Featured Coaching Training: The Counter Intuitive Path to Financial Freedom
Looking for practical ways to scale your business? Want financial and time freedom? This series teaches the mindsets needed to break free towards financial freedom and it is counterintuitive to what most people think.
Featured Coaching Excerpt - Notes & Transcript, Part 1
Mindsets For Financial Freedom: 2. They aren't making any more of you.
Notable Quotable: “Putting in lots of extra hours may indeed spark a short spurt of growth, but eventually this caps out because you simply can’t work any harder, nor can you personally produce any more.” - Jeff Hoffman and David Finkel (Authors of SCALE)
Notable Quotable: “If your business depends on you, you don’t own a business—you have a job. And it’s the worst job in the world because you’re working for a lunatic!” -Michael Gerber (Best-selling author of the E-Myth book series)
Lesson Nugget: When you own a job and not a business, if anything happens to you, your business and projects stop functioning.
Lesson Nugget: One of the keys to scaling your business is creating systems and checklists so that others may do the work with the same quality and efficiency as you.
- Mindset number two. We're talking about the counter-intuitive path to financial freedom, and this mindset is called, Clay, they aren't making anymore of you.
- Yeah, I'm going to read this notable quotable to you again from the book Scale and he says, Putting in lots of extra hours may indeed spark a short spurt of growth, but eventually this caps out because you can't simply work any harder, nor can you personally produce any more. If your business depends on you, you don't own a business, you have a job and it's the worst job in the world because you're working for a lunatic. I'm going to read these two notable quotables to you one more time, okay? So, one. Putting in lots of extra hours may indeed spark a short spurt of growth, but eventually this caps out because you can't simply work any harder, nor can you personally produce any more. That's from Scale, okay? That's from the book Scale. Awesome book, everyone should buy that book. The second one is, if your business depends on you, you don't own a business, you have a job and it's the worst job in the world because you're working for a lunatic. That's Michael Gerber.
- Break it down for us, Clay. These are deep.
- Well, what I'm saying is really what you have to do is you have to realize it's admirable you're putting in extra hours and for a time, you need to do that. If you're just starting a business and it's just you, you have to do all of the work. But eventually, you've got to understand you can't make any more of you. You cannot work any more hours. You just can't. So, the example I give you is I think about a contractor I worked with a few years ago and the contractor was absolutely phenomenal at doing building, like just build anything. So people are like, hey, could you build a door for me? Could you build windows for me? Could you help me fix my roof? Could I hire you to remodel my kitchen? Could you remodel my deck? He's growing his business and I talked to the guy. I've known the guy a long time, and I said, hey, eventually you're going to need to hire someone. He's like, no, it's so much more profitable if it's just me. So he's growing and growing and literally he's had like 15 jobs now going, and they're all like, Hey, could we hire you to fix our attic? We want to add an addition to our house, can we hire you? And he's got a waiting list now. I'm not exaggerating, he's over one million dollars in revenue coming in for the year. His profits were about a hundred thousand. He's making a hundred thousand dollars a year doing what he loves. Again, I'm like, dude, you really, really need to, at some point hire other people to do the job. He says, no, I'm making over a hundred thousand a year, I love what I do, and I'm not exaggerating. He got sick and went to the hospital.
- [Man] Oh, my!
- He couldn't work for about four weeks and three of the accounts, I think it was three or it was two, sued him and said, you know, we don't really care what your problem is, you didn't deliver and we have family coming in from town. We have this that needs to be done, or our business needs to have this done, and they all sued him. So he had multiple, I think it was two or three that sued him. But not only that, he couldn't make any income, so he lost everything. So here he was, a guy in his mid-forties, actually in his late forties, lost everything. So he comes back and I talk to him a couple years later and he goes, hey, that whole bankruptcy deal wasn't fun. I need to figure out a way to do it again, but not have this problem. Can you help me kinda build these systems this time around? And we worked with him and he did very well. That's just the thing of like, you have to build systems. I think of a missionary I knew years ago, and he started a home-building company as a mission. And his whole goal was, I'm going to make money as a home-builder and I'll donate all the money to missions, so that way I don't need donations. He wanted to be self-supporting as a missionary.
- [Man] Sure.
- And same scenario, except in reverse. He says, I'm going to build the system so that I can spend all of my time doing the ministry and the company will work without me. So I'm going to build all these systems and checklists, so that I can spend all of my time doing ministry and zero of my time building. He was probably working 20-30 hours a week building, and probably 20-30 hours a week in the ministry, and over time, he just kept building checklists and systems and documentations and processes. And the last time I saw him, his ministry was in Brazil doing very, very well and all I can say is he was working, he said, about five hours a week total on his business.
- [Man] Amazing.
- And the rest of the time he spent working in the ministry, but the business was earning the money needed to fund the ministry. So, you've got to view it as your business is just a machine that funds your life, that's all it is.
- So did he build the checklist before he launched the business, or did he realize halfway through his ministry that he needed a checklist? How do you go about it discerning, like the first guy who went to the hospital, versus the other guy that did it successfully? How do you do that?
- Well, the second guy was able to build his business in a way where he was delivering results, but he knew enough to reach out. So he reached out to me, and he was like, hey.
- [Man] There you go.
- I feel like every time I meet with a customer, they ask me the same questions. So I'm like, yeah, you should make a checklist for your sales presentation and then teach someone else to do it. So the first thing we did, we taught someone else to sell, you know? So then when the phone would ring, he no longer had to answer it, because there was a script, and when the person went to the appointment, he no longer had to give a presentation, because someone else could do it, there was a script, a checklist, a sales book. Then the next step was, he needed to hire someone who could manage all of the contractors.
- [Man] Mm-hmm.
- Then the next step was he just kept taking away different steps and trying to delegate each separate step.
- So, they're focusing on achieving financial freedom. That's the goal. You have the time freedom with the financial freedom. If you guys have any questions, don't hesitate to email us at email@example.com. We're here to serve you until you succeed.