In the video:
01:18 – Setting the context of the call
02:49 – The impact of “Why”
06:31 – A second try at “Why”
08:03 – Identifying the challenges
09:50 – Can it be done in 30 minutes?
13:00 – What to listen for
14:54 – Reflecting back
15:33 – Getting specific
16:10 – Locating the pain
17:11 – Agitating pain
21:47 – How does it feel?
26:26 – Waving a magic wand
30:04 – Putting a price on the solution
33:24 – Bringing it all together
37:36 – Getting more IE calls
35:23 – How the slam dunk sale came about
41:05 – Breaking down the landing page
43:16 – Other possible ventures
If you want to take it a step further, check out The Foundation. They cover Idea Extraction, the 4 Elements of a Freedom Business, and how to overcome the fears and doubts and self-imposed limitations so many of us entrepreneurs face as we grow our business.
James: James Schramko here, welcome to this special edition of SuperFastBusiness.com. In this edition, I’m actually going to share with you a guest contribution from a previous guest and good friend of mine, Dane Maxwell. And this really is around the idea of coming up with a business idea.
As you know, I specialize on the intermediate and advanced Internet marketing techniques, and sometimes I do get a question, “What about ideas? How should I come up with an idea?” So here’s how to get 3 highly profitable business ideas, after watching the video, of course.
You know, it really does stop a lot of people from starting a business. And it’s got nothing to do with money, or connections or time. Most people just don’t know how to get started because they don’t have a good idea. Or if they do, they don’t have ideas that people actually want to pay for. That’s really a big issue.
If you’ve ever found yourself racking your brain for business ideas, or you’ve had countless business ideas that no one wants to pay for, then please watch this video, or listen to the audio version of it, because it was supplied to me by my friend Dane Maxwell, who runs a business called The Foundation. And in this video, he uses a process called “idea extraction” to find 3 business ideas, in an hour, by asking a car sales professional about his business. One idea the guy would pay $200 a month for. Another idea, he’d make an easy 6-figure lifestyle business. And the other would be a platform that might be more challenging to create.
So you’ll notice in the video that while Dane is doing the process, he also breaks down what he’s doing. When you learn this, you’ll discover how to find profitable business ideas in any niche. In fact, you could use this to get your first idea if you’ve never started a business. But if you’ve got a business running, you can use this process to find additional products from your own customer base.
And if you want to take it a step further, then I do suggest you check out The Foundation, we’ve got a special link. You can get access to the information where they cover idea extraction, the 4 Elements of a Freedom Business, and how to overcome fears and doubts, and self-imposed limitations so many of us entrepreneurs face as we grow our business.
So I’m about to play the audio from the video. I hope you enjoy it.
Dane: So we could have a little stare-off during an IE. It’s a little atypical. It’s not like a typical IE because I’m tracking like four things at once. Landing page, you guys are all doing. How I’m feeling, like I’m wanting to show up a little differently than I would during a totally normal IE so I can kind of be meta while I’m with you. So I’m just really tracking all the different pieces of me right now. All right. So, I think we’re going to start right in. Are you ready?
Dane: All right. So I’ll just say ring, ring, you’d pick up the phone, and say, “Hey Erik, what’s going on?”
Erik: Hello. How’s it going?
Dane: Good, man. How are you?
The context of the call
Dane: Cool. That’s good to hear. And so we checked off intro. So before we go into the call, what we’re going to be doing today is I want to set some context with you so we have a container for the call and the direction that we’ll be headed towards. Does that sound OK to you?
Erik: Sounds good. Yeah.
Dane: Cool. So firstly, I just want to set the purpose for the call. So the purpose for the call is I understand it, you’re a used car dealer. So I would like to have our purpose be to find a product idea that’s so exciting for you that you would be happy to pay for it. Now, we don’t know if a product exists, we don’t even know if we’ll find one, but the goal is that. How’s that to hear?
Erik: It’s good.
Dane: Sounds good. Does it truly sound good, I’m curious?
Dane: Cool. So challenge. Cool. And next, that’s cool. I’m happy to hear that. So for roles on the call, what I’d like to do is just set roles real quick, is I’m going to be the interviewer, asking you questions, and all you need to do is just sit back and relax and answer.
Erik: All right.
Dane: That’s it for you.
Dane: Cool. Awesome. Last, not lastly, but also I think we’ll set a 30-minute or so time container to see where our time and I’ll be tracking that for you. Don’t worry about it. All right?
What “Why”can do
Dane: OK. Finally, I’d like to tell you why I’m doing this. Would you like to hear that?
Erik: Yeah, definitely.
Dane: And just before I even go into why, how is it for me to say that I want to tell you why and then ask if you’d like to hear it? What happens for you when I do that?
Erik: It shows that you care about me and my problem, and you care about this phone call and you want it to be productive.
Dane: Wow. So your impact is actually that I care, seems like I care, and that I want the call to be productive, when I say I want to tell you why.
Dane: Did you guys get that? I am very surprised by that answer.
Erik: That you value my time.
Dane: And that I value your time too. All right. So I asked him about why, I haven’t even told him yet, and I asked him, can I share my why with you? So very profound. It feels great over here to say, “Can I share my why with you?” And then for his response that I care, that I want it to be productive and that I value his time. We’re already starting to build rapport. From over here, it feels like we’re starting to build rapport. Does it feel like that over there for you?
Dane: OK. So my why, my goodness. I really enjoy the used car dealership space. I enjoy how it works differently than new car dealerships. I find myself wanting to become a very, very successful entrepreneur. That is total, financial freedom. And I feel like I have a good shot at that if I help used car dealerships solve some really painful problems and help the owners become free as well. So my why is essentially to finally become, let’s say I’m not an entrepreneur, but to finally become an entrepreneur and have my own successful product. How is that for you to hear?
Erik: I hope you make it happen.
Dane: You hope I make it happen.
Dane: So now, do you actually feel a little invested in my success now?
Dane: Is that fair for you? Fascinating. That’s great. Cool. And you’re not faking. This is your true authenticity, yes?
Dane: OK, cool. Even the way I asked that, I kind of led you, this is your true authenticity, yes?
Dane: What I do want to open space for before we begin, just for the education of everyone here, to giving you a second to really feel into you. Is that why? Do you feel that why beyond your brain?
Audience: Can we ask questions?
Dane: Not yet. Write them down. Thank you, though. How does that why land for you? Is it flat? Do you feel it?
Erik: Initially, I didn’t necessarily believe your take on the used car business because it has a terrible reputation so that was my initial reaction.
Dane: Ah. So I broke rapport with you.
Erik: You didn’t break rapport. But maybe a little resistance. It felt like I’ve seen the problem with my customers, it’s everyone knows what used car dealers are traditionally bad experience.
Dane: Ah. Yeah. And as I’m sitting with you here now, I’m actually seeing that was actually my best guess. I’ve only heard that used car dealerships are more profitable than new.
Erik: They can be.
Dane: They can be. And also noticed that you mentioned the word reputation, and I never really went there but you heard that. And it all happened because I reached for a guess. I guessed about used car dealership. So let me actually just retry a why. It’s hard to actually manufacture one and I try not to.
Dude, I just want to become a successful entrepreneur. And I’m really hoping that I can build a product and finally have a crack at it so I can get out of my job. And I’m hoping that we might be able to find a product to build by talking to you.
Erik: Sounds good to me.
Dane: Sounds good to you? OK. Cool.
Erik: Yeah. I want the same thing.
Dane: Nice. You want the same thing?
Erik: Yeah. I don’t want to be stuck doing all the day-to-day stuff in my business.
Dane: OK. So I will just mention stuck day-to-day as a little note, right? Something I might revisit. Stuck day-to-day is what I wrote down there. So the IE call has already started. It’s officially started. But the context happens. He’s already given me an in and I haven’t asked a question yet.
Erik: (Talks off-mic).
Dane: You’re the headline again?
Erik: Are you stuck with the day-to-day stuff of your used car dealership?
Dane: Yup. There you go. Get your copywriting hats on. So, and was that helpful for you guys to see me slow down and reiterate why and try again?
Dane: OK. Wonderful. All right next. So cool. Now the context is set, I’d really like to begin asking you questions. How does that sound?
What are the challenges?
Dane: I’m just wondering, if you think back to like the last couple of days, or even the last week, what sort of challenges have you run up against?
Erik: I bought a lot of cars in the last week, which is a good thing, and now I am behind. There’s a lot of steps that the car has to go through to make them ready for sale. When I first started out, it was in my head and I created a checklist, but I find myself not consistently using it.
Dane: Yeah. Typical entrepreneur.
Dane: So I’m just going to pause for a second. So, what are you guys getting right now? What’s happening for you guys?
Question time if you need. Yeah, Mike.
Mike: There are two things that piqued my interest. One would be like a software program, that could coordinate all of the…
Dane: So, let me pause you. So when I asked what you’re getting right now, you’re noticing that your mind is starting to go towards solutions?
Dane: Is that happening for a lot of folks?
Dane: Yes. Some yes. OK yes, who is this happening for? They’re going for solutions? And no, who’s not? OK, so half and half.
I kind of want to say like, both of you guys are screwed. No, I’m just kidding.
Mike: The other piece is, OK, what other questions could I be diving into to figure out this problem immediately?
Dane: Great. So you’re like, you’re noticing, you’re like, what other questions could I ask to dive into that better? Great. And so you’re noticing you’re going into solutions.
Audience: And that’s why my question is going to be, how you’re evolving this and taking your time, but you’re trying to keep it to this conversation. At what point does it come where this becomes a conversation like you have with somebody else and not just trying to speed through the authenticity here? Because this could be a conversation, like a natural conversation. Where somebody speaks about the problem and get a solution out of it. But at the same time, you want to make sure that you could hear everything and that you’re on track without losing some key piece of information. So how does that stay within these window of time? Because it will seem like you’re taking away his time from doing his business, but at the same time, you’re able to come up with valuable, creative things and all that stuff that they’re asking about.
Is it possible in half an hour?
Dane: Right. So how do you do this in 30 minutes?
Dane: Great. I don’t know how to answer that right now. I think it takes a little practice. Holly?
Holly: With each answer that he gives you, I feel like there are so many more branches that you can take the conversation. So how do you decide what to ask more in depth about?
Audience: Exactly what I was saying. How do you take it and keep it within 30 minutes or expand it into something where you just keep going and branch off. Exactly.
Dane: For me, as I’m like following, I’m following what’s interesting to me.
Holly: So as a follow up I guess, I understand that you typically want to solve problems, not go into solutions but typically we are able to offer solutions. So are you going to keep this going without knowing the solution, filtering out what to dig deeper on…
Dane: How am I able to keep my mind out of going to solutions?
Holly: Yeah. I mean he’s talking about right into details, so do you just give advice on how you can speed up the process, will you be saying, I don’t want to ask about that because that’s too mechanical…