Ep 11. $40k a Month in Under 12 Months – Paul Ryan
Paul Ryan is the CEO of Marketslide, a white label online advertising company, specializing in SEO, Ad Words, and Facebook.
He launched his business in 2013 and in less than 12 months, he was earning $40,000 a month. He was only 23 years old.
A little background on Paul
When he was 19 years old, had his “ah ha” moment where he realized he needed to explore his entrepreneurial passion. One day, his mom came home and something just seemed off. He would soon find out that their house was being forclosed on and that financially, the family was in deep trouble. He helped out with the family expenses however he could over the next few years, but as a government contractor making only $40,000 a year, there was only so much he could do. Things needed to change.
He started looking for mentors. Specifically, people who were his age and were successful entrepreneurs. He found Sam Ovens, Dane Maxell, and began to sign up for courses in online marketing. While he was investing in himself through these courses, he realized he was not applying the lessons he was learning from these people. Enough was enough, it was time to take action and get some clients.
Paul tells the story of landing his first client. He was so nervous as he presented his services, but clearly it went well because they decided to hire him. As the CEO slid the $5,000 check across the table, he was excited and terrified at the same time. Would he be able to deliver on the promises he had just made? There was no turning back. Paul was all in! He quickly developed the skill sets required to fulfill his obligations to that client, and she is still a client to this day.
Paul got the idea for Marketslide by following Dane Maxwell’s blog The Foundation , where he learned about Idea Extraction.
Idea Extraction is the act of interviewing your target market and finding a deep pain that the customer is willing to pay to solve. When you find a pain that is deep and consistent among your market, and they are willing to open up their wallets to solve the pain, you have a business. While Paul was in a internet marketing course, he heard all the other people talk about how they could land these clients for web services, but didn’t know what to do when the clients asked for help with SEO, Adwords, and Facebook. He saw the pain. These web designers couldn’t provide a full bredth of services to their clients. It was a patin that was deep, it was common, and they were willing to pay. Marketslide was born.
What allowed Paul to ramp up to $40,000 a month in under 12 months?
- Great people – Right off the bat, Paul surrounded himself with people who were great in their area of expertise. The biggest challenge wasn’t finding partners, it was finding GREAT partners who could all rally around one central mission.
- Build systems – Paul realized that there was a need to put processes and systems in place to increase efficiencies and maximize time. He was constantly bringing on new partners and having systems in place shortened the learning curve and helped them produce stellar results quickly.
- Focusing on the right things – When you are starting a company and you get some traction, it is easy to get distracted. For Paul, he started focusing on the appearance of the business (business cards, clothes, etc). He eventually realized he needed to refocuse on what drives revenue: serving the right clients, finding the right partners, and finding ways to deliver more value. That is why he developed Marketslide Academy. A program that helps potential partners learn how to identify the idea client, how to sell the services, and then they get to sit back and collect checks.
- Increasing revenue streams from existing customers. Paul is a firm believer in over delivering for you customers so as they continue to earn more money, he can continue to raise his fees and offer high levels of service. Since there is already a positive ROI associated with his services, this becomes an easy conversation.
Lessons from Paul’s Mentors
- If you are not working on yourself as much as you are working on your business, you are making a mistake
- Morning ritual is important. Every day Paul wakes up to an audio recording of himself reading an inspirational quote. “All men dream, but not equally. Those who dream by night in the dusty recesses of their minds, wake in the day to find that it was vanity: but the dreamers of the day are dangerous men, for they may act on their dreams with open eyes, to make them possible.” -T.E. Lawrence
- If you can say things to yourself that are positive, you will become a positive person
If you are looking to build some additional income on the side, check out this new resource.
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