Podcast Summary
Young Entrepreneur's Success Story in Selling Legal Cannabis Oil: A young entrepreneur, Joseph from Challenge State, built a six-figure business selling legal cannabis oil using social media, personal connections, and dedication to its potential health benefits.
At a young age, Joseph from Challenge State has built a successful business selling cannabis oil, which is legal, and brings in a six-figure turnover. He uses social media and personal connections to reach customers and expand his business. The health benefits of cannabis oil are a significant selling point, and Joseph's dedication to the business, along with his passion for its potential health benefits, drives his success. It's important to note that the cannabis used to make the oil is obtained legally, and the business is run from home as a lifestyle enterprise. Despite the stigma surrounding cannabis, Joseph's success story demonstrates that with hard work, determination, and a unique product, anyone can turn their passion into a profitable business.
Starting a CBD business inspired by the concept of performing under pressure: The interviewee started a CBD business importing legal, safe CBD oil to help individuals manage stress and anxiety, inspired by the concept of staying calm under pressure for optimal performance.
The cannabis plant contains both CBD and THC components. CBD is legal and used in various products, while THC is the psychoactive compound that can lead to failing a drug test and potential legal consequences. The interviewee started a business importing hemp and extracting CBD oil for various products. He was inspired by the concept of performing under pressure, as discussed in the book "Bounce: Mozart, Federer, and the Making of Elite Performance," which emphasizes the importance of staying calm under pressure to optimize performance. The interviewee's business aims to help individuals manage stress and anxiety by providing CBD products. He started the business in late 2018, inspired by the concept of channeling a calm state to perform better under pressure. The CBD oil he imports is legal and safe, making it a viable solution for individuals seeking to manage stress and anxiety without the risk of THC-related consequences.
Trust your subconscious mind to perform at its best: Allow your subconscious mind to take over during high-pressure situations for optimal performance, consider trying CBD oil to reduce anxiety and improve sleep quality.
Performing at your best under pressure can be improved by allowing your subconscious mind to take over. This was discussed in relation to the book "Mindset" by Carol Dweck, where the author emphasizes the importance of not thinking about what you're doing and instead letting your subconscious brain handle it. The speaker shared his personal experience of performing better when he wasn't focusing on influential audience members. Another takeaway from the conversation was the introduction of CBD oil as a product that can help individuals perform better under pressure by calming the mind and reducing anxiety. The speaker shared his own experience of trying CBD oil and seeing improvements in sleep quality and reduced anxiety. He also mentioned that he created a CBD product with a nice taste for those who don't like the taste of CBD. Overall, the conversation highlighted the importance of trusting your subconscious mind to perform at its best and the potential benefits of using CBD oil to help manage anxiety and improve sleep quality.
Partnering with CrossFit influencers on Instagram for sales: Collaborating with CrossFit influencers on Instagram drives sales, costing £100-£350/month per influencer, resulting in £6,000 in sales last month.
The company utilizes a strategic marketing approach through partnerships with CrossFit influencers on Instagram to drive sales. The influencers, who typically have a following between 10,000 and 100,000, receive free products and a percentage of sales made through their unique discount codes. The cost for these influencer partnerships ranges from £100 to £350 per month, depending on their audience size and content production. The company currently works with around 20 influencers and aims to expand, but faces limitations due to the size of the CrossFit niche and cash flow constraints. The influencer marketing strategy has led to significant sales, with the company reporting £6,000 in sales last month.
Scaling up a home business: Preparing for increased expenses: Home businesses can lead to substantial profits but require careful planning for increased expenses like warehousing and hiring. Consider scaling up strategically to maintain profitability.
Starting a business from home with low overhead costs can lead to substantial profits. However, as the business grows, expenses such as warehousing and hiring employees can significantly decrease net profit. It's essential to prepare for these expenses and consider scaling up carefully. For instance, if you sell a product for £44 with a gross profit margin of 30-40%, you need to account for additional costs like marketing, delivery, and potentially hiring team members for customer service and social media management. While running the business from home may seem convenient, it's important to recognize that outgrowing the home is a common challenge for successful businesses. Planning ahead and making informed decisions about scaling up can help mitigate potential losses and ensure long-term success.
Focus on marketing and building a strong team for a profitable business: Reverse engineer a 10-year timeline, focus on marketing, build a team, invest wisely, and stay dedicated for a profitable business
Building a profitable business takes time and planning. The ultimate goal is to create a business that can be sold for a significant profit after 10 years. To achieve this, it's essential to focus on marketing and building a strong team. This includes having a financial director, an operations manager, a marketing director, content creators, and customer support. To reach this stage, it's necessary to reverse engineer the timeline and focus on marketing efforts now. This could include setting up a YouTube channel, utilizing social media platforms, and creating an email list. Additionally, taking advantage of opportunities like Bounce Back Loans to invest in the business can be beneficial. Remember, YouTube views are more valuable as they last longer than views on other platforms. Despite the challenges, such as restrictions on advertising for certain products like CBD, staying dedicated to marketing efforts can lead to success.
Effective content creation strategy: YouTube and podcast: Invest in good audio equipment, create content consistently, and monetize through sponsorships or digital products.
Creating content across multiple platforms, specifically a YouTube channel and a podcast, can be an effective strategy for reaching a larger audience and building a business. The speaker emphasized the importance of investing in good audio equipment for recording high-quality content, and suggested starting with a Bluetooth mic like the Sabintek for around £150. He also recommended creating content consistently, such as two videos or podcasts per week. Additionally, the speaker mentioned the potential for monetizing content through sponsorships or selling digital products like ebooks or audiobooks. The speaker's own success with this strategy, as demonstrated by his ability to produce high-quality content and monetize it through various means, underscores the potential for individuals to grow their businesses through content creation.
Leverage multiple content platforms for organic leads: Investing in a diverse content strategy by collaborating with influencers, starting a podcast, writing a book, creating a YouTube channel, and hosting webinars can attract new leads and serve as long-term marketing tools, reaching a wider audience and engaging them in different ways.
Creating multiple content platforms can significantly boost organic leads for your business. By collaborating with influencers, starting a podcast, writing a book, creating a YouTube channel, and hosting webinars, you can build trust and credibility with potential customers. These platforms not only attract new leads but also serve as long-term marketing tools. For instance, a book can generate leads for a decade, and a YouTube channel or podcast can provide a consistent flow of traffic. Moreover, creating content on various platforms can help you reach a wider audience and engage them in different ways. So, invest time and resources in developing a diverse content strategy to grow your business.
Turning webinars into books boosts reach and establishes authority: Creating a book from your webinar expands reach, grants authority, acts as a marketing tool, and is affordable.
Creating a book from your webinar or expertise in a particular field can significantly benefit your business and personal brand. Here are the key reasons why: First, turning your webinar into a book provides you with additional content to share with your audience, expanding your reach and establishing you as an authority in your industry. Second, becoming an author grants you authority and credibility, opening doors to PR opportunities, radio interviews, and increased exposure in the media. Third, giving away your book as a marketing tool can help attract new customers and build relationships with existing ones. You can offer it for free on your website, send it to PR companies, influencers, and even include a copy with each purchase. Fourth, self-publishing your book is relatively affordable, especially when printing in bulk. For instance, 10,000 copies might cost only £10,000. Lastly, remember that the goal is to establish expertise and authority, not necessarily to become a bestselling author. Focus on sharing your knowledge with your audience and watch your business grow.
Personalized gestures build deeper customer connections: Gifting books, creating valuable content, and investing in polished production can significantly boost brand loyalty, attract new customers, and generate sales.
Using thoughtful and personalized gestures, such as gifting books to customers, can significantly boost brand loyalty and generate new business. By providing value through a high-quality resource like a book, businesses can establish a deeper connection with their customers, leading to increased engagement and word-of-mouth referrals. This approach also allows business owners to showcase their expertise and build a strong personal brand. Additionally, creating and sharing valuable content through platforms like YouTube and webinars can help attract new customers and generate sales. Investing in the production of polished content, such as well-written webinar scripts or YouTube thumbnails, can pay off in the long run by establishing a professional online presence. Overall, these strategies require an initial investment but can lead to substantial returns in terms of customer engagement, brand recognition, and sales.
Discovering the Benefits of CBD Oil for Health and Wellness, Including Potential Fat Loss: Listen to Joseph from Challenge State discuss the potential benefits of CBD oil for health, wellness, and potential fat loss. Use discount code 'James20' for a discount.
Joseph, the founder of Challenge State, discussed the benefits of using CBD oil for various health and wellness purposes, including potential fat loss. He encouraged listeners to try it out and offered a discount code for those interested. The podcast hosts also invited Joseph back for a follow-up conversation in six months to discuss the progress of his business. To learn more or to try CBD oil with a discount, listeners can visit Challenge State's website and use the code "James20" at checkout. Additionally, Joseph's brand can be found on Instagram and Facebook under the name "Challenge State." The podcast also mentioned several ways to connect with James Sinclair, the podcast host, including on Facebook, Instagram, LinkedIn, and through his website. The podcast aims to help people grow their businesses through honest conversations and educational content.
