Chapter 1: What is the main focus of The Top podcast?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base. You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per talk. Five and six million. He is hell-bent on global domination. We just broke our 100,000-unit soul mark.
And I'm your host, Nathan Latka. Okay, Top Tribe, yesterday you heard from Sujan Patel, who walked you through how to easily get featured in Forbes, Inc., Entrepreneur, and other major outlets. Okay, Top Tribe, our guest today is Los. Yes, like Madonna.
He's a speak-up startup advisor and co-founder of BuildGrowScale.com, a digital education company that teaches entrepreneurs how to accelerate their business growth online. Los, are you ready to take us to the top? I'm ready, man. All right. So you told me when we were doing research and on the pre-call that you guys are doing some interesting things around your masterminds.
A lot of the listeners, whether they're a student that wants to get into a mastermind, a blogger and an influencer that's heard how powerful masterminds are, but they don't know which ones are good and which ones are bad. People want to know about this. So tell us about your mastermind. How's it work?
So we have two different masterminds. One of them is called Black Label and the other one is called Lucre. One of them is, they're both very specific to the person that we're trying to attract. Black Label is for people that are building media properties and also
selling merchandise their own brand service or product attached to that media property and Lucre is for people that are building a software as a service business. Both are also tied into you have to be making a minimum of a million dollars to be a member and they're both paid masterminds as well.
But I can talk as we go on how you can build your own mastermind for every blogger and person out there that is kind of thinking on how to monetize their list. This is a great way to do so.
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Chapter 2: What insights did Sujan Patel share about media exposure?
So walk me through, let's go Black Label first. When did you launch Black Label, year and month?
We launched Black Label about 12 months ago.
Okay, so in about August of 2014. Yes.
Okay, and walk me through how many people... No, December, actually. Oh, December. Let me stop you there. I remember, yeah, it was December 2014.
Okay, so it's been up for about seven months. Yep. Okay, got it. So walk me through you said black labels for people that own media properties selling their own merchandise.
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Chapter 3: Who is the guest Los and what is his background?
Why did you create the mastermind?
Because that's what we do. In our education, we have an education division called Build, Grow, Scale, where we teach entrepreneurs how to build, grow, and scale an online property. Anywhere from sales funnels to marketing tactics, etc. I go and I join a lot of masterminds, and they're very big. They're anywhere from 100 people to 50, but they're unqualified or there's too many people.
I saw a gap. And I wanted to bridge that gap and create something special for 50 people specifically that are all in a very specific niche and can help each other effectively build, grow, and scale our own sites. So we decided to do an event and we emailed our list.
How big was your list?
Our list is about, at that time, it was about 25,000 people.
Okay, I want to come back to how you built that. So you sent an email out to the 25,000 people for the event.
And we basically just said, hey, guys, we're going to do a private little event. It's going to cost you to come here in Orlando. We're going to be talking about what's been working in our business and how we've been scaling our physical products and our digital division.
And if you guys want to come for a hands-on intensive workshop, it's going to be two days in Orlando, December 13th and 14th, just to give you an example on the dates. And we had a few people reply. What was the price point on that in the email?
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Chapter 4: How do masterminds work and what types does Los offer?
The price point was $500. We just wanted to get people at the door.
Did you include the price point in the email or did you exclude it because you wanted to gauge interest first?
We excluded it. We didn't even know we were going to do this. We just wanted to gauge interest and see if people would actually reply.
Got it.
And so we got about 12 people from there. So the first 12 people came to the event, and we basically taught everything we knew, everything about what we're doing right now with traffic, what we're doing with sequential retargeting, how we're doing webinars, how we're building our blogs. We have more than one blog. And we kind of just gave as much value as we possibly could for those two days.
And after those two days, we made an offer. We said, hey, guys, this is a new thing that we're trying to do. We want you guys to be in the forefront of it. And this is what it is. This is who it's for. This is who it's not for. There was a few people that it was actually for because some people didn't meet the criteria that we wanted. So we actually rejected them.
We said, hey, this isn't here for you right now. But certainly, once you get to this point, you can come in and be a part of the group. So we started off and we kind of, you know, we didn't start it off at the price point that we have it now. We just wanted to seed the group. And once we started seeding the group, we actually stopped completely mailing for it and trying to do anything like that.
We just have been building the group specifically with social proof and referrals.
So of the 12 people that went to that live event in Orlando who paid 500 bucks each, that live event over two days, you guys made about six grand top line on that. How many of those 12 people said, yes, I want to get into this group?
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Chapter 5: What strategies did Los use to launch his Black Label mastermind?
Or did you have to deal with people going, eh, this isn't for me. Can I get a refund? All that jazz. We have not had to have one refund. That's great. That's really great. So walk me through. I want to go back to how you got 25,000 people on the list. But first, give us a flash real quick. Where is the Black Label at today? How many members and what are you charging per year?
So it is $24,000 to join. And it is by invite only pretty much now. or application only. And we have, I think we have about 37 people on right now.
That's great. That's great. Yeah. A lot of the membership groups that I hear about, you know, whether it's Genius Network or, you know, the War Room, all these kind of different networking groups, they always seem to want to get bigger.
And my biggest complaint all the time is like, look, if I'm going to sign up for one of these things, I don't have to do work once I get there to figure out who to talk to. I'd rather them stay small. And you eliminate people if they're like, at the bottom of the value chain so that when I go, there's only five people to talk to and they're really valuable.
How do you manage quality versus while resisting the urge to make more revenue by making the group bigger?
So frankly, this isn't our main business. This is a passion project that I have. I want to build one of the, you know, a few of the best networking groups that we possibly can for our own sake and for personal growth. But because I love people and I love connecting with them, we made a very strict offer to people. We said, hey, this is probably going to stop at 40, max 50 people.
I will not allow anybody else to join after that. So then we're just going to be dealing with people that are re-upping and people that leave and we'll be able to bring more people.
Would you ever Or kick people out. If someone, if you were 50 full and Richard Branson came to you and said, I want to join your membership group, would you kick one of the 50 people out that you thought was bringing the least value and make room for Richard Branson?
Well, we have, we have another thing in there that to be a member, you have to continuously keep striving for greatness and growing your revenue because if you're not and you're kind of stuck, it also means that you're not getting value from us. So we're probably not a good fit. So it's, it's probably a time of leave and we assess everything quarterly. Got it. Um, So yeah.
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