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This business coaching episode explains how to fully fund your next business idea.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: Building your business into a duplicable system will allow you to move on and build other successful businesses.
  • Ask Yourself: Am I staying focused on one area of success and managing my time well so I can become a "serial entrepreneur?"
  • Action Step: Find the area of your business that is the easiest to delegate and begin to build systems and train people to do it.
  • Jargonization Translation: F.O.C.U.S.: Focus on your core tasks until success.

CLAY CLARK: So that's the big thing. Now, the other thing is I want to make sure-- in Point 3, I want to hammer this home-- is the success of this business should fund the next successful business. Most people, though, what they do is they have one business that just distracts them and then another that distracts them, and that's where you meet the serial entrepreneur.

There's two kinds of serial entrepreneurs, OK? There is this kind of entrepreneur. There's a serial entrepreneur, right? And then there is the cereal entrepreneur. This guy, this is all he can afford to eat, right? And this guy has multiple successful companies. When I say successful, they're profitable. And most people love to just hop on to endless businesses, each one stacking failure upon failure upon stress upon stress and it doesn't work.

See what I'm saying?

STUDENT: Mm-hmm.

CLAY CLARK: So I'm a total advocate, a total advocate, of this. Hey, you want to have a web company a year from now? Great. You want to have a web business, then you want to own a series of restaurants? Great. But you've got to stack the success. And why do we have to stack the success? Let's look at this for a second.

Let's say that you built this first business and it is pouring in some money for you. Well, now you have enough money to hire people to run this for you so now you can put your core energy on to your next business, which is your web. And you have enough money to hire somebody else to do-- and you just keep stacking it up there.

But that's why Dr. Zellnor-- he's the CEO of Thrive and one of our big investors-- each one of his businesses, he's not involved in the daily operations for because it's a duplicable system. Does that make sense?

STUDENT: Mm-hmm.

CLAY CLARK: Now, what questions do you have about that in particular about how you're going to actually go and implement that? Because I don't want to give you just a general like, hey here's what you do, but what question would you have about this?

STUDENT: The only thing that I really conflict with besides the hiring-- because that's the part that I'm really at a loss at--

CLAY CLARK: I'll help you.

STUDENT: But that Friday, from four to seven, I typically am setting up for a DJ event. Is that with the mindset of I have DJs doing it for me? So it's my job to get the clients, and they--

CLAY CLARK: Yes. Yes. Now, again-- I'll give you an example. I worked with one guy years ago-- he was in Houston, and this guy is a builder. Well, if you're a builder, how does this relate? Well, if you're a builder, the one thing that you can do is you can build houses, right? You can build houses.

But if there's not a system for it, then you can't delegate the building of the houses. So he has to do the building and he had to do all the appointments. And he had to do all the customer service, and he had to do-- right?

STUDENT: Mm-hmm.

CLAY CLARK: And all he ended up doing was beginning to build systems for each one of these where he could go, OK, check. I can delegate that. Check. I can delegate-- does that make sense?

STUDENT: Mm-hmm.

CLAY CLARK: So what you've got to do is you've got to look at, right now, what is the one thing you can probably delegate the easiest and begin to do that? You know?

STUDENT: Mm-hmm.

CLAY CLARK: So I don't know how systematic the execution of your entertainment service is, but that needs to be crazy systematic so you can delegate it. And if you can't delegate that, then we go back and we say, you know what? I can't really delegate that yet, but you know what I can delegate? I could delegate networking. Or maybe you can't delegate that yet, but maybe you say, I could delegate search engine. Or maybe I can't delegate that, but I-- you want to look for what you can delegate, and if you can't delegate anything, that's OK. We just have to build duplicable systems and that's what we're going to focus on a lot today.

STUDENT: Awesome.

CLAY CLARK: That cool?

STUDENT: Perfect.

CLAY CLARK: Awesome. Well, again, just the core message I want to make sure we get here is I want to make sure that you're focusing on those core tasks until success. Do not get distracted.

So how do we know if this worked? You're going to be at an event and someone's going to go, hey dude. Do you build websites? And you're like, that was the past. That was the old me. I'm focused on some stuff. I'm doing real estate in this business. That's all I can do right now. You're a great American. Let me refer you to Charles. Just refer him to someone else.

STUDENT: Gotcha.

CLAY CLARK: That cool?

STUDENT: Mm-hmm.

CLAY CLARK: Hey, I appreciate it, my friend. Boom!

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