#27 Mistakes James has made [LIVE at FWF3]

Recorded live in front of 200 people at Fast Web Formula 3!
We talk about our love of podcasting.
How Freedom Ocean came to be and why podcasting is such a great channel to generate traffic and build your online profile.
20-minutes in we then decide (as if we didn’t know!) to record a live episode in which James shares some mistakes he’s made along the way and things he’d do differently.
We had a lot of fun doing this episode … and are now looking for ideas on how we could do this every episode. Feel free to post your thoughts below.
Oh, we hope you like the video version!


Products & Resources

You can access the complete Fast Web Formula 3 videos, audios, workbook and many other bonuses here.
Have you seen the Freedom Ocean Internet Marketing Products page? Everything we recommend lives here.


TIM: Welcome back! I am Tim Reid and this is (laughs). I got called Roy! We got called Roy and HG, just down there by someone.

JAMES: Which one would you be?

TIM: Yeah, I don’t know! It’s more like Twiddle Dum and Twiddle Dee.

JAMES: You’ve got a really good voice for podcasting.

TIM: Yeah, right! Okay, you’ve got a good head for it!

JAMES: (laughs) It’s fair! So Timbo, we’re going to be talking about podcasting.

TIM: Yeah, we are!


TIM: How many times was podcasting mentioned at Fast Web Formula 2, out of interest? I know you’re like you wouldn’t know what I know and yet knowing you probably did count, but do you know? Like at all?

JAMES: No, I don’t.

TIM: No? You don’t know or you don’t—because I know it’s been mentioned a lot.

JAMES: I think it’s becoming more popular because of all the smartphones. That’s the big thing I notice when I travelled overseas recently is how many people have iPads, which means that they have iTunes and I recently got an AppleTV, so it’s looking at—

TIM: You love your AppleTV?

JAMES: Oh, I love my AppleTV! I would not want the video store right now. But you can actually put your radio tunes from podcasting right on the AppleTV.

TIM: Yep! I love the fact that people—hello, by the way!

FEMALE: Hello!

TIM: Hello! I forgot there was crowd out there!

JAMES: There is!

TIM: I’m James!

JAMES: And I’m Tim.

TIM: That’s going to confuse us.

JAMES: Yeah, well—

TIM: Some people don’t know.

JAMES: Now, you tell them. If they looked at your T-shirt they’d know what we do.

TIM: Don’t look at the man-cans, just look at the T-shirt.

JAMES: (laughs) Well, we use Tim’s boobs like a Facebook promotional tool! (laughs)

TIM: (laughs) Ah, here we go! (applause) Here we go!

JAMES: Yeah! Well, no, that’s a lovely T-shirt, Tim!

TIM: Thank you! Thank you! Do you want me to model it?

JAMES: Yeah! What’s on the back there? Woo! Taking a dip in the ocean.

TIM: I haven’t got a bum and I’m a little self-conscious of turning my back to the crowd.

JAMES: It would be nice if you’ve got 2 T-shirts.

TIM: I did! But one was too small.

JAMES: Right.

TIM: So it’s on its way.

JAMES: Okay.

TIM: Sort of it’s in the mail, like that check, eh?

JAMES: (laughs) Yeah.

TIM: But what about podcasting?

JAMES: Ah yeah!

TIM: Do you love it?

JAMES: I do actually like it, yeah! Actually, I love it!

TIM: Yeah.

JAMES: Yeah.

TIM: Just trying to squeeze that little bit of emotion out of James.

JAMES: It’s awesome! (laughs) Yea –

TIM: Because I was talking to James in the lead up to Fast Web Formula 3 and texting and emailing. Simple question: are you excited? Sometimes you didn’t even reply! Other times it was just you had a technical question or like a fact or more like, “When are we going to record?” That’s the big question.

JAMES: Yeah. I’m straight to the point.

TIM: Yeah.

JAMES: Well, we did speak on the phone.

TIM: We did.

JAMES: A brainstorm. We had a fantastic idea that we thought. We had this good idea. We felt we’ll put together a podcasting package because I was talking to—

TIM: Always the salesman.

JAMES: Ah, come on! You’re the pitchman!

TIM: I know, I know!

JAMES: So I’m just going to get in before the big time of pitch comes up.

TIM: (laughs) Yes!

JAMES: Now, I was talking to Mick through fast websites and I said all these people want podcast, they’re going to want podcast, we should put together podcast package. And so we were talking on the phone and Tim said that’s a good idea. So we did talk.

TIM: Yeah we did! And podcasting, generally, we’re going to have a little bit of chat about podcasting and it is. I’m starting to notice, because I’ve been doing it for years with Lukie—hello, Lukie, out there! Down, Lukie! Where are you, mate? Hands up!

JAMES: Luke, did he give you a T-shirt ever?




JAMES: Okay. Well, at least we’re on the same level. It’s fun to know where we stand.

TIM: So Lukie and I started Small Business, Big Marketing 3 years ago and it was a bit of a hobby. Still is. It’s becoming an expensive hobby.

JAMES: What was the podcast?

TIM: Small Business, Big Marketing.

JAMES: Right.

TIM: And we just noticed, I mean, podcasting, the ability to do it has been around for about 7 years and right now, sometimes, I don’t know, as internet marketers, you might feel like—what’s that saying? The ship has left the shore?

JAMES: Yeah.

TIM: Just to keep it within the whole ocean analogy.


TIM: But you know, something like podcasting is something that, right now, it’s still early days and it’s exciting and it’s right and it’s such a great medium to–take a lot of stuff of interest Andrew was talking about yesterday about you can SEO stuff, you can buy traffic or you can develop a market leadership, and I reckon podcasting definitely ticks that box in such a big way.

JAMES: And I can do all of those things.

TIM: Yeah! Exactly right!

JAMES: You see, one of the elements of our podcast that I think works well is that we bought some of my traditional things to the party; the website and the SEO and subscription list and transcriptions and content.

TIM: All those things.

JAMES: Yeah.

TIM: And video.

JAMES: Video. We have a YouTube channel, we have a Facebook page, we have a WordPress blog, we give transcriptions from every single episode when they come through.

TIM: Yeah, when they do come through.

JAMES: One of us does the transcriptions.

TIM: I can tell you what. There’s so many lessons I’ve learned and this is the internet marketing guy. I’m the guy who’s a half internet marketer, half marketer, whatever that means. But one of the things I’ve learned is that’s what I’d love to share with you right now is like, that ability. Systems. Systems is everything, in podcasting in particular, you know? Because one of the reasons most people aren’t podcasting is because it does require systems, it does require planning, and there’s some technical stuff that if you break through it, I mean, one of the great bits of advice you gave me early on was like the reason a lot of people—in fact, I think you were talking about Nanacast at that stage. We weren’t talking about podcasting but it applies.

JAMES: I was. I’m wondering how you got the first one started because you are so system averse. (laughs). I’m thinking the other half was organized.

TIM: (laughs) Lukie!

JAMES: Yes! (laughs)

TIM: Ah, Lukie!

JAMES: We were talking Nanacast and what did I say to you?

TIM: Find someone else to do it!

JAMES: Yeah! That’s what I said.

TIM: And I did! He’s in the audience!

JAMES: Yeah. He’s a nice guy, too!

TIM: He’s a nice guy! Yeah! I haven’t spent a lot of time with him, but I got to know him–

JAMES: He’s nice. I met his wife today.

TIM: Wife?


TIM: Okay. I wasn’t sure it was his wife or you know, maybe—

JAMES: Yeah.

TIM: Anyway, we digress.

JAMES: Yeah! (laughs)

TIM: We digress! You met how? On the first podcast of Small Business, Big Marketing or Freedom Ocean?

JAMES: Yeah, you came up against the barrier with Nanacast and I said to you this is the reason—

TIM: A lot of people don’t do stuff. It’s one of the big lessons and I continue to have to break through barriers with this internet marketing thing because there are a lot of technical hurdles and a lot of things you’ve either got to choose to—you go, what? Too hard! I’m going to choose to learn it or I’m going to find someone else to do it. And podcasting has a few of those and my advice is break through them because there’s riches in traffic, there’s riches in revenue, there’s riches in building your own brand, all those things on the other side of it. But they’re not easy to break through, some of them. I mean, you just walk on through them, it’s like.

JAMES: Yeah, well I think that that’s the thing. I think it’s selective attention. I think you actually look—

TIM: Hey, hang on a second! Is this a casting session for me? Like—

JAMES: No, no!

TIM: Don’t lie now!

JAMES: I don’t know how they work.

TIM: Oh, not casting. I meant like counseling. (laughs)

JAMES: I wasn’t sure. I have done castings.

TIM: Okay.

JAMES: Actually, Gideon has done castings. He’s on tomorrow.

TIM: Okay.

JAMES: And he’s an actor.

TIM: What kind of castings? Not the casting couch?

JAMES: We’ll ask him. We’ll ask him. But okay, so I think you actually have a thing about tech which I don’t have. I have this assumption that somewhere, somebody has been able to do it, so therefore I must be able to do it or I’ll find someone who can so I’m not going to be bothered by it. Now, even just running this event, we’ve had a myriad of technical hurdles, as in the first day, when we were supposed to start at 9. At two minutes to 9, we had basically no microphones, the screens didn’t work, and these things happen. But you just think, okay, there’s no point getting angry about it. We just got to find solutions and just run with what we’ve got. Okay, we can do without speakers’ notes, we could chop a little bit off the slide off if we have to, but the show must go on. So I’m not so bothered by it, but I celebrate little hurdles because I know that they’re the ones that people trip over and they go home and cry about and complain life’s too difficult. And somebody—I think it was Eli Goldratt—he said don’t—

TIM: Who?

JAMES: Eli Goldratt. You should look him up. He’s good. But he said, “Don’t wish for an easy life. Wish for a rich and full life.”

TIM: Wish for a really easy life? Oh, rich and full life.

JAMES: Yeah. Rich and full life. (laughs) So you’ve been surveying or polling people what they want to know about—

TIM: Yeah! I have! I put a few tweets out saying I’m going to get up on with James and rattle on about podcasting, if you’ve got some questions. One’s a technical question, which is interesting. What’s the best radio recorder and microphone? But you know what? That’s a question that’s probably asked in the early days, but it’s like a hurdle in itself. Really, there’s just lots of different things you can do to get your audio down. Just to be specific, I use a Blue Yeti and use Audacity, but I’m not a technical guy—

JAMES: When did you get your Blue Yeti?

TIM: I got it like 2 months ago.

JAMES: And how long have you been podcasting?

TIM: 3 years.

JAMES: Yeah!

TIM: So, you know, like I can’t tell you. If you’ve got technical questions about podcasting, ask Luke, not me. Ask James! Ask someone else! Ask the person next to you!

JAMES: Tim, what sort of microphone should I use? (laughs)

TIM: (laughs) Anything! Just anything! You know what? There’s a $1.99 app on here called iTalk, which is pretty damn good. So I use a Blue Yeti and we use Audacity, which is a free bit of download software. But even with that stuff, you’ve got to buy the hardware, but in terms of—

JAMES: Let’s talk about the double header, because that is an interest.

TIM: Yeah, yeah.

JAMES: We’ve both been listening to a podcast that had pretty crappy audio quality that recently had been alerted to the idea that you both record and then you put the track into a centralized place and somebody just splices it together. That’s exactly our process now. We started out recording at my place and now we just do it from wherever and we record at each end and we drop it into Dropbox. I created a system for us, remember?

TIM: You did?

JAMES: I had a Dropbox and I said Freedom Ocean Old and I put everything we’d add up to a point there. And Freedom Ocean New and I said we just put your recording in there and I put my recording there and our other friend Liam joins them together. But then Tim just emails me his link to the recording. I’m like, “No, no no! Just put it in the new Dropbox. New!” Alright?

TIM: You’re making this Tim guy—

JAMES: No, no! After 2 or 3 go’s, it’s a routine.

TIM: Yeah, it is!

JAMES: Actually, we’ve created a system to make it very easy to record. But now what we need to do is free you up so that we can record them.

TIM: Absolutely! Yeah, but you know what? That in itself, so even before Liam—Liam is a guy who works for a large TV network who approached us—and one of the learnings or not so much learnings, but one of the things that podcasting is you just don’t know what to expect from it. He approached us and just said, “Guys, I’ve been listening to your show. I’m a lead audio engineer at a TV network and I want to do all your editing from now on.” Now, you don’t expect that tightness, there’s lots of other things that have come out of podcasting besides just sales, you know? Like the ability to once again, I mean, for me it’s been client generation and the ability to get keynote speaking gigs, selling stuff, but it’s amazing what comes from it. And before Liam, which is I think is interesting in itself, I had a guy for a number of months and Luke and I had a guy and I think we used him as well! I found him on Fiver and for 10 bucks an episode, he was in Tucson, Arizona. I find so many people in Tucson, Arizona. I don’t know what that’s about. Arizona is a bit of a hot bed, I think, James, of creativity and engineering. But this guy, for 10 bucks, we would send him the file and he would just go [making sounds] like that with it and it would come back as a finished podcast, as an mp3 and that was a blessing in itself. And now Liam’s come on and he adds sound effects.

JAMES: Yeah, he’s got sound effects. He’s good.

TIM: Yeah, yeah, yeah, yeah, yeah. So that’s a technical question. We’ve got another one from Clotta. Clotta, who’s out there. What would you do differently if you started Freedom Ocean again? That’s an interesting question. Freedom Ocean is a bub, a babe in the woods. We’ve only done 26 episodes so it’s young and I’m enjoying it. What I do, what I’m trying to do is my point of view and James is the one saying when are we going to record, but get into that system and that process of actually knocking one out once a week or whatever we agree to do. I’ve had an operation recently, which took my out of the game but I’m back in it and we’re going to get in to that.

JAMES: Yeah, it’s good fodder for episodes, too, the struggles and—

TIM: Yeah, yeah, yeah!

JAMES: And we’ve worked you through product creation process, we’ve done site review, there were tears in—

TIM: And there were tears, yeah. Who’s listened to that one? Yeah.

JAMES: Yeah.

TIM: That one was not going to—

JAMES: Tim said we’re not publishing that episode. Delete the episode. Did you know that Dropbox winds back deletions? Like it’s got stored copies! (laughs)

TIM: Yeah! It does, doesn’t it? It does!

JAMES: God bless Liam!

TIM: We’ve got a question from Ryan that says how do you research and choose a topic and stuff for your podcast that will connect with an audience? We don’t. (laughs) Thank you Ryan.

JAMES: I normally don’t know the topic until the episode starts.

TIM: Yeah. But from my point of view, you know, I don’t try to manufacture anything. I think for anyone who’s thinking of podcasting, I think you’ve got to be yourself. What I love about podcasting is really simple, and I really do come from a small business marketing sense because that’s my heartland and I love the fact—here’s a mindset: forget about I’m going to be a podcaster. It gives you the ability as a small business owner to have your own show. And I find that amazing. It’s not for everyone because you’ve got to like talking, you’ve got to probably, I don’t know, maybe you need to be extroverted, I’m not sure. But you’ve got to like sharing information, whether that be entertaining or educating, it doesn’t matter. But that’s pretty powerful stuff! As a marketing channel—because I grew up in sort of an advertising world where everything was expensive and now, to create a podcast and for you, the small business owner or the internet marketer, that one-person show, to have your own show, I reckon that makes for pretty powerful medium and there’s a lot of online marketing channels that allow for that these days and podcasting is definitely one of them. Like Apple, it’s a button on the top of the Apple store.

JAMES: Someone asked me in the break how do they take on their authority in the market. I just said be the authority. Just start being who you need to be now, broadcast, create, send out press releases, put up your own website, be the voice that you want to be and just start as soon as you’re ready. You can do that. Now, you can be up in the podcast in a day if you have ninjas. It could take a week or two if you need help. Should people be podcasting?

TIM: Well, it’s a big question. From my point of view, I’m sold on it. You know, I love it! And for me, once again, like I can’t do much sort of a mouse, computer work as I used to. Because I just had a spinal operation and I’ve realized at sitting at the computer for ages is just stuffing with me. So for me, my internet marketing business model going forward is audio; it’s podcasting, it’s creating information that way, because it doesn’t require me sitting at a desk and doing that. I mean, I still need to do computer work but not as much. Should everyone podcast? No, but it’s under-utilized.

JAMES: Would you do anything else different with Freedom Ocean? What about the name or the position of it?

TIM: The only thing with the name, I love the name and I love the whole concept that it conjures up, but it’s hard. People go, “What? Free to motion?” We didn’t test that, but we had a lot of fun coming up with the name. It’s just that I have to repeat it 3 times when someone says what’s the name of your show. Maybe it’s my thick Aussie accent, James, but I need an American accent to do an Aussie accent, but that’s weird.

JAMES: (laughs) Yeah. (laughs)

TIM: Sometimes I wonder, do you get my sense of humor or…?

JAMES: Yeah, yeah! You say sense of humor, I just see lips flashing. (laughs)

TIM: (laughs) Oh that’s harsh! Love you like a brother!

JAMES: I had to go there! (laughs)

TIM: Shall we do another question or should we do something special?

JAMES: Are there any other questions?

TIM: Yeah, there are! Yeah, yeah, yeah, absolutely there are! So we answered Ryan’s question, which we sort of did, but the style of your podcast would connect with an audience? I just say be yourself and think about what it is you like to talk about because at the end of the day you’ve got to do that one and you can’t make it up. You’ve got to enjoy whatever it is you talk about and the passion’s got to show. What else we got? Another technology question. Measurements. Someone’s asking about measurements.

JAMES: Ah yes! It’s got to be your area.

TIM: No, yeah, right! Can’t manage what you don’t measure!

JAMES: That’s it.

TIM: That’s James.

JAMES: What gets measured gets done.

TIM: Yeah, yeah. Absolutely! Yeah, I mean, you’ve measured differently to me. Right now we’re building something, so I’m conscious of that. Just keep building and don’t look back, you know?

JAMES: What do you measure? Like, when you think of Freedom Ocean, what do you actually measuring?

TIM: What am I measuring? I’m measuring sales, I’m measuring downloads, but not so much downloads, yet. We just started measuring downloads for Small Business, Big Marketing. It’s hard to get data from iTunes! I’m measuring listener reviews, which we get lots! More than almost any other podcast. And that just gives you feedback that you’re on to something and I really like that or generally people, it’s very positive. So I’m measuring that. And coming to an event like this, this is the first time I’ve come to an event like this. Where I have had so much reaction, because you do.

You’ve been kind of stuck in a cave doing the show and you don’t realize that there are people listening out there. There’s a lot of appreciation. There’s a lot of love out there, James. How do you measure it?

JAMES: Well, I measure it from how many email responses we get. Because we do this different thing where we say we actually read the emails and if you want to contact us, just hit reply. Who would have thought? You know, old school. And so I hate those silly, no-reply app and then you send a reply and it bounces back and it’s like, “Please send in your DNA sample, blood type and go through 3 hoops of fire and we might look at your ticket if we like.” So I measure it by the response and we’ve had some really heartfelt, emotional like, “You’ve changed my life. Keep doing the episodes. I’ve transformed my business,” sort of stuff. That drives me. I am interested in the financials. I like to see what we sell from it. We’re able to track it in a few ways. And I also measure the database because, as you know, I like to build things that create cash flow, could be sold. And when I say sold, the database, the list that we’re generating could easily accept the endorsements or be moved across to some other platform that’s not necessarily so Tim and James dependent. Freedom Ocean sort of breaks one of my rules a little bit, but not fully, which is the one that it works without me. The exception is, yes, we have to do the actual recording, but even 26 episodes all up is really only like 30 or 40 hours, but those episodes are up and they’re working all day, every day on other people’s devices so that they’re leveraged. If it was just the one-time live thing like this and this is the only way that I could get some payback from it, I wouldn’t be able to justify it.

TIM: Yeah. Lots of different ways of measuring, aren’t there?

JAMES: There are.

TIM: Facebook, Twitter, but you’re not on Twitter. Chose not to be there yet.

JAMES: Well, you like Twitter more than I do.

TIM: Yeah! I come in and out of it, but that’s a—

JAMES: A love-hate relationship.

TIM: I do have a love-hate relationship with Twitter but that’s another discussion, I think. I would digress.

JAMES: No, I’ll just wait for the Small Business, Big Marketing. It comes out every 3 or 4 episodes.

TIM: (laughs) Yeah, it does! It does! Hey, I got an idea.

JAMES: Okay.

TIM: You’ve got anything else to say about podcasting?


TIM: Why don’t we do an episode? Like a live episode.

JAMES: Should we do a survey?

TIM: Who wants to do an episode of Freedom Ocean? Yeah? Yeah, yeah? Why don’t we do it, James? Why don’t you head out on to the couch and let’s start the music!

JAMES: Right-o!

FEMALE: James earns millions from internet marketing. Tim’s got millions of questions. Welcome to Freedom Ocean. Now, jump on in!

TIM: James Schramko! Welcome back to the ocean, my friend!

JAMES: Good day, Timbo! How are you?

TIM: It’s an absolute pleasure to see your shining doll again and I’m very well. This is an unusual episode. Well, before we actually start saying why it’s unusual we should welcome back our listeners to Australia’s leading, most-loved, most-giving internet marketing show, Freedom Ocean.

JAMES: Yeah, welcome to the sea!

TIM: Who’s that?

JAMES: I don’t know who’s that! It sounds like we’ve got visitors.

TIM: We have got visitors! And for everybody also listening who doesn’t happen to be here, from all around the world, we are sitting on some orange couches at Fast Web Formula 3, James’ live event at Caloundra, Queensland and we’re in front of a live audience! So why doesn’t everyone say G’Day!

[audience says G’day!]

JAMES: Look at that!

TIM: Look at that, eh?

JAMES: So it’s business as usual.

TIM: Mate, as usual! Absolutely! Normally I’d be sprawled out on your lounge room floor or lying on a couch somewhere or—

JAMES: Feel free! I don’t mind.

TIM: I might!

JAMES: Sprawl out.

TIM: I’ll get comfortable as we go through the process of the episode, but we’ll see. I mean, if I do move around, just because I think I’m at home. I might put the bathrobe on!

JAMES: (laughs) That wouldn’t be pretty!

TIM: But mate, welcome back to the ocean! We have got a very interesting topic today. I think it’s hilarious!

JAMES: You do, yes.

TIM: I think it’s one of the funniest topics that I could possibly, possibly cover. Mistakes you’ve made. And the thing you do differently. Now, come on, mate! Really? You’ve made mistakes?

JAMES: No, but I listed them all down.

TIM: (laughs) There they are! That would be a blank piece of paper, people listening at home.

JAMES: Actually, the scary thing was that I just jotted down a couple of notes and I ended up 5,6 pages and we might be having to label this episode The One Where Tim Actually Feels Normal Again.

TIM: (laughs) I don’t think that’ll never happen.

JAMES: I’ve made some great mistakes, some fantastic ones. But I don’t think anyone would be that interested in them.

TIM: I think you would. Yes? Yeah, yeah, yeah! So, like, along the way, how long have you been doing this internet marketing caper for?

JAMES: About 6 and a half years.

TIM: Okay. Okay. So there’s clearly, clearly things that you—I’m hoping, I’m hoping—there’s things that you do differently and mistakes you’ve made along the way. So we won’t number them because I everytime I number something in an episode, I always forget where we’re up to. Why don’t you lead the way with a mistake?

JAMES: Let’s start with the Fast Web Formula 3 website. Occasionally, I will go and make an update. The price might change or I’ll speak to Alexi and he’ll say, “You know, you should put a list of 7 reasons why someone should come.” So I’ll log in and I’ll put the reasons and save it. And I’ll get an email or a phone call the next morning from my friend Samuel, he says, “Hey, there’s no order button on the website. Because I’m trying to buy a ticket and there’s no order button.” “Oh, okay. Well, I guess I better log in and put one.” So even now, 6 and a half years later, to sell my own event, I occasionally wipe the order button code and don’t check it.

TIM: Was there a different order buttons? Did you split test that baby out of the park or…?

JAMES: Like you wouldn’t believe! And we’ll be going through that tomorrow’s event. But if you’re listening to this, we’ve already done it.

TIM: Yeah, correct!

JAMES: It’s weird.

TIM: Correct. It’s a bit weird, yeah!

JAMES: So interestingly, I do split test it and that’s when you’re likely to make these errors that the more activity you do and the more complicated to try and make something, the more you open up the risk of something going wrong. So you know that old thing that if it’s not broken don’t fix it. I quite often break things that are working perfectly in order to try and make them better. And I’m not that scared of it, but it does happen. And in fact, I’ve got several mistakes along those lines. A similar one was when I was doing paid traffic and I set up my campaign and I didn’t bother to check it for a few days and about $13,000 later in ads spent, I logged in to check it. And it was good I had the potential of making good commission from that if I had been sending traffic to the right page. So these things do happen. I do suggest you check but not just you, maybe have someone else check stuff if you’re getting in to the higher stakes.

TIM: What did you say when you realized that that campaign has been running into $13,000 being spent?

JAMES: Oh, bother!

TIM: Yeah! (laughs) Bother them! Silly James!

JAMES: Yeah. Silly me! And this is something that is probably an important highlight. That was a bit weird! (laughs) So glad this is a podcast!

TIM: I’m just trying to make your beautiful daughter Jordan laugh, that’s all! Because you’re in my line of sight, Jordan and—

JAMES: That’s my 14-year-old daughter there.

TIM: 14 year old and think I’m funny.

JAMES: And Tim’s spanking his butt like he just don’t care! That’s not at all weird.

TIM: We might tape this as a vodcast!

JAMES: Yeah! We’ll definitely take a screenshot of that part of the video right then. Okay, so one thing is sometimes we make a big gaff like that, we actually get so scared of doing it again that we stop taking small risks. And if I hadn’t done that, I would have missed out on the next time that happened. I remember very clearly when I logged in to my AdWords account and overnight I had spent $7,000 or $8,000 again.

TIM: Again?

JAMES: Again! And you think I would have learned the first time.

TIM: Oh now you’re looking silly!

JAMES: I would have been except that this time it was the right page and I had doubled my money between when I went to bed and when I woke up. And all I’ve done was take the content network and just turned it on, so it was like taking a risk, paid me back. So it’s another one of those ones when I blow 5 o 6 or 7 or 10 or $15,000 now, I usually figure out how that happened and I certainly try not to do it again, but it doesn’t shy me away from still investigating. Do you want to hear another mistake?

TIM: Totally!

JAMES: Okay, I—

TIM: Surely you’ve got lots. Tell me about lots.

JAMES: I bought a domain and I thought I had bought it at auction. But some of these sneaky auction sites do is they list their domains for sale in the same sort of space, just a little bit above or right nearby the auction. So I saw the domain and I grabbed it because it was reasonably priced, I thought. But I overpaid on the domain by probably $6,000 or $7,000. Yeah, sure.

TIM: Okay, now—

JAMES: And then when I retro investigated the domain, I’ve seen that it had been listed on several sites for at least 9 months.

TIM: And what’s the learning there?

JAMES: The learning was don’t mix up your listed domains with your auction domains because they’re a completely different animal. The person listing their domain is trying to stag a sale price and an auction is far more of a what something is worth. You know, yesterday, we were hearing about something’s worth what you pay for, you know, what the market will bear for it. So the auction is a more realistic gauge but the listed domains are usually overpriced, because I buy a lot of domains and I almost always buy them half or less what they’re listed for. So I guess because I made a mistake at the time, I might have lost $6,000 but I have saved probably $50,000 or $60,000.

TIM: So I hear you buying domains for half the price they are listed for because–

JAMES: This is my premium domain buying process now. I think if I could wave a magic wand what domain I would like for this website, and then I type it into the browser and incredibly huge amount of time, it says This domain is for sale. And I think, you’re a beauty! It’s not being used, They haven’t developed it, and I submit that little form that says Make an offer. And I put in my offer and they send me back their No, sorry we can’t accept that. Our minimum is $468; it’s a standard thing.

TIM: Do you go back and say, “Do you realize who I am?”

JAMES: No! I don’t want them to know who I am! I just spent like $500,000 on domains last year, I actually don’t want them to know that I buy domains full-time. What I do is I say that I am making a decision on this domain by the end of the week. I have options. I can get a very similar one for $9 or I can have this one. You’re asking $2,800, I’m prepared to pay $750, and then they send back the “The guy won’t take anything less than $1,800.” And then I’ll come back and say “It’s really not worth that much to me. But I’ll pay $1,250.” But by the end of the week I’m going to make a decision one way or the other. And they’ve gone put pressure, time pressure, and urgency on the seller. So the last domain that I bought like that, they wanted $10,000 for and I bought it for $5,000. And that was LinkJuice.com, which is pretty much—

TIM: You’ve been offered more than that?

JAMES: Well the day, literally the day after, I hopped on a plane and I went to Texas, near your hotspot—

TIM: Told you!

JAMES: Yeah! And I mentioned to a friend of mine that I just bought it and she said, “I’ll give you 10 grand for that domain right now.”

TIM: Nice!

JAMES: And so of course I said not for sale.

TIM: No. So do you realize who I am?

JAMES: You know that reminds me of the last time I—

TIM: It’s weird we are sitting at the end of the couch’s edge like—it’s not like we don’t want to get closer but we sink there.

JAMES: We’re not lovers!

TIM: No, we’re not lovers.

JAMES: This is not a love seat.

TIM: Correct. Correct! This is the hot seat.

JAMES: The last time I heard “You know who I am?” is when I was at Mercedes Benz and I hired this English guy—

TIM: So are we good?

JAMES: He was a nightmare to hire! He had like visa problems, we had to sponsor his health insurance—

TIM: James Dyson, was it?

JAMES: It wasn’t James Dyson. No, I’m lucky that he even lets me hire him occasionally to do designs. But this guy, he was like down to his last dollar and he ran out of petrol and demanded that we come and pick him up and I told him no. But then we went to a restaurant and he’s insisting on being served drinks. He goes, “Do you know who I am?” He’s waving his Mercedes nametag and I’m thinking. (laughs) So, I don’t use that line.

TIM: You didn’t say tool, did you?

JAMES: May have.

TIM: Okay. So a bit of an area in that whole domain.

JAMES: You know what I call a massive mistake? I call it an investment inexperience.

TIM: Ah, I knew you’d have a phrase for it!

JAMES: You have to reframe it, otherwise you might feel down and beat yourself up. And the other thing is I immediately tell my wife. I say, “I just did the most stupid thing,” that way I feel like I’m not hiding something. I was watching a great show the other night about repossessions and this husband and wife come home in their wedding car, the tin cans, and the repo guys’ repossessing the car and she knew nothing about it. She said, “Did I just marry a loser? Did you just lie to me? This is my wedding day! You can’t take my car!” They took it anyway, of course, as you should. So it wasn’t his car, but in any case, no I think it’s good to admit your mistake. That’s the point. Admit your mistake and identify what you’ve learned from it. And so, making that error, it taught me a few things. The other thing is I actually called up my friend Steve and I said I just F’ed up on this thing. Can you help me analyze keywords and position? I want to put some effort into it and get myself out of trouble. And he helped me analyze it and we’ve sort of come up with a new way of thinking about that and we’ve pushed that domain into a premium part of our business and I truly believe I’ll get multiples back on that investment now because I have actually overcorrected, if you like.

TIM: One of the learnings from what you’re talking about—James is very good at accelerating the good, the bad, and the ugly. So whether there be a mistake and through the process of me getting to know James and doing Freedom Ocean and in fact putting together a whole master class, he would just remind me, and I think it’s a good thing for everyone to take away. Write this down, by the way. No, no! I just want to say that because I really like—

JAMES: (laughs) That wasn’t believable!

TIM: Okay, write this down! Okay, okay! What if I don’t? What are you going to say?

JAMES: It’s good. Did you write that down?

TIM: Yeah, yeah! But you’ve got to celebrate the win, so if that’s ebook you put up on your site and that first paypal notification comes through, you know, it can be very easy to go, “Ugh! Geez! After all that work, I finally got $37 back.” But you would say, “Do you realize what you’ve just done? You’ve created something and someone somewhere has just gone on and started to give you a little bit of dough for it. That’s a good thing and so celebrate the wins and the losses, right?

JAMES: And really, one of the highlights, and seriously you should write this one down, is—so are you going to say seriously like that?

TIM: Yeah, I know!

JAMES: It’s got to be on undetectable.

TIM: Yeah! Write then, guys.

JAMES: No. If you do make an error, don’t stop trying, keep doing it. It’s like Tim with his Nanacast. It’s hilarious but once you know how to do it and you’re comfortable with it, that’s no longer a barrier for you ever again. Alright, let’s find something else. Some idea which is very rare is I over-segmented my business. We’ve been talking about the thing about segmentation and I’m quite good at segmenting because of my dealership background, they used to really segment the dealership and understand the different departments. It’s very departmentalized. And I actually over-segmented my email lists. I have a lot of email lists. I know because I looked up Steve-o’s record and it’s like 50 or something. But one thing that that causes is that firstly, some people might get more than one email from me when I broadcast because even though I’m supposed to merge it, they may have used different email addresses. I know when I send test emails, sometimes I get 7 or 8 from me, but at least systems like Gmail bunches them together. But the other thing, and this is quite the funny thing, in fact, you got close to 200 people, well I actually sort of overlooked emailing out my two biggest email lists which was my blog list with 13,000 or 14,000 subscribers and my Traffic Grab list with 2,000-something subscribers who had already handed me $79. I sort of forgot to tell them about the event because I kind of really segmented out—

TIM: How far are we talking from the event?

JAMES: Well, no I haven’t actually emailed them.

TIM: Never?


TIM: Oh! Tell them that! They’re listening.

JAMES: You should really get along. So I had every intention, but most of the people here have come from two main channels and that would be affiliates and my previous event list. I’d say at least half of the people here have been to one of the events before, so I did remember to email the event list, but I actually know which event they went to. That’s why we have people from Dubai and the UK and from the events that I had in Sydney and Gold Coast, and I actually segment by event so I can communicate specifically. So it’s good to segment but just make sure that you’re not overdoing segmentations. So my a-ha moment was the way that I’m going to measure my email segmentation now is I’m going to split it into verticals, which means podcasts. If they join the podcast, I don’t take them off the podcast because they obviously want to know when there’s a new podcast. It’s like a free vertical. There’s my information products and then there’s my coaching products and then there’s the events. And then the next goal—that’s how it looks sideways and then as you go up, you’ll start free at the bottom so like a waiting list and then you go up to border product. And as you go up, then that’s the more valuable part of your email segment. And the goal is to have the freshest list. Now I actually create a new event or reason to migrate people from an old list to a new list, not actually pull them forward. So when I did a free business webinar a week or two ago, I said when they join that list, I’ll take them off whatever list they’re on in that vertical and move them up to that. So now I’m dealing with the freshest. That’s how you get very high open rates. You can actually be fresh with your list. I pretty much broadcast now; I don’t have many auto responders at all in my whole database.

TIM: Why is that?

JAMES: Because fresh is best. It’s real. I can have a real conversation with people.

TIM: Any idea, many times with internet marketing offers and products, they ask for a first name and an email address. At what point are you asking too much information?

JAMES: I don’t think it’s bad to ask for a fair bit of information.

TIM: Because the more information you ask, the more you’re going to know of someone who’s signing up and it’s a greater blockage to—

JAMES: We heard something today that’s so true from Alexi and it’s that the buyer is worth more than the prospect and most people who follow my stuff will know that I really don’t chase opt-ins for the sake of opt-ins. I’m not squeeze, squeeze, squeezing all the time. Maybe that’s a mistake but the original business that I had, the affiliate model, I pretty much only collected email addresses of buyers and I have a very solid list of buyers, like everyone on my list, apart from the podcast vertical, has bought something and the—
TIM: What will we do about that?

JAMES: Well I set—

TIM: With that podcast vertical happening, I reckon?

JAMES: See! That’s where you go. It is happening.

TIM: We’re making ground.

JAMES: Can we ask the audience and then we’ll tell our listeners. Just put your hand up if you came to this event via Freedom Ocean perhaps. So have a look around it’s like there’s dozens.

TIM: Wow!

JAMES: Okay.

TIM: Let’s go ask how many came from Small Business, Big Marketing.

JAMES: Who’s come from that front? Both of you. It’s like half a dozen. I think that those two podcasts complement each other.

TIM: Absolutely!

JAMES: There’s certain topics there, so I better get you back on track here. Okay, you know how I made a bit of a blue when I spent too much money on traffic? Well, the other thing I was doing was paying people to send me leads. That worked great until one morning I logged on and somebody had sent me 160,000 visits overnight. And—

TIM: How much were you paying per lead at that point in time?

JAMES: A dollar.

TIM: Oohh! That would be a lot of dollars!

JAMES: Well, of the 160,000 and it was like this shittiest traffic ever. It actually melted Nanacast. It blew up their server. Sorry about that everyone. My site was fine. You know why my site was fine?

TIM: Why?

JAMES: Because I’ve blown up my site more times than you’ve had hot dinners. And I’ve learnt from that—

TIM: Oh, I don’t know about that! Had a few hot dinners! Ten seconds!

JAMES: Actually, you’re—

TIM: Have a look at my stomach when saying that! (laughs)

JAMES: (laughs) Okay, so I’ve learnt in the past—

TIM: $160,000. You just paid someone that for traffic?

JAMES: No. They had 5,000 or 6,000 people opt-in so I racked up the $6,000 bill to my affiliate who generously sent me all that traffic. The only problem is they were all crap and luckily, because I’ve had situations like this before, in my terms and conditions on my affiliate page it says we reserve the right to scrub crappy leads. And I emailed him instantly and I said, “Hey, firstly, please stop sending the traffic. Secondly—“

TIM: You know who I am?

JAMES: Oh dear. No, I said I’ll send Tim Reid around here. It is you! I mean, he’s actually trying to do me a favor and send me traffic. What happened was he sent traffic, they opted in, he saw the money in his affiliate account. He goes, “This is good. I’m going to do more of it,” which works pretty well in business except I use double opt-in on my list and after the double opt-in process, I was left with like 100 or 200 only. So I emailed him and said, “Listen, I can’t pay through this traffic. It’s not good traffic. And I sent him $500 or $600 and said let’s just call it $500 or $600, how much did you spend on this? And he said, “Oh about $300 or $400.” And I said, “Look, let me just give you $500 or $600, we’ll call it quits, and then I went in and changed my thing from a dollar to 1 cent and I have since then—I’m not doing the page CPA thing because you can’t really control it when something like that happens. So I may have protected myself from long-term abuse from lesser numbers. The only reason I knew what happened is buttons were missing off my websites, my PayPal stopped. If I don’t have a payment within 1 hour in my PayPal, then something’s broken and that meant Nanacast was down. Secondly, I had a visual website optimizer email saying I’ve used up my things and my tests are paused. How could this be possible? 160,000 visits is not right, but I logged in and sure enough, it had happened and melted everything down so a few lessons on that one.

TIM: Does that make cost for acquisition as a strategy not a good one now?

JAMES: It’s a good one but not if you’re in internet marketing space perhaps. I think there’s definitely—okay, here’s another thing. I used to do a lot—remember the big campaign where I made a lot of money that day? I kept promoting that thing and I was getting up to $3,000 or $4,000 a day profit for quite a long time until they stopped paying me. And they stopped paying me because I sold too much of their product and they couldn’t deliver and their customers demanded refunds. So I actually collapsed a business with too much traffic. Does that make sense? I basically put them out of business and then they couldn’t afford to pay me so I couldn’t afford to promote and I got left with a small bill. It was only $6,000 or $7,000 in the end, but that really helped me start thinking about how do I get paid in advance? And we all know how that turned out because we were talking about it yesterday –it’s really good to get paid first. But then—ooh! I could lead straight to another one! Should I?

TIM: Go for gold.

JAMES: Is this interesting by the way? Normally, we can ask if it’s OK!

TIM: The human side of Schramko! Who would have thought? Who would have thought?

JAMES: I know. And just one other thing with that server crashing. Try and put all your heavy images and videos somewhere else like Amazon S3 or whatever. Don’t put them on your server because it’ll just suck you dry. Had I put all the media for Traffic Grab when I launched that, I would have crashed my server for sure because my Amazon bill was over $2,000 for the month.

TIM: That’s a big bill on Amazon.

JAMES: There’s a lot of people watching 3-4 hours of video.

TIM: Next.

JAMES: Well, next is—should we talk about the hoodies? Why I love hoodies so much?

TIM: Go for gold.

JAMES: Well, I like hoodies so much. They’re great! I mean, one thing that—

TIM: Is this a mistake?

JAMES: It is a mistake. Yeah. I got my energy bill recently.

TIM: (laughs) I know where this one’s going!

JAMES: Yeah, it’s great. I mean, we live in a reasonably large house and it’s got under floor heating. Yeah. And, I don’t know if anyone wants to have a wild stab, but what energy bill might cost? What would a reasonable energy bill cost? Can we get some suggestions? What’s that? 250?

TIM: Yeah.

JAMES: 350?

TIM: Have we got 450?

JAMES: And we got 450. And we got 500 over there, we got 600, 700, 1,000, 2,000, 3,000, we got 4,000! We have 5,000! We have 6,000!

TIM: 350. We’re launching our domain name—

JAMES: Try 7 and a half thousand dollars. Yeah. This is the interesting thing. My energy bill—

TIM: Over what period of time?

JAMES: Just one bill.

TIM: You know, like a month or a quarter?

JAMES: It was a whole 3 months.

TIM: Are you an affiliate with the—

JAMES: (laughs) No, so I now know why the fuses were turned to OFF in the electricity board. I should have left them there. But we’ve been actually been able to buy hoodies for every single person for Fast Web Formula 3 for less than my energy bill. So don’t throw them away. If you ever visit my lab, you’ll need your hoodie because there’s no under-floor heating anymore. Also, DVD’s. Here’s an interesting story about that. The original concept of having a physical product was that it looks quite substantial and it’s a good physical thing and something real. And the DVD’s can, in some instances, reduce the amount of theft because it’s hard for people to rip them and download them. And also it can reduce refund rates. Now, tomorrow I’m going to be talking about refund rates and theft and you’re going to see that neither of those actually needed to be considered in that. The other thing was I used to speak from stage occasionally and it’s nice to have something to wave around that people can see they’re going to be buying. But I made that commitment to get physical product and then I changed my business model where I no longer speak. And to produce a thousand DVD’s, it costs about $12 per thing. High costs because it’s $12,000. So the film might cost about $10,000 to produce and another $12,000 and then you have to put them on a shelf somewhere and I chose America because I’ve got a good audience over there. But then you’ve got these things and they send you a monthly bill to store them then they charge you to put them in the box and then they charge you to post them so your cost per unit actually gets up there, $30-$40 and then they take too long to come to a far away country. So I thought, you know what, I’m probably going to just get them shipped out here for the event. So I got 200 DVD’s sent out here. How much do you think it cost to ship 200 DVDs out here? It shouldn’t be that much, right? How much?

MALE: 8 grand!

JAMES: No, it was only 3 and a half. So I’m eventually selling these below cost and I’m not doing it again. I’m not doing physical products anymore. It sort of flies against my whole point.

TIM: With video becoming so big and getting bigger by the day and there’s going to be a lot of people going out and creating video I’m sure, would you suggest to anyone do DVD’s or—

JAMES: If you need a physical thing, give people a USB stick. I’ve got a Mac Air, it doesn’t even have a DVD drive. I don’t use DVD’s anymore. I can’t remember the last time I used one. So I think they’re good to put on the shelf and to watch once. So when I buy information products, I do put them into the iMac and I stream it, but I wouldn’t go out of my way to create them anymore because—

TIM: How do I get to rewind them?

JAMES: Okay, I bought too many domains, as sad as that might sound.

TIM: (laughs) Who’s bought too many domains, by the way? Both hands up! Yeah, yeah!

JAMES: Well, I have 2,000 domains now and even at $10 each to renew, it’s quite a recurring bill. But they get you with little jabs like whois and stuff. And my rep at GoDaddy kindly renewed them for me and I looked at the bill and I said no, this is not right. You charge me like $8 or $9 for a whois. I said, “Listen, I really consider this to be excessive and I don’t think you should be charging me that.” And he actually credited my account back $2,000 or $3,000.

TIM: Nice.

JAMES: Just from asking. So here’s my tip: check what you’re paying and query it. So my old mentor taught me question everything. But if you just let it run, you’ll rack up huge expenses and one of the things I did was I didn’t have a dashboard for too long.

TIM: You love your dashboard?

JAMES: I love my dashboard because, okay, I’m generating millions of dollars now and small changes make big differences. And I actually thought, you know what? I used to run a hundred million dollar a year business. We had a financial controller who was a bit of a spreadsheet junkie and he used to give me stats every week. We’re doing this and that and the other and I could make changes and I’m not getting information more than at least once a quarter. I just get a bass bill and I don’t even know what it’s made up of. And then I get whopping tax bills from time to time like the morning I wake up, I check my inbox, it says Tax Department would like their $160,000 please. I’m like, “Oh, what a bummer!”

TIM: Didn’t know that about that.

JAMES: No? What 160,000? Oh, yeah, okay sorry, we didn’t tell you about it. Okay. Well, I guess I better pay it. So make sure you keep a little reserve up your sleeve. But I thought I’ll get my old financial controller to come to my house and I’ll pay him to go through my business and tell me from an accountant’s bean counter, non-emotional, no emotional investment perspective what I should be doing in my business. Anyway, the long story is too long so I’ll tell you the short one. I couldn’t get a hold of him easily, he’s overseas, whatever, life gets in the way. So I actually said, well, if he did come what I tell him to do and then I just did it and I just started doing the thing. And then the next evolution was I started going to business units. I got my friend Steve-o up, made him make this Excel spreadsheet from hell, like it’s scary. I think it could run a spaceship. And we plugged in all the numbers from the last year and a half for one of my businesses and we had a bit of an a-ha moment.

TIM: Okay.

JAMES: I need to make some changes and it was not quite as good as I thought it would be but there was huge opportunity. Within a few days of doing that, I had an offer on the table for that business and I decided to keep it, but then I changed the whole ratio and I changed everything about the business and it’s a substantially better business. So the real thing is from now on I’m not going to let a business grow so big before I sit down and analyze it a bit. Because I tend to do things in 3 or 4 minute bursts. If it takes more than 3 or 4 minutes, I usually won’t stick with it. So I make a lot of micro-decisions in my business. And occasionally sit down and spend a few hours drilling out the numbers, drilling down into the data and finding out the stuff so that you can make decisions on it. It could have been potentially very expensive to continue down that path.

TIM: Hearing you talking about this, it can be painful, that stuff. I know you love it. I know that thing with internet marketing, me included, I’m sure there’s other people out there. You just want to create product, you want to create whether it’d be information or whatever it is and that dashboard and all that technical stuff can be so painful—

JAMES: Because it’s not tapping you on the shoulder and saying do it now, but the deadlines you set with customers are tapping you on the shoulder. So we always focused on what’s urgent but not what’s important. And the lawn keeps growing taller, eventually it covers the window, you have to go and mow it. But those spreadsheets that take a few hours to produce, they’re not chasing you down that’s why they don’t get done.

TIM: When was the last time you mowed the lawn?

JAMES: (laughs) I’ve watched the guy out there on track there.

TIM: Answer the question, James!

JAMES: The last time? Years.

TIM: Yeah!

JAMES: I don’t even clean the pool. But I look out and watching the—

TIM: I wasn’t threatening you, man! I wasn’t getting serious here.

JAMES: That’s it! You can have—

TIM: How long have we gone? You’ve got the time, Miss Time Keeper?

JAMES: We’ve got 3-4 minutes. You’re normally the time keeper.

TIM: I know. I’m kind of getting lost here.

JAMES: Is that a luxury?

TIM: It’s lovely!

JAMES: Yeah, we should get Fiona to pop around when we’re doing—

TIM: Absolutely!

JAMES: Lives in the neighborhood, too. Kids are in the same school. Okay, so I’ll tell you about my PayPal shuffle. That was hilarious. You know when you open up another PayPal account and you try and put a credit card because you want to do a recurring subscriptions and it says no, we’ve already got that card. And I’m not a massive fan of credit anymore and so I put my Visa card on the main account and I opened another account, I didn’t have a card. So when it comes time to pay the wages and stuff, I just shuffled, I mass paid $10,000 from one account to the other. I do that 5 or 6 times a month. And about $200,000 later, I realized there’s actually a fee on the other end. So—

TIM: Big fee?

JAMES: About $4,000 or $5,000. So I could have gotten a credit card and have a bit of fun with it for 4 or 5 grand! So I wasn’t watching my numbers again.

TIM: You’ve got a few more mistakes there.

JAMES: You like pointing it out, don’t you?

TIM: But we are getting close to time. I’m really interested to know, not out of just what you’ve mentioned, but do you have any major regret and/or what leaves the most sour taste in your mouth of all the different things you’ve done in internet marketing?

JAMES: Oh that’s a negative question. I don’t only really have regrets, that’s the weird thing, because I’m actually not unhappy with where I’m at now and I think I had to have everything happen to get wherever. Is that weird?

TIM: No, it’s weird but we’ll go with it.

JAMES: One of the strangest things I did was I really built out my whole first business around somebody’s trademark, which is dumb! I made hundreds of thousands of dollars and just had to give it up. I had to walk away from it because I outgrew the market, the product went a bit flat. It’s still around, you know? But I don’t think it’s the best choice anymore, so I stopped selling it. And most people, when they’re getting $5,000 to $6,000 a month recurring, can’t turn it off because they’re greedy. But I’m not so greedy that I want to let somebody have the wrong solution. And I’ve redirected that now to optimized press. So much to James Dyson’s delight, who enjoys making my logos, it’s now pushing traffic to him.

TIM: How nice were his slides? I love it! I love—

JAMES: You know what?

TIM: I have a bit of a slide fetish and they were pretty good slides!

JAMES: They were better. Apparently, he’s got tricky fonts. But in order to have those work, he would have to give me the slides more than 3 minutes prior to the presentation. (laughs)

TIM: Yeah, right! (laughs) Great! Hey James, I’ve got a feeling there is probably another episode of Freedom Ocean.

JAMES: Can I do one more?

TIM: Go! Go for one more! As long as you want. As long as it’s not more than a minute.

JAMES: Selling my time’s been—probably the closest I’ve come to regret is you’ve got to be very careful if you are in any type of coaching, mentoring, or selling your time basis. In other words, if you have to turn up to make the money, that’s a kind of shitty business model because there’s only one you and it really breaks my rule over it doesn’t work without you. If you are going to sell your time, make sure you get a lot of money per hour or try and do it on a per [unit] basis. I now do small group coaching. It’s like the maximum I want. I have very few one-on-one customers and they really came to stick around, which is lovely. So I don’t go out looking for more. As soon as I realized it, it was quite some time, I stopped taking customers. I put my fees up and even that didn’t stop people. So now it’s just not even an option because you can’t get the time back. You’re not going to be on your deathbed saying, “Gosh! I wish I’d spent more time building other people’s businesses and helping them solve their problems.” I think you’d rather spend your time with family members. I’d say guard your time like you mean it. Because now, my team, in the last month, has doubled in size. My business, my primary business that they’re working on has more than doubled and I now need to invest time in my own business. So here’s my big tip. It’s the big a-ha moment. Make you your number one client. So if you currently have clients, push them aside a bit, make you the number one client for you, work on your stuff first and then work on the others when you finish with you and hold yourself accountable. Kick your own ass.

TIM: Yes, no problem! Yes, the other thing you often talk about.

JAMES: The filtering.

TIM: The filtering!

JAMES: Yeah! But you’ve got to look after yourself. My grandpa’s saying pay yourself first and then same thing. Look after yourself first, otherwise you’ll just be an employee with a job.

TIM: James, that would be Episode 27 of Freedom Ocean.

JAMES: We did it.

TIM: That’s why—

JAMES: We did it up at Queensland! (laughs) Yes, thank you!

TIM: (laughs) What should people do if they want to get a little bit more of the love?

JAMES: They should go along to Freedomocean.com and they should join our email list so that we send out the transcription of every episode because it’s our special thing. But we also send bonuses that are not available anywhere else. They’re exclusive.

TIM: Correct. Mate, it’s been an absolute pleasure! And I’m looking forward to the next episode real soon!!

JAMES: And I’m looking forward to my T-shirt that fits!

FEMALE: Thanks for diving into the ocean with James Schramko and Tim Reid. You’ve just come a little bit closer to living the life you choose. Please keep in mind that the ideas, opinions, and information shared in the show are those of the hosts and do not reflect those of their past employers. And as far as future employers go, well, they’re both pretty much unemployable.

JAMES: That was a bit canned.

TIM: It was a bit canned. What’s wrong with canned?

JAMES: Now Timbo, I have something to ask you.

TIM: Yep?

JAMES: In the last few episodes, we struggled through building you an information empire.

TIM: Yep!

JAMES: You got a good deal didn’t you? You do a podcast and I’m pretty much coaching you bit by bit.

TIM: Slowly but surely.

JAMES: Slowly but surely.

TIM: It’s a big mountain to move, James.

JAMES: It is a big…(laughs) Okay, so where’s your master class up to? Is it finished?

TIM: Yep! Finished the master class last—where are we? Saturday? I finished it on Wednesday. So if you listen to some of the previous episodes of Freedom Ocean, James sort of took me through this whole process of putting together, leveraging my time, going from one on one to running a full-on 8-week online marketing communications master class. And it actually finished on Wednesday. It was the most amazing feeling.

JAMES: And you recorded it and you’re now going to make it an information product.

TIM: Totally! So this is for the small business owner, okay? So what I did, what I recognized—and I’ve known this for a while now—is that the marketing world has changed so, so much and we were saying that earlier, to the point that the small business owner who’s handing out dough for the yellow to yellow pages—Hello, yellow pages—or to the local newspaper—hello to the local newspaper! But you know, there is so many wonderful online opportunities where if you get your message right, then you can put it in these places and get massive bang for your buck and great inquiry.

So what I did is I worked to my strength. I have a wonderful network of A-players in terms of people that I know and the people who have spoken on this stage today and who are in this room including Jen on Facebook and Carrie on content and Mike on AdWords and Dave Jennings on video. I talked about branding, we had people talking about copywriting. But basically, over the course of about 15 or 17 hours, I produced a product thanks to James and I’m really, really proud of it. And it’s for the small business owner and you can find out a bit more about it by asking me or buying it over that wonderful desk there. It’s 495 bucks and I’m just really proud of it because it’s like information that every small business owner should have. And that’s called the Online Marketing Communications Master Class.

JAMES: It’s good to see you turning this stuff into something useful.

TIM: Absolutely! Doing something with my life! That’s it! (laughs)

JAMES: (laughs) He’s got a future! You know what? I think it’s dinner time. I think we’re going to wrap for the day. I’m going to suggest that you, again, introduce yourself to someone you haven’t met yet. There’s fantastic people here. In fact, last night after dinner and everything else, a friend of mine came and just hung out and had a chat with me. This guy’s a multi-millionaire, he’s been probably the most influential person in my business in the last year and he’s somewhere in the room too, just lurking there out there, I’m telling you. They just don’t talk about it. They’re very, very quiet.

So see if you can find out who’s out there. When I’ve had something to eat, I’m going back to my room, I’m going to check those videos that my ninjas have loaded up to Dropbox for me and tomorrow I’m going to be giving out a near $700 bottle of Grange, which I bought from Sydney’s 4th best bottle shop, so I know it’s going to be good. They put it on the side, I don’t understand it. There’s a lot of comments on Facebook. It’s a good example of the sort of thing you post to Facebook and say, “What’s with them up” I’d rather do with 3rd best or 2nd or 1st.

So obviously you have win of that when it’s done something useful to win it and it’s the right type of person to be taking that prize. So that’s very exciting tomorrow. Leann will be announcing who wins the donation awards. So if you want to donate to good cause and put yourself in with a good tweet. I’ve seen some great stuff on Twitter! People are very clever there, putting in hashtag and summarizing the day’s event. I do want to do just a quick survey. Is this a good event so far? Yeah? I think you’ll be pretty excited about tomorrow. I mean, you’ve had a taste of Ed already. We know that’s going to be interesting. We have the Swiss Army weapon , but in any case, I’m giving it away tomorrow and of course it comes with 3 months Silver Circle access where you get stuck with me for 3 months helping you double your profits.

Talking about affiliate marketing. And we’ve got Kyle talking about local business. I’m going to come back with 2 sessions tomorrow and talk about leverage and I’m talking about productivity and test results. I think we’re going to have a bit of fun. We’ll see you all back. We start 9 o’clock sharp tomorrow morning. Thanks everyone!


  1. From “The Great White North” – Canada
    Excellent work guys! I laughed out loud in the car with the family today. Thanks for the ongoing support! Melissa and I are loving FWF3, Superfast results Forum and the support found there (the software and training is amazing!, my S3 account is no longer intimidating). Launching our first member site for Dr Melissa West this week and must say that without the podcast as a road map. As a result of implementing some of the basic things from your podcast I can share that getting uncomfortable as been so rewarding: For example:
    -I negotiated a new $5000 video camera
    -Melissa and I are off to Ireland and Italy with our daughter for Melissa to do teachings to viewers of her online videos
    -new clothing sponsor for her videos

    Beyond her business my own businesses have improved:
    -Real estate business partner received a shock when I mandated fewer in person meetings (we had been doing meetings for meetings sake) (Thank you GoToMeeting)
    -Fired several print customers (I’m a print broker) and found some of my existing clients begging me not to dump them!
    -Started converting clients over to Word Press and hosting on my own server (will hit 100 by December)
    -Car sales, (I have a few cars on a lot) have improved as I have gone out and found other locations to hold cars and advertise while splitting profits with the new location providers

    All of these things are happening because we focused on content and then applied the teachings from your podcast. Many thanks and keep up the terrific work.
    Thank you
    p.s. My Inbox is now empty and I’m more focused than ever before, my wallet is full and I am so appreciative to all the teachings and advise you so freely give.
    p.p.s. I’ll go leave a nice thank you on Itunes now

Speak Your Mind