TC 033: Ed O’Keefe – How He Built Two 7 Figure Businesses From Nothing

Originally I met Ed O’Keefe at War Room. I knew he had an extremely successful supplement business and had an agency in Dental space before that he had sold off. What I was very surprised to find out was his humble beginnings and road to success.

Ed shares his path to success and how he’s gone on to create multiple 7 figure businesses plus lessons learned along the way.

Make sure to check out Ed’s new podcast and show at Edokeefeshow.com.

Here’s a few of the highlights Ed shares in the interview:

  • How’d you originally get started?
  • The ‘Broke’ Years
  • The Magic of Being Broke
  • Starting Dentist Profits
  • How He Selected an Industry
  • Dentist Profits after 2008
  • The Marketing Tactics that Drove Dentist Profits
  • What are people doing wrong with their masterminds?
  • What’s the shift from dentist profits to supplement company?
  • His Process for Starting Marine Essentials
  • People “chasing” too many opportunities without adequate a system.
  • Filters and Modeling

How’d you originally get started?

  • Grew up with 13 kids.
  • 2nd one to go to college.
  • Volleyball scholarship and switched from business to nursing.
  • Struggling and broke for 4-5 years trying things
  • Loong grind.. process
  • To 7 figure business in the Dental industry
  • Repeated it again from scratch in the health and supplement business

The ‘Broke’ Years

  • Went out to become a motivational speaker and thats where the trouble begin.
  • Seminar to become a speaker.
  • Went through Tony Robbins training.
  • Started studying NLP, hypnosis and working with athletes.
  • Was broke during this enter time.  Coached volleyball.

The Magic of Being Broke

  • Noticed the probability of success was higher if they are really hungry or had money and didn’t have the day to day grind.
  • I can make $400 a week and in the meantime learn this thing.
  • You can work on your artistry or 10,000 hours.
  • People get successful at something but it might not be the best success.
  • Once you have success you can’t really take on other projects.
  • People get so busy getting good they don’t spend time on getting great at things.
  • Building a lifestyle on your guaranteed income. You lose the flexibility.
  • Hire less and put more money away.
  • They have to have a pre allocation plan.
  • Being able to ebb and flow.
  • he business that you are in today isn’t going to be the same in 2-3 years.
  • Sweeney: Investing too much in the present and not in the future.
  • What skill sets am I learning and who am I becoming?

Starting Dentist Profits

How He Selected His Niche:

  • Went through yellow pages. Highest amount of professions that were advertising were dentists.
  • Licensed the rights for their business system.
  • Ran a $1800 ad.
  • Year to year and a half to get to 7 figures.
  • Licensing agreement gave 10% of gross which was way too much.
  • Shifted the business into a higher end coaching club.
  • Started a mastermind.
  • $10 to $12 grand a year and got 10 members on board.
  • Best year was $7 million.
  • The best move he made.
  • Two niche specifics coaching clubs on the backend.
  • No real hard costs.

Dentist Profits after 2008

  • Consulting started getting cut.
  • Should have fired 90% of my staff that day.
  • You feel obligated to bring your employees with you everywhere you go.
  • Anytime you have a gut feeling that a relationship should change then it’s time for it to change.
  • Be wary of obligations.

What drove that business?

  • Direct email drops for getting leads.
  • Went to the trade magazines.
  • Best source of leads are still email drops.
  • Easy Health Options dot com.
  • You can test a direct email piece.
  • Email drop is like being a joint venture.
  • In small markets, your students will become your competitors.
  • Trademarks and intellectual property are important to hold on to your assets.
  • Can you buy access to them? Then do it.
  • How he afforded the first ad: Got $10k.  Paid off his jeep, put 2.5 down for licensing rights and used the rest on the ad. 30-day payables.

What are people doing wrong with their masterminds?

  • Law of diminishing value kicks in for older members. Structure it in a way that makes sense for you.
  • From day 1 create it with the end in mind.  His example was a Chicago mastermind to keep it close to home.
  • What if this is super successful. In a hurry going nowhere. The wrong grind.
  • Where do I want to be in 6 months, 12 months and 2 years?
  • Set your goals and element all low energy relationships.

What’s the shift from dentist profits to supplement company?

  • 4-7 year cycles for him in business.
  • When you’re in a small market you have to evolve.
  • To run a service business you have to have a strong pedigree of operations.
  • Be in a business that could scale and grow an offer to multiple millions.
  • Marine Essentials
    • Figure out what’s something I want to do?
    • Who’s doing it?
    • Who’s done it?
    • Get expert advice.
    • Get a team that sets you up for success.
    • How do I surround myself with a team of people?
    • Likes outside contractors that have been down the road before.
  • Roland will spend 12-14 hours a day accumulating information. Submersion in it.
  • The combination of tactics and mindset.

Slightly elevated observer position

  • The ‘third’ position.
  • Being able to disassociate.
  • When someone asks for you to articulate your plan you are forced to take that third position.

People “chasing” too many opportunities without adequate a system.

  • The traps.
  • What did you use for the system that worked?
  • What did you use for the system that failed?
  • Set my goal and see my goal.
  • Then I go to work.
  • Build the system then go find mentors.

Filters

  • Your belief system builds filters on what you can believe you can accomplish in what time frame.
  • A quick example.
  • ‘If you say everything is so expensive?’  
  • Compared to if you say the following.
  • Man I have enough money the world is so abundant I can afford or get what I want.

Modeling

  • When your modeling someone, I’m pulling their filters out and mapping them out to replicate something similar.
  • You only take the ones that support you best.
  • The Art of Modeling Greatness or Replicating Greatness.
  • Wouldn’t it be nice if I…
  • Go for a walk and say wouldn’t it nice if…
  • Com Mirza describes everything as being easy to him.



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