Luke Peters is an accomplished entrepreneur and the former CEO of NewAir. He sold NewAir in a mid-eight-figure deal . Today, he serves as a strategic CEO coach, leveraging his extensive experience to help other entrepreneurs navigate their paths to success. He is also a father of six and an avid surfer, embodying a balanced lifestyle that values both family and business. His story exemplifies the power of perseverance and innovation in achieving entrepreneurial success.

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Guest Resources

Small Business CEO Coaching – Apex CEO Website. From Startup to Exit. Your Path to CEO Success. Get a FREE strategy call!

Luke’s LinkedIn – Connect with Luke on LinkedIn.

Luke Peters YouTube Channel – Subscribe to Luke’s YouTube Channel.

3 Value Bombs

1) The zero moment of truth is to research the customers on what they are doing and how they are influenced.

2) You can build trust for the brand by giving a premium price, using influencer marketing and long form videos.

3) God will provide. Just put your head down and do the work.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: A garage launched biz with Zero Funding Scales to $80 Million.

[1:23] – Luke shares something that he believes about becoming successful that most people disagree with.

Focus is great but he believes you should be working on more than one big idea at a time because you will never know which one is going to take off.

[2:32] – Luke talks about his inspiration to start his business and how he launched it with no funding.

He came from a big family of 12, got a degree in microbiology and worked as a scientist for the government which he find boring. He compared himself to his little brother who didn’t graduate but was making tons of money and driving a sports car while he was driving a beat up truck. He then thought of what he was doing and learned from it.
One day, he started an SEO, did some research and found the bottom 3 yahoo search results in the year 2000-2001 was a portable airconditioner. He got a way to find out how to sell this things and he took off from there.

[4:18] – Luke shares the key strategies he implemented to succeed to this scale.

He never envisioned they would end up this way because everyday for them was a survival.
He referred to the first moment of truth in marketing strategy, that is the product. What is the reason why customers choose a certain product from other brands.
His strategy is zero moment of truth that is to research the customers on what they are doing and how are they influenced.
In his early stages, he was a big advocate of ads and he always make sure that his product will show up first in ther right places in SEO to build his brand. Marketing strategies always change but building a brand doesn’t and it is the most important thing that you can do for your product and your company.

[5:58] – Luke shares how he balance family life with the demands of a growing business.

For him it was basically ADHD and always chaotic but they make it work . He coaches a kids sports team and do a bunch of road trips with his family. It was challenging but also exciting to balance family and work.

[7:28] – Luke talks about key strategies that are really impactful.

His business is selling appliances. They built a brand around it and worked with influencers who talk about their product in YouTube. He likes the long form because it gives a good SEO benefit.
He thinks of how he can build trust for the brand and that is by giving a premium price, influencer marketing and long form videos and you need a team in order to do that.
Its basically reaching out and organically find the right parties of micro influencers.
The other strategy is being flexible. He changed his business model because competition can rise up and you should have always “something baking in the oven.” Often times people are ready for a big change and it definitely helped their company.

[10:08] – A timeout to thank our sponsors!

HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
ThriveTime Show: Attend the world’s highest rated business growth workshop taught personally by Clay Clark & NOW featuring Rich Dad Poor Dad Author Robert Kiyosaki and Eric Trump at ThrivetimeShow.com/eofire!
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[12:40] – Luke talks about how he handled finances without external funding.

God will provide. Just put your head down and do the work.
From a business perspective, his formula is product, people and margins.
You have to have great margins. They didn’t take any investor capital in the early stage of their business because margins were built into their sales. Their products has minimum required margins and they didn’t sacrifice too much in marketing and has stricy parameters.
Often times they are coming in above industry pricing but that helped them create a great brand and gave them resources to invest on better brands, products, collateral and imagery and that is how they funded their business.

[14:36] – Luke talks about getting stale, competition and scariest moment.

The biggest pivot isin 2011-2012 and Walmart , Home Depot, Best Buy and other big players started showing up in the search results that pushed them down page 2.
Times have changed and they don’t want to play in that game because they won’t win it.
He started a new company to test the waters and he started selling to Home Depot, Best Buy and Walmart and he was surprised how easy it was to service this big retailers instead of paying to find hundreds of new customers.
Their B2B business is now a multichannel where they sell to large retailers that transformed their business-vendor relationship.

[17:10] – Luke talks about his change in leadership approach.

His leadership change as his company grows. He learned a lot of things and read a lot of books.
Before he was distracted as a leader and he was chasing to too many shiny objects but now he is focused on business systems.
As a leader, he delegate and not abdicate and he trust and hire the best employees and hold them accountable. That led to a lot of freedom in his life.

[18:41] – Luke gives his advice to entrepreneurs who are starting from scratch.

If you are starting from scratch, the most important thing to focus on is the product. Get into the MVP stage (Minimum Viable Product) and get it out to the market. Don’t worry about the reach or if its scalable, find your 10-rating fans and go from there.
It’s a big mistake if you don’t think about your MVP and just think about perfection, the reason why most people have a hard time launching. In the beginning, just get the product to the people.
It is also important that you get people who you trust in your life and find advisers.

[20:25] – Luke give his final take away.

Make sure you are solving the right problem. You will often see that your business is stale, if that happens, go and get some advice and get a new prospective in your business. Make that pivot because the biggest games happen on that pivot and often it is not in your radar.

[21:48] – Call to action.

Small Business CEO Coaching – Apex CEO Website. From Startup to Exit. Your Path to CEO Success. Get a FREE strategy call!
Luke’s LinkedIn – Connect with Luke on LinkedIn.
Luke Peters YouTube Channel – Subscribe to Luke’s YouTube Channel.

[25:10] – Thank you to our Sponsors!

HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
ThriveTime Show: Attend the world’s highest rated business growth workshop taught personally by Clay Clark & NOW featuring Rich Dad Poor Dad Author Robert Kiyosaki and Eric Trump at ThrivetimeShow.com/eofire!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!