Episode #256: Don’t Settle
TAYLOR BRADFORD: You’re listening to episode number 256 of the Boss Girl Creative podcast. Today I’m talking about not settling in your business. On to the episode.
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Hey, welcome to episode number 256 of the Boss Girl Creative podcast. I’m your host, Taylor Bradford. Thank you so much for tuning in today. We’re going to be talking about not settling in our businesses and kind of the mindset of the self-made millionaires. Business Brilliant is the book by Lewis Schiff, and it’s surprising lessons from the greatest self-made business icons. So I kinda was starting to get fascinated by the way self-made millionaires and billionaires think. They don’t think like the rest of us, for the most part. This is their main key to success. And the main key to anybody’s success is growth because it is an actual measurement that can be measured. And it’s super-key in the success of business. So growth and sales, which is a growth in your revenue and a growth in profit, which is a growth in your net revenue. So everything, all your expenses are out, and that is your net revenue.
If you’re not receiving payment for your product and services, you’re running a hobby and not a business. So let’s just make sure that we’re all running businesses here and not hobbies. Chris Brogan said, “Don’t settle. Don’t finish crappy books. If you don’t like a menu, leave the restaurant. If you’re not on the right path, get off of it.” So reality check. Do what you love and fill-in-the-blank. If you said, do what you love and the money will follow, you are in the middle class majority. Seven out of 10 people in the middle class majority believe this phrase, that if you do what you love, the money will follow. Self made millionaires do not believe it that way. Self made millionaires believe you must do what you love and follow the money. That’s the key difference. Do what you love and follow the money. The money is not going to follow you.
How often are you currently following the money? Never? Sometimes? Always? I feel like my husband and I, we lean towards always. We’re always shifting. We’re always pivoting. We’re trying to figure out how to follow the money, not allowing the money to follow us. So with the things that my husband has done since we’ve been together, he started out selling sports cars. That led to getting involved with the National Hot Rod Association after purchasing a mobile dynamometer. And having contracts with the National Hot Rod Association and then diesel prices went up and contract negotiations failed and we made another pivot and we started selling motorcycles after, basically, finding a dealership that was willing to buy wholesale. And that was when gas prices and diesel prices were way sky-high and motorcycles were doing really well. And so we started selling motorcycles and just basically offloading our purchases straight to a dealership. Then economy shifted again and we started into used car sales, and we’ve been doing that for a while and have made another pivot into doing more diesel truck sales. And it is constantly, as the economy pivots or things shift, it’s constantly chasing the money. Following that money. How do we get more money? You’ve got to make those pivots. You’ve got to make those shifts. With my event rental business, I started out in vintage rentals. That’s all I wanted to do was vintage rentals, but then I saw the writing on the wall and realized that was going to be super limiting. So I shifted to event rentals. So I now the majority of my collection is vintage, but being an event rental company versus a vintage rental company has allowed me to make additional pivots to add things to my collection that isn’t just vintage. Then I shifted and added more services from event design, event styling, and now even through Corona, I’ve made additional shifts where I’m going to be offering curated retail, where you can actually have vintage in your home and also partnering with female-based artisans. That also makes sense with a vintage living home and lifestyle. Plus, I just launched backyard weddings. I now have micro-wedding offerings. I will be renting out our studio. I will be offering room refreshes and whole-home refreshes. I will be working towards creating some pop-up wedding packages and also home staging. This is following the money. The money is not following me.
So how might things be different if you didn’t expect money to follow you and you leaned further into the belief of following the money? How might you act differently? Considering this change that you’re going to follow the money, what is one change you actually want to make to pursue growth in your business? So let’s talk about increasing sales. True or false? To accumulate wealth, it’s important to cut back on expenditures and cut back on little luxuries. How would you respond? True or false? If you said true, you’re siding with the majority of the middle class. If you said false, then you’re siding with self-made millionaires because they focus on what is coming in, not restricting on what is going out. Their time is better spent making the money and also more willing to make the ask for money. “The business brilliant are too busy earning dollars to count pennies,” quote from Louis Schiff, from that book I mentioned.
So what can you do to increase your revenue? You can increase your pricing. You can create a more scalable model. You can make it better. You can create new products or services that people actually want to buy. You can add product lines. You can market more of what you’re already doing. You could send out invoices for maybe people still owe us some more money. Or you can focus on building a foundational, no-brainer buy product. So now, out of those things, if your focus is to grow your business, which means you’re growing your revenue, and you’re growing your net profits, what change, out of one of those, what change will you implement now, in pursuit of that growth? What will you implement next?
So with Sugar Creek, I just launched, literally last night, backyard wedding package because I can see that writing on the wall. We don’t know what it is going to be like with events for the next six months to a year. We don’t know how quickly we will be able to get back to those things that were a normal previously to Coronavirus. So backyard weddings for ten people or less, and you can scale that up to a max of 50 people, but that’s where the package shuts off at. So backyard wedding package for 10 people or less, up to 50 people. With Boss Girl Creative, I am turning my Pillar Series that was placed out through the podcast, 8+1 Pillar Series. I’m turning that into an ebook to sell. So it’s important to figure out. How can you increase your sales? How can you grow your profits grow your net revenue? What is that one thing you’re now going to do to do that?
So let’s talk about copying. Yes, I’m actually talking about copying. True or false? It takes a big new idea to get wealthy? False. A large percentage of self-made millionaires believe it is more important to do something well than it is to do something new. A majority of startups are not innovative. Let’s look at Subway. Let’s look at Potbelly. Let’s look at Kinkos. Let’s look at FedEx. Let’s look at Starbucks. Let’s look at Dunkin’ Donuts. They’re all very similar in their offerings, but yet they’re very, very different. They weren’t innovative. They are just doing things better. Doing something new captures headlines and buzz, but doing it well will sustain you long-term and give you that competitive advantage.
So let’s talk about small is big. Are you worried about your list size? You shouldn’t be. My list size stays under 200. Are you worried about the many mentors you have? Are you worried about how many colleagues you speak with and nurture a relationship with consistently? Are you worried about how many people you work to maintain relationships with on a regular basis? Let me tell you; self-made millionaires are zeroed in on small is big. Because when it comes to the size of your network and networking efforts, smaller is better. Smaller is bigger. Self-made millionaires understand that the business motivations of people in their close network of no more than five people, or on average of five people, they’re able to support these people in meeting their business goals. It is a win-win for them all. So who are your five people that you want to support or who are the five people that you actively support? That’s where you want to focus your networking efforts, your supportive efforts. Those are the people that self-made millionaires and billionaires rely on to also grow their businesses. That’s where key relationships are formed. Key partnerships are formed.
Let’s talk about being selfish. If it isn’t a hell yes, you’ve got to walk away because it’s got to be a no. If an opportunity isn’t going to get you a win, you’ve got to walk away. You’ve got to be selfish. This is all about the least-interested principle. Let’s talk about that. What is the least interested principle? The person who has the least interest in the relationship has the greatest power. If it’s not a hell yes, it’s got to be a no, and you’ve got to walk away. So, Michael C. Donaldson, he’s a negotiator. He has three, this three-step process on negotiating. Step one is wish. Step two is want. Step three is walk. Number one, what do you wish for? What is your goal? What do you really want? And this is in The Power of Persuasive Negotiating. Step two, what do you want to know or receive in exchange for your wish? And then finally, step three, what’s your bottom line? What is your sellout walkaway point? That will help you figure out how you’re going to best negotiate a deal or how you’re going to best negotiate working with somebody. Wish, want, and walk. Bill Gates said, “You don’t get what you deserve, you get what you negotiate.”
Now let’s move into outsourcing. Most all self-made millionaires outsource things they are not exceptional at and that someone else can do better. Two-thirds of the middle class will just do it anyway, that’s that DIY mindset. And I’m going to be completely honest; I have a DIY mindset. I struggle with that. It’s something that I try to get better at all of the time. But self-made millionaires also still tend to work more than the middle class does, if you can believe that. So they outsource things they’re not exceptional at and give that off to someone that can do better, but yet there’s so outworking the middle class. The middle class average is about 42 hours of work a week. Self-made millionaires average 62 hours of work a week. Females in the $1 to $10 million range average 70 hours of work per week. They are still working their tails off, but they’re very mindful about what they’re doing. They’re also putting out a lot of fires as well. So, here’s some questions for you. What are you exceptionally good at that makes you money? What do you still do today that you are pretty terrible at? What do you do that completely sucks the energy out of your life? And what is holding you back from outsourcing?
And finally, let’s talk about failure equals winning. Business brilliant self-made millionaires have had at least three serious setbacks or failures. Failure is an important part of the wealth equation. So some questions for you. What is your biggest failure to date, business or otherwise? What are you holding back due to fear of failing? What shifts and mindset do you want to embrace around failure? And what’s one thing that you might fail at in the pursuit of growth? Failure is just part of the process. If you don’t try, you won’t know. If you don’t try, you can’t succeed. Failure is just part of it. Nobody’s great at everything. Failure will happen. It’s just our fear of failure that prevents us from moving our businesses forward. It prevents us from that growth that we’re all working towards.
So I want you to think about these things. Failure equals winning. Outsourcing. Being selfish. The thought that small is big. Copying, but being better at it. Increasing your sales. And I’m not just saying, when I talk about copying and being better at it, I’m not just like wanting you to go out and just rip off somebody. What I want you to do is think of the concept that you could copy and do better at. The concept don’t rip somebody’s business off. That is not what this is about. But look at Subway. Look at Potbelly. Look at FedEx. Look at Kinkos. Look at Starbucks. Look at Dunkin’ Donuts. It’s the thing that they’re selling. That’s the same, but the way they’re doing it is different. That’s what copying is about.
So how are you going to adjust your mindset? How are you going to not get stuck? How are you going to keep from settling? Again, Chris Brogan said, “Don’t settle. Don’t finish crappy books. If you don’t like the menu, leave the restaurant. If you’re not on the right path, get off of it. Don’t keep spinning your wheels. If it’s not working, stop what you’re doing and recalibrate. Figure out what will work. That is Business Brilliant.
Thank you so much for listening to today’s episode. Again, shout-out to this week’s episode sponsor, Better Help. trybetterhelp.com/bossgirl to receive 10% off your first month of service, and that is T-R-Y-B-E-T-T-E-R-H-E-L-P.com/bossgirl. I will be back next week with another episode of the Boss Girl Creative podcast. Until then, I hope you have a great rest of your week.