thought they would judge me. I thought they would reject me, or that I was being a nuisance and they’d get mad at me or that I’d come across like a used car salesman…
And as a result of that fear, I didn’t make a dime for my first six years in business.
But if you want to make money… If you want to grow a business, there is no way around it…
You absolutely must learn how to consistently sell a lot of your products or services every single day, or you go out of business.
So what’s the solution?
Simple… It’s to take yourself out of the equation and use an automated sales presentation such as a video sales letter or webinar like the ones I use for the Society and List-Grow.
I like to think of my sales presentations as sales robot, who sells all of my products and services for me automatically, and that’s how I’d like you to think about them as well.
They never complain, they give the perfect sales presentation every single time, and they work for free 24/7.
He runs on a 12-part program, and if you program him with all 12 parts, he will literally be able to tell your prospects all about your products, and sell them for you automatically, 24/7.
So I’m going to teach you this entire 12 part process on a brand new webinar that I’ll be holding Wednesday night at 8:00.
It will be completely free, and INSANELY valuable…
But Mike… WAIT JUST A MINUTE…
Last year you said the the List-Grow webinar was the last webinar you were ever going to hold… And now you have another one! Get the pitchforks!
Yep, it was my hope and expectation that I’d have launched the hydro product by now, but the “Rule of 3X” strikes again…
What’s the “Rule of 3X”, you ask?
Whenever you are launching a new product or business, you can expect that it will take 3 times longer, and cost 3 times more than your best estimates.
Which has definitely been the case here.
So unfortunately I’m just going to have to sit down for an hour and teach you how to sell millions of dollars of your products and services without the need to speak to a single person in the process. And I’ll have to charge you a whopping $0.00 to get this information.
So now that we have that cleared up…
The title of the webinar is…
“How To Create A 7-Figure Sales Presentation…”
This will be an extremely detailed training session.
I’m going to walk you through the entire 12 step-process, and show you exactly how to create your own little automated army of sales robots for your business.
I’m going to show you all of my webpages, my ads, and even log you into my shopping cart and traffic reports…
If you are shy or introverted and the thought of selling anything to anyone makes you sick to your stomach, I totally get it, because that’s how used to be until I found this strategy.
Once I did, everything changed, and if you’re the same way, this information will change your life forever, just as it did for mine.
The difference between someone who makes $50,000 to $100,000 per year selling a product or service, (such as insurance or real estate) and someone who makes $1 MM+, is scale.
So I’m also going to teach you how to use some amazing, brand new technology that’s available today, to automate your presentation so that it can act as your own personal sales force that tells your story and sells your products for you, 24/7. I don’t own the company, it’s simply one of the tools I personally use in my own business.
There are three types of sales presentations you can use…
There’s the written sales letter. The video sales letter, and the webinar. If you’ve been online at all for the past decade, you’ve seen all of them, and today I’m going to show you how to create those same presentations for your business and show you which one you should use for your specific products.
Next, we’re going to talk about eyeballs. If no one sees your presentation, it’s worthless, so I’m going to show you how to put your presentation in front of thousands of people in your target audience every single day, without spending a dime out of your pocket.
And last, but not least, I’m going to show you how to create your sales presentation in a way that’s so honest, transparent, and valuable to your prospects and audience, that they will actually thank you for sharing it with them, and tell their friends and colleagues about it as well.
All of this will be covered in detail on the webinar, completely free.
At the end of the webinar, I’m going to give a limited number of you the opportunity to work with me for the next two months, as we create your own 7-figure sales presentation together.
Once complete, this will become a companion course to List-Grow.
If you see value in that, awesome. If you don’t, no worries. You’ll have walked away from the free training session with my 12 part formula, and everything in between.
That’s it for now! Work and progress continue!