Lozada 2

How to Build a Successful Business from Scratch?

The Importance of Proactivity and Discipline

• The speaker reflects on the hard work and proactivity of an individual, questioning why they are not earning more despite their efforts.

• The speaker shares personal experiences with cold calling in aesthetic centers, expressing frustration over the lack of success and contemplating the discipline required for sustained effort over three years.

• Acknowledges that the individual could easily start a business based on their skills, emphasizing the potential for success through selling services or products.

Learning from Others: Cold Calling Techniques

• Discussion about an Instagram user who excels at cold calling, demonstrating effective techniques to sell training for cold calling to others.

• Highlights how this person manages rejection positively, using meditation techniques to cope with challenges in sales.

Insights from Successful Entrepreneurs

• Introduction of Alex Hormozi as a successful entrepreneur who made $250 million in a short period, showcasing his impressive achievements.

• Hormozi's advice emphasizes starting with non-scalable tasks when launching a business to understand customer needs better before automating processes.

Understanding Customer Needs

• Stresses the importance of engaging directly with potential customers to identify their problems and needs before attempting to sell anything.

• Encourages asking qualitative questions about what customers would pay for solutions, highlighting the necessity of understanding market demands.

Personal Reflections on Work Ethic and Recognition

• The speaker admires another individual's work ethic but feels it is unfair that they are not compensated adequately for their dedication.

• Discusses how praise can motivate but also expresses a desire for constructive criticism to foster personal growth and improvement.

Understanding Financial Affiliation Challenges in Colombia

The Context of Financial Affiliations

• The discussion highlights the lack of commercial agents available to handle leads for financial affiliations, particularly those above 7 million pesos.

• A question is raised about the number of individuals in Colombia earning over 7 million pesos and regularly contributing to pensions, emphasizing the limited target audience for such financial products.

Barriers to Engagement

• There is a recognition that interest in these financial products is low due to a general lack of financial education; many view them as important but not urgent.

• The speaker notes that even if potential clients are approached, their daily lives remain unchanged without immediate action on financial decisions.

Understanding Client Needs

• The conversation shifts towards identifying ideal clients who may not be utilizing their rights related to military service benefits and pension bonuses.

• Emphasis is placed on optimizing finances through tangible benefits rather than abstract savings, suggesting that people often overlook available opportunities.

Emotional Decision-Making

• It’s noted that Colombians tend to prioritize immediate emotional benefits over long-term gains when considering financial products.

• This tendency reflects a broader cultural inclination towards seeking short-term rewards rather than planning for future needs.

Effective Consulting Strategies

• The importance of moving beyond mere information sharing during consultations is highlighted; consultants should focus on identifying client-specific opportunities.

• Establishing rapport with clients by sharing personal experiences can enhance connection and facilitate more meaningful discussions about their financial situations.

Listening and Tailoring Solutions

• A successful consultation involves active listening where the consultant encourages clients to express their concerns and priorities regarding pensions and investments.

• By understanding what generates value for each client, consultants can tailor their advice effectively, ensuring relevance and engagement.

Understanding the Value of Personalized Financial Advice

The Importance of Personalized Assistance

• Personalized financial advice adds value, especially in pension planning. Clients often prioritize assistance with debt repayment over specific pension fund choices.

• A clear understanding of daily market complexities is essential for adapting effective strategies. Optimism is important, but a realistic perspective helps in strategy formulation.

Strategies for Differentiation

• To stand out as an advisor, one must innovate and differentiate from competitors. Selling oneself as unique can lead to better results than blending in with the crowd.

• Building trust involves lowering barriers between clients and advisors. Creating a relaxed environment encourages open discussions about potential improvements without pressure to make immediate decisions.

Coaching and Consulting Opportunities

• The focus should be on identifying opportunities for improvement rather than pushing sales. Clients should feel free to explore options without obligation.

• A book titled "How to Be a Successful Coach" inspires thoughts on consulting. It emphasizes that skills can be transformed into coaching services, opening avenues for new business ventures.

Real-Life Examples of Coaching Success

• An example illustrates how someone turned their gardening knowledge into a successful coaching business by teaching others how to create home gardens, demonstrating the potential of niche consulting.

• As demand grew, this individual increased rates and expanded offerings, showcasing how passion combined with expertise can lead to significant business growth.

Diverse Coaching Applications

• There are numerous areas where coaching can thrive outside traditional business contexts—helping individuals save time or learn new skills is highly valued.

• Potential coaching topics include small business optimization, personal development workshops, and even creative pursuits like writing or automotive restoration—highlighting the broad scope of consulting opportunities available today.

Coaching and Sales Strategies

The Value of Coaching in Specific Situations

• The author shares a personal experience of hiring a friend, who wasn't a coach, to help create a new wardrobe for social media videos, highlighting how people pay for assistance with specific problems.

• The discussion shifts to the idea of teaching someone how to acquire filtered databases and make calls effectively, emphasizing the potential value of such coaching services.

Cold Calling and Sales Techniques

• Emphasizes the importance of making calls oneself while also offering coaching on how to do it effectively; suggests charging for direct assistance in making those calls.

• Miguel Lozada introduces himself as someone who has generated significant sales through cold calling, showcasing his credibility in sales.

Opportunities in Sales Coaching

• Acknowledges that many individuals express a lack of clients in their businesses and suggests that there is an opportunity for coaching in sales techniques.

• Discusses the misconception that one must have achieved massive success before teaching others about sales; emphasizes experience over financial success.

Gender Dynamics in Sales

• Mentions an American woman who successfully sells coaching on cold calling, leveraging her charm and appearance as part of her strategy.

• Highlights her argument that attractive women can earn significantly more through sales due to societal perceptions, suggesting that beauty can be an asset in business.

Structuring Coaching Services

• Proposes targeting business owners as potential clients for sales training sessions; emphasizes the credibility they already possess which can facilitate selling training services.

• Suggests pricing strategies for initial training sessions and ongoing support while framing these offerings as valuable investments for business growth.

Business Ideas and Priorities

Discussion on Team Dynamics and Aspirations

• The speaker expresses a desire to collaborate with the other person, envisioning a partnership as president and vice president, highlighting enthusiasm for teamwork.

• A humorous exchange occurs regarding strategies for business ideas, indicating a light-hearted approach to serious discussions about employment and financial aspirations.

Personal Development and Specialization

• The speaker shares personal achievements, mentioning completion of a specialization in December, which adds credibility to their business ideas.

• Acknowledgment of the need for pauses in conversation suggests an understanding of balancing professional discussions with social interactions.

Business Ideas Exploration

• The speaker invites input on their business ideas while emphasizing the importance of iteration and feedback from peers.

• They discuss potential business opportunities, particularly focusing on optimizing existing channels like Colfondos due to their current profitability.

Branding and Market Perception

• The concept of branding is introduced; the speaker emphasizes that successful sales depend on how well one’s name aligns with market expectations.

• They illustrate this point by discussing how personal associations affect purchasing decisions, stressing the importance of established credibility in sales.

Sales Strategies and Prioritization

• The conversation shifts towards prioritizing tasks; it is suggested that focusing on existing job performance should take precedence over exploring new ventures.

• Three specific mechanisms are proposed for improving sales: leveraging LinkedIn connections, making cold calls, and seeking referrals from past clients.

Building Credibility Through Experience

• Emphasis is placed on utilizing years of experience in sales as a foundation for launching new coaching services rather than starting anew.

• The discussion concludes with encouragement to leverage existing knowledge and reputation to build trust among potential clients.

Coaching and Business Strategies

The Value of Coaching in Cold Calling

• Discussion on the potential for coaching services to enhance skills in cold calling, emphasizing the importance of practical application.

• Proposal for a coaching arrangement where one party would teach another how to effectively make cold calls and source databases.

Financial Considerations and Investment

• Mention of unexpected expenses related to personal matters, indicating financial constraints that may affect business decisions.

• Assurance of willingness to invest in a system that includes training on database acquisition and script models, highlighting the value placed on structured learning.

Problem-Solving Approach

• Shift from offering products/services to identifying problems faced by potential clients, showcasing a customer-centric approach.

• Example of engaging with leads by asking about their specific needs and challenges, demonstrating an effective strategy for client acquisition.

Client Acquisition Strategy

• Introduction of a performance-based payment model where clients only pay if results are achieved, reducing their risk.

• Discussion about charging based on successful client acquisition rather than upfront fees, which can incentivize both parties.

Building Relationships with Clients

• Emphasis on establishing trust through understanding client needs; the importance of having existing relationships when approaching new clients is highlighted.

• Insight into validating solutions tailored specifically for clients' issues, reinforcing the need for personalized service offerings.

Leveraging Personal Branding

• Reflection on personal success in sales without prior recognition; suggests that building a base of known customers can lead to greater opportunities.

• Encouragement to reach out directly to potential clients using relatable communication strategies as a means to foster connections.

Conclusion: The Importance of Authenticity in Sales

• Notion that people buy from individuals they relate to; emphasizes authenticity as key in sales interactions.

• Reference to Dan Cole's philosophy that "people buy from people," underscoring the significance of personal connection in business transactions.

Graphic Designers and Marketing Insights

The Role of Graphic Designers

• Discussion on hiring graphic designers for logo creation, highlighting a sense of dissatisfaction with the proposal process.

• Mention of personal connections influencing decisions, such as family input regarding design choices.

Marketing Agency Dynamics

• Insight into the importance of having relatable references in marketing strategies to enhance effectiveness.

• Emphasis on the shift towards purchasing from individuals rather than brands, suggesting a need for authenticity in marketing approaches.

Optimization Strategies

• The necessity for optimization in marketing efforts is discussed, indicating that businesses should refine their strategies rather than abandon them entirely.

• Acknowledgment of potential within individuals and teams to improve processes and capitalize on opportunities.

Client Engagement Techniques

• Exploration of how to engage clients effectively by understanding their needs and addressing concerns about current leadership or market conditions.

• Suggestion to inquire about client sales processes to identify areas for improvement and additional support.

Innovative Sales Approaches

• Proposal for cold calling as an effective method for generating leads, emphasizing its potential benefits over traditional methods.

• Introduction of new ideas aimed at enhancing existing client relationships through innovative outreach strategies.

Networking and Referrals

• Strategy outlined for leveraging existing contacts to gain referrals, showcasing the importance of networking in business growth.

• Encouragement to utilize personal connections when seeking new business opportunities, reinforcing the value of community ties.

Listening and Learning: Insights on Sales Dynamics

The Importance of Listening

• The speaker emphasizes the value of listening, expressing a genuine desire to understand others' perspectives and experiences.

• Acknowledges the effort taken by others to share their insights, highlighting the importance of gratitude in conversations.

Gender Dynamics in Sales

• Discusses the effectiveness of women in sales roles, noting that they often outperform men due to cultural factors and personal attributes.

• Points out that women tend to sell more effectively to men, attributing this partly to physical appearance influencing client trust and engagement.

Workplace Observations

• Shares observations from colleagues regarding gender differences in sales performance; some recognize these differences while others do not.

• Highlights that a significant portion (70%) of employees at Colfondos are women, suggesting a correlation between gender representation and sales success.

Client Engagement Strategies

• Explores how male advisors may struggle with client rapport compared to female counterparts who can leverage charm and approachability.

• Reflects on personal experiences where male advisors might feel uncomfortable using similar strategies as women in engaging clients.

Value Beyond Numbers

• Critiques traditional sales approaches focused solely on profitability; stresses the need for added value in client interactions.

• Shares an anecdote about identifying clients' pain points (e.g., mortgage payments), demonstrating how addressing specific needs can enhance service offerings.

Exploring New Strategies and Personal Growth

The Concept of Blue Ocean Strategy

• Discussion on the "Blue Ocean Strategy," a concept that emphasizes creating new market spaces rather than competing in existing ones. The speaker expresses curiosity about its implications for personal and professional growth.

Reading Preferences and Learning Methods

• A preference for digital literature over physical books is shared, highlighting the convenience of digital formats for learning during transportation. The speaker mentions using audiobooks as a way to utilize downtime effectively.

Sales and Personal Experiences

• The conversation shifts to sales experiences, with an emphasis on the idea that everyone is selling something daily, including oneself. This leads to reflections on personal relationships and how they relate to sales skills.

Challenges in Sales Stability

• A critical discussion about achieving sustainable sales figures, emphasizing that maintaining high sales numbers requires consistent effort and cannot rely solely on luck or chance encounters with customers.

Understanding Customer Perceptions

• An anecdote illustrates how customer perceptions differ from reality; patients do not demand specific qualifications from service providers but are influenced by reviews and overall service quality instead. This highlights the importance of marketing strategies tailored to customer understanding.

Understanding Imposter Syndrome and Business Readiness

The Importance of Self-Belief in Business

• The speaker emphasizes the need for individuals to stop relying solely on traditional jobs (like Colfondos) and recognize their own skills and potential.

• They share personal experiences, stating that despite not being the best in marketing, they have successfully created courses and worked with notable companies.

• The discussion highlights that everyone struggles with self-doubt, but it becomes dangerous when it prevents action; humility is important, but overthinking can hinder progress.

Overcoming Self-Doubt

• The speaker argues against the notion that one must be the best to succeed in business; many successful salespeople are not necessarily top performers.

• They recount a story about a successful salesperson at Chevrolet who consistently closed deals despite not being the best in his field after years of experience.

• Emphasizing ambition over self-deprecation, they assert that doubting oneself is counterproductive and reflects a lack of belief in one's capabilities.

Business vs. Employment Mindset

• A clear distinction is made between working for someone else (where tasks are mandatory regardless of feelings) versus running a business (which can be postponed until one feels ready).

• Creating a business requires commitment and readiness; waiting indefinitely for perfect conditions may lead to missed opportunities.

Balancing Life Responsibilities with Entrepreneurial Goals

• The speaker shares their personal challenges: balancing family life, health commitments, client responsibilities, and education while pursuing entrepreneurial goals.

• They stress the importance of making a business work rather than adding more burdens; success comes from effective execution rather than mere preparation.

Critique of Industry Standards

• A strong critique is directed towards Colombian CEOs and marketers who charge high fees without delivering real value or expertise.

• The speaker claims there are very few competent professionals in Colombia's marketing landscape, highlighting issues with mediocrity among service providers.

Realities of Selling and Customer Perception

• They challenge the idea that one must be perfectly prepared before selling; many mediocre products still find success due to effective marketing strategies.

• Ultimately, what matters most is whether customers believe in your ability to solve their problems—not your current ranking or status.

Overcoming the Fear of Preparation

Embracing Imperfection in Entrepreneurship

• The speaker emphasizes that no one is ever fully prepared when starting out, citing Justin Bieber as an exception. Most successful individuals face failure on their first attempts because they are not yet the person they need to be for success.

• Preparation should come from practical experience rather than theoretical knowledge. The speaker argues that becoming a business owner requires creating a business, not just studying how to do it.

• Practical experience over time shapes entrepreneurs into successful individuals. Engaging in business activities and learning from failures is essential for growth.

The Reality of Business Success

• Entrepreneurs must learn things they currently do not know about running a business through hands-on experiences, which includes facing failures and reflecting on them.

• The speaker shares personal feelings of inadequacy regarding their marketing skills, highlighting that even those who achieve significant financial milestones often feel unprepared or inexperienced.

Setting Realistic Expectations

• The importance of grounding expectations is stressed; aspiring entrepreneurs should not wait until they feel completely ready before taking action in their businesses.

• A gaming analogy is used to illustrate different levels of engagement in sales: many operate at a beginner level while aiming for legendary status without realizing the effort required to reach it.

Taking Action and Learning Through Experience

• The speaker urges listeners to take immediate action by making calls and seeking feedback after rejections, as this process fosters growth and understanding in business.

• Reflecting on past conversations, the speaker expresses gratitude for discussions that inspire professional growth and self-reflection beyond mere actions.

Finding Motivation in the Journey

• Acknowledging potential within oneself can be motivating; even if initial efforts do not yield results, recognizing progress can lead to future successes.

• The conversation concludes with encouragement to embrace the entrepreneurial journey despite challenges, emphasizing enjoyment in the process of building something new from scratch.

Personal Growth and Commitment

Embracing Potential and Overcoming Limitations

• The speaker encourages the listener to fully commit to their potential, emphasizing that high expectations can prevent wasted time. They suggest studying the "syndrome of taxes" as an interesting topic.

• A call to stop reading scattered or commercial literature is made, urging the listener to take ownership of their agenda and recognize their existing discipline and organization.

• The speaker reassures the listener that they have a solid foundation for growth, highlighting past immaturity in decision-making but recognizing current capabilities due to years of effort.

Commitment to Self and Business Success

• The importance of responding appropriately to personal commitments is stressed, with a plea for the listener's business success being vital not just for them but also for others involved.

• The speaker expresses unwavering support, encouraging perseverance until achieving the first sale, reinforcing a positive outlook on future endeavors.