The Money Making Expert: The Exact Formula For Turning $100 into $100k Per Month! - Daniel Priestley

Intro (00:00:00)

• Started seven businesses that reached $1 million in their first 12 months and three businesses that surpassed $10 million.
• Anyone can achieve this by following a step-by-step process.
• Daniel Priestley is a money and business expert who has helped thousands of people start, scale, and grow their multi-million pound businesses from scratch.
• Businesses should start with an idea, but it's crucial to sharpen the idea in the market, not just in one's mind.
• Many people raise money, book offices, and buy computers without validating their ideas, leading to a lack of interest from potential customers.
• Conducting tests to fail fast and cheaply is essential, such as using waiting lists to gauge interest.
• Waiting lists have been successfully used by entrepreneurs like Elon Musk and Rolex to validate ideas.
• Ideas themselves aren't valuable; the value lies in executing them.
• Exceptional salespeople and pitchers understand that business is a team sport.
• One strategy for building a business is to focus on generating six figures of revenue through effective execution.
• Even with limited disposable income, such as £100 or £1,000, individuals can work towards financial freedom.
• There are significant wealth creation opportunities available.
• The YouTube channel has reached five million subscribers, exceeding expectations and demonstrating the support of the audience.
• A surprise is in the works for subscribers in 2024, with improved production quality, more engaging guests, and global stories.
• A simple favor is requested: hitting the subscribe button to continue raising the bar.

The Most Exciting Time Of History For Businesses (00:02:50)

• The current era presents an unprecedented opportunity to build global businesses with freedom, flexibility, passion, and purpose.
• Affordable global small businesses are now accessible to many, unlike the Baby Boomers who had access to affordable housing.
• Entrepreneurship can be predictable and safe if the right experiments are conducted, the right mindset is adopted, and the right process is followed.
• The entrepreneurial journey can be understood as a set of predictable steps, providing a clear map for entrepreneurs to follow.
• The speaker, Daniel Priestley, has over 20 years of entrepreneurial experience, having started multiple successful businesses.

Growing Small Businesses & Making Them Millions (00:04:57)

• Daniel Priestley noticed a trend of global small businesses emerging due to technological advancements.
• He started an entrepreneur accelerator to help individuals become key persons of influence, build their personal brand, form a core team, digitize their value, and capitalize on the current era.
• Over 4,500 companies have gone through the accelerator program, with some achieving multi-million pound exits and others building their dream businesses with location independence.
• The accelerator provides a high-performance environment with accountability, best practices, a supportive community, and shared experiences among entrepreneurs.

Can Anyone Be An Entrepreneur? (00:06:14)

• Entrepreneurial spirit is something everyone is born with.
• Entrepreneurship involves creating value for others, taking creative risks, and self-expression.
• There are different stages in the entrepreneurial journey that everyone can go through.
• Different types of entrepreneurs include those skilled in finance, operations, visionaries, and doers.
• Finding the right business suited to one's strengths and interests is crucial.

How To Know If It's A Good Business Idea (00:06:55)

• Testing a business idea in the market through a simple waiting list landing page can gauge interest and indicate its potential.
• Entrepreneurs should be open to pivoting or exploring alternative ideas based on market feedback, avoiding emotional attachment to their initial concepts.
• A waiting list serves as a valuable early-stage experiment, allowing entrepreneurs to validate their ideas quickly and cheaply, as demonstrated by successful entrepreneurs like Elon Musk.
• Daniel Priestley's formula for turning $100 into $100k per month involves raising funds for an idea without any code, product, or design by launching a waiting list and collecting customer data.
• Priestley's successful fundraising of £300,000 at a £3 million valuation was based solely on the strength of his waiting list and customer data, highlighting the power of validating ideas through market feedback.

How Important Is Passion In Being A Successful Entrepreneur (00:11:44)

• Passion is crucial for success in entrepreneurship as it helps individuals persevere through challenging times and delayed gratification.
• Passion is defined as an alignment between an individual's origin story, mission, and vision.
• The origin story refers to an individual's background and experiences that align with their current business venture.
• The mission is the most valuable action an individual can take that aligns with their vision for the future.
• A strong alignment between origin, mission, and vision leads to a distinct demeanor and attracts others to join the individual's team.
• Passion, in this context, is not about superficial interests but a deep connection to the business's purpose and values.

Don't Pursue Entrepreneurship For This Reason! (00:14:53)

• Passion-driven success involves genuine interest, alignment, and a clear vision, while money-making opportunities without these elements are not sustainable.
• Attracting talented people and building a strong team is essential for success in business and life.
• Authentic and resonant communication is key to attracting the right people and creating a successful venture.
• In youth, it's beneficial to explore various opportunities and be open to new experiences, while also letting go of what doesn't align with one's goals.
• Preparing mentally for uncertainty involves embracing the unknown and viewing it as part of the journey towards self-discovery.
• Mindset plays a crucial role in success, with the "Visionary" mindset characterized by a sense of possibility, long-term thinking, and seeing opportunities in challenges.
• Visionaries cultivate love, compassion, and optimism, which increases their influence and impact.
• Resources are accessible through conversations and collaborations, as demonstrated by the Top Gun producers' successful acquisition of military resources.
• Visionaries believe in the possibility of achieving seemingly impossible goals, as exemplified by Daniel Priestley's experience in securing vending machines for his school.

How To Be A Visionary (00:23:17)

• Daniel Priestley believes that our beliefs are based on the evidence we have or don't have.
• Pitching is a crucial skill for entrepreneurs to enroll people into their vision and ideas.
• There are three modes of thinking: reptile mode (fight, flight, freeze), autopilot mode (repeating the past), and visionary mode (creative problem-solving).
• Visionary mode can be cultivated by surrounding oneself with inspiring people, reading books, and listening to podcasts that promote visionary thinking.
• People can either be in an upward spiral towards becoming more visionary or a downward spiral towards becoming more reptile-brained.
• Clarity and authority are fundamental attributes of an exceptional salesperson or pitcher.

How To Be Great At Pitching Business Ideas (00:28:40)

• A great pitch should include Clarity, Authority, Problem, Solution, Why, Opportunity, Next Steps, and Essence (CAPSTONE). The essence is the emotion or feeling that you want people to remember you by.
• Asking for more than you're currently asking can change your life. When you have nothing to lose, send out emails or make calls to ask for what you need.
• Daniel Priestley's first successful business venture involved organizing under-18 nightclub parties, which generated a significant profit of $10,000 in a single night.
• The key to a successful request or "ask" lies in the "With or Without You" energy. This approach conveys that the opportunity will proceed regardless of the recipient's involvement, making it more compelling and exciting.
• Daniel Priestley used a unique approach to generate interest and sales for his product launch. He organized a dinner party and invited potential supporters to attend. Through networking and pitching his idea at the dinner party, he secured support from a large database with 600,000 people. This support led to a successful launch email campaign, resulting in hundreds of bookings and multiple events in different cities. The initial sales from these events amounted to 4 million pounds within the first few months.

The Magic Of 'With Or Without You' Energy (00:36:21)

• Creating a sense of scarcity and urgency, as well as demonstrating influence and confidence, can attract people to your offerings.
• Changing a button from "become a member now" to "join the waiting list" can significantly increase inquiries and conversions.
• People prefer a gradual approach, and joining a waiting list creates an uncertainty gap that keeps them engaged, allowing businesses to warm up potential customers and build anticipation.
• Successful examples like Glastonbury music festival's registration of interest process and Rolex's focus on selling the waiting list rather than the watches themselves highlight the effectiveness of this strategy.
• Entrepreneurs can apply this strategy regardless of their business type, from space exploration to cupcake baking, with minimal cost and valuable insights gained from collecting data through the waiting list.

The Steps To Know If It'll Be A Good Business (00:41:52)

• To create perceived value for your product or service, use rigorous selection processes and launch discussion groups to gauge interest and collect data.
• Before investing in production or supply chain, test demand through online assessments or "Readiness scores" and focus on the demand side of the business.
• Validate your product idea, create a waiting list, and engage potential customers through interactive activities to gather feedback and gauge interest.
• Test different aspects of your product without incurring significant costs, and don't worry about your idea being stolen until you have achieved significant success.
• Execution and validation are key, as the value of an idea lies in its execution, not in the idea itself.
• Entrepreneurs should focus on making sales, especially in the early stages of their business, as entrepreneurs are salespeople and should be comfortable with making sales.

Fear Of Failure (00:50:18)

• Failure is correlated with eventual success.
• Experimental mindset and quick testing lead to success.
• Amazon, Booking.com, and Thomas Watson embrace failure as a learning opportunity.
• The school system values functionality over vitality, which is not valuable in the age of AI.
• Vitality, or life force energy, is irreplaceable and brings value to projects.
• Failure is acceptable when breathing life force energy into something, as it's part of the process.
• Functionality-based value places too much emphasis on failure avoidance.
• The pendulum is swinging towards valuing life force energy over functionality.

Life Force Energy & Bringing Stories To Life (00:53:09)

• Vitality, defined as an irreplaceable life force, is essential for success.
• To achieve success, identify and fully express your unique vitality in a chosen field.
• People are drawn to the life force energy of others, not just their functionality.
• Surround yourself with vital and creative individuals to elevate your own energy and vitality.
• The right environment is crucial for personal and professional growth, fostering experimentation, sales, influence, and resourcefulness.
• Environments that suppress vitality and creativity hinder success, as seen in the case of young entrepreneurs in prisons.
• Seek environments that uplift and support your entrepreneurial spirit.

The Importance Of Changing Environments Regularly (00:58:34)

• Life Force energy, found in uplifting environments, is essential for entrepreneurship.
• Attend entrepreneur meetups, groups, and events to immerse yourself in an entrepreneurial environment.
• Social shedding, or letting go of certain friendships, may be necessary to pursue entrepreneurial goals due to potential resistance from existing social circles.
• The world is shifting from geography-based systems to digital connections based on shared values and purpose, creating new opportunities and possibilities.
• Embracing this digital shift requires courage and letting go of old rules and limitations to access information, connect with people, and pursue goals without geographical constraints.

Starting A Business/Personal Brand (01:03:34)

• Personal branding has shifted from traditional media to building a digital presence, allowing individuals to create their own media companies and connect with a global audience.
• A successful personal brand involves sharing one's values, vision, and ideas with others who resonate, rather than self-promotion.
• Personal branding is about connecting with like-minded individuals and inviting them to join a shared journey or participate in one's endeavors.
• Podcasting can be a powerful tool for accelerating personal brand growth and attracting a dedicated audience.
• The democratization of high-level conversations and the sharing of knowledge and ideas on a global scale has fostered innovation and progress.
• Solopreneurship is not effective.
• Entrepreneurship is a team sport.
• Successful entrepreneurs assemble teams of amazing people.
• The British military's approach to team building is effective:
  • 2-person scout team
  • 4-person fire team
  • 8-person section
  • 30-person platoon
• Look for complimentary energies when building a team:
  • Visionary
  • Implementor
  • Heart connector
  • Money or data person
• A balanced team with all four energies creates value and retention.
• The cost of living crisis is affecting everyone.
• People are looking for ways to make extra money.
• There are many ways to make money, but not all of them are created equal.
• Some methods require a lot of time and effort, while others are more passive.
• The best way to make money depends on your individual circumstances.

How To Make Money (01:10:30)

• The first principle to creating more money is "income follows assets."
• Invest in yourself and your skills to increase your earning potential.
• Build relationships with people who have money flowing to them by attending networking events, joining a private bank, or reaching out to new people.
• The best investment with $100 is to take interesting and accomplished people out to dinner or lunch to build relationships.
• When reaching out to someone for a meeting, offer something valuable to them, such as a skill or knowledge you have that they might find useful.
• Look for people who are "getting on with doing stuff" and have a positive energy.

Your Team Is Essential In Your Business (01:16:36)

• Researching potential clients and offering value in areas of interest can increase the chances of a positive response to cold outreach messages.
• Sending out a large number of cold messages (e.g., 3,000) with the expectation of a small response rate (e.g., 30-40) is a viable strategy.
• The "without you" energy approach involves focusing on a select group of individuals (e.g., 30-40) who would make valuable connections and expecting a small number of positive responses.
• If someone does not respond to a message, it is not the end of the world as there are other potential clients to reach out to.
• Opportunities often come around again if they are meant to happen.

How Do You Invest Your Money (01:19:16)

• Daniel Priestley prefers to invest his spare capital into the S&P 500, which consists of the top 500 stocks in the US.
• He believes that regardless of currency inflation anywhere in the world, the money will eventually find its way back to the S&P 500 companies through spending or capital investment.
• He finds investing boring and prefers to focus on expansive business creation.
• Priestley is an optimist and prefers to pour his energy into creating businesses that he believes should exist in the world, rather than thinking about where to invest money.
• He believes that creating something investable for others to put money into is how real money is made.

How To Build A Business From Scratch (01:20:53)

• To turn $100 into $100k per month, focus on developing a solid concept, engaging an audience, creating a packaged offering, and establishing a predictable sales process.
• Build a core team of eight people, including a key person of influence, general manager, marketing, sales, finance, admin, media, and operations.
• Digitize everything of value in the business, including relationships, intellectual property, brand, organizational culture, and investor relationships.
• Increase revenue per person by adding digital assets and optimizing processes.
• The challenging transition from 12 to 30 employees requires transforming the team into a professional value-manufacturing unit.
• With teams of teams, you can reach $10 million in revenue and $3 million in profit.

Should You Work For A Big Company Or A Start Up (01:25:21)

• When a company has 10 employees, it requires multidisciplinary individuals who can wear multiple hats but not necessarily excel in any one area.
• As a company grows to 50-70 employees, it requires specialists who excel in specific areas.
• Individuals should consider their own skills and preferences when choosing between working for a large company or a startup.
• Some people, like Daniel Priestley, find the early stages of a company's growth (from $0 to $2 million in revenue) to be the most exciting and fulfilling.
• Others, like Glenn Carlson, excel at driving a company's growth from $2 million to $20 million in revenue.

The Humility Of Accepting Others Are Better Than You (01:27:54)

• Jack, a podcaster with 5 million subscribers, sought professional help to improve his podcast's set design, prioritizing expertise over ego.
• Bringing in experts who excel in specific tasks is essential for business success.
• There's substantial wealth to be created by scaling businesses from $2 million to $20 million or $20 million to $200 million.
• Baby Boomers seeking retirement present an opportunity to acquire and revitalize businesses at a discount.
• Understanding the concept of "the business" is crucial for financial success.

What's A Management Buyout? (01:31:36)

• Kit King successfully increased a laundry business's growth by 500% in two years through digitization, without any initial investment, demonstrating the potential of creative financing.
• Baby Boomers hold a significant portion of business equity, creating opportunities for young entrepreneurs to acquire businesses through creative financing methods such as management buyouts, where the business itself serves as collateral.
• Digitizing traditional businesses, fostering a positive culture, and utilizing them for social impact can transform them into exciting ventures. An example is a martial arts school that uses its profits to establish schools in underprivileged areas.
• Rather than starting from scratch, entrepreneurs can find success by taking over existing businesses, implementing innovative ideas, and transforming them into thriving enterprises.
• Salesmanship and the ability to recognize and seize opportunities are crucial skills for entrepreneurial success.

How To Structure And How To Sale A Deal (01:38:08)

• Two key skills for wealth creation are understanding how to structure a deal and how to sell it.
• The best wealth creators have these two skills.
• Everything desired can be achieved through a well-structured deal.
• An example of structuring a deal is bringing an AI expert onto the team to advise on AI integration.
• This was done by setting up an Advisory Board and offering compensation.
• Chat GPT can be used to structure deals, such as drafting heads of terms and reviewing drafts for errors.

AI Will Revolutionize How Businesses Work! (01:41:17)

• AI is a transformative technology that will impact every industry and enable smaller teams to achieve more.
• AI excels in content generation but requires human input for context and life.
• AI has the potential to divide society into creators and consumers, so conscious decisions about its use are crucial.
• Daniel Priestley's Flight Fund invests in innovative companies like SpaceX, Zoey, Hu, and Whoop, aiming to create a better future.
• Zoe, a sponsor of the podcast, focuses on building sustainable daily habits for better health, not restrictive diets. Use the code CE10 for a 10% discount on a Zoe kit.
• Daniel Priestley challenges the concept of work-life balance.

Work-Life Balance (01:48:00)

• People who earn over $100k typically work 55 hours per week.
• There's a new style of work that involves creativity, publishing, pitching deals, and analyzing.
• Work-life balance is important when work is perceived as negative and only a means to make money.
• Enjoying fulfilling and passionate work that can be done from home and creates an asset can lead to a positive work-life balance.
• Hard work that doesn't develop an asset simultaneously can lead to burnout.
• Creating podcasts, owning a company with increasing equity value, or renovating properties are examples of work that creates both income and an asset.
• Jobs like Uber driving or working at McDonald's provide income but don't develop additional assets.
• People who love their work and don't burn out are those whose work creates income and an asset simultaneously while being fulfilling and passionate.

Last Guest Question (01:51:39)

• Sex is more enjoyable when it's part of a loving and connected relationship.
• Men and women experience sex differently, and men may need to build their confidence and self-worth to have more fulfilling sexual experiences.
• Daniel Priestley launched the second version of the diio conversation cards on Shopify.
• Shopify simplifies the process of creating an online store and offers a $1 per month trial period.
• Shopify has the internet's best converting checkout, with a 36% better conversion rate compared to other leading commerce platforms.