How to Launch a Successful ESL Business Abroad | Greg Vanderford | Skillshare

How to Launch a Successful ESL Business Abroad

Greg Vanderford, Knowledge is Power!

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23 Lessons (1h 37m)
    • 1. ESL Business Promo

      2:24
    • 2. Lesson 1 ESL Business Intro

      7:16
    • 3. Lesson 2 The ESL Business Model

      19:32
    • 4. Lesson 3 Choosing a Country

      7:16
    • 5. Lesson4 Choosing a Location

      10:59
    • 6. Lesson 5 Marketing Hacks

      8:16
    • 7. Lesson 6 How to Keep Students Happy

      5:28
    • 8. Communicating with Parents

      6:19
    • 9. Lesson 8 Developing an Awesome Curriculum

      6:17
    • 10. Lesson 9 How to Guarantee Success

      7:41
    • 11. Lesson 10 Analyzing the Business

      15:09
    • 12. Lesson 11 Using an Efficient Business System

      6:52
    • 13. Lesson 12 How to Launch with Little or No Money

      6:19
    • 14. Lesson 13 Getting to the Next Level

      7:40
    • 15. Lesson 14 Bringing on Investors

      6:24
    • 16. Lesson 15 Franchising

      5:53
    • 17. Lesson 16 How to Exit the Business with Cash

      11:19
    • 18. Lesson 17 Recruiting Awesome Teachers

      6:02
    • 19. Lesson 18 How to Recruit Students Quickly

      7:43
    • 20. Lesson 19 Thinking Like an ESL Student

      4:50
    • 21. Lesson 20 Thinking Like an ESL Teacher

      5:42
    • 22. Lesson 21 Mistakes to Avoid

      7:16
    • 23. Lesson 22 Now Go Out There and Do it!

      3:52

About This Class

I have been involved with the English as a Second Language (ESL) business for over ten years in Vietnam. Throughout that time I have taught ESL, built up and sold a successful ESL business, and been involved with advising others to do the same, also with tremendous success.

In this course, I'm going to teach you everything that I have learned throughout the years in this business so that you too can learn how to become a successful ESL entrepreneur abroad.

In this course, you will learn:

1. How to get started in the ESL business

2. How to launch your own business from scratch with little or no money

3. How to quickly recruit a large number of paying customers

4. How to keep customers coming back for more

5. How to recruit great ESL teachers that stay for the long haul

6. Little known marketing hacks to turbo charge your business

7. How to find investors and other partners

8. How to sell the business for a large profit

9. How to deal with business regulations in developing countries

10. How to succeed in all aspects of the ESL business abroad

Join the course and find out how myself and thousands of others have successfully built ESL businesses in countries throughout the world.

Whether you have business and teaching experience or not, the opportunity to launch an ESL business is there for anyone with the desire to go out there and make it happen. 

THIS COURSE WILL SHOW YOU HOW

Transcripts

1. ESL Business Promo: Hi. My name is great banter for I am an entrepreneur who lives in Vietnam, and I have started and sold several businesses in the education space over the last several years. One of the biggest opportunities for entrepreneurs over in Southeast Asia or anywhere in ages really is to start SL business. And if you're thinking about coming abroad and teaching English as a second language as an opportunity, you may want to go one step further and thing about actually launching a business that is teaching English as a second language because the opportunity right now is massive. There was a lot of money to be made. There's a lot of demand for it, and it's easier than ever to do, and this opportunity will not last forever. You're looking at a time when you have five or 10 years window of opportunity before the market is saturated. But in this course I'm gonna show you guys exactly how I built in DSL business from scratch up to $100,000 business, and I will go through it step by step and show you guys what I did, what you need to be thinking about how you can do it little or no money at all. When I teach, you guys had analyzes business model how to build an efficient system, how to launch on a shoestring budget, little or no money. And then how to get to the next level where you can sell the business for a large profit or make a large profit yourself and keep running the business on building up to something huge . Finally, we'll look at bring on investors Franchising and exiting the business and the ways to go about doing those things. And then look at how do we recruit teachers? Students recruit staff in a way that is sustainable and ideal for this business model. So enjoy the course. I'm gonna teach you everything you know from a dizzy oh house. You launch and run on DSL business. Over here in Southeast Asia, the demand for the services huge. The opportunity is big, and pretty much anybody that has a desire to come over here and do this can do it if you follow this system. So I hope you guys join the course and take the plunge Come on over here to Asia, have an awesome new life and have an awesome new adventure 2. Lesson 1 ESL Business Intro: a little over the course had become successful. SL entrepreneur abroad. Most people have heard about teaching English abroad, going to being DFL teacher or DSL teacher. The difference being one means teachings. The four language teaching English as a second language, not a super important distinction for our purposes here. So I've lived abroad for around 10 years and a lot of time I spent in the English teaching business and around English teachers and students. There's a huge amount of demand. Learn English, especially in certain parts of the world, pretty much all over the world right now. And be a consolidation as English is becoming the world's second language and make sense for business purposes, travel purposes and for general communication purposes that the world has a shared language . English is rapidly becoming that certain places, though, how higher demand and others and will pay more. So in this course, we're gonna go through the business bottle, how it works, where the best places to start teaching business, our and the different types of interesting businesses and how to go about doing it, because really anybody who was a native English speaker and has sort of an entrepreneurial attitude or has, uh, just an outgoing personality. You can make a significant amount of money as a SL entrepreneur so you can get started by teaching. And then you could transition that into building a business that he never started a business before. Well, this one, probably one that you can succeed at because of the special characteristics involved. So that's already mentioned. There was massive demand for SL and countries all over the world, and this is not going away anytime soon. It's only getting ramped up. A certain countries, especially those in Asia and Southeast Asia, are rapidly developing and becoming economic powers in their own right. Initial a big part of what's driving that as a certain countries have the most potential. I'm gonna go, uh, through those in the course. Why some countries pay the most will continue to pay the most have the most yourself students, and a lot of it has to do the cultures with he goes Sir countries. Now it's seen as a sort of a rite of passage into the upper ranks in the middle class, or as someone who's educated and they can speak English is the economic part of it being able to go in and work at Ford companies, and there's some very, very strong drivers of that. A man making it so pretty much everybody wants to learn the language. And again, you don't even business genes make a lot of money doing this. If you especially be a experience in sales or you have a background in business, it helps a lot. Basically your outgoing. You're sort of a people person. And you think this is an interesting idea of being something that you want to try out. You know, your adventures. 10 person. You moved to a foreign country, start teaching English and then you start building out the business as I will teach you in this course, and I made a lot of money doing it. I know a lot of other people who have been a lot of money doing it. People have built a multimillion dollar businesses, but the very least you could build out a clientele and have ah, niche where you can make a really good living living abroad. These countries have very low cost of living, most of them depending on where you will go, I will be focusing mostly on Southeast Asia is where I have lived and taught English. That's where most of the demand is for English teaching or the most money can be made, especially factory, a super low cost of living. So whether or not you want to build out of giant company or you just want to have a little niche and have a good lifestyle, and I think that is a lifestyle venture, there's a way to do it, and I'm gonna go through each different business model, each different pathway in this course. So it's another business also where you can start with little or no capital. Basically, you could just start teaching out of your home. You aren't in a language center. If you want to start straight from scratch, start teaching out of your home. Start letting people know that you're an English teacher and have get a whiteboard. People come over. It's almost a simple as that, and then, through word of mouth, Uh, student, start telling their friends. Parents are always look out for getting your futures, and so they will tell their their parents, their other parents on their friends, and so you can really get started with little or no capital and its expand from there. I'm gonna go into more details in the course about how to go about doing that. You know that's not going to have any degrees or any training to do this. I mean, most English language centers. They want you to have a temple certificate which can easily get online. Or factions agree. Yeah, he they need teachers so badly. Most of the time your native English speaker and you conduct yourself well and you articulate, you can easily get a job teaching English, and I say, Get a judge in English because if our goals of building yourself business, usually a good place to start, is to go start at an English center and get some experience in some contacts yourself situated and then from there you in transition and he doing it on your own doing on the side. And from there you can transition into building up your clientele. It's perfect for people with outgoing personality, sales background, outgoing personality, because basically, you're the people, because when you do this, you're teaching people the language that you're using your interacting with students with parents your inactive people, school colleagues and really a people person type of thing, but something that everybody wants. So its sales up to me. You're going out doing cold calls and you're trying to sell stuff. A lot of times, people, your prospect in the Southern wanted you trying to get it on the Via In this case, everybody wants to yourself. I mean, everybody wants to learn English, especially if you're overweight. These countries and Southeast Asia, everyone wants to learn. So you're in the driver's. And while there is some competition from the language schools and from other people, there aren't a lot of people that's out there freelancing and trying to build out of clientele and a lot of people they come here, then they go back. And so once you establish yourself here, someone is going to stay for a while. It can give you a competitive advantage, a lot of turnover, any expat community people going on. We're going to other countries. So we got a sales training if you're a people person and that's kind of the way you operate , this is perfect for you. You don't need to be a business genius. You don't need Teoh have a lot of experience or any experience. Anyone can do this if you basically decide that you're gonna really give it a go and go for it. And so it is. Course I'm gonna show you guys how I pulled out my pieces and sold it for a large profit several years ago. And how people that I know my colleagues and friends have built up even bigger English language businesses online and how there's really a lot of different ways to go about doing It has a lot of different ways to be successful. So I'm gonna give you guys the exact road map of how to do it. Everything you need to think about everything you to watch out for. And hopefully, by the time you guys have done with this course, you will be ready to go out and launch your own successful DSL business abroad and, uh, make a lot of money 3. Lesson 2 The ESL Business Model: it's when this lesson we're gonna get into some numbers. I just want to show you guys the power of his business model. How once you scaled up a little bit, how the number started get big really quickly and cash flow is excellent is a cash rich business as students pay up front for a whole course for a whole certain number of lessons . A lot of cash coming into this, which is one of the big problems launching a business. Usually, you let people buy things on credit and Real Milton a later, or you have a lot of expenses up front. But through using tiered pricing, Teoh encourage larger purposes and chief scale and then expand. You can really make a lot of money pretty quickly, and it's been is compared to other business models. And even if it's not quickly, even if it's relatively slowly, it's almost certainly that you follow what I show you here. You're gonna achieve some of these types of numbers. I want you to get some examples. All the numbers I'm giving you are gonna be, from my perspective, living in Vietnam. This is where I lived for many, many years, and where I waas building up my business and teaching English. Now I have some other businesses of stuff I'm working on. But I wanted to make this course to show other people what you could do and what a lot of people I know have done. It's a tried and true business model, and there's room for everyone. It's not like there's too much competition. There's literally millions of students here, and right now the market is expanding all the time to the fact that this country is developing, and I'm speaking for about Vietnam. But all throughout Southeast Asia and generally in Asia, the country's air developing and people have more ability to pay the middle class starts Andy. This is especially true in Southeast Asia and Vietnam, probably more true than anywhere else. So these numbers, while they may not look huge to you, you have to remember that the cost of living here is very low compared to the West. So in Vietnam, for example, of labor costs about 1/10 what it would cost back home, you haven't made a full time maid. I'm talking about eight hours a day for only a couple $100 per month or you haven't made coming. Clean your house and pay them. You know, a dollar 50 or $2 an hour. That's the market rate. Okay, so when it comes a labor, because there's such a high amount of supply, an abundance of supply of unskilled or low skilled labor here there's so many people that's driven the prices down. So you're talking about 1/10 the cost of that whole. And then when it comes to things and see, that means things like hair cuts are super cheap. Massages are super cheap. Anyone coming and painting your house or building something, you have furniture custom made, high quality. Really, really, really cheap. So those things are huge. And when it comes to other things, like real estate electron ICS, they're more like, um, like mostly, it's probably about half price from back home, so it's a little more expensive, especially because most of time you're gonna want to living in a major city world of clients ourselves, Island psycho on two major city sheriff Saigon and knowing in the north and so realistic prices, or more so in general that you average out everything real estate electron ICS the labor. I found out that their only different calculations and averaging the cost of living here is about 1/3 that what is back home. But when I say 1/3 but also means for a much, much higher standard of living, and I can't afford to have a maid back home here, have a full time maid. You know, I can't afford to take over and grab and all these right sharing services back home on a regular basis here, I could take it exclusively if I want to. So it's about 1/3 of us living in what you normally spend at home with. You also have a higher standard of living. So I just want you to keep that in mind. If you look at these numbers, these are big numbers for living here, basically of your expat, and you make about $1500 a month in Vietnam. You're going to be very comfortable if you're single. Maybe if your family you want to make more than $2000 a month or more. But that's for a very high standard of living back home. You might get 45 $6000 or whatever, but here the numbers don't need to be nearly as big if you have a really, really nice whole life, only high standard of living. Okay, so with that said, basically what you do is you wanna have tiered pricing. So I get a small group of students will say one of six. This is the exact scenario that I used in my ability to the exact prices and around in upper dental that here and there because the currency here in Vietnam's called the dog, and right now the exchange rate is about 22,000 and $700 for one dollar. But of course I'm just going to everything in dollars here because you guys maybe not contribute not to make a different country. We're gonna run all the numbers in dollars. So the typical English language center charges roughly $5 per hour per student. Some of them charged mawr on some of the charge left depending on their promotion, depending on the quality, depending on the circumstances, but probably around $5 per hour. And so a starting point for us to try to get students outside of the things that it is a practice all slightly below the English language centers, even to be priced ourselves loathing. There's language centers that we're gonna be launching on the side without building. We're gonna have higher margins. And then because we don't have to manage the building, how did you decide to go ahead and do a full launch? Maybe later, after we built up our clientele, as I will show you guys how to do and his course and actually ran out of facilitating and ran out of Billy and start a proper school. Then we can still start with these numbers using to achieve a little bit of scale. And I'll give you guys some really specific milestones and goals that you want to be aiming for in order to make. Is this successful? So let's just look these number two years have you had from 1 to 6 students each charge $45 per hour per student that does. If you have six dues, that's $45 per hour. It makes it so you're making about $27 an hour or your time teaching, and that's ah, really good wage here. It's higher than you would make working as a professional teacher inside of international school. If you just want to count out like the hourly enough, you'll be making. And I'll let you guys run the numbers on how it should be making per month, depending on how many hours you work. But just starting out with small groups like that and charged for 50 students, which is a very reasonable price for them. It's less than will pay the English language centers. You make a decent amount of money. But of course, what we want to do is get larger groups. That's where all the money comes from, so large of the groups of more money you make and the bed of the business is going to work out. So 7 12 students you could charges those $30.50 for students has already gotten a dollar cheaper for them. But you end up making $40 an hour. 12 students. You have that maxed out, but basically you just give them a fixed price. So you don't say it's gonna be treated 3 50 per student. Is these numbers for papers to continue pursuing? Because this is if you max it out so you have six students. We have 12 since 19 students. It's also the best deal for them. So when you're doing a book pricing assigned to them, you want them to give me students get as possible so that they're getting the best deal in the course. You're also making more money because it's just simply a numbers game. More students, cheaper for them, more money you. And that's why we use the tier pricing. And you can adjust it however you want. If you got some different years or a year into a country and you have a better way, they think will work there. But this is the system that I use. And again, I used it because it's cheaper than language centers and it's cheaper for them. The more students that they have, and it encourages it every step, it encourages larger numbers. And I mean, you can get 2030 students per classroom, which actually worked pretty well. If you're teaching adults and you're teaching, you know, English Teoh, older kids or those having blocking them in the best of a lot of problems, you don't have a disciplinary problems and English or something you can kind of teach the same way to the whole room. If you want to happen to be doing activities and practicing and everything, it's just easier to manage your English students out. Then I could do kids and other subjects doing other types of activities, especially course if they're adults. So don't be worried about 20 year 30 students in class. It's pretty manageable socio in time management, so you can see as we get from 7 to $12 an hour person, $18 an hour to $42 now are $57 an hour. And then let's say you get a class of 30 students and charge $300.2 an hour per student, which makes it very, very inexpensive for them. And now you're making $60 an hour, which is a huge amount of money in Vietnam. Now it's just use our multiple three and pretend that you're back in the West where you're from and most by six times three would be like making 100 $80 an hour to teach English. OK, so that's the power of model. Now this we haven't even scale that you were just talking about you teaching English and getting large numbers of students. One classroom and we're talking about one hour. And so you had multiple classes like this running throughout the week. It's easy to see how you're making thousands of dollars a month Now again, we haven't even skilled it yet. We cheered it up and got some students. But once you start hiring other teachers and scaling an ALP, so you have a large number of students, the sky's the limit and you could make an unlimited amount of money. And this is how people become millionaires in the English teaching business. And I'm gonna show you guys some of numbers, my personal numbers, what I was able to achieve. I did not become a millionaire. I decided that sell by business to one of the first investors that wanted to buy it. And I was operating without a school just on my own, teaching out of my house in Vietnam, and I was able to build it up to around 100 active students and I was able to sell members is for about $100,000 which I probably could have gotten mawr if I would have been patient I probably got more, probably kept up, building out and then open the school. I decided, um, that in my experience, if you get a buyer of your business, sometimes you want to jump on that because it can be hard itself is even really good. Businesses would be hard to find someone that's interesting up to buy for over that kind of money. So I decided to sell out. I would say relatively early. I filled out the business for a couple of years, but if you think about $1000 for a couple years of work, that's $50,000 a year. And that doesn't even count all the money I made in the business. All the money I was making 1000 thousands of dollars every month. So pretty much set me up to be ableto Cheech online like I'm doing right now to be ableto live at the place. I'm living very, very nice place in Saigon and basically do whatever I want. So I wouldn't say that I'm wealthy or I'm totally financially independent. But building out this English using business put me in a situation where I'm Mawr less financially independent. I can choose what I want to do because I have the nesting savings. It's from using its exact system that I'm showing you guys in the sports. This is the exact pricing that I use when I was building out mine business. Okay, so, um, you guys kind of digest digest that and think about that, and we're gonna go into how to achieve scale and what can happen if you can get some scale . So after your schedule is full, you know, you continue to accept students you continue to promote, and then once you know, your time is all hooked up for teaching, you start hiring cages for each new simple. Is that so? So you get a group of 16 students ready, you hire a good teacher, and this is one reason why you want to start in English Linger center, you get, you know, plug into a network where you have English teacher callings around. You see how things have done. You see how people are teaching. You see how the school's works, how they recruit, how they do replacement for, like, Orel placement exams, verbal testing. All the stuff is very valuable, never done before, So I definitely recommend starting in English labour center, getting job there and then going from there and building out your business from there. I worked in one of those for a few months. I started building up my business after, like, one or two months, I realized the potential of it and how most parents and students actually would rather come to your house and a little bit less money and have a private lesson. You have a smaller group than go to the inner slingers center anyway, so it's really easy sell to them. Okay, so, um, let's say you got 16 students, so you're pulling down $57 on our right in that time. But you pay your teacher $15 an hour now, which is a pre to the goal rate here. It's a pretty good wage because, as I said, it's so expensive to live here. And if someone come and just teach English me 15 bucks an hour, they could make a decent living, and they can be an expat, have a really good life. So starting wages are usually around 13 14 $15 an hour. 15 is kind of becoming standard, and then later, we could get more experience and you can pay them mawr. Some teachers make $20 an hour and kind of the top is usually around $25 an hour for this for experienced English teachers. So you see, this is very, very scalable, though. So you're making $40 per hour. Probably 15 of it goes to the teacher, and the 42 of it goes to you, and all you did was build out the classing and get the students and have a place for them to come and stunning. So we're gonna talk later about you know what facilities we're gonna use. Obviously want to scale. You can't really realistically teach it out of your house, necessarily. You want to have a couple different classrooms? We're gonna talk about that later in the course. But for now, I just want to give you guys a taste of the numbers and what is possible. So just imagine that you have a whole bunch of classes running when you don't have to teach them. And you making 40 view two hours, $2 an hour for pop. The numbers get big really fast. And this is how you achieve scale in the business. So a simple class will be 1.5 hours, her lesson and then off three lessons per we. So that means that you have 4.5 hours per week and then most by that times $40 an hour, which again, this is basically passive income because you're not teaching it. You've hired someone to teach it, so you make $40 an hour. That's $189 a week, a passive income per class. So I'll let you guys take your calculators out and multiply that out for a month and just imagine you have a 10 and 20 classes like that running, plus all the classes that you are teaching and the numbers get big very quickly. Just make a comment about the 1.5 hour lessons some schools and he just used due to our lessons. You can make more money that way, but I found that it's a little bit too long to our lesson a little too long. 1.5 hours, kind of the sweet spot for English lessons. So I've chosen to do three less of the week 1.5 hours. It's pretty standard, but some places do to. Actually, you can change that if you if you want to. This sort of standard schedule. Most students study at night the Monday Wednesday Friday or to think through the Saturday most of them if they're adults, obviously it'll be working and they'll want to study when they get off. Worsley mostly nights and weekends type of the business. That's just the English teaching, you know, schedule. It's a lifestyle. You will have some classes, maybe during the daytime. You also fastest in the mornings for housewives and others are working, but will be far fewer students. And that rage. Okay, so that would give me a little bit more numbers for expansion. And it is a lot of information, So feel free to, you know, positively. Listen to this stuff. Think about it. Take out your calculator. I just want to give you guys some examples so you can see what is possible. And I actually achieved, uh, these numbers that I'm showing you here. So 20 hours a week, you making $3 for students times 19 students from $57 an hour. That's EU 20 hours a week, you're making $1140 a week or, in other words, $4900 a month. That's just off. Your teaching is just your less about having achieving the scale. Now, to be sure, this means you've got quite a lot of students, and it's not necessarily easy to achieve this. But once you get here, has a lot of money. You know, regular English teacher might be making, you know, like I said it, $1500 among or even less maybe like, uh, $2200 above that. They're gonna have a good senator living You could build it up. So you're making 28 hours, You teaching 20 hours a week, You have 19 students in a class like this, Then you're crushing it. You're making almost five grand a month. And of course, this system that we're using, we're not really, you know, pain, taxes and withholding taxes dive. You're operating the house and stuff and is one of the cool things I like about Southeast Asia is that they're not really, really aggressive or organized. When it comes to enforcing a lot of business regulations, you launch a school. You're definitely gonna want to make sure that you view ducks in a row and you get a business license. Everything going? What is will you be? Start operating, building up clientele in teasing out of your house. You don't have to worry about at all. I mean, I literally don't know anyone who's ever had a problem with this. And it Dozens and dozens of English teacher friends I know who have done this and including myself, so at least you know enough to worry about it. I know that most places stopping Fugett you don't have to worry about it and tell you you've actually build yourself out like a formal business. And then you definitely want to get that stuff going. But you just don't need to to begin with. So So make sure you realize that this is like pure profit. Basically, might have a few expenses here and there. If you're running out of space, Teoh teach, and it's not this out of your home. But it is basically pure problems, such as a cash rich business. Now pretend you have a staff teaching 40 hours a week just told us a toll 40 hours a week. Maybe you got to the teachers and their teaching 40 hours of the class in a week and see, we know now that they're making you $42 per hour after you pay them their wages times at 40 hours a week, at $1680 a week. In other words, it's $7200 a month. So you just combine you teaching 20 hours a week with this model, and then you having teachers also teaching additional 40 hours a week with models. I mean, your business is working 20 hours a week with lessons, and it will be producing over $12,000 or $141,000 a year, which is an extraordinary amount of money. And you know, you really, really well off here, you basically Richard. And so obviously the key is having a buildup to get this many students and get the machine working. And so that's what this class is all about. But first, if you realize that the numbers that could be achieving these numbers are totally realistic , I'm not even given you like pie in the sky number. There's people who have been much, much more than this, actually. But these are numbers that are similar to what I was able to achieve at the peak of my business after a couple of years. And so depending on health, extra growing and depending on whether you're operating a building or if you're just operating, makes with a client list everything your sale price maybe about 1 to 5 times earning. So I just give you an example here That, for example, if you sold this business that we built up here, imagine era li or a reasonable price, which would be 3.4 times one year's earnings, then that would be half a $1,000,000. So the business of Isil I probably could have sold it for from or for North three or $400,000. I sold it for about $100,000. I got a buyer. I decided to cash out. I mean, that's what I decided to do. But the potential is more than that. I could have stuck with it. Um, it was a lot of work by the time they built it up to wonder, um or excuse me, I had about 100 students after about two years. So I decided I just wanted to take the money. So I did it, and you guys would easily do it, too. And you could even take it a lot farther than I. So that's just a taste of the numbers. And then in the next lesson, we're gonna go into choosing where to go and how to get started. This is really important in this business. 4. Lesson 3 Choosing a Country: Okay. So as I already mentioned previously, um, I did this in Vietnam's where currently live a businessman, entrepreneur slash teacher. Over here there. There's so many opportunities in Southeast Asia. But I'm gonna teach this course from the perspective of Vietnam. However you can do this in Cambodia, less developed in Vietnam, Thailand, more development, Vietnam. You can do it in Laos. Also less development in on you got, um, Malaysia, Indonesia. The Philippines is not nearly as good because they already speak English. There, Really willing You're still read a second language and so there's not much of a business for it has taken speak English. The Philippines is not a very good spot to do it. The places that paid almost are actually South Korea and Japan, but they're already rich countries for the cost of living. There is much higher. If you want to go to those countries and you are attracted to their culture and you want to work really hard and save a lot of money up, you can still do it there. You stay with a lot of money, but realistically speaking, I think the standard believing that you get is higher in South Asian because the cost of living is so low, there's the cost of living in Korea and Japan is. We salute you, a rich Western country, so they're just looking place to do it, though if you're attracted to their just cost buildings is going to be higher. China is also a good spot to do it. Lots of competition there now, maybe. But if you're interested in doing it in China, cost of living there is still low. It's still developing, although it's more development. South anesthesia, but is lots and lots of demand for English. So everything that I'm talking about is going to be one of you of Vietnam, because that's where I live. That's why did I know the numbers really well, and I understand the market really well. But Southeast Asian all the markets are going to be pretty similar to the Vietnamese one. So mostly regions in the world are agia, also the Middle East. A lot of people go to the Middle East to teach whether English or to work international school, and they pay a lot in order to attract you to cover their problem in the Middle East. Is that Sometimes you have issues of safety and also the way that the cultures were there. They're very conservative. Women have held up many rights, and what usually happens is a foreign expat. We'll go live there usually in Jordan or you 80 or one of those type of places that are pretty safe and you'll end up spending most time like in a foreign sort of compound, like in a community that has, like, you know, four companies in school and stuff like that. So most of time people go there and they just try to save a ton of money. But you can do because they pay a lot. Let's go teaching is there you also build out of business there on DSL business as well, but I wouldn't recommend that lets you know you're only goals, make money or you have some interest in the Middle East and those cultures and stuff like that. But I didn't want to exclude the fact that you can make a very high wage teaching English or doing in English, um, a second language business in the Middle East, because it can be very lucrative there as well. Also, if you're going for lifestyle unless it is earning money. South America and Europe are really good options. There's still a lot of the man to learn English, surprisingly, maybe in Europe, because in Europe kind of think they already notice beginners. But a lot of people and non English speaking countries, they're still have to learn it. So there's still a lot of demand for English lessons. So if you like the culture of the history of Europe, obviously the cost of living there is going to be higher. You're not gonna make as much money or you go to save as much money. But you get to live in Europe, so it could be a good lifestyle. And that's if you're going for South America is kind of in between. So if you want to learn Spanish, you know the culture in South America can be really, really nice, A nice place to live, and there's a lot of orientation towards families and there, And if you'd be really good, depending on where you going to live in a warm tropical place in northern South America, Panama, Colombia, Brazil, some of those places could be really good place to do this it's got. Make sure you're going to a place that is safe and you're still you're gonna get paid. Well, you're not gonna make as much money as in Asia. So depending on what your goals are, you can do this in many other places. I believe the best place to do is in Asia and the best place by far in the whole world. If you're looking Teoh, have a high standard of living and be able to build out of business and really just enjoy your life. There's a lot of cool things about the culture in Southeast Asia to be to do Southeast Asia . It's a higher standard of living that you're gonna get because of the fact that is rapidly developing. And it's a huge amount of a man English lessons and a super low cost. So you just combine all that stuff together and Southeast ages really is where it's at. Okay, so just to go over any woman time Japan, South Korea, really high earning power. But the developed countries and the high cost of living China is a low cost of the late living and high earning power. But you got some serious issues with pollution and congestion like traffic jams and maybe some safety issues as well. The penny on where you go so China could be good, but it has some drawbacks. Thailand, Vietnam and Cambodia. These are probably the three most ideal countries for this business that they said Thailand is more developed in Vietnam and Cambodia is less development. Vietnam. But they're all kind of in this sweet spot of still being very, very inexpensive countries, countries that are still developing. And so that means you're having a growing customer base as more, more people can afford to pay for English lessons and the man and the man is constantly going up. So you have high earning power, combining a super low cost of living. Plus these countries air safe In general, Cambodia's a little less safe in Thailand, Vietnam. But, I mean, you stick to the urban centers, have you stick toe areas with a lot of expats, then it's going to be safe use gonna make sure that you know you're aware we're going stuff like that. And General, it's pretty funny when people ask me I live in Vietnam. A save is it safe there and I'm American s. So when I think about you know, all the all the gun buyers that happens in the US, especially here in the inner city. And people ask me to save your almost laugh out loud because it's far safer here. And you know where I live, especially in Saigon. It's very safe. I mean, there's no guns at all one thing, but also you just don't worry about getting attacked ever because the consequences so severe for them they attacked a foreigner. And there are some problems. Sometimes with that, because in a poor country you are gonna have some theft, but just not that big of a deal. So it's very safe here, and these countries are rapidly developing their business opportunities everywhere. This course is obviously about becoming a DSL entrepreneur, but they're all different other kinds of synergistic business opportunities as well. You can kind of combine with your English teaching bizarre, do multiple things. That's what I do right now. I sold making your teaching business before and now I'm gonna do some teaching. I could do some businesses and a Penniston doing whatever I want. Now it's really fun because once you have some money over here. You're kind of living high on the hog. It's really easy toe to start lots of stuff up and do whatever you want. So I recommend you come to one of these three countries. Time Vietnam, Cambodia. What about these three? Somewhere in Southeast Asia or somewhere And Asia Integral is to build out a successful business and have the highest probability of success. 5. Lesson4 Choosing a Location: so choosing a location is gonna be really important in this business, whether or not you actually launch in a physical location where you have a space for classrooms or you launch out of your home or even you just launched by going to the homes of students, which is actually how I very first started when I transition from my language center to the business side of things that I started with private lessons in the homes of my students. And then I kind of combine that with lessons in my house with lessons in the other homes. And then eventually, when I got bigger, I did end up running out a couple offices that I use for clashes. You don't need a lot of classrooms, Teoh. Make this work because you can have if you have, uh, two classes during that same time, and you run two classes back to back and one evening that you can have four classes going on or five or six classes going on each evening, which is which is a lot of students getting run through there in just a few hours, so you don't need to have a lot of space to do it. So in any case, you want to be located near affluent areas. That means you know that those people have money and they could afford to pay for English lessons. So you that you want to go post up in a place that you know to be absolute when I first got started here in Saigon. Otherwise, no, that's what you can see. I was living in a seven in a place called Who We Hung. It's also kind of known informally as Koreatown, with lots of Koreans there. And the greens that are here are here to go international school, and the men are usually executives of businesses. They have money in the whole area is concentrated with people that have money and want to pay for English classes. And so most of my students have been is that I built up were Korean, also a lot of enemies, but I would say that mostly Korean, probably 60% created 40% Vietnamese, and a lot of the Koreans were housewives and adults, so that's still a good place to do it. That's where I got started, and I just happened to find myself in that affluent area when I started teaching English, so it worked out really well. So all you have to do is pretty easy to figure out by asking around what areas of the city are concentrated with either wealthy people or upper middle class people usually love you place. I'll be near a lot of families or a lot of international schools wherever the schools are. Those schools are very expensive private schools, and so people want to live near the international schools that the kids were attending them . And so you know that those areas will be absolute. I'm something international schools, even in Vietnam that cost like $30,000 a year to attend them, some of their less offensive, maybe only $10,000 a year. That's a less expensive one, so they're very expensive and pricey, and most of the people there attending them. They're business people of other affluent families, and so they can easily afford to pay your fees for English lessons. It's not a problem at all. It helps to be in big cities with large populations because of sheer numbers, you have more complicated for to pay or people that are going to be ambitious and looking Teoh. Learn English and use it to make money and things like that. However, in medium sized cities with a relatively large population could also be good or maybe even better, because there's less competition with the English language. Senator. So I know some friends that went and started a linger center. They actually just went ahead, and they took some capital they had saved up, and he started a small language center on the real anything that had three or four classrooms in it. And they were successful right away because they were the only language centre in that community in that area. And the people who live there have been driving 30 minutes to study English, and also now they have this inner slinger center right in their community. And so they just sucked in everyone in the whole entire assembly and had no competition. So they immediately blew up did really, really well, and they're still running that linger center like they're in town. A couple hours outside of Coachman City called Domino, so small city was still had a pretty decent population, still have hundreds of thousands of people there, and that can work very, very well as well. Another thing to think about it. Maybe just go open up right across the street from international school. We're gonna open up a center, you know, it is post up right next to the school. Everyone that goes at school see it. You get a lot of traffic that way. And I didn't have to be a big school. It can be Smalling and rent out an office spaces to Washington to get started. You don't have to be a ton of capital that might cost you. You know, a xylitol is four or $500 a month in rent personal space like that in Vietnam. So it doesn't have to be something everything. Like I got a $2000 rent. If you're If you're paying $500 for a couple classrooms and you've got a couple dozen students starting out, you're gonna be fine use. Build it up from there and it's not very risky at all. So if you post up in a location right next to international school or something like that, it could be a really high probability of success event inside a large apartment building in a wealthy area, we can build a lucrative business from just the presence of a single apartment complex. This is actually basically what I did is there is, Ah, a couple of apartment complexes nearby English Language center, mostly built with the Korean families, and I just posted up notices on their bulletin boards, English teacher Inish lessons, and I got a hold of calls from that. He was really simple. And so for a while there, when I very first started transitioning, I was walking around inside this apartment building, giving private lessons a private groups inside one or two buildings right next to each other. So it was very convenient, and the word of mouth there helped me a lot. And then I built up those private students into the larger groups that later turned into the business. And I just kept thinking, How tonight consolidate almost student with larger groups. That's how you're going to achieve this scale in order to build it up into the point where you're making five or $10,000 or more per month, and you know that may not even be your goal. Your if your goal is just to try to make it really easy living here, you know, make three or $4000 again, which is a lot in Vietnam. It's totally doable without even having a higher other teachers. You do that by yourself if you love teaching and you get the large groups. But eventually, if you can hire someone, plug them in and pull yourself out of it without having to keep that high. Teaching loads that I think for most of us we prefer that, and so this is the way to do it. And, of course, another location that you're downtown in the city on a busy street get massive amounts of trapped. So there's a higher cost of this. Obviously, we also have a higher likelihood of success if you're gonna watch occasional schools. If you want to go big and you've got some capital and you want to turn it into a business, your like a multi $1,000,000 business, then you find a good location in the city. It doesnt have another language center on that same blocker in that same area, and you could have another level of success. But I need some capital for that, and it's a little bit riskier, but the payoff would be bigger. Basically, that's another way that you can go. Okay? Another thing is so if you just launching straight out of your home, um, like I did, I did a combination of in my home and in the homes of my students. One thing you could do with bases tell everyone in your neighborhoods they have an English teacher. If you want lessons, you know, I run him over here of a house and word of mouth spread rapidly that there's a teacher living there and, you know, they value teaching value education. Basically, I say Vietnam and basically saying Southeast Asia, if you choose to live somewhere else and word will spread and people will come The one study with you, it's really easy. Actually, if you put yourself out there and start doing it so you get started all by yourself, basically, you know you can A whiteboard isn't basic teaching materials over that your local bookstore and find some SL books. Um, I think it's a experience like me. Um, I tended to not even used books anymore. Later on, I would just go by topic and then Also, I'd have students tell me what they wanted to learn, and I had a lot of games and a lot of activities that I had memorised. And also I became fluent in Vietnamese, which also helped him because a lot of the fact that can communicate with the locals, Vietnamese talking about teaching and also speak to them during the class in Vietnamese. But you don't need to do that. I mean, my other teachers that I hired later to run my classes. They didn't speak Vietnamese, but it helped me get the business going. Being ableto do that. But I mean just basically need basic materials. I mean, you are material, you're a native English speaker and so that's why they want They want to be ableto here, native English practice, native being a shuttle they want. And so that's when there is laying. Don't be like an amazing teacher to be good as an SL teacher or a SL entrepreneur because you are teaching your native language and its built into you, they want to practice with you. And so, while you are gonna be having lessened by incidents and structure its activities, obviously the goal kind of Hispanic fun and to make sure that they're speaking and listening skills are developing. That means we're not gonna emphasize doing lots of programmer diagramming sentences and a lot of stuff like that. They can do that with the Vietnamese teachers teaching of English. What they need is practice with a foreign speaker. Okay, so what you got started, you can reinvest part of your earnings back in business for expansion is definitely what I what I would do. And so that means later on, at some point, you would be want to rent out an actual space tanker students going to or you just reinvesting that money back into marketing, you know, maybe get some more marketing materials to expand because the whole business predicated on a family get larger numbers. And so the biz balls create the demand. Is there? Everything's great, but you want to make sure that you were You are getting the larger numbers in order to get the higher per hourly rate, and Teoh achieve that scale that we learned about. So I was reinvested about 10 to 15% when I was making back. And at some point once you once you started to make a few 1000 reinvesting. You know, 10% 15% back in ends up being like a pretty big budget for marketing and for other expenses , because we don't have that many expenses in this business. If you're operating out of your home, round of your students holds at first, so you start to build up some capital. And that's why it lends itself well to at some point just opening a school. Because view, you can launch a school a few $1000 but is running out of space, getting the materials. You know, if you're starting on a small school, it's pretty easy to say about that much money and then from school. You build that back up and you reinvest back in there and you expand. A little bit of it's pretty easy thing to do, actually, even if you don't have a lot of business experience, I mean, it's not rocket science, the numbers that are involved in everything, So those things you want to think about when it comes to choosing a location, the biggest thing, it just being an affluent neighborhood and be around a lot of people that have the ability to pay because the demand is there. And you put your name out there and say you to check out a consulting business and your prices are good, like the ones that I showed you. And previous, uh, lessons price a little bit below the slinger centers. But you're offering more convenience than you will get students. That way it will happen for sure. So let's make sure that you don't know Go live somewhere in the middle of nowhere around much people that don't have the money to pay for it yourself since you're probably OK. 6. Lesson 5 Marketing Hacks: so already mentioned this. But in terms of marketing strategy, how to get your students, which is obviously critical toe paramount importance and achieving our goals in this business. The easiest way, the cheapest way. Simply give students from, uh, your neighborhood or from an apartment complex because they're concentrated in one area. If it's an affluent area, every ability to pay you're certainly going to get some injuries and some students, if not total onslaught. If there aren't other teachers around offering their services privately like this, you might just get bombarded, which would be a wonderful problem toe have. I wouldn't say that I got bombarded when I started posting up to the Korean apartment building, but I immediately got playing immediately. Had, uh, like that doesn't students in the first couple of weeks. And so it was really, really easy you started, and I sort of agree we're gonna be from there, and it worked out really well. So I recommended posting advertises on the message board the bolt and boards of those locations and doesn't cost any money at all. Um on has already said, Start out. But working things like Senator, start building your private clientele from there. Now, I just want to mention okay, It may be seen as to be kind of bad formed pulling students out of the Linger center that employs you. But in most cases, those students are very interested in studying privately with a teacher, and the school is kind of a way to find teachers. I mean, there's a premium to go to the US longer. Senate using Senate has a lot of overhead. And so you know why you teaching them outside the school? You're doing a service for them by lowering the price by making it more can be, especially for going to their home. And, um, you know, I guess in some point of me it could be looked at is not being very ethical. On the other hand, students want it. I think the key is how you approach them, right? You don't want to start getting a slinger center and then at day one, just start saying, Hey, you want to come and learn outside of school? I think that's that's bad form, right? But it didnt work in there for a while, and parents approached you, or you approach the parents of students or if the students or adults after you know you've taught them for, like, a whole horses. Basically what I would do after I finish the whole course of them, I would say it's Did I have private lessons as well? And then usually they were interested in. That's how it started. So I didn't just immediately start brilliantly clients. Unless they asked me, I wouldn't do it otherwise, out of wait until I've had that student for a while, usually one full course, which should be a couple months And then I would say, interested. I have private lessons as well, and these are the prices. And then, you know, it worked out really well and it wasn't too awkward. And, you know, you don't want the school to find out. Doing this was kind of it's kind of interesting situation, but it worked out fine. It's very, very common, and we just got a kind of approach with a little bit of tact, that's all. And then also know that you can do is you can partner with an international school that hasn't after school programs, so you can suppose international school again. These are very big very high price private schools, and they have a lot of effort. So activities you can say you interested, like weaken dio English tutoring program that we can offer to your students. And I did this Atlanta access morning a whole ton of students from there. And there's this dozens of international school. So if you just get one that wants to partner with you and, you know, program that you're offering, that it could be a really good way to get some students as well. One way to get students to provide some three classes at first to approach people and say hand doing freed English lessons for the month of March, for example. And, you know, maybe you just do that once a week on Saturday or, you know, whatever you're available to do whatever time you have. But the more you give for free, the more we're will spread that you're offering free in your thoughts, and then you probably reach hundreds of people like doing this so it is a bit of work up front for no pay goes to build a business. You're getting in a massive amount of free advertising, and we're about spreading around, so there's gonna be a really good way to catalyze your business. After my English business, we started a company called Saigon Sports Academy, which was teaching a soccer slash football, tennis, swimming, chess and all kinds of sports programming for students of international schools after school. And this is how we launched that business. We did one month of free lessons on Saturdays, and we ran all day Saturday. So we had all different age groups and all different sports, and we just had a few of us doing the coaching by ourselves. And we just threw out a notice on Facebook groups that we're gonna be having free soccer training for China's training, etcetera and people came in droves. And by the time that month was up, we said, OK, now we're formally launching a program. We worked out our pricing and everything in advance, and we had about 150 people sign up for the various sports programs in our company was launched, and that's another business that I ran for about three years, and I sold that business as well. So, uh, these things work that stuff in this vast stuff that I've already done, and one of the best ways to guarantee success is to offer some free classes Up front. You get a ton of word of mouth advertising. What about advertising is free and it's better than regular advertising because people are sharing information that you can trust, right? If someone says, Oh, hey, check out this teacher is awesome. Even free lessons That's worth a lot more that some of watching and add that they know you pay for right, so it has a lot more credibility, and it works really, really well, so you can find in yourself, too. Give up some of your time to start some free classes. It's probably the best way that you can go about launching a business in this space, okay, and then wait until you have a decent client base and then start charging. So that might be 50 students coming or 100 students coming for free. Something like that. It's kind of maybe on the higher end, you don't need to have that many. But if you got, if you got 50 students come free and then you launch for price, it probably get, you know, 10 or 15 of those students. At least we'll sign up and start paying. That's a decent amount of students to start with. I mean, if you have 15 students that are playing clients that's panicking to cover your expenses right there and then you just build it from there. And there aren't very many businesses that you can do that where you can launch so easily and be making money immediately so easily. There's aren't that many business in the world have this much demand that you are qualified to do, and it is really amazing we think about. It's a big opportunity, and in general, the longer you wait to monetize, the more money will make its longer that you run for free along you build up your client list before launching, the more money you end up making. It's kind of hard to do that because it takes patience and you have to have money to live off of. Maybe you're teaching the English Linger Center while you launch this, so it's a lot of work for a while, but you tough it out. Every patient for a month or two, then you could be in a position. Teoh have a big launch and have a lot of money splash. And once you do, okay, another way to do it is department with other DSL teachers with a business mindset. So you're gonna meet some colleagues at the English language centers that are also interested in doing this. So instead of watching on your own, you guys have lunch together and partner up, and it could be easier, more fun, and speed up the process you can share capital of using to share some expensive. You decided to just go ahead and run out a little space to launch. It can also make the process a lot more fun. I started by myself, but it wasn't that long for I was hiring other teachers and later on one of them became like my business partner. And they shared in part of the biz with me. And they ran a lot of the stuff with me towards the end there. So we're really well, it could make it more fun. And I'm gonna help you long. No, that's a little bit lonely. Doing this all by yourself and running the business everything. So that's another idea is to approach one of your callings that are also in the business. But make sure that you choose that person very carefully, and you choose somebody who obviously has a skill with people sort of a business with sales background. That's the kind of person that you are looking for the can do attitude. So that could be another way. Teoh helped launch the business rapidly. 7. Lesson 6 How to Keep Students Happy: Okay, so now you've done it. Go on for it. You've launched you fall The recommendation that gave you this chorus. You got a butting English business and you're teaching English and everything is growing. So how did you keep those students happy? So you're not constantly having to recruit new students and lose the other one, right? You wanna build base? So those students in the majority of them statement view and then you're adding new ones and building everything out. And the simplest way to do it is that provide high Polly lessons, high quality content. You are providing high quality roll world will spread. They will tell the people about usually over this awesome guys taking us English and you got to try him out. Here's a small number. This is the way that you make money in the SL world. It's word of mouth. You don't want to really be competing with the ad dollars of dingers language centers not going to win that fight. But you've got a really good product and your price lowered slightly lower years later centers. Then you will get lots of students. So much demand all you mates can do is do a pretty good job and you will keep your students and be able to grow organic. Please make sure that your buses were good. They content. It's good and fun when it comes to teaching. His people are busy and tired. Kids are studying at a school that those are studying after work. You don't want it to be super intense, super difficult. You want to be fun, become they have a good time. So it's Actually, it's partially entertainment is it's really to be honest, you're giving them a chance to practice your giving them skills, chance effects, there, listening skills. And hopefully they're having a good time, and then they will recommend it, and you will grow getting started teaching and a good English language center can help the program development on give you ideas and experience with that. So whatever you can do to keep falling up, that's pretty much gonna be what keeps the business of fluids as simple as that, really. And in Asia, especially relationships are everything. So the parents like you. If the kids like you, then they're going to recommend people to you and in some cases, liking you doesn't necessarily mean thinking that you're the best teacher. I know for sure that there are teachers out there that are better than me in terms of designing the lessons, implementing the lessons and activities and doing everything better than me. But I excelled in having relationships, having students and parents like me being a happy go lucky guy, and then his huge will rear here in agent. That's what they want. Basically, your customers are your friends and this business that probably long way. It's why having sort of sales mentality and outgoing personality are pretty key. So if students like you parents like you, you're going to be successful. So it's really a lot of it's just about personality. Basically, Okay, almost doesn't matter Where you doing class. Sometimes you could do is give promotional rates to encourage re signing. So at the end of may be the first course, you say you're gonna give a 10% discount to current students that can do a lot to encourage them. And also, in my experience, people here being only really love promotion. They really, really like feeling that they're getting in. Good deal. They're getting a special discount. It works psychologically for all human beings. But it seemed, particularly in Asia, who are really good catalyst to get a purchase by giving some sort of a promotion, even if it's not like that great of a promotion, in fact, giving them something it makes them want Teoh Go for it. So this is just a nice tip that will help you get more sign ups like giving them a discount and make them more satisfied. They feel like they're getting more valiant from you. Almost thinking is do free just something that I would reinvest part of my profits back in business. To do would be to make T shirts or to make a pencil. Case is something that is not that expensive. You could make a teacher made here like one or $2 each, and then give it out students when they finish, of course, and it makes it really happy. It's something that other places don't do, and so it really differentiates. Use a small cost, but it gives you to have, like a 90% of 100% re sign up rate, and it also getting free, even advertising out of T shirts or whatever The thing is that you printed it goes a long way towards advertising spreading words well, so it's something that I believe worth it to be in us a little bit of your money. Back in the business, you give out some samples of previous to students to encourage them to re sign up. It's huge, and also you can have parties and social gatherings to make sure students are having fun. It's more fun you as well, maybe a two very least of the end of the course minutes finishing you have a some sort of party. Maybe you have pizza. You have, you know, music, whatever. You have fun activities, playing games, whatever. Parents and kids love this kind of thing. And if you could do even more often, maybe you even do it. Something like this. Who knows? Maybe even once a week. I mean, keep job fun for you, and it also keeps to satisfied as well. So if you guys do a combination of all these things that I recommend to you and you're going to go a long way to having a really stable business and keeping your customers happy and then the next aspect of that is making sure that you're communicating specifically with the parents on building that relationship, which we'll get to next. 8. Communicating with Parents: So I already outlined the basic process with you about how to do is without anybody. But I'm gonna go over it again. And I want to emphasize the fact that this business is almost the ideal business for launching with little or no money and go over the reasons why and the how twos ones more. So you start to channel Linger Center and he talked to as many parents as possible. You get the contact information of these parents even if you have even asked them. Hey, you want to do private lessons yet? You say OK, do your contact information and I can contact you guys with some ideas about how toe give your kid a link up in learning or get them. If I want to send them assignments or I want to stay in contact, give me your email address so I could get a hold of you. And I say you start your list. You saved most of your earnings from your teaching, so you're gonna have that is capital for your business. And that's how you get start. You start building up some money by teaching, and you started really communicating with potential customers. And then that's the beginnings. That's what you do, get their contact information. You launch the program after you have some savings. And small clientele doesn't even huge. You could even launch a program with little as it doesn't student something 12 students that is in one or two classes that can provide me with hundreds of dollars, and that can provide you with something that you could do while you're still teaching in school. And, um, you're off to the races and they will start giving you word of mouth and you'll start getting calls from their friends. And then once you start making enough that you don't need to work lingers anymore. You're talking about you know where you're getting around $1500 a month revenues $2000 in revenues for yourself, out the language center and into your business. Now all of your times about it, to running your business and getting it to grow. This is the critical phase when you step out and you're focusing all your time. This is when you have to focus really hard for the next couple of months to build it up so you have a cushion and you get everything going. And so you fade yourself out of teaching in your business and into the management side as you continue to grow. So this. These are the steps you start teaching. You blew clientele. You start private lessons, people that up. You step out of the language center, you build it up some more, and then eventually you step out of teaching altogether and you run the business. That's how you do this and doesn't take any money at all. You started, I literally walking to news language center, say I want to teach English year and then within a couple of months, I could have a private clientele, Private lessons. So I'll be teaching. Bolt is Linger Center and have a house, and a couple months later, I could build that business up to having my own clientele. And then in another year, I know that I could build up to where it was before. I mean, since a cookie cutter process, it's a system that works. It will work for everybody, and I right now I have got several friends who are doing this as we speak, and every single one of them will be successful with it, which is why I wanted to make its course. I thought, Man, this is really cool opportunity that if more people knew about it, I mean, really be helping them out, giving a lot of people don't have jobs, don't like their jobs back home an opportunity for adventure and to build a business. And so this is what motivated me to make this course. I mean, it's something that I did. I honestly hadn't thought about teaching this to anybody. But I first sold that business over years ago. Only recently that I've been making hauling horses and working with some of my other business partners that I realized this would be a great thing. Teoh show people how to do so hopefully you guys actually go out and launch this stuff after taking a course. That is really what I'm hoping to get out of this for you guys to go and give you some stories that say, I'm launching. I came over Vietnam doing this, and this is how it's working so far for me, so that would be really, really cool. So again, the next step is you just continue to reinvest part of your profits back into doing some advertising to your staffing, to reading of space for classes. Eventually, when you want to get that more scale doesn't make sense. Eventually run out of physical location to have school. But when and how you do that. Holy up to you. You know, eventually you can hire someone to run the whole thing. As I mentioned talents unbelievably cheap, and that's how you step away from. It would be a little bit repetitive with a couple of these points, but I just want to keep hammering away into your minds that this is a process that basically you follow. It will work, and these are the steps to follow. And once you achieve some scale, you can sell out to local or business person you want Teoh. I mean, there are a lot of entrepreneurs in its business, a lot of entrepreneurs or if you're its icon over here in Asia because of the left low level regulation enforcement. Because of booming economies, there are just so many opportunities attracting entrepreneurs, which is why, you know, I mean this course, hopefully, two checks, so when you guys to come and get in the game as well. There are people that will buy you out. There are people that want that we want to invest in your business. It's really easy, actually define investors for this business. Everyone, everyone, that the business mind immediately understands the power of the English teaching business model. It's cash rich business as an enormous amount of demand, and so when they see you building something successful, they want toe leverage. The capital Put it into a business and make some money off your work and imports. That's what we want to. Or if you have built something that you want to keep building, you don't want to sell Well, then the sky's the limit. Maybe you could become the next I'll A business and go ahead and look them up online. They have, ah, multi $1,000,000 business. They've got dozens of locations, and the guy who started that is, ah, multi 1,000,000 there many, many times over. And he followed this exact same process that you're learning in this course. He just never sold out. He just kept going, kept building and continues to do so. And like I said, I think it's been about 15 years, maybe a little bit longer since he's first started and he's very, very rich now, and so that shows he was possible. But where you take the business is going to be totally up to you how far you want to take it. But the key thing here is that you can launch with little or no money, which can. It cannot be said for most businesses out there, especially ones that have this type of scalability. On the next lesson. I was gonna go into more detail about having it to that next level about how to scale, how to get efficient and how to get the numbers to be bigger. 9. Lesson 8 Developing an Awesome Curriculum: so to start with, I want to just emphasize again that this SL business you're not really running a school as much as you're running a business that is one part education and one part entertainment. And also there's a part in there that is marketing and you're good marketing. And it's it's on message with what you are providing that it doesn't have to be really complicated. So, for example, you probably at some point you get some marketing materials together. It could be as simple as a flyer, but if you create something that is easy to explain, it has some visually appealing market materials and have a nice logo. And you say, Hey, we have a three step learning process in our school. It shows the parents that you have a some system. It shows the parents that you are professional and it doesn't have the coffee much money to do this, and what it does is it increases the perception of the value you are offering. So that's what we did we launched with a little flyer that didn't cost us barely anything to make. It was in color, and we used our your three step patented learning system, which basically was how we organize our classes, UM, about 1/2 an hour introduction or activity or game about 1/2 an hour of speaking or listening practice or other activity at about half an hour at the end. Some other practice activity. So it's really simple. We had our and 1/2 lessons. We said There's three steps they learn. They practice and they learn in practice again. However, we organized it now that let us that left us with tons of flexibility didn't have to be in the same order of the time. I didn't have to be the same types of activities every time you could do whatever you wanted to. But this creates the perception that you have a system that you learned that that works and you're communicating at them in the market materials, and it tends to work very well. And, um, it was bowled in point of view marketing, and it also works from, you know, being a good way to run the classes. So when your first trying to get a group of students, or you meet a pair for the first time, maybe have them for coffee and give them a brief sales presentation. So you can you explain your three step process or whatever process you want to use? You know, if you're already a teacher is teaching English. You might have your own, you know, very specific for Miller method that you used to teach and explain that to parents give a sales presentation to them. It was still a presentation to international schools or the partners that you have. Basically, you want to get really good at giving this sales presentations. Do you have the whole thing more or less memorized if you have a few visuals on the slide or whatever, but basically you can run through a sort of a canned speech. If you will, hitting all the benefits of your business, you want to keep it pretty simple. You want to keep it pretty sure you want to have something to say. When people ask you about your business harassed by your school, how are you different from the years later said. It's How are you different from just some random private English teacher that's out there and no CEO, you're more organized. All you thought this through. Will you have some materials. Oh, your professional. And so this kind of thing makes you stand out. And it's not something that that difficult to do it just something that people don't. Um, so that's a good place to start. Next is, you know, find the books that are the best and use those books for maybe the core part of your curriculum. The books that we use over called Headway and I really like those books. I like the way that they are organized. The American trick in the book called New Headway and I like those books. That's why I used it. So I just had through all my classes we used the head with books, and that gives continuity, and there's a whole series of them. So that goes all the way from basic English beginners all the way to advance their six books, and it covered every possible level. And whether you choose to use those books, every lesson or you choose to youth and exclusively is up to you. But it's going to have some sort of curriculum. It's that serves, or it also helps standardize things for when you're hiring other teachers and use the books we use. It also helps to show the parents the materials in the beautiful book. That is why we use these books. And so that's something that is pretty easy. You know, you just do the books, and it forms a basis for your curriculum. It also helps with marketing, so that's what we did. And but I also emphasize that we want to focus mostly on speaking and listening. It's hard to learn speaking and listening that initial reading and writing because a lot of the reading running stuck in kind of doing your own. But speaking was that you really can't. You have to have a new speaker practice with. So I always have a size that speaking and listening skills were useful for practical is harder to learn. It's also what most people want on. The grammar is difficult to teach. It also provides limited practical language ability. I know people that have been studying in this grammar and writing and everything in schools for 10 or even 20 years, and they literally can't speak it because they just haven't had enough chance to practice bold speaking, but especially listening, listening and being able to understand that they said to you for language is very challenging is very difficult. And so we focus a lot on the speaking and listening skills that people like to hear, that parents really like to hear that. And so when you combine having a nice flyer, it's nice marketing materials that show you have some system with having a good books that you've chosen carefully on. Then with emphasis in speaking, listening, which is where the demand is, you have, ah, winning formula and you go out there with this and you will recuse Dues guarantee. I mean, this is what they want, and it's something that works every time. Basically, and if you got any experience in sales, you know that sales. It's usually a numbers game. If you get your product or service in front of a certain number of prospects, you're going to convert at a certain rate. Well, when it comes to the English business, your conversion rates going much higher because it demands much higher as long as they're getting in front of people who have the ability to pay, which is why we wanted located in those affluent areas. The businesses basically guaranteed Steve, it's no matter how hard we want to work or not. I mean, if you're lazy and may fail because you're lazy. But if you do these things, they teach you in the course and you will succeed, you'll make money. It just a matter of how much and on what scale. And the next lesson, I was going to get more tips that basically make it so your success will be guaranteed. 10. Lesson 9 How to Guarantee Success: So as I mentioned last time, if you combine all of the above all these things then thrown at you here, you least use most of them. All of them. You're pretty much guaranteed to succeed as long as you stick with it. If you don't give up and you keep implementing this system, you're going to get students. You're going to make money, it's going to build, and eventually you're gonna build a point. We're making $1,000,000 every month. In some cases, people that have built up huge businesses is one over here called L. A. It's a huge English language center that has dozens and dozens of locations all over the country. That guy got started just the way that I'm talking about in this course, and now he's a multimillionaire millions and millions of millions of dollars, and he just owns big company. You started out just like this, like 15 years ago or something, and he just built it up over time. And so that's what that's the potential that there is in this. Most SLT just end up leaving after a couple of years. They they may be, are sick of the country or they are sick of just teaching. This whole time can be pretty pretty repetitive. Just doing that over and over is one of the things that led me to starting businesses that I found just doing the teaching over and Oregon was repetitive, but it was fun to build up a clientele and build up the private lessons that kind of turning into a visit to be very exciting, great fun. And then, happily, it also led to making more money and then led to a very successful business. But a lot of turnover in this business. And there's a lot of burnout in this business because it could be kind of hard living in a foreign country teaching your cell and there is reason it's hard. But in terms of building out, ah, he is a business. Be more entrepreneur. It means that it's a lot of opportunities for those of you who don't give up, you stick it out. Basically, the longer an expat stayed over here and foreign country and build a network and T Jews and build up a client base starts a business more successful. They will become, and, uh, it's a pretty small people. Actually, that ends up staying for a long time, and that pays up big in the basically. The longer you stay, the more you ability, reputation and your customer base. It's that simple. So, I repeat, learned the local language. It will help with everything you will help with communicating with customers, communicating with your other partners, communicating with maybe advertised. You get sponsors later on, and you put your sponsors like, for example, I mentioned giving away free T shirts. Well, what if you have those teachers made for free or even had a business pay you to put their local information on the T shirt? So you make that another revenue stream as well? That's something that we did the second year that we're in business. We would constantly give all these students they would get a T shirt and it would be sponsored by one of my partners, and I would make a few $100 off that sponsorship per month, and then I would get free. Advertising is our local would be on their Well, we got our logo on there. We have our partners like a one there. We make money, and then the students would get free. So what? We're really, really well. And the reason I was able to get some of those sponsorship deals was because I would approach local businesses, talk to them in Vietnamese. So that has made it. So I had more opportunity, more revenue streams coming in, knowing the local language. So it also makes it way more fun to live here by speaking the local language, actually, And I have a course online on this platform, actually, How to learn it means you. So if you're actually gonna come to you, not learned Udinese, well, you can learn that language from me as well. I've got multiple courses about it, actually. But the key here is you wanna start small, little or no capital, if necessary, and then you want to build organically. And if you do that, you pretty much guaranteed to succeed because most businesses need a lot of capital. This is a business that doesn't really need a lot of capital, doesn't need a lot of special skills. It basically just needs you to be willing and able to go for it. If you're a native English speaker and you're up for some adventure come out here to start teaching. You start talking to people, you start giving private lessons and you build it out. I was really straightforward, and it just takes work. It's one of those things that anybody could pretty much do it. It just takes work. And if you work hard, you live modestly, Which you can do here. Is I already mentioned on. Besides the low cost of living, you just bank most of your earnings. You just save most of it and build it up. Whether that you just say those for your own used for retirement or the night you build it up and then reinvested back in the business to Grove. I got up to you, but it's really easy to save here. It's really easy to build a bankroll, and that can be said for a lot of businesses. Either back home or other business is even over here. Thats the cash rich business. And so if you work hard and you stick with it, I guarantee you will succeed just a matter of not giving up. It's a matter of time, but in my case or doubly quickly, and I think for most people. It will if you work really hard. So you know you don't want to. Your students were granted. That's why I want to communicate with them, keep them happy, try to go the extra mile. That's where freebies come in, whether it's giving away free stuff or doing some free lessons or spending an extra minute or two talking with that student with that parent after class, you know, try to go the extra mile and create that perception that you know you care because hopefully you dio on does become a good teacher. If you're really getting a teacher, you're really good at running the class, entertaining your students. You're gonna succeed for sure. A lot of people come over here to teach English just for the money. It just want to be an expat. They don't actually take their craft beers and do not actually actively trying to get better at it all the time. Well, if you are a person who's trying to get better in the whole time, you're gonna stand out big time and meeting lots of customers stick with you because of that. And of you know, another tip here is start in a place with less competition. So, as I mentioned before, choose a relatively smaller city in Southeast Asia or I could be in on. For example, I mentioned he, my friend. It shows a smaller cities cult down. I still 100,000 people there. It's a couple hours outside of Washington City and this competition there there are English centers. There is your sentence everywhere. But if you're a foreigner that launches a little English business in the middle of one of those towns like a big city, you can just crush. You could make a lot of money there and you will you charge a little bit less expensive will be less as well. He was gonna be overrun with demand. So that's Ah, tip. If you don't want to live in a big city, you live in a smaller area, less competition that can increase your probability of success. I've seen other people do it that way. I was really smart strategy. My situation is kind of grew organically out of the place. They happen to be teaching and in a Koreatown area worked really well. And that's still area where you could build up this business I mean, there's competition now, and stuff with the area is still growing. It's becoming more affluent all the time. That's a creative thing about a South Asia, especially, you know, you're seeing 67% GDP growth every year. You're seeing the middle class is exploding right now. So you've got a good 15 or 20 years, maybe even 30 years where it's gonna be booing, and then at some point is gonna be a rich country, right? It's gonna be like Korea or Japan, and these opportunities will diminish because they will be entrenched. Big players. Big business is doing this just like the same reason that you can't do a lot of that stuff back in the States or another whole countries. There's massive amounts of competition, and it takes a lot of capital to even get in the game. But over here, at least for the time being, at least the next 10 years, 20 years, This is a big opportunity and it's not gonna last forever, and that's when the reasons why I think it was urgent to get started, and if you do get started sometime in the next few years and you build out your business. It's almost virtually guaranteeing to succeed if you don't give up. But the window of opportunity is like, you know, the next one or two decades, and then it will be over me no more, come over to Asia and to start teaching an English business and making money off of it. So now is the time. 11. Lesson 10 Analyzing the Business: So I ran some numbers for you when I introduced this business model. I'll give you guys an idea of possible. Haven't you scale that even set pricing and things like that. Now I want to analyze this a bit further, give you guys giving more details about how the business works, and so they're basically two ways to go, right? You can launch organically with no frickin border school halls, Mostly what I've been talking about in the course Oregon launched formally the physical location launched A full name of a physical location is obviously going to have some expenses. We're gonna analyze some of those expenses, but it can be worth it. If you want to achieve success quickly and you want to use scaled work quickly and you have a little bit of capital, it doesn't have to take $50,000 to launch. Uh, English school. If you are just running out of space, is starting a couple. You like five or $10,000 over here and you know, and then if you have a few classrooms, you more easily achieve scale and get customers coming in also having a physical location by something that you can see we get a lot of, ah, foot traffic coming in. So you may choose to launch that way and maybe the best thing for you. Most of us. We want to start a shoestring, but that we just want to build something out organically. But all of us, certain situations, right? You know, maybe something that has $50,000.100,000 dollars capital you wouldn't put into a business. And so that's that's you. Then it makes way, more sense is launched actual school. So let's look at some of the different number that some of the details uh, situation. So inorganic lunch. What was ransom numbers here, Joey, where you want to get you What you need to hit. So I just kind of happened down that for each doing your best, getting it up $75 a month for student, I was going to give a take charge, But students coming to you a few lessons a week standard. They're coming for whole long. You're gonna make it somewhere $7 a month for students of second survey here. Sometimes in spite of it more than that, it served a purpose. This year. So if you get 10 students and I think $75 a month, you're looking at around $700. Are you getting on? You get almost little that and fine, just another 10 students from 20 students, not many customers. At that same amount. You're gonna be pulled out $15. That's about unless a full time English teacher makes usually at an English language center about $59 a month, maybe a little more. They work a lot, and that binds with really nice. Then it will be here, you know, comfortable. I mean, if you multiply that times three, that would be like making $4500 a month. And living back in America was decent wage, right? These numbers world net numbers to after taxes you after taxes of the use, leisure centres. And of course, we're gonna collect in cash if you run the business on your own. And so there's no taxes here just straight up profits, which is huge as a big difference when, instead of having paid 20 and 30% in taxes on keeping all this money. So it's a big deal, and then once you had 30 students about $2200 in love or his duties to be grand a month. I was already doubled the other unity. Just salary. Just think about that. You can just get 40 students from your community from around the area from ingredients livers there and you teach them you consolidate them into only 23 classes. Um, easily make $3000 a month of the small, ever relatively small ever might take you a little bit of a buildup of that, But you want to get there. You have anything that you believe that you saving $100,000 every single month and when you work in that so some of you may find out appealing. So building out really big business and making a lot of money just having a nice lifestyle where only work 15 hours a week and you make $3000 a month again equivalent of like over here, maybe $9000 a month back. Hopes were talking about having a really high standard of living and working up enough. So this and can you give me a feel? This is kind of one of the reasons why I didn't. Bill Levitt is up even for what I did. I was already really busy guarding, working really well are making more money than ever made before. And then I also found so by so needs and it worked out and I was happy with all the numbers , but push harder. I know that could double that. This could have made a lot more money, but I was happening, how it went and likely lost different things that they said After I sold that business, I launched the second sports Academy business, and then another three years. I sold that visit. So that's kind of my style. That's what I like. Did you use gonna have something differently one out of the business? It may just be a lifestyle venture for you. It may be something you want. Teoh. Take it into a really big business. Whatever isn't all that different styles. Things that want on disapproving of this bit is really flexible. You could achieve lots of different things in different ways out of it, so it's really cool. But any cares? I think that you should shoot or 100 students. That's a good goal. Have you developed 100 students. You're talking about $700 in love and your expenses alot, and you're still running out of people's homes at your home. This is a huge amount of mind making off of your DSL business without being in school, and it's hundreds that's achievable number. It's a challenging number. It's something that you could get and you consolidate those student 15 students, 20 suits that class. Then you are only running a few classes and to achieve this result, and that's what it's all about, you can run the large number of courses Barton number classrooms, and you can get a whole 100 students paying. You're talking about save $100 a month now. I had my fish, I had a hold of students and I was doing promotion that keeping the ball sweet and keep them coming. So I was a little lower. This figure what I finished so you could see where I was That I was making over $10,000 a month for the last several months. My business was going is what attracted my investor, the person that ball me out. You saw the business. We haven't find the client list, he was a local guy, actually was kind of a couple of e que He's a He's a Vietnamese born but lived abroad for most his life. He's a businessman investor, and he wanted to take business and take over all classes on all the teachers that I had put in there and running himself. And so he gave me around her $1000 that and I was making around 10 $11,000 a month for a few months. There again, that's what I wanted up to your eyeballs. Up to 200 students. I think anybody could probably build up 200 students after a couple years if you work hard . And so that's what an organic launch that's about having any capital speak of suffer, maybe for the 1st 1 to your teaching it so that you're paying your bills and you're building up a business. And once you reach this sort of 20 threes, didn't know right here. You can put your years l jump if you want to do another support yourself entirely off of business. And so that's how that works. Okay, next, if you want to a formal launch now, formal launch means that you are going to have expenses from the business that you're going to rent out space and that spaceman costing $100,000 a month and you're kind of going big. But let's look at some of the numbers here. So basically, if you are trying to our two hours per lesson, you're gonna have more like $130 from student. This is why a lot of the English language centers wanted charge charge. Plus, you actually end up making more money. It's just that's not usually I deal from the point of view of a teacher from the point of the students. Two hours could be too long, I think, however, cement works well in the sense that a two hour session is consulting more time than one lesson that people are very busy. And so in that sense, some people like the two hour lesson format any case and makes it so. Just 50 students in your school which you can achieve after a knish, a launch with some advertising from where mouths free lessons up. You can watch with 50 students pretty pretty realistically. So you're talking about already having $6500 in revenue with 50 students. So from there you build up one to get to 100 students, you got $100,000 or $10,000 a month to wear students, $20,000 a month on and then at two hours, 100 suits, $30,000 a month, over 200 students at to our lessons if I got 26,000 dollars per month. So this is what you're aiming for? You don't launch at a building or you have a school. You got two big milestones. Basically, you want to give to her students as soon as possible. Pulled down, Uh, 10 grand or 13 grand a month. Um, and then the next one is build up to 200 students. So you pulled down 20,000. $26,000. Those your revenues, you're gonna have some expenses that we look at all the next flight. I will show you what you're likely. Profit would be a realistic scenario. These are big numbers. I mean, just imagine having an English linger center, which is to other students, which is not a huge army. This linger center that I was teaching at when I first started, it was called Clever Learned it wasn't fully home at the time. They had over 300 students and they were running to our lessons. And they have, like over 10 teachers there, 10 or 12 English teachers. So they were probably pulling down like 35 $40,000 a month and revenues. They had kind of a large Vietnamese staff and accountants. Salespeople security. So their expenses for higher there probably making about 40,000 revenues. And they probably had about, I would say, maybe 10 or $15,000 expenses. So, lady, it was a couple who owned that place, and they'd only launched it like six months before, Um, I started there. Which means that within about six months of them launching, they were having about 25 $30,000 in profits per month, 25 $30,000 a month is how much they were making and says. Then she's opened up like three other schools. And so she has, like at least four units, linger centres, all making something like 20 year, $25,000 from a per month. So she's very, very, very rich now. She was a Vietnamese lady who was just an accountant at her previous English language center. And she and her husband saved up money lunch, um, that clever learned, which is actually a franchise model. So she put a lot of money into I'm guessing that she probably put maybe even, like, $100,000 into launching that business. But within six months, she was making 25 or $30,000 profits of every month. So it obviously paid off. Obviously showed that his model works really well, as long as you're recruiting those students. So let's look at some of the expenses. So for an average lease here, if you're gonna be a small school of maybe 45 classrooms, which is plenty for us to achieve the numbers that we're looking at here you may be looking at, like $1500 about force is gonna bury, depending on location. Some office faces more than that, and some will be even less so. I think it could average about $1500 a month from Western money. You back in the States, it seemed like a pretty small amount, right, But we're here. It's cheaper. This would be for a pretty big space, um, talking about, like, you know, three or 400 square meters, which is more like a couple 1000 square feet. Basically. So you know, teaching staff you have four teachers. They're working 20 hours a week and being a $15 an hour, that's gonna be just over $5000 a month for your teachers. That's that's obviously is the biggest expense, by far is the teaching staff. But the teaching staff is also what makes the business run, having foreign teachers in their teaching English. So this is the key numbers and big big expense on as long as you're making a profit with having all those teachers and having the the lease in there, well, then you're often running and your business is successful and matter running it, growing it on diff you know, I've experienced eating is yet This is a pretty typical workload and pain rate of these here. Asia $15 an hour is pretty normal, and then most procedures most of them teach about 20 hours a week because even though that doesn't seem like it's a lot of this prep that has to go into teaching and also lots of units. You just won't have 20 hours, all in spot. They might do like 10 hours at one language center, another 10 hours. Another Lakers center. A lot of labor centers can only afford it. Consolidate all the teachers and give him full full amount of work. But it really depends on the classes just to give you guys an idea. Most things teachers will work about 20 hours a week, sometimes a little bit more, sometimes a little bit less. It depends on the teacher and the situation. Okay, so that's about $5000 a month. Expenses for the teacher. If you spend a couple $1000 the launch, your sign. It should sign the suppliers. Marketing Marketing. You're gonna pay about $500. So utilities and Vietnam, for example, of air conditioning is a big expense of every classroom. It's out of the air conditioner, and so you'll have. You have utilities and you'll have some other staff. You might have a reception. Is that sales person that talks to, um, customers. And this number might seem low to you, but it's because labour in Southeast Asia very, very inexpensive. You can hire a local person out of college or, like 202 $150 to work full time. And they'll be pretty good to, you know, pay more because somebody better. But you can start one or two receptionists or salespeople for his little like 500 bucks a month. Um and so this is just a rough estimate, but you can launch for, you know, your expenses for a month. But you got 10,000 bucks. Um, so if you had 200 students and you were pulling down $26,000 in revenues in this example that we've seen you be making $60,000 a month in profits, Okay, that's with 200 students with a typical sort of set up and so 100 students with same expenses. Then you'd be making over $8000 a month in profits. Still, really, really good. I would still be a very successful business. So basically you need to get out of 50 students as quickly as possible to cover your expenses. 57 5 students. But really your goal to get to 100 students, get it profitable, and then build it up from there and the sky's the limit. Okay, so those the numbers, that's basically what you're looking at is obviously gonna be some variation. But that's the basic business model. And it's really simple, straight for and it works really well. Okay, so if you follow the lunch process that I've outlined for us, you follow all the tips, you follow all the advice and you go about doing it that way, Whether you launch organically or whether you do a formal launch with a school and you have some some capital, start with both ways, our roads that lead to success. And I think most people could could really do it. Okay, so the next thing want to think about after we launched the better business going is how can we keep the business running efficiently? You wanna have, Ah, system, you wanna have scale and eventually you want to put it on autopilot. So all of your time is not being taken up in the business. Luckily in Southeast Asia, there are ways to achieve that, and we'll look at that next 12. Lesson 11 Using an Efficient Business System: So you started to grow. You got your business going Now you want to shift your mentality from teaching all of your classes and focus a lot on the curriculum which theoretically, you already did to get everything running, to get everything going and be put in place. Right. So now you want to shift your energy from the teaching over two delegating and the manager you wanna be hiring other teachers through the classes eventually do all of them. And I especially love teaching. Of course, most of us entrepreneurs with service like this we teach until they get started and we step out and we manage after that. It also makes it so you have more of your time and energy to focus on running the business and thinking about things that are important to the business. And so the only way to look at that scale is by to eventually be delegating pretty much everything. Delegating, managing. And so when you get to this stage is when your business really starts to take off, because now you have your time to think about throwing. You imagine thing about scaling and your business is more or less on autopilot. Your teachers that coming to teach that the students that come in and take the classes? No. You have your other staff that does the enrollment and you are pretty much just overseeing everything and thinking bigger picture happened. I continue to scale this. Maybe you want to start talking about bringing on partners or investors is which is what I did and maybe try to make a sale. Remember, this is your end goals he launched. You want to achieve a business system that runs without your day today? Management that your interference and that's what we're trying to achieve. So the goal is to achieve scale. And so you need to get 200 students. Could be is possible. And from there, your business is already successes. The matter from there, how many students you're gonna get, how fast you're gonna grow, how much money you're going? 2 May. But what you want is an efficient business system where you basically end up delegating everything and the reason this works so well in Southeast Asia. Because you can hire a visit manager, a local manager that speak English, that is very, very effective, or a relatively little amount of money. I pay them like $1000 a month or even $1500 a month. But if it takes you completely out of the business and the day to day imagine side, it is totally worth it. You now have a basically cash making money machine, which is what a business is in its ideal form without you having a beautiful. So this is the angle, and that's basically what I achieved by the time I sold my business is one of the reasons why I was an attractive purchase for the investor was because they saw that I wasn't even having to be there to do everything. It was running all by itself. I took him to look at the class that took him to be the two years that I showed in my system and he was impressed is that was awesome. I could buy this and then I can keep all the money from it and I could manage it, and I don't have to pay $100,000 for such a good business. So it was a really easy sale again. I think I probably could have got more money in retrospect, but I was happy to get $100,000 for two years of work and then take that capital and go on , do something else. Um, so, uh, ways you can recruit teachers Ways that you can advertise is definitely to join yourself. Facebook groups, tons of teachers out there say, Have looking for teach for this class. This is what it pays well, the hours, you know, private message me and know what is. Get tons of teachers. Olcott give a couple interviews and basically years leveraging the technology of the Internet to efficiently recruit teachers and worked really well. Get them immediately within, like, you know, hours, interviewing teachers and and getting them ready to go in from the class. It's really easy to recruit teachers over here. It's 1,000,000 SL teachers. It's not a problem. Same thing to advertise your classes joined like locally SL Facebook groups is something you have a personal assistant due to say. Okay, well, we have this new class coming up. I'm going to post it up on all the Facebook message boards and do a promotion on there. It's really gets the point where it's pretty easy to fill a classroom. Once you have your systems in place and everything's going, you have a personal assistant to do the local communication. This is what I was doing by myself at first because I could speak Vietnamese on. Then later on, I hired a personal assistant to do this for me. Um, pricing your service aggressively helps to achieve the scale. So all the numbers I just gave you were based on kind of like full bore pricing, but you couldn't even price more aggressively and think a little bit of hit on your revenue . But to achieve the scale that you want, because once you have that 100 students are mawr coming, then you could always raise your prices a little bit. Um, and it won't be that big of a deal to your students after your promotional pricing has basically wore off by living a big difference to your overall revenues revenues My go up 10 or 20%. But you won't be scared off your customers because of the initial price. Give them was so good that they were going to pay a little bit more for the next fast. It's good. Okay, So you always want anything? Launcher? You're thinking long term when you give those freebie classes out at the beginning, you're not taking any money upfront, but you're going to have, ah, higher conversion rate. More students. You're gonna more money down the road by pricing impressively. You're getting students in your giving away some money upfront, but you're gonna be getting more money down the road. If everything you do is has this long term thinking with the end goal in line of achieving some scale and achieving some of automation, then you're doing the right thing. So it does take some patients and you need to have that sort of mentality. The goal is growth and scale, and you can leverage technology every step to do that. Leverage, Internet leverage. Facebook. Let me just smartphone. Basically, it saves you time. It makes more automation possible, and that makes your business efficient. Isn't system which is what the goal is? Uh, here. So there is no limit to how far you can scale the small. That's when the reason I like a lot of businesses, there's a limit to how much you can scale them because you need a lot of capital continue to grow or maybe gonna run into too much competition. Too much, too little demand. But with the English teaching business, there is unlimited demand. Right now, there is a very, very, very inexpensive labor. There are this very low enforcement of regulations that they mentioned. You can basically get going about it with slices. At some point you want to get one. But it was not a barrier to entry by any means. You can hire personal assistant and hire other staff. There is such a small amount of money, and it just makes it really easy to get launched. And so there's really no excuse. If you're interested in this business and you want to do it, you can build it out by yourself. It's no problem. But you always want to be thinking about having an efficient business. Systems save time state money to start with low budget and grow organically. And from there this guy is the limit. Okay? And so with that, I'm gonna look at house launch with little or no money 13. Lesson 12 How to Launch with Little or No Money: So I already outlined the basic process with you about how to do is without anybody. But I'm gonna go over it again. And I want to emphasize the fact that this business is almost the ideal business for launching with little or no money and go over the reasons why and the how twos ones more. So you start to channel Linger Center and he talked to as many parents as possible. You get the contact information of these parents even if you have even asked them. Hey, you want to do private lessons yet? You say OK, do your contact information and I can contact you guys with some ideas about how toe give your kid a link up in learning or get them. If I want to send them assignments or I want to stay in contact, give me your email address so I could get a hold of you. And I say you start your list. You saved most of your earnings from your teaching, so you're gonna have that is capital for your business. And that's how you get start. You start building up some money by teaching, and you started really communicating with potential customers. And then that's the beginnings. That's what you do, get their contact information. You launch the program after you have some savings. And small clientele doesn't even huge. You could even launch a program with little as it doesn't student something 12 students that is in one or two classes that can provide me with hundreds of dollars, and that can provide you with something that you could do while you're still teaching in school. And, um, you're off to the races and they will start giving you word of mouth and you'll start getting calls from their friends. And then once you start making enough that you don't need to work lingers anymore. You're talking about you know where you're getting around $1500 a month revenues $2000 in revenues for yourself, out the language center and into your business. Now all of your times about it, to running your business and getting it to grow. This is the critical phase when you step out and you're focusing all your time. This is when you have to focus really hard for the next couple of months to build it up so you have a cushion and you get everything going. And so you fade yourself out of teaching in your business and into the management side as you continue to grow. So this. These are the steps you start teaching. You blew clientele. You start private lessons, people that up. You step out of the language center, you build it up some more, and then eventually you step out of teaching altogether and you run the business. That's how you do this and doesn't take any money at all. You started, I literally walking to news language center, say I want to teach English year and then within a couple of months, I could have a private clientele, Private lessons. So I'll be teaching. Bolt is Linger Center and have a house, and a couple months later, I could build that business up to having my own clientele. And then in another year, I know that I could build up to where it was before. I mean, since a cookie cutter process, it's a system that works. It will work for everybody, and I right now I have got several friends who are doing this as we speak, and every single one of them will be successful with it, which is why I wanted to make its course. I thought, Man, this is really cool opportunity that if more people knew about it, I mean, really be helping them out, giving a lot of people don't have jobs, don't like their jobs back home an opportunity for adventure and to build a business. And so this is what motivated me to make this course. I mean, it's something that I did. I honestly hadn't thought about teaching this to anybody. But I first sold that business over years ago. Only recently that I've been making hauling horses and working with some of my other business partners that I realized this would be a great thing. Teoh show people how to do so hopefully you guys actually go out and launch this stuff after taking a course. That is really what I'm hoping to get out of this for you guys to go and give you some stories that say, I'm launching. I came over Vietnam doing this, and this is how it's working so far for me, so that would be really, really cool. So again, the next step is you just continue to reinvest part of your profits back into doing some advertising to your staffing, to reading of space for classes. Eventually, when you want to get that more scale doesn't make sense. Eventually run out of physical location to have school. But when and how you do that. Holy up to you. You know, eventually you can hire someone to run the whole thing. As I mentioned talents unbelievably cheap, and that's how you step away from. It would be a little bit repetitive with a couple of these points, but I just want to keep hammering away into your minds that this is a process that basically you follow. It will work, and these are the steps to follow. And once you achieve some scale, you can sell out to local or business person you want Teoh. I mean, there are a lot of entrepreneurs in its business, a lot of entrepreneurs or if you're its icon over here in Asia because of the left low level regulation enforcement. Because of booming economies, there are just so many opportunities attracting entrepreneurs, which is why, you know, I mean this course, hopefully, two checks, so when you guys to come and get in the game as well. There are people that will buy you out. There are people that want that we want to invest in your business. It's really easy, actually define investors for this business. Everyone, everyone, that the business mind immediately understands the power of the English teaching business model. It's cash rich business as an enormous amount of demand, and so when they see you building something successful, they want toe leverage. The capital Put it into a business and make some money off your work and imports. That's what we want to. Or if you have built something that you want to keep building, you don't want to sell Well, then the sky's the limit. Maybe you could become the next I'll A business and go ahead and look them up online. They have, ah, multi $1,000,000 business. They've got dozens of locations, and the guy who started that is, ah, multi 1,000,000 there many, many times over. And he followed this exact same process that you're learning in this course. He just never sold out. He just kept going, kept building and continues to do so. And like I said, I think it's been about 15 years, maybe a little bit longer since he's first started and he's very, very rich now, and so that shows he was possible. But where you take the business is going to be totally up to you how far you want to take it. But the key thing here is that you can launch with little or no money, which can. It cannot be said for most businesses out there, especially ones that have this type of scalability. On the next lesson. I was gonna go into more detail about having it to that next level about how to scale, how to get efficient and how to get the numbers to be bigger. 14. Lesson 13 Getting to the Next Level: So the critical thing here to keep in mind is, how do we get to that level where? OK, we've got a business we've got. Customers were building it up, whatever. And then we turn it into a sale of $100,000 or returning into a business that makes $100,000 a year. Or we turn to something where we're getting, you know, $100,000 worth of investment coming into our business so that we can grow. That's really what most of us are probably trying to achieve. If you've gone through so much effort to launch this business and maybe some of you, I just want to have a nice little niche business and make a good living. I totally understand that. But for those of you that wanted to the next level, you know, always be thinking about how to scale. And I always been thinking about how to make your business more efficient, stymied using systems. So I mean to use Internet different types of it. Perhaps use Facebook has already mentioned for recruiting purposes. Basically, the more technology you're using in your business to track things. Teoh help with recruiting help with sales help with the counting right? It's something as simple as using QuickBooks for the accounting and having your Vietnamese personal assistant and put all of your sales through QuickBooks of having that same personal assistant to all the postings on Facebook Bowl for teachers and for new courses to recruit students. He wanted me thinking about efficiency. So basically, you run everything through your assistant, and your assistant can run everything through some sort of app or software or the Internet . But that makes sense. And that's how you're gonna achieve scale and have some, um, some quality controls and efficiency and be able to step away from day to day running of the business. So it's a really key aspect of getting to that. Next level is making sure that you have good systems in place to manage everything. You also may want to find a partner. Maybe somebody that's high level. There's this person. Maybe has an M. B. A has a big business background, and they can bring your offering to the next level. Maybe you get to the point where you think this is all they can do with my skill set, but I want to keep growing, Maybe tell someone. Hey, company, my business partner and help me grow this thing out. If you put a little bit of money into the business and I will share the is with you so you could make a deal where you give them a cut of the business, say, in exchange for, you know, just throw some big numbers here, exchange for you putting a $20,000 in the business and coming on and working a full time on the business with me as my partner, I will also give you a 30% stake in the business as well. Something like that. You want to give away too much, but you give them a meaningful chunk of the business using capital will come into it. You give them an opportunity off of something you feel, but then their capital and their expertise will be something that could take your business to the next level. Two largest steel tomb or professional, um, look more professional with marketing, you know, etcetera. And so this is one way that you can get your off into the next cell. This is what we did with Saigon Sports Academy. of my next business venture. We realized at a certain point that we kind of have reached the limits of our ability in that business. And he brought 1/3 partner and the partner had a big business background, and they basically did what I just described to you. It took our business and it continued to help build it up and they put some money in and they got a cut of the business. And that's one way that you could do this. So always be flexible and always be thinking about you want to grow bigger, sometimes need to bring on more expertise to your team. Bring on investors could help you to scale to a level that you couldn't you know you couldn't have achieved by yourself. And maybe you never even dreamed for started. I mean, I've been talking about numbers like, You know, you could make $100,000.1000 dollars, But if you end up going big, like the guy who started I away, you could really become a multi millionaire. I don't want to make a course right. Say hey, follow my business system and become a multimillionaire. That's not very honest and you know that's not very realistic or for everyone, however, bringing on investors. If you do what you some success in the business definitely gives you the potential to do something like that. I mean, some people will end up taking this business and turning into something big, so I don't want to say that everyone and you can do it. But these are some of the ways that you can do it. Partnering with someone else. Parting with some investors at a certain stage after a couple of years of operation is one of the best ways to achieve lawyer scale when you kind of plateau in terms of what you can do by yourself building up this business. So that's a typical thing to do. Once you get to a certain stage search for some business partners that some investors to keep everything growing, maybe something you guys haven't thought about that I don't know how to go about doing that . But it's a simple as thinking about what you're willing to give away and what it is that you need. You will know what you need and what you're lacking in the business, and he's basically offers. People say I'm looking for a business partner for my small businesses in English teaching business. Please meet me if you're interested and you start talking to people basically and then once you guys have a formal agreement, you hire a local attorney, which is not very expensive again. Everything here is so cheap on you Make a formal agreement of the paper and you're off to the races. That's the next stage. Okay. And from there you take it wherever you want to go. Basically, if you wait long enough to sell out and bring on investors, you could make millions of dollars off of this business. You could make millions. I didn't make millions. But I know people who have. Obviously, it's a business that has this potential, and this is the way or one of the ways to go about getting it to that next level. Okay, Another thing basically is, you know, once you sell your first business, the sky's the limit. If you sell your English teaching business for, even though you know, 50 grand, whatever, you start another business and, you know have experienced, you know, have contacts, have a network. You know some other business people. You know, the people that investigators and bought it from you. Um, you know, you can do whatever you want. I turned this initiative business into a sports academy business. Excellent sports, catering business. And now I just basically do whatever I want. I do these courses online, and I think it's really fun. I'd like to teach. I teach business classes. I spent a lot of time just going to my pool in my building and also going and playing chess and also having a soldier life. I've got a family at labour time to spend with them. And, um, you just do whatever you want you once you've done this a couple times, so I mean, you do a lot of flexibility and it's awesome. You can take time off to reflect and think about your next move, or you can retire if you want to. I'm basically I'm semi retired in this business. That's what I That's all I think about myself. I'm never gonna be totally retired. I don't know what I'm doing myself. That was retired, but I have the freedom to say OK, I want to work on this project or not, I want to go work, help out on this or not more by good night. You and I want to start another business. I'm certain I will start another business, actually. Already got some ideas for businesses over here. I'm going to give anything away. But similar education type of this is one was English, one with sports. And then I've got another idea for another one. I'll probably will probably launch in the next couple of years. I think any what reason I'm able to do that is because of this first English teaching business. So, you know, hoping that's exciting to you. To think that you could do this and that could lead to many other things it has for me. And it has for a lot of the friends I've known. This business right here is one that really has legs and pretty much anybody can do it on. So the next lesson on that same vein I'm gonna give you guys some more things to think about. If you're considering bringing on investors, 15. Lesson 14 Bringing on Investors: So I talked about bringing on investors a way to get that next level to achieve more scale war expertise. But you want to choose your investors very, very carefully assay, walk type, decision making power. Obviously, if somebody put money and time in your business now, they're gonna have some decision making power you made on agree on where to take business, right? So you want to speak them carefully because once you make a deal now you're in it together Until that businesses soul or fails or whatever. So be very, very careful when you being partners. I've had partners in my businesses, and I've learned that it really, really makes a big difference choosing carefully because you're going to work with. So just keep that in mind. Sometimes they will have more decision making power even than you. They put more money into you. I mean, if someone comes in your business and they and they own 60% of it because you wanted to get a big investment, you want girl big. They may end up essentially being like a boss to you, which is a typical problem that happens sometimes business. So maybe something that may be fine, but there is someone that has tons of experience and they've got a business background really, really smart. And they're gonna take your guns the next level of growing huge. It may be worth it to play a second fill. It just depends on what it is that you want and how you want to grow. So there's some things you want to think about. One that you can do is to do a test run or a child or potential partner and work together on one small project or initiative and say hands work together on something and see how everything goes. And that's one way to test how well you guys work together. That could be something that first very well. Okay, so it's something we don't want to think about giving it test to stumble. Maybe you want to never give away more than 49% of the company. Basically, unless the investments huge and the investor brings lost, I think you have lots of experience to the table as well. You pretty much don't want to give more than 49% of company way at least that you maintain control. However, if you have somebody that's gonna come along, maybe a couple of different investors and they say, Hey, I want a $1,000,000 into this business that you got, but we want to take 7% of it. You can have 30% 33% each of us are gonna have 33%. We're each gonna have people decision making power. We're gonna turn this into a really big, probably business. You may be excited by that prospect and say OK, because 33% of multi $1,000,000 business is a lot more than 100% of a $100,000 business, right? So it may be that you need investors in order to scale, and she that next stage of growth and may be worth it to give up mawr. But if you're ever gonna consider giving up with 49% of the company, which means giving up control of the company, you want to think about it very, very carefully and make sure the people you're partnering with our ethical and they really actually have the expertise and the knowledge that you're hoping for us. You want to scream them very carefully however, it can be something you really want to do. So don't just really out completely. He's got to make sure that you use your discretion. Why is it when it comes to thinking about that? Make sure your investor has the same long term vision of the company, is you? You may find out that they wanted to take the company in a different direction on you wanted, and then there's no way to get out of it now. It's too late. You made a deal with that? So definitely you talked to investors. Asked about what they would like to do with business. Why and with a long term vision for the business is Okay, so this thing definitely want to be thinking about there. You can also be creative in how we structure deals already. Give you one example. You use Evian, they're gonna put some money in there, Gonna get some some epiphany as well. But you couldn't do lots of different things. I mean, when it comes to be an entrepreneur, you could do it every so you could do a buyout. Very. It's OK. Bye bye. Business for $500,000 or whatever but I want to stay on and manage it, and you're gonna pay me $3000 a month of salary, for example. That could be a way to get your cash and then guarantee yourself a job. Some people like that here in T, right? Envoy for your partial file and say, Okay, I want you put $200 in my business. Um, but I'm gonna continue to run the business, and I'm gonna get a salary. And I mean, it's a key part of my steak. So you say, You know what? I want to make $1000 a month salary. I want to keep 25 20 or 25% of the business. But I'll sell you the rest of it or 200 of those. And that's just another example. You could do lots of different things. As a business owner, you can combine and give yourself lots of different options. The possibility of having salary, having a steak and getting the cash. That's kind of thing might be attracted for you and also may or may not be more attractive for investors. Somebody they want to buy you all the way out that doesn't want to be a partial buyout and keep you there to help run the business. So just remember that you can do whatever you want as entrepreneur, you know, you're basically a business artist. That's an entrepreneur. Is that I think about it. We're business artists. Were they created ones or the ones that the launch things we start things we experiment, who lost everything in business or not, managers or not of employees were artists. In our paintbrush is our mind and some of the tools you know, two capitals a tool. Human capital is tool our ideas or tools and basically combine it all together, too. Create the business that we want to create the life that we want because one of the reasons I think entrepreneurship is so exciting. Interesting. We have a lot of creative powers going on, but generally you want to think really carefully about what you want. Long term. What do you want out of the business? What do you want out of investor? What do you want out of a partner? And you are clear about some of those things and you can structure a deal that suits you and suits your investor than get you what you want. So it really is evident what is that you want and was appropriate for a year to get business. But once you start getting to that point, we're at the next level. You will have a lot of these types of choices, and I made the choice. Looking back, maybe I could have gotten more money out of my business, but I made the choice. I got an offer for $1000 or that English business, and I said, What's a lot of money? I never made $100,000 before and Chuck like that, and so I took it, and I don't regret it. If I didn't sell to that person, maybe I would have been easy to find another buyer later on. You know, you you never know. There's no guarantees business. So you have a lot of choices, though, and you want to think about what you want to get out of the situation and then proceed. According 16. Lesson 15 Franchising: And another thing you can dio is you can actually franchise your business if you have a good enough system getting a marketing package that can be replicated easily and someone else sees the value in your system and you're marketing in your curriculum and you have developed and you can sell that two other business people and they can just start up their own business from your franchise. And that's actually what I mentioned or clever. Learn the school that I started, that it was a franchise that was launched originally in the Philippines, and they sold the English marketing that franchise model for the use Lincoln Center all around Southeast Asia and all around Asia and now all over the world. And so the lady, your name is Jang, the businesswoman who started that one she paid, I think 20 or $30,000 something that was pretty modest, be for franchise of a good franchise launched the business, Which is why I estimate knowing what I know about her building and her staff, her equipment, she probably put somewhere in the ballpark over $100,000 in that business. Oh, then a few months she was making $23,000 probably promote up that this is a really good example of what's possible if everything goes well. And so you have a visit you created and problems expertise. Or maybe your strength already is in marketing and his building building business systems. You could turn around and say, Look at my business school. I did. You guys have to do this with you All the marketing materials, I will franchise it to you and maybe $20,000 or whatever you decide is it could be for franchise. This could be another way to achieve scale without having to recruit. You know, hundreds of hundreds more students. It's another way Teoh make more money off of your business. So that's something that you expertise to dio or something that seems excited. You, you know, you get chaired $100,000 your business into a multi $1,000,000 business by selling a whole bunch of franchise, and it just shows you that his model, this English teaching model or this SL's entrepreneur model, it's very much a sales and business model, and if you're gonna make the most money out of it, it helps to have a background in sales and be able to pull yourself promote business. This is a way you could make a large amount of money fast. If you have a business experience and still do it, However, it does miss the company's reputation. If the franchisees don't do a good job of the product, you can hurt your reputation. So you sell a franchise one. Make sure you have a lot of quality control and you know how to do. This is one of the reasons why you know, you like a buy a franchise, like a McDonald's franchise or Hallmark franchise. They will still have a lot of control over what you do. And so they kind of have to manage the franchisees. They're gonna be selling you stuff. One of the great things about when you sell a franchise, you don't just sell. You don't make the initial money to see yourself small branches for $20,000 but after that you make it so in the contract they have to buy their marketing material. They have to buy their courage from you. So you franchise, you make money off unusual sale and then you make a recurring income off the equipment and the marketing material, something you sell them maybe make several $100 were even several $1000 a month off your franchisees. Pain went parent company, and for them, it's worth it to not have to develop the business from scratch, not have to come up with all that stuff of Rome, which is a lot of work. And then, you know, everybody wins. So it's just another route that you could go. But you need to be careful who you let by the franchise or you're not really careful of you live by the franchise. You have controls in place to make sure your franchisees are implementing your system well , so it doesn't hurt your reputation as the head of franchisor. Can you just model from the very beginning? If you've got a strong sales and marketing background, know what you're doing. You can basically just make one successful model school and immediately start selling franchises, and so it's a really good way to go. You have a skill, or we have a investor couple on her business partner that has a skill in this area. This is the kind of thing that could really add value about having a partner and bring the business to the next level. You build a system, you create one successful location and you start selling franchises. Teoh, either absolute expats who want to get in the business or local business people. There are a lot of very well heeled local business people that will be very interested in, um, SL Franchising business or just yourself business in general. I sold my business to a local guy who is basically lived abroad, that he was a local beauties businessman, and some of them have a lot of money. And so throwing around, you know, a couple $100,000 is not very much for them at all if they see that there's a potential to build a business into something bigger. So it's another reason why I say South Asia especially, you know, is a great place to do this because not only a place that has the demand from the student point of view, but there's just a lot of money being moved around right now as the economy is booming. A lot of business people there, a lot of entrepreneurs, so it kind of has everything that you need. It has the students. It has the economy, It has business people. And it has a really low cost of living. Combine all that together and you have, like, a super system for this business. And again, like I said, it's not gonna last this this way forever. Um, maybe 10 years or 15 years, I think, could be longer. But now it's time to do it next 10 or 15 years. And then everything probably changed. You know, the economy will slow down. Maybe everyone will already be speaking of English. That demand will decrease, who knows? But right now it's It's definitely not slowing down anytime soon. Um, the next lesson we're gonna go over a little bit more specifics about how to exit the business and get your cash out. 17. Lesson 16 How to Exit the Business with Cash: So this was back to my decisions. So how on a relatively modest amount of money? I mean, the sooner you find out by a few visits, assuming you could take your money and run that that was my thinking. And in my experience, in a sense, then I continue to believe that one in the hand is worth two in the bush and sense that you never know if someone's been coming by your business for the money that you want. All you always think you're businesses with more than it's worth because you the one and put your sweat equity the building. It was really hard to build. And so it comes on the cell you often times one itself for higher numbers people are willing to buy. My personal philosophy on this is to take a reasonable offer. And then who under the next thing, however, of a lot of people, are like me and like to do lots of different season. Let's like to do lots of different things, so you spend years and years 1,000,000,000 business. By all means continue building it or wait for a bigger offer, and, you know, try to get that big number and retire or whatever my personal philosophy and it works will be well, Is that a little business to the point where it's worth something, you know, hundreds of thousands, and then if someone wants to buy it, I take that money because two guaranteed amount of money and maybe the future. I'll change my perspective on that. I don't need money is much right. $100,000 with lots of me. I sold that business now, but they pulled it business up. I'll probably want to try to get more out of it than that. So we really will depend on your personal situation but would be difficult to sell a business. Eso taking less than you might think it's worth. It may be a smart move, so that's kind of how I think about that. It could also be risky to continue to build a business too long. Do the threat of competition or the market forces changing. If you've got a business that is successful enough that people interested in buying it, that situation may not last forever. I know a lot of people who have businesses or have steaks and businesses they can get the cash out. They can't find a buyer. It's not as lucrative as it used to be. Is not as successful as it used to be. And now they're cash. It's stuck in that business. It's a really common problem in the business world. So I take a perspective that I get a reasonable offer I'm usually open to selling out unless I've been is It's so good. I know there's going to work more and knows B'more interested in right. I mean just dependent situation. Like Mark Zuckerberg launched, Facebook right famously turned down like a $3 billion offer. I think it was from MTV to buy Facebook with $3 billion. She was like 20 years old time turning down $3 billion offer. But he was wise. He realized that Wow, this is ah, once in a lifetime is this idea that I started that I am the owner of any would be forced to sell out. So course was absolutely right. Now Facebook is like worth hundreds of billions of dollars, and Mark Zuckerberg is one of the richest people in the whole time world. So you got a Facebook level idea on definitely is worth holding on to it. But for most of us we start a small business and we're lucky to get to the point where it's successful and it's worth, you know, $100,000 or a few $100,000 on gifts. Someone's come along and buy it. Usually it's smart to take the money. It just depends on the situation. That's that's my advice to you in my experience. But once yourself you can always start another business. Only this time you have more cash, your les mis And so now you have some capital. You can speed up the process of your next business and you could even start another yourself. Businessman. You moved to a different location. You know, we still to investor. They make you sign a non compete clause that you know, buying a business OK, here, which is a really reasonable thing to do. But you could just repeat the same to this. I mean, you want you could sell it, take your money and then launch another one now that you already have experience in a different spot and do that over and over again, too. But now you just made sure that at least you got the cash out of your 1st 1 And, you know, um, you're successful. So that's another thing that you can do, the rate at which you're growing. It really determines the sales price of business, though. So if you're a slow growing business, you may only sell for maybe 123 times earnings. Like if you're kind of you're adding students, you're adding customers. You know you're making 6 $7000 a month. Um, maybe you're making a few $100 more every month. That business may only sell for one time, one year's earnings. So you made, uh, let's say, $7000 in profits that year, but you're not really going very fast and may be reasonable to sell that business for like $7000. However, if you're growing rapidly growing, 20% Italian businesses is worth a lot more, and that is may sell up to like 10 times earnings for private business. 10 times earnings is usually kind of the cap. If you like the stock market, you see businesses selling for 2030 times earnings or war. That's because the stock market, because it's so liquid and because you can buy and sell shares any time, is a higher multiple that is given to businesses. But for private businesses, usually 10 times earnings is kind of like a cap. So here, making $70,000 profit this year. But the previous year, you made only 50,000. For that, you need 30,000. You're showing extraordinary growth in that business. And so you may be able to sell that business for as much as $700,000 would be pretty amazing people to business that only made $70,000 because some investors saw that they're amazing growth potential they wanted to buy it from. Or that's how you can make a lot more money exiting a business. But of course, if you're selling a business is going in that that rate, you may not want to sell because that means that you could just basically you building out and turn it into something as wide is worth so much to somebody, since it's gonna keep growing so fast that they by $700,000 within just a few years, it's making three or $400,000 in profits per year. Now all of a sudden at $700,000 investment doesn't seem like that much when they're getting their money back within just a couple of years. So that's, you know, business background as the way we think about valuations of companies. We think about how fast it is growing and how many times one year's profits are we paying for. We look at that as the multiple in the business. So conservative private company, one of three times one year's profits is a selling price is reasonable. It's a rapidly growing company and its huge prospects. You go all the way up to five or 10 times one year's earnings as the multiple, and then when it comes to something that is going to be a stock market exchange of big business, that's what you're gonna be seeing it really high multiples. Businesses are way more and they actually make because they're growing rapidly and because of the being listed on the stock market. They have a total liquidity and they have a lot of money coming in, meaning that they're always gonna be highly capitalized businesses which reduces risk and it makes each dollar earned worth more so That's just a little, you know, crash course, in valuation of businesses, you're gonna want to know about that. If you have a business that you're going to want to sell, you to be able to least think about basic ways that we value our cash moves and we value our business so that you could make a reasonable sale Teoh an investor or someone that is buying you out. Okay, So my philosophy is, if you got cash coming, you should take it, especially at your very first business. And then after that you think that money and grow into something bigger, you can start another business or do whatever you want. You may think differently about that. And your baby, your business. Maybe so successful. You don't want to sell out early on. In any case, it's a food for thought, and it's something for you to consider. Okay, so this give you is a couple of concrete examples about how much to pay for business. So if you have $50,000 in an annual profits and you're going to sell it three times earnings, which is a reasonable price for private business, you sell that business or $150,000. Okay, if you have 10 times and earnings and because your company is going really fast, that business could be worth as much as $500,000. Now, in order to get the higher multiple to, you're definitely gonna wanna have some assets that you will sell along with this. So, for example, that means if you have a actual school physical location, has your sign it all over it, as every knishes in there best in there that has projector screens or TVs in there, that's what you're gonna be getting higher multiples. Well, someone buys the business. They're getting a certain amount of assets and $30,000 maybe even $10,000 physical assets and building location. You know, you're releasing the building, you don't own it. It's still business that's based in one location that has assets attached to it. It gives you a higher multiple if you're doing when I did basically, which was just having a couple of rooms be read out and running. Um, you know, a couple 100 students through there and having it be a little bit more informal. That's one of the reasons why I didn't get a higher multiple when I sold my business. My business that I sold was basically it was the system I had in place. It was the customers that had in place. It was a list of the customers that I had and was marketing material. So if you haven't informal business that you start organically like I described about this course, I can't sell it as much to investor for as much money until you formalize it until you have a physical location. So just nothing Think about. That's one of the reasons why I only made $100,000 instead of something like $500,000 because I didn't really have anything physical to sell. My business was basically me. My customers meant customer lists and a teacher that I had So for the investor. He wanted all that, but he didn't want to paste some huge multiple ports. I think at the end of the day, I think was a very fair price, Um, that I got eso another example that you paid $1000. You got that much in profits. Someone page three country for that, your businesses were Peter 1000 at the higher end of your business might be worth a $1,000,000. That's very much what you're trying to achieve. You're trying to rescue rapid growth and $100,000 per year profits, plus in your business. At that point, you can basically retire agent because of $1,000,000. Most by that times three, which again I says that is a factor of that is relevant to you. If you're from America or Europe, your cost of living is gonna be about three times as much There is. It's here. So any number and profits that you make any earnings you have here in order to get equivalent center living from what you would have that coming, you multiply a time three. And that's going to pre accurate. So having a $1,000,000 here would be open to having about $3 million in the U. S. So if you sell your business really $3000 saying he's having $900,000 in the U. S. And so from my business I sold her $1000. Maybe the same was selling a business in the U. S. Or about $300 That's another way to think about that. So the goals as in cash. In order to do so, you need to know how to value. In the next lesson, we're gonna look Samora. Teacher improvement is a very important topic. As you try to scale out your business, you want to make sure that you're getting good teachers and then they stick with you for a while. 18. Lesson 17 Recruiting Awesome Teachers: so the key here, when it comes to recruiting teachers tryto fire when she do that will stay for a long time . Now already mentioned that teacher turnover in the Esso world is pretty high. It might come and live here for a year, then go over for two or three years and then go home. But having someone stay with you for two or three years is a lot different than having somebody come for a month or two and then quit. So you want to make sure that you're hiring teachers. That will provide some level stability because high turnover, the huge cost of business, having to rehire people, having to retrain them, especially with your students, a perception that they have new teachers coming all the time. It's not good. It's not a good way to hold onto your clientele. So one of the ways you keep the percentage of quality high and keep your students happy is that have the same teachers staying for long periods of time, so that makes you want to do whatever you can to keep the good teachers. And that might mean increasing their hourly rate over time so you can start at $15 an hour . I didn't say after six months, you give you a bump to $16 after one year, $17 etcetera and slowly raised their weight over time. This helps to increase the chance that will stay with you because they see they could make more and more money as they stay with you. And it's totally worth it to you if it means that you're going to go to keep her students and keep building at your business. Paying your staff well, it's just an investment solution should be stingy when it comes to that. So you want to constantly recruiting, not just when you have a new class, usually has already mentioned like you have a new class coming up. You might have something posted up on Facebook or posted up somewhere else and say, I'm looking for a teacher for this class, but basically you want always. We have some ads out there saying we're recruiting teachers. They send me your CV. You keep a big list, and this is what all the schools do is a little international school. Well, I have a big pool of potential teachers. They call you need to hire someone. Or if they need someone to be itself, you actually may have a situation where you need themselves. Well, maybe one year, two years is sick and can't teach night of sick. Or, you know, my parents just like I gotta go home to the US and I can teach for two weeks. And now you have this list. If you can call him and say, Hey, can you come and teach this class for two weeks or Hey, can you come and cover this class tonight of short notice? You wanna have a list of teachers Award teacher just up and quits for some reason and has to leave. You can find someone quickly. So I want to constantly be doing the recruiting activity and have this list of potential teachers and calling them at any at any time. It is standard practice to have a teacher do a demo class for you. This Do you have an action? So what you can dio is you can have them come and teach a fictitious class and you can observe pretend to be the student. I mean, you have some staff already some other teachers. You could have your other teachers come and be part of the class and observe and give their opinions what you think about the lesson when you think about that teacher, and so at least do you want for every single new teacher, have them do a demo for you. You have no idea what a good teacher or not right when it comes to teaching level of skill varies enormously. So some teachers are really bad, not very good at teaching at all. They're just barely good enough to kind of sit there and do the English teaching lessons, while others are amazing and they making really, really interesting. And they're very effective. And so you definitely want to do a demo to see how that teacher does things in action. You should require teachers to have at least a temple certificate and some teaching experience. Or usually we wanted them to least have a bachelor's degree and something to show that they are educated and having a bachelor degree also to show. So when you know they start with something all the way through to the end, you know, they stuck with their education at that point. So it's common practice to have a teacher. Either have the English changing experience in a temple or having a bachelor degree in something. And still you want them to have some English teaching experience that someone's gonna come with no experience. But maybe there have a really awful personality that lost energy. I may safely will you come teach for me for a while, tried out, but I will pay them less. So instead of making $15 an hour, I think they have no experience. But I still think that they're going to be good. Maybe I'll pay them like 20 or $12 an hour, maybe only $10. Now it's a young kid like only 19 or 20 years old. No experience, no batch interview anything. But they're really enthusiastic, and you think of a better good personality for it. Then start them out less and it's slowly build up their pay overtime. Not really a big win win, too, because you're saving money on that teacher on and they may actually be as good as something you do have experience and doing them a job, so they're gonna be happy. So everybody wins in that scenario. But Usually you want to have some English teaching experience, some sort of certification. I have a boy, the standard backpack. There he has helped teacher Just looking to fund travel with teaching. It means that they usually are too serious about it. Usually don't really care about trying to be professional a lot of time to this calm started, do the thing and they just hoping to basically, you know, make a living and get to be an expat. And the C. T. U. S has the easiest way to do that. I don't want higher those kind of people that is not going to help you build out your business. So tryto going them I mean, those of the teachers that would cause you problems show up. Maybe hungover. Maybe they'll skip lessons. Having you have to scramble to find some of the coverage, or maybe you to cover the lesson yourself. That's not what we're going for. Andi may just quit without even noticed. Maybe just quit. Not even all of even any phone calls use. Also, they don't show up, and then you gotta fill in someone new and that I've seen this happen quite a lot It's kind of common, actually, with some of the younger Backpackers that are around looking to kind of teaching make money . So just make sure that you try to screen those people out there interview process when they do their demo, and by the way they communicate with you, it's pretty easy to identify those people. And so that was really important tips that you want to keep my eye when it comes to recruited teachers, and then when it comes to student recruitment, there's the stuff we definitely want to be doing a swell, and that's what we look at next. 19. Lesson 18 How to Recruit Students Quickly: So as I already mentioned, one of the best ways to recruit students it's offer a promotional lesson for free is makes it very happy because they're getting something out of it. And these do them promoting you, telling people with teacher getting free lessons, and it just builds reports. So it's a really smart thing to do. You could also have a free launch party or like a no event. Were you invited people to come and you invited their students and friends their parents that come out and have a look at what we're gonna be doing in class? You don't have a physical location. You could you could have the party when students houses and say, Hey, I'm gonna launch an English program. You guys can. You can even stay in exchange for having a part of your house. You guys have a two whole weeks of lessons or free and so forth. That's gonna be very attractive. Basically want a leverage, what you have to offer to get things that you want. So what you have to offer the beginning is you have to offer the English lessons you had your time and so again giving some stuff away for free, like this is a good way to get launched and you don't have a lot of money to get launched. And it works really well. And then after that, you get a possible end because you dropping three less is. And then you start with really aggressive pricing, which means really low pricing. Try to get as many students as possible. Starting out. You don't think too much in terms of how much money you're gonna be making. That first got me thinking about how it's money urinating down the road. So in orderto recruit students and guarantee they're gonna be successful, you want to start with some free stuff and start with the cheap stuff. Basically, if you're thinking too much about, I want to make money right now and you want to charge a bunch of years later. Centers. Do you think I'm a good future? I'm worth it. I want to give anything with free will your attitudes when hurting because what you're trying to do is build a business and it pulled out of business. You have happy customers that want to come back from or in a room in order to do that. You give So you give up friends, you give mawr later. That's the mentality that you need to have. And you're really not really risking this is actually guaranteeing that you're gonna get students to be successful. You just have to wait a little while until the money starts to come in. Okay, so that's what you need to be ableto do in your mind. So as I mentioned, you want to prove the Laker centers you want to improve the international schools is approached international schools they have in the future about meanings. Teaching business. Are you interested in having some sort of after school program where I come in and I can teach lessons for you? I have a program already in place of eccentric, said it. Just approach them and you're gonna recruit students from there the other way that I use as a reinvention recruit from large apartment buildings and afterward, areas going post up a little flyer saying private English lessons. Maybe put your your name and phone number, your email and your back like you got a master's degree, got a teaching certificate or any kind of troublesome to be good you don't put that on there. Your photo on there so people can see a lot of these parents know they worried about state . Do you want to see, um, your face? See what you look like? And stuff and posted on there. You will start getting calls. And thing is, when you do that, if you just get one or two students to call you from there, you're already started. Because once you go and you start teaching the they will tell their friends something. It's a really close to it in these communities. Over here, of all the parents of balance, they all know each other in these apartment buildings. There. We go to the same school, they'll talk to each other and they're always looking for good teachers. And so I found this to be basically, this is the primary way. In addition to recruiting from the language center that I got students, I posted up little flyers on bulletin boards while I also recruited from my anger Slater center and that service the core there. I built it up one student at a time, One family at a time, um, up Teoh over 100 students. You could even have a local health post in Internet, the local language. Like I said, whether or not you have a full time personal assistant, you just say, Hey, would you help me out of pay you a little bit? Teoh once a week post English language lessons or post my forces upon with local Facebook groups? And you'll get a lot of business that way, too, because the numbers just so big like example, its Saigon. There's nine million people that live here, and so it's a big city and literally all of them want to learn English. And now a large portion of the nine million people have the ability to pay their maybe one or two million customers in a place where there are only a few 1000 teachers. The numbers are really good for you. You're in a place where the man is always going to be high, so long as you're getting your message out there, especially be doing it inexpensively. Then you're going Teoh. Well, too simple of that. You can find a local college student that work for you. Intern. I did this for a couple months. I had a guy coming in turn for me and he helped me. I help me recruit students, he told some of his friends and laid around his basically end up being student. And he just ended up paying for lessons in all of his friends and no pay for lessons but a great loss of kids out there that will be blamed for work free to use experience and practice our English. And so this isn't working out really well for me, excited over pretty much students through him and then having him become student as well. So this is another idea I didn't get students. You can also go ahead and hire local sales person to do recruiting and give them a commission. So, for example, I used for my second sports every business, a little real estate agent who obviously had a sales background. That's what his main job was and said, Hey, for every student that you recruit for me to come into my program and to pay for the whole price because the full, full program, my cost 1 $200 because we always have them pay up front for the whole thing. So whether your program is like one month or two month class of students have to pay up front. This is one of the reasons. With bases business so good, you always a really good cash flow because you always take the money up front and he deliver the service afterwards. It's kind of someone like the June business. The gym is. You invest about your money up front, have all the machines and stuff equipment that was coming favorite membership for a whole chunk of time, six months or a year to get a discount. So he's the type of businesses that have really cash flow. And so So I take this real sage and I say, Hey, I'll give you 20% commission on anyone you bring to the school that it's so someone company paid $200 for a class that seals Person gets 40 bucks now for a video. The salesperson 40 bucks is a nice each other change for one sale, and then that student is now in my school. And then when they renew for the next course, the suspects nothing get any commission on the next sale. So I keep it all, so I hopefully got a new long term paying customer. But I just had Teoh underpaid an initial $40 cost of acquisition for But I only paid it after they they paid for the class. So that worked really well for us. So final local sales person to help you do it in a commission is another really good way to get students. Okay, so if you kind of use a combination of all these different tactics and using consistently, you're gonna be a recruiting machine, you're gonna get lost students coming to your school and get started out. And that's what it's all about getting us do this, but getting them in there and then filling it out from there. And in that same vein, we dio think about what is it? That s all suits want, right? Obviously, we know they want to learn English, but we understand more about their thought process. We can do more toe, get value to them and target their exact needs and wants. And that's what will increase their satisfaction. And then just so that they tell more people about the program and that they are going to have a much higher probability of staying with us year in year out being a very valuable customer that pays, you know, $100 a month every single month, basically English lessons for many, many years. 20. Lesson 19 Thinking Like an ESL Student: so we know that else's whose wanna learn English. But when it comes down to it, they really want a few basic things. They want getting good value for their money because for them is the big expense something for, ah, Vietnamese person or someone in Asia to be paying you the equivalent of, like $3500 a month. For me, this lesson is it's a big bill, big expense for them. They expect getting a lot out of it, so they want to see value. That doesn't necessarily mean that their English has to prove immediately, but they want to be having fun. They want to perceive that they're getting to practice their English. They like you as a teacher. They feel like they're getting by the getting to interact with order on a regular basis, and it will make it so They perceive a lot of value and they'll be happy. So however you deliver that value, that's why we get the free stuff with get make some perceived value right away and you make fast, interesting and fun and play a lot of games. It's something that that will go a long way to making a satisfied of. And then, of course, they want to see results. Being able to actually have conversations in English, that's the key. So that's what we always emphasized. Speaking and listening, speaking and listening and practice. It's actually easier to teach than the other stuff, and it's actually more fun toe learn in the other stuff and actually what everybody wants the most. We always want to keep these things in mind. We go about designing our lessons. We go about designing our marketing materials, and we think about what students want to make them happen. These are things that they want. Okay, if they like you, they will give you repeat business. Their parents like you if their kid, that will give you repeat business. And, of course, when it comes like the adult visiting or students, which are big Mitch here, then if you help them make more money by improving their English or improving their standing in the company by improving their English, and they will definitely want to repeat business with you. This is a really big movement of Mitch Jane business English students that are adults, and so they perceive that the getting a return on their investment of that $100 a month for your ports. They're going to be very happy to continue to pay for. That's okay, So that's just a basic tips that you want to keep in mind. They will also be willing to pay higher prices. If they're satisfied, it will be when you refer their friends and they're satisfied. So over time and your program gets a reputation and gets better, you can always slowly raise your prices. I mean, if your value is really good and you've got one or 200 students and you're charging now, that may be the same as an English language center or even slightly more than the average incomes later center people will be happy to pay that because they like the classes it like the value and for them, an extra dollar. Here there may not be that big of a deal, but for you having 100 students or 200 students paying an extra 50 cents a dollar per hour that make a significant impact to your profits can increase your profits by a large amounts . So you will have. In other words, you will have more pricing power when you have high quality, uh, course, and you are giving students what it is that they want. And then, of course, I have already mentioned some your students may be wealthy business people. A lot of this old English Jews obviously have some money. A lot of them are business people, and they're motivated to learn English so that they can make more money through their business. So you made me esters that are part of your students, like your doing, and then you can sell your boots them where they could come on as a partner. Now, this is indirectly how I met the first bought my business. He was a friend of students, former students with a businessperson there in his class. And they told their friends about my school and talk to one student. Listen, about anything about maybe bringing on. Investors were selling my business, and she just told her friend about it and he contacted me. And that's how I got the sale. So a lot of times, no students will actually be people that you will end up going into business with as well. But knowing what English students want and how the thing. I hope you Teoh Kate in your product towards that. This is a It's a business. It's not a school. We're providing products to service its A DSL service. But basically we need to have more of a business mindset than a school mindset. Obviously need to be teaching them well. They had a good curriculum. We're not getting a lot of exams, a lot of assessments. A lot of standardisation like a normal school would do. You don't have to report to any government what we're doing. Basically, we just want Teoh have students of customers that are satisfied, and as long as they're happy, then we making money and everyone will be happy. 21. Lesson 20 Thinking Like an ESL Teacher: So in addition to thinking like a student, we also want to think like a DSL teach because we want to be recruiting teachers, like working with us, that wont stay with us and feel like they're making decent money. Most English. You just simply want to make a decent hourly wage and have enough work to earn a living as an expat. That's in my experience. They want to feel like they're getting you got a good job and they're making enough money. And so if you're paying them enough money to do that, and then they have diverted slowly, increase their wages like every six months, like I mentioned, I think is a good place to do that. Give them a little raise when they feel OK. Well, if I stay here, I mean, keep slowly, making more money, all security, and there's lot of stability in that, and so that's good. So you want to treat them fairly and you want to pay them up and you got a ruling a teacher that you know, the students we like. You may want to just automatically give them a raise, keep them happy, Say, I think I'm doing great job here. I'm gonna pay you $18 an hour. And I hope you you know you can stick it out on, keep doing what you're doing. I want you to be happy, and they're gonna be very motivated by that and say, you know, maybe in a year from now, if things keep going so well, we'll bump you up to $19 an hour, $20 an hour or whatever, maybe even warning that if they're exceptional. Eso That's the main thing, though, is that teachers? One. I feel like they're getting treated well, and usually that means you pay them. Ever give them the opportunity to make more money. If they achieve certain milestones, help recruit students. So I could say that really good teachers say, Hey, if you bring in, you know, X number of students of the program every month, I will give you Ah, bonus or I can give you a commission. It's kind of hard to track commissions for teachers of bringing students and stuff like that. It's not gonna be a big of an incentive to them to make, like 30 or $40 to bring on a student like it would be reviewed these person. So usually I use the bonus model instead and say they bring intense. Do this. I'll give you a couple 100 bucks and then you end up making a lot more money and they end up having another way to increase their pay. That's just an idea. But basically, if you have business minded teachers working for you, you can try to find a way to incentivize them, help me recruit and make them more money. And stuff like that works really well. You can Grumman exceptional teacher, basically to take over the data back to business eventually and become a partner. So you might find someone who's really entrepreneurial and very active and say, Hey, what do you think about either putting some of their own money into the business, which is always a good idea to make sure they have a stake in it? What is saying? You know, if you could help me build up this business to x number of total students, how to make you partner, I'll give you a 20% stake in the business or something like that, and that way you have someone that's helping you, giving someone a career. You someone on opportunity make more money and build something up. And eventually, if they're really good basic step away and say, Hey, I want you to manage this. I'm gonna pay you a salary of X number of dollars per month. You're my partner and I'm gonna incentivize you, Teoh, build it out much take and you'll make more money than bigger It gets. But you're still the majority owner, and then you step away from it. You just, you know, take a share of the profits and own the business. And so that's something he wasn't thinking about. When you're recruiting a teacher, oftentimes they may end up being someone who view good person to manage the business or become a partner. Because at the end of the day, what you want to do is you want to run the business autopilot and free up your time and your business is running out. You that is ideal. Why we go into business so that we can create something that will make money without us having to beat it. That's what it's all about. And you know, a lot of you substitute they have launched material personality. But guess what led them to leave their home country first place and take the risk of coming all the way over to a foreign country, you know, and start teaching English place. They don't know anybody, so a lot of yourself are kind of like a closet business people, or they at least have it within them to take on some sort of entrepreneurial challenge. So it makes sense that they're in place to recruit potential partners and people like that . So keep that in mind when you are recruiting SL teacher and honestly, some of them will actually work for free because someone insulted because they think about teaching English abroad in a poor country as like a volunteering opportunity and something like just out of high school just out of college. They simply wanted taking into the volunteer while they travel. Or they might just work for much smaller wait. So someone that comes in a high school, they've got a really good personality. You can pay eight bucks an hour, 10 bucks an hour, which is still actually a pretty decent wage, or you know that, they said it's so unexpected live here, But they don't have any experience. You can save money and give someone experience. So knowing the person you're interviewing and knowing what it is they want can help you save money or to get someone that can do a lot more for your business than a regular teacher. So some younger teachers actually passed because of their high levels of enthusiasm. Energy, energy, even They don't have a lot of experience. They could end up being a really good teacher, and you get into paying them a lot less. So again. Just think about those things. When you're thinking about hiring people try to figure out what it is. They want a sell job. It might be more money. It might be more pay, in which case, maybe it's an opportunity for them to do more business. Or it might be they don't have a lot of experience. But I got the right personality, and you can hire someone to save money on that s O. These kind of decisions made over and over again, can make a huge difference into the house. Success for your business is of your saving thousands of dollars a month on wages or for making thousands of dollars more per month having a talented teacher working for you, then that could make a difference. Opinion, business, succeeding or not? 22. Lesson 21 Mistakes to Avoid: So I give you guys a lot of tips and advice about how excessively build out any SL business . But of course, there also are some things that we want to make sure that you avoid. I've seen mistakes that other people in the business have made, so let's not make those same mistakes. So the 1st 1 is charging too little and not making enough to keep the business afloat. Now, I've already been talking about something that may seem contradictory, which is to give away free lessons and to have aggressive pricing when you get started. Now that's only when you get start. I mean, like the first month or two months, maybe the first program, the first course. You want to do that once you're recruiting students, once the business is basically running, you want to stop with too much of the promotional pricing, too aggressive promotional pricing you want to be charging, um, full price. Now, I said, Maybe you something. I get 10% off Teoh renew a student, and when they sent him for the next lesson, that's not much of a discount. 10%. That's not gonna make a big difference. But soon they feel like they're getting something. But a lot of people they were enough heaven of students. They don't charge enough where they maintain the aggressive pricing for too long, and they were afraid to raise prices. They're afraid, and they raise the prices. Didn't believe, but you can't be afraid of that. I mean, this is a business if you're offering really good value, that people to pay for it. So you offer a lot of concessions of friends, make it really attractive at first. And then after that you charge full price because you're trying to make money and at some point you need to do that. And eventually, as the business is really strong, you have pricing power and you could even raise prices more. That's what all successful businesses can do if they're offering a value that is raised. Prices and people from there is a higher prices. That's something to keep in mind. Another thing is, definitely you want to make sure you avoid hiring unloaded, unmotivated backpacker type teachers. I mentioned this before, but it's really critical ism state that seem a about a lot of people, that kind of thing, OK, and even teacher for this class. This person available, Therefore they can teach the class. But you're hiring people. They're not speaking very well. And their crappy teachers. I can really damage business. I mean, you've got 10 students in a class and they don't like the teacher. We're gonna tell people. Oh, I tried out that business and tried out that new school, and my teacher was terrible. And so they're gonna think, Oh, well, maybe all the teachers are terrible. So it's really important that your teachers have a good make a good impression on the students. And so that's why I emphasize that again hiring sort of backpacker, lazy type teachers is one of the things you want to avoid at all costs or having a party lifestyle and not be 100% focused on your business. I mean, being over here, it's give me so used to make a living. It's so inexpensive here. If you come from the U. S or whatever some other Western country all of a sudden, you're living in a mom and you're standing living as the Triple and you like a business owner and you're living is really easy to you. to lose focus and maybe part of too much and maybe spend a little bit too much of your money because, you know, a little bit of success. They kind of go to your head over here because it's just so easy in some ways for us to do this kind of stuff. I mean, I couldn't imagine launching school back all the paper that would be involved. All the capital money didn't have all the competition that there is. This is just unbelievable. Over here, I literally walk outside. I start teaching. It looks like start getting clients. I could start a business within the week. Better not joking. And so one of the risks of that is losing focus. Before you built the business up to where you want to be and kind of partying too much. So I've seen it happen a lot. And it's something that you want to keep in mind. Stay focused a Z, build this thing out, start having success, keep the success going, keep the momentum going. Um, also don't invest too much money. You're launching the business. I mean, basically been telling you guys to start with no money or very little money. Throughout the course of some people that have capital, they say, Well, I want to speed up the process. I'm gonna put $20,000 do it for $30,000 to do it. And I would just say, Don't do that because you have to because you can build something out organic thing, nothing that money into it. You're not risking your money and it should succeed that way, if you're having toe throw money into an interesting business at the very beginning, um, there may be something wrong with the launch of your business. You shouldn't be swallowing up too much capital. Unless, of course, you're launching and actuals cool in a building. Of course, that's gonna take some money, But be careful as you deploy capital because this is one of businesses that you just don't need that much to start with. Okay, um, being too aggressive, interviewing students from later senator. Really? My kind of mention is a little bit careful with this, So I mean, one of the primary ways that we get students is we start recruiting them out of our lady of Center, but you don't want to immediately go into the school and then start telling parents Hate, come, come learning by my classroom on the first day you're in my school, in my home, in the 1st 8 you want to actually have or of those people to approach them orders waiting until they will start approach to use well and we'll have it both ways. That means probably waiting a couple months working in the language center building of your clientele. 1,000,000,000 reported students and, um, then take it from from their apartment with the wrong person already mentioned. Really, really bad day. He went with that. So make sure that you understand that you're gonna have a business partner, that you guys have the same vision for the long term on bringing a lot of table something that you really need. Where have we have some skilled back up that you were lacking? Be very, very careful when partnering we're taking on an investor. Eso emphasize those things over and over again. They are critical things. Sometimes we want to be aggressive in recruiting people to our business support. Some of you want Teoh bring on a partner to help speed everything up, but it can cripple your business if you do those things too early, so be patient. Be patient, let things build slowly and you will be reported over time if you do that. And finally, I don't think the visitors seriously. I mean, obviously we're trying to make money and a lot of state when it comes to making a living. But this is something you should have fun with. Your teaching kids. You're teaching adult language learners. You are there. They want toe mostly at night on weekends when they're not at work over the not at school, and should be it's a fun business to be in and you don't do it. If you're not a people person, don't do it. If you don't like interacting with people you don't like your students. If you're just doing it for the money will probably fail because you will never be Come up with some challenges will be something that will happen that will be will be kind of rough to get to get through. And then you're gonna have you know you're gonna want to quit. You're going to give up. You're gonna say I'm not making enough money yet. This is too much work. The thing is, if you like what you do, if you like the students that you could be patient and you can you can stick it out into that point where you're turning a really nice profit and Sky's the limit takes a while to get there. You know the first few months or it can be tough, so definitely make sure that you're doing it for the right reasons, and it's something that you're going to enjoy. But it could be a really fun business, and you can also make a lot of money with it. So keep those things in mind and you go about doing it and you'll be all right. And then finally, in the next lesson, that kind of wrap it up and we'll, we'll kind of look back at what we learned in the course, and I give you guys a few final uh, tips, ready to go out there and launch your business and make it successful 23. Lesson 22 Now Go Out There and Do it!: So we covered a lot of ground in this course. I went over a lot of different things. So I just don't wanna bring it back full circle and remind you guys, you know, this is a big business with nearly unlimited opportunity. Really. The sky is the limit when it comes to being an SL entrepreneur abroad. But reform that takes for you. How are you siding to go about doing it? There is almost unlimited opportunity over here in Southeast Asia and especially in Vietnam . Eventually the market will be saturated. That's not gonna have any time soon. So we gotta gotta window here maybe 10 years, maybe 15 years. I would say before something that starts to happen. So big opportunity is open for everyone is here for the taking. So I encourage you more adventurous people out there toe go for it. And even if it doesn't work out the way that you that you wanted Teoh, there's a lot to like about living over here in a tropical country. That's a very low cost of living. That's a very nice culture and lots of other business opportunities besides just unit industry. So there's a lot of reasons to go for it and a lot of synergies that could happen from it. Now is the time to take action to get started. Um, no, you have before it's before. It's too late. OK is by far the best place to do this. I mean, your goal to have a good standard of living and a high probability of success with your school. It's just the place to be. I briefly went over some of the other locations in the world. But if your gold have successfully yourself business, this is the spot. And long as you do things that I teach you in this class, your pretty much guaranteed to have some level of success depending on how effective you are, a teaching and selling stuff. I mean, you're gonna be successful if you do a combination of most of things that you learn its course. So, you know, just fall of the blueprint and you'll be fine. And, you know, just remember also that even a small clientele could be very lucrative Is the cash rich business. You don't have to have 100 students I'm talking about like you know this course showing you guys this scale that could be achieved in the numbers that could be achieved. But even if you just have, like 20 private students doing private lessons of small groups, you could make a living off of this business and just not work that much. So instead of building a big business, maybe you have a small clientele, but you only work 10 hours a week. That's pretty awesome, too, and you can maintain out of time. But then you've got a really awesome life and that sort of a lot of other people choose to go that route. I totally understand that on really the worst case scenario is you cited Stop for you. You learn a lot in the process. You probably make some money. You know, you're in a living for a while and you had a new experience and you learn. So really, it's a win win situation about what? But if you like teaching and your outgoing the chances that you will succeed in business very high, they're very pretty. Much Everyone I know is that outgoing personality likes teaching. They do really well and, you know, you may regret not getting a shot of something. Obviously. Do you pay for this course and you're listening to this? You're interested in it. And maybe you've got some trepidation about leaving your country about going in the country lunch. Good business. You know, um, the sky's the limit in May as well. Give it a shot, and if you don't do it, you may regret it later. Wrong. You may well get not at least having tried, but most of time will happen. You do give a shot is that you'll be more successful. You expected in the look going Maybe you better than expected. And you can imagine if you hadn't done. I know a lot of experts over here doing a lot of rueful stuff, launching businesses, teaching in schools, meeting all kinds of really interesting people all around the world as a very interesting life. It's very fun life and things don't always work out the way that we want, but it always always works out really well for most people. So I encourage you to take the risk. Come over here, stop station, or maybe even over here, you know, and being sl entrepreneur and change your life and good luck