4.6 • 667 Ratings
🗓️ 29 February 2024
⏱️ 9 minutes
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If you aren't aware, there's a new "get rich quick" scheme going around that really pisses me off as an entrepreneur and coach to entrepreneurs. An MRR (not monthly recurring revenue which is a GREAT thing) stands for Master Resell Rights. It's basically selling something that was already created by someone else and promising something that's not true. Listen in as I explain why this pisses me off and why building your own service based offer is a much better option.
Time Stamps:
(0:59) Monthly Recurring Revenue
(1:29) What Master Resell Rights Is
(1:57) Who Sees Success With This Offer
(3:27) Why This Bugs Me
(3:41) The Next Wave of MLM’s
(4:20) Sell Your Thing
(5:16) Previous Helpful Episodes
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0:00.0 | Do I want to create a service, a health and fitness service that I could charge $3,000, |
0:05.8 | $4,000 for because my offer is so valuable? Or do I want to try to jump on this trendy |
0:11.2 | MRI, MRR, 100% profit, sell something that I've never even done myself, something that I |
0:18.1 | didn't create, something that I don't really believe in all that much. And really what you're doing is you're selling the hope and dream that other people can |
0:23.1 | make money doing it. Which of those do I think I'm going to have more conviction behind? |
0:29.0 | Hey, what's up guys? All right. So I was thinking today, I'm like, you know, I want to record a |
0:34.9 | podcast, what I want to talk about. And then I'm like, ha, ha, ha, ha. I've wanted to rant on this so many times. And so many times I've pulled out |
0:42.5 | my Instagram story and I've thought, like, today's the day I'm going to go in. And I'm like, |
0:46.3 | you know what? No, I don't really need a fight with people on the internet today. But this is something I'm extremely passionate about. So if you are not familiar with the MRR craze, |
0:56.6 | what it stands for is master resell rights, which at first I thought people were talking about |
1:01.1 | monthly recurring revenue. And I'm like, oh, awesome. You know, people are making a bunch of money |
1:04.5 | through monthly recurring revenue, which is like a great way to have a really sustainable |
1:08.9 | business. And in our world, monthly recurring revenue, |
1:12.6 | really means like a really stable fitness business. And it means that you're getting your |
1:16.3 | clients results. So they're staying with you for a long time. Like something we go for. But |
1:19.4 | MRR in this case does not mean that. It means master resell rights. So if you're |
1:23.7 | unfamiliar, essentially what master resale rights means is that you can buy something |
1:29.1 | on the internet, usually like a 14 page PDF or something that teaches people about growing |
1:35.2 | a social media audience. Usually that's the one. It teaches people about marketing online. |
1:40.0 | And then your business is to resell this 14 page document about marketing online, usually. |
1:47.0 | And so here's my problem with this. Let's start here. Let's start with who actually see success with this model. Okay, so people who actually see success with this model. There are people who already have sales and marketing skills, usually. They've already started businesses before. They've already sold things, |
2:04.2 | skills, things. They usually have also already implemented the stuff in that 14 page |
... |
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