Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
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In this blog based on the newest episode of The Dropout Multi-Millionaire Podcast, let’s dive into the world of entrepreneurship and ponder a crucial question: Should you be an entrepreneur? It’s a topic that sparks debate, and I firmly believe that not everyone is cut out to start their own business—at least, not right away. Moreover, some individuals who have already launched their companies may not be best suited to run them. This discussion revolves around the roles of being the top dog or potentially serving as second-in-command.
Reflecting on my own journey, I launched my first business at the age of 21 and spent the next 15 years as CEO. While I managed to make some money, it never quite reached the level I had hoped for. Despite selling a company for a million dollars, the funds disappeared quickly. Now, some might think I’m crazy for saying this, but unless you’ve experienced a million-dollar net worth, you might not fully grasp the financial realities. It wasn’t until I met my mentor and business partner, Steve, that I realized the importance of stepping back and learning. By observing and absorbing his expertise, I found myself in a more profitable position.
Sometimes, it’s crucial to acknowledge what you don’t know and let someone else take the lead. Serving as the second-in-command allowed me to accumulate wealth without the stressors of being at the top. However, I’ve also thrived as the CEO of my own ventures. That said, if the right opportunity arose today, I wouldn’t hesitate to step back into a supporting role. There’s an old saying about being the captain of your own rowboat versus the first mate on a battleship, but in my experience, the battleship is where the real learning happens.
Whether you’re the first mate, second mate, or even third mate, each position offers valuable learning experiences. This is particularly relevant for individuals who have already started their own businesses. Often, those who excel in technical or sales roles may not be the best fit for managing the backend operations. In such cases, bringing in a skilled COO can drive faster growth and smoother scaling.
In conclusion, entrepreneurship is not a one-size-fits-all endeavor. Whether you’re considering starting your own business or already deep in the trenches, it’s essential to evaluate your skills and determine where you can make the most impact. Remember, success in business isn’t just about titles—it’s about playing to your strengths and surrounding yourself with the right team. So, before you take the plunge, consider where you truly belong in the entrepreneurial landscape.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
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Hey everyone, Brian Will here, and I've got some exciting news to share with you. I'm diving into the world of authorship again, and this time, the inspiration struck like lightning. During a recent live session where I was discussing my previous book, "The Dropout Multi-Millionaire," someone in the comments threw out a gem of a title: "The Invisible Multi-Millionaire." It clicked, and just like that, a new book was born.
Now, let me give you a sneak peek into what "The Invisible Multi-Millionaire" is all about. This book is a direct follow-up to The Dropout Multi-Millionaire, focusing on scaling your business, preparing for a sale, and ultimately creating generational wealth. So, how do you become an "Invisible Multi-Millionaire"? It's all about scaling your business in a way that it doesn't need you in the driver's seat. In this blog based on The Dropout Multi-Millionaire Podcast, I’ll get into a few of the lessons covered in the upcoming book.
The heart of the “Invisible Multi-Millionaire” concept revolves around what I like to call the art of profitable delegation.
If you're eyeing a future sale of your business, there are certain steps you need to take. The value of your business in a sale often comes down to a multiple of earnings, and that X factor is what can make or break the deal.
The following factors will help boost the value of your business in the long term:
Just as all of these factors will increase your business’s value, not having one or more of these can significantly decrease it. You want to set up the business for a smooth transition to another owner, meaning you as the current owner can’t be too involved in its processes.
Creating a delegation plan to remove yourself from the business will not only make it more profitable, but also highly attractive to potential buyers.
1. Technical Phase
First up is the technical phase. Are you still doing the nitty-gritty work of your company? Whether you're a plumber or a software guru, it's time to stop doing the actual work and start hiring people to handle it.
2. Administrative Phase
Ever thought about hiring an administrative assistant? It's one of the first crucial steps in the administrative phase. Let them handle the $15-$20 per hour tasks so you can focus on where your time is best spent.
3. Marketing Phase
Are you the face of your marketing efforts? Time to outsource those. You can’t be the sole driving force of traffic to your business. Hire a marketing manager and/or a social media manager to take over for you.
4. Sales Phase
If you're the primary salesperson or in any capacity in sales in your organization, that needs to change. No one wants to buy a business where the owner is the main salesperson. Your goal should be to build a team that can keep the momentum going even if you're not directly involved.
5. Executive Phase
The final step is the executive phase. You need to replace yourself entirely. Hire an assistant for daily tasks, outsource marketing and sales, and bring in a Chief Operating Officer (COO) to handle the day-to-day operations. Your role? Providing strategic oversight from a 30,000-foot view.
Let's be real – implementing these changes might initially hit your productivity and profitability. But trust me, if you push through, the long-term gains are substantial. It's about thinking beyond today's profits and focusing on your exit strategy for a higher multiple later on.
As you embark on this delegation journey, keep the long-term in mind. That's precisely what "The Invisible Multi-Millionaire" is all about – reverse engineering your business for a future sale and creating generational wealth. I'm confident that "The Invisible Multi-Millionaire" will be my next Wall Street Journal bestseller. Stay tuned for actionable insights on scaling, delegating, and creating lasting generational wealth. It's time to make your business thrive without being tethered to it 24/7. See you on the other side of success!
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
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Embarking on the journey to success requires a nuanced understanding of a pivotal element often overlooked—failure. But contrary to what the online business gurus tell you, failure alone will never lead to success. This blog, based on the newest episode of The Dropout Multi-Millionaire Podcast, explores the transformative power of failure and the art of learning from setbacks in order to move forward into a successful future.
Contrary to popular belief, the road to success is not paved with endless failures because failure alone does not guarantee success. Rather, it's the ability to extract meaningful lessons from failures that forms the bedrock of a successful journey.
Central to your exploration of failure is the concept of a "personal filter," a mental framework developed through a series of successes and failures over time.
Your personal filter is shaped by your own experiences, and serves as a guide for decision-making and steering you towards informed choices critical for success.
A proactive approach to failure involves conducting post-failure analyses.
This insightful practice transforms setbacks into opportunities for growth by dissecting what went wrong, extracting valuable insights, and ensuring that the same mistakes are not repeated in future endeavors.
There are 100 lessons that every entrepreneur or business owner must learn in order to find true success, but these success stories often begin at various starting points.
Let’s say you grew up with money, had a solid education, and a supportive family. You may be starting at a much higher level on that list of 100 than someone who did not have those privileges early in life.
Whether you start from zero, less than zero, or with certain advantages, the key lies in understanding that failures are universal, and the lessons learned transcend individual circumstances.
Embracing the uniqueness of your journey is crucial for growth. It's not about the quantity of failures but about the quality of learning that propels individuals forward on their journey to success.
A huge step you can take in conquering those 100 lessons would be to seek guidance from those who have already successfully navigated similar challenges.
Hiring a coach or mentor provides a collaborative approach that is a powerful accelerator for growth, offering insights and strategies to avoid unnecessary pitfalls.
In essence, this exploration into failure invites you to view failures not as roadblocks but as stepping stones to success. By mastering the art of learning from failures, you can navigate the complexities of their journey with intentionality, ultimately achieving lasting success. Remember: Don’t just fail, fail, fail. You must fail, learn, fail, learn, fail, learn, and THEN you will succeed.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
Money talks, and in a world of flashy displays on social media, it's easy to get swept up in the allure of a “rich” lifestyle. We’ve all seen it – sleek cars, designer threads, and nights at the hottest clubs. In this blog based on the newest episode of The Dropout Multi-Millionaire Podcast, let's cut through the illusions and get real about money – who has it, who doesn't, and how you can secure lasting wealth and prosperity. Spoiler alert: That flashy lifestyle isn’t going to get you there.
Ever scroll through Instagram and see millionaire after millionaire, showing off their expensive cars, clothing, and vacations? Ever wonder, "How do they afford all that?"
The truth is, many are playing a game of financial smoke and mirrors. Sure, they drop cash and flex on their socials, but pull back the curtain, and you might find a different story.
In fact, most of these people make a lot of money, but the lifestyle they lead puts them one bad month away from having no cash and being in financial trouble.
The message here is: appearances can deceive, and financial security goes beyond flashy facades.
Let's settle the score between being rich and being wealthy. Making a lot of money might make you rich, but true wealth is about having the freedom to live without looking at price tags or constantly checking your bank balance.
It’s not just about income; it’s about financial security, the kind that lets you live your life without stressing over every penny.
If you become rich, especially if you started out broke, it’s easy to fall into the trap of excess.
In this week’s podcast, Brian shares his story of going from six-figure earnings to several million by selling the businesses he created. Sounds great, right? But after purchasing and maintaining a garage full of luxury cars, a boat, a plane, multiple houses, and gadgets galore, he was left crushed by the hefty price tag of it all.
The more “stuff” you have, the more it costs, and maintaining that lifestyle can drain your bank account faster than you think.
A great example of the pitfalls of excess are professional athletes. In a candid conversation Brian had with Terry Pendleton, the former Atlanta Braves baseball player, the question of why so many athletes go broke was answered:
A significant number of athletes lack a financial background and find themselves in uncharted territory after suddenly becoming rich.
The pitfall lies in athletes thinking they’ve become financial wizards, aiming to transform millions into billions through ill-advised and risky investments. In contrast, Terry had a straightforward strategy – his earnings were parked in treasury bills and bonds, ensuring financial stability post-retirement.
His mantra was clear – make money in your field, and safeguard it wisely.
Now that we know the difference between rich and wealthy, how do we actually become wealthy? Building lasting wealth isn't about overnight success or instant gratification. It's a journey that involves smart investments.
Whether it's in your business, in real estate, or in your skillset in some other field, the key is to make your money work for you. Invest in these assets first to accumulate wealth, and then move on to secure your future by investing in stocks and bonds.
In the end, it's about finding your balance. If you're starting from the bottom, the flashy lifestyle might be a tempting goal. But as you climb, don't let the toys take over.
The goal is lasting wealth, not just a fleeting moment of opulence. So, whether you're eyeing a new car or contemplating an investment, keep the long-term picture in mind.
This isn't about shunning the good things in life; it's about enjoying them wisely.
In the grand spectacle of financial choices, it boils down to this: flash might dazzle momentarily, but lasting wealth is the true star of the show. Don’t give into the temptations of a “rich” lifestyle, and don’t try to have everything you’ve always wanted all at once. Crack the wealth code, and you won't just have a momentary taste of luxury – you'll have a lifetime of financial security.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're diving deep into a crucial aspect often glossed over in the world of entrepreneurship. We're discussing why starting your own business may not be the instant ticket to wealth creation many claim it to be, and why not understanding business math could be seriously stunting your growth. Read on for a reality check on entrepreneurship and gain valuable insights to propel your business forward, including four fundamental questions that serve as a compass for the future.
Running a business is undeniably challenging. Far from the glossy success stories, the harsh reality is that most businesses fail. A staggering 20% fail in the first year, 30% in the second, and over half within the first three years. Businesses in the restaurant world face an even more daunting failure rate. Today, let's demystify the challenges often overlooked in the pursuit of the entrepreneurial dream.
Here are some thought-provoking statistics about businesses in America:
What do those statistics tell us? If you start a business in America, you are taking a huge risk compared to just getting a job. You only have a 40% chance of being profitable, and only a 6% chance of being profitable enough to sustain yourself and have employees.
While the common narrative glorifies entrepreneurship, it often fails to disclose these challenges. To succeed, it's essential to comprehend the business math, acknowledging the brutal truth – if you're not achieving your goals, it's likely because you don't fully grasp the math behind your business. But where do you start?
Let's shift our focus to the positive – how can we level up and navigate our business landscape effectively. It starts with answering four fundamental questions:
Recognizing your role as an entrepreneur, manager, CEO, salesperson, or technician is crucial. Trying to be all of them is a common pitfall.
2. Why should anybody buy your product, and why from you?
Understanding your unique value proposition is key to avoiding the trap of being a commodity.
3. What are your historical core metric trends, and what do they tell you about your future?
Utilizing pattern recognition on historical metrics is essential for informed decision-making.
4. Have you built your goal proforma, and what does it look like?
Creating a goal proforma provides a roadmap for your business, ensuring your growth is strategic and not left to chance.
If these questions leave you puzzled, it might be time to seek help. Scaling your business and making more money is not just about hard work; and sometimes you need to bring in someone with real experience who can help you answer the four fundamental questions and use them to build a roadmap to growth and success.
As a consultant and coach, I specialize in helping businesses grow, become more efficient, and increase profits. Check out my coaching programs here.
Starting a business is not a guaranteed shortcut to wealth. The numbers tell us that the road to success is difficult and in many cases it will actually lead to failure. However, armed with a realistic understanding of the challenges and a strategic approach to the business math, you can navigate the complexities and move towards sustained success. This is especially true if you bring in a coach or mentor who can keep you on the right track.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're revisiting a fundamental question that defines our journey as entrepreneurs and business owners: Why? Why should customers choose your product or service? Why should they choose YOU? Through compelling stories, we’ll highlight the need for a unique value proposition to stand out in the market and uncover why customers should choose our products or services and, most importantly, why they should choose us. Read on for actionable insights on business strategy, sales teams, and building a successful enterprise.
It's a challenge we've all faced—articulating why our offerings stand out. Let's be honest; it's a struggle for many business owners and sales teams. But it’s important to emphasize that answering this question is crucial for creating a unique position in the market. Are you just another commodity, or do you offer something distinct that sets you apart?
Today I want to share three powerful stories that, from my experience, perfectly illustrate the importance of answering the "why" question:
While working with an insurance sales agency, I was told by my client that he was facing the common challenge of gatekeepers obstructing access to decision-makers.
I asked him why companies should buy insurance from him and not someone else. I asked what made him stand out, and he answered with “We give the best customer service,” and “We really care about your employees.”
Those responses didn’t convince me one bit, and I could immediately see why they weren’t convincing those gatekeepers.
Any sales person can say they give the best customer service and they care about your employees– that doesn’t set them apart. You need to give your prospects a unique reason why your product or service is not only great, but better than the competition.
Picture this: I was in my hometown of Alpharetta, Georgia, sitting at a local restaurant, engrossed in a game. But instead of hearing the compelling announcers recount each play, the radio was blasting music.
A lightbulb went off in my head– I had identified a gap in the market.
I wanted to create a sports bar where sports enthusiasts could go to truly immerse themselves in a game, sound and all.
That is how the concept of Central City Tavern was conceived, and because I identified a clear “why” to my business, CCT has become a raging success as the preferred destination for sports fans in Alpharetta.
Trying my hand at the intricate art of writing and publishing my own book had me on a journey to find the perfect editor. Scouring the internet, I stumbled upon traditional publishing companies with steep fees.
Propelled by a recommendation from a trusted source, I connected with Hillary—an editor with a unique proposition. She unveiled the industry's secret: these companies acted as intermediaries, outsourcing work to individuals like her. Armed with this newfound knowledge, I strategically opted to bypass the middleman, trim costs, and establish a direct partnership with Hillary.
This decision not only resulted in significant savings but underscored the influential force of choosing the right service provider based on a compelling "why." She wasn’t trying to sell me her services at the time, but she gave me a good enough “why” that I decided to hire her over every other editor I spoke to.
That is the power of “why”!
Every entrepreneur and business owner should reflect on why someone should buy their products. Discovering and honing in on your "why" not only distinguishes your business but also opens the door to scalability. From navigating the complexities of insurance sales to envisioning and creating Central City Tavern, and finally, strategically selecting the right editor in the world of book publishing, each narrative emphasizes the importance of answering that fundamental question. As you continue on your entrepreneurial journey, remember that your "why" isn't just a tagline—it's the catalyst for scalability, success, and sustained impact.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
Many aspiring entrepreneurs dream of owning and operating their own restaurants, driven by their passion for food and hospitality. However, the reality is that running a restaurant isn't just about serving delectable dishes and providing exceptional service; it's also a complex business venture. In this blog based on the The Dropout Multi-Millionaire Podcast, we'll shed some light on restaurant operations by exploring common reasons for restaurant failure and providing guidance on overcoming these challenges.
We must begin by shedding light on the most common obstacle in the restaurant industry: the owner.
Many restaurant operators have backgrounds as chefs or managers, excelling in what's termed as "location operations."
However, their prowess in the culinary or service aspect often fails to translate to the business side of the restaurant operations.
It's vital to recognize that a restaurant is, at its core, a business.
Just as businesses in various industries sell a diverse range of products or services, restaurants sell food. This is a crucial distinction to make when navigating the multifaceted nature of restaurant operations.
Believe it or not, restaurant owners do not need to be present at their business at all hours of the day for their business to succeed.
Successful restaurant owners thrive on structured systems, well-defined processes, and established procedures. These systems extend to the restaurant's accounting department, where critical core metrics are diligently tracked.
By keeping a close eye on the metrics, restaurant owners can gain valuable insights into the financial health of their business and identify issues to make informed decisions without the need to be physically present in the restaurant constantly.
Remember– your restaurant business can’t survive if it falls apart when you’re not there.
Many restaurant owners remain oblivious to their financial numbers. This lack of financial awareness often leads to poor decision-making because it forces owners to be reactive instead of proactive.
If you know anything about restaurant operations, you know that finances are always fluctuating, so from weekly food orders to daily sales, track your numbers like a maniac. Your Profit and Loss (P&L) statement is your magic crystal ball. It will allow you to look into the future of your business and fix a financial crisis before it begins.
There is a lot of content out there claiming that restaurants can only expect to make between 2% and 10% profit, but that’s just impossible. Let’s break this down:
2% profit of a million dollars is a $20,000 in profit. Why would you run a million dollar operation for just $20,000? Your risk of loss is not only high, it is almost guaranteed.
You should be striving for a profit margin of at least 15%.
Take another look at your P&L and figure out how to make that happen, or hire a coach to do it.
To elevate restaurant operations and maximize profitability,seek assistance from a seasoned professional who has already owned and operated a successful restaurant.
A coach or mentor can provide valuable insights on optimizing operations, identifying and managing core metrics, and meticulously overseeing finances down to individual percentage points.
With their guidance, restaurant owners can boost profits while streamlining their time and effort investments in their business.
Achieving success in the restaurant industry demands more than just passion for food and service. It necessitates a firm grasp of the business side of restaurant ownership. This means understanding the numbers, maintaining healthy profit margins, and implementing efficient systems and processes. With the right guidance and a focus on the business aspect, restaurant owners can build a sustainable and profitable enterprise in a highly competitive industry.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're exploring the five critical keys to achieving lasting success in business. We’ll get into understanding the business aspects, identifying your role within your enterprise, mastering financial insights, and seeking guidance from mentors or coaches. You’ll also find out why success often hinges on continuous learning, staying humble, and being open to expert advice. Read on to learn the keys to a successful and thriving business!
One of the predominant culprits behind business failures is a lack of proficiency in the "business side" of the venture.
While you may be an expert in your craft, whether it's plumbing, culinary arts, or any other specialty, this expertise doesn't automatically translate into knowing how to operate a thriving business.
We must recognize the significance of acknowledging what we don't know and proactively seek support from mentors, coaches, or seasoned professionals who can illuminate the intricacies of running a successful business.
The bottom line here is: If you can’t do something well, either learn how to do it or hire someone who can!
If you find your business's growth falling short of expectations or profitability lagging, it's essential to understand that you might be the root cause.
If your business isn’t doing as well as you hoped, you are probably not making the right decisions about how to grow and scale. If you've never built or scaled a business successfully before, you haven't been able to learn your personal filter.
How do you fix this? Once again, bring in a coach or mentor who can help you learn how to make the right decisions, and who can make decisions for you until that happens.
Understanding your role and strengths within your business is a pivotal step toward success in business.
Many entrepreneurs mistakenly believe they can wear all the hats, from CEO to specialist, within their organization.
You must conduct an honest self-assessment and identify where you need to recruit talent to bridge gaps in your skillset. Your ego should not hinder the formation of a team with complementary skills and expertise.
Additionally, trying to do everything if your business means your success is entirely reliant on you. If you run out of bandwidth, so will your business.
The mastery of financials, particularly profit and loss statements (P&Ls), is paramount.
It's astonishing how many business owners, from fledgling startups to substantial enterprises, overlook this critical aspect. Your P&L is akin to a crystal ball that can foretell your business's future.
Regularly collect and analyze your financial data to make informed decisions and prevent serious financial mishaps. This key is egregiously overlooked. How can you expect to achieve success in business in the future without knowing the numbers you’re doing right now?
If you’re an entrepreneur, and especially if you’re a first-time entrepreneur, you must accept that you don’t know everything. But guess what? You don’t have to!
Seeking the advice of seasoned professionals can provide valuable insights and perspectives, contributing to better decision-making and success in business. Coaches or mentors can offer priceless insights and wisdom, enabling you to envision the bigger picture and make decisions that lead to triumph.
In conclusion, these five keys to success in business serve as an indispensable guide for both novices and seasoned entrepreneurs. Mastery of the "business side" of your enterprise, development of your personal filter, self-awareness of your role, vigilant financial management, and openness to coaching are all integral parts of attaining prosperity while circumventing the pitfalls that prevent business success. Take these lessons to heart and carve your path toward a prosperous business journey!
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we’re tackling a topic that often dominates our thoughts and ambitions, whether personally or in the context of running a business: money. For most of us, the reasons we venture into the world of entrepreneurship revolve around money. We want to secure our financial future, live a comfortable life, and enjoy the luxuries that come with it. Read on to discover the five stages of personal wealth, explore vital money rules, and examine how to ensure you always come out on top with your finances.
Embarking on the path to personal wealth is a journey filled with distinct phases, each with its own set of goals and challenges, from the initial struggle to cover basic expenses to the later stages of securing your own future, giving back to society, and planning for your heirs. Which stage are you currently in?
1. Pay the Bills Phase: This is where the journey begins. Your primary focus is to make enough money to meet your basic needs. You're starting a business or working hard to sustain one, and your objective is to ensure that you can cover your expenses. At this point, other luxuries are a goal for the future, not a current reality.
2. Accumulation Phase: Once you've successfully navigated the "pay the bills" phase, you enter the accumulation phase. At this stage, your income starts to grow, and you might be tempted to accumulate material possessions and indulge in some luxuries. This phase can be a thrilling ride, but it's important not to go overboard and put yourself back into stage 1.
3. Savings Phase: As your wealth continues to grow, it's wise to enter the savings phase. This is the phase where you’re building a financial safety net. You’re also building up your resources of passive income to allow you to earn more but work less. Your financial focus here is having enough passive income to maintain your current lifestyle if your primary income source disappears.
4. Charity Phase: Once you've secured your own financial future and your passive income is set in place, it's time to think about giving back to the world. The charity phase is all about using your excess income to make a positive impact, supporting causes you care about, and contributing to society.
5. Inheritance Phase: This last stage involves considering what you'll leave behind for your loved ones. Whether it's a comfortable nest egg, valuable assets, or a legacy, planning for your heirs is a crucial part of financial success.
Now that you understand the five stages of your personal wealth, let’s get into the rules when it comes to wealth in business. These three rules are essential to handling finances for your business:
Money, in both personal and business contexts, is a complex yet vital part of our lives. By understanding the five stages of personal wealth, you can make well-informed decisions about your finances. Embracing the money rules for business success, such as keeping cash reserves, preserving leverage, and paying yourself, will lead to a more secure and prosperous future. Protect yourself, build your financial safety net, and never become a financial statistic. Your financial well-being and the success of your business are closely intertwined. Remember these principles, and you'll be better equipped to master money in all aspects of your life.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
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