Persistence | How to Create a Scalable Business Model and Not Just a Job (A Lifetime of Riches – Part 5) – Hour 1

Audio Transcription

Are you self-employed by trapped in the cycle of working every possible hour of every possible day to produce a profit? Learn how to escape the rat race and how to build repeatable and scalable business systems on today’s show.

NOTABLE QUOTABLE – “Most entrepreneurs are merely technicians with an entrepreneurial seizure. Most entrepreneurs fail because you are working IN your business rather than ON your business.” – Michael Gerber (Best-selling author of the E-Myth book series)

The 7 Steps Needed to Create a Scalable Business
Nail down your turn-key branding (Logo, website, print pieces, auto-wraps)
NOTABLE QUOTABLE – “Brand is just a perception, and perception will match reality over time. Sometimes it will be ahead, other times it will be behind. But brand is simply a collective impression some have about a product.” – Elon Musk (The legendary entrepreneur who is behind Tesla, PayPal, SpaceX, SolarCity and other successful business ventures)
NOTABLE QUOTABLE – “If you give someone a present, and you give it to them in a Tiffany box, it’s likely that they’ll believe the gift has higher perceived value than if you gave it to them in no box or a box of less prestige. That’s not because the receiver of the gift is a fool. But instead, because we live in a culture in which we gift wrap everything — our politicians, our corporate heads, our movie and TV stars, and even our toilet paper.” – Michael Levine (The public relations consultant of choice for Bill Clinton, Pizza Hut, Nike, Prince, Charlton Heston and countless top level celebrities)
Nail down your turn-key marketing (Yellow pages, bridal shows, Dream 100)
Marketing that does not involve your direct participation.
NOTABLE QUOTABLE – “Marketing is a contest for people’s attention.” – Seth Godin (Best-selling author, marketing guru and the man who sold his successful company Yoyodyne to Yahoo for $30 million)
Nail down your turn-key sales conversion (Scripts, presentation, recording)
NOTABLE QUOTABLE – “Common sense is not so common.” – Voltaire (Famous French philosopher)
Process layer
Presentation layer
Nail down your high-quality customer service / product delivery experience
NOTABLE QUOTABLE – “Be so good they can’t ignore you.” – Steve Martin (Successful stand-up comedian, actor, writer and director who has won Emmy, Grammy and American Comedy awards)
FUN FACT – “33% of U.S. employees are engaged at the average job versus 70% of U.S. employees are engaged when working at the world’s best organizations.”
Delegation versus abdication
Script for when the phone rings
On-hold music
Over-head music
Specific aroma
Specific music
Greetings in the store
Retail product display
Mystery shoppers
Cameras
Recording calls

Nail down your accounting
Break even point per day
Profit point per customer
Customers do I to achieve my goals

Nail down your leadership / team training process
Read and sign the handbook
Expectations
Compensation
Operations Manual / Checklist
Weekly / Daily – Ongoing Training
NOTABLE QUOTABLE – “Always touch as person’s heart before you ask for his hand.” – John Maxwell (Best-selling author of The 21 Irrefutable Laws of Leadership)

Nail down consistent increases to your advertisement budget
5% of your budget
10% of your budget – aggressive

FUN FACT – “In recent years small businesses have accounted for 60 to 80% of net new jobs added to the economy have been created by small businesses.” http://www.nbcnews.com/id/4142727/ns/business-small_business/t/small-business-having-abig-impact-jobs/

DEFINITION – Premise – A basis, stated or assumed, on which reasoning proceeds.

DEFINITION – False Premise – A false premise is an incorrect proposition that forms the basis of an argument or syllogism. Since the premise (proposition, or assumption) is not correct, the conclusion drawn may be in error. However, the logical validity of an argument is a function of its internal consistency, not the truth value of its premises.

NOTABLE QUOTABLE – “You don’t get paid for the hour. You get paid for the value you bring to the hour.” – Jim Rohn (Best-selling author and motivational speaker)
FUN FACT – “The U.S. Chamber of Commerce estimates that 75% of employees steal from the workplace and that most do so repeatedly.” – https://www.cbsnews.com/news/employee-theft-are-you-blind-to-it/

FUN FACT – “A year ago, 69% of respondents said they waste at least some time at work on a daily basis. But the number of people who now admit to wasting time at work every day has reached a whopping 89%. Employees are spending longer periods than ever before “wasting time.” Employers, be prepared for alarm as you review the newest statistical breakdown:
31% waste roughly 30 minutes daily
31% waste roughly 1 hour daily
16% waste roughly 2 hours daily
6% waste roughly 3 hours daily
2% waste roughly 4 hours daily
2% waste 5 or more hours daily” https://www.forbes.com/sites/cherylsnappconner/2015/07/31/wasting-time-at-work-the-epidemic-continues/#549f045f1d94