Black Entrepreneur Blueprint 532 - Jay Jones - Five Reasons To Sell Services First Instead Of Poducts

[00:00:12] [SPEAKER_00]: Welcome to BLACK ENTREPRENEUR BLUEPRINT, the number one podcast and resource for BLACK

[00:00:18] [SPEAKER_00]: ENTREPRENEURS.

[00:00:19] [SPEAKER_00]: I'm your host Jay Jones and BLACK ENTREPRENEUR BLUEPRINT was created specifically to educate

[00:00:25] [SPEAKER_00]: and inspire BLACK ENTREPRENEURS to launch, build and grow successful sustainable businesses.

[00:00:32] [SPEAKER_00]: Join us as we help building economic power base in the worldwide black community by

[00:00:38] [SPEAKER_00]: building and supporting black owned businesses.

[00:00:41] [SPEAKER_00]: If you're currently an entrepreneur or want to be an entrepreneur, you're invited to

[00:00:46] [SPEAKER_00]: join us each and every week here at BLACK ENTREPRENEUR BLUEPRINT.

[00:00:50] [SPEAKER_00]: Welcome to the BEB family and get ready to elevate your entrepreneur IQ.

[00:01:00] [SPEAKER_00]: Welcome to the BLACK ENTREPRENEUR BLUEPRINT episode number 532.

[00:01:07] [SPEAKER_00]: I'm your host Jay Jones and today we have another outstanding and informative show

[00:01:12] [SPEAKER_00]: and story for you.

[00:01:13] [SPEAKER_00]: Today's show topic is Five Reasons To Sell Services First Instead Of Products.

[00:01:20] [SPEAKER_00]: Five Reasons To Sell Services First Instead Of Products.

[00:01:25] [SPEAKER_00]: Many online business owners feel that they need to have a product or service ready

[00:01:30] [SPEAKER_00]: to sell before they even start their business.

[00:01:33] [SPEAKER_00]: Now in reality you may want to start with selling services and on today's episode I'm

[00:01:39] [SPEAKER_00]: going to give you five specific reasons why you may want to start with selling services

[00:01:44] [SPEAKER_00]: first.

[00:01:45] [SPEAKER_00]: Now before we get into today's show content let me just share a few things with the

[00:01:50] [SPEAKER_00]: BLACK ENTREPRENEUR BLUEPRINT family.

[00:01:52] [SPEAKER_00]: First and foremost I want to welcome all first time listeners to BLACK ENTREPRENEUR

[00:01:56] [SPEAKER_00]: BLUEPRINT.

[00:01:57] [SPEAKER_00]: Welcome to the BEB family.

[00:01:59] [SPEAKER_00]: Please stick around until the end of today's broadcast and I'm going to share all my social

[00:02:04] [SPEAKER_00]: media contact information and resource links such as the link to the new BEBacademy.com.

[00:02:11] [SPEAKER_00]: If you're looking for all types of resources to help you elevate your entrepreneur

[00:02:16] [SPEAKER_00]: IQ make sure you go to newbebeacademy.com that is our online learning portal where

[00:02:24] [SPEAKER_00]: we have masterclasses, online courses, PDF downloads and resources to help you elevate your

[00:02:31] [SPEAKER_00]: entrepreneur IQ.

[00:02:33] [SPEAKER_00]: Go to newbebeacademy.com for more information.

[00:02:38] [SPEAKER_00]: Now let's get ready for today's show content.

[00:02:41] [SPEAKER_00]: According to a 2024 state of the creator economy report it says that most creators

[00:02:48] [SPEAKER_00]: earn their first dollar by offering professional services and we're going to talk about five

[00:02:54] [SPEAKER_00]: reasons why you may want to start out with the service as opposed to a product.

[00:03:00] [SPEAKER_00]: Now if you guys hear my voice please bear with me I'm a little stuffed up here coming

[00:03:05] [SPEAKER_00]: off of the flu so it's been a little crazy the last couple weeks I'm just really getting

[00:03:10] [SPEAKER_00]: back into it.

[00:03:11] [SPEAKER_00]: Anytime you're starting a new business or you're adding a new product or service

[00:03:15] [SPEAKER_00]: to your business it's a major issue that you have to really think about to make

[00:03:21] [SPEAKER_00]: sure that you're starting with the right product or service or adding the right product

[00:03:26] [SPEAKER_00]: or service.

[00:03:27] [SPEAKER_00]: So let's dive in real quick and we're going to start with number one and we're talking

[00:03:32] [SPEAKER_00]: about five reasons to sell services first instead of products.

[00:03:36] [SPEAKER_00]: Number one get started quickly.

[00:03:40] [SPEAKER_00]: So selling services online means you can get started quickly using your current skillset

[00:03:45] [SPEAKER_00]: your passions or interests rather than spending time ideating or building a product first which

[00:03:53] [SPEAKER_00]: helps earn revenue faster.

[00:03:55] [SPEAKER_00]: Also guys selling services tends to be more profitable since there tends to be fewer

[00:04:00] [SPEAKER_00]: expenses so for example most creators selling services can work from home eliminating the

[00:04:07] [SPEAKER_00]: cost of an office they can also create things right away and test them out where

[00:04:12] [SPEAKER_00]: you don't have to create and build the product.

[00:04:14] [SPEAKER_00]: That's something that I had to learn the hard way and I'll give you several examples

[00:04:19] [SPEAKER_00]: as we move on in today's content.

[00:04:22] [SPEAKER_00]: OK so that's number one you can get started quickly.

[00:04:26] [SPEAKER_00]: So if you have a service that you can sell it's easier really to get started quickly

[00:04:31] [SPEAKER_00]: with the service.

[00:04:32] [SPEAKER_00]: Say you're a photographer and you work for a big photography company and you want

[00:04:37] [SPEAKER_00]: to start your own business on the side.

[00:04:39] [SPEAKER_00]: Guess what?

[00:04:40] [SPEAKER_00]: You have the skillset as a photographer.

[00:04:42] [SPEAKER_00]: Now all you need to do is find some individual clients for your business.

[00:04:47] [SPEAKER_00]: So you can get started quickly and many times this actually happens or your

[00:04:52] [SPEAKER_00]: service is related to a skillset a passion or an interest that you already have.

[00:04:58] [SPEAKER_00]: So number one you can get started quickly.

[00:05:01] [SPEAKER_00]: Number two and this is super important guys get paid to understand your audience.

[00:05:07] [SPEAKER_00]: Get paid to understand your audience with the service.

[00:05:11] [SPEAKER_00]: Now the best product ideas often come straight from your audience and I can

[00:05:17] [SPEAKER_00]: speak to that directly.

[00:05:18] [SPEAKER_00]: They're in the best position to tell you their most pressing problems which

[00:05:22] [SPEAKER_00]: helps you figure out how you can get paid to help them solve those

[00:05:25] [SPEAKER_00]: problems or those issues.

[00:05:27] [SPEAKER_00]: So selling services to help your audience allows you to tailor that

[00:05:31] [SPEAKER_00]: offering to match the needs since your service can usually be more

[00:05:36] [SPEAKER_00]: customized to your audience needs than a fixed product.

[00:05:40] [SPEAKER_00]: And let me give you a real life example.

[00:05:43] [SPEAKER_00]: Several years ago I created a product called Brand Builder Academy Elite.

[00:05:48] [SPEAKER_00]: That's for people who wanted to build an e-commerce business and an e-commerce brand.

[00:05:53] [SPEAKER_00]: Now before I came out with the full loan course I actually did a beta group

[00:05:59] [SPEAKER_00]: of 10 B.E.B family members that wanted to build an e-commerce brand.

[00:06:04] [SPEAKER_00]: Now I got paid to understand the audience.

[00:06:07] [SPEAKER_00]: So what I did was I created the beta group at a discounted rate.

[00:06:12] [SPEAKER_00]: I believe it was $247 for the program and we went through about 10 to 12

[00:06:18] [SPEAKER_00]: weeks of me teaching the program.

[00:06:21] [SPEAKER_00]: But in addition to me getting paid to understand my audience, the

[00:06:25] [SPEAKER_00]: B.E.B beta group gave me the feedback I needed to create the full

[00:06:31] [SPEAKER_00]: blown course Brand Builder Academy Elite.

[00:06:35] [SPEAKER_00]: So basically I was getting paid to understand my audience.

[00:06:39] [SPEAKER_00]: Now in terms of preparation, so I had an outline and basically I went

[00:06:45] [SPEAKER_00]: through and showed them my system and my steps of how to find and create

[00:06:50] [SPEAKER_00]: your own brand, what market you need to be in, in terms of your brand

[00:06:54] [SPEAKER_00]: and how to be able to become the go-to brand in that industry or that vertical.

[00:07:02] [SPEAKER_00]: So really there was not a lot of prep time.

[00:07:04] [SPEAKER_00]: So what I was doing was really understanding what the B.E.B family

[00:07:09] [SPEAKER_00]: needed to be successful in that course.

[00:07:12] [SPEAKER_00]: Yes, I had an outline.

[00:07:14] [SPEAKER_00]: Yes, I had some notes and things of that nature, but it was not a full blown

[00:07:17] [SPEAKER_00]: course. Now over those 10 to 12 weeks, I was able to understand

[00:07:23] [SPEAKER_00]: what were the hiccups where were a lot of people having problems

[00:07:27] [SPEAKER_00]: in terms of product ideation.

[00:07:29] [SPEAKER_00]: Was it being able to market the product or whatever?

[00:07:32] [SPEAKER_00]: So I was able to take that information and hone it where now when

[00:07:37] [SPEAKER_00]: I came out with Brand Builder Academy Elite, it was actually a combination

[00:07:43] [SPEAKER_00]: of what I thought that people needed to know and a combination

[00:07:48] [SPEAKER_00]: of what my audience told me that they wanted and needed.

[00:07:52] [SPEAKER_00]: So reason number two to sell services first instead of products

[00:07:57] [SPEAKER_00]: you can get paid to understand your audience.

[00:08:00] [SPEAKER_00]: And it's nothing better than that, guys.

[00:08:03] [SPEAKER_00]: Many times we have these grandiose ideas that we know exactly

[00:08:07] [SPEAKER_00]: what our audience wants without even asking them.

[00:08:11] [SPEAKER_00]: And so when you go through this process, you actually are able

[00:08:14] [SPEAKER_00]: to make money and understand your audience and give your audience

[00:08:18] [SPEAKER_00]: what they want. Sometimes you got to give people what they want

[00:08:23] [SPEAKER_00]: versus necessarily what they need.

[00:08:25] [SPEAKER_00]: A lot of times when you give people what they need, that's something

[00:08:29] [SPEAKER_00]: that they don't necessarily want.

[00:08:31] [SPEAKER_00]: So you give them what they want.

[00:08:33] [SPEAKER_00]: But as a course creator, you also have to give them the fundamentals

[00:08:37] [SPEAKER_00]: and foundations of what they need to be successful.

[00:08:41] [SPEAKER_00]: So that's number two.

[00:08:42] [SPEAKER_00]: And we're talking about five reasons to sell services first

[00:08:45] [SPEAKER_00]: instead of products.

[00:08:47] [SPEAKER_00]: Reason number three services are the ultimate minimum viable

[00:08:52] [SPEAKER_00]: product, a minimum viable product or MVP is one that has just

[00:08:57] [SPEAKER_00]: enough features to allow you to ship it out to your early adopters.

[00:09:01] [SPEAKER_00]: This low key or unrefined version helps you to work out the kinks

[00:09:05] [SPEAKER_00]: and see how your customers interact with your services.

[00:09:09] [SPEAKER_00]: Services are the best minimum viable product because they require

[00:09:13] [SPEAKER_00]: far less prep work in advance.

[00:09:16] [SPEAKER_00]: So all you need to do really is create a landing page where you can

[00:09:20] [SPEAKER_00]: invite customers to hire you or enroll in your program.

[00:09:24] [SPEAKER_00]: But with a product, you might need at least a month's worth of work

[00:09:27] [SPEAKER_00]: to put together a minimum viable product, be it a course and ebook,

[00:09:31] [SPEAKER_00]: new blog or whatever.

[00:09:33] [SPEAKER_00]: So literally think about this.

[00:09:36] [SPEAKER_00]: You can create a landing page to test out and find out if people

[00:09:40] [SPEAKER_00]: are interested in your services.

[00:09:43] [SPEAKER_00]: Now, it doesn't cost you anything.

[00:09:45] [SPEAKER_00]: Well, let me take that back.

[00:09:47] [SPEAKER_00]: It only costs you a few dollars to create a landing page and drive traffic

[00:09:52] [SPEAKER_00]: to see if people want that service.

[00:09:54] [SPEAKER_00]: So you're not spending a whole lot of time, energy and resources up front

[00:09:58] [SPEAKER_00]: for a product or service that you don't know if people want.

[00:10:02] [SPEAKER_00]: So I always talk about testing, testing, testing, testing.

[00:10:07] [SPEAKER_00]: You want to test before you invest a whole bunch of resources,

[00:10:10] [SPEAKER_00]: time and energy into any product or service that you bring to market.

[00:10:15] [SPEAKER_00]: And many times you can do what's called a dummy test.

[00:10:19] [SPEAKER_00]: Years ago, I was thinking about bringing out this supplement,

[00:10:23] [SPEAKER_00]: a new tropic that will help you focus.

[00:10:25] [SPEAKER_00]: You guys ever heard of focus factor?

[00:10:27] [SPEAKER_00]: So it's something similar to that.

[00:10:29] [SPEAKER_00]: And what I did before I went in and got the manufacturer to create

[00:10:33] [SPEAKER_00]: my own brand, I wanted to test it out first.

[00:10:36] [SPEAKER_00]: So I got a landing page.

[00:10:38] [SPEAKER_00]: I got a graphic artist to create my brand image on it.

[00:10:42] [SPEAKER_00]: I got the cost from the manufacturer and how fast that they could fulfill it.

[00:10:47] [SPEAKER_00]: And I started running ads to that landing page to see if people would buy.

[00:10:52] [SPEAKER_00]: And what I found out was after a certain period of time,

[00:10:56] [SPEAKER_00]: I said, if 25 people buy this product, then I'm going to start fulfilling.

[00:11:02] [SPEAKER_00]: So that was a true test.

[00:11:04] [SPEAKER_00]: Not if they liked it, but if they actually went into their pocket

[00:11:07] [SPEAKER_00]: and spent their hard earned money for the product.

[00:11:10] [SPEAKER_00]: So that is a way to test.

[00:11:13] [SPEAKER_00]: So anytime you have a new product or service or you're thinking about going out

[00:11:17] [SPEAKER_00]: on your own, figure out a way to test and usually services are the ultimate

[00:11:23] [SPEAKER_00]: minimum viable product to test on.

[00:11:26] [SPEAKER_00]: But that's not necessarily always the case as I just gave you with that

[00:11:31] [SPEAKER_00]: physical supplement that I was selling, but you definitely can do it with a service.

[00:11:37] [SPEAKER_00]: So whatever service you have,

[00:11:39] [SPEAKER_00]: if you're a culture consultant, go ahead and drop a landing page,

[00:11:43] [SPEAKER_00]: tell your your benefits, give a price or whatever and drive traffic to see what

[00:11:49] [SPEAKER_00]: type of results that you get.

[00:11:51] [SPEAKER_00]: So number three services are the ultimate minimum viable product.

[00:11:56] [SPEAKER_00]: Number four, get customer testimonials.

[00:12:00] [SPEAKER_00]: Now by working closely with your customers,

[00:12:02] [SPEAKER_00]: you're going to be able to gain a more in depth understanding of their needs

[00:12:06] [SPEAKER_00]: and how you can create a valuable product to help them.

[00:12:10] [SPEAKER_00]: So this kind of close relationship is priceless, guys,

[00:12:13] [SPEAKER_00]: because it sets you up to create a product that's undeniably appeals to your audience.

[00:12:18] [SPEAKER_00]: This also allows you to ask directly for testimonials,

[00:12:21] [SPEAKER_00]: which will increase your conversions.

[00:12:24] [SPEAKER_00]: So anytime you have happy customers on a product or service

[00:12:29] [SPEAKER_00]: and you have real testimonials, videos, preferably,

[00:12:33] [SPEAKER_00]: all that's going to do, guys, is help drive more product sales.

[00:12:38] [SPEAKER_00]: Because what it's showing is that, yes, this is a viable product and you have

[00:12:43] [SPEAKER_00]: people that have gone through the program that are raving about the program.

[00:12:48] [SPEAKER_00]: So number four, you can get customer testimonials.

[00:12:52] [SPEAKER_00]: Also, the beauty of that is is that you start out from the rip with testimonials.

[00:12:58] [SPEAKER_00]: And now when people see those testimonials,

[00:13:01] [SPEAKER_00]: the other people that come behind them,

[00:13:03] [SPEAKER_00]: now that's a validation that this is a good product or service.

[00:13:08] [SPEAKER_00]: And what that validation also does, it entices new users to leave their own

[00:13:13] [SPEAKER_00]: testimonials. So now you're getting more and more testimonials,

[00:13:17] [SPEAKER_00]: which number one is going to increase your conversion rate because you have

[00:13:22] [SPEAKER_00]: a lot of happy users for your service.

[00:13:25] [SPEAKER_00]: So number four, get customer testimonials.

[00:13:29] [SPEAKER_00]: Now, I don't know if you've ever tried to get testimonials from people after they

[00:13:33] [SPEAKER_00]: use the course, but if you have a relationship and you're going through your

[00:13:38] [SPEAKER_00]: service with somebody, that's the best time to get testimonials.

[00:13:43] [SPEAKER_00]: And I mentioned earlier, guys, video testimonials are the best.

[00:13:48] [SPEAKER_00]: People can see it's not a written thing.

[00:13:50] [SPEAKER_00]: And you get people giving natural testimonials once again,

[00:13:54] [SPEAKER_00]: which basically empowers your service that you're selling.

[00:13:59] [SPEAKER_00]: And you're going to be able to generate more sales with that.

[00:14:02] [SPEAKER_00]: And last but not least, number five,

[00:14:05] [SPEAKER_00]: five reasons to sell services first instead of products.

[00:14:09] [SPEAKER_00]: And number five is build your digital product hypothesis.

[00:14:14] [SPEAKER_00]: Build your digital product hypothesis.

[00:14:17] [SPEAKER_00]: So after spending time with your customers and figuring out their wants and needs,

[00:14:21] [SPEAKER_00]: now you can use that information to build or form a product hypothesis.

[00:14:27] [SPEAKER_00]: OK, so basically you can come up with brainstorm digital product ideas.

[00:14:32] [SPEAKER_00]: Guys, there's no better way to form a product

[00:14:34] [SPEAKER_00]: hypothesis than by selling services.

[00:14:38] [SPEAKER_00]: So think about the common pain points your service solves for your customers

[00:14:42] [SPEAKER_00]: and craft a product that addresses them.

[00:14:45] [SPEAKER_00]: So you're using a service first to then create a product.

[00:14:50] [SPEAKER_00]: And then you can actually pre-sell that product to gauge your audience interest in it.

[00:14:55] [SPEAKER_00]: So we talked about testing, right?

[00:14:58] [SPEAKER_00]: So now you're taking the content and the information and the feedback you've got

[00:15:02] [SPEAKER_00]: from your audience, and now you're going to create a physical product.

[00:15:07] [SPEAKER_00]: You want to start out selling a service first and then based on that

[00:15:12] [SPEAKER_00]: feedback, then you can create and pre-sell a physical product or a

[00:15:17] [SPEAKER_00]: product that answers their problems.

[00:15:20] [SPEAKER_00]: OK, so that is the smart way to do it.

[00:15:23] [SPEAKER_00]: Sell your service first, find out what your audience wants and needs,

[00:15:27] [SPEAKER_00]: and then you can create a product.

[00:15:30] [SPEAKER_00]: All right, so don't waste your time creating a product that your audience

[00:15:34] [SPEAKER_00]: may not want or need. OK, so that's super critical and super important.

[00:15:40] [SPEAKER_00]: So services first.

[00:15:41] [SPEAKER_00]: And we're talking about five reasons to sell services first instead of

[00:15:46] [SPEAKER_00]: selling your products.

[00:15:47] [SPEAKER_00]: Now, before we get to the last segment of the show,

[00:15:50] [SPEAKER_00]: yesterday's show is a little bit shorter, guys.

[00:15:53] [SPEAKER_00]: I'm dealing with sore throat and getting over this flu.

[00:15:57] [SPEAKER_00]: But let me give you guys all my social media contact information and resource

[00:16:01] [SPEAKER_00]: links. So I mentioned at the top of the show,

[00:16:04] [SPEAKER_00]: the new revised revamped BEB Academy is available.

[00:16:09] [SPEAKER_00]: It's our online learning portal to help you elevate your entrepreneur IQ.

[00:16:14] [SPEAKER_00]: All types of online courses, masterclasses, resources and downloads to help you

[00:16:20] [SPEAKER_00]: elevate your entrepreneur IQ.

[00:16:22] [SPEAKER_00]: Go to newbebeacademy.com for more information.

[00:16:27] [SPEAKER_00]: Also, don't forget to utilize the new website, guys.

[00:16:31] [SPEAKER_00]: We have all types of free resources for entrepreneurs on the website.

[00:16:36] [SPEAKER_00]: Go to blackentrepreneurblueprint.com.

[00:16:39] [SPEAKER_00]: Hit the Learn tab.

[00:16:40] [SPEAKER_00]: There'll be a drop down.

[00:16:41] [SPEAKER_00]: There'll be all types of subject matter or topic

[00:16:44] [SPEAKER_00]: matter such as scaling your business, marketing, e-commerce, side hustles,

[00:16:50] [SPEAKER_00]: everything you need.

[00:16:51] [SPEAKER_00]: Once again, guys, to help you elevate your entrepreneur IQ and it is free.

[00:16:57] [SPEAKER_00]: Now, if you want to get in touch with me,

[00:16:58] [SPEAKER_00]: anything long family hit me on my email, jjones at blackentrepreneurblueprint.com.

[00:17:05] [SPEAKER_00]: J-A-Y-J-O-N-E-S at blackentrepreneurblueprint.com.

[00:17:10] [SPEAKER_00]: I get a lot of messages on other social media platforms.

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[00:17:21] [SPEAKER_00]: Instagram, guys, I have two IG accounts.

[00:17:24] [SPEAKER_00]: The first one is J-Jones for real.

[00:17:26] [SPEAKER_00]: J-A-Y-J-O-N-E-S the number four, R-E-A-L.

[00:17:31] [SPEAKER_00]: Second one is blackentrepreneurblueprint.

[00:17:34] [SPEAKER_00]: On Twitter, J-Jones, zero, zero, one, J-A-Y-J-O-N-E-S, zero, zero, one.

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[00:18:09] [SPEAKER_00]: All right, guys, let's get ready for the last segment of the show.

[00:18:12] [SPEAKER_00]: And we're talking about five reasons to sell services first instead of products.

[00:18:18] [SPEAKER_00]: The biggest takeaway, I think, of this episode, guys,

[00:18:21] [SPEAKER_00]: is understanding your audience and know what they want and what they need.

[00:18:26] [SPEAKER_00]: And the best way to do that is by interacting with them by selling services,

[00:18:31] [SPEAKER_00]: which are super easy to do this way.

[00:18:35] [SPEAKER_00]: You can get in one on one interaction or it can be a group interaction.

[00:18:39] [SPEAKER_00]: And it's as simple as putting up a landing page, driving traffic to that landing page

[00:18:44] [SPEAKER_00]: for whatever service that you're trying to sell.

[00:18:48] [SPEAKER_00]: So if you are a resume writer, OK, you can put up a landing page

[00:18:53] [SPEAKER_00]: to drive people for your resume writing services and then you can go and get

[00:18:58] [SPEAKER_00]: customers, ask them what's important, find out what they need and also give them

[00:19:04] [SPEAKER_00]: what they want. You know, somebody told me years ago,

[00:19:07] [SPEAKER_00]: you give a person what they want and not what they need.

[00:19:11] [SPEAKER_00]: That's how you make sales.

[00:19:12] [SPEAKER_00]: And yes, that's a truism.

[00:19:14] [SPEAKER_00]: But you also have a duty to give somebody the foundational principles

[00:19:19] [SPEAKER_00]: of what they need to, but people will spend on what they want before what they need.

[00:19:25] [SPEAKER_00]: So how many people do you know got a 85 inch TV in their house sitting on a wall

[00:19:31] [SPEAKER_00]: and they're behind on the electric bill?

[00:19:33] [SPEAKER_00]: They want the TV, but they need the electricity, right?

[00:19:37] [SPEAKER_00]: So you want to give them what they want.

[00:19:40] [SPEAKER_00]: The only way to find out what people want, guys, is to be able to dialogue

[00:19:44] [SPEAKER_00]: with them, be it on a one on one basis or in a group like setting.

[00:19:49] [SPEAKER_00]: This allows you to be able to understand what the product can be.

[00:19:54] [SPEAKER_00]: So here's a real life example in my mortgage business.

[00:19:58] [SPEAKER_00]: So when I start talking to first time home buyers and I've been doing this for years,

[00:20:03] [SPEAKER_00]: so I've already kind of known, but I'm really trying to hone in and understand

[00:20:08] [SPEAKER_00]: what issues or what do they want throughout this process?

[00:20:13] [SPEAKER_00]: And what I found was they want everything to be understandable,

[00:20:17] [SPEAKER_00]: because a lot of the language and everything is new to them.

[00:20:21] [SPEAKER_00]: Because if you've never bought a home before, it's a pretty daunting process.

[00:20:26] [SPEAKER_00]: So you have to deal with the qualifications,

[00:20:29] [SPEAKER_00]: the right type of mortgage that you're looking for.

[00:20:31] [SPEAKER_00]: Is it is the price?

[00:20:33] [SPEAKER_00]: It doesn't make sense for them.

[00:20:36] [SPEAKER_00]: Things of that nature.

[00:20:36] [SPEAKER_00]: So it's a really big decision that they have to make.

[00:20:39] [SPEAKER_00]: And what I found most of my first time home buyer clients want simplicity

[00:20:45] [SPEAKER_00]: and understanding. So now, once I understood that in the process right now

[00:20:52] [SPEAKER_00]: of building an online program and online course for first time home buyers.

[00:20:58] [SPEAKER_00]: So even if they're not ready right now, I understand and I know what

[00:21:03] [SPEAKER_00]: a first time home buyer needs.

[00:21:04] [SPEAKER_00]: I know what they're looking for.

[00:21:06] [SPEAKER_00]: I know what they want.

[00:21:07] [SPEAKER_00]: So I'm going to provide them an online course that will also be able to be

[00:21:12] [SPEAKER_00]: monetized. It's only $97 and people that are serious about buying a home

[00:21:18] [SPEAKER_00]: who may not qualify right now, I know that I can create and still generate

[00:21:24] [SPEAKER_00]: revenues by this program.

[00:21:26] [SPEAKER_00]: One of the biggest things that people don't understand is the credit.

[00:21:30] [SPEAKER_00]: And I know people go on and they pull their stuff on credit karma and all

[00:21:35] [SPEAKER_00]: that. I'm going to tell you all right now, the scores you get on credit karma

[00:21:38] [SPEAKER_00]: are not the same scores that you get from what's called a tri merge,

[00:21:43] [SPEAKER_00]: which is a pull credit report from all your major bureaus, trans union,

[00:21:48] [SPEAKER_00]: Equifax and Experian.

[00:21:51] [SPEAKER_00]: And so what first time home buyers and even a lot of home buyers don't know

[00:21:55] [SPEAKER_00]: is if you have three scores, your score is actually the middle score.

[00:22:00] [SPEAKER_00]: They take the middle score.

[00:22:02] [SPEAKER_00]: If you only have two scores,

[00:22:03] [SPEAKER_00]: if you only two bureaus are reporting, it's the lowest score.

[00:22:07] [SPEAKER_00]: So people don't understand.

[00:22:09] [SPEAKER_00]: So they look at credit karma, they may only see their trans union and

[00:22:13] [SPEAKER_00]: Experian and they think that's their score.

[00:22:15] [SPEAKER_00]: And I'm telling you right now, it's a it's a big thing that people have

[00:22:20] [SPEAKER_00]: right now, especially first time home buyers, because they think they have

[00:22:23] [SPEAKER_00]: one score when they truly don't.

[00:22:25] [SPEAKER_00]: So going through and creating this online course for first time home buyers

[00:22:30] [SPEAKER_00]: so they can truly understand the ins and outs of buying their first home,

[00:22:35] [SPEAKER_00]: not making it too complicated, but delving into certain things

[00:22:39] [SPEAKER_00]: that are roadblocks credit.

[00:22:42] [SPEAKER_00]: OK, somebody may not be mortgage ready right now,

[00:22:45] [SPEAKER_00]: but this program is going to teach them about credit.

[00:22:49] [SPEAKER_00]: It's going to show them the entire process of how to get prepared

[00:22:53] [SPEAKER_00]: or get mortgage ready.

[00:22:55] [SPEAKER_00]: And so now that's creating a product based on my service,

[00:22:59] [SPEAKER_00]: which is a free consultation for first time home buyers.

[00:23:04] [SPEAKER_00]: So that's a real life example of how you can create a product

[00:23:08] [SPEAKER_00]: that's going to address the needs of your audience.

[00:23:11] [SPEAKER_00]: That's also called productizing your service business,

[00:23:16] [SPEAKER_00]: productizing your service business.

[00:23:18] [SPEAKER_00]: So if you can't provide that service after a consultation,

[00:23:22] [SPEAKER_00]: you still have a way to generate revenue by offering a product.

[00:23:26] [SPEAKER_00]: So if you're doing credit repair and you have a credit repair consultation

[00:23:32] [SPEAKER_00]: and the customer doesn't want to pay your credit repair fees,

[00:23:35] [SPEAKER_00]: maybe you have a DIY do it yourself credit repair course that you can sell them.

[00:23:41] [SPEAKER_00]: So that's called productizing your services.

[00:23:44] [SPEAKER_00]: OK, so that's another way to generate money off of your services.

[00:23:48] [SPEAKER_00]: But once again, remember the big takeaway guys is when you provide

[00:23:52] [SPEAKER_00]: service and you have that one on one interaction or that one of you and a group interaction,

[00:23:59] [SPEAKER_00]: you're able to understand what the audience wants and needs.

[00:24:03] [SPEAKER_00]: And now you can create something to fill that void that's going to solve their

[00:24:08] [SPEAKER_00]: problems, be it another service or a product that will help them.

[00:24:13] [SPEAKER_00]: So I hope you guys got a lot out of today's episode.

[00:24:17] [SPEAKER_00]: I say this each and every week, guys, because it's true.

[00:24:20] [SPEAKER_00]: We get more and more downloads because of you, the B.E.B. family.

[00:24:24] [SPEAKER_00]: I appreciate you guys so much.

[00:24:26] [SPEAKER_00]: Please spread the word about the podcast, the website, Black Entrepreneur Blueprint,

[00:24:32] [SPEAKER_00]: the whole ecosystem with the new B.E.B. Academy dot com, all the online courses

[00:24:38] [SPEAKER_00]: and resources to help you elevate your entrepreneur IQ.

[00:24:42] [SPEAKER_00]: Remember, it's not about me.

[00:24:44] [SPEAKER_00]: It's not about you.

[00:24:45] [SPEAKER_00]: It's about us.

[00:24:46] [SPEAKER_00]: It's about building an economic power base in the worldwide black community

[00:24:50] [SPEAKER_00]: by building and supporting black owned businesses.

[00:24:53] [SPEAKER_00]: Love you guys.

[00:24:55] [SPEAKER_00]: See you same time next week.

[00:24:56] [SPEAKER_00]: Peace.