Why Your Business Is Failing

the more I say no to what seemed like opportunities which were really distractions the more I can say yes to the big opportunity that I have which is in my case Fit Body Boot Camp [Music] hey most gurus are out there telling you what to do but you know what the secret to success sometimes is what not to do I'm Craig Valentine this is Pedro school Ian this is the Empire podcast show we're gonna help you build your empire by avoiding some of the biggest mistakes that entrepreneurs make sobayed rows let's talk about where entrepreneurs go wrong and you know how they avoid some of the biggest opportunities because they're doing the wrong things sure sure well that's actually a great place to jump off is so many new entrepreneurs focus on all the easy stuff the fun stuff and they avoid the hard work that's actually going to move the needle so you know if I can go back 20 years and tell my younger self what to focus on it wouldn't be building a believe it or not 20 years ago I was already building a website for my phrase total muscle calm my very first website in 1997 and I remember trying to think up how the graphics and the logo was gonna look and I remember trying to figure out how the colors of the sales page were gonna look I never once thought about packaging of the products that I was selling which was supplements I never thought about pricing margins I never thought about doing reoccurring revenue when they buy one supplement from me that we would dropship another supplement every month like I should have been thinking that kind of stuff that things that move the needle instead of things that were fun and sex because I remember making three or four different logos and then going to friends and family and going hey twitch logo do you like right and getting feedback from there and it feels good to get that yeah but really it's about pricing it's about your margins it's about the marketing it's about the selling it's about does the page him and convert the sales copy that was on the page the written words were just last minute thrown on their way protein this many grams of protein per scoop and here's the price you know you save 20% over going to your local vitamin shop or whatever it was not I was not focusing on the right stuff and it cost me a lot of money and effort yeah that's the path of least resistance so we saw this all the time in the information marketing space people would spend six months working on their product and one day working on their sales copy it's got to be flipped because it's selling the product is the harder work but it's the more important work and that kind of leads into the next point where people get caught up with the idea fairy the idea fairy comes on the next you know they're off doing all these things instead of the important work so talk about how important is do I avoid the idea Fairy and avoid thinking small I mean there's entrepreneurs we are very creative Bunch right because most entrepreneurs come are cut from that cloth of I'm a problem solver that's it I'm a problem solver you solve people's most stressful problems where their personal life structure is concerned yeah right and so it's easy for a problem solver to look at the world and constantly see more problems and therefore come up with more ideas to solve those problems that's the idea ferry coming at you with new ideas have got a new idea I've got a new idea and while you're working on this idea you see a new problem and the idea of Faerie says hey you should try and solve this problem right and then you should try and solve this problem so this business and this house in this business before long you've got 10 irons in the fire but none of them are turning into a sword right and so what we want to do is we want to create this level of discipline within us to say hey look if I have 10 lifetimes I will go through all 10 ideas but in this lifetime this is the one idea that I want to be my legacy and I'm gonna drive this all the way to the finish line yeah absolutely and I love that word the discipline to do that and it's very much like the next point which is the discipline to extract yourself from the business now it's so hard because people think oh nobody can do stuff as good as me or I'm too cheap to hire somebody so what can somebody do how can somebody avoid making the mistake of staying working in the business too long and not working on the business what can they do well you know we always talk about to our coaching clients you don't see Richard Branson you know in the cockpit of any of his Virgin Atlantic flights right hope not know the guy owns the company he's the face of it he helps come up with the marketing ideas and the service that you're gonna get but he's not in there serving you cocktails or flying your airplane that's just that's just absurd so he's not working in the business he's working on the business and likewise you've got to start working on the business if you want to scale your business and so if the goal is to extract yourself out of that business you have to go alright maybe there's no one out there who can do it a hundred percent like me but my challenge to you is can you find someone that you can teach train and give wisdom to where they can do it at least 80% like you if so 99.9% of the time the customer is not going to know the difference and so replace yourself with someone who can do it 80% of the way and extract yourself out there and then over I'm that 80% will become a hundred percent and I used to do this in my personal training business I kept training people one-on-one and I never hired more trainers even though I had more demand from prospective clients because I was like Who am I gonna hire as a trainer that's gonna be able to deliver workouts and the experience and the results that I can deliver no one can train clients like I can right well I ultimately realized through Jim Franco my client who was also my mentor he says look can you find someone who can just deliver 80% of the results that you do if so train them up and then over time that 80% will become 85 90 95 a hundred percent and that's how I was able to scale to five gyms and now this is how we were able to scale to over almost 700 gyms with our Fit Body Boot Camp locations yeah absolutely and I own several of those Fit Body boot camps and I was having conversation today with my partner in South Carolina a young man named Daniel Woodrum amazing young man and he's having great success building up teams there and then and the revenue was going up and I said Daniel I am this email said you must commit to me and I want you to commit to me that you are going to grow this business so that you can step back I want you your goal is to feel guilty for making so much money for working so little and I said will you promise me that because he has done so much he's put in so much sweat equity and people won't ever know that people will always be able to a hard time but he has earned the right to build the team give everybody opportunity bring those people on who are actually doing it ninety five percent if not 110 percent as well as he can do because to be honest with you entrepreneur do you think you're great at something there's somebody out there who is way better than you at it so let them do it and when you hire those people on when you train them up when you build that culture you can step back and become that Empire Builder not working in that business right you know I'm so glad you said that the hey mr. entrepreneur the reality is there is someone who could do it a lot better than you sure your job is to be the shot-caller and now I think I might be guilty of teaching people to be control freaks and they probably misunderstand control freak means this doesn't mean that you got to be in the business doing the work yeah I say be a control freak and how you run your business how you delegate to your team how you have high expectations you know you look at our set here and it's and span you look at every refrigerator inside of our headquarters every des labels on every single drinks and soda pops and and water bottles are turned facing the same way that's a control-freak because how you do anything is how you do everything but I think most people who are entrepreneurs they become control freaks and hey no one can do it as perfect as I can well the truth of the matter is empires are built in imperfection the moment you're trying to be perfect you're gonna be an artist the starving artist is perfect because they don't sell their artwork until it's perfect the entrepreneur the Empire Builder the legacy maker works and lives in imperfection if it's 80% good enough I'm gonna deploy it and bring the other 20% it's gonna catch up over time absolutely I love that I love that okay so next thing is they need to start saying no which dovetails perfectly what can you say no to today well first of all there's opportunity second of all is that doing more in the business what can you say no to so what were some of the big breakthroughs that you had in building your empire where you started saying no you know it's funny I as we created those mastermind programs right you and I had the 100k info group I have the 7k7 figure formula mastermind you start seeing these clients who are in your mastermind programs coming up with more business ideas and all of a sudden they approach you and they go hey since you're my business coach do you think you'd want to partner with me on this and of course to me it seemed like it was a smart opportunity well they're already proven they're hard workers they're already paying me money now they're launching a second business and new business I know what their work ethic is like so I should partner with them and now I'll have a second third fourth fifth business well in reality every time I say yes to a new partnership in business I was taking away effort and energy from growing Fit Body boots mental leagues yes mental leakes that's exactly it and so if in fact you and I did this we had a most people don't know this we had a publishing company called ruckus publishing and we had about five or six publishing four hard workers grunt label amazing people but at some point we go holy cow you've got early to rise to grow I got Fit Body Boot Camp to grow why are we helping these four people five people six people and the smaller businesses numbers didn't work we gave them a hundred percent of their business back and we start focusing on our own businesses and those groups so the biggest lesson for me there was to the more I say no to what seemed like opportunities which were really distractions the more I can say yes to the big opportunity that I have which is in Mike Fit Body Boot Camp you have to say no to the easy work and you have to say yes to the hard work because most people you know whether they want to create new product that's easy work and so you have to say no to that you have to glue your butt to the chair you have to write the sales copy have to focus on growing your number-one business and then the last thing we talked about bringing on people that are great we also need to have the beginner entrepreneur be okay with parting ways with people yes yes you know as I as I as I built my businesses there's been times that I've had business partners who weren't quite a good fit I've been very fortunate to have you as a business partner for almost a decade and we've been a great fit you come up with so much great content for our Empire mastermind and our Empire podcast and you'll email me that and we'll go through and we'll meet up and we'll shoot this content not every relationship that I had in business was this symbiotic and so at some point you either outgrow your business partners or you might have a just a complete different path on how you want to they see the business going left you see the business going right you have to be willing to say hey I'm willing to part ways either you buy me out or I'll buy you out and I've had to do that with two former business partners and it was the best decision I could have made because I was able to stay friends with them instead of having a kind of a damage eroded relationship and the same thing goes for employees by the way statistically speaking in you and I heard this at the genius Network group when your company grows by 3 X in other words from zero to three hundred thousand dollars from three hundred thousand dollars to nine hundred thousand or a million each and that's called a 3x growth is called a phase every two phases you might have to get new employees if your employees don't increase their self-development right because people always ask well wait a minute how is it the company went from zero to 20 million dollars a year and you're still the CEO because 99% of the time the boss the CEO the president also does the self development to become the leader they need to become for a twenty million dollar company a hundred million dollar company whereas most employees don't invest in their personal development and so when the company was doing a hundred thousand a year yeah they could they could keep up companies now doing a million a year and they feel left behind and so as an entrepreneur you do have to make that tough decision if your employees are not doing the self development are not catching up to the growth of your business you must part ways with them and replace them with higher-level fighter jets yeah absolutely and so what we're really focusing on in this episode is saying no to distractions really getting focused you know a guy like tom bill you hebrew the group quest bar because they were focused on the protein bar yeah eventually they got into other stuff but they were focused on the protein bar on a very small number of protein bars first and that what you know that laser focus allowed them to grow so what we want you to take away from this episode is being ok with saying no doing the hard work staying focused thank you so much for joining us for another amazing episode of the Empire podcast now the greatest compliment that you can give to us is liking loving and sharing this episode with all of your friends so please go to iTunes and give us a five star rating and then share it online the social media with everyone that you know and make sure to tag us because we love hearing from Empire listeners and if you own a business that's doing half a million dollars or more in annual revenues and you know it's got massive potential and you like myself and Craig Ballantyne to help you scale it by 5 X 10 X and 20x and the shortest amount of time possible then you might be a great candidate for the Empire mastermind program that we have to learn more about the Empire mastermind program go to bed Roscoe ENCOM forward slash Empire

Channel: Bedros Keuilian

Views: 32,399

Rating: 4.9460583 out of 5

Keywords: empire, business, success, wealth, money, advice, pricing, selling, income, sales, masterminds, marketing, Richard Branson, partnerships, employees

Id: zis1IRirirA

Length: 12min 53sec (773 seconds)

Published: Wed Jun 20 2018