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Justin Welsh went from being a burnt out corporate exec to an online business owner with over one million dollars in sales. In this episode he shares his step by step process with you.
Justin Welsh went from being a burnt out corporate exec to an online business owner with over one million dollars in sales. In this episode he shares his step by step process with you.
2:06 – Introductions/How Justin started his own business
In late 2019 after burning out in the corporate world, Justin started creating content on LinkedIn with the idea of being a consultant for SAS. After experiencing success with his writing and content, he ended up going into being a full-time creator who built an online business and now helps other creatives do the same.
4:24 – How did Justin go from consulting to content creation?
Originally the idea was to release a sales course on LinkedIn, where he had around 15,000 followers. It was on the suggestion of his VP of inside sales (Kevin Dorsey) that he considered a pivot to a course on how to grow to 15-20,000 followers on LinkedIn.
As Justin scrolled his DMs on LinkedIn, he noticed one key theme: How do you create content, and how do you grow? So Justin made a 60-minute course that he sold for $50 – and within the year or two, sold $75,000 in that course alone.
So he started trying to figure out how to do more of this process, to make it scalable and impactful.
6:47 – Justin’s “more steak, less sizzle” approach to content
At first, Justin’s motivation for creating simpler videos was a lack of confidence in how to price.
But there was another factor: When he was watching videos, Justin didn’t like overly-produced content. So he created from the perspective of a consumer, and settled on a more simple style that focused on providing value.
12:44 – A few high level tips on using LinkedIn to increase revenue
Justin always thinks through social media through the lens of a sales leader, and a traditional marketing funnel. People would follow:
Because Justin prices his courses at what he calls “impulse buy” pricing, he can walk his audience through the steps of that funnel every week, starting on Monday with awareness, something that connects with a reader or viewer.
Content that sparks interest would be a piece of information or a perspective that the reader probably wouldn’t have found elsewhere. Even further down the funnel, Justin might try to have the audience subscribe to his newsletter (decision), and then move towards action (purchasing a course).
16:01 – Importance of being known for something
Instead of building a solution and waiting for an audience to show up, you need to become known for something, and then start building solutions to problems that you hear about from your audience.
And as you become known for something, it ought to be something specific. It’s easy to state a broad mission like, “I help small businesses grow.” This actually makes it harder for your ideal client to find you, because you have more competition and your mission statement doesn’t call out to people with specific needs.
What kind of business do you serve? Are they brick and mortar or online? How exactly will you help them grow? What is the expertise/experience that only you bring to the table?
Justin’s advice: Become known for one thing, get really good at it, and then expand.
17:18 – How to monetize your content
Because the internet is so broad, there are plenty of opportunities. Just within online learning, you can sell online self-paced courses, cohort-based coaching, community groups, or personalized audits.
For products, there are digital templates (communication, social media posts, contracts, bio blurbs), and ebooks, not to mention consulting.
Justin describes his approach as a “diversified entrepreneur” approach. This means that he’s not making one bet on one kind of product or service. He’s always expanding out from his core.
20:00 – How and when does creativity happen?
Justin shares how the best ideas come to him (hint: it’s when he’s away from his computer)
21:43 – Favorite tools and tactics
Justin is very routine-based. If he did not have solid routines, his businesses could not run.
Having routines allows him to work on those “unscalable” tasks (like replying personally to people who are engaging with his content on social media).
After a 90-minute walk, then it’s time to create content. And afternoons are dedicated to calls, which in turn inspire more content for the next day.
24:32 – Why Justin identifies as a solopreneur
Describing yourself as an entrepreneur can lead to a false expectation of huge teams and millions of dollars – as opposed to putting in a lot of elbow grease by yourself and having to be creative to solve problems.
Justin dives into the key differences, and the clarity of purpose that using the right term can provide.
26:10 – Scaling down vs. scaling up.
When you’re tied to an outcome (raising $100 million, or selling x number of units for instance), it limits what you can do with your team, how you sell, and where you sell.
The advantage of solopreneurship is that you can define your goals for yourself, and work backwards to map out the steps to get there.
27:39 – The biggest speed bump in starting a business
Justin has noticed that the biggest hindrance to people who would like to start a business is the idea that they don’t have monetizable knowledge. Usually, people set the bar for being an “expert” is that they set the bar too high for themselves.
Instead of expecting yourself to have a PhD, think back to where you were two to three years ago, and what would have helped you. Then do that. It’s that simple!
