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This business coaching session focuses on small business development.

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Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: Find a cause that your business can support that you will be known for.
  • Fun Factoid: Warby Parker is an eyewear company that gives a monthly donation to non-profits that sell affordable eyewear in impoverished nations.
  • Action Step: Create a mechanism for building relationships with your customers, i.e. calling them after they purchase from you.
  • Notable Quotable: "People don't care how much you know until they know how much you care."

-Doesn't have to be a huge thing, but it could be like we take a percentage of our profits and we donate it to families that are struggling financially who have more than five kids or something. Why is that? I don't know. We have a big family and I understand how hard it is. Or we support single moms. Why? Because I understand how hard it is to be a mom with kids and we support-- something that people know you for. Examples of these that are big, you can look up later if you want, is Warby Parker.

And Marshall, if you can pull up that website real quick. Warby Parker.

-Is that W I R or--

-W A R B Y. Parker. And then Tom's. So get Warby Parker up here on the screen of glory. Warby, every time you buy a pair, he gives a pair. It's like the Tom Shoes deal. And they've been in "The New York Times." They've been featured in "Washington Post", not about the glasses, but about their cause and how they're giving back and how they're making glasses more affordable. One million pairs of glasses. And it's a story about how they're giving back and helping people.

People will talk about that story, but they won't talk about profits. Cool? So premium website, premium packaging, premium story, a cause. And then I believe you have to have right here, this is the final thing here, is you have to have a mechanism for relationships. You have to have a mechanism. So what is that? Maybe you call each person and go, hey, did you get the order? They're like, who's this? Julie. Julie who? From Vegas, with the eight kids. Oh, you bought the super trim.

Yeah, I did. Hey, I just wanted to tell you thank you. It means a lot to me. Really? Yeah. Well, what are you using it for? Using it for this. Really? Yeah. I thought you were just some online shopping cart. No, I want to know what you're using it for. It's exciting. Will you send me a picture when you're done? I'd love to see what you made with it. Yeah. I will. Cool. And they're like-- that relationship. And that's what's going to grow it. You know what I mean?

So the action items we have to do here, and Marshall, you can put these down. We'll need a super website that's world class. And you're a classy lady, but most people on the planet don't do things with class and therefore you're going to be fighting with the web guy, like web guy, come on baby. Packaging. World class. Most packaging's not world class. Make it world class. Your story. Maybe you're a writer, maybe you're not. But you need a story people can share.

Social cause-- have something that you're passionate about. So when you're on the news and they say-- like for Thrive. I totally believe that if you're-- I've travelled around the world a lot, but if you go to Roatan, you could-- I think I might be able to trick my way into success if I live in Roatan, but probably not. Because their government's jacked up and their country's jacked up and they don't have the infrastructure in there to be safe and free.

But our country, we have freedom. And therefore you and I can just do whatever the heck we want to do as entrepreneurs and it really just comes down to if we do it or not. And so I'm just obsessed about the military and making sure those guys get a thank you. That's my deal. But it's something I really, really do care about. So it's not some bogus thing. But for me, I'm like, look, everyone who's served our country deserves free stuff, not crappy stuff, not second class health care. They need first class.

So if it was up to me, we'd give them better health care than everybody else because they're the ones who got shot at instead of making them die on a waiting list. And so with the education, that's something I'm really passionate about. And then the relationships, you're a super awesome lady. You have a story to tell and people want to know you. And people don't care how much you know until they know how much you care. That's the whole thing.

So if they don't know that you care about them, then they're not going to-- if somebody else comes up with a product that's $1 cheaper, they'll buy from someone else unless they have a relationship. But if they have a relationship with you, they will not

leave.

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Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Jargonization Translation: G.O.A.T. - Greatest Of All Time
  • Notable Quotable: "Dress the way you want to be addressed."

[MUSIC PLAYING] -Now, on the story part, should I include how I got started in the supply world, or should any of that be brought up? What all should it entail? CLAY CLARK: Well, what I'm going to do, and I'm going to show this to you to make your life easy on this. [INAUDIBLE] you've got this stuff over here. I'm not going to erase the stuff in the center, but I want to show you something. There is a thing that hopefully-- hopefully this analogy makes sense. [INAUDIBLE] things doesn't work, OK? I use this all the time with clients. But it might be just because we're from Oklahoma and we relate to animals. But you have this-- and again, it's a terrible drawing, but just work with me. So this is a goat. So the thing is, a mountain goat can get up the mountain really easily. So an entrepreneurship, I call the goat, greatest of all time. So if you will, any time you get stuck, and you're like, what should my story look like? Do a greatest of all time times three, and you'll always find the answer. So I literally would download the story. So let's go up to Tom's real quickly. Or let's go to Warby Parker where you just were, and let's find his story. And let's just look at it, and then let's just make ours similar. So here we go. Warby Parker was founded with a rebellious spirit and lofty objective to offer designer eyewear at revolutionary price, while leading the way for socially conscious business. Stop right there. So we could say, Supply World was founded by a mother of eight with a big vision to what? What your big vision to do? Think. FEMALE STUDENT: To be able to provide people with items that they wouldn't be able to find anywhere else. -Boom. They'll provide hard to find items they couldn't find anywhere else. But you just go through there and like, bam, OK. But that way, it saves you a bunch of time. Just look for goats. Like I don't really even spend time on original ideas anymore. I don't care. I just look for goats. So example in my life. If you grow up on food stamps, you lose a little bit of pride every time you get it. So you get to a point where you're like dependent, and so you don't even think really creative. So I started my DJ business, like I had a business that was like I was working my butt off, and I didn't make any money every time I hired a new guy. I would hire a new guy and I wouldn't make any more money. and I'm like, this sucks. So I'm thinking the economy sucks, maybe I'm stupid. Well my goat was a guy named Clifton Tolbert. And I went to Clifton and I'm like, Clifton, how do I get there? How did you get to the top? And Clifton, he couldn't go into banks as a kid, because he was black, and he grew up during the time of segregation. And so Clifton was like-- if that guy could start a bank, he ended up becoming a best selling author and he ends up owning this bank. So if you can become a best selling author, and you can end up owning a bank, and you grew up during the time of segregation-- I mean, because he's over here with these signs that are saying, no blacks. That was his reality. So I'm thinking, if he was able to get up the path he probably knows a thing or two about you know. So I get to him and I say, I can't charge people more than $325. These people who don't pay that. He says, well-- and I'm over here. I'm not a goat. I'm like a mountain boy or like a mountain baby. I'm just this mountain baby. I'm down here just kind of drifting around. And I'm meeting customers at McDonald's. No disrespect for McDonalds, but the dollar menu. I'm meeting brides, so you could imagine. I'm like, well, Julie, hey, for your wedding, where are you guys getting married? And you say I'm getting married at Cedar Ridge Country Club. And I say, well great, do you want to meet? Yeah, let's meet and we'll talk about the wedding. I want to see if we're a good fit for you. Yeah, sure, Clay, let's meet. Where do you want to meet? Oh, well I don't have an office yet, but what's meet at McDonald's. I mean, right away, your opinion of the DJ is like-- So now you're trying to explain to Scotty, hey, we're going to beat the DJ at McDonald's. And he's just like, are you kidding me? No, he seems like a god guy on the phone. And then you meet me, and I'm dressed like a member of the Wu Tang Clan. FEMALE STUDENT: [LAUGH] -That's how I used to always dress. So I'm meeting people at the McDonald's, dressed up like I'm a member of Wu Tang. And even though that was legit, and I was keeping it real, but the thing is that like, the brides would walk in and they would be like, no. And then they're like, we don't see value. So I'm going to have to sell them a cheap price. And they're like, well, we just don't know if you're the right fit, and I'm like come on. And they're like, we're not going to pay $600. And I'm like, how about $300? And every wedding I'd have to do it just cheap. Well, I meet with Clifton and he says, you, dress the way you want to be addressed. I remember how pissed off I was at that statement, and then how much it changed my life by doing it. Like I just was like, what? How are you going to tell me? You don't understand where I come from. And he's like, actually I couldn't go into banks, because I was black, and so I understand a little bit. And he explained. He said being white for you is a gift. Like for me, as a black kid, my biggest problem was being black, so I couldn't do things, because I was black. So I always had to dress up, so that people would think I wasn't mildly retarded, because I was born black. But for you, you're just choosing to be addressed like your mildly retarded, because you're wearing that freaking Wu Tang shirt. Take it off. Put a different-- But that was a huge thing. He said, oh, by the way, quit meeting people at McDonald's. Maybe go to the home of the seven dollar Salad. Maybe go to Panera. And so now, I'm like, OK, I'll dressed up. Now, I'm going to go to Panera, and I'm just getting the way up the mountain. And then one by one, week by week, it's easier.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Lesson Nugget: Finding the greatest of all time (G.O.A.T.) and bringing big overwhelming optimistic momentum (B.O.O.M.) will give your possibilities, options, and dreams (P.O.D.).
  • Lesson Nugget: Don't put a cap on your pricing, but be reasonable when you set it.

[MUSIC PLAYING] -So for you, when you get stuck at all, just look for the greatest of all time in that area. Then look for three people who did it. And I literally would just download their page, print them off, and just look at it and make something similar. So let me get to your website, and you're like, man, I don't know my website should even look like. Same thing, three, Tiffany, Starbucks, Mercedes, boom. Packaging, I don't know what to do. Go to the store and find three packages that are legit, same deal. Story, well I don't know. Look at people who have the story. Find three of them, boom. Social cause, I don't know what to do. Find three, boom. Relationships, well I'll help you on the relationships. Zappos' right in your city. Call them up, order some crap, see how the treat you. Just see how the whole process is. Who else doesn't stink online? I mean, Warby Parker, in my mind's, the best. Love those guys. They blow my mind. Every time I order something, it's just spiritual. I'm going to order something from Warby. I'd order something from Zappos. One more that's a big one right now, that you're husband might be down with is the one thing called the Trunk Club, or Birchbox, things like that. Pull up the Trunk Club. It's like, if you're a dude and you don't want to dress like a Neanderthal anymore, but you don't have time to find nice stuff, you subscribe, and then these homies send you nice stuff in the box every month to help you maintain a fresh style. So they send you stuff to kind of up-- but I would just sign up for a few things and just see how they treat you, and then go, oh, that's how we do it. Don't look for that BOAT, the bottom of all time. Look for the GOAT. Cool? FEMALE STUDENT: Love it. You -Got it? FEMALE STUDENT: Got it. And everything you do-- I'm going to add this too. This is my little equation that I use and it works. GOAT plus-- not weird algebra. The greatest of all time plus BOOM. BOOM stands for big, overwhelming, optimistic momentum. Big, overwhelming, optimistic momentum. So again, big, overwhelming, optimistic momentum equals possibilities, options, and dreams. So example, if you look for the greatest of all time, you find three people who are the best of that thing. And whenever you learn it, if you just hard charge, boom, big, overwhelming, optimistic momentum. Not like little like-- like hard charging like I'm going to the store to look at three packages. I'm going to order some crap right now. I mean, that kind of mentality, as opposed to, well, I'll see if it works. So you've got to his the BOOM. Big, overwhelming, optimistic momentum equals PODs, possibilities, options, and dreams. Because the more you study GOATs with little BOOM, the more money you have, so you have more possibilities, options, and dreams. That 's the big thing. -Love it. -That cool? -Let me ask you this. Do you have a special number or anything where the variable markups should be minimum to maximum, or does that very on case by case basis? -I can't tell you the minimum or maximum markups, because I can tell you that another buddy of mine-- another guy in the medical business. What's with all these medical guys. Another guy in the medical business charges like three times more than anybody else I know for that service. He does like veneers for your teeth. And he's known as being the best. And his office is like the Taj Mahal of dentistry. So he charges at least three times more than anybody else. And every other dentist would say the insane, but he can just do it, because the experience is great the way he takes care of you. They knock you out for surgery, they wake you up. The whole thing's great. So understand I wouldn't put a limit on it, but I wouldn't make it without reason, if that makes sense. Like example, Elon Musk, when they invented Tesla, the automotive, they made electrical cars that have the same performance as like a luxury car, but they've priced them at like an insane price. And they only focused on marketing to high end people, but they couldn't make that kind of technology at a low price and stay in business. They had to sell at a high price. But it was within reason, because he knew that these people were the kind of people spending $200,000 on a Hummer, and another $300,000 or $400,000 on Maserati's, or $500,000 on Ferrari's, or whatever. These people are used to spending that kind of money. So all I can say is that, if your trim is like $40, maybe nobody buys because it's so crazy. But however, what if the first time people paid $15, and so they're like, well, I might as well try it. It's cheaper than anyone else. And then the next order it's more. Maybe you can ultimately get to a higher margin. That make sense? -Yes. -That cool? So Marshall, if you want to take a photo or anything, I'll let you grab anything you need here. Cool? And I'm just going to go through your action items that we need to get done and make sure that, Marshall, we've got it recorded for her, OK? So thing one we need to do here, we definitely need to make a world class website. You got that Marshall? MARSHALL: Yep. -Two, we need to make sure our packaging is sick, it's awesome, sick in a good way. Story, we want to make sure that we have the story the people can share and tell for world of mouth. Four, We want to have a social cause. And then five, we want to have some way to build relationships, so that the customers are loyal to you and not just to the price. Making sense? FEMALE STUDENT: Love it. -Cool. FEMALE STUDENT: Perfect.

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