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  • November 7, 2014
  • By Sean
  • Comments Off on Learn about his biggest mistake (made him big money but took him off track) | David Frey
  • in Hidden Profit Path Podcasts

Learn about his biggest mistake (made him big money but took him off track) | David Frey

David Frey

Learn about his biggest mistake (made him big money but took him off track), what he considers the difference between programs and products, and why programs are essential to a long-term, sustainable business.


David Frey
 
 
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Most Popular to Share on Google+ and LinkedIN:

1)

'You're fired' -- best day of my life

"The day I was fired was the best day of my life... I just didn't know it yet."
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2)

Going back to Origin

"If I were to go back to my origins, knowing what I know now, I’d have created big ticket products for sale much earlier on. And I’d have created subscription products and tools or been an affiliate (online version of a commissioned salesperson) for subscription-based services."
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3)

Biggest mistake and lesson I learned

"Big mistake -- not sticking with one concept, one website, one business model. Just focus on that. Focus on your customers wants and needs. Create programs and services just for them. That's how you build a real business."
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4)

2 skills to get To time freedom

“Entrepreneurial freedom requires two skills -- 1. Outsourcing or building your team. 2. Setting up systems and business models that don't require your time. You may start off as the 'jack of all trades'. Your goal is to break down each of those activities and grow your team where members are doing those tasks."
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5)

Overcoming conventional wisdom

"Conventional wisdom that hurts starting businesses -- going after the quick buck. The idea of the 'quick buck' is very attractive because usually people seeking this are in desperate need of it. People want it to be true so advertisers don't have to work too hard to sell it. If you want to keep starting your business over and over again, then keep chasing the quick buck."
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Why Listen to David:

Learn about his biggest mistake (made him big money but took him off track), what he considers the difference between programs and products, and why programs are essential to a long-term, sustainable business.

David Frey is the author of the Small Business Marketing Bible and the Instant Referral Systems program. He’s been devising and implementing business marketing programs for over 16 years. David has a following of over 60,000 small business owners around the world that subscribe to his marketing newsletter and a customer base of over 10,000 professionals that use his systems.

David’s first passion is his family and spending time with his wife Ingrid and two young children. He loves to travel and spends a minimum of three months a year vacationing and traveling. David also sits on the board of World Teacher Aid and is deeply involved in building schools in Africa for underprivileged children.

He got a masters degree from one of the top ranked accounting universities in the US only to discover he didn't want to be an accountant. He joined consulting firm Arthur Andersen which was one of the largest consulting firms in the world at that time.

He became the senior vice president of a $500 million company. He calls the position basically a 'big babysitting job'. They were acquired by a German company and his position was redundant so they let him go. But they gave him a nice severance package which was the capital he needed as a launching point to his new entrepreneurial career.

He thought about going back into the corporate world but decided to do what he had always wanted to do... see if he could make it on his own starting his own company. He figured, “The worst that could happen is I lose all the money. Hey, I didn't have the money yesterday and I've got it today so I might as well try it.

After some trial and error I’ve figured out this entrepreneur thing now. That was the year 2000.”

He loves to wake surf (surfing the wake behind a speed boat), wakeboarding, and won the downhill ski championships for the Royal Air Force in Megeve France.

He was a Navy servicemen stationed over in England and loved skiing the Alps. The English invited him to be on their ski team in the downhill competition which he won.

He’s doing well after receiving a kidney transplant and excited about helping others with weight loss and healthy lifestyle solutions that have worked well for him.

In David’s words…

I love spending time with my family. Me and my wife enjoy cruises, traveling to Mexico, Central America, South America, and Africa. Both me and my wife speak Spanish.

We have 2 children we adopted from birth. I feel like I have an extra responsibility to them because they didn't ask for us, we asked for them. I wasn't able to perform this responsibility while I had a demanding corporate America job.

Some Shareables from David in this episode…

Counterintuitive - Business Decision

"My marketing company was going great making multiple six figures per year. One day somebody sent me a greeting card. On it was a photo of my friend holding one of my products.

I e-mailed him to ask how he created this card.

I was sitting at Taco Bell when the guy called me to tell me how he’d done it. They allow a sequence of cards to go out in a campaign. I said, ‘Sign me up'.

Little did I know that was an MLM company. I had no intention of ever building an MLM business.

I had bought into my friends’ negative opinions about MLM. I didn't want any part of the MLM, just wanted to use the product.

Within 6 months I’d integrated it very successfully into my business.

I called back my friend and asked him, ‘Now how do I make money with this thing?'

I started telling my business owner clients and friends about this.

I promoted it very hard for 3 to 4 years from 2005 to 2009.

Today this company stills pays me a multiple six figure income without lifting a finger."

Leap to entrepreneur

"The leap to being an entrepreneur is a big one. Many people are in the corporate world and already have kids, a family and commitments. It's a difficult thing if you don't already have a lot of cash flow that can help you to live for at least a year while you're trying to rev up your business."

Starting over, #1 path to profits

"My biggest advice is to have high-priced products ($600 to $15,00) or sell a subscription. Starting out I didn't know much about the Internet. I saw these guys selling books, DVDs and other knowledge products. I thought to myself, 'I can do this'. I veered off course and that's turned out to be the majority of my business. #1 lesson -- you'll always have trouble selling low ticket products unless they are in a mass market. Even so you must have a catalog of products to offer as upsells.”

MLM unexpected success path

"My one little decision to start using a greeting card product from an MLM company led to… I can only call it a charmed life. I've not had to lift a finger in the last 5 years. I've been able to travel and do philanthropy."

Building a business you could sell

"If you want a solid business that has value and maybe one day you could sell, stick with one thing and become very, very, very good at it. Hopefully, that one thing does not rely on an outside company whose formulas or whims change a lot (like basing your website's success on your position in Google's unpaid rankings). This is also the big knock on MLM because corporate can change the compensation, the products offered, or the quality of those products. I've felt the sting of that."

What I'd do differently

"I wish I'd focused on one concept, one website, one business model. Had I built up one website to be extremely valuable and then sold it for a few million dollars that would have been a better path than getting distracted on other projects."

Making more money the easy way

"Sticking with one thing and really going deep with it you'll make more money, you'll build more value, you'll have a better chance to sell your business when the time comes than you will jumping around to different business types and opportunities."

Favorite part of entrepreneur's journey

"Favorite part of being an entrepreneur -- The time and freedom versus my corporate jobs. I take at least three months of vacation per year because me and my wife like to travel. We're passionate about helping build schools in Africa.”

Office separate from home

"I believe you must have an office outside your home so you can bring in local employees and keep business from intruding on your family life. This keeps the siren song of work, e-mail, Facebook from taking my attention from my family because they deserve my full attention once I walk through my home's door."

Weirdest thing

"Weirdest time -- my friend was making big money through adsense so I jumped all in. I had a team of 16 people building websites during the time known as 'the adsense gold rush'. This was when it was easy to rank in Google before they closed lots of the loopholes. We were building 32 websites per day and launching them same day. We were making good money before Google threw those type websites out. Inside 4 months this empire came tumbling down."

To learn more about David go to:

http://marketingblogger.com
http://Facebook.com/dfrey

"Focus on basic fundamentals, don't go after the quick buck. Build value over the long-term in an evergreen market like weight loss, health, wealth or relationships."

News Media David has been featured in:

- Marketing Profs
- The Marketing Reports

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