Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en [Music] all right this is one question friday where we answer a grand total of one question from a listener uh one lucky listener gets to ask a question me and sam are gonna give a give our raw off-the-cuff answer we haven’t seen the question before jonathan has it and um these are tips and they are just the tips as i like to say we try not to go too deep all right jonathan you want to hit us with a question hey guys my name is brian and i’m calling about ghost kitchens i’ve first learned about ghost kitchens on pods so thanks for that so i developed a model to implement a couple of ghost kitchen concepts into my restaurant i had great success lifted my margins over 450 percent over six months with just one of the concepts now i’m looking to scale the business by offering licensing agreements for operators in other markets to use these concepts including the branding recipes etc it’s very simple you find an operator that wants a new rev new stream and wants to do a ghost kitchen and they can start slinging product within a matter of weeks i’ve researched the model that much larger companies are using where they leverage celebrities to sell these concepts my model is better it’s cheaper and the recipes are second to none in the space assuming you didn’t have the following in the platform that you do how would you go about selling this idea to restaurant operators across the nation where would you start sidebar i love what you guys do on the pod sam i just signed up for copy that and i can’t wait to get started good man so what’s his name by the way we’re gonna call him joe no it was uh i don’t remember so thanks for the question ryan yeah two weeks in a row we have one question and we do not know the guy’s name again it sounded smart it sounded like he’s got his game plan together but so let’s recap the business is is what all right so he owned here’s what i understood he owns a restaurant and then he added in a ghost kitchen meeting he like created a ghost brand which is like what that means is if you go on doordash or ubereats or one of these delivery apps you can order from a restaurant but there’s no physical restaurant for that thing it’s just a virtual brand and his restaurant would then like have the packaging so let’s say my normal restaurant is shawn’s pizza well then i could also have a ghost brand called sean you know uh you know silly sandwiches and silly sandwich if i get an order from silly sandwiches my restaurant crew will just like package it up as a silly sandwich order and it’ll be ready to go and so i’m kind of running multiple restaurants out of one restaurant is the idea and why does the restaurant owner want to do that with them versus on their own so what he said was he i don’t know if he created that ghost brand or he added that gross brand but he said my ever improved my restaurant marge is 450 percent so he forexed his restaurant’s margin so let’s say a normal restaurant has i mean it sounds a little unbelievable right like let’s say he had i don’t know six percent margins before uh you know don’t do public math but he’s saying that that basically forexed his margins i’m not sure exactly what he’s talking about here that’s cool but you know what business would be way better is do you remember alex her mozzie’s business exactly gym launch gym launch exactly what i was going to recommend go ahead well i think he well maybe you weren’t going to say this i was going to say go listen to the episode um he that what his model was he had a gym and he was like all right how do i get my gym to be more profitable and then he figured out like a sales method to get his gym if he opened up a gym he figured out a sales method that would get him to have a bunch of customers paying high prices and making a bunch of money on a gym and his friend at a mastermind one day was like yo you need to like not do this you need you don’t need to open up 50 gyms doing this you need to go teach other gyms how to do this like your product isn’t the gym it’s a sales process to make any gym more profitable and so that’s what he did then he created gym launch which would basically advertise say hey are you a gym owner i can help you make an extra 100 000 year guaranteed um using my sales method to get you more customers paying higher prices and they’d be like all right cool and then he would fly out to that gym and he would spend the next i don’t know a couple weeks or whatever implementing that process so that they would then have more revenue more customers coming in using his thing and he would teach them hey here’s how you do it here’s your offer here’s your facebook ads when they come in here’s your sales script then you sign them up for a free trial then here’s how you close them then here’s how you upsell them protein powders and this other stuff here’s how you upsell them training packages that’s the that’s the sales process and he built a multi-million dollar business doing that if you did that for restaurants to teach them how to do this that sounds like a business 100 no-brainer that’s what i would do except so you said that alex would fly out there eventually he wasn’t actually flying out there eventually it was basically it was not fair to call it a course but he would if that was part of it so he would teach you stuff but then also he would be like here’s the facebook ads like i’ve already made them for you you can use my facebook ads that i already made here’s the drip email sequence here’s the script that we use here’s everything and then he would say oh by the way if you don’t want to do this and you just want me to run the ads fine pay us and we’ll do it and here’s how you sell protein you want to sell protein and by the way the protein that sells best we just went and bought it so we already own it so if you want to get on a subscription and we’ll just send it to you and here’s how you sell it we’ll just go ahead and do all that for you anyway so i would 100 do that we on that pod we go alex what’s a good market for uh gym launch buffer blank and we actually didn’t have that many good answers the answers this restaurant business yeah this is the answer this is a great thing that’s a great example and like lucky for you know our our buddy here ryan we’re calling him for a second um that there’s like a pretty great blueprint to follow right like there’s a blueprint that he was very public about how he did it he’s now exited the business and also by the way this is what his business does now is it invests in other people doing this model and he’s like dude i already know how to do this i can scale it up now you have to be at some scale before he’ll do it but like he gives away the free content um on how he structured gym launch to do to be able to do this so that’s i think what you should do which is like restaurant launcher ghost the ghost kitchen process the ghost kitchen system which is basically hey if you’re if you’re a independent restaurant and trust me it’s tough foot traffic is tough with cove but it’s tough it’s blah blah everyone’s ordering delivery here’s how you can increase your margins but well here’s how i did it you kind of open up your financials you say look i was making thirty two thousand dollars you know um a quarter doing it this way now i make 58 000 and that extra bit is from my ghost kitchen concept and here’s how i do it and basically they can either pay you for the course on how they can do it or you’d hit them with the alex from oz where you’re like if this sounds too complicated i can also do it for you and if you qualify i’ll do it for you what he did was risk free he’s like here’s my offer for you you pay me nothing i only get money once i’ve increased your sales by over 30 000 000 so once you’ve made that much more money off this then i get to get my cut of 30 of whatever the total is that that we get and i’m so confident that i’m going to be able to raise your sales that i’ll do that for you i’ll take the risk on that how does that sound and they’re all like yeah you’re going to fly out here you’re going to implement your process it’s worked for you and you’re saying that i only pay you once i’m making all this extra money that’s a pretty pretty damn good offer and so you could do a similar thing for the restaurant i saw a guy the other day do a sales process where he was like trying to sell a service just like this and the let’s just say the restaurant owner was like uh i don’t know if i want to do that and he goes that’s fine but how about this we you implement what i say and uh if it works i get a split of the revenue and the guy goes great i’m 100 do that what’s the split and then the seller goes well how about 50 50 and the buyer goes i don’t know man that’s a lot and the seller goes well but i’m i’m you know it’s 50 50. it’s free money for you i’m doing all the work and the guy goes well what if it blows up you know like you’re gonna get a lot of money and the seller goes you know i think you’re right well he goes he goes it might blow up but i’ll tell you what you might be right fine we’ll go back to the original deal you only gonna pay five thousand dollars and the guy goes okay fine it was like it was like the best sale sequence like it totally worked i was like oh my god that’s beautiful um yeah i would totally do this business as well i think that that’s way better i would continue running the main thing just so you’re in the know and like getting results that you could post to social media but uh that’s what i would do too is that it is that the answer just the tip oh gaston what’s the wi-fi i can’t no i can’t get in oh it’s arg connect your teams easier than connecting your wi-fi hubspot grow better all hands on deck all right how uh you said that nun jumped out when you’re talking to alex are there any other industries that jump out now that this could work for probably physical probably physical therapists i would imagine doctors offices and physical therapists i think maybe barbers real estate brokers so um every real estate broker is like running their own little small business sometimes as part of a brokerage sometimes their own brokerage and uh there’s a whole process to basically like hey you should leave caldwell bankers they’re taking half of your commission i i spun out my own here’s how i did it here’s how much more i make and i will spin you out um of this big brokerage firm i’ll set up your website i’ll set up your back office legal legal structure i’ll set up your marketing package i’ll show you exactly how this all works and you know like instead of coldwell baker taking half of your commission i will take five percent of your commission uh you know to do this so i think you could basically i think selling a sales system is a um is a pretty good business to be in in general yeah i mean it’s it’s like very very high margin i think that a lot of course businesses top out at a certain level i think when you’re selling a sales cycle or a sales product like this i don’t think you’re i think the the cap is way higher by the way also now that alex carmozy’s not doing gym launch you could also just do lit gym launch again like you know now that he’s like checked out doing other like you know you could have always competed with him but like he put a playbook out there he exited the company there’s it’s still running but like you could just do it again you could literally recycle his business i i think this is so underrated just recycling business ideas once the person has exited and you know they’ve let their foot out the gas or they’ve expanded they’ve moved up market it’s like they just leave you an exact playbook on what to do and um more often than not that timing still will work dude we we had a couple at the hustle we had a few companies that would just copy and paste our content and just create a new newsletter and uh they some of them got traction yeah edit that out i don’t want people doing that now [Laughter] well it doesn’t work in the end it’s a very short-term thing you know uh but all right that’s it you got the tip you