Shownotes
Are you struggling to grow your online coaching business and manage your finances effectively? I've been there, and I know how overwhelming it can feel.
In this episode of the Wealthy Wealthy podcast, Krisstina Wise sits down with Matt Shriver, a successful entrepreneur and marketing expert who has built a seven-figure business in just a few years. Matt shares his journey from struggling coach to thriving business owner, offering invaluable insights on financial management, marketing strategies, and team building.
The main focus of this conversation is the importance of understanding your numbers, both in business and personal finance. Matt discusses how learning to read and interpret financial statements transformed his business decisions and led to significant growth. He emphasizes the power of tracking key performance indicators (KPIs) and using data to drive marketing and operational choices.
Additionally, Matt dives into effective Instagram marketing techniques, the value of paid advertising for coaches, and the technology stack he uses to run his business efficiently. He also shares his approach to team management and leadership in a remote work environment.
If you're a coach or online entrepreneur looking to scale your business and improve your financial literacy, this episode is packed with actionable advice and real-world examples. Don't miss out on Matt's hard-earned wisdom – click play now and start your journey towards business success and financial freedom.
Upcoming Workshop
If want even more information and personal instruction on how to turn your hard work into financial security and freedom, register for my FREE Wealth Mastery 1/2 Day Workshop using this link: challenge.wisemoneymethod.com
Key Takeaways
6:30 Understanding P&L
12:54 Personal Money Management
19:48 Expense Management
26:32 Business Growth Strategies
33:02 Business Transformation
39:32 Marketing and Leadership
45:26 Instagram Strategy
52:41 Money Management Course
57:03 Myth Busting in Business
Memorable Quotes
"When I first reached out to you, I had just been fortunate enough to be exiting a business and I didn't know anything about money at the time. I was like, 'I don't know what to do with this.'"
"I started to separate our expenses based on sales contract labor, marketing contract labor, fulfillment contract labor. So I can see them all on a P&L and I can see how much of the top line is going to which department and how they're performing."
"If you want to make money on Instagram, I can help you. What I have a lot of people do is really pick a couple topics that they feel really confident in and just continue to provide value in those areas."
"Until you understand your household stuff and your personal finances, it doesn't matter how much money you make. Because I went through your course and was like, 'Wow, my business needs to make four times the amount of money so that I can pay myself X so that I can hit my financial goals.'"
"The myth is that once you have some cash, you know, you've got five or ten clients, it's okay to start advertising. Because spending money on ads is the fastest way for you to test your message to see if it actually resonates."
Resources Mentioned
Matt's FREE 20-minute training: How to sign 10 clients a month - https://mattshiver.com/freetraining
GoHighLevel - A CRM and marketing platform - https://www.gohighlevel.com/
Later - Social media scheduling tool - https://later.com/
Connect with Krisstina
Website - https://wealthywellthy.life/
Instagram - https://www.instagram.com/krisstinawise
YouTube - https://www.youtube.com/@krisstinawise
Krisstina's Book, Falling For Money - https://www.amazon.com/dp/0692560904/
🎙️
Podcast Production & Marketing by FullCast
Transcripts
SA Matt Shiver, welcome to the Wealthy Wealthy
Krisstina Wise:podcast.
Matt Shriver:Thank you for having me. I'm excited. You've done
Matt Shriver:so much for me. So it's cool to be on here and be
Matt Shriver:part of this.
Krisstina Wise:I'm really thrilled for today's conversation. And
Krisstina Wise:we've known each other now maybe a handful of
Krisstina Wise:years. Has it been that long?
Matt Shriver:It's probably been definitely going, I want to
Matt Shriver:say maybe three years or so. I think I reached
Matt Shriver:out to you. I think it's been at least three
Matt Shriver:years. Yeah.
Krisstina Wise:Yeah. So what I love about that is. Yeah, you
Krisstina Wise:know, somewhere, three, four years. And when we
Krisstina Wise:first started talking, you were more or less just
Krisstina Wise:starting your business. You're just making, you
Krisstina Wise:know, maybe a few thousand dollars a month
Krisstina Wise:hustling, doing all the things, trying to create
Krisstina Wise:some money, build some money. Not sure, very
Krisstina Wise:motivated, very disciplined and driven, but
Krisstina Wise:things weren't kind of working financially. So
Krisstina Wise:now skip ahead three or four years later and you
Krisstina Wise:have a seven figure business and running a great
Krisstina Wise:team and, and I know you're a lot of your numbers
Krisstina Wise:and building wealth and fully on track for
Krisstina Wise:financial freedom. And I just love your story
Krisstina Wise:because I think you're such an example of what
Krisstina Wise:can be accomplished in a short period of time
Krisstina Wise:when you get some coaching, study, apply the
Krisstina Wise:principles, work hard and, and do this
Krisstina Wise:entrepreneurial thing. So tell us a little story
Krisstina Wise:first. Matt, just with some background. Tell us
Krisstina Wise:about Matt.
Matt Shriver:Yeah, great. When I first reached out to you, I
Matt Shriver:remember because I, I had, I was very fortunate
Matt Shriver:when I first started my. We'll kind of jump in,
Matt Shriver:I'm going to kind of jump in the middle of the
Matt Shriver:story and then we'll go back. But when I first
Matt Shriver:reached out to you, I had just been fortunate
Matt Shriver:enough to, to be exiting a business and I didn't
Matt Shriver:know anything about money at the time. So I was
Matt Shriver:like, it was a, Whenever you go through like an
Matt Shriver:exit or a sell of a business, whether it's a full
Matt Shriver:or even a minority share sell, you kind of like
Matt Shriver:get a mba. You just, you just get it from like
Matt Shriver:experience, you know what I mean? So I learned so
Matt Shriver:much during that time and I remember coming to
Matt Shriver:you, I was like, I don't know what to do with
Matt Shriver:this. Like, I'm about to get, you know, a decent,
Matt Shriver:a dec. Choke a change. What do I do with this?
Matt Shriver:And you know, I was trying to look to come to you
Matt Shriver:for investing advice, but I didn't know how to
Matt Shriver:even manage money personally. I didn't really
Matt Shriver:know what I mean, I knew what money was, but I
Matt Shriver:Didn't know, I didn't know what to do with it.
Matt Shriver:You know, I was like, yeah, I make it, I spend
Matt Shriver:it, but then I don't know where it goes. So it
Matt Shriver:was really cool. I'm excited to chat more about
Matt Shriver:that like money now and how I use it. It's so
Matt Shriver:cool. But yeah, so that was kind of where we
Matt Shriver:first started, started. But for me in my journey,
Matt Shriver:I, I'm actually a physical therapist and I
Matt Shriver:graduated PT School in 2019 and I realized while
Matt Shriver:I was in school I was like, I don't want a
Matt Shriver:traditional like 9 to 5 job. So I started doing
Matt Shriver:some coaching while I was in PT school, coaching
Matt Shriver:people online, doing like programming workouts,
Matt Shriver:nutrition advice, just holding people accountable
Matt Shriver:and doing all that. And by the time I graduated
Matt Shriver:PT school, I was making a couple grand a month,
Matt Shriver:you know, just, just doing that. It was covering
Matt Shriver:rent and you know, groceries. And then I
Matt Shriver:graduated PT school, started getting into more
Matt Shriver:entrepreneurship. I was like, whoa, this is so
Matt Shriver:cool. Sales marketing, like I just like fell in
Matt Shriver:love with it and pretty, pretty much right, right
Matt Shriver:from there I, I, I only work as a practicing PT
Matt Shriver:for like a year, year and a half and then
Matt Shriver:transition fully into online and like my skill
Matt Shriver:set and I guess I don't say skill set, it's just
Matt Shriver:what drives me and excites me is, is marketing
Matt Shriver:and systems and stuff like that. So I built a low
Matt Shriver:ticket company when I exited there and built that
Matt Shriver:in two years to a really nice healthy subscriber
Matt Shriver:base. Exited that company because it had equity
Matt Shriver:value, because it or enterprise value equity
Matt Shriver:because we had monthly recurring revenue built
Matt Shriver:into it. There wasn't really a true face to the
Matt Shriver:brand. Worked out really nice and then exited
Matt Shriver:that and then started doing more coaching
Matt Shriver:consulting around marketing systems like the
Matt Shriver:stuff that I was doing for, for that business and
Matt Shriver:just, I mean definitely in a different way. But
Matt Shriver:yeah, it was just like I got excited by it, I
Matt Shriver:wanted to learn about it, I want to tell people
Matt Shriver:about it. So started doing that and that's when
Matt Shriver:we crossed our paths and was just kind of in the
Matt Shriver:infancy stage of coaching consulting. And I did
Matt Shriver:it for like maybe a year, year and a half. It was
Matt Shriver:just a lot of one on one work, even some done for
Matt Shriver:you work and then slowly transition into having a
Matt Shriver:more productized offer which allows me to build
Matt Shriver:systems and a team around. And yeah, that was
Matt Shriver:probably 2021. Now we're at 2024 and it doesn't
Matt Shriver:run itself yet, but there's a lot of systems. We
Matt Shriver:have three people in the sales department, we've
Matt Shriver:got four people in the coaching department. And
Matt Shriver:it's been a really, really fun journey building
Matt Shriver:this thing, um, too. So that's currently what I'm
Matt Shriver:working on. And I like looking at P. L's.
Krisstina Wise:That's what I love about you. That's right. So
Krisstina Wise:before you and I met, had you ever really looked
Krisstina Wise:at a P and L? Were you tracking your money? What
Krisstina Wise:was your money mindset? What was the. The mat and
Krisstina Wise:money mat and business money piece pre Christine
Krisstina Wise:and Matt meeting?
Matt Shriver:Yeah, I didn't know what I mean, I looked even
Matt Shriver:when I was going through the exit, I didn't
Matt Shriver:really know, like, I know how it worked. My
Matt Shriver:accountants, they out this thing. I was like,
Matt Shriver:your net income. I'm like, what does that mean?
Matt Shriver:To be honest, I mean, we were tracking revenue,
Matt Shriver:we were tracking profit, but not in the sense of
Matt Shriver:like P and L. It was kind of like very loose,
Matt Shriver:like profit was whatever. We was just like the
Matt Shriver:traditional sense of like, you know, this is how
Matt Shriver:much money we brought in, this is the expenses.
Matt Shriver:But it didn't take into consideration, like, you
Matt Shriver:know, what we paid ourself as W2, like all the
Matt Shriver:other things that also impacts, like, what your
Matt Shriver:net income is. No, I had a very loose
Matt Shriver:understanding. I thought I knew a lot more than I
Matt Shriver:did. And before money mindset, coming back to
Matt Shriver:that, I worked with Mike Bledsoe. He was the one
Matt Shriver:who introduced us. Great guy. And he really
Matt Shriver:helped a lot with money mindset. Because I came
Matt Shriver:from a family where my mom, my mom in particular
Matt Shriver:had a lot of money that was tied up in the stock
Matt Shriver:market during the crash of 2007, 2008. And we
Matt Shriver:ended up having to sell our house, go into a
Matt Shriver:smaller home, seller cars, get like smaller cars.
Matt Shriver:So the amount of like financial stress that that
Matt Shriver:was just associated with money was like,
Matt Shriver:associated my mom and her going through this,
Matt Shriver:like, because. Because part of that too is like
Matt Shriver:her identity of having, you know, the million
Matt Shriver:dollar house, having the nice. Like she'd have a.
Matt Shriver:A car and then she'd have like a BMW or a
Matt Shriver:Porsche, like sportier car. But she had to get
Matt Shriver:rid of all those things. So, like, her identity
Matt Shriver:changed and seeing that change real time impacted
Matt Shriver:me and my relationship with money to where I
Matt Shriver:always felt like I had to be more scarce and I
Matt Shriver:had to hold on to things or like, there was
Matt Shriver:always worry that was attached to money of like,
Matt Shriver:it could go away. So, like mom's story and then
Matt Shriver:dad's story. When I was in grad school, he
Matt Shriver:Actually had a. He got his business, got sued,
Matt Shriver:which was a whole mess, but he ended up having to
Matt Shriver:go foreclosure under his house too. So there was
Matt Shriver:always this, like, there's never enough, like, oh
Matt Shriver:my gosh, it could be taken from you like this,
Matt Shriver:and it's out of your control. So, yeah, that was
Matt Shriver:kind of like. But Mike helped a lot with those
Matt Shriver:stories. So, like, when I came to you, I felt a
Matt Shriver:lot more free from those stories. And I was
Matt Shriver:probably. I was spending a lot more money. Like,
Matt Shriver:I think before I worked with Mike, it was like I
Matt Shriver:held on to everything or didn't reinvest
Matt Shriver:anything, just held onto it, was scared of it.
Matt Shriver:Then I worked with Mike and I was like, yeah,
Matt Shriver:money. It was just like I was spending a lot,
Matt Shriver:which was helpful for a time. And then when I
Matt Shriver:came to you, you kind of helped me correct and
Matt Shriver:balance of learning how to not just save money,
Matt Shriver:but learn how to like, put it in different
Matt Shriver:vehicles and understand that it's not just. Just
Matt Shriver:how to use it. I guess the best way to put it,
Matt Shriver:like, of course I saved it. I still spend. I
Matt Shriver:spend it. I'm very. I love spending money, but
Matt Shriver:you kind of gave me more of a strategy on what to
Matt Shriver:do with it, you know.
Krisstina Wise:Awesome. And I'm going to jump around a little
Krisstina Wise:bit, just kind of money and personal money and
Krisstina Wise:then kind of money and business. So we'll. We'll
Krisstina Wise:move from one to the other. But what changed for
Krisstina Wise:you personally when you really started to maybe
Krisstina Wise:like, to use your word, balance, like, yeah, I
Krisstina Wise:need to spend and I need to save, and I've got a
Krisstina Wise:model for that now. And I've worked on my
Krisstina Wise:mindset. So what shifted? Like, what were the
Krisstina Wise:results? And that came from some of your mindset
Krisstina Wise:and what I just call many skill set changes.
Matt Shriver:Yeah, the first, the first mistake that I
Matt Shriver:realized I was making when I started working with
Matt Shriver:you was that I was running everything through the
Matt Shriver:business because I didn't know. And so, you know,
Matt Shriver:not everything. Like, I paid my rent, you know, I
Matt Shriver:did, I did that stuff. But any expense I could
Matt Shriver:possibly make to the business, I would. And I
Matt Shriver:wouldn't pay myself very well because I thought I
Matt Shriver:wasn't supposed to pay myself. I thought, yeah,
Matt Shriver:that the perk of being a business owner is you
Matt Shriver:have low taxes. So, like, once I went through
Matt Shriver:your course, I realized, I looked at my numbers
Matt Shriver:and I was like, wow, I'm only paying myself like
Matt Shriver:2 or 3 grand. Even though the business is making
Matt Shriver:10 to 20 grand. I'm not paying myself any of that
Matt Shriver:money. And you had us go through an exercise
Matt Shriver:where it was like, how much money do you need to
Matt Shriver:make? How much money do you need to take home and
Matt Shriver:invest every month to hit your goal? And I
Matt Shriver:realized I was like, oh my gosh, I'm paying
Matt Shriver:myself nothing. And I need to move money from the
Matt Shriver:business to my personal. And it has to be a lot
Matt Shriver:more for me to hit these financial goals. So when
Matt Shriver:I went through your program, I started just
Matt Shriver:changing how I was spending or where money was
Matt Shriver:being spent from. And I'll tell you, like, if you
Matt Shriver:use your personal credit card or and swipe it, it
Matt Shriver:feels different than when you swipe your business
Matt Shriver:credit card. So I, I started to just to like, you
Matt Shriver:know, look at it and be like, all right, if this
Matt Shriver:was a personal expense, would I make this? If the
Matt Shriver:answer was no, I wouldn't. And doing that, plus
Matt Shriver:just kind of organizing things better. I think
Matt Shriver:over that time period of working together, I
Matt Shriver:shifted things from paying myself like two or
Matt Shriver:three grand a month to by the time I was over at
Matt Shriver:maybe the six months after was I was paying
Matt Shriver:myself $10,000 a month in profit in take home.
Matt Shriver:Then when I had all that, I was like, oh, wow,
Matt Shriver:now I can put this into an hsa. This can go over
Matt Shriver:here. You know, this can go off to pay off debts.
Matt Shriver:And I just had a much better process. So, like,
Matt Shriver:fast forward from there. Like a year later, I was
Matt Shriver:able to pay off all of my student loans. I paid
Matt Shriver:off my. My car payments too. I just like, paid
Matt Shriver:off anything that I. I owed. And I feel so much
Matt Shriver:more free now. But I. I would never have done
Matt Shriver:that if I never adjusted how I paid myself and
Matt Shriver:how I viewed my personal money.
Krisstina Wise:Right on. And then now you love profit and losses
Krisstina Wise:and you've shared a lot of your numbers with me,
Krisstina Wise:and I'm just so impressed with how well organized
Krisstina Wise:it is. And you just, you really know your
Krisstina Wise:numbers. And tell me the difference between
Krisstina Wise:before really not knowing what this profit and
Krisstina Wise:loss was, you know, both business and personal.
Krisstina Wise:And now you really use these as tools. Were you
Krisstina Wise:afraid of them before? Just didn't know. But
Krisstina Wise:again, what. Learning the power of these
Krisstina Wise:financial statements as tools, how has that
Krisstina Wise:shifted things for you?
Matt Shriver:Oh, yeah, it shifted a lot because I used to be
Matt Shriver:so focused on just marketing dollars in dollars
Matt Shriver:out, dollars in dollars out. And like, that was
Matt Shriver:just the return on investment. That was kind of
Matt Shriver:all I looked at, but it didn't really help me
Matt Shriver:assess the full health of a business. Or even,
Matt Shriver:like, if you say your household's a business,
Matt Shriver:right? It's like the financial status of that
Matt Shriver:too. Because, like, I run P Ls for both my
Matt Shriver:household as well as the business. But it really
Matt Shriver:allows me to look like. I go out of consult this
Matt Shriver:afternoon. And even though it's a marketing
Matt Shriver:consult, I was like, can you send me your P L
Matt Shriver:too? Because then I can assess and just look at
Matt Shriver:it and be like, marketing is not your issue. You
Matt Shriver:know, because it's easy for a marketer to say
Matt Shriver:that marketing is your issue. But then when you
Matt Shriver:see this, you're like, what is this? Like, you're
Matt Shriver:super profitable. Like, you don't need actually
Matt Shriver:to market right now. You know what I mean? So
Matt Shriver:it's. It's given me a whole different perspective
Matt Shriver:of not just kind of like, you know, a hammer, a
Matt Shriver:carpenter, or like a hammer person. They see a
Matt Shriver:nail, they, like, want to hammer it, right? This
Matt Shriver:kind of like, allows me to see, I guess not nail,
Matt Shriver:but see a hole. And then I'm like, oh, I could
Matt Shriver:use a screwdriver for this, or I could use cement
Matt Shriver:for this or some sort of putty, right? Like, it
Matt Shriver:gives me more tools and more awareness that it
Matt Shriver:might just not be that problem. Right. So.
Krisstina Wise:And is it something that's fairly easy? Like, I.
Krisstina Wise:I've noticed a lot of people are afraid of
Krisstina Wise:QuickBooks or P L or think it's this difficult
Krisstina Wise:thing to understand or interpret, and so just
Krisstina Wise:leave it for somebody else to do. Once you took
Krisstina Wise:ownership of that, is it difficult? Was it
Krisstina Wise:difficult?
Matt Shriver:It's not for me. I. I mean, I. You know, my
Matt Shriver:girlfriend Claire, she's. Numbers are not her
Matt Shriver:thing, and it. It's very overwhelming to her to
Matt Shriver:look at it. But I think for. For. If you're a
Matt Shriver:business owner and you want to have a team and.
Matt Shriver:And they really have a team, like, I think it's
Matt Shriver:important. If you're just doing a solo
Matt Shriver:entrepreneurial thing, freelancing, you don't
Matt Shriver:need to know it that much because you're taking
Matt Shriver:most of the profit home. But, like, as you start
Matt Shriver:to hire people and your profit margin begins to
Matt Shriver:get smaller because you're paying more people to
Matt Shriver:do a lot of the work for you. You gotta know it.
Matt Shriver:So, like, it's a lot easier, but it definitely
Matt Shriver:takes time, right? It's just like a skill, like
Matt Shriver:riding a bike. Like, it took me probably a good
Matt Shriver:year of just, like, looking at it every week and
Matt Shriver:just like, categorizing things and looking at it.
Matt Shriver:Not really know what I was looking at. I was just
Matt Shriver:like plugging the numbers in and just built a
Matt Shriver:habit around it. And then after doing that for a
Matt Shriver:year, I started to get it. But it's not, I think
Matt Shriver:it's like you could easily look at it and be
Matt Shriver:like, oh, I get it. Like, you know, the
Matt Shriver:percentages are, are off. Here's where I can cut
Matt Shriver:expenses. But it does, it did take me like a full
Matt Shriver:six to 12 months to really get it. So I don't
Matt Shriver:think it's hard, but I think there's some people
Matt Shriver:who it comes easier to than others. And like, for
Matt Shriver:me, I've always love math, like growing up, and
Matt Shriver:to me it all makes sense. It helps me just get a
Matt Shriver:clear picture of what's going on because I also
Matt Shriver:use like, numbers and spreadsheets to organize
Matt Shriver:how I view the world.
Krisstina Wise:Yeah, that's one thing that I really appreciate
Krisstina Wise:about you and I believe, you know, it's a big
Krisstina Wise:part of your success today is because you really
Krisstina Wise:have taken the time to learn the certain metrics
Krisstina Wise:and numbers and KPIs and tracking them. And as we
Krisstina Wise:grow our business, that's an important piece, is
Krisstina Wise:the numbers and the metrics are something that we
Krisstina Wise:have to get really comfortable with.
Matt Shriver:Yeah. Oh, for sure. I, I don't know how people
Matt Shriver:fly without like, you know, without it, because
Matt Shriver:it's like flying without a navigation system. You
Matt Shriver:know, I don't know how you do it.
Krisstina Wise:So what is, what is your let's talk about your
Krisstina Wise:money routine? Like, so how do you go about your
Krisstina Wise:money? How are you viewing it? What are you doing
Krisstina Wise:with it?
Matt Shriver:Yeah, so typically I, my, my routine starts with
Matt Shriver:I, I look at it every, every weekend. Typically
Matt Shriver:it's Sundays. Some days I'm traveling, I'll do it
Matt Shriver:on a Saturday. But that's where I, I've got, I've
Matt Shriver:got. I use QuickBooks for my personal. My
Matt Shriver:business is starting to change. I actually, I
Matt Shriver:did, I did my bookkeeping for my business for
Matt Shriver:about a year. Like, as I was learning it, it was
Matt Shriver:super helpful, but I didn't know what I was doing
Matt Shriver:with the balance sheets and it got really messy.
Matt Shriver:So that's changed a little bit. But, but still
Matt Shriver:business and personal. I still look at everything
Matt Shriver:every single Saturday or Sunday. I'll look at all
Matt Shriver:the expenses that went out, all the income that
Matt Shriver:came in for both household and business, and just
Matt Shriver:be able to kind of spot check and just see what
Matt Shriver:I'm spending on. And also it helps me catch
Matt Shriver:subscriptions or things that I'm not using
Matt Shriver:anymore. And I'll cancel pretty much just like
Matt Shriver:right away. So, yeah, during that time, I'll look
Matt Shriver:at the expenses. If it's personal, I'll
Matt Shriver:categorize it again. Business. We have a
Matt Shriver:bookkeeper now that does a lot of that stuff for
Matt Shriver:us. And based off of. I mean, I typically don't
Matt Shriver:make any changes week to week. I just kind of
Matt Shriver:look at it. And then every single month as a
Matt Shriver:team, like, I do share a lot of my numbers with
Matt Shriver:my team too, because I think it's just. It's
Matt Shriver:just. It's just good because we're all on the
Matt Shriver:same page. A lot of people are paid off of
Matt Shriver:commission, so it's nice to see. So in every
Matt Shriver:single month, you know, I'll do more of a deep
Matt Shriver:dive. Our bookkeeper will give us the P. L for
Matt Shriver:the month with all of our accounts. And then I'll
Matt Shriver:look at my business one too. Look at the P L.
Matt Shriver:Sorry, personal. I'll look at my P and L and just
Matt Shriver:kind of see what came in, what went out. Are
Matt Shriver:there any expenses that. I don't know why they're
Matt Shriver:there so I can get a hold of it really quick. And
Matt Shriver:yeah, it just helps me make decisions and set
Matt Shriver:goals and targets for both business and personal
Matt Shriver:goals for the next month. But typically it's
Matt Shriver:like, that's pretty simple. Yeah. Every Sunday.
Matt Shriver:Look at it. Don't really make any big decisions.
Matt Shriver:Wait till the end of the month. Anything that
Matt Shriver:needs to be addressed, let's do it. Does it mean
Matt Shriver:we need to cut some. Cut some expenses. Great.
Matt Shriver:And then every like, quarter. So that was when we
Matt Shriver:plan the next quarter.
Krisstina Wise:Yeah. Awesome. And what do you think, by virtue
Krisstina Wise:of being in your books regularly, what do you
Krisstina Wise:think it saves you from expenses, that expense
Krisstina Wise:creep. That can happen in business or home again,
Krisstina Wise:subscriptions, Things that maybe you used for one
Krisstina Wise:year, but they auto renew or. I mean, the list
Krisstina Wise:goes on. But two part of question. What do you
Krisstina Wise:think it saves you? And then what do you think it
Krisstina Wise:makes you?
Matt Shriver:Oh, man. Yeah, it depends on the expense because,
Matt Shriver:like, we let go of an advertising agency last
Matt Shriver:month and you know that that was like at least
Matt Shriver:six, six grand a month. But you know, it didn't
Matt Shriver:add. It took away from the bottom line. After,
Matt Shriver:like, looking at the numbers and everything, I
Matt Shriver:was like, this doesn't make sense anymore. Like,
Matt Shriver:I love you guys. You guys are so fun. But when I
Matt Shriver:was running them, we were doing better. And our,
Matt Shriver:Our. Our top line and bottom line was better. I
Matt Shriver:don't want to keep paying this expense Even
Matt Shriver:though it. So, so that one saved us six grand a
Matt Shriver:month. And that would be a lot added up over, you
Matt Shriver:know, if I didn't stop it after. I think it was
Matt Shriver:like a three or four month, Three or four months
Matt Shriver:in, I was like, this isn't, this is making things
Matt Shriver:worse. We're tighter. We got to make changes. So
Matt Shriver:it was like that, that's, that's a lot. But then
Matt Shriver:the small, the small stuff, like the small
Matt Shriver:subscriptions, easily, easily saving just on the
Matt Shriver:personal side, you know, 100, 200 bucks a month
Matt Shriver:for those small things that you don't realize
Matt Shriver:that are even there. So add that up. That's
Matt Shriver:probably at least. Personal side, probably at
Matt Shriver:least a thousand, $2,000 a year. We're saving
Matt Shriver:business. That's a lot because, because there's
Matt Shriver:also so many softwares and subscriptions. It's
Matt Shriver:like active campaign zapier. Go high level. Like,
Matt Shriver:our tech expenses are probably two to three grand
Matt Shriver:a month. So it's like if, and if one
Matt Shriver:subscription's 200 bucks, like if I'm not using
Matt Shriver:it, that just, just creeps up, you know. So I say
Matt Shriver:definitely like 1 to 2k impersonal, but probably
Matt Shriver:close to like 3 to 5k. With tech in business and
Matt Shriver:then contractor labor, stuff like that, that's
Matt Shriver:tens of thousands of dollars just by watching the.
Krisstina Wise:Numbers and then just using your books and your
Krisstina Wise:numbers and forecasting and helping you make
Krisstina Wise:decisions. Some examples you've given. Do you
Krisstina Wise:believe that like, being in your books helps you
Krisstina Wise:not just save the money like we're talking about,
Krisstina Wise:because you're keeping on things and, and, but
Krisstina Wise:how do you use knowing your money to make more
Krisstina Wise:money as opposed to just working hard and not
Krisstina Wise:ever being in the books?
Matt Shriver:Yeah, good question. I mean, when it comes to one
Matt Shriver:of the things that I'll talk business and I'll
Matt Shriver:kind of talk personal, but like one of the things
Matt Shriver:we're doing for business is like I, I started to
Matt Shriver:separate our expenses based off of like, not just
Matt Shriver:have. I used to have just contract labor. And I
Matt Shriver:started to break it down to like sales, contract
Matt Shriver:labor, marketing contract labor, fulfillment
Matt Shriver:contract labor. So I can see them all on a P and
Matt Shriver:L and I can see how much of the top line on is
Matt Shriver:going to which department and how they're
Matt Shriver:performing. So like right now I took away from
Matt Shriver:marketing. Like I, I was spending a lot on
Matt Shriver:marketing. It wasn't working out. I took away a
Matt Shriver:lot from it. But now my time is increasing,
Matt Shriver:right? So like, I have to devote a lot more time
Matt Shriver:to Marketing, where if I did spend more money in
Matt Shriver:marketing, like as a contractor or employee
Matt Shriver:department, I could essentially replace myself
Matt Shriver:and get more time to work on other management
Matt Shriver:stuff. Because when I did make that change, I
Matt Shriver:stepped into doing a lot more work. Right. So
Matt Shriver:because the money essentially would work for me
Matt Shriver:if I hired someone who could be better than me
Matt Shriver:and replace me. But using the P and L, I can kind
Matt Shriver:of see how much money I'm investing into the
Matt Shriver:business and in what departments. And I can also
Matt Shriver:see there's also like, we have KPIs associated
Matt Shriver:with those, like, okay, I'm paying the sales
Matt Shriver:department this much. This is the average amount
Matt Shriver:of money that the sales department brings in for
Matt Shriver:us, like their closing percentage, et cetera.
Matt Shriver:Fulfillment, same thing. The, this is the
Matt Shriver:average, this is our average renewal rate. So I
Matt Shriver:could also, I could, I haven't done this yet, but
Matt Shriver:I could also see how much money is the
Matt Shriver:fulfillment department directly impacting the
Matt Shriver:business. If like, you know, if 30%'s the average
Matt Shriver:renewal rate, how much above that are we? And
Matt Shriver:then that could help me determine how much money
Matt Shriver:that's generating. And then with marketing, it
Matt Shriver:would be honestly more like it would save me
Matt Shriver:time, but that would absolutely grow the business
Matt Shriver:if I could find someone who's better than me at
Matt Shriver:doing it so that I don't have to do as much of
Matt Shriver:the backend work there. So that's kind of a
Matt Shriver:complex way of answering. You might have had a
Matt Shriver:different way we're going. That's one way. And
Matt Shriver:then also just like having a certain amount of
Matt Shriver:money off the top line to reinvest back into
Matt Shriver:marketing. Not like people, but actually like
Matt Shriver:paid ads. Like I feel comfortable to spend 10 to
Matt Shriver:20% of our top line in marketing. And I know that
Matt Shriver:the money's there to do that because I, I saw how
Matt Shriver:much profit we made last month. Cool. Let's just
Matt Shriver:take a percentage of that, put it back towards
Matt Shriver:marketing for the next month. And as long as I
Matt Shriver:know my customer acquisition cost or my cost per
Matt Shriver:call, I can project. All right, if we spend, you
Matt Shriver:know, $10,000, that should generate, let's say
Matt Shriver:roughly $20,000 in, in month one and for 40 to
Matt Shriver:$50,000 over the lifetime value of a customer.
Matt Shriver:Cool. Let's just keep doing that as long as the
Matt Shriver:KPIs for marketing are in check.
Krisstina Wise:Absolutely. I love that. So I mean, ultimately
Krisstina Wise:it's made you hundreds of thousands and you know,
Krisstina Wise:going on building, you know, just building the
Krisstina Wise:seven, seven figure business. But I, I just love
Krisstina Wise:hearing you share this because to really build a
Krisstina Wise:seven figure business and to have really nice
Krisstina Wise:profit margins where you're, you know, you're
Krisstina Wise:paying yourself really well really does require
Krisstina Wise:that, that we're in the books and looking at the
Krisstina Wise:money. And I know a lot of marketers that they
Krisstina Wise:spend a lot of money on ads and marketing, but
Krisstina Wise:they really don't have the profitability to, and
Krisstina Wise:they just keep throwing more money at ads, trying
Krisstina Wise:to get more sales and not aware that they're
Krisstina Wise:actually taking a net loss on, on many of these
Krisstina Wise:things. So I just love that you're actually, you
Krisstina Wise:know, you're, you're using the books and the
Krisstina Wise:money and the real data that you've often lost to
Krisstina Wise:make your decisions on should we increase ad
Krisstina Wise:spend or should we keep this marketing company or
Krisstina Wise:let them go? And, and that's what business is.
Krisstina Wise:We're constantly making those types of decisions
Krisstina Wise:and our books are a big piece of helping us make
Krisstina Wise:those decisions.
Matt Shriver:Yeah, I would, I, yeah, I could, I probably would
Matt Shriver:have stuck with the agency that we worked with
Matt Shriver:because I had such a deep relationship with them.
Matt Shriver:Like they were friends, but I really like them.
Matt Shriver:But I was just like, I can't keep doing this, you
Matt Shriver:know, because I saw, I started to really
Matt Shriver:calculate our customer acquisition cost and how I
Matt Shriver:do that was like, all right, how many is this
Matt Shriver:super simple math? How many clients did we sign
Matt Shriver:this month? Okay, and now how much money did we
Matt Shriver:spend on all things sales and marketing? Right?
Matt Shriver:So that, that includes the agency, that includes
Matt Shriver:the sales team, that includes the cost. Like our
Matt Shriver:advertising cost, that includes, doesn't include
Matt Shriver:software but like video editing, YouTube, like
Matt Shriver:all those things. And the last two months with
Matt Shriver:this, this agency, like our, our customer
Matt Shriver:acquisition cost was like three to four. Four. I
Matt Shriver:think it's like three to 5,000. Like it was, I
Matt Shriver:don't know exactly what it was there. It was
Matt Shriver:different for every month. But like before that
Matt Shriver:it was closer to, like it was closer to like 2k
Matt Shriver:to 2500. And our lifetime value, it just didn't
Matt Shriver:make a lot of sense. Like the lifetime value at
Matt Shriver:the time was, was low. Like we, we had to adjust
Matt Shriver:our pricing and look at all that. Like, because
Matt Shriver:it just, it didn't make sense. We were selling
Matt Shriver:either a 5 or 6k offer and just off the customer
Matt Shriver:acquisition costs, not, not covering the cost of
Matt Shriver:fulfillment and all the other stuff. I was like,
Matt Shriver:there's no margin here. There's like 10%, 20%
Matt Shriver:margin maybe. But that's like assuming all things
Matt Shriver:go well. You know, people, things happen. People
Matt Shriver:ask for refunds. People, you know, like, things
Matt Shriver:happen. And it's like if I didn't have the, if I
Matt Shriver:didn't have the knowledge to look at this and be
Matt Shriver:like, I don't want to work for a couple hundred
Matt Shriver:dollars for this client if they're going to be so
Matt Shriver:much work for, for us as a, as a team. So that
Matt Shriver:was one thing that was really helpful. And then
Matt Shriver:even just recently, I'm just going off on a range
Matt Shriver:tangent. Serious, but I hope it's good. Just
Matt Shriver:recently, like I was looking at my back end offer
Matt Shriver:because we had a renewal offer and I started to
Matt Shriver:calculate just the margin on the back end offer
Matt Shriver:because it, there's no customer acquisition
Matt Shriver:costs. But, but I just like was calculating,
Matt Shriver:okay, if we paid the coach this much, this is a
Matt Shriver:great renewal rate. But then I looked at the
Matt Shriver:numbers and I was like, wow, just the gross
Matt Shriver:margin alone is like 50%. But also there's all
Matt Shriver:these other expenses. And I was like, man, if we
Matt Shriver:serviced another like in total profit would have
Matt Shriver:been like 100 to 200 bucks a month from this one
Matt Shriver:customer. But if we service a new client, a brand
Matt Shriver:new client, and it was the same labor costs and
Matt Shriver:everything, it would have been at least 500 to
Matt Shriver:600amonth. So I was like, why am I, I'm
Matt Shriver:preferencing resigning new clients. But as a
Matt Shriver:business, we make less money on a recurring
Matt Shriver:client or a renewal client than we would on a
Matt Shriver:brand new client. We, I don't want that. So, so
Matt Shriver:we just. All right, well, we need to double our,
Matt Shriver:our double our renewal prices or essentially just
Matt Shriver:shorten the length of it. So instead of six
Matt Shriver:months, it was three months. So that doubled
Matt Shriver:double the amount of money that was coming in and
Matt Shriver:cut the fulfillment cost in half and then bump
Matt Shriver:the margins back up to a place that I felt, I
Matt Shriver:felt good with, but like it, but I, like, I
Matt Shriver:wouldn't know how to do any of this stuff. I just
Matt Shriver:started just learning and like plugging stuff in
Matt Shriver:spreadsheets, you know, and it, and it just
Matt Shriver:clicked when I saw it on spreadsheets.
Krisstina Wise:It's really, I love that you're sharing all this
Krisstina Wise:and just like you can tell you're really in the
Krisstina Wise:business. And because we would assume if we're
Krisstina Wise:not really looking at the numbers, like, like
Krisstina Wise:common sense tells us like, yeah, I don't have
Krisstina Wise:the acquisition costs, the customer acquisition
Krisstina Wise:costs for this back end offer. And so the profit
Krisstina Wise:margins are probably going to be higher on that
Krisstina Wise:because we're taking out those customer
Krisstina Wise:acquisition costs that tend to be high,
Krisstina Wise:relatively speaking. But then when you put the
Krisstina Wise:numbers in there, like, wait a second, like,
Krisstina Wise:common sense, it seems like, yeah, I. I would
Krisstina Wise:have more of a margin, but I actually don't
Krisstina Wise:because of X, Y and Z. And then, like you said,
Krisstina Wise:you're able to make a good business decision. But
Krisstina Wise:I just love it. Like, the numbers don't lie. They
Krisstina Wise:tell us. They tell us the truth. And, you know,
Krisstina Wise:there's so much truth that we're not seeing by
Krisstina Wise:not looking at the numbers or. I found that, you
Krisstina Wise:know, a lot of entrepreneurs, they just don't
Krisstina Wise:want to know the truth. They don't. They don't
Krisstina Wise:want to see what's really happening and just want
Krisstina Wise:to keep trying to do what they're doing to make
Krisstina Wise:more money, supposedly.
Matt Shriver:Yeah, that's what I was doing. I was just like,
Matt Shriver:new sales, new sales. And a lot of this changed,
Matt Shriver:too, for me. When. When. When I started, when our
Matt Shriver:customer acquisition costs started to go up, when
Matt Shriver:all of a sudden, like, we were used to spending.
Matt Shriver:When I see customer, like, just from ads, like,
Matt Shriver:it used to cost us a thousand dollars to get a
Matt Shriver:client, well, it got a lot more competitive in
Matt Shriver:the past year. Way more people are advertising.
Matt Shriver:So now our customer acquisition cost doubled. And
Matt Shriver:I was like, well, something's got to give here.
Matt Shriver:Like, either I have to become a way better
Matt Shriver:marketer, or how do I generate more revenue off
Matt Shriver:of our existing client base? Or how do I have a
Matt Shriver:higher lifetime? Essentially, same thing. How do
Matt Shriver:I have a higher lifetime value? And then that
Matt Shriver:helped me just go into the business and figure
Matt Shriver:out what else can I do? Because it's not all
Matt Shriver:about cheaper customer acquisition costs, which I
Matt Shriver:think is easy as a marketer, like, oh, yeah, you
Matt Shriver:just need better ads, better funnels. But that's
Matt Shriver:not always going to work, especially if the
Matt Shriver:market becomes more and more saturated and more
Matt Shriver:and more competitive. Acquisition cost is
Matt Shriver:probably just going to keep increasing. Unless
Matt Shriver:you have a crazy offer, but then you have to
Matt Shriver:deliver on a crazy offer, you know, so it's like.
Krisstina Wise:Yeah, all right, let's. Let's jump a little bit.
Krisstina Wise:And I don't know, just talking business. You
Krisstina Wise:know, I think when you first started this
Krisstina Wise:business, if I remember some of the stories
Krisstina Wise:correctly, you're doing a little bit of
Krisstina Wise:everything, you know, just. Just kind of jack of
Krisstina Wise:all trades, trying to grow this business hustle.
Krisstina Wise:And then all of a sudden, you just decided, like,
Krisstina Wise:I'm going to get rid of 90% of all these things
Krisstina Wise:and go all in on just kind of this one thing. And
Krisstina Wise:what was it when your business really started
Krisstina Wise:changing and going from maybe 10 or $20,000 a
Krisstina Wise:month to a hundred thousand dollars a month? What
Krisstina Wise:was the change in you, the shift in you, and the
Krisstina Wise:shift in what you were doing in the business that
Krisstina Wise:caused kind of this quantum leap?
Matt Shriver:Yeah, I mean, it was definitely starting to run
Matt Shriver:ads. I mean, I'm very organized. Like, you
Matt Shriver:probably all can guess just by me talking, but
Matt Shriver:I'm very organized and I love systems. So I. When
Matt Shriver:I built this, this offer we currently have it, it
Matt Shriver:was pretty well put together already. Like, all,
Matt Shriver:all the, the fulfillment, like, what happens, the
Matt Shriver:client journey, all that was pretty much dialed
Matt Shriver:in. So all I really just needed to do is just to
Matt Shriver:get more traffic and, yeah, more traffic. So I
Matt Shriver:started ads, and pretty soon after, within like
Matt Shriver:three to four months, we went from 20, 30k a
Matt Shriver:month to 80k a month, pretty fast. And it didn't
Matt Shriver:create any more like, operational drag or like,
Matt Shriver:the demand of, like, I have to change something.
Matt Shriver:So I, I was able to. To keep doing that, and I
Matt Shriver:could just make slow hires as I needed it. So it
Matt Shriver:wasn't like, you know, overnight the whole
Matt Shriver:business model had to shift. It was more like,
Matt Shriver:okay, cool, we've got, you know, I'm capped out.
Matt Shriver:I can't take on any more people. Let me hire a
Matt Shriver:coach who can provide the same level of service
Matt Shriver:and handle another 50 clients. And then we got
Matt Shriver:close to filling her up. Cool, we'll tire another
Matt Shriver:one. And then we did again and just keep. Kept
Matt Shriver:that pattern repeating. And I got rid of myself
Matt Shriver:doing sales because the demand increased too,
Matt Shriver:with the, the ads as well. So it was just like
Matt Shriver:building a process around what I was already
Matt Shriver:doing, but then just. Just teaching other people,
Matt Shriver:like, how to, how to do that role for me. Right.
Matt Shriver:So, yeah, the, the shift was really just like
Matt Shriver:being comfortable spending money on ads. Knowing
Matt Shriver:my numbers so allowed me to do that. And then
Matt Shriver:slowly, just like teaching other people and
Matt Shriver:trusting that they can do it, you know, trusting
Matt Shriver:that, hey, they're gonna mess up too, and that's
Matt Shriver:cool. But, like, we gotta give them some reps and
Matt Shriver:then train them over time so they feel more
Matt Shriver:comfortable with it.
Krisstina Wise:And is your team remote?
Matt Shriver:Yeah, everybody's remote. Three out of three out
Matt Shriver:of the four coaches are in Bend, Oregon. Like,
Matt Shriver:two of them are actually roommates, so it's like,
Matt Shriver:perfect. So there's kind of like a little hub in
Matt Shriver:Bend. And then I've got one guy who's totally
Matt Shriver:international. I think he's in Columbia right
Matt Shriver:now, and he's just traveling. He was in Peru not
Matt Shriver:too long ago. He just travels. And then I've got
Matt Shriver:some of the sales teams more on the east coast.
Matt Shriver:But yeah, everybody's kind of about.
Krisstina Wise:And then how do you, how do you lead and manage
Krisstina Wise:just to, you know, to run this business? How much
Krisstina Wise:time does it take to, to lead the teams, train
Krisstina Wise:the teams? I know a lot of entrepreneurs are
Krisstina Wise:afraid to start hiring and, and leveraging
Krisstina Wise:themselves in their business through, you know,
Krisstina Wise:building a team. So did you learn team building?
Krisstina Wise:Did you just like grow into it and how much time
Krisstina Wise:does it take? And yeah. What is, what is your
Krisstina Wise:leadership style?
Matt Shriver:Yeah, I, I love. Oh, we, we have a few things. I
Matt Shriver:love daily standups. That's, that's like, that's
Matt Shriver:a steeple for us for sure. Just because we are
Matt Shriver:remote, it's hard. I've been part of teams where
Matt Shriver:you're just, you're doing your thing. Everyone's
Matt Shriver:kind of siloed and you maybe meet once a week.
Matt Shriver:And everybody that works for me, not everybody,
Matt Shriver:but most people that work for me, this is their
Matt Shriver:full time thing or like the only thing they do.
Matt Shriver:We've got one, one of the coaches has his own
Matt Shriver:coaching business too. But all the other coaches,
Matt Shriver:the sales department, this is their only, only
Matt Shriver:job. So be still contractors. But it's like I'm
Matt Shriver:the only client they have essentially. And with
Matt Shriver:that, I really love daily standups just so that
Matt Shriver:we can have the company culture. Everybody logs
Matt Shriver:in at the same time. They start their work day
Matt Shriver:together. We always celebrate wins. Hey, what are
Matt Shriver:you grateful for today? Everybody shares
Matt Shriver:something they're grateful for and then, all
Matt Shriver:right, who needs support? And we'll just go
Matt Shriver:around the room and even if they're like
Matt Shriver:sometimes 5 minute calls at max or like 15 minute
Matt Shriver:calls, but we just kind of go around and just
Matt Shriver:like, you know, who needs help? All right, what
Matt Shriver:are you working on today? Cool. Awesome. So we do
Matt Shriver:that for both teams. So the sales team does it
Matt Shriver:every morning at 8:30. Cause our first calls
Matt Shriver:typically start around 9. And then the
Matt Shriver:fulfillment team, again, they're on the east
Matt Shriver:coast most or the west coast. So we'll meet at
:30, 11:30 or 12, which is really like.
:What is that, like 9? No, it's like 10, 10, 10
:ish their time. And same thing. They're getting
:logged in. They're about to take calls with their
:coaching clients and stuff like that. So that's
:like a big part. The daily standups. And on, on
:top of those, we'll meet once a month and do a
:deep dive on the whole business numbers. So it's
:like, hey, this is how much. This is what a
:marketing department did. This is what the sales
:department did. This is what the coaching
:department did last month. Here's what our big
:projects are for this month and we'll do that.
:That's like a pretty much a 30 minute meeting
:just kind of going over the, our scorecard KPIs
:and then we'll do like the leadership team which
:is just like me and kind of my number two and our
:VA executive assistant will meet once a week and
:just talk about the projects that we're working
:on that week that are like more working on the
:business. So to kind of summarize all that like
:the, the meeting rhythms are like really
:important to just like be, to just have staples
:and then daily communication inside Slack. I, I
:answer a lot of messages. Like I, I have started
:to develop like in the coaching department
:because there's four people, there is a head
:coach. So like she leads a lot of the daily
:standups. I, I don't come to the, I only go to
:one standup a week for that. And then the, the
:salesperson, the closer, who's, who's taking most
:of the calls, he leads those morning meetings. I
:come to one a week as well. So I think the
:meeting rhythms are really helpful. But then just
:like I led all those meetings for a long time.
:They started leading meetings. I shadow and
:slowly just like, all right, cool, you got this.
:Yeah, I'm still on it a lot in Slack and still
:like I'm always, still, I'm still needed, you
:know, but like we've got a really good team that
:I trust.
Krisstina Wise:That's right. And then how much, you know,
Krisstina Wise:there's the business. As business owners, we're
Krisstina Wise:taking care of teams and we're taking care of
Krisstina Wise:problems and managing projects and all the stuff
Krisstina Wise:of working. Just being a business owner requires
Krisstina Wise:those operational things that we're doing. So how
Krisstina Wise:much time do you dedicate towards just the
Krisstina Wise:marketing piece of your business right now?
Matt Shriver:A lot. Like I told you, we let go of that agency.
Matt Shriver:So I'm now managing all of our ads and doing our
Matt Shriver:organic content. So I say if I look at my role
Matt Shriver:for the business, it's marketing and then
Matt Shriver:leadership. And I still probably have maybe 10
Matt Shriver:hours a week or so of coaching and fulfillment.
Matt Shriver:So like I have my own clients or I have group
Matt Shriver:calls that clients can come to. So I'd say like
Matt Shriver:10, 10 to 15 hours. Ideally closer to 10 is, is
Matt Shriver:going towards fulfillment marketing does take a
Matt Shriver:decent amount of time. I would say it's going to
Matt Shriver:take anywhere from like an hour to three hours a
Matt Shriver:day. Depends on, you know, what I'm doing. But I
Matt Shriver:typically at least will always do some sort of
Matt Shriver:writing for like the first hour in the morning.
Matt Shriver:And that's where a lot of my content comes from.
Matt Shriver:And then depending on, I'll have people have
Matt Shriver:another hour block. That could be for YouTube,
Matt Shriver:could be for Instagram, could be for ads, could
Matt Shriver:be for emails. But I'd say on typically on a day,
Matt Shriver:I'd say two to three hours a day. Ish. Right now
Matt Shriver:on marketing, but again that's because I don't
Matt Shriver:have as much support there. I've got some VAs who
Matt Shriver:help with like posting and stuff. I've got
Matt Shriver:editors who help with editing. But I'm the idea
Matt Shriver:guy and I'm also the guy who's responsible for
Matt Shriver:increasing budget, decreasing budget, testing new
Matt Shriver:audiences and stuff like that for Facebook. So
Matt Shriver:it's a, it's a decent amount.
Krisstina Wise:Yeah. Well, I just think, you know, marketing is
Krisstina Wise:such a, a big piece of, you know, especially
Krisstina Wise:online businesses like ours, but it, it is a big
Krisstina Wise:piece of it. So I'm just curious that what do you
Krisstina Wise:see? I mean, I know you're working with a lot of
Krisstina Wise:those coaches that are just starting there, their
Krisstina Wise:health coaching careers or they're a little bit
Krisstina Wise:in, but really want to learn how to grow through
Krisstina Wise:working with you. What are you recommending? Like
Krisstina Wise:how much again of their time is designated
Krisstina Wise:marketing? And does it, is it, does it stay 20%?
Krisstina Wise:Start with 20% and stay 20%. Is it going to start
Krisstina Wise:80% and then when you slowly, surely get to
Krisstina Wise:replace yourself, it decreases. But I guess I'm
Krisstina Wise:trying to say how much.
Matt Shriver:Yeah.
Krisstina Wise:Do you know, entrepreneurs need to put on
Krisstina Wise:marketing today? Marketing and ads today in terms
Krisstina Wise:of, of time?
Matt Shriver:Yeah. If you're a smaller business, it's a lot
Matt Shriver:less. It's just, it's just like for us and where
Matt Shriver:we're at, we have so many different channels.
Matt Shriver:Right. We've got YouTube, email, organic on
Matt Shriver:Instagram and paid, paid, paid ads as well. So
Matt Shriver:there's kind of like four buckets that are there.
Matt Shriver:And I've also been doing more on threads and
Matt Shriver:Twitter. So it's like where I'm at now, I, I've
Matt Shriver:got more channels but typically if someone's new
Matt Shriver:and they're starting a business, it's like, just
Matt Shriver:stick to Instagram, don't worry about getting
Matt Shriver:into ads manager, don't Worry about doing emails,
Matt Shriver:don't worry about doing YouTube, don't worry
Matt Shriver:about doing live webinars. Like, all of that can
Matt Shriver:come when you have more revenue and like you're
Matt Shriver:out of the sales department because, like their
Matt Shriver:highest, like, if I'm looking at, if I'm coaching
Matt Shriver:a brand new person, like the first skill they
Matt Shriver:need to acquire and spend more time on is sales.
Matt Shriver:Because sales is where you're going to make
Matt Shriver:revenue so that you can invest it into marketing
Matt Shriver:or you can do whatever and you can get more
Matt Shriver:clients. So like a brand new entrepreneur, a new
Matt Shriver:coach, like, they've got to spend more time doing
Matt Shriver:sales. That could be networking. Whether that's
Matt Shriver:networking the DMs or going, you know, going to
Matt Shriver:events, whatever it may be, but that's going to
Matt Shriver:be where most of their time is spent. It's like,
Matt Shriver:how can I talk to new people? How can I introduce
Matt Shriver:myself to new people? Make sales. And then once
Matt Shriver:you've got enough calls on the calendar and stuff
Matt Shriver:like that, then you can hire somebody who can
Matt Shriver:help with that, help with booking appointments,
Matt Shriver:help with like taking on enrolling people. And
Matt Shriver:then you can step more like kind of what I'm
Matt Shriver:doing into the marketing role. And over time, can
Matt Shriver:you hire some help with marketing to where
Matt Shriver:someone can give you ideas, Someone could run
Matt Shriver:your ads and stuff like that. But the average
Matt Shriver:person kind of come back to your original
Matt Shriver:question. Or a coach, entrepreneur through online
Matt Shriver:business owner. You can, you can do most of it
Matt Shriver:just like batching one day. Like I like doing
Matt Shriver:like a half day if I can batch a half day. And
Matt Shriver:that doesn't mean it may sound like a lot, but I
Matt Shriver:find that works really well to just create the
Matt Shriver:content. And that's typically just for Instagram.
Matt Shriver:So it could be, all right, I'm going to block off
Matt Shriver:a morning or an afternoon. All I'm going to do is
Matt Shriver:I'm going to make five posts, you know, five
Matt Shriver:posts, and you'd make this post then. And then
Matt Shriver:what I'll typically do for most of them is on a
Matt Shriver:weekend, just like block off another hour or two
Matt Shriver:and just schedule all the content for the next
Matt Shriver:week. And that's, that's all, all you need. So
Matt Shriver:it's like an afternoon and an hour good. Or a
Matt Shriver:morning and an hour. And if you're working full
Matt Shriver:time, it could be, hey, Saturday mornings, you
Matt Shriver:know, I'm gonna, I'm gonna create some content.
Matt Shriver:Sunday at noon, I'm gonna schedule it, but you
Matt Shriver:gotta start with a minimal dose. And then as you.
Matt Shriver:Because most of the week, it really, it should be
Matt Shriver:focused on sales. Like I'm gonna have this post
Matt Shriver:scheduled, they're gonna be auto posted. I'm
Matt Shriver:gonna work on reaching out to people, booking
Matt Shriver:connection calls, like networking and just like
Matt Shriver:getting business. And then once you have that and
Matt Shriver:once you start running ads, which you could start
Matt Shriver:sooner than later, but that's not gonna take,
Matt Shriver:that's not going to take more than 30 minutes a
Matt Shriver:day. You should check the accounts. You might
Matt Shriver:check the accounts. Okay, everything's good.
Matt Shriver:Cool. You might need to make an adjustment, but
Matt Shriver:that shouldn't take more than 30 minutes. And you
Matt Shriver:could film the ads and do all that in your
Matt Shriver:content day. So it's not, it shouldn't take that
Matt Shriver:much time. It's just at this stage where we're
Matt Shriver:at, that's just where we have more channels. We
Matt Shriver:want more growth because we also have to sustain
Matt Shriver:and pay for all the people we have. So like,
Matt Shriver:there's that pressure of like, we got to get more
Matt Shriver:calls in the books so that we can continue to
Matt Shriver:operate.
Krisstina Wise:All right, love that. That's great advice, by the
Krisstina Wise:way. And going to Instagram, you're basically an
Krisstina Wise:Instagram expert. I, I know you've gone out to
Krisstina Wise:other channels now, but what's the trick to
Krisstina Wise:Instagram? Like if you're going to give some tips
Krisstina Wise:on getting started or, or how to use this channel
Krisstina Wise:effectively, what are some things that you advise?
Matt Shriver:Yeah, great, great question. I, I'm, I Instagram
Matt Shriver:expert. I'm pretty good at it. But I, I, you
Matt Shriver:know, I think that the key to it, all of it is
Matt Shriver:definitely to create content they get. That's
Matt Shriver:just very valuable. I, I never chase trends. I
Matt Shriver:also don't have stuff that goes viral. Right. So
Matt Shriver:like, I'm not the viral Instagram guy. But if you
Matt Shriver:want to make money on Instagram, I can help you.
Matt Shriver:So what I have a lot of people do is just, is
Matt Shriver:really pick a couple topics that they're feeling
Matt Shriver:really, they feel really confident and just
Matt Shriver:continue to provide value in those areas. And the
Matt Shriver:more in depth you can go, the better because
Matt Shriver:that's what you need to build trust and a
Matt Shriver:relationship, you know, with somebody to help
Matt Shriver:them. You can't necessarily do that with like
Matt Shriver:viral trendy stuff like you can. That might get
Matt Shriver:people in the door, but they do need some sort of
Matt Shriver:like mid form content. And Instagram can be a
Matt Shriver:place for mid form content. Mid form content as
Matt Shriver:an example would be like, I make a ton of
Matt Shriver:carousel posts. That's like mid form content.
Matt Shriver:Like someone could go five Tips or so on a
Matt Shriver:carousel slide that walks through exactly how to
Matt Shriver:do something that's like, dang, that was really
Matt Shriver:valuable versus like, you know, a trendy reel
Matt Shriver:where I'm just like, you know, pointing to things
Matt Shriver:or whatever. So like that mid form content works
Matt Shriver:really well for me. And I'll get, whenever I make
Matt Shriver:my carousel posts, I'll get more saves than I
Matt Shriver:will likes. And that tells me that I'm like going
Matt Shriver:in the right direction. Being like, wow, that was
Matt Shriver:really valuable. I'm gonna save it. So like I
Matt Shriver:might get on a carousel, let's say 80 or 90
Matt Shriver:likes, but I'll get 160 to 180 saves. And I'm
Matt Shriver:like, cool, that's good. That means I'm providing
Matt Shriver:value. Or I'll get like, you know, 20, 30 shares.
Matt Shriver:It's not like, you know, people throwing up their
Matt Shriver:stories but like, hey, this was really cool. So
Matt Shriver:my, my play is typically with Instagram is
Matt Shriver:Instagram is like a nurture platform to build
Matt Shriver:those relationships. And then I use ads to get
Matt Shriver:new eyeballs to it. Right. So it could be ads
Matt Shriver:even to, to the profile so you can get more
Matt Shriver:followers or it could be ads to a lead magnet.
Matt Shriver:And then typically when they consume the lead
Matt Shriver:magnet, they'll follow us for more too. So that's
Matt Shriver:how we use it. And then we're, we're pretty
Matt Shriver:aggressive, I'd say on just like the outreach
Matt Shriver:from it too, because it has that feature, the
Matt Shriver:ability to message new, new leads, like new
Matt Shriver:followers. The ability to message people that are
Matt Shriver:engaging in your content. You can see all your
Matt Shriver:leads where like with YouTube you can't, you
Matt Shriver:don't know who's viewing it, who's, who's liking
Matt Shriver:it. But with Instagram you can. So if you see
Matt Shriver:somebody who's been liking five of your reels,
Matt Shriver:they're also viewing your stories. You can send
Matt Shriver:them a message like, hey, I want to say thanks
Matt Shriver:for the support you're giving us or support
Matt Shriver:you're giving me. I'd love to offer you something
Matt Shriver:of value. Right. It could be a free consult or
Matt Shriver:something like that. And that's where we find the
Matt Shriver:most early wins for entrepreneurs too is just
Matt Shriver:like, because it shows you who likes your stuff,
Matt Shriver:you can reach out to them and it's a very easy
Matt Shriver:way to get your first couple clients.
Krisstina Wise:Yeah. Wow, that's so great. And what type of,
Krisstina Wise:what technology are you using? What's like your
Krisstina Wise:kind of tech stack as far as day to day?
Matt Shriver:Yeah, we use GoHighLevel for almost all Sales and
Matt Shriver:marketing. So like go high levels. It's got CRM
Matt Shriver:in there that does hook up to Instagram. So
Matt Shriver:that's like so key. So someone, you know, someone
Matt Shriver:follows us, we'll use our phone to send a
Matt Shriver:message, a welcome message. If they respond,
Matt Shriver:boom, it populates inside of our CRM as like you
Matt Shriver:know, new response. And then whoever is managing
Matt Shriver:the CRM can actively have a conversation with
Matt Shriver:that lead, see if they need help or see if they
Matt Shriver:are a lead in the first place. And if they are,
Matt Shriver:we can position a call to help or we can send
Matt Shriver:them. A lot of times we'll just send like free
Matt Shriver:YouTube videos but like hey, you know, I think
Matt Shriver:this would help. Boom, go send it. Right? And
Matt Shriver:yeah, so the CRM is huge inside of GoHighLevel.
Matt Shriver:That's why we like it. But it also has like
Matt Shriver:funnel builders. It's got my website on there and
Matt Shriver:what else? That's like the main stuff for that.
Matt Shriver:So we use GOI level for all pretty much sales,
Matt Shriver:marketing and then we use Slack for team
Matt Shriver:communication and then we use school as our
Matt Shriver:fulfillment like platform where or client
Matt Shriver:interface like our clients are talking with us
Matt Shriver:and then we use Airtable as like our, our
Matt Shriver:fulfillment CRM. So like go high level sales
Matt Shriver:marketing CRM. Once they're a part of the the
Matt Shriver:team, we use Airtable to track all of our clients
Matt Shriver:data. So like, like we do marketing sales so like
Matt Shriver:how much revenue they're generating, how many
Matt Shriver:sales calls they're booking their KPIs for ads.
Matt Shriver:Like they upload all of that and we can analyze
Matt Shriver:it every month.
Krisstina Wise:Excellent. And then what about, what do you use
Krisstina Wise:for social media and ad creation?
Matt Shriver:Yeah, I use News later later for, for scheduling
Matt Shriver:posts. You could, you could just schedule it
Matt Shriver:inside of Facebook organically. But I've just
Matt Shriver:used later for, I don't know since 2019. So I'm
Matt Shriver:just accustomed to it. So I use, I use it for
Matt Shriver:scheduling posts and my team can have access to
Matt Shriver:it too. So like I'll film the content or I'll
Matt Shriver:make the content. My team will then you know,
Matt Shriver:edit the content or consolidate it. They'll put
Matt Shriver:it onto later and write like a draft of the
Matt Shriver:captions and then I'll go in there and customize
Matt Shriver:it and make the final. Yep, this is good to go.
Matt Shriver:So I use later for that. I use Canva pretty,
Matt Shriver:pretty much a lot of the time for simple graphics
Matt Shriver:and ads and stuff like that. And then we'll
Matt Shriver:outsource a lot of stuff like video editors. So
Matt Shriver:like I don't edit. I don't edit anything now. But
Matt Shriver:when I started, I used apps like caption or cap
Matt Shriver:cut to like, make the video edits. But at this
Matt Shriver:stage, yeah, we just. We just send it all off.
Krisstina Wise:Dude, this has been great. Thank you so much. And
Krisstina Wise:I mean, I love. I don't do this very often. I
Krisstina Wise:really love getting into the nitty gritty. And
Krisstina Wise:nitty gritty is where the money is. It's really
Krisstina Wise:getting underneath the hood and playing with all
Krisstina Wise:the different parts and then looking at the
Krisstina Wise:dashboard to see what tweaks are working and what
Krisstina Wise:isn't. And you do just such an exceptional job.
Krisstina Wise:So two kind of final questions here to wrap us up
Krisstina Wise:is going back to money management curbs where we
Krisstina Wise:started, which is my 12 week program. What would
Krisstina Wise:you say to anyone that's on the fence? Should I
Krisstina Wise:invest in this course and learn this thing with
Krisstina Wise:Christina? What would you say to them?
Matt Shriver:Yeah, I mean, for sure, I can't. So many people
Matt Shriver:I've told just go do it. Because until you
Matt Shriver:understand your household stuff and your personal
Matt Shriver:finances, it doesn't matter how much money you
Matt Shriver:make. Because I went through yours and was like,
Matt Shriver:wow, my business needs to make four times the
Matt Shriver:amount of money so that I can pay myself X so
Matt Shriver:that I can hit my financial goals. So that was
Matt Shriver:really when I started being like, well, how do I
Matt Shriver:forex? How do I make forex revenue? Oh, I have to
Matt Shriver:productize the offer, you know? So I knew right
Matt Shriver:then and there I was like, I have to make more
Matt Shriver:money. I can't do this freelance thing anymore
Matt Shriver:because it's not going to help me reach my
Matt Shriver:financial goals. So, yeah, anybody, anybody
Matt Shriver:should take this. Whether you're a business owner
Matt Shriver:or a personal, if you want a better understanding
Matt Shriver:of money, of how it works. It's such a such. I.
Matt Shriver:They should teach this stuff. They should have.
Matt Shriver:They should teach us in college. They should
Matt Shriver:teach us in high school. But we're, We're. We. We
Matt Shriver:are thrown in without the paddle. We don't know
Matt Shriver:how. How to. How to navigate. So I think
Matt Shriver:everybody should take your course.
Krisstina Wise:Awesome. Well, thank you. Well, on the flip side
Krisstina Wise:of that, you help coaches, mostly health coaches,
Krisstina Wise:really learn how to market and to build an
Krisstina Wise:audience and build traffic and do a lot of the
Krisstina Wise:things that we, we covered today. So I'm going to
Krisstina Wise:put a link in the show notes for anybody that
Krisstina Wise:wants to connect with you. But who is your ideal
Krisstina Wise:client and what do you help them do?
Matt Shriver:Yep, health coaches are our ideal client. We do
Matt Shriver:have Some other coaches that we work with, like
Matt Shriver:I've got a couple business coaches, marketing
Matt Shriver:coaches. No finance coaches, got some dating
Matt Shriver:coaches, but typically health coaches. And our
Matt Shriver:ideal client already has about 10 clients and
Matt Shriver:they're charging between 250 to a thousand
Matt Shriver:dollars a month and that that demographic is who
Matt Shriver:will help them. And we typically start with
Matt Shriver:Instagram. It's like just organic. What's your
Matt Shriver:organic strategy? Let's get you started. Booking
Matt Shriver:some sales calls without spending money on ads.
Matt Shriver:And then once you've got a solid sales process,
Matt Shriver:then it's just learning how to run profitable
Matt Shriver:Instagram ads. And you're going to track a lot of
Matt Shriver:data. You're going to your, your KPIs, we're
Matt Shriver:going to ask for them because that's the only way
Matt Shriver:we can help. So that's. Yeah, that's our ideal
Matt Shriver:client.
Krisstina Wise:Great. And you know, I, I say this all the time
Krisstina Wise:when I'm either referring people your way or
Krisstina Wise:people that know you and, or have heard of you
Krisstina Wise:and know I see a lot of stuff. And for everybody
Krisstina Wise:listening, if you do want to learn, if you are a
Krisstina Wise:coach and want to learn Instagram and ads and
Krisstina Wise:really how to build a business and become a
Krisstina Wise:better marketer, no one is better than Matt that
Krisstina Wise:you're, you've spent the last 60 minutes
Krisstina Wise:listening to. And what I love about you, Matt,
Krisstina Wise:there's just so much hyperbole and, and big
Krisstina Wise:promises and stuff on the Internet that can be
Krisstina Wise:very seductive and enticing, but it's. What is
Krisstina Wise:it? That sizzleness steak and, and you're just
Krisstina Wise:the real deal. I trust you completely. I so value
Krisstina Wise:work and I love just everybody listening. Follow
Krisstina Wise:Matt on Instagram because he shares everything he
Krisstina Wise:does with his paying clients and what he does for
Krisstina Wise:free on Instagram. I've learned so much just by
Krisstina Wise:following you. So yeah, just, just start
Krisstina Wise:following Matt and you'll learn a ton and I think
Krisstina Wise:you'll be inspired to, to want to take it up the
Krisstina Wise:next level. So again, I'll make it really easy to
Krisstina Wise:connect with you in the show notes and, and thank
Krisstina Wise:you. I just, I just, I love watching your growth
Krisstina Wise:and success and, and I just can't see, I can't
Krisstina Wise:wait to see where you go from here.
Matt Shriver:Thank you. Well, again, I, I, there's no way I
Matt Shriver:could have done it without you. So thank you for
Matt Shriver:being such an integral part in, in my
Matt Shriver:development. Yeah. Again, from just like
Matt Shriver:realizing I have to make more money and also what
Matt Shriver:to do with it. So like, it, it's been, it's been
Matt Shriver:a life changer for me. I'm no longer. I don't
Matt Shriver:have any student loans anymore. I have no debt. I
Matt Shriver:feel so much more in control of my finances, and
Matt Shriver:it's a totally different feeling than what I'm
Matt Shriver:used to. So thank you.
Krisstina Wise:Welcome. All right, the final, final question is
Krisstina Wise:bust a myth for us with all these, you know,
Krisstina Wise:customers, your work, clients you're working with
Krisstina Wise:now, and students and all the marketing, just
Krisstina Wise:every. Anything that you see from your vantage
Krisstina Wise:point. What's this kind of a business myth or
Krisstina Wise:money myth that you'd like to bust?
Matt Shriver:Yeah, I think a lot of people, it's like a
Matt Shriver:waiting. Waiting to start paid ads until you're
Matt Shriver:doing 10, 20k a month. If we look at more
Matt Shriver:traditional marketing, a lot of them or
Matt Shriver:businesses, a lot of them start with marketing
Matt Shriver:very heavily. Right. They do the opposite. They
Matt Shriver:put. They get money from venture capitalists or
Matt Shriver:they take loans out and they put a bunch of money
Matt Shriver:into a campaign hoping that it's profitable. I
Matt Shriver:don't think you need to do it that aggressively,
Matt Shriver:but I do think it's a. I think it's. It's good.
Matt Shriver:The faster you start testing with paid marketing,
Matt Shriver:the faster you're going to be able to test your
Matt Shriver:messaging. Because selling somebody who is a
Matt Shriver:friend and family or a word of mouth is so
Matt Shriver:different than selling a cold traffic person. So
Matt Shriver:this, the myth is like, you know, once, once you
Matt Shriver:have some cash, you know, you've got five or ten
Matt Shriver:clients, it's okay to start advertising because
Matt Shriver:it's the fastest way, like spending money on ads.
Matt Shriver:The fastest way for you to test your message to
Matt Shriver:see if it actually resonates.
Krisstina Wise:Bingo. Matt, thank you so much. Appreciate your
Krisstina Wise:time. Appreciate you and I really, again, you're
Krisstina Wise:just so generous with, with everything you do. So
Krisstina Wise:thank you for sharing that with me and all of our
Krisstina Wise:listeners.
Matt Shriver:Thank you. It was so fun. I feel like I just,
Matt Shriver:just rambled for a while. I was like, oh, it's
Matt Shriver:gonna be fun. So I, I learned as I was here too.
Matt Shriver:So thank you.
Krisstina Wise:I hope you enjoyed that conversation as much as I
Krisstina Wise:did. If you wish to learn more from me about
Krisstina Wise:financial abundance, business, and wealth
Krisstina Wise:creation, I invite you to check out my new
Krisstina Wise:YouTube channel, subscribe and receive weekly
Krisstina Wise:money education videos. You'll find me at
Krisstina Wise:YouTube.com hristinawise YouTube.com R I S S T I
Krisstina Wise:N a W I S e Otherwise, join me again next week
Krisstina Wise:for an episode of the Wealthy Wealthy podcast
Krisstina Wise:where I interview experts about the intersection
Krisstina Wise:of wealth, health and business. Until then, live
Krisstina Wise:your wealthy, wealthy life.