00:00
Let's talk about three groups that I have that I think this could work for. So if you're gonna start a pay community, I'm gonna start with the bottom one, or I actually think it's the best one, but it's bottom one of our list.
00:09
Nurses. We've talked about nurses a ton.
00:12
It's an interesting demographic.
00:14
I think nurses are kinda cool for this space for two reasons or three reasons. The first Work could pay for it, maybe. I think work would maybe pay for it. Second,
00:23
nurses are typically
00:25
I've spent time around nurses, so they're typically women, and they typically are people who feel like downtrodden. Like, they feel like they're forgotten because they're not that. Overworked,
00:34
overworked, underpaid, underappreciated.
00:36
Yeah. And that is so groups that are the,
00:42
whatever you just said, I guess, I don't know how to explain it. But groups that are like the us versus them, like, we don't have someone speaking for us. Typically, that's like, there's a lot of, like, I've looked when I was researching communities, there's so many successful,
00:55
women, like, women discussing x, y, and z communities. This is just like that. So I think that they have that us us versus them mentality. And the third reason is there's a shit ton of nurses. Yeah. Have you seen this Instagram account nurse life RN?
01:07
No. How many is it?
01:09
It's one point two million members on Instagram.
01:13
It's run by this guy. I think his name is Ebi or Ebi. I'm not sure exactly how you say his name. And it's this guy it's this black nurse and, so much nurses private.
01:23
They just went private. They used to be public. And I think you have to, like, you have to request so that they can make sure that you're a nurse before they let you in.
01:31
Which again is part one thing that communities do well. The you know, with that quote, it's like,
01:36
I don't wanna be a part of any group that would accept me. You know, the the better your gate at the front, the more people will value being in the group. And so this is a group, and they they just post mostly, like, nurse memes. So it's like, you know, if you it's like being underappreciated or whatever, they'll make a joke out of it or, like, know, coming home and realizing you still have whatever, you know, on your shoe.
01:59
And, it's just, you know, relatable memes from the eyes of a nurse. So that's how they, like, keep their members engaged. It's just meme content that's a good, like, inside joke for the community. But
02:09
He partnered with the makers of Bala shoes, which is the nurse shoe brand that's coming out. That's trying to be Nike for nurses, basically. It's Nike for for medical footwear.
02:19
And so he got equity in that company and gets paid every month because he is the promotional vehicle
02:24
for the for ball of shoes who wants to, like, penetrate this community. Right? So
02:29
not a paid community as such, but it is a private community. And on top of that, they do this. Now what would incredible health you know, the startup that's raised, I don't know, how much money, twenty five million dollars from entries and horowitz and all that. What would they pay to access one point two million nurses that are, like, engaged in trust this brand and trust this leader of the community, they're gonna pay a lot. Right?
02:51
Nurse job boards, like, so so If this guy's ambitious, he could create a job board. He could create the next incredible health. He could take equity and abolish shoes and be a part owner of of the shoe brand. Like, I think that's where this goes for for nurses. I think this is a great example of one. I think this could crush. I think that guy is gonna that guy's sitting in a gold mine. That, like, If you if you fast forward ten years and tell me that he turned this one point two million person Instagram page into a hundred million dollar company, I won't be surprised. Right.
03:18
If you go and start Truck Life RN right now, I I I think I think that's what's gonna happen after this pod.
03:25
Trying to find these two.
03:27
The second one, this is shocking to me. Okay? Google sheets. There's this guy who tweeted at me and he started this thing called sheets Con. And he had sixty seven hundred people sign up. Is that I mean, I guess that's shocking
03:39
because the, like, I know that probably a hundred million people plus use Google sheets.
03:44
But and I guess it doesn't and I guess it also doesn't shock me because I am a Google Sheetner and like I've dorked out about what I want. And
03:52
some of the most
03:53
profitable online courses in the world
03:56
are become an Excel master. How to use Excel, become great better at Excel. Those are, like, if you'll go look at the chart of,
04:03
most profitable online courses, highest revenue online courses. Excel is always in the sort of top five. Yeah. I'm core, the founder of Teachable. Teachingable. One time. One time told me that,
04:14
there was some guy making a million bucks a year, and he was like the biggest earner on teachable on Excel.
04:20
Exactly.
04:21
So Google sheets, I one hundred percent think you could do a paid community. Now it would have to be cheap though because it's the same it's the map of, like, how much money do you make for Google sheets. I think that there's absolutely something there.
04:32
And then the last thing is that someone tweeted at me a community of vetted senior engineers who talk about advanced, advanced,
04:40
engineering concepts like how to scale a tech stack from a hundred k to ten million users.
04:45
Totally buy into that. Something like that that is incredibly niche and incredibly high end where if there's a there's this other component that we need to talk about with the community is you have to make it
04:56
So that information that you gather in that group, you cannot find online. Like,
05:02
for Tiger twenty one, not that many people are gonna talk about how, like, because it's embarrassing. How do I,
05:10
gift my child fifteen million dollars without the government getting hands on it? That's not something you're gonna tweak because that's embarrassing. Same thing with a hundred thousand to ten million users. There's just simply not that many people who have done it.
05:21
You're not gonna find a lot of reputable information on that. So that's another trait of these paid communities and why I think this one in particular is interesting.
05:29
I think any job
05:30
in any any job can do this. So nurses is a good one because you have a some are gonna be better than others because you have,
05:38
you know, the more people, the more potential,
05:40
and the more,
05:42
kinda like insider knowledge is needed, the more
05:45
down trodden that group feels. Downtown is a kind of a negative word, but I I kind of what you're saying, like, sort of like
05:51
they feel that they need to take action,
05:54
in order to, like, level up in some way, the better. And so, like, you know, this could work for nurses, but it could also work for designers. I could see somebody just making a community
06:03
of you know, professional designers at all these different companies. It's like, yep. We have designers from Figma and from HubSpot and from Octa and from GitHub. And you should if you're a designer at one of these companies, you're making hundred fifty thousand dollars a year, two hundred thousand dollars a year. Why would you not wanna be a part of the, like, the best network of other designers like you where you can share tools, tactics,
06:25
salary information, if you're looking for new jobs, opportunities. If you're looking for new jobs, like every job, I think needs this, and the more new and fringe your job, the more they the more the community is needed. So, like, I know that our friend, David Spinks, did this with community.
06:40
Because community was like this there's not really like, there's no chief community officer at these big companies, but all three companies say it's all about community, Facebook's like, it's all about community. Twitch is like it's all about community.
06:50
And,
06:51
what does that mean and and who in your company? Show me your who's in charge of community at your company. Right? And there's typically not a a c level who's in charge of community. So David Spinks said, well, look, there's all these, like, kind of mid level people who are community. The they run community for these big ass companies,
07:08
and there's no playbook on how to do their job.
07:12
They're underpaid, they're underappreciated,
07:14
and they're overworked trying to run all these events. I'm gonna make the best community for community professionals. And so you made the community for community people it grew pretty large. He ended up selling the thing. I don't know how big of a business it was in terms of a business outcome. He might have been a little early, but I think that's a great example of somebody doing this, just taking a job and and making it happen.
07:33
So there's my idea.
07:35
I just wanted to talk about communities because I think they're actually kinda cool businesses. I think a lot of people think that they wanna start one, but, I also think that there's a lot of mistakes made of like charging a little, and I wanted to show a few examples of companies that make, like, a quarter of a billion dollars of value off communities, but I think they're kinda cool. So that's all I gotta say about communities.
07:54
I'll leave it with this, which is a lot of people I think the majority of people who listen to us, they would love a
08:01
non nine to five way to make ten thousand dollars a month.
08:05
And
08:06
Well, I read that in your, I read that in your, your survey results. Yeah.
08:12
Wish we could talk about that. But but in general, that's that's the number one thing I think people listen to this would would just grab right away. They don't all wanna be founders of billion dollar companies or two hundred million companies or whatever.
08:24
But if I said, hey, this is something outside your nine to five, it's a side hustle. It doesn't take up all your time, and it's gonna bring in ten thousand dollars a month. I would say that this to me right now is the number one way to do it. I think there are some other ways. Right? You could try e commerce or drop shipping or something like that. You could try to do a a newsletter or paid newsletter.
08:42
I would do a community if I was gonna that would be my fastest path to that right now. And I'll tell you, you know, the reasons why are all the things you said, which is like,
08:51
it's not that much work to run. The members provide the value to each other It's not all about you creating content all the time. It's not that hard to spin up. You just have to be smart about which group you're choosing and what where you kinda have an edge, what's your group.
09:04
And then the last thing, the downsides of it are that it can't scale super large, but that's not your goal anyways. You're just trying to get to ten thousand dollars a month, the free free cash flow. From your side hustle. And so that is super achievable, you know,
09:17
twenty dollars a month for for five hundred members and you're there. You know? So so I think that is where I think this business fits in. And I and I and I said before, I actually do think they can scale, but not all of them can. Some of them some some of them can. But I I'm someone I've built a a paid community that makes many, many millions of dollars in recurring revenue. And
09:38
It is I would say that it's really hard actually to start because I had to create a lot of the content early on, and I had to create the
09:46
the culture of the community. But now I barely post and it has its own culture. So, yeah, once it's
09:53
Once it's taken off, yes, you you create that flywheel and it works. By the way, I just did this. I just did this in e commerce and it probably I've probably put in a grand total of
10:06
maybe
10:07
eight hours into this thing. And I'll tell you what it is. So I wanted to create a community for people who have e commerce stores. So I created a gate at the front that said, your e commerce store must be doing a hundred thousand dollars a month. What's people out?
10:20
It doesn't even have a website. There's no website.
10:23
It's it's called club LTV. LTV is like a inside term in the ecomm world lifetime value. It's like whatever e com store owner wants is their their LTV to go up. So I call it a club LTV. It's people who are trying to increase their LTV. And so I said, you have to have a hundred thousand dollars a month of of of revenue.
10:39
I told so I tweeted it out. So I definitely had a head start because I have an audience. So that brought in about the first thirty five members you said. Yep. And they would just send me a screenshot of their dashboard. Yep. Here's me. This What did you take cost?
10:52
Okay. So so what I did was I made it free to join for the, the store owners, but you had to have this much value, like this much, you had to be this kind of far ahead in the game.
11:01
But what I did then was I went to sponsors, and I basically said, Hey, I have a group of seventy five store owners ranging from one million to fifty million
11:10
dollars a year in revenue.
11:12
And all of them, trust me, like me, and I meet up with them once a month. And, would you like to sponsor this? So I have one sponsor on board they pay me five thousand dollars a month.
11:21
All I do is at the event, I say, boom, I do my intro, my high energy intro, and then I say, hey, let me pass it to the guy that makes this possible that makes his group possible.
11:30
And he says his thing for two minutes. He's had,
11:34
I can't say the names, but,
11:36
don't know if I I guess I just give them a free plug. So Mercury Bank is the sponsor of it because that's who I would use for e commerce projects, and they're they have a big push in e commerce. And so they've had at least from our group, five different,
11:49
five out of the seventy five e commerce stores switched to mercury just from this So they've gotten their money's worth out of it, including one company, that's a two billion dollar company has switched over to them. And so, you know, they definitely got their value out of the sponsorship.
12:02
But is this and is this still going? Yeah. This goes every month. And so all that we do, we have we have about one hour a month of of prep and then ninety minutes a month of the actual event. And the month the one hour of prep is that Ben goes and gets a cameo made from a different wrapper every month. And the rapper's just shouting out club LTV. He's like so we had, like, you know,
12:24
we had, Sean Paul do the cameo one month. And he's like, Hey, it's your boy, Sean Ball just wanted to, like, big big ups to Club LTV. You guys are all doing so great with your e commerce store. And he's like, you know, just doesn't even make any sense, but it's just like a video that plays where people like it because it's like, I don't know. It's kinda goofy. So we do one we get one cameo ordered.
12:43
And he sends the calendar invite. So just make sure everybody gets it. It sends one reminder email. And then the last thing is that after the event, he just says, Hey, if you learned something really useful that you're gonna implement in your business,
12:56
email me with the one line of the most useful thing that happened for you in the hour. Because the structure of it is we break everybody up into groups of six. So you're in a group with six other store owners who do between one and fifty million a year in revenue. And then the the format is you say one thing you did in the last month that's really working, it's driving revenue up, and one thing that you're struggling with that you might want help from from the group. And so afterwards, they all email him the most useful things. And he just comp he just takes he just takes that sheet and he just sends it to everybody. So, hey, here was the top insights from the group. So that little thing takes up one hour. What's that? I wouldn't be charged for that. Because I can actually make much more off the sponsorships. For example,
13:33
I've been approached by, you know, the companies that want you to build their e com store on their platform. There's the people who want you to use them for email marketing. There's the people who want for influencer marketing, who are you using? For Facebook advertising, who are you using? What's the agency that manages your your,
13:48
your data tracking, like your pixel stuff? So all these companies each are willing to pay multiple thousands of dollars. I just have to onboard them now. Because now I have the group and the group is where the value is. That's the honey pot. It's the same thing you were talking about where, Aventa, they have a free group, and they might they have they are making twenty five million dollars a year on the sponsors who want to talk to
14:09
people. Oh, sorry. That's the profit. They're making two hundred million, but, that's the same model that I'm using here. Don't charge the members. Just make sure all the members
14:17
have successful businesses. And how much I think this is gonna get, or do you care? I mean, I put zero effort into it since then, but, like, we have seventy five people who show up every month to the thing. And,
14:27
which is, like, eighty eighty five percent of the members show up every single month to the event. So it's they're getting value out of it. And so I bet if I told Ben, hey, go on Twitter and just reach out to these two hundred fifth cold email, these two hundred fifty or these five hundred e commerce stores, because it's very easy to get lists of ecommerce stores that are successful.
14:45
I bet we could triple the size of the group if we if we put some effort into it, but don't really care about it. It's more for fun. But it's cool because it's a it's just free money every month. And,
14:54
it's a good group to be in. I wanna learn from these people. I wanna learn what they're doing, what's working, what's not, and, make these connections.
15:01
That's bad ass. Well, you,
15:04
you know, I it's funny. I've I've built the community as well, but it's like every time I learn something, like, you, the way you're doing it is a lot different than the way that we've done it, and it's really neat to hear a different point of view and perspective,
15:17
on how to get it done. Right. I optimize mine for how do I spend the least time but get just enough value. Whereas, I think, for you, it's like a part of your business. You're like, I'm gonna this is gonna be a multi million dollar thing and we're gonna make it fucking awesome, which is awesome. By the way, if I had to start over, I would have done it differently. I would have charged way more money.
15:36
Right.
15:37
Because I've learned the mistakes that you have to add a ton of people to build big business and a ton of people for certain groups isn't necessarily good. Right.
15:47
Uh-huh. Yeah. I feel like I could rule the word
15:53
I know I could be what I want to.
15:56
I put my all in it like the days all gonna roll. Let's travel never look in back.
00:00 16:23