An interview with a Money Making Expert

Is fame or fortune best? 

An interview with a Money Making Expert...

This was a really interesting conversation with Daniel Priestley, the Award Winning Author and Entrepreneur.

The podcast lasted over 2 hrs, so let's summarise it in minutes...

Daniel advised, "Try side hustles that last no longer than 90 days" and gave examples of club nights or selling door-to-door.

You should become a 'publisher' as often as you can online. E.G Books, videos, podcasts and blogs. He added you should look to bring value to others with your posts and there are 1 Billion LinkedIn users but only 3% 'publish' and only 1% do it weekly. Also, there are 2.7 Billion YouTube users, but only 4% post, so most users are mainly consumers, not creators.

He shared that you should also try and "Go up the podcast pyramid". This means you should start with smaller podcasts and make your way up, so people will start to know you more in your respective industries. This is because people find it hard to recall names and faces and their brains can only store around 1500 at a time. The posts that stand out the most to grab people's attention on SM were 1) Scary 2) Strange 3) Sexy 4) Free VALUE 5) Being familiar. Daniel has his '7/11/4 rule' to stand out which equates to 7 hours of watchtime and 11 interactions across 4 platforms to stand out from the crowd in people's memories! He labelled it as a "Parasocial relationship" and that was how we feel like we 'know' our favourite celebrities, as we have consumed so much content with them in.

Another very interesting point he made was the "Top 10% has 90% of the budget", so you should try and create content for the bottom 90% and you can monetise the top 10% as a result, by adding 'free value' that people would otherwise pay for. Also, the happiest business owners have companies sized 6-12 people with a turnover of 3-4 Million, which can have up to 60% profit margins in tech and he classed companies like that as a "Lifestyle boutique". Daniel stated you should focus on fun, freedom and fulfilment for an amazing work-life balance. Sometimes you may also need to "Slow down to speed up" and this was about himself missing key points in his diary as it was too full, which could have made tens of Millions. 

He gave great examples of how you can add value and leverage your business and this could be through 1) Fame 2) Your database 3) Partnerships 4) Capital 5) Distribution network. As 50% of the economy is owned by 'baby boomers' (ages 57-75 years old), so you need to learn how to sell to that market through your products or services. Also, he felt AI may even take 10-15 years to have its best products/services. When asked about his investment ideas he mentioned the 'S&P 500', as "you can't outperform markets" from his experience. As well as investing in start-ups of course!

Another interesting opinion he had was that the education system was not designed for the digital age we are living in and how it is the opposite now, as attention seekers make all the money, as do the major disruptors and current schooling teaches you the opposite! The USA still has the leading economy as it has the best tech, most universities and better tax breaks, whereas the UK was falling behind and entrepreneurs were leaving. He felt you should now focus on building a "personal brand and an elegant business model alongside". You should also focus on content and podcasts to get your story, background and reliability across to potential clients. 

You could even do a demo to explain your value, features, advantages, and benefits and you could offer a customer needs analysis before you go to market to confirm people's interest in your ideas before you even launch. There was also perfecting the '5 P's' PITCH, PUBLISHING, PROFILE, PRODUCT and PARTNERSHIPS. Also, you should become a 'key person of interest' and not just another 'influencer'. 

Our favourite quote here at Hy-Lyfe was "ENVIRONMENT DICTATES PERFORMANCE". This was regarding the location and people you surround yourself with and it will make the journey easier if other people are doing the same as you!

Sources: Daniel Priestley on DOAC.