What Expert Authority World™ is saying about the show:
- Excellent show, very imformative!by Shaolin Soprano from United States
Mario loving the podcast bro, great content, immense value. Enjoying these interviews!!!
- Helpful Information!by The Medicare Nation from United States
Love the valuable information on these episodes! Lots of tips & tricks for every Entrepreneur to use. Kudos Mario! Diane Daniels Host of Medicare Nation
- Love Mario’s Attitudeby marisaimon from United States
Mario’s heart shines through his interviews, making these fun and positive, and the people he brings on offer such a wealth of knowledge.
- Lots of Great Info!by DarlajPowell from United States
Mario provides lots of great info and advice in this 7 day a week show.
- Great Content!by LanceJohnson_ from United States
Mario does a great job of share valuable information that every entrepreneur could use and apply to their journey. Great work! 🙂
- Important information!by Allmenow from United States
Very engaging information. Mario draws out experiences and knowledge from his guests. Loved the show!
- Difference-Makerby Unlimited Beliefs from United States
Mario is a master at bringing out, shining a light on, and internalizing the difference-making mindset. His knowledge and experience and mission enable him to synthesize information into diamonds for all of us! What you want is accessible by taking in this show!
- Excellent Informationby Stallion golf from United States
Great advice and information with a wonderful blend of topics! Loved the episode with the british healthcare professional and the ideas shared on how to make the industry better.
- Motivating and valuable informationby Calvin Javier from United States
Great insight on mindset from business leaders and entrepreneurs making things happen. Definitely worth your attention. Will be listening and learning more!
- Good informationby FIRE NATION! from United States
Engaging interview with a british health pro, I was surprised to hear the similarties and the application she has for making healthcare better
- Greatnessby MiaSportFanatic from United States
Have had the chance to listen to one show so far but man, we should be paying for this information. Lots of greatness. Thanks for the heart to serve.
- Listen to the experts - and thrive!by The Marketing Book Podcast from United States
There's a lot of advice out there these days but, sadly, a lot (and I mean a LOT) of is from people with little to no expertise. That's not the case with this gem of a show. Listen to what the experts say and profit from the experience!
- Show is amazing!by JohnnySwim32 from United States
I love learning about mindset and how to master my thoughts. This show provide the tools!
- Great show!by Jefferson_79 from United States
Great information for all businesses.
- Good value!by Audrey purplele from United States
Great information that applies to any business! I really felt he provided value for my time.
- Interesting Topicby Eric Oler from United States
Interesting topic. Great interviews. Keep up the hard work!
- Helpful Advice from Expertsby ichuck2 from United States
Mario talks to experts in a wide range of subject matters and asks good questions to pull out helpful advice.
- What a great show!by Christopher List from United States
Mario really brings out the best in his guests. The police dog trainer had such a great story. Can’t wait to hear more!
- Great!!!by tommye w-c from United States
Great podcast, awesome guests, incredible host!!!
- Fun & informativeby Saoirse Sky from United States
Some people want something fun, others want something informative. This podcast gives you both!
- Great show!by CJThomas6 from United States
Very inspirational show! Appreciate the advice and thoughts shared by the host and his guests!
- Great podcastby Rosie81200 from United States
Great podcast! Love hearing about the guests’ journeys and what they learned from them.
- Never Stop Learning!by Terri in Fairhope from United States
Tune in to this great podcast and host! You're probably really good at what you do (top of your game...an Expert Authority), but there is always more to learn...streamline processes and gain more freedom in your life. It's not always about the bottom line. This one is worth a listen!
- Amazing!by KatieBrooksIV from United States
If you're looking for inspiration, tune in to listen to Mario and his top notch guests. I find that I am always much more motivated after listening to an episode of Expert Authority Effect!
- Wonderful show!by @IV-Heather Tieben from United States
Mario is a great host & puts on a wonderful show. The quality of his interview guests and entire production is impeccable, I couldn't recommend Expert Authority Effect more!
- You Will Not Be Disappointed!by Composer 1853 from United States
Mario does such a great job of engaging his guests from several different disciplines.
- The hardest working man in Podcastingby EOFire.com from United States
Mario brings the HEAT with real energy and FIRE...don't miss the meteoric rise of this show! ~ John Lee Dumas
- Great interviews and guests!by Mel Good Karma from United States
Thanks for hosting such great interview guests. Look forward to hearing more and kudos on so many a week and also videos!
- Fantasticby Jason A. Duprat from United States
Awesome podcast, going to be adding this one to my list. Interesting topics with great interviews, good sound quality.
- Enjoying!by Slordan from United Kingdom
Enjoy listening to Mario and how he opens up the conversations to ensure it’s as relevant to us as listeners!
- Nice variety and interesting topicsby emjgreen from United States
Love the variety of topics presented here on this show. Looking forward to listening to more of Mario's show.
- Super Marioby jamesnewcomb.io from United States
Mario is the real deal and BRINGS IT to his own podcast and everywhere he interacts in the world. If honesty and vulnerability bother you, please move on to the next podcast.
- Great Content! Great Interviews!by No BS Mompreneur from United States
Wow! Really enjoy listening to all these fabulous expert authorities!! Lots of valuable take aways that I can implement into my life. I will continue to listen and share with others!! A+++
- A great addition to build authority and create an impactby Cloris Kylie from United States
A great addition to build authority and create an impact. Also, a different twist on the topic. Engaging. 5 stars!
- Filled with motivation and ideasby Thomas O'Grady, PhD from United States
Mario does a great job interviewing and pulling the stories behind people's stories or success. Good pleasant listen. If you are in a journey of your own, these episodes will give some things to bring into your on life.
- spartancvby spartancv from United States
Great job following your passion, your purpose and creating this podcast to help serve others! Keep up the excellent work.
- This podcast is the bombby Posturedoc from United States
Mario always crushed it, and this podcast is another example of his amazing insights and knowledge!! Great work.
- Wow - love the video show.by Thehighenergygirl from United States
Thank you for the encouragement and tips on how to succeed on video and the repurposing idea.
- Motivating and Inspiring!by KatyJoyWells from United States
Mario brings such enthusiasm to his shows and his content is fantastic. I’m always learning new things to implement or new ways to grow, thanks Mario!
- What a great show!by Gene_HPLN from United States
Awesome podcast! Mario brings great topic, great guests, and it is very easy to listen to. I definitely recommend for anybody interested in business success!
- It's greatby Ian Ryan from United States
Just had a chance to check out your most recent episode appreciate the great insight! Great delivery from the host & can’t wait to dig into future content.
- Love it!by Brendan @ Entrepreneurs&Coffee from United States
I love that this interview podcast doesn't feature the same old folks that everybody has on their show. Keep it up, Mario!
- Amazing!!!!by Lindsey Russo from United States
This show is so impactful! Hearing from the experts and how they take authority in their space is so amazing. Looking forward to more episodes!
- Learned what I didin't even know I neededby Camilla-Jean from United States
Great info. I love the Q episode because I get just quic interst snippets that may get me thinking about where my business might go.
- Fabulous Interviews!by Life&RelationshipCoach from United States
Mario does a fantastic job interviewing really interesting and successful business people who explain how they got to where they are - tips you won't want to miss when your trying to grow your business! Keep up the great work Mario! Coach Riana Milne
- A+ Showby Gisele_Oliveira from United States
I love this show. It's so entertaining and I learn a lot from the interviews. I highly recommend this show if you want to level up his game as an authority.
- Inspiration, transformation, success stories!by Chabo101 from United States
The title of this review should just be enough but it is just more than that. Its life lessons, its listening to personal struggles and how they over came those struggles. Love to hear from people that change the world through their struggle and the lessons that i learn from them are just more than amazing. I love this.
- Great interviews!by AlyciaDarby.com PodcastManager from United States
These interviews are well done and his guests are prepared to give really specific insights and stratagies... great podcast, Mario!!
- Inspiring story of courageby StrongHeart<3 from United States
I love that she found gratitude in her circumstances. lorie is an inspiration
- Powerful!by The Food Heals Podcast from United States
Mario's interviews cover a variety of topics and provide great value in all areas of your life! Episode 15 discusses how change is temporary and transformation is permanent which was really powerful for me. I love this message! Thank you!
- Great content!by Blakeob85 from United States
Great answers to common questions many entrepreneurs have! Thanks Mario for sharing your and your guests' insight!
- Real Actionable Tactics!by MattBMaverick from United States
What I like about Mario's podcast is that he pulls out actionable tactics from his guests that we, the listeners, can actually use. Great show!
- Great Listen!by Real Estate Investor from United States
Mario and his guests provide useful techniques to succeed in any business venture. The interview style promotes learning through real life examples of his guests. Great listen!
- Great interviews!by Matt B 1818 from United States
Love hearing these interviews and learning from people who are top in their industry. Mario is a great host and is not afraid to share his emotion!
- Love itby Duffash from United States
I love hearing interviews of successful business women and taking away what I can learn from their journey. Mario is a great host! I have enjoyed what I have learned so far. Congrats on the launch of your new podcast!
- Strong, professional, enthusiastic!by pm legs from Canada
If you're looking for an interviewer who's going to take you to investigative places to help you be your best you, through your professional life, you'll love listening to Mario!
Listen To The Episode
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What You Will Learn In This Episode
[1:00] – We thank our sponsor, Acorns
[1:30] – Get to know Jim’s inspiration to start his business
- He got fired off of his corporate job.
- Been a construction worker.
- Got back to school and thought of all summer businesses he can think of to support his schooling.
- Created summer camps and got sponsored by big companies.
[6:27] – Who Jim’s business caters to
- Find money for small businesses.
- Help with business plans and strategy execution.
[8:03] – Entrepreneurial passion
[9:49] – Jim’s most successful client story
- Raised money for a healthcare company.
- That healthcare company was able to be in the Sean Hannity Show and got invited to the White House.
[12:31] – The power of following up
[13:51] How has podcast helped Jim’s business
- Jim’s podcast became a business and turned into a real radio show.
- He was able to monetize his podcast.
- He got to interview people from big brands.
[18:25] – Jim’s book
- His book started out as a bet.
- Got a signed deal with McGraw Hill.
- “If you can get a good enough hook, you can get a book deal in one week.” – Jim Beach
[21:41] – The $2000 chair
[24:42] – How has speaking and video impacted Jim’s business
- Speaking is almost the business. It’s one of the most important pieces.
- There’s a lot of speaking opportunities right now.
- “If the business is stuck, it’s not the business. It’s you.” – Jim Beach
[29:09] – Jim answers the Imperfect Action Round
- Fastest path to the cash is don’t focus on running towards the cash. Solve a problem that people don’t like to have and get paid for it.
- The biggest problem everyone makes is inconsistent marketing which results in inconsistent cash flow.
- Over exceeding expectations and going the extra mile always maximize customer lifetime value.
- Book recommendation: School For Startups | Jim Beach, The Millionaire Next Door | Dr. Charles Stanley / Dr. Sarah Fallaw
[34:01] – Reach out to Jim Beach
[34:43] – Expert Authority Checklist
[35:59] We take a moment to thank our sponsor, Acorns
EA Interviews, Episode 49. Inspiration, transformation, success stories and the Imperfect Action Round seven days a week. Join Mario Fachini for today’s Expert Authority Effect Interview.
Mario Fachini [0:13]
Expert Authority World, have you ever wanted to start a business or take your existing business to the next level? I don’t mean to say I want to get a few more clients, but I mean truly profit and help and serve the world. I have none other than Jim beach on today’s episode, and I’m excited to bring him up because he’s not only done this with one business, not only done it with two businesses, he has done it with dozens of them. He has a really great story he’s going to share. I can’t wait for him to share it with you and just share the behind the scenes of what it really takes to drive and profit in business. He’s an international keynote speaker, award winning radio and podcast host, and a best selling author. He’s going to be sharing all his knowledge and wisdom over the years with you. But first, let’s thank our sponsor.
SPONSOR – Acorns [1:00]
How would you like to grow your wealth easier than you think with the change you probably don’t notice anyhow, automatically? That’s why I started the compounding interest snowball investing with Acorns and advise you do too. Get started simply and easily today at EAinterviews.com/Acorns.
Mario Fachini [1:17]
Jim beach, how are you?
Jim Beach [1:20]
I’m great. Mario, how are you today?
Mario Fachini [1:23]
I’m feeling awesome. It’s great to have you here. I got a question for you. What inspired you to start your business?
Jim Beach [1:30]
I got fired from a real job. I didn’t want to start a business. It was by necessity. And Coca Cola inspired me to follow the two security guards with the guns out the door. And so when I got fired from a good corporate job, my dream job Mario, all I wanted was to be a Coca Cola employee. And Coca Cola thought otherwise.
Mario Fachini [1:57]
Well, this is normally where I asked you to share something personal, you know, let you know, we’re just going to have a conversation. But you’re the pro at this. And I know you’re extremely comfortable. So we’re gonna do a little Audible, please do dive deeper into detail on to that story. Because I’m interested.
Jim Beach [2:13]
Well, I was a great Coca Cola employee, I saved them a billion dollars over 10 years. And I knew some very senior level Coca Cola executives. And so I had all of the ends and everything that you would hope for. And they got together behind my back and decided that I would be a better entrepreneur, and this is so sad, Mario. But it’s true. When they said that I didn’t know what the word meant. They said you should go and be an entrepreneur. And I was like entre- what? Excuse me, I don’t know those words. And so they literally helped me out the door and showed me the street. And I was lost for a year, got a job as a construction worker building houses, which actually was a great job and great experience, and tried to decide what to do and decided I want to go back to school. I already had an MBA and a masters of Japanese but I decided I needed even more schooling. And so I was going to go and get a masters of architecture. And this is an interesting lesson for entrepreneurs. I got rejected to architecture school, I badgered my way in to architecture school, and was able to get in and needed a job that I could do to support myself in the requirement for the comfort of the job, the business, whatever was that it’d be a summertime job so that I could go to school nine months a year. So I literally made a list of every summer business that I could start and you can name the list just as well as I can, landscaping and pool cleaning. And, you know, pet walking and vacation babysitting for your house and all that kind of stuff. Summer camp, and I decided to start a summer camp business when I was 24 years old, that by the time I was 31 I had 700 employees, 90 locations in four countries. We were located at places like MIT, Stanford, Oxford, Cambridge, Sorbonne, UCLA, Emory, SMU, University of Michigan, great places like that. And we were sponsored by Intel and Microsoft and Hewlett Packard, and Lucas, the guy who made movies and Lego and all of that. And so my inspiration literally came to support myself, I was pure, a necessity, entrepreneurship. And of course, I never graduated school because the business outgrew that by my senior year, or my third year of their master’s program, the business had 450 employees. And you can’t really go to school full time, be in a master’s program and manage 450 employees. So I dropped out of school. And the rest is history, so to speak.
Mario Fachini [5:06]
Well, it sounds like my journey, just with a more successful corporate career, I just cut that whole piece out myself, never graduated either. And I’m glad to know I’m in even more good company, you know, like Steve Jobs and Bill Gates and the rest of us. But that’s how it goes. You know? We do it because we want to do it the way we want to, right? That’s right.
Jim Beach [5:27]
That’s right. So I didn’t know I wanted to be an entrepreneur until I was one and didn’t know how much fun it would be. And, you know, it is one of those, you know, that silly trite expression that maybe when God closes a window somewhere or closes a door, He opens something somewhere else. And that’s 100% what happened for me that the opportunity to do so many things has presented itself late in life and unexpectedly. I never expected to write books that would never on my radar, fell into that. Never expected to be on the radio, fell into that unexpectedly. And that’s one of the great things about being an entrepreneur.
Mario Fachini [6:10]
Just roll with it and pivot. And I would say it’s all blessings in disguise, I could give you a dozen experiences in my life to where it was. Some of them I planned out and I went form and other ones. It’s like, maybe you’re trying to tell me something here. So, let’s get into who you help and how you help them.
Jim Beach [6:27]
Well, today, I help small businesses in any way that I can. So, do a lot of fundraising for businesses, lots of help with business plans and strategy execution, lots of introductions to people, especially in the money space, and lots of introductions for networking, you know, sales opportunities, and things like that. But I think most of my time right now would be in the fundraising space for a small business who needs help, and you can never run across, you run across millions of those, right? So, there’s always a small business that needs help. So we tried to go out there and find money. Last night was really great Mario, I was able to go and have dinner at a restaurant that I found the money for. And it’s always fun to go and visit a restaurant. I remember where we bought the booze, for example, and all of that. And the day they cut the roof off of the building so they could drop the pizza ovens in. And it’s always fun when you raise the money and see it all happen, and then can go and actually have dinner there.
Mario Fachini [7:33]
That sounds like a lot of fun. One of the reasons I do what I do, love helping people, launching their books, launching their live streams, podcast, whatever it is, is the end result. You know, it’s great that you can make money doing anything in your world. But you know, that’s fantastic. You can get a job, you can go work here, whatever. But when you think about how do you really do what you do and design what do you want your life to look like, it’s awesome, isn’t it? When you can say here’s the end result like you’re sharing, right?
Jim Beach [8:03]
You know, that’s why I have such a different view on passion. Everyone talks about how important entrepreneurial passion is, and how you have to love your product, or whatever it is you’re selling. I don’t. I’ve sold lots of stuff in my life that I could care less about. I used to have a purse company and ladies accessories company and I put on this jacket just for you, Mario. Because I know that you’re a dresser. I’m not. I don’t care about that stuff, right? But I sold a lot of the stuff, made a lot of money selling that stuff. I’m passionate about being an entrepreneur, the lifestyle, the freedom, the opportunity to make more money, if I want to make more money, I start a new business and work harder, right? You know, that’s what I’m passionate about, not the stuff that I sell. And so I think that that is a possible important distinction for other people to realize that you can be passionate as an entrepreneur, but not really care what you sell. I get up in the morning, really excited to go to work. And I sell stuff that I personally in a million years would never use.
Mario Fachini [9:06]
Well, I love your perspective on it and the honesty because so many people just think I have to say this, I have to say that, what if I’m saying the right thing to the wrong people or the wrong thing to the right people, it’s like holy crap, life is short, could you have any more anxiety, I’m all about the best. I own freedom too. Absolutely love what I do, who I get to help, how I get to do it. But I also love going, “Hey, I’m off here, I don’t do this, this and this.” And I have a framework that I designed by choice. And it just supports everything I ever wanted to do. And I don’t feel like I’m winning in one area, but losing in another area. So let’s hear about your success stories. Who’s the most successful one you’ve had so far?
Jim Beach [9:49]
Probably a healthcare company that we raised a bunch of money for, found the money that they needed. We’re able to get them on the Sean Hannity Show, got invited to the White House to present the company at the White House, got invited to the White House Christmas party. And that company was even the first company ever on Shark Tank to have the follow up segment. You know how Shark Tank does the follow up segments? Except they were never on Shark Tank in the first place. But we were able to still get them a follow up segment. Even though they were never on there. That client, how can you beat that list of accomplishments for a company?
Mario Fachini [10:34]
That is pretty cool. Are you able to share how you did that?
Jim Beach [10:38]
Yeah, how we got on Shark Tank?
Mario Fachini [10:41]
Yes. You said they were not on the show, but they were in the follow up segment.
Jim Beach [10:45]
Right. Yeah. So what we did was a stock swap with Barbara Corcoran. So, Barbara had a company that she invested in at the very beginning in season one, it was the Elephant Medicine Dispenser. It was the first deal ever done on Shark Tank, I think. That company never did very well, by the way. And Barbara was trying to get rid of her shares. And so we swapped shares for the new company with Barbara. And we had some Elephant shares too. So we were able to clean up a whole bunch of other stuff. And what they did is, Oh, cool. The company that was on Shark Tank is now merging with another company. And Barbara was in the boardroom and everyone was shaking hands and all of that kind of stuff. So the new company was the focus of the feature, because they were in essence acquiring the Elephant Medicine Dispenser company.
Mario Fachini [11:46]
I like that.
Jim Beach [11:47]
That’s a good trick.
Mario Fachini [11:47]
Thank you for sharing it. Yeah, I was just curious when you were saying they were never on but they were followed up. I’m like…
Jim Beach [11:55]
Mario Fachini [11:55]
Sounds like it could be hashtag gold nugget.
Jim Beach [11:58]
Yeah, it is a good trick, because they love to do the follow up segments because it shows that somehow the Shark was proven right. You know, if the other wise money people come in and buy that company, well, then the Shark essentially had an exit, right? So it looks good for everybody. If you know, the Shark Tank, results are just not as good as many people would suspect, you know, they don’t have that many huge success stories. So they have to focus on the ones they did.
Mario Fachini [12:30]
Well, and I think it’s an important thing to do the follow ups. When I tell people about following up, it is so important because one of my interviews, he interviews millionaires and billionaires, and he was sharing a story with Steve Forbes. It’s the Arthur Robinson Jr. Episode. And so many times people go, I want to do this. They love the ‘Hey, we had a success. I just got a new client. We just landed a new project. We just got a new deal.’ Whatever the case is, celebrate all wins. Absolutely. But then it’s like what happens after the fact? It could still go wrong from there, it could go right, what happens, maybe you followed up with them six times, but maybe it’s the seventh, that’s going to give you the breakthrough. And at any point in time you have that negative thought and the positive thought both going, who’s going to win who’s going to win. And it’s like, if you can just have that persistence, that perseverance. I’ve had some guests on the show, some of them I know, some of them, I didn’t. But they’ve all said thank you for following up with me. I’ve just been busy. And when you have ultra successful people who I wanted, such as yourself, I did realize this wasn’t going to be like they’re just sitting around and I just can pick up the phone and reach them one time. But I wanted the best of the best for Expert Authority World. So thank you for sharing with us. Tell us how has your podcast helped your business?
Jim Beach [13:51]
Well, the podcast number one has become a business. So eventually, I was doing well enough with it that it turned into a real radio show. And now we’re on 24 AM FM stations around the country. So we have you know ads like normal people. And then there’s the sponsorship opportunities. And there’s other ways to make money from the podcast too there’s some other income streams there as well. But the most important thing is that it makes you the “authority expert,” right? You are the guy. And so it’s you know, one thing to say you have a podcast, when I was able to jump over to the radio that gave a ton more credibility, the simple idea that anyone can have a podcast, but somehow some way or someone selected me to be on the radio. Of course, that’s not true. If people understood the radio, they would have no prestige or any thing like that, just like the world’s best selling, I think a best selling author, those words have no longer have any real meaning because of some of the changes that we could talk about. But when I was able to make that jump, my speaking fee was able to go up tremendously. People interested in having me at their events, that’s been a huge help, the ability to get a book published. So I still published traditionally, I think I’m going to switch to self publishing soon. But I still have had success with getting publishers. And it’s very simple. You want to get a publishing deal, well you call the publisher and ask him to be on your radio show and interview him on your radio show. And then after the interview, say, ‘hey, you want to hear about my book?’ At that point they say yes, you know, so every publisher wants to be on the radio to promote their books. Makes sense, right? And there’s some great publishing companies out there that I’ve been able to use that strategy with Morgan James, Green Leaf. Some of the self help publishing series as well, some of the entrepreneur series. So that’s been a huge benefit. And then I think the greatest benefit, so all of that’s tangential, the real greatest benefit, Mario is that I get to meet people that otherwise in a million years, I would never get to meet. And there’s two categories of those, I get to call up people and say, ‘Hey, would you be on my show?’ And then also, number two, sit around and wait for someone to publish a book. When they publish a book, they hire a publicist, that publicist wants to get them out on the radio. And so they call me and say, ‘Hey, would you like to meet the founder of North Face Clothing Company, or UGG Boots?’ And when I had the founder of UGG Boots on my show, my 16 15 year old daughter thought I was the coolest person on earth, because I was able to say hello to the guy who invented the boot that she likes to wear. So you get to meet cool people.
Mario Fachini [16:57]
I would have to agree too. I mean, not everyone’s going to be your client, not everyone you want as your client. But that doesn’t mean they don’t add value that won’t add to your audience and help a lot of people that shouldn’t be showcased.
Jim Beach [17:11]
Mario Fachini [17:13]
So let’s talk about your books. Because this is one area I absolutely love. And, you know, I do for my clients, we just launched another book, and I have more coming up. And I just came out with an idea for maybe another one for me. But I think it’s so important when you’re talking about the expert, you know, the Expert Authority Effect, if you will, what I branded everything as, because it’s exactly so many people have the information, they have this level of expertise. And the only place they show it is one on one or in a closed meeting. And they never think to turn it into other assets. But that’s one thing I liked about you when we talked even years ago, you had done it. So tell us why did you want to write the book and how’s that helped?
Jim Beach [17:55]
Well, the book came from a bet and that bet can from another bet. So I used to be just…
Mario Fachini [18:02]
I gotta say right now you are giving the best behind the scenes stories for all this because sometimes people say, I thought about it for 10 years, and it’s my life’s goal and all of these things as to why they have their book, the podcast, the speaking whatever. And you’re just like, no, this was a bet this one I fell into. Please tell me about the bet. I just gotta say I love it, though.
Jim Beach [18:25]
Okay, so bet number one was I was a professor at a downtown University teaching MBA school at night. And I bet my class that I could start a business that semester, make it cash flow positive that semester, repay all my startup capital that semester, and they got to choose the country and the industry that I would start the business in. And so they chose Pakistan and furniture. So I had four months to build a profitable Pakistani furniture company. I won the bet 12 semesters in a row, and a reporter for Bloomberg heard the story and was like, well, that should be a book. And I was like, well, I’ll make you a bet. If you find a publisher, I’ll write the book. And he said, Okay, I’ll take that bet on. And so together, we put together and Mario, your the publishing space. So you’re gonna love this story. We put together a half page proposal and sent it to one publishing company. And two days later, they called and said, let’s talk about this. And three days after that we had a signed deal with McGraw Hill. So you hear the story. I sent out 1000 or I sent out 200 proposals, and I got 199 rejections. And finally, the 200th publishing company said, Yes. We sent out one proposal and got a deal in under a week, and they actually paid us money too, we got an advance even, which is rare in today’s world. And what that speaks too, Mario is how good our pitch was. The thesis was so compelling, so unique, so sexy, so counterintuitive, the exact opposite of what the publisher believed. And I was able to say, but we’re going to prove it that the publisher said, Well, I want to read that book, prove it, prove your thesis. And so it speaks to just the hook. If you can get a good enough hook, you can get a book deal in one week. So there’s the backstory of that one.
Mario Fachini [20:30]
Trying not to laugh this whole time, but that is so, I love it, because that is the entrepreneurial spirit at its best. Because people have, I need to do step 1 2 3 4. And I have to start at the bottom and pay my dues and all this crap, as I like to say, and it’s just untrue. If you have an idea, if you have something you want to go for, run after it. Even if I’m still trying to wrap my head around this. You bet someone you could start a successful business, you let them pick the country and the industry and you successfully launched a Pakistani furniture business.
Jim Beach [21:07]
Yeah, go on my LinkedIn profile.
Mario Fachini [21:10]
A tagline of if you want this as a book, I’ll make you a bet.
Jim Beach [21:14]
Yeah, so go on my LinkedIn profile everybody go to Jim Beach, and I will connect with you. So hit the connect button and scroll down to the very bottom of my work experiences. And there’s a company called Timeless Chair, and look at the picture and tell me it’s not the most beautiful chair you have ever seen. What we did is we took a hundred year old Persian rugs, oriental rugs, and we would cut them up at a factory in Karachi, Pakistan, cut the rugs up and use that as the fabric for a traditionally shaped American Archie Bunker type chair, you know, a good old fashioned American armchair. But it had 100 year old fabric on it. So it was a work of art. Beautiful, beautiful piece of furniture. It was a $2,000 chair, and we were able to, so I’ll tell you how I won the bet. So the chair cost me $450 to get it built and shipped to Charleston, South Carolina. I then sold that chair for $2000, $2,600, $3,000, I only had to sell three or four chairs, to recoup my initial investment and get back into the black. Right? By limiting my investment, I didn’t spend $50,000. I went out there and spent like $4,000. But for $4,000. I got you know, 10 chairs, I only had to sell two of them to win the bet. It was rigged. Mario I rigged the whole thing.
Mario Fachini [22:54]
You designed it in your favor as business should be. I wouldn’t say rigged at all. You didn’t do anything unethical, you did it smart. You did what the one out of 100 companies does. Everyone’s out here doing all these things going, I just got a new client for 20, Grand 30 Grand 4050. And they fail to realize it’s costing them 19500 44600, whatever it is you want to have. And it’s the thing I teach in my training program. It’s about the profit margin. It’s not how much you make, it’s how much you keep, right?
Jim Beach [23:24]
Yes. Oh, yes. And I always, well, you know, the one thing that was important about that was it was a very high end product, you know, you can go buy a chair at IKEA for 200 bucks, this was a $3,000 chair, and you probably needed to buy two or three of them and then the Ottoman was probably extra as well. And we were making a lot of money as a high end product, I’d rather sell a high end product and justify the price by saying it’s better, the service is better, the training you’re going to get from us is better, than sell a low end piece of junk and not make any money. So you might as well set your prices really high, I think. It just sets yourself up for success from the beginning.
Mario Fachini [24:07]
I’m in agreement 100% you I’d rather justify the quality one time than to apologize countlessly for poor quality. And when I’m working with people too, it’s the same thing because you can do a book cheap, you can do a training cheap, you can do video cheap, you can do speaking cheap. Or you can do a high end and actually profit from it and not have to kill yourself and you know, maybe actually have some fun along the way. So speaking of speaking, I’m going to combine these two. How has speaking and video, because one is it’s just different formats, but how is speaking and video helped your business?
Jim Beach [24:42]
Well speaking, almost is the business right? That is one of the most important pieces, and something that I focus on tremendously. You know, the opportunities there. There’s a lot of need for great speakers right now. The most important thing is that I think you need to have some life experiences. I mean, I don’t want to be mean to anybody, Mario, but I meet a lot of people who haven’t done anything but want to speak about that. Haven’t done anything and want to tell me about how they haven’t done anything yet. I don’t get it right. You know, the most interesting speakers are speaking about an experience they had, that you haven’t had like climbing Mount Everest or something like that. So I would encourage everyone to go have some life experiences. Here’s the best lesson I’ve ever learned. If my speaking business is slow, that means it’s time to start a new business which attracts attention to me, which then gets me hired as a speaker. Not spending more time on my speaking business by trying to go out to associations and say, hire me, hire me. You can spend all year doing that. And in that year, I could have built a new business that’s so sexy, unique and compelling that I got hired as a speaker because my business was sexy, unique and compelling. And therefore people were talking about it. So it’s just like dating, Mario, whenever I need to get a date, the best thing for me to do is ignore women and run in the opposite direction. And that’s when they seem to like, look at me, you know, so I don’t know, maybe I’m not good at any of those things.
Mario Fachini [26:22]
Well, I love your insight on it. And I agree, because it seems like when you’re trying to go after something, it doesn’t always work out the way you want. And when it’s off your plate totally, you’re like, oh, everything’s working out because I believe, and I teach my clients this, it’s about you. It’s about becoming more, not doing more.
Jim Beach [26:41]
Definitely, oh, yes. It’s all about personal development. So if they’re not, if you are not continually self evaluating, being dissatisfied and trying to improve, your business will never grow. It’s not the business’ fault that it’s not growing. It’s your fault. You know, when a business grows as big as the CEO is capable of it running, you know. So if the business is stuck, it’s not the business. It’s you.
Mario Fachini [27:10]
As long as we’re ruffling some feathers here. I’ll say one thing before we go to the sponsor. So many people say I’m having a business problem. I’m having a big business problem. What’s your biggest business challenge? What’s your biggest business problem? Everyone always asked that, and there are no business problems. There’s a personal problem you’re bringing into your business.
Jim Beach [27:30]
Mario Fachini [27:31]
So we’re going to go to the sponsor, and I’m excited to bring you up for the second half for the Imperfect Action Round.
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Mario Fachini [28:50]
All right, ladies and gentlemen, we’re back with Jim beach and we’re ready for the Imperfect Action Round. Jim, are you ready to take Imperfect Action?
Jim Beach [28:58]
I am. I practice every day.
Mario Fachini [29:02]
Same as me, I love it. Number one, what is the fastest path to the cash?
Jim Beach [29:09]
Be not worried about the cash. And if you’re running towards the cash, that doesn’t sound to me like you’re focusing on solving a problem. So I don’t understand how you’re going to get any cash. The fastest way to cash is solve a problem that people don’t like to have, you know, like acne, solve acne, then people will pay you, right? So, I don’t want to focus on cash, let’s focus on solving a problem and making the world a better place.
Mario Fachini [29:32]
I like that. Number two, what is the biggest problem you see with your prospects making, and what’s the fastest way they can overcome it?
Jim Beach [29:41]
The biggest problem everyone makes, I think is inconsistent marketing. You know, they market for a week, they get busy producing or fulfilling orders or whatever marketing falls to the wayside. And all of a sudden they wake up with no work to do, right? My number one piece of advice is that you should market for the first hour every day, regardless of what else is happening. So spend that first hour of the day doing marketing. And I think that you can avoid the biggest problem, which is inconsistent cash flow. And why do you get inconsistent cash flow because you have inconsistent marketing.
Mario Fachini [30:21]
I love that answer. And not just doing the marketing first thing I tell people very similar. Set aside time before you go into the office, whether you wake up at 4am, 6am, 8am 10am, whatever, block away some time with your daily success routine, as I call it ,before you go into everything else. And when you do go into everything else, what are you doing with that first hour or that first two hours? Are you connecting with people on your team that can multiply and leverage your efforts? Sales? Absolutely. Marketing? Absolutely. Too many people just jump into all of this and go why did everything turn out a catastrophe? So thank you for not only answering but going into detail as to why this not only the symptoms, but the cure for it also. The last thing I want to ask you is how do you maximize the customer lifetime value?
Jim Beach [31:15]
By over exceeding their expectations at the beginning, right? So my friend owns a painting business. That’s very simple, right? You paint, but you over exceed their expectations and do things that no one ever expects, like for example, your tell your painters under no circumstances are you ever allowed to use the customer’s bathroom, they just don’t know at all. If even if they offer it, you’re not going to do it. And then they would always exceed expectations by paint the house, okay, but we’re also going to paint the dog house matching colors, we’re not going to charge you for it, we didn’t even ask, we’re just going to do it. And then we’re also going to clean your brass lanterns in the front of the house, we’re not going to ask whether you want it done, we’re just going to do it, we’re not going to charge you for it. And all of a sudden, you’re telling your friends, hey, hire this painting company. They did more than I asked them to and they didn’t even charge me for it. That’s how good a negotiator I am, they would say. And it was just all given to them. If you exceed expectations every single time, you don’t have to worry about any of the other stuff.
Mario Fachini [32:19]
You’ve given the best answers. I wish we had like three hours to do this. And I’m gonna bring it into what I’m going to ask you and just two more questions. So I see some books behind you. What’s the number one book you could recommend?
Jim Beach [32:34]
School For Startups by Jim Beach.
Mario Fachini [32:37]
It’s a great book.
Jim Beach [32:40]
It talks about the Pakistani furniture company and explains even more of that story, but it explains my lessons of absolute obsession with minimizing risk and reducing creativity. I don’t care about creativity. But if I had to say a book that was not my own. I would recommend the Millionaire Next Door or the Millionaire Mind. They just came out with a brand new version of the Millionaire Next Door by Dr. Sarah Fallaw. Her daddy wrote the original book, Dr. Charles Stanley, about 30 years ago. And it’s just the best book I’ve ever read about how to manage your life as an entrepreneur. And you know, the simple fact that millionaires don’t flaunt it, right? We don’t try to show off that we’re millionaires. And those are the people who you know typically are. I love the statistic that three out of four people that drive a Mercedes can’t afford to buy, they lease. You know, a millionaire doesn’t do that. A Millionaire drives a Ford Explorer. That’s great wisdom.
Mario Fachini [33:52]
That’s great wisdom. Where can they find you? I know you had mentioned LinkedIn earlier. But why don’t you tell us about School For Startups and where they can find you?
Jim Beach [34:01]
Yeah, so do get hooked me up on LinkedIn. I connect with everybody there and I do post there with regularity. So you can see what’s going on. I am at JimBeach.com so you can go there, JimBeach.com And the radio show is School For Startups, Radio.com. And then just type in Jim Beach on Amazon, couple of books there and have some new ones coming out. But just like you Mario, books are easy. Write books everyone, it’s easy once you start.
Mario Fachini [34:30]
Couldn’t agree more, Jim. Well, that’s it for now. It’s been a pleasure. And I thank you for coming on the show.
Jim Beach [34:37]
It’s been my honor. Thank you so much for having me.
Mario Fachini [34:39]
All right, everyone, another great episode. We’ll see you next time. God bless.
Expert Authority Checklist [34:44]
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