Olly Richards
@mrollyrichards
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Jazz Musician to English Teacher to $10M online education business | Read my 117-page biz case study 👉🏻
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Over the last 7 years, I've built a $10MM business with 50%+ profit margins that's fully bootstrapped with zero investment or debt.
Here are the 10 core principles that got me there:
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In the last 2 years, I built a YouTube channel to 340k subs, millions of monthly views, and $100,000s in ad revenue.
I'm giving away my 2-hour YouTube masterclass showing how I built the channel.
-> Expires Thurs Midnight
Follow me (so I can DM)
Like & Reply "Send"
RT
531
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I've generated millions of dollars selling digital products in unusual ways.
Today I'm giving away my step by step playbook showing you the 9 most profitable methods you're probably not using.
-> Available 24hrs only
Follow me (so I can DM)
Like & Reply "send"
Retweet
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My daughter is 7 and I've been building online businesses for longer than she's been alive. Last I heard, she wants to be a vet. But I'd still like her to have options.
So here are 49 lessons I would teach my daughter about growing an online education business to 7-figures:
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This is the camera setup in my home office that drives millions of views to my YouTube channel.
Best of all? When I want to film, the whole setup is ready to go in less than 10 seconds.
Here’s how to create a setup that gets you the same results:
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A business where I'm a co-founder just had their main Instagram account shut down.
5 years of growth. Millions of $$$-worth of connections.
Here's the explanation from IG:
"We have disabled your account.
You no longer have access to [account name]
Account disabled on March
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I’ve invested $100,00s in mentorship over the last 10 years.
Every penny was worth it because it helped me build a business worth 8 figures.
Here are the top 36 lessons I’ve collected from my mentors:
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I’ve invested $100,000s in mentorship over the last 10 years.
Every penny was worth it because it helped me build a business worth 8 figures.
Here are the top 36 lessons I’ve collected from my mentors:
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A few months ago, I wrote about a little dream I had of starting a community for online entrepreneurs in the UK.
Something where we didn’t have to fly across the pond to get our fix!
Well, last week was the inaugural event. Small, intimate, great conversation, with people
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Entrepreneurs are weird when it comes to money.
Most can make it. But few know how to make it work for them.
Here're 10 principles for managing your money so you can make much more:
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Email drives more sales than any other channel.
But writing emails that generate revenue can be hard, slow work.
Here are 7 steps to write quality emails fast that increase sales for your business:
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I wrote a 117-page case study dissecting my $10M online education business.
Inside, I give away all the secret sauce.
If you’re one of the 200-300 people who followed me yesterday (thanks
@ItsKieranDrew
), you might like to check it out.
Inside:
- Strategy to scale to 7+
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Over the past decade I’ve built a $10 million online education business with StoryLearning.
I’ve read a lot of great business books to get there and these are the 7 that made the most impact:
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An entrepreneur who can’t delegate doesn’t have a business.
They have a job.
Here are my top 7 strategies to growing your business through delegation:
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The reason copywriting is such a deadly skill set is that copywriters need to understand all aspects of the business to do their job:
• Avatar
• Languaging
• Positioning
• Offer
• Objections
• Sales
That's why studying copywriting was the most valuable thing I ever did.
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Understanding your avatar is a business cheat code.
It's the most commonly ignored but easiest way to 10x your revenue.
Here are 7 tips to grow your business by laser-targeting your avatar’s specific needs:
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Ever since I got my first iPhone, I've been addicted.
Until I tried an app called Opal, which blocks all the major apps:
- 6-8am: “me” time
- 9-12pm: deep work time
- 9pm: wind-down time
It blocks everything, and it’s brutal. But it works and my screen time is down 80%.
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1/ I built a $10m company by writing words on a screen.
But the key to writing those words on screens is editing.
Here’s what my process looks like:
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Nobody cares about you, and nobody’s paying any attention.
So you need to prioritize becoming top-of-mind as the
#1
person in your customer's life who’s going to solve their problems.
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I’ve spent most of my business career following one simple mantra: Do more of what’s working!
And so in 2024, I’m going to do exactly that.
I’m going to do a radical slice-and-dice.
Aggressively cut the stuff that’s not working, and double down heavily on the stuff that is.
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Tell me your business size and I’ll tell you your biggest struggle.
- $100k?
- $500k?
- $1M?
Most people at the same revenue level have the exact same problems.
Here are 3 simple solutions to help you unlock the next level of growth:
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I’ve grown a newsletter to 10K subscribers in the last 9 months.
But there’s more: I’ve earned 2X what it cost me to acquire those readers.
Here are 7 key strategies to help you build a list of people who want to buy from you:
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“Build it and they will come” is rarely true.
It’s down to you to bring them over.
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Instead of telling you why I'm sharing
@thejustinwelsh
newsletter today...
I'll just share it.
Read it and you'll know why.
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Building a successful business is only 20% the “stuff you do”.
The other 80% is battling with yourself.
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Here's how I direct money within my business currently.
What's your approach?
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My business, StoryLearning (now worth $10M) has been built by my '8 Figure' Team.
Here are the 8 key strategies I used to assemble the team and manage them to success:
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We held our second Entrepreneur Dinners last night, despite the best efforts of the UK rail network to scupper our plans.
Really enjoying hosting these with
@noel_andrews
and it just reminds me how valuable it is to share time with like-minded people who are capable of being
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I grew my company StoryLearning to $10M by deliberately carving out a profitable niche position in the language learning industry.
Here are 7 tips to create a niche & position yourself so you can cultivate dedicated fans that buy frequently and spend liberally:
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Email is by far the most powerful way to scale your business.
Here's how I use the D.O.E. (Dynamic Objection Email) to guarantee sales on autopilot:
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If you want something to be remembered, tell it in a story.
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Do you know what my weekly newsletter is? It’s therapy to myself.
Much of the time, when I choose to write about a given topic, it’s because it’s been on my mind recently, and I want to organise my thoughts.
It may seem like I have it all worked out. But I don't.
By the time
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If I had to start from zero again here’s what I’d do:
- Choose a hyper specific niche
- Write about it online and grow an audience
- Do it for free for people to get testimonials
- Sell the associated service
- Create digital products that replicate the service
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My dream is becoming to create a quality UK-based community for online business owners.
Done the way I want to do it… so that entrepreneurs don’t have to fly to the US to get their fix!
Meet-ups, socials, masterminds, retreats, peer-support, access to coaching and mentorship.
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A lot of people ask me why I don’t run sponsorships in my newsletter.
And the answer is that I’m clear on the game I’m playing - which is basically building an old school, personal brand business through direct response.
What I’m not doing is building a media company and
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Whatever you want to teach, you’ll make it more memorable by telling it in a story.
I learnt this from André Chaperon and my life has never been the same since.
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Building a successful business is only 20% the “stuff you do”.
The other 80% is battling with yourself.
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“The higher the income, the more the person paid for who they are, rather than what they do.”
–– Dan S. Kennedy
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A very cool way to deal with objections is through what I call a D.O.E. Email.
That's a Dynamic Objection Email.
And it's a ridiculously effective way to increase sales by 12-18% (on autopilot)
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If you run an educational business you want to avoid discounting because what you’re trying to do is establish value and attract customers who appreciate that value.
This is quite different from selling a pair of jeans.
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It’s not what you DO that attracts money. It’s who you ARE.
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So often people will get off to a flying start and throw in the towel when it gets boring and difficult. What I've learned over time is that this is the thing that separates the the wheat from the chaff.
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From $0 to $1M, you should avoid diversifying your business model.
But from $1M to $10M, diversification can help you tap new growth avenues and stabilise your business.
Here are 4 strategies I’ve used to diversify while scaling:
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There’s a principle I like to follow in education businesses:
Your customer should be 90% sold before they get anywhere near a sales page.
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Want to build a world class culture at your company?
Last week, we had our annual team retreat in the Canary Islands, and I took this video after dinner.
Here’s how to build the type of team culture that you can be proud of:
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For everyone who cold DMs me — watch and learn how it should be done!
@claudiastellner
is gonna go far!
I grew up binge-watching
@aliabdaal
videos.
They’ve shaped so much of how I think & why I write online.
Recently Ali announced he’s looking to add a newsletter writer to his team.
Here are 5 reasons why Ali should hire me (A Permissionless Pitch) ↓
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Write copy for an 8-year-old.
It took me years to accept this, but today I swear by it.
Good copy is about communicating basic points in stupid-simple language.
That’s when it hits home.
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Thoughts on how to reinvest profits from your business
(❤️ from Japan)
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Look me up on the Online Business Owner podcast if you’d like to hear my story in a bit more depth…
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Sometimes I think about what I would do if I went back to the beginning.
And the answer is basically the same thing.
It would just take me one year instead of 10.
The only difference is knowing what to focus on and having the confidence to go for it.
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11/ Follow these principles and you'll be on your way to building a valuable company that gives you the time freedom to do whatever you want.
If you enjoyed this thread:
1. Follow me
@mrollyrichards
for more of these
2. RT the tweet below to share this thread with your audience
Over the last 7 years, I've built a $10MM business with 50%+ profit margins that's fully bootstrapped with zero investment or debt.
Here are the 10 core principles that got me there:
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The reason people find storytelling hard is because it forces you to check your ego in the writing process, and forego the instant gratification of making cute points and “value bombs”.
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Poorly written, tiresome, unimpactful. I guess it’s time to throw in the towel!
Always remember:
The only reason someone will take so much time out of their day to insult someone they’ve never met, is when they have significant struggles of their own.
So go easy on them :)
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5. Don’t sell the peak of the mountain, sell multiple peaks along the way
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The best way for you to survive and thrive in the next 10 years is to build the strongest possible personal brand.
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My early YouTube videos were dull as dishwater.
But then, someone told me you need to have 2X your normal energy levels on video… just to appear normal.
My videos improved instantly when I was told this.
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A few years back, I had decided that I wanted to scale.
Every podcast was full of stories of businesses “scaling” to the moon
Every business coach trying to pitch me would ask: “What’s your plan for scaling?”
Every conversation with entrepreneur friends involved talk of
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14. Fire yourself from at least two jobs every year. Otherwise, you don’t have a business… You have a job.
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I’ve built a 7-figure education business by driving millions of monthly views on lots of platforms.
Here are 5 tips on how to build an audience and succeed on any platform:
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I’ve invested $100,00s in mentorship over the last 10 years.
Every penny was worth it because it helped me build a business worth 8 figures.
Here are the top 36 lessons I’ve collected from my mentors:
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0
16
5/ Make email marketing the lifeblood of your business
Show up every day and cultivate a list of people who genuinely want to hear from you.
Then structure your emails using a system of loops that delivers content at an appropriate pace in an organised and automated way.
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A brand is something you can afford to build after you first make money.
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3/ Market with valuable content, avoiding hacks & tactics
Use content that drips out key messages over time, and makes selling an effortless and largely passive experience.
If you think of marketing in these terms the only thing that can work against you is being in a hurry.
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I remember when I first started taking business courses, everyone would talk about the importance of niche.
But I didn’t know what I wanted my niche to be.
I remember tearing my hair out in agony trying to find my niche.
It took me years before landing on ‘stories’ as a
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Entrepreneurs:
Most businesses are TERRIBLE at using discounts when they sell.
And if you do it wrong, you can ruin your business.
Here are 7 steps to use discounting to help you sell more without harming your brand:
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Last week, I spoke to 3 entrepreneurs with different-sized businesses:
• $250,000
• $750,000
• $1,500,000
After each conversation, I was struck by one thing:
I knew exactly what problems they were going to have … before speaking with them!
It’s super fascinating how this
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There’s a principle I like to follow in education businesses:
Your customer should be 90% sold before they get anywhere near a sales page.
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This week, one of our podcasts turned ROI-positive…after 2.5 years.
Can’t tell you how many times I almost killed it…but we kept trying until we landed on a winning formula.
So what’s the plan now? Sit back and enjoy the cashflow?
Hell, no. I’m immediately building 3 more.
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If you’re selling the peak of the mountain, you’re going to get:
• A harder job converting new customers
• Lower student completion rates
• Less repeat custom
• Less opportunity to form teacher <> student bond
However, by selling the first peak along the way, you’re:
•
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In 10 years of doing business online, I’ve found 6 months to be a magical number.
6 months of consistent action is generally where I see traction kicking in.
This is the subscriber growth in my newsletter, which I started in January this year. 6 months in, we’ve just hit
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6/ Grow a museum of world-class content over time
Prioritise quality and bake your brand messages into your content.
Then make the best damn content on a topic that you possibly can, such that people are still finding it in 20 years time.
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A little-known secret to business success: Non-attachment.
The problem is it's REALLY hard not to care how things go.
Here's my 3 part playbook for non attachment to help your business reach its full potential:
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Selling an education business isn't easy.
And if you're not careful you can leave a lot of money on the table.
Here are my 8 steps to prepare your business for sale:
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A simple and effective framework to communicate anything:
- Point: State your main point right up-front
- Story: Tell a story that demonstrates the point
- Metaphor: Give a metaphor that makes the point more relatable
- Summary: Re-state the main point
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People put their entire life’s knowledge in books. Read business biographies.
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In December last year, I didn't send a single newsletter.
I just took a month off.
Was I punished by the algorithm? Hell no – there’s no algorithm in sight! It's a newsletter.
Instead, I had worried readers email me asking if I was okay.
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How hard should you actually be working?
Are you weak if you take a day off? How about a week off?
These are questions that I have wrestled with for years, and sought answers from a lot of people far smarter than me.
At the end of the day, we all run our businesses in order to
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Your best people will go into battle with you and fight for your company as if it were their own.
But only if you give them what they need.
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Anyone who wants to grow an audience online would do well to stop looking for shortcuts and focus on the fundamental equation:
{Laser niche + World class content + Consistency over time}
amplified by
{Cross-promotion + Ads/Sponsorship + Quality Social}
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3. *Results* come from future-based planning. *Happiness* comes from alignment in the now.
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8/ Build your 8 figure team
Your business has three main functions:
• Finance
• Operations
• Marketing
Hire before you need it in these areas or you will choke off growth before it has a chance to happen.
And hire for aptitude first, skills second.
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Journalling from earlier this morning...such a special time of day.
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The other day, I received a message on Telegram:
"I've built up $300k in cash. I don't know what to do with it."
I sent my reply in a voice note and the guy liked what I had to say.
So in today's newsletter (which goes out at 5pm GMT) I'm going to tell you some of what I said
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To create a simple KPI dashboard for your business, ask:
• What numbers represent the health of the business?
• What numbers do I want to see going up?
• What numbers would cause concern if they dropped?
Then create a simple spreadsheet that tracks these numbers weekly.
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Think in terms of roles, not individuals.
This creates a clear vision for the future and stops you becoming over-reliant on specific people.
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11. Hire from within your audience. Look for aptitude and cultural fit. Skills can be taught.
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My message requests are flooded with cold DMs but almost all of them are terrible. Here’s a tip:
1) Do some outstanding work for me without asking
2) Send it to me
3) Ask for nothing
I can’t guarantee it’ll work, but I can guarantee you’ll be at the top of the list.
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1/ Carve out a profitable niche position in your industry
The success of the StoryLearning brand is down to very deliberate niche positioning within the language learning space.
Having a tight niche makes it easier to sell, charge higher prices, and gain better customers.
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Study copywriting like your life depends on it. (It does.)
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Selling an education business isn't easy.
And if you're not careful you can leave a lot of money on the table.
Here are my 8 steps to prepare your business for sale:
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If you offer the complete solution (summit of the mountain), it’s harder to sell and leaves you with limited options for what to offer after.
If you offer a series of smaller, sequential solutions (peaks along the way), it's way easier to acquire customers and get results.
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4 things I've learnt from building a business:
• You can create any life you want
• Entrepreneurship is a vehicle to create the highest version of yourself
• Time, money & freedom can inspire and crush you in equal measure
• Money is a game you were never taught to play
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12. There is no decision to be made until there are at least three options on the table
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7. Audience is your most valuable asset. Treat it as such.
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I think the old-school direct-response guys must choke on their cornflakes when they see how people do business online today.
Back when you had to pay cash money for every envelope you put in the mail, you had to make damn sure you knew what you were doing.
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