From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Scott Oldford is a mentor, advisor & investor for online businesses scaling past 7 figures.
The Nuclear Effect – Visit Scott’s website to learn how he can help you!
3 Value Bombs
1) If you are in the right place at the right time, and if you work on your mastery and skill, and you have the right systems in place, then your ability to get to 7-figures and beyond will happen at some point.
2) List out your challenges every week – and fix them.
3) By being patient, you will find yourself on the right path; it will allow you to create a successful business, and become a successful entrepreneur.
HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: The 6 Pillars Of Building a 7+ Figure Online Business with Scott Oldford
[1:11] – Scott shares something interesting about himself that most people do not know.
- He grew up on a farm in Newfoundland, Canada.
[2:15] – Is it realistic to be able to scale an online business past 7-figures for the ordinary entrepreneur?
- It is possible; you’ve got to stop thinking about what is necessarily realistic.
- If you are in the right place at the right time, and if you work on your mastery and skill, and you have the right systems in place, then your ability to get to 7-figures and beyond will happen at some point.
- Once you create your first million-dollar business, it will keep getting easier because you’ll have a different mindset.
[5:06] – What are the traits of the most successful entrepreneurs?
- Being persistent – getting up and doing the work
- Being concerned – with the long term results
- Being responsible – owning your destiny
- Having self-trust and self-confidence
[9:23] – The 6 Pillars Of Building a 7+ Figure Online Business:
[9:59] – What is the most effective process for being able to manage these pillars inside of the business?
- You have to understand what your current and potential challenges are.
- List out your challenges every week – and fix them.
[11:10] – Let’s do a deep dive into The 6 Pillars Of Building a 7+ Figure Online Business:
- Marketing – Lead generation
- Sales – Sales calls
- Operations/Team – Standard Operating Procedures
- Finance – Managing finances
- Mindset – As you level up, the more problems you will encounter
- Delivery – Customer experience
- List all the challenges, list all the solutions, and figure out what are you going to work on.
- Communicate with your team, and allow them to see the challenges.
- Have a weekly review of what is going on with your business.
[16:30] – A timeout to thank our sponsor!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
[19:06] – The R.O.I. Method:
- Relevancy – Where attention grows, money goes.
- 3 Different Types of Leads:
- The Sidewalk – You are not aware of the problem.
- The Slow Lane – You are aware of the problem, and you are trying to figure out the methodology and who to trust when it comes to how to solve the problem.
- The Fast Lane – You understand the problem and look at the vision of the future.
- Omi-presence – The art of managing and mediating attention.
- Intimacy – Sales conversations become opportunities.
[26:56] – 4 Forms of Currency.
- Money – your savings and investments.
- Influence – your relationship building.
- Audience – the leads that you generate.
- Time – by having a systemized business you can get your time back.
[29:25] – What is the #1 thing that Fire Nation must know when scaling to 7+ figures in their online business?
- Be patient. If you want to scale, it’s all about finding the solutions.
- By being patient, you will find yourself on the right path; it will allow you to create a successful business, and become a successful entrepreneur.
[31:11] – Scott’s call to action for Fire Nation
- The Nuclear Effect – Visit Scott’s website to learn how he can help you!
[31:04] – Thank you to our Sponsor!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
Boom. Shake the room. Fire Nation, JLD here in Welcome to Entrepreneurs on Fire, brought to you by the HubSpot Podcast Network with great shows like CEO School. Today we're pulling a timeless EOFire episode from the archive, so the giveaway may not be active, and we'll be breaking down the six pillars of building a seven figure online business. To drop these value bombs, I brought Scott Olford into EOFire Studios. Scott is a mentor, advisor, and investor for online businesses scaling past seven figures. And today Fire Nation, we'll talk about listing out your challenges every week, and then fixing them about how being patient will help you find yourself on the right path so you can create successful businesses and become a successful entrepreneur and so much more. And a big thank you for sponsoring today's episode goes to Scott and our sponsors Outbound Squad, hosted by Jason Bay, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals.
Tune in for convos with leading sales experts and top performing reps to help you land more meetings with your ideal clients. One of my faves, The Monthly app with Jason Ethan, where they share hacks, tips and tricks. Listen to Outbound Squad, wherever you get your podcasts. Scott, say What's up to Fire Nation and share something interesting about yourself that most people don't know.
1 (1m 18s):
I'm so excited to be here, John. Well, actually I think most people don't know number one, you know, I grew up in the middle of nowhere on a farm in Newfoundland, Canada, my parents acreage and you know, my parents weren't entrepreneurs, literally, you know, eight months, seven months of the year, it's so snowy, so cold living in Northern California now. So a lot of difference, but came from a place where there was no one around 20 minute drive to be able to, you know, even get to school. So isolation to being super connected. It's, it's a, it's a cool polarity.
0 (1m 54s):
Well, I can definitely tell you, I did not know that about you, although we've been connecting for quite a few years now. So very fascinating stuff. And the Fire Nation, as I mentioned during the introduction, we're talking about the six pillars of building a seven figure plus online business. So let's just start off, in the world of reality, Scott, is it realistic to be able to scale an online business past seven figures for the ordinary entrepreneur?
1 (2m 22s):
I think that it's more than possible. I'm seeing it time and time again. I think that, you know, one of the things that entrepreneurs have do if they want to be successful, there's lots of things, but one big thing is they sort of gotta, you know, say goodbye to reality for a minute. And, and I think that a lot of people do a good job of that. They kind of put in what, you know, Steve, they, they always talked about Steve with Steve Jobs, reality distortion field. And so I think in many ways you've gotta stop thinking about what's necessarily realistic and what you really kind of wanna work towards. But I mean, I've seen so many people, John, I'm sure you have as well, well, that you know, you, you have the right, if you're in the right time at the right place, if you're working on your mastery, working on your skill, you have the right systems in place that we're gonna be talking about, right?
1 (3m 10s):
Today, the right pillars. Your ability to get the seven figures and pass seven figures is going to happen at some point, right? It's, it's kind of like, I love the quote, overnight success takes, you know, 15 years and, you know, my whole concept in, in helping people and mentoring people has always been, let's reduce how much time it takes to be able to, you know, small in that gap or really increase the momentum that someone has. But is it possible? Absolutely. Do people do it? Absolutely. And I also guarantee you this, and, and I would say that you've felt this as well, John, once you make your first million, the second's way easier, the third's way easier. Once you've made your first million dollar business, they just keep on getting easier because now you have the different mindset that gets developed from developing that first million dollar business.
1 (3m 56s):
0 (3m 56s):
You have that belief, you know, you look back to, yeah, you know, Robert or Roger Banister running the four minute mile, and it's just like nobody thought it was possible, like it just was not possible. Then all of a sudden this guy does it and then like 36 people do it within the next few months. I mean, that's just the reality that he broke through that distortion field that you were talking about. And kind of, once you break through that initial seven figure barrier, and I'll never forget that day, I kind of called Ken over and I'm like, Kate, look at our balance right here. Like, there are seven figures in this bank balance. And she was just like, oh my God, that's absolutely insanity. And that's crazy. Once we got there, it was just like, I, I felt like it, it wasn't the, the actual case, but it felt like I woke up the next day and I was at 2 million and I felt like I woke up the next day and I was at 4 million.
0 (4m 40s):
I was just like, obviously that took time to get to those numbers, but it was just like so much easier and so much less because, you know, we had laid down the tracks, we had gotten initial momentum, we had gotten something that I know that you're a big believer in traction. And once you have those things, Fire Nation, now you can do a lot of things. And one of those things is you can double down, triple down, quadruple down on what's actually working. So let's just dive right in, Scott, because you believe that there are some significant traits that most entrepreneurs possess that are successful. Break those down for us.
1 (5m 13s):
I've been an entrepreneur, literally, as I said, when I was seven, eight years old, I made my first $20,000 selling eggs on my parents' acreage. And you know, by the time I was 16, I had a million dollar business. By the time I was 21, I was a million dollars in debt, lost it all. I went backwards and, and, and have spent the last, you know, six, seven years really not just building back from that, but also knowing that whenever you fail, it's a lot easier to look back and look at your failures and be like, well, that's why that didn't work. Versus looking at your success, success doesn't really tell you as much as failure. And so in all that time, literally being an entrepreneur for 20 years, right from the get-go, I look back and a lot of the people that I mentor, the things that I see consistently is, you know, persistence, right?
1 (5m 60s):
The big one. It's just every single day, just getting up and getting up and getting up and getting up and doing the work and doing the work and not necessarily being too concerned with, which is the second one, being too concerned with the short-term results, but rather being concerned with the, the long-term results. Like the, the, the real truth is both of us here on this call, we're gonna be entrepreneurs until the day we die. And if you're listening to this, more than likely, especially if you already have a business, you are going to be an entrepreneur until the day you die. So you thinking about 10 years, 20 years, 30 years instead of then just next 30 days. And I know you may have bills to pay, I know you might have, you know, things to grow and things you want to do and goals that you want to hit, but being able to focus on that long-term is so critical.
1 (6m 42s):
The third thing is responsibility. Entrepreneurship is really you owning your own destiny is you really activating that DNA inside of you that's there, that has been there by your ancestors that we're all entrepreneurs just a few hundred years ago. And you taking responsibility for your emotions, you taking responsibility for what happens, you taking responsibility for what goes right and what doesn't go right. And then I'll say the fourth, and I could go on with about 10 today, but you know, I would say the fourth is self-trust in confidence, and you trusting that you are making the right, you know, 99% of the time when an entrepreneur, you know, a lot of entrepreneurs, they buy things they don't necessarily need or they get help, they don't necessarily need, or, you know, whatever it might be, or they get slowed down.
1 (7m 30s):
And what slows them down most of the time is the fact that they don't trust themselves and they don't have confidence in their decision making, which also makes it so that they can't trust others. So they can't hire a team, they don't trust their, you know, agency that they might hire or the person they might hire. And so if you go about every single day, and instead of you getting, you know, you getting outta your head and getting into your, when I call it getting outta your head, getting into your belly, and you start making your decisions from a little bit more of your intuitiveness, not what necessarily is the right thing to do or what some guru might say to do, or, but rather do what really makes sense for you. And you trusting that and you're trusting that whatever happens, whether that's a, that looks like failure or that looks like success, that is the right way.
1 (8m 13s):
And I found, you know what everything started working for me, which I would consider is 20 15, 20 16, where things just literally a just lightning speed. It was when I went from, you know what, I'm going to disattach myself from my ego, I'm gonna disattach the fact that, you know what, I don't know what path I'm on. I do not, I'm no longer going to try to control everything and I'm rather just going to allow myself to trust myself and making that these decisions that I'm making will eventually work and I'll just continually learn. And that not labeling failure as failure is really hard to do that when you win a million dollars in debt. But rather labeling failure as lessons that I can now use so that I can get more and more successful.
1 (8m 54s):
And look now five years after that, or seven years after that, you know, I've been able to generate close to 40 million of my own money in that time, in the past number of years, and I've helped generate half a billion dollars of revenue for other people. And it all came from me just getting to my belly and instead of getting all of my head and second guessing my decisions, and then that of course slowing me down,
0 (9m 18s):
Let's run through the six pillars and then break down for us that most effective process that we can actually manage these pillars within our business.
1 (9m 29s):
Yeah, absolutely. So you know this, when I look at this, and I, I, I really came up with this a few years ago when I was mentoring people. And so, and then I, I wrote an article on Entrepreneur magazine and it was my most popular. And I was like, well, that sounds like, you know, people like this. And so business comes down to this, it comes down to especially online businesses. So it comes down to marketing. So you can write these down if you're listening to this, you write these down, marketing, sales, operations slash team, finance mindset, as well as delivery. Okay? So these six pillars really make up any online business. And in the businesses that I see that succeed the most, that get the most momentum, that get the most growth, what we're looking for is you to be able to manage these six elements and understand what your problems are, what your challenges are, what your potential challenges are, and then being able to take these.
1 (10m 23s):
And most entrepreneurs could succeed very easily if all they did was at least once a week. And this is an exercise I try to get everyone, everyone to do, is just list down all of those issues on a weekly basis and then go fix them. Most people know, oh, you know what, I need more lead sources. Most people know, you know what, I don't really have my finances in check, but what, what happens? We don't take time to be present with what's going on inside of our business. We don't have enough attention and awareness around these things. And so we just let them drift, we let them drift because there's so many things that we can do as an entrepreneur. So eventually they come and they really hurt us.
0 (11m 1s):
So let's do this, Scott, let's go through your six pillars and either use a made up company or something you've seen in the past with your business or one of your clients' business, and just give us like a specific example of how we would be able to fix something or manage something within our business based off of these pillars.
1 (11m 17s):
Absolutely, absolutely. We can totally do that. So, so let's go with, let's go with just market, we'll go marketing onwards, okay? So if, if, if I'm in a business, and I'll just use some examples of a typical online business, I'm in an, if I'm in an online business, let's say that you've been using organic marketing and you've been using your Instagram or your email list or whatever it might be, and let's say from a lead generation perspective, you know that every single month you're kind of like using just your hustle in order to be able to get new leads, right? You know, it's always just about creating content, doing this, doing that. Well, that would be one of the core big issues of, you know what, we only have this way of generating leads. And then it's going, okay, well what possibilities do I have to be able to generate more leads?
1 (12m 0s):
And then it would be, okay, well I'm gonna use, you know, YouTube advertising, or I'm gonna use this, or I'm gonna use that. Okay, well now that creates a secondary, you know, set of issues, which, well, how do I do that? Do I hire someone, do I learn it myself? How do I do that? And so then you, the, the whole process and as we go through here is you figuring out all the issues and then you being like, okay, what am I gonna do the next seven days? What am I gonna do the next 30 days? What am I gonna do the next 90 days? All right, so marketing, that would be one example on sales. Let's say it's the fact that you, you know, you're just completely overwhelmed with sales calls. Let's say you fixed your marketing problem and now you're into your sales and you have a great close rate, you have everything that's going on there. But the problem is, is that you literally have more people that wanna get on a sales call with you than you have time, and now you're working 50 hours a week because you still have to run a business.
1 (12m 46s):
So the problem would be, well, how do I fix that? Well, you, you're either gonna need to, you know, qualify people better, you're gonna need to hire someone to make sure that people are qualified, or you're gonna need to hire a salesperson. And then of course, that creates its own problem. Where am I gonna find that salesperson? How am I gonna hire them? How am I gonna train them? And then, you know, being able to, you know, okay, well that's one of the actions that I need to take care of in the next 30 days or in the next 60 days, right? Then going to, you know, let's call it operations and team. The whole business doesn't have any pro, there's no SOPs, no standard operation procedures in the business. Okay, well, how am I gonna get that fixed? You know what, I'm, I'm running around i I, my email inbox, I have 600 messages in there.
1 (13m 27s):
I don't know how I'm ever gonna get reply to that. I'm, I'm, I'm, you know, not posting on social media the way I want. Okay, well here are all these issues. Again, it's just kind of writing down every single issue and being like, okay, what is the possible answers to this? Or Let me go find the possible answers to that. And then we go over to delivery. People are coming in and they're not getting, you know, customer experience the way that I want them to. It's taking a couple of days to reply to them. It's taking, you know, they're not really getting the best of the best cuz there's not an onboarding sequence when they come in the door. Well, okay, well how do I fix that? Is it going and, you know, buying Joey Coleman's, one of my friends, Joey Coleman's, you know, first 100 days book and figuring out how to create amazing customer experience. Is it hiring someone to do that?
1 (14m 7s):
So it's really, it's really, you know, in every single one of these scenarios, writing this down and then figuring out what the solution is and then giving yourself that responsibility and that trust of being able to get there. And of course, the last one's, financial and mindset. Mindset. This is just every single time that you uplevel, and you know this John, any entrepreneur knows, a as you up level, there's just new problems. Entrepreneurship is always about just solving problems, finding new ones, solving problems. The more money you generate, the more problems you're gonna have because that's how you make money. And then the last one in, speaking of money, your financials probably the number one thing that you know, really, really, really hurts people and the growth and, and, and everything combined, they don't have their financials in order.
1 (14m 48s):
And so when it comes to financials, it could be, you know what, we have this, this major liability, or you know what, we have this debt. How are we gonna take care of this debt? Or it could just simply be, you know what, we really don't have somebody that's managing our financials and if we keep on doing that, we're gonna come tax time and it's gonna be really bad, or we're gonna come to the point where there's not enough money in the bank account because we didn't really track it well enough. So those are just some examples, just very generic examples. But the process always is, let's list all the problems out, let's list all the solutions out, and then let's figure out what we're gonna work on this week in the next month, and then the next three months. And then of course, if you have a team bringing that back to your team and allowing them to see those problems, those challenges. And as you do this, my, my exercises to do it at least once a month, ideally seven every, every week, and now you have awareness and attention on everything that's going on in the business, and you really have a better idea of how to get where you want to go.
0 (15m 42s):
They were generic, but they were very specific. And I know that's what Fire Nation loves. And when we give a specific solution to an actual problem and walking through the six pillars and you giving that specific example of how it could relate to a business in general is super, super helpful. So Fire Nation, please take heed from this. You know, be doing this at least once a month. And if you're really wanting to get to that seven figures and beyond, do it once a week. I mean, literally it's you solving problems. It's you figuring out better systems, it's you creating better experiences. All these things that are included with these six pillars. Critical, critical, critical. So we are just getting started. We're gonna be talking about the R O I method. You're not gonna wanna miss that, or we're gonna talk about the number one thing you need to know when scaling to Seven Figures plus Fire Nation.
0 (16m 28s):
I mean, this is some great stuff and it's all coming back as soon as we thank our sponsors. Tech is great, it can help us grow and scale our businesses in so many ways, but it can also be clunky, time consuming to manage and expensive. That's why I'm excited to introduce you to HubSpot CRM, the best platform to speed up your sales and scale your business without blowing your budget. HubSpot's all in one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. No need to worry about the management and cost of a massive tech stack. HubSpot gives you everything you need all in one place. Plus, with fast activation, HubSpot makes it easy for the entire team to get up to speed, saving you precious time.
0 (17m 11s):
And best of all, you can try before you buy, no commitment, no hidden fees, not even a credit card is needed to sign up. Get started for free at hubspot.com. That's hubspot.com. So Scott, we're back, and as I kind of teased before the break, the ROI method, what the heck is it and how does it work?
1 (17m 32s):
I have the, a really, really deep background in psychology and marketing, and I've ran many marketing agencies and scaled many of those past multiple seven figures. And I always like to look at things if, if I can create a framework, I know I'm able to help someone in a better way. So when I start really marketing online, selling online programs and courses and coaching and mentorship and these different types of things, and I started working with online entrepreneurs, I saw, okay, what's the number one issue that typically stops someone from getting the seven figures? Number one issue is going to be the fact that they do not have enough potential customers or enough potential leads to turn into customers. And so they rely on referrals or organic or whatever it might be.
1 (18m 14s):
But further than that problem, it came down to three specific issues. And so the first is relevancy. So if you have relevancy, it's that moment of saying, you know what, Scott does that or John does that. It's a, it's a moment of, in less than seven seconds, someone being able to articulate, oh, that's what that person does. Is that relevant to me? Yes or no? And inside of relevancy, it goes back to your having a, the right combination of your avatar and knowing exactly who that niche is, having the right positioning and making sure that you understand how someone needs to see you to be able to see you as an authority to be able to solve their problem.
1 (18m 56s):
They have to, you know, you have to ensure that from a messaging perspective that you're talking to the right person at the right time. So think about it this way, there's three different types of leads. There's people that are in the, what I call the sidewalk, people that are in the slow lane, in the fast lane, people in the sidewalk, they don't know what their problem or pain is. So you're educating them to that the people in the slow lane, they know what their pain and problem is, but now they're trying to figure out really what the process is, what the methodology is, who they should trust, where the proof is to say that this is the way that this should be solved. And then finally, in the fast lane, it would be somebody that's, okay, you know what? I understand this, I wanna buy something. Let me figure out my objections, let me figure out what the solution looks like, and let me look at how, what the vision of the future is, right?
1 (19m 41s):
So being able to see something at the right time. So if you're listening to this and you don't know that you need a marketing funnel to be able to, you know, bring in leads to increase, you know, and grow your business, you're probably in the sidewalk. If you're hearing, you're trying to figure out how, how to do marketing, you're probably in the slow lane. And if you're hearing, you're like, you know what? I'm just trying to find the right person, the right solution, what works for me and what, you know, where my business is? Well, you're in the fast lane, but your customers are also in this. So making sure you have your messaging so important for relevancy. And then the last piece is making sure that you have the right offer and making sure that you have the right offer for who you're positioning yourself to, who your avatar is and how you're talking to them. And when we, when we do all of this, we have this moment, it's kinda like the light bulb moment.
1 (20m 22s):
It's like that moment of relevancy. And when you get that moment of someone saying, yes, this is for me, now you can charge while you're worth. Now you have someone's attention. Now someone is really, and of course, attention brings currency, right? Attention brings money, always. Wherever someone's attention goes, money flows. And so this relevancy is so important and it's what most people lack online, whether it's the fact that you're not nicheing down enough, whether it's you're not really having the right messaging on your sales pages or on your webinar or whatever it might be. So that's the first, the relevancy, that's the r and the ROI method. So that's first and second is omnipresence. And omnipresence is the really the art of managing and mediating attention.
1 (21m 5s):
And so omnipresence is the idea of the, if I can make something relevant to someone and then I can keep their attention over and over and over again and I can really subliminally feed them messages that allows for me to change their mindset about different parts or different questions or different objections that they have, and I can continue being front of them over and over and over and over and over again. All these sort of, there's essentially these 15 psychological triggers that happen over time when we show up to people over and over and over and over and over again. And like the red car effect and the bandwagon effect and so on and so forth. And so omnipresence allows us to target those that are inside of our audience that are, you know, our potential leads and just showing up to them over and over and over again, almost hacking their attention.
1 (21m 54s):
Because the more we have of someone's attention, Gary v talks about this all the time, the more of attention we have of someone, the higher chance that we are going to be able to turn them into a customer and then a repeat customer in the future. Okay, so the first part's relevancy. The second part, we need to be able to ensure we have their attention across multiple platforms and we're really allowing for their attention to be on us so that we can help them get to that fast lane that I talked about a minute ago. So that's the, oh our, oh the i, if you've ever sold anything, you might feel sometimes a little sellsy, right? You get on a sales call, you get on a webinar, you're hard pitching, you're, you're almost twisting someone's arm.
1 (22m 34s):
And so, and John does a great job of this. And so, so many people that are, are at them. Multiple seven figures do this, you know, really effective sales comes down to intimacy. And intimacy comes down to three things. It comes down to being able to have that connection, being able to have a conversation and being able to have community. And so when these three things are present, when you're able to have conversations, whether it's through Facebook groups or whether it's through your email list or whether it's through a podcast like this, you know, this, this connection and this conversation and this community, these three things create a scenario where people feel connected to you. They'll feel, feel connected to something larger and they feel the intimacy of somebody that is willing to look at them, see them, hear them.
1 (23m 16s):
You gotta remember, most people are lonely. Most people just want someone to be there that they can talk to, whether it be a community, whether it be you. And we create these three things together. It creates a sales conversation that's no longer selling, but an actual opportunity. So we add these three things together and when we're ultra relevant, when we are really attacking or you know, hacking someone's attention and then we're really selling with intimacy, it makes it so it doesn't feel like a sale. It just really feels like an opportunity. And now this is a really marketing done, what I would consider the right way. And it makes everyone feel good.
0 (23m 51s):
Boom, boom, boom goes to dynamite Fire Nation relevancy, omnipresence intimacy. Let's talk about relevancy for a second. Where attention grows, money goes, Fire Nation. Think about that when it comes to being relevant, omnipresent, be on multiple levels, be everywhere you can and should be. And then intimacy, that connection, that conversation, that community. People want to feel part of something. Fire Nation, they want to feel heard and thank you for those kind of words. Scott, I really do strive hard at this, which is why I love doing live webinars, live Facebook, live, live Instagram is because guess what? Then it can call people out in a good way and say, oh, Scott's coming at us from NorCal.
0 (24m 31s):
Oh, Sally's from Indiana. Oh, Sarah's coming at us from Florida. People can feel heard and I can answer their questions. And it gives that kind of intimacy, that evergreen stuff can never do. That's why everybody's like, oh, I can't wait to create the perfect evergreen, you know, funnel that just is gonna create money for me for all time until, you know, I die while I sleep and all these different things. And guess what? There's a time and a place for evergreen funnels. We have them, but nothing is ever going to outperform something that can bring intimacy, that connection, that conversation, that community. Now Scott, I don't wanna go too deep down this rabbit hole because I really want to save some time for the last question that we have after this. But I am curious because most entrepreneurs, they're just attempting to build wealth, but I know that you are a big believer in multiple forms of currency.
0 (25m 20s):
What does that mean? Tell me more
1 (25m 22s):
In my new book that's coming out, the Nuclear Effect, this is the whole premise of the book and the whole premise of the book is most people are concerned just about money. And I think that that's, you know, I think that that's, you know, smart and that's how society has been built to be concerned about money and thinking about building wealth and this type of thing. But what I love, if you build the right business in this online space and you have the right marketing, right, and you're utilizing the ROI method, you're building a few forms of currency. The first of course money, but the second is influence. And the third is audience. So, you know, I consider influence relationship building and I, and audience is, you know, the audience that are buying from you, the leads that you're generating, the people that are looking up to you and with these three forms of currency.
1 (26m 6s):
And, and you know, you could also say the fourth is time, right? So, so, so really there's four those four levels of currency and the, what I've found is if you have one of them, you can get the other one. And then from that other one you can get all of them. So it's kind of like the, i I kind of call it the, the reason my book's called the Nuclear Effect is you create this nuclear chain reaction when you are utilizing the ROI method because not only are you building, you know, money and putting money in your, your savings account and investing and all those different types of things, but you're building, you know, relationships with people that you're gonna do business deals with in the future that can be potential JVs that can do all kinds of things just and also just great friends at the end of the day.
1 (26m 49s):
And then the third is building an audience that you can continually sell to launch new products, launch new offers to, to generate more money in the future. And by doing all of this, if you then systemize a business, you are able to get your time back. And then of course once you have your time back, well then you can go and do more things that you really love to do. And so my belief is not to just make a dollar for, for the sake of a dollar, let's make the dollar and let's build the relationship building, let's build the audience building, let's build all these pieces. So at the end of the day I get a stronger and stronger business. But now I also get more and more and more opportunities because as entrepreneurs we're gonna have multiple businesses, we're gonna buy businesses, sell businesses, all these things over our lifetime.
1 (27m 31s):
And this is a what allows you to do that. And I think it's so important to do that so that you're not just building a business, you're really building all four at the same time.
0 (27m 40s):
Scott, let's end with a bang brother. Give us the number one thing that we must know when skilling to seven figures or more in our online business.
1 (27m 50s):
Patience. It's, it's, it's the real honest truth. Every single day it's going to feel like patience. There's going to be new problems. There's, if you wanna scale, it's all about finding the solution to new puzzles. And that takes a lot of patience. And I'm sure John, you felt like this, oh yeah, the first time you, you made a million dollars, you look at the bank account and you're like, wait, what? Why is there not a million dollars in there? And you know, you make your second million, your third million, your fourth million, you gotta keep on going. And people ask me the other day, what's the secret? What's the secret? Secret is keep going. And so you're just gonna get better and better and better. You're just gonna have more and more and more opportunities. And you know, also remember if there's one thing I can say, remember that in that patience, you are on the right path and you are exactly where you're supposed to be.
1 (28m 37s):
And you can only see that when you look back and connect the dots, but having that patience is what's gonna allow you to create a successful business and become a successful entrepreneur.
0 (28m 46s):
And it is patience, Fire Nation and always will be patience. I mean, like Scott said, you know, I had that moment with Kate when I actually saw seven figures in my bank account, but I had made way more than seven figures to see seven figures in my bank account. Like when I quote unquote made seven figures for the first time, I did have that moment like, wait a second, I've made over a million dollars, but I don't have even close to a million dollars. Where's all the money? And of course that's cause’ you know, I lived in a place called California where Scott lives and that was a multi-year reality. You know, now they live in Puerto Rico, of course, when I make a million dollars actually get to keep a million dollars, which is the beautiful thing about this lovely islands. But that's not the focus of today's episode. What is the focus, Scott, is that you've written a book, take a second as we close down here, before we say goodbye, tell us about this book, why Fire Nation needs to read it and where we can pick it up.
1 (29m 37s):
You know, I've sent this to some of the largest, you know, people that I've, I've, I've just ran online businesses for 10 plus years. 20 years, some of them, you know, for 20 years at the infancy of this business. And every single one of them says, this is the book that you need to read. This is kind of like the starting out if you want, if you want to grow a seven-figure business, this is the book, it has 70,000 words of absolute the best content. I rewrote it three times. And, and, and this is the book that you're gonna wanna have if you are scaling and you want to be able to actively use these six pillars. So really, really excited for anyone that picks that up. I think you're gonna have a massive multilayer year leap just in terms of what's inside. What's
0 (30m 17s):
The name, what's the tagline? Where can we get it?
1 (30m 19s):
Absolutely. It's The Nuclear Effect. You can go over to thescuttleford.com and it'll be there along with all the other really, really, really great resources to be able to help on every element of the pillar. So it's really allowing you to go from, from where you are today to a multiple seven figure business. If you're an online
0 (30m 38s):
Entrepreneur, how'd you come up with The Nuclear Effect?
1 (30m 40s):
It was just on a webinar, you know, I was just on a live webinar and I just said like a lot of things, you know, when I'm in a live or on a webinar, I say something, I'm like, wow, that's catchy. And, and, and, and so, you know, I'd love to say it was like some, you know, thought up process, but in reality it was just something I said on a live webinar, it stuck, it does a really well on conversions on Facebook ads and so on and so forth. And so I said, you know what, let's go with it. And, and, and, and that's the story ever since.
0 (31m 7s):
Fire Nation, you're the average of the five people you spend the most time with and you've been hanging out with SO and JLD today. So, keep up that heat and if you head over to eofire.com and type Scott in the search bar, his show notes page will pop up with everything we've talked about today. Plus you listen to past episodes that we've done together, they're right there as well. And again, the call to action, Fire Nation, The Nuclear Effect, go to scottolford.com to learn more. Scott, brother, thank you for sharing your wisdom, your knowledge, your value bombs with us today. For that, we salute you and we'll catch you on the flip side.
1 (31m 42s):
0 (31m 43s):
Hey, Fire Nation, today's value bomb content was brought to you by Scott and have you ever considered creating and running your very own mastermind? Well, I've created a free course to help you do just that and includes a two-hour free training with Tony Robbins. Visit mastermind on fire.com, check it out today, mastermind on fire.com and I'll catch you there. Or I'll catch you on the flippity flip side. Outbound Squad hosted by Jason Bay is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Tune in for convos with leading sales experts and top performing reps to help you land more meetings with your ideal clients. One of my faves, The Monthly app with Jason Ethan, where they share hacks, tips and tricks.
0 (32m 27s):
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