Join my dear friend Jay Fiset and me and discover the “How to find Joint Venture Partners that WILL #promote your business…”
📢 Jay Fiset is a best selling author, student of human nature, avid outdoorsman at 5 star hotels, speaks fluent smart ass, can see and reflect your life mission in 5 minutes flat, loves having 2 sons so he can play with their toys, still fantasizes about his wife after 25 years, loves ideas, but loves results even more, can simultaneously laugh and cry for different reasons at the same time, has never been star struck
(but did not get a chance to meet Martin Luther King, and there would have been teenage girl screaming if he had).
He is dedicated to instigating a global movement of #conscious Creators and supporting people to organize their life and resources around their passions and gifts.
👉 Struggling to get the steady flow of leads you want?
👉 Join the FREE Live 5-Day Joint Venture Jumpstart Challenge…at https://eh225.isrefer.com/go/jsc/sbmh2001/
#JVPartners #jointventure #Marketing #JayFiset #MostafaHosseini
How do I find a JV partner?
What are the 4 types of joint venture?
How does a JV partnership work?
What should I look for in a JV contract?
What is JV in affiliate marketing?
We are pleased to provide these show notes to make this podcast more accessible to those who prefer to read.
Please note that this is an automated transcription and may contain errors.
Mostafa Hosseini 0:00
She’s getting in the mouth, right? And we’re live. Welcome to daily confidence for entrepreneurs, Jay and I were just talking about some very important stuff.
And we’re just going to continue the important conversations here. In the next hour or so, so daily conference entrepreneurs, we share tips and actionable advice.
So you can use to boost your confidence around running your business on a daily basis. It’s a daily, daily confidence, and it’s a weekly show. So that’s how it works. All right. So I
Jay Fiset 0:37
have to give enough confidence this week to last the entire next seven days. You got it? I’m in man.
Mostafa Hosseini 0:45
So during the show and after show we shared gifts and for you to enter to drop if you like, subscribe, comment, tag a friend that could benefit from the topic.
If you join our Facebook page and do all the you know fun stuff on social media, you enter the drum, and during the conversation if you have any questions about the topic, and my guest, by the way, is the amazing Joe Cosette.
And we’re talking about how to find partners that will promote your business. Right? That is an art. It’s an skill. And Jay is going to share with you the proven method that and it’s not a joke.
It’s not like one of those fake promises that, Hey, pay me and I’ll show you He will give you some actionable advice. And we got some amazing gifts for you coming up. Welcome, Jay. How are you?
Jay Fiset 1:33
I am really well. Now I have a quick question, because I’m usually in my stream yard where I know how to find the link to share it. Where can you put the link just in the private chat here? And I’ll share it in a couple of our Facebook groups while we’re going through this.
Mostafa Hosseini 1:48
Absolutely. As soon as I ask you the first question, you go to town, I will all go to town. So let me introduce Jay do the proper introduction. And then we’re going to dive right into it. So Jay fossa is the best selling author student of human nature.
avid sportsman at five star hotels. speaks fluent smart Anthony’s can see and reflect your life mission in five minutes flat. loves having two sons so he can play with their toys. I know how that feels. I got two boys. That’s awesome. It is awesome. Sometimes I go I’m like son that looks like a great toy for you
Jay Fiset 2:27
really want a remote control car?
Mostafa Hosseini 2:31
One of those flying objects anyway. Still fantasizing about his wife after 25 years or is it 35 years? What’s it What’s that? 25 years
Jay Fiset 2:39
of marriage 35 years together?
Mostafa Hosseini 2:41
Absolutely loves ideas but loves results even more can simultaneously laugh and cry for different reasons at the same time, has never been starstruck but did not get a chance to meet Martin Luther King, and there would have been teenage girls screaming if he had.
Yes, he is dedicated to initiating a global movement of conscious creators and supporting people to organize their life and resources around their passion and gifts. Welcome, Jay.
Jay Fiset 3:11
Thank you for having me brother. I truly appreciate it.
Mostafa Hosseini 3:13
Great to have you and great to see you all is good to talk with you and hang out with you. So how’s your day going? So far? I hear you got a hectic day. We but in great ways.
Jay Fiset 3:21
So here so here’s just whining with relief. Okay. In October we go to look at hot tubs I say to my dear wife getting out of the cars like we are not buying one of those goddamn hot tubs. And we live with a hot tub. I can’t wait to get my hot tub.
That was October it arrived like seven minutes ago. Wow. months for a goddamn double hot tub.
So anyway, that’s that and I just finished our blast off mastermind which is our premium group from JT ology, which is a bunch of rock stars from all over the world coming together to grow and scale their businesses.
And now I get to talk with you and then I get to do my hot tub.
Mostafa Hosseini 4:03
I can’t wait to visit.
Jay Fiset 4:05
I only have a barbecue this summer, by the
Mostafa Hosseini 4:07
way. Let’s do it. Yes. I’m not gonna say no to that. I’m not going to play nice, but like no, you don’t I want to
Jay Fiset 4:16
do we cut that deal? And then COVID happened.
Mostafa Hosseini 4:20
So Jay, what’s your story?
Jay Fiset 4:24
Well, I have a whole variety of them. But in a nutshell, I am a 35 year entrepreneur, I have run three businesses in that time frame, my personal development company where you and I originally met my brand mastermind to millions which helps coaches authors, experts, position launch lead masterminds, and my latest.
For lack of a better term, I’m going to call it golden child or favorite child or wherever you want to call it JV ology the perfect mix of people found in profit, which is a training organization, joint venture community. We’re in the midst of building on a joint venture matching platform usually utilizing our artificial intelligence And I am originally a Saskatchewan farm kid, I am married to my high school sweetheart, I have two boys who are crazy and amazing.
And I’m just a incredibly fortunate guy, and that I have great gratitude for my life.
Mostafa Hosseini 5:16
Love it. So I know you got a lot to offer. And you got a wide range of amazing expertise and skills. Tell us about I know you touched on it, but who do you serve? And what do you do for them. So for those who are watching, they have no idea. Perfect.
Jay Fiset 5:32
So we serve entrepreneurs and entrepreneurs at all levels, but it’s usually you know, what we’ll call small to medium sized enterprise.
So that could be you know, somebody just starting out who could be in the solopreneur stage, it could be somebody who is actually in the process of scaling up their business doing five to $10 million. And what we help them do is this secure a steady stream of perfectly qualified leads for free through joint ventures and collaboration.
And in so doing, we also utilize in that same process, help them solve their client’s problems better by creating what we call downstream partners, people that serve the next process of their clients journey in a meaningful manner, where they are rewarded for that referral or for that client.
And what we do is give them a steady stream of perfectly qualified leads, and a recurring passive income stream that makes the entire journey of entrepreneurship 10,000 times easier,
because you get to our catchphrase, JLG, the perfect mix of people Fun and Profit, we get to work with people that we care about, we get to enjoy the process more, and we make one hell of a lot more money, solving more problems for the people that we serve.
Mostafa Hosseini 6:36
Amazing. Now, for those people who had no clue I just talked about
Unknown Speaker 6:43
jargon, jargon, jargon,
Mostafa Hosseini 6:46
JV partnerships, and you know, that they’re like, Alright, let me just turn off this thing. And I’ll go, you know, watch some pictures on Facebook. Like some things that I don’t even know what they’re Anyway, give us some definite what a joint venture is like for you?
Jay Fiset 7:05
Yeah, so here’s like, simplest easy thing in the universe is that almost every single person here has received an email from somebody that they’ve subscribed to that says, Hey, my friend Mostafa has this incredible program that helps you do a business plan or a marketing plan on a single sheet of paper.
So in those circumstances, when that happens, usually what is going on is that most often I would have an arrangement that says, Hey, your course and program is really valuable.
My entrepreneurs need that, and I don’t do it. If I promote you, and people buy stuff, we’ll do a split in terms of the revenue. So what it is, is it is a way to serve and support our clients with strategic partnerships and joint ventures where we share content, information, products, services, and experiences.
And we are rewarded when our clients win our tribe take action. Now in its simplest of forms, and I want everyone to just really sort of wrap their head and heart around this is that every business and every entrepreneur has to try to find a customer who has the problem that they solve. Like, that’s it. And most entrepreneurs go around, say, Hey, have you looked for myself? If you got brought myself?
Well, I know you’ve got the problem yourself, but you don’t think you do that’s too bad. So we have this like one on one arrangement we teach people to do is this builds strategic relationships and partnerships with the place, the person, the organization, the structure, the university, the author that actually either causes the problem, you solve, re diagnosis, the problem that you solve or reveals the problem that you solve.
And what happens when we do that, we end up with this incredibly powerful, perfectly qualified steady stream of leads that people just show up and say, it’s like, Hey, my friend, Mostafa told me that you can help me solve my lead flow problem.
And as long as we can communicate clearly, and we can serve them from a positive place, most of those partner muscles clients say yes, simply because they already know they have the problem, and you come recommended and endorsed.
And that’s what our community does. That’s what our live event like JLG live does help. That’s what our free five day challenge does is teach all of those processes, so that people can get their biggest problem solved, which is leads the truth of matters most people think they have business model problems actually don’t know the business model problem at all, what they have is a lead flow problem.
They just need more quality leads that they can talk to. We do that
Mostafa Hosseini 9:27
beautifully. Absolutely. Now for those of you who are watching, buy, lead and lead as someone is a potential customer, someone that may or might be interested in what you have to offer. And Jay lives and breathe as this thing like on a daily basis.
So he might be like when he talks about it might sound complicated, but I believe me it’s not. It’s very easy. I’ve been through it. I’ve done it, it works it is it’s almost guaranteed to bring you customers leads and income and the rest of it. Especially if you’re starting from scratch.
Now, so stay tuned and pop questions in the chat box, we’re talking about partners that will promote you and your business within a matter of hours or days or weeks, right? Like, you don’t have to chase them for years and years and build a relationship.
And you know, and Jay is going to talk about it now, Jay, give us your two cents on your background on marketing as a whole, and how you ended up focusing on JV partnerships.
Jay Fiset 10:34
All right, I would be thrilled to I’m just sharing our little interview here in a couple of our groups. Give me one second, and we’ll do that there.
And there is just one other group I’m going to post it in. And, you know, marketing, I sometimes think of marketing is it’s kind of like a mixture of art, science, and magic sort of all rolled into one when it works really well. And
Mostafa Hosseini 11:08
the true when it when it works really well, when it works
Jay Fiset 11:11
really well. And the truth of the matter is a lots of people even you know, when things are going, you know, let’s call it things are going well, they don’t really know why or what or how.
And, and it’s a little bit of juggling and a bit of a juggling trick to get the you know, let’s call it the engine firing on all cylinders. So here’s, here’s my thing about it is that most people don’t have a clue what marketing is. And by the way, if you’ve ever uttered these words, I always smile this is like, Well, I’m just getting the word out there.
That phrase is, is code for, I don’t have a clue how the hell to market anything, or how to create a customer. So I’m just talking about shit randomly, and I hope something’s gonna happen, which it never does.
So getting the word out there, you might as well just stay at home sit in the hot tub. So So what we try to do is to eliminate the mystery about what it actually takes to generate this thing called a paying client. And the best way to do that, please hear this, the best way to do that, that I’m aware of anywhere, is to match the problem that you solve with somebody who has that problem, and knows that they have that problem and has expressed a desire to solve that problem.
That’s the magic trick. And I see people doing all sorts of crazy things, including trying to teach their clients that they have the problem. That’s an uphill battle, including trying to, you know, you’ve all heard the phrase, it’s like, somewhat, they want to give them what they need, you know that doing this bait and switch bullshit shuffle, which I think is completely and utterly ridiculous and misdirected and not fundamentally sound.
But if we can simply find the people that say I have the problem you solve, and I want to fix it.
And then you say, this is how I do it. This is what it looks like, this is what it takes your odds of generating a strong business go through the roof. And by the way, you know, just when we’re talking about strong businesses, how I came to this was when I I have ran a personal development company for like 30 years.
Then I decided I wanted to work in this online marketing world and what sort of caught fire with the market asked for was this thing about how to run masterminds. What was interesting about that, that process was I had built a bunch of key relationships with people who were movers and shakers. And when that message fit, it was very clear.
There’s a whole bunch of these partners who had clients who were like, I want to scale, I want to stop doing one on one work, and I want to get to community. I want to build a tribe of people that I can really relate to and serve and support. And it’s like, masterminds just fit perfectly. So they send me a bunch of people say, hey, I want to scale and I want to build meaningful relationships.
I want to lead my own tribe. Tada, a masterminds an ideal way. So that’s why we went quite literally from zero to $2.6 million in 14 months was the problem that the client had and our solution met perfectly. And for those of you that are having difficult to get leads for those who have difficulty closing those leads, what I can tell you for certain is that that problem solution is not meeting in a clear, direct and powerful enough way.
And frankly that’s what we teach people to do in every single thing we do. JB ology live our five day challenges are one on one consulting our coaching programs, our mastermind programs. That’s it because when that one thing happens, everybody goes. Oh, yeah,
Mostafa Hosseini 14:45
absolutely. No, I’m gonna share the link to the upcoming challenge here right now for people that are not going to stick around for the remainder of our conversation because let’s say you heard the Jay speak about, you know, finding partners that you’re like, This is amazing. What do I go, this is what’s coming up, we’re gonna talk more about it.
So if you ever wanted to get into his five day challenge, because obviously Jay knows what he’s talking about when it comes to marketing, JV partners and the rest of it, and he’s got a very strong community around you click on the link and opt in. And this challenge J, what are the dates,
Jay Fiset 15:25
the dates, May 17, and then for five days, so it’s Monday through the 22nd. So 17th through the 22nd, it’s going to take you about 15 minutes a day to watch the video, do the activity. And then you should probably invest another 1520 minutes a day to get to know the other people in the challenge, because in our last rounds, we had about 1000 people register.
And just to be clear about it. Those folks will become your partners, as you step through the five day process, you will need this thing with partners. And if you don’t know why that’s valuable by the end of this five days, you will
Mostafa Hosseini 15:55
Yeah. Oh, yeah. Oh, yeah. If actually, again, I did this last year, about I think it was about this time, right? Okay. Yeah, we do it once you’re within five days, I think I had about 30 or 40 potential partners. And I did not even spend a ton of time on it. So when he says five partners in five days, that’s like, if you’re half sleep and drunk, you could do
Jay Fiset 16:20
what it’s true. And what’s funny, most people are like, Well, you can’t get five partners in five days. And we have people like you, I think Kimberly Hobbs shied got 37. If you know what you’re doing, and you are reasonably skilled, five is the low end. And even if you’re starting from scratch, you can still do five that happens all the time.
Mostafa Hosseini 16:42
And he’s going to give you the step by step process. So 10 minutes, go there, check it out and opt in. It is free. There’s an amazing community, and all the goodies that come along with it. So what are some mistakes that people make about finding partners? Or? That’s probably our conversation?
Jay Fiset 17:06
Well, in number one is a fantastic question. So in our community, we have two core values and beliefs that we do our very best to build into everything. And the first of which is this is that we are better together. Okay.
And one of the mistakes that people make in terms of this idea of partnerships is that the Joint Ventures is that they don’t actually go all in, what happens is that they have a very sort of independent view, most of us his or hers are like overly independent, and it’s part of our strength.
And that’s part of our challenge. I, you know, people have often heard me say, for most of us, our greatest weakness is nothing more than our greatest strength turned up too loud. So, for most of us aren’t first, what that looks like is we’re entrepreneurs, trying to reinvent the wheel, doing a bunch of shit the hard way, doing it on our own being the Lone Ranger, all those sorts of things. Yeah.
So one of the mistakes is, when it comes to partnerships and joint ventures, then instead of actually designing our business model, and our entire orientation rounded is that we go as far as we can go independently, and then it’s like, Oh, crap, I need help.
Maybe I could get a JV partner. And it’s like, dabbling is like sticking our toe in the water. And the truth is, we’re not truly genuinely set up in terms of our business model, in terms of our community, and in terms of our business structures to actually support that process well, and those generally lead to kind of crappy JV relationships, and crappy JV results.
So step one is if you’re going to do this, discover what it is and go all in. And, you know, the belief around that for us is we’re better together. The truth is you can’t solve all of your clients problems, the truth is you don’t have most of you aren’t that good at most of the things in your business, you’re good at one particular thing.
So let’s lean on that and build a community and a tribe around you. That is powerful. So that’s number one. And then number two is a joint venture is a game of I’ll go first. And what that means is a JV is not a get quick, rich scheme.
A JV is not a fast way to get leads and some sales is that a joint venture takes time, you must build a relationship with someone if you want it to actually happen again. And this idea of going first means how am I going to contribute?
What can I do to serve and support you? Before I asked you to serve and support me, and lots of people go into this as like, hey, mail my stuff to your folks. It’ll be awesome. You’ll love it. It’s like I don’t know who you are, and I don’t care.
Mostafa Hosseini 19:24
And he’s gonna make 10%
Jay Fiset 19:26
or 10% I can hardly wait, cheese’s Murphy. So this whole idea of do something to become relevant to your partner. Do something to create a result for your partner do something to separate yourself from this see of silly people go and mail my ship to your people.
They’ll love it. Like that’s a ridiculous piece. So just do something that matters. And in that these powerful relationships occur that opportunities come out of the woodwork frankly just like this today.
Mostafa Hosseini 19:58
Absolutely. Apps Absolutely. Now for someone that is just starting, and they’re like, I have no clue how to provide value. I don’t know, what to do for my partners. What are some summary suggestions for someone that’s starting from scratch? That’s, I don’t know what to do?
Jay Fiset 20:16
That’s a great question. So one of the things that we do in actually, both the five day challenge that by the way, if you’re just even remotely curious about this, just register for the five day challenge, it’s free, we’re gonna knock your socks off, you’re gonna get a ton of training. But one of them is, there’s an entire day where we work around, get helping people get clear about their platforms and their resources.
Here’s the truth of the matter is that most people are at the beginning of this start with like, I don’t have anything to share, I don’t know, how am I going to what am I going to do? Where am I going to go home. But here’s the truth.
When you go through our worksheets, both platforms and resources, where you’re going to find is that you have an abundance of platforms and resources to share. Most people keep thinking about this as like, Oh, my list isn’t big enough, or I don’t have a bunch of buyers.
You don’t need that what you require is a process to Article number one, find, track and articulate ways in which you can support your clients and your JV partners. And it does not need to look like an email.
In fact, I say to people is like when we do jayvees Sending an email might represent like 1% of everything that we do 1% The breadth of what is possible for jayvees is so stunningly large, it is crazy.
I’m in the middle of a JV right now, where the positioning of it is I get equity in their SaaS company. Hey, yeah, so, you know, when people are thinking about it, how’s it working? Well, I’m doing a little bit of coaching and consulting, I’m doing a little bit of testing and trialing I’m doing a little bit of introductions, I’m doing a little bit of hand holding, and the deal was for equity.
Okay, so don’t think about this as about sending an email, what you got to figure out is, what are the platforms and resources you have? Now in my case, I’m reasonably well connected. I’ve been working at this for a long while, I understand the SAS business because I’m in the middle of building my own SAS platform.
And I’ve been talking to a whole variety of people that could play at a high level with this. So you just have to go through the process. And there’s an entire day, what are all of my platforms. When I say platform, think of it like what’s my social media platform? What are my social media groups? What are the communities I’m associated to? What are the clubs? You know, I’m a car guy.
So the Porsche Club of America, the vertical of America, like, what are the platforms that I have? Reach through? And how could they be utilized to serve and support one of my partner, then resources, that can be a multitude of things. So that could be excess capacity on your team, those resources could quite literally be, you know, here, here’s a fun one.
In terms of, of resources with excess capacity, I have actually put people in front of my entire community on stages, through both sponsorships through jayvees, through simple favors, because I wanted to help them because they had something important to do. Okay, so when you think about the resources, and just here’s a really silly, an easy one.
Every single person who I know who has a child, and is willing to read the book, I send a book called healthy sleep habits, happy children, that book saved our lives. And the people actually read and use it, I still get notes back to the most significant gift I got my entire other.
So it can simply be even a either a book refer or good old amazon prime for 1395 and get it sent to their house and make a monumental contribution in their lives.
So those are just broad examples, Mostafa, but every single person I’ve ever talked to in this process grossly under estimates their platforms and their resources. And once we start helping them work through it, it’s like, Oh, my goodness, I have reach and connections and possibilities that I never dreamt of, for my JV partners. And that’s where the magic happens.
Mostafa Hosseini 23:49
And you I mean, you did a pretty good explanation there. And here’s my experience. People think they need a massive email list with JV partnerships. And maybe you don’t have a massive email list. But here’s what most people have a social media platform.
And it’s super easy to go off to Jay and say, Hey, Jay, I know you have a challenge coming up. I’d be happy to share a couple of posts on my platforms about your thing. Do you think that’s going to build equity in that relationship? Yeah, Willie, May I now I may not have a list, but I probably know someone that has a list and I’ll be happy to introduce Jay to my friend who has a list and see start connecting people. And we all know people. Right?
So like you said, we have way more resources and things that around us that we don’t tap into. But by going through this five day challenge that Jay has coming up, he will like open a new world and multiple doors to you that you probably didn’t think about. And Neil says SaaS software as a service. That’s what you meant. Right? Right.
Jay Fiset 24:58
Yes. Yeah. exactly good to see Annie. Oh, by the way, haven’t seen you a long time. Hello Kat, good to see ya.
Mostafa Hosseini 25:03
Yeah. So again, we’re talking about finding partners that will promote you if you have any questions or comments pop in the chat box, and we’ll do our best to answer them. Um, now, Jay, what I want to talk about resources, what do we need in place to get started with JV partnerships?
Jay Fiset 25:22
So that’s a great question because I’ll tell you what, the single greatest just gonna move this back here so I can look at the camera. And the single greatest thing that we hear time and time again is like I’m not ready yet.
Okay, like I’m almost finished my digital program I have my book is almost complete. I’m writing my new signature talk my, you know, whatever the hell it happens to be. But as soon as that’s done, I am totally. And to that I say bull.
The reason being is this is that people are under the impression that to JV, they have to have their books, their digital program, their offer their course their program, their workshops, or whatever the case may all worked out. They need to have their Infusionsoft account with their affiliate links and all those sort of things overdose.
And the truth of the matter is that for most people, I mean this in all seriousness, if you’re starting from scratch for most people getting that really dialed in, well to an 18 month process, you know, like, it’s not something that happens overnight. Oh, yeah, it took me a while. It took it took me over three years, and I did it in a dumb way to be perfectly honest. So I thought I could figure it out on my own.
And I spent three years spinning my wheels and burning my money in my backyard. Sure, I could figure it out because it can’t be that hurt. I’ve seen the people doing it. And then after I burned all my money, then I hired people to help me to figure it out.
I suggest to all of you just hire somebody to help you figure it out at the beginning. It is far, far less expensive. By the way, I’ve come to think of that as the stupid tax. And please
Mostafa Hosseini 26:51
one of my resolutions this year is this I am done being a smartass. I’m not It sounds funny, but it has it cost me seven figures every year. He a smartass. I’m like, I’m done with that. Yes, go out and ask questions and be like, Hey, guys, I have a problem.
I don’t know what I’m doing. Can someone help me? It’s a lot like Jay said. A lot easier. What’s it called? less costly, less headache, frustration and the rest of it?
Jay Fiset 27:20
Yes. understatement, the universe and you know, I pay enough taxes I don’t need to also add to you know, in the Canadian taxes, and I don’t also need to add my stupid tax. I want that money back.
Mostafa Hosseini 27:36
Weekly dumbness tax. I try to figure this out on my own.
Jay Fiset 27:42
I totally forgot what the hell I was talking about. Where did we go before I got distracted by taxes? You were asking? Oh
Mostafa Hosseini 27:52
jayvees. Yes. Oh, what do people need to get started?
Jay Fiset 27:59
Oh, yes. Okay. So here’s how you get started. This is the simplest thing in the universe, is you make a decision to support somebody who has a similar client journey to you. And you contribute to them to build the relationship so that when your book workshop, whatever it is, is done, that relationship exists and what people do wrong all the time.
They hide in their basement, finishing their book, their workbook, their digital program, all the rest of it, and they’re there. They’re down there for three months, six months, nine months, and then they come up. It’s like, tada, I’m ready.
You should JV with me. And the world says, we don’t know we aren’t, we don’t care. Yeah, you have to build the relationships, you have to understand the business model before the product service or experience is done.
And every single time people want to turn that around, they slow their evolution and development down by 12 to 18 months.
So the time to build the relationships. The time to learn how to do this through supporting others is frankly, about a year and a half ago, but if you haven’t done that, then now you will work your other shit out. You must, but do not work all that stuff out in a vacuum and then think that you’re going to enter the JV space ready to roll.
You know, I had a just as a as a tangible example. I had a gentleman who was helping his mom actually there, you’re in Calgary, and you had lofty JV dreams and goals. They quite literally had spent $350,000 on a television studio, they’d produce the seven programs with television quality editing, all those sorts things. They did this incredible project.
And now they were like okay, who’s gonna mail for me? And they wanted to hire me as a JV broker. Because they’d already discovered that the answer to that question who’s gonna mail for me is fundamentally Nobody. Nobody you have no proven stats, you have no proven offer.
You got nothing to bring except a done program. And quite frankly, there’s 22,000 programs that are already done that have proven sales. I’m going to do that one first. Thank you very much. So anyway, I started Give him the come to Jesus talk about it’s like you did this baackasswards.
And this is not going to end well for you unless you have a significant intervention. And I always would that intervention was, it’s a no, he’s got this handled, to my knowledge, they’re not in the game anymore. And that was after hundreds of 1000s of dollars investment.
So the long and short of is this, what you need to start with is clarity about the order of operations. And step one is build relationships with people who have a similar client journey, and do that simultaneous to refining, defining and perfecting your product service and experience, not the other way around.
Mostafa Hosseini 30:40
Interesting. Can I share a little tip for please, here’s an easy way if you’re starting from scratch, watch people that are promoting something. Right. I saw that Jay was promoting his challenge coming up. I had a last minute cancellation yesterday.
I need someone on my show today. Guess what I did? I reached out to Jay. Jay, I have a last minute cancellation. Would you like to jump in? Guess what Jay said? Yes. Why? Cuz he’s in the middle of a launch. Right?
That’s like, the easiest thing you can do. And everybody has some social media platform that you could just click and in a matter of three seconds, your live video, your guest, exposing them to your audience. How hard is that. And honestly, if you’re scared of being live on camera, it’s just the first two or three times that are the first time that is really scary.
Once you go live, and you get used to it, it’s not as bad. So we all have. So if you keep an eye out for people that are actually promoting something, that’s an easy way, like the year, year and a half that Jay was talking about building a relationship, if you keep an eye on people that are actually doing something and you’re like, you know what, I would love to have a relationship with that person.
Easy peasy. Like I have reached out to people that have no clue who I am. And but I what I just shared with you, I have started building relationships. Just like that,
Jay Fiset 32:09
well, everybody needs a platform, everybody’s trying to be seen everybody’s trying to break through the noise. Everybody wants a spot where they look like the expert. So one of the key things and just to take this a step further.
So then the next piece becomes going back to our worksheet of platforms and resources once where there’s like, and what is the next platform and resource I need to build? So is that a podcast? Is that a live event? Is that a shared stage?
Is that like, What the heck is it because when you get clear about creating a platform, that’s where you can attract unbelievable talent. And that’s frankly, what we got really busy about doing once we understood this model was like, Hey,
we’re going to build a platform that is going to feature celebrate and show off the people in our community.
Mostafa Hosseini 32:55
Jay, tell us about the difference between the daily grind that business owners have to deal with versus the JV grind. What are the differences?
Jay Fiset 33:08
Ah, I might be a little distant from the daily grind, to be perfectly honest with you. But here’s the part that I know is that statistics are really, really clear in two key categories, one of which is business success and failure, and the other of which is the mental well being of entrepreneurs.
So let’s do business success and failure first. The truth of the matter is this is even though the tools are more accessible, and more powerful today and entrepreneurship than they have ever been, is that businesses are failing faster, and at a higher percentage than they were just five, seven years ago.
Now, that’s a little bit daunting to me. So here’s what we also know in terms of just talking about the failure rate is that two thirds of businesses in the United States make under $100,000.02 thirds, two thirds of them, only 1.7% of them break seven figures.
So here’s what here’s what we know for damn sure that if you’re making if to go to three businesses are earning under $100,000 They aren’t making a shitload of money.
I mean, the truth of the matter is that in Canada, you could be you can manage a Starbucks for 85,000 bucks a year and not have the worries the headaches the accounting, the bookkeeping, the song and the dance and that’s the all of the styling
Mostafa Hosseini 34:24
reserve management manager makes 85 grand
Jay Fiset 34:28
plus they get coffee, which is probably worth another 100,000 bucks, at least for me
Mostafa Hosseini 34:37
Sorry, I drink a lot of Starbucks. So
Jay Fiset 34:39
You and I both I might make money getting a job. They’re just on the trade off anyway. Um, but my point to that isn’t about Starbucks. My point is that there’s an awful lot of ways to make almost $100,000 That is a hell of a lot easier being an entrepreneur. Like one hell of a lot easier. And the fact that two thirds don’t make it this is tough.
Now let’s get to the 1.7%. A dear friend of mine, Susie Carter was saying that of that 1.7% It’s like over half of them earning profitable, they go great sales, but they’re not running a business actually makes any real freakin money.
That’s also like, god awful and daunting, which if we think of that way, so here’s what you know from the stats. Most entrepreneurs aren’t making ton of money. And that struggle that they go through is what I’ve come to call the marginal success trap.
And it’s a business that works well enough that they can’t really leave it, they can’t leave it because there’s receivables, there’s clients, there’s obligations, and they think it’s sort of working, but it’s not working well enough for them to drive the car that they want to have the health care plan that they want to have the holidays that they want to send the kid to the private school that they want.
It’s not there yet. They’re busy, I guess. They’re busy making ends almost meet. Yeah, and, you know, frankly, there’s a there’s a I design a program called Escape the marginal success trap to help people see it address and know what to do with it.
So step number one is that most people in businesses are in the thick of things, they’re doing a bunch of stuff that in many cases they shouldn’t be doing. And they’re doing a bunch of stuff that doesn’t really move the needle for their freedom. Now, in the JV space, in the JV world, what we do is we get really clear about doing the thing we do really well.
And we bring in other businesses, other partners, other strategic partners to handle the other pieces, and we get paid, please hear this even when we don’t work. And we get paid when we serve the clients who know they have the problem that we solve, when they say yes.
And in that process, what I see happening, and this is my personal experience, and I’ve talked to tons, I think it’s true for you as well.
That instead of, I’m going to call it the mundane mechanics of doing a bunch of shit in your business that number one you don’t like number two you’re not good at is that we shift that to building relationships with people we care about our phrases JLG the perfect mix of people, it’s people first fun people that we actually enjoy doing things with both our clients and our partners, and profit.
That’s what that catchphrases. And so we build relationships, we connect with human beings, we’re not stuck behind our screens, and we make more money. So that’s sort of that front end. Now let’s just talk about mental health.
For a brief moment, there was a study that was done in Forbes that basically says this in a nutshell 7% of the have. And by the way, I’m sure this number is higher with COVID. This is pre COVID 7%. If you grab 100 people off the street, you know anywhere, approximately 7% of them will be clinically depressed at that moment in time.
By the way, for those who have heard the number that, you know, it’s 63%. It’s like that’s cumulative, we’re talking about any snapshot in time.
Now, it is like about two thirds of the population faces depression at some stage of the game or another. But any and since we’re talking about a 7%, on average, but here’s the thing, if you’re an entrepreneur, that number is almost 34%.
Think that’s true for a little bit, we are almost five times more likely to be clinically depressed than somebody who pours coffee at Starbucks or has some other job or some other version. So when we think about it, I perceive that that depression rate is related to number one, being too alone, or carrying too much trying to solve it.
And being stuck in that marginal success trap, where it’s like, god dammit, this is close, but it’s not quite it. And that burden weighs us down.
Mostafa Hosseini 38:30
I think, go ahead. I’m just thinking of getting to domain lonely entrepreneur calm.
Jay Fiset 38:37
You know what, if you don’t have it, you should get because it is true.
Mostafa Hosseini 38:43
It’s a lonely journey. And with a community of support, it is a lot easier. And I could probably lay it raise both my hands and my feet, about the daily grind and the depression that that we have to deal with. And then when we have a community, like you said, it’s a lot easier.
It’s like, Guys, I have this problem, I need help.
Jay Fiset 39:04
I’ve come to call it the entrepreneurial safety network. So instead of the entrepreneur safety net, it’s the entrepreneurial safety network. And that is in large part what we deliver in our community is like this, this camaraderie this support this capacity to send a text say, Hey, could you help out with x and y?
Or hey, could I serve and support you here, like that experience transforms us at a deep, powerful and meaningful level? Two anyway, those are just two of the things that when the jayvees spot is when the joint venture community and team and tribe is in place, the load lightens, the profit gets higher.
Those people that we serve and build relationships with bring more joy, and we align ourselves to our unique I’m going to call it pointy gift instead of trying to do a bunch of stuff that isn’t quite right for us.
Mostafa Hosseini 39:56
Absolutely. Now for those people that are watching and listening And they’re, they’re like they’ve heard or listened to us so far. But I’m like, Oh, I’m still not sure, give us a couple of good pointers that why we should care about JV partners. We’re taking our chips as a whole.
Jay Fiset 40:13
Well, here, here’s a, here’s a great one. Lead acquisition. So I’m currently in the middle of a little Facebook campaign where we’re running some tests. And we’re running tests, by the way for our and by the way I should, I should qualify this, because I’ve had people say, it’s like, well, wait a second, you’re the JV guy, why are you running ads?
And here’s the short, simple answer is that no one ever should rely on one source of anything for their businesses, that would fall under the category of soon you’ll pay the stupid tax. Okay, so I’m always doing more than one thing. I’m always testing other processes.
So our current test, by the way, for somebody to opt into the to opt into the challenge from cold traffic is $21. That’s the cost. Okay, let’s just use 20. Because it’s easier to count.
Mostafa Hosseini 41:04
Yeah. So that’s $20 for one opt
Jay Fiset 41:09
in for the challenge on our current Facebook testing of campaigns. And we’re continuing to tweak that, that I believe that’s probably going to come down to 12. But the last bill, I just sent $500 Facebook where it was 20 bucks a lead. Okay.
So here’s, here’s one of the things. I literally just got off a call with one of my partners, who in the last challenge, sent me 500 opt ins.
Mostafa Hosseini 41:36
And guess what that cost?
Jay Fiset 41:38
It cost me precisely nothing on the front end. But I do think that I ended up sending a couple $1,000 in commissions in terms of affiliate commissions. On the back end, by the way, I got paid first. So again, even the money I sent to them was money.
It was found money, I would never have had that I wouldn’t have seen it. But here’s the deal. If you just use what transpires that that single partner sent me $10,000 of leads.
Mostafa Hosseini 42:03
Yeah. Because if you were doing on Facebook, you would have had to pay 20 bucks each for 500 people, that’s 10 grand.
Jay Fiset 42:10
Precisely. And here’s the thing about this, Facebook leads, we’re nowhere near as well qualified as hurting leads. Facebook leads are fairly cold traffic, like Who the hell’s this J guy? What the hell’s a JV? Why should I do this, I’m not sure I want to I don’t know, if I have five days. She says, Look, we just help you build a course, your course is stunning.
But it doesn’t matter much unless you have people who want to actually do it and you need traffic, go talk to Jay and do his challenge. Tada, they have the problem that we solve, they’ve got a course they need traffic, they’ve got a course they need leads, it’s perfect.
So for no other reason under the sun, then to get the best quality leads for the best price called free in the universe. You’d be batshit crazy not to do this. Like, if I were to say, I’ll give you 500 of the best leads under the sun perfectly qualified for you. I’ll give them to you for free.
And if you’re sitting there going, well, I don’t know. I’m pretty busy. Maybe next time, after Mercury’s out of Gatorade, you know, whatever your bullshit story is. That’s not smart.
Mostafa Hosseini 43:18
I’m laughing because I’ve done that kind of dumbbells and stories to my we’ve all done that, like two times now.
Jay Fiset 43:26
So I mean, the short answer is this free leads. Now the next piece to this is, so that’s at the front of your business, I’m going to teach you this upstream downstream model in the challenge, by the way, you’re going to get free leads now that the other parts of this is going back to the million dollar businesses.
So 1.7% of businesses break seven figures, but only about half of them are actually profitable. Making money and being profitable is not the same thing to different animals. Lots of folks are making some decent money, but not keeping any of it.
That’s not That’s not great. So here’s the thing, when you set up your business, that you’ve got downstream partners, which is like, hey, I’ll give you a perfect example. So I help people set up their business to do jayvees. If you’re going to do jayvees, you need something you need a CRM, a customer relationship management system that has affiliate tracking, so that you know who to pay what they did, how that all works.
You know, I teach people about jayvees. And they say I want to do this, I’ll say great, you need a CRM. Yeah, that’s a little bit of a problem and say, Well, why don’t I introduce you to my dear friends at Infusionsoft or at Click Funnels or at Thrive cart or at or at or, and I’m pretty much agnostic in terms of the tool. I don’t care.
If you if you use their software, please hear this, I get paid. So let’s imagine somebody signs up for Infusionsoft. $197 a month, I get paid 30% of that for the life of the client. Arbitrary. That’s not the that’s not the deal to have, but I’m just giving an example. Okay. So what occurs there is that 30% That Infusionsoft, my downstream partner pays me.
Please understand this, my friends, this is something that people miss all the time. That money is pure profit, it goes directly to the bottom line. There are no fixed costs to it, there are no variable costs who there is no delivery cost to it, it is this thing called profit.
And for any of you who need to grow your profit, which by the way, for the most part, it’s every single freaking Entrepreneur on planet Earth. This is why the downstream partners are so damn important. So again, come to the challenge, I’m going to introduce you to quite literally hundreds of partners, some of whom could be upstream, some of whom could be downstream.
But what we can do is we can add profit to your business, please share this without any additional costs. And that’s where this gets really sexy.
Mostafa Hosseini 45:33
I love it. And with the fingers and Stassi we’re sharing my experience over the past 10 years. Well over 90% of business owners don’t even think about profit. It’s like they’re all about they’re all trying to be busy. They’re like, Oh, I got a business. Alright, big shot.
How much money are you making? I don’t know. Well, let’s look into it. Are you making profits? Oh, no.
Jay Fiset 46:00
Don’t ask such silly questions. I literally had it and just I gotta give you a heads up because I got a I only have about four minutes left brother. Yeah, no. Um, I had a gentleman in a mastermind who kept talking about the number of sales that his dollars in sales, and they were in the in the high 10s of millions.
So $50 million 60 million over and the other people mastermind rose like, but over time hearing the stories, it’s like, the number you’re saying and how you’re showing up and who you’re being don’t seem to like, there’s no match.
Yeah, like what the hell is going on? So you got it. You got to tell us more about this. And so as we start getting them to the companies like now we got $56 million in sales, and we’re losing three to $5 million a year. Yeah, it’s like, well, you know, yeah.
So you know, based on that numbers, like, you know, you’re only losing, you know, we only lose $1 per widget, and you’re making up for it by selling more widgets, we’re gonna make up for it on volume, you know, it’s just bad.
Mostafa Hosseini 46:59
It’s like, if you shut down the business, you’ll be five Mills a year ahead. Yes, yes. Why? So Garrick, I hope that you do join Jays challenge. It is amazing. You’re going to meet a whole bunch of amazing people. And I’m going to post a link here in the chat in the comments. So go grab it often show up and be smart and follow what he says.
Don’t do it like I did. Be smart. He is giving him his like he is he is putting it on a plate and giving it to you for free. Take it and tap into the community to tap into the collective wisdom of all the people in there. There are people from literally all over the world. And he’s not joking when he says a few 100 Or a few 1000 people in the group. I’m in it. It’s amazing.
And I’m not just saying that because I know, Jay, it’s because I have been through the process. And over the past year, I’ve been filling up my courses and my trainings through jayvees. Super easy. Here’s one more quick tip and I know J has to run.
All you need is four JV partners per month to promote your shed. And you’re laughing. You need to just for a month that’s it.
Jay Fiset 48:13
And that, by the way is a strong with a good offer is a strong six figure potentially seven figure business
Mostafa Hosseini 48:18
Oh, easily anyway. So I’ll put in there.
Jay Fiset 48:22
Thank you, Brother, I appreciate you having me.
Mostafa Hosseini 48:24
I appreciate you and your expertise. I can’t say enough good things about Jay. You’re going to love the process that he’s teaching. And amazingly, he’s graciously offering it for free. So tap into it. Come do it. Alright, take care. But already.
Thank you. Bye, bye. Oh, dang. I hope you enjoyed that conversation on that show with Jay. And so one more thing that I’m going to make an announcement about what we’re doing. The confidence giveaway is coming up at the end of May through the week of May 31 to June 6. Now, if you if growing your list, and growing your community and having the potential to serve more people is on your radar.
That joining us as a contributor is an amazing way to grow your email list so that you could go and JV with people. Right you need some at some point you need what you might call it a JV partner right? And so watch my call it an easy way is to join us as a contributor in the confidence giveaway.
The theme of the giveaway is to share gifts with business owners and entrepreneurs to help them boost their competence in different areas of business. We have seven categories we got finance, mindset sales and marketing business strategy.
We’ve got health and wellness there are seven of them. I’m gonna put the link in the chat box and if you’re watching or listening to this the address is daily confidence dot show slash Joy If you want to join us as a contributor, and put up your gift along with the other people that are there to contribute and grow, they’re less than seven support business owners.
And if you are interested in into gifts, you know, come back during the week of May 31 to June 6, and we’re going to be there. At last time that we ran this giveaway back in November. People were really happy both of the villa collective gifts and our contributors were really happy and raving about the results. If you have any questions, let me know.
Thank you for joining me again, as usual. If you like subscribe, comment, ask a question. On any channel that you’re watching. You enter your name for the draw for gifts. And Jay shared his gift. We got our giveaway coming up.
If you’re interested, join us and post your questions in the comments and we’ll take it from there. My name is Mostafa Hosseini. You’re listening daily confidence for entrepreneurs and I look forward to seeing you in our next episode. See you later.
Mostafa Hosseini 51:05
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