ABOUT THIS EPISODE

Is it true? Can you - 1 person - be a 1 person business that makes 1 million a year? Today's guest wrote a book about today's topic. Matt talks his view on this and how they can actually be happy doing it all theirself!

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TRANSCRIPT

00:00:03welcome to the you need more money podcast I'm your host Matt Manero where I come to you every week for my studio in Dallas Texas Bowie Elaine Elaine Elaine Elaine we have so much to talk about today I mean really the idea that somebody can be a one-person business that makes 1 million dollars a year is something that is so foreign to me that we have to spend our time today talking about the let me introduce your first my guess is former senior editor of Fortune small business magazine and current author of the book $1000000 one-person business Allan Poe felt welcome to the show it's so fascinating to me it never even dawned on me that this topic content of your book was even possible until about 3 years ago
00:01:03met someone who seems very successful and happy and balanced and after she left my office and I called the person who introduced us I said while she was really great and he's like yeah you know she has a million dollar business and I go to that one surprise me and she has one employee I said no kidding she's got and she lives in Arkansas in the mountains
00:01:34I'm like what what does one employee does a million bucks a year lives in Arkansas on the mountains is like and she's the happiest person I know I'm a large company that I busted my butt for 20 plus years to make most of it I've been unhappy how can someone make a million dollars a year have one employee and be happy in business it's like doesn't even exist as a concept and then here you are with your book $1000000 one-person business so we got to get into it it's actually a function of all the changes that we had with technology in the last few years even though I'm almost none of them are techies in the book technology has enabled them to be a business owner is that they are one of the industries that you reference in the book in which this actually is possible is through online training videos and programs and that's actually what
00:02:34what this woman did right she built an online program that empowered women to embrace their femininity in the business world and and it took off and so she literally her one employees like an admin assistant that just manages her calendar so that was my first foray into it what was your for Ray into this as a as a topic that obviously ended up being a book
00:02:58can I find a Blog for Forbes about the one-person business and I came across Census Bureau statistics showing that there were business owners that were bringing in 1 million to 2.49 million in Revenue in non-employer business isn't so that she could have more than one owner it could be a partnership or a family business where they're all owners basically they were one person businesses like you I know a lot of business owners I didn't know many that were anywhere near that ballpark and I thought wow this is really interesting so I wrote a blogpost about it and want to know more about that what are they doing so I followed up
00:03:51with the profiles of entrepreneurs in the industries I had identified them in using the census data and that post went completely viral it has over 300 people were super curious about it and it was very generous and telling their stories and very interesting Industries one fellow is in Canada he is a personal trainer and he created a network of personal trainers that he turned into a franchise but they're all independent contractors with their own business another person sold online he had been a retail clerk making $11 an hour at a spy camera store learn and respect you if it was a woman who runs a babysitting service
00:04:51in terms of what they do but they run the business why are there so many of the 25 million plus small businesses in America why are there so many that are that are not doing this that are why are there so many printers who have to go to work every day and breathing fumes from printing machine to absolutely hate what they do why is small business so hard historically and then there's this new development that is making it seem as though small business isn't as hard as it once was
00:05:36math order two reasons that I can identify one is nobody teaches us how to run a business a lot of people aren't exposed to anybody who runs a business and when I have four children in school that teaches them that this is even a career option that you can have a business it's all focused on go to college get a job work for someone else so if your neighbor someone in your community and talk to them about it you're not going to know how to do it the other thing is that people don't really know what's possible sometimes you know they just sort of fall into starting a business a lot of people start a business because they lost their job they need to do something they like oh I know how to mow Lawns or whatever it is unity of other people they can learn from and that was one reason I wrote the very open and I thought if I can show what they did to help people learn how to
00:06:36do whatever they're doing a little bit better make it more profitable and have less stress I don't think any business is easy trying to even these businesses it's not like these folks never have A Hard Day's Work in their life they were very hard to get them set up so that they are million-dollar one person businesses by because you're so efficient and how they run they do have a lot of times the other things in their life that they enjoy whether it's a family not liking whatever date they have the time that a lot of business owners do not have I never have I can't even imagine my interpretation of businesses that it must be difficult it must not be easy otherwise it is not worth it and so I am an old-school guy I'm 49 years old I graduated college in 91 I think I come from the old school way of doing business and one of the biggest challenges I have is to be able to be open to learn from 21 22 23 year old people who
00:07:36see business very different than I see it in fact they see that the ability to jump runs on the ladder of success is extremely possible I thought every run had to be climbed and and you had to be grueling and difficult all the way so but yet you picked the number in your book $1000000 one-person business you pick the number of a million dollars why why is the million-dollar number some sort of a threshold that does begin to lend Credence to freedom and lifestyle and happiness and all that stuff away why a million eat your business then you will understand what you have to understand is
00:08:24directors overhead for these businesses and they pay high taxes and so when all is said and done what I found is what they were really taking home and maybe between 200 and 4 and if you live in a major metro area I know in New York City I remember speaking with a relocation consultant he said if you make 75000 + Kansas the same as making 225,000 in Manhattan New York so it sounds like a lot if you live in a low cost of living in the Boston area expensive Metro areas it's not that much was it big enough to support a family but you're not going to be rolling in money I might take on people in money is most people are trying to become the next billionaire it would be happy being comfortable not being worried about how are they going to send
00:09:24keep the college how are they going to retire all I went on vacation now it's on my credit card aspire to be a multi-millionaire or billionaire will get them and they have some freedom and you always kind of scrambling for the next project I'm glad you said that cuz I agree with thousand percent with that attribution of if it's a million dollars in revenue and you're pulling 50 or let's just say in the example you gave us 20 to 40% margin so you pulling cost of goods sold and all-in of 60 or 70% you're pulling 300 it's probably more than what you could make working for someone else and it is a reasonable level in my book The Publisher made me take out this piece they thought this piece was
00:10:26alienating to the American public but they're wrong about it but I acquiesced and did it anyway cuz I didn't know what the hell I was doing when it came to church today. Wanted to discuss the idea of profits in a year life gets better at $250,000 here in life gets real good at 500 and those are the numbers now you look at yeah just means you got a better life in in Manhattan Kansas and you doing this early in Manhattan New York but those are the numbers and so people to what you were saying people are are clouding their minds as to these numbers that they're chasing and I believe most people are chasing these numbers that are too low and and that happens because we live in what I call false positive where we actually believe we're doing better than we really are and when you start to equate retirement in college
00:11:25tuition and select schools and going out to dinner and date nights and jewelry for certain anniversary snow that's where stuff we need a heck of a lot more money than we think
00:11:36Batman and the other things a lot of people don't realize if they have not going into business is Health Care is very expensive and even the Affordable Care Act made it a little more accessible to people but even with that electrical got high deductible plans with a responsible for health care for my family in New Jersey for lunch I my husband I were both self-employed for a 10-year period and at its worst we were paying $38,000 a year in premiums that I can I make and I thought you know what the median US income is $59,000 that right I think a possible it doesn't exist though they don't have health insurance
00:12:36health-wise if it's really bankrupt you have cash flow you need to have enough cash flow to invest in the business and if you don't have enough income and profit Revenue in Frappuccino you won't have that plus what if you're doing contract work in your contracts dry up you don't get unemployment you might make the same amount for the same amount of taxes as your neighbor who is in a W2 job but there's no safety net for you to set up by an employer but we're getting to a society now where a lot of people are part of the freelancer I'm self-employed economy and they don't have that really caught up we haven't sent it to place any protections for the people that are self-employed so if you want to do this you have to be realistic and say I got to build up for myself
00:13:36naturally go back into a job is they they don't understand how much they really need to make and then all the sudden it catches up with them and they're like oh my gosh I can't pay my bill in the dream and the freedoms that if you just got a little bit past that point you would have just referencing Elaine is your issue you're supporting the argument of where this million-dollar number comes from right because all of that does become a lot more attainable at a million bucks and Rib than it does a 250 Brandon and I mean I see it come in and we're looking at a deal for a trucker and it'll say all the guys bank statements are strong and I say great let me see the bank statements and the guy will have like 14 Grand a month and deposits in $2,000 an average bank balance and I'll say what would he tell me why this was strong bank statement seems like I'm like dude is 14 Grand * 12 and he's trying to buy $150,000 truck the request for
00:14:36what is greater than the revenue the company the only strengthen his bank statements that is better than your bank statement that's the only reason you think it's strong as a business it's still sucks right I mean when people don't realize that the the reality is in it with a million dollars in Revenue at a 20-30 40% margin you can create the opportunity that is equal to or slightly better than what you could make somewhere else because if you if you can do a million dollars in Revenue in a land I love your comments on this and tell me if I'm right or wrong if you can do a million dollars in Revenue you understand value creation you understand problem solving you understand some form of marketing or Niche creation and therefore you could deliver tremendous value to an employer as well and probably move up the ranks because if you can do all that stuff you not going to have a million dollar business to people I interviewed had worked in Corporate America or maybe not corporate jobs within jobs of some sort and I'm sure they could easily
00:15:36go into a company if they wanted to but they don't want to and they don't have to you know and they have built their insulation against have to you know it just a lot of people are like you're forced into everything that has to do with making a living they always have no agency over their own lives because they really have not thought at all about the money and run a business and there's a lot of people like me I mean I love writing I was writing in kindergarten I was dead people like they know that it's like you know they love hair styling and I love graphic design or they love being a massage therapist to just kind of an afterthought but what happens is to be sustainable and keep living that life
00:16:30they have to think about it and it can be overwhelming honestly I think like what you're talking about with margins I think a lot of people listen to this conversation we're having might be such a feel a little anxious like oh my goodness I don't even understand what they're talking about earlier but it's not that complicated simplified in the book so that people could see that the revenue there as long as you're not spending more than you bring in your going to have a profit so it gets people past the point where they are which might be not thinking about money at all and you do have to take a little bit about it or you could just won't be allowed to do what you want life my life my wife's only brother he died at 46 and he left a wife and 4 kids with no health insurance no life insurance in a hundred bucks in the bank that's the Genesis of my book and it it just was the ultimate
00:17:30wake up call for me that we can never rest on this desire to accumulate more income and that that argument gets treated as greed it gets treated as look at this bad guy this money hungry guy and my response to all those haters on social is when that happens to you and even though you're hating on me I hope it never happens to you but when it happens to you you'll see I was a hundred percent right that you can never have enough money to to be able to fully protect yourself against emergencies that are out of your control and I saw it first-hand in the war is not an emergency is of competition or in a regulation changes real life life and death
00:18:18Health came out of the blue scare emergencies and so money is so important to me that should be important to everybody and I know that we're sharing the same philosophy you're actually adding probably a little bit more of what I called the book Lifestyle by design using the business can trigger this life and I'm trying to get people to see it that way too but for me it doesn't exist literally I do not get happy 90% of the time and most people would say well that's that's a really terrible way to live and I disagree because it means I'm insanely happy 10% of the time it means I can relish the 10% that I am more so than the 90 I'm not I'm not looking for 50/50 happiness or 9010 happiness I'm looking for 90% unhappiness grit toughness anger constant state of pissed off nest and just Bliss for 10% does that sound crazy to you
00:19:14it's kind of far. Sorry to hear it with your family went through and I think that of you when you have something that personal put it in a buck and share it with people because you had some really powerful lessons there and you're raising an interesting point which is that money in itself is not what is important at least it isn't to me and I don't think that most people are sitting there counting every dollar in the bank and keeping score in that way but it does protect your family and the life that you want so you do have to think about it where she really not inclined to think about it get the help then that you need some of the people in the book a lot I almost all of them do and he will be bringing a bookkeeper they bringing a good accountant the last small business owners
00:20:14you're nice to me but I I finally got a bookkeeper and I cannot tell you what a blessing that is to know I just sent all the stuff off to her I have to look it over but but it's entered properly and you know when I went to do my taxes I just had nice clean books and Ice balance sheet to give to the account and he was able to work efficiently it's such a blessing yourself for not having one because there's no way I can do as well as they can you know this is what they do 24/7 you know that I realize this is an area of weakness for me you know where I can do so much better with helpers I'm not going to Outsource my writing or something like that because that's my
00:21:14highest value proposition and that's a lot of these business and not making the other entrepreneurs and surround myself with really smart people and get ideas from them like you were saying you like to learn from the younger generation I do too actually I find even from my kids I learned a lot about this because they're so they're digital natives you know they're at they're never going to think of technology in the same way that I do because they grew up getting out of your office being around others stimulating interesting challenging people that invest in business coaching a lot and I know that seems like one of these extras or touchy-feely or flaky it's not they work with very good coach
00:22:14push them out of their comfort zone and challenge all the thinking that keeps people in that maybe 250 to $500,000 range we are still kind of scrambling if you're in a professional services from your still basically in a high-paying job that you created for yourself and they will put themselves on the line and these relationships that formula at the coaches fired follow but it's always in put that make their thinking expand and make them do things differently than the average business owner might be selfish to take the time for myself or I can't afford the money to go do this but it really isn't because it's going to help your family and yes you could go to meet up for free learn from people there you can even their online groups if you can't afford to go to a conference or something like that maybe a chance the first 5 years of the business
00:23:14surround yourself with other people that think a little bigger than you that you think is better than you and it says you have to put your ego aside say I need a coach the great speaker Jim Rohn used to say you can't see the picture when you're inside the frame time to meet Jim Jim Jim Rome was a you know slap you around motivational guy in the in the 70s and 80s right now it's almost commonplace but early when he was so early in that in your face mindset that it almost alienated him in a lot of ways and there was a long. Time I cried in like Jim Rohn and now I think he's one of the greatest of all time but I'd like to give some fundamental given practical information by the left almost do it in a bullet point type fashion what are the common traits that the data has told you when the interviews have told you
00:24:14all of this and I are we calling these people solopreneurs is that a reasonable acronym for a reasonable nomenclature for the type of people are highlighted in your book the best majority there were a couple of Partnerships like a husband and wife team or two brothers and that sort of thing but for the most part they were one person businesses 100 entrepreneurs if you would go give me three four personality traits that represent that are synonymous with the people that you that you interviewed and study for the book I've met a lot of them at this point and I know what them what is different is how I think about their business practices new ideas everyone's heard of automation they didn't invent automation but they really take the time to put the systems in place to order me all of the tedious tasks in their business
00:25:14yeah we should do it but when you have to do the setup for these things like setting up your CRM usually busy work day I'll do it tomorrow and then 10 years later they wake up and they have no mailing list these people make the time to do it because they're like I need it I need to step away from my business if I walk into a greater extent the many businesses they continually reevaluate and say okay now I have all this in place on my podcast I should have somebody doing that
00:26:14if you have business coming in you you should cut outs or something into a contractor then it's the next degree of this would be Outsourcing so some of the people or snow use fulfillment by Amazon shipping on Long Island in New York and he knew he was using a back off your service to be like his admin and runs it too but he was a one-man franchise in a franchise
00:27:14Perfection Pro Mojitos for million-dollar one-man business operating from his garage he that young dad that little boy he coaches all kinds of things for his son with sports swag those tote bags to have a company name on them and he uses something back office for swag sellers right you just give me specialized not like you ask your next door neighbor he was he can use the service to a small extent for a while then it's his business group he started using it more and as he uses it more he pays more for it but it pays for itself because when he's using voice and he's out meeting with Enterprise clients who plays big orders and he's making sure that they know he loves having their business so they want to work with him even more and that's the kind of high
00:28:14very very good business now with a Pinterest course she was a graphic designer who got into Pinterest marketing and it's an area that at the time that a lot of people knew how to do she started of course she used to be a teacher so she was a good hair she's good at teaching the course and she said one thing that she notice about herself cuz I made you
00:29:04lingering only done and you know you don't have a sale of a product if you're creating a product or service if you if it just plain has an emergency but they're very good at staying focused and you know it's an occupational hazard of being an entrepreneur having lots of ideas for all different directions but they know how to read that in a bit and think about okay what what what do I need to do to move forward this week in Laughlin a blur he's a two million-dollar business one-man business in New Jersey
00:29:53and she focused and on what is the one thing I need to do this week to lose me towards my life's biggest school right exactly how he waste a lot of time on low value to do that really don't get him anywhere I would say it's not like I'm born this way they just know it all from the moment they wake up in life they learn it they learn it and they
00:30:28stop the bills and Ecorse correct instead of feeling like it's his failure they try something different and ever and I think he was in the military and she worked in corporate social sustainability was very meaningful but you don't like corporate life and so she went looking for business that you both do together and they're both very athletic she's also a personal trainer so they started selling running compression sleeves those are those little fans on on your arms and hold things businesses do well until they said okay we learned something different what else can we both do and they say they love entertaining and having parties at their house so they said let's put up a little Amazon Stewart
00:31:28things that you use at a party you know like the chancers and mugs and they ordered and then they saw which one sold in which one's dinner and they discounted the ones that weren't selling to try to unload them and reinvest in the business and the ones that were they doubled down on them and they have put like $5,000 in capital into the business and when they did that they looked at it like $2,000 they would have gotten something out of it no I think that's a differentiating factor for these types of entrepreneurs because I acted a lot of letters from people that have read my articles and I want to start a business but I need a government grant to start it
00:32:29to pay for your business and you can get investors it could be your parents or your friends or you could do a Kickstarter campaign but if you're really unwilling to put any of your own resources on the line
00:32:42how you how you really expect to run a business eat you won't be able to these folks will take some risk because I don't need the bottom line with any business is there is risk there's no cookie-cutter you know five steps to starting a million-dollar business and you do these things and you will have 1 million I mean it's not like the real time to real-world situation that are going on new technologies come out all the time you have to be so into it really thinking like you were saying it's not easy but if you if you willing to put your own resources into it and your mental Powers into it so Elaine I made copious notes here as we're talking about really I have because I think I think there's tremendous similarities between the two books you know I
00:33:42force the issue to my readers of the wake-up call which is the first part of the book but but systematically a lot of the things were talking about the success of the people that you've interviewed for the yearbook and experience in your own life is is a lot of the roadmap which is the second part of my book and so I wrote down in this order mine set ability to automate ability to Outsource the reinvestment back into the business clear clearly defined in your superpower working within an itch and beta testing those are the sort of bullet points that I wrote down just off of your last explanation would you say that those are are are appropriate for what are common in the people that you're seeing building these 1 2 3 million dollar very small employee based businesses yes I do you know it's so interesting for me Matt when I see an entrepreneur
00:34:35interpret the same information cuz you brought a lot to it also in terms of just the stealing down what they do differently the other thing I didn't say that I should say this is in a very generous with information no one person business exist in a vacuum even eating a big Corporation and there a lot of stakeholders are elastic micro-business to these folks are very good at reaching out to other people one of the original entrepreneurs so Orwell send me a tweet on Twitter and we started a conversation that way and then that ledge my writing an article about him and he connected me to love you doors in the book I found it that they were not close to the vest all that their business sometimes you have people who they have a business plan
00:35:35you don't understand execution there's enough to go around to it's a big world and get the lifestyle design that we're looking for in those it's it's so silly so many people protect these small little nuts like little squirrels you know it's crazy but you did the way they do so you have to tell me if you give that plan to someone else and they could try to follow it and they would interpret it differently so it doesn't matter and these people who is the radius of the world they don't care if someone else tries to copy them they know their strengths as an individual business brokers
00:36:34we do it by being a cheerleader or something you know really well he's giving me these wacky examples like fairy figurines and Muck Boots and this is he had sold right and you think okay like I'm not really interested in decorative mailbox flags or somewhere in the world there probably is someone in there probably people that have a great idea that's your straight on Instagram or you know they're speaking and we're going to make it into your book because they had the million-dollar business and you were referred to them xcetera and then they absolutely crashed and burned give me the three four things that the people that were
00:37:34on track to pull this lifestyle by Design off and then they got off track what happened
00:37:45play wanted to include in the book who became scarce and I didn't hear from him again and that you know things happen in life as a reporter I never make any assumptions about what could have been traveling could have been ill like I don't know you know I just thought it was a mystery as to why he never said he was in Professional Services website still the media exposure initially was was personally challenging there are people at that a little self-conscious afterwards so who knows I don't know how to experience that with my book by the way one of the people I reference in the book it's strained my friendship he was incredibly supportive until the book
00:38:45came out and then he he he shut down and not not been nearly as supportive since the book came out it's an unfortunate circumstance because lately from Left Field I never anticipated that to happen but it did happen something help for his business and if we did a few bucks together and she doesn't even think he has a LinkedIn profile now but he likes to privacy a lot and he said here and I feel so exposed I don't want to do this anymore I just don't like being out there
00:39:38in public media shy I'm not because I've been in this field for so long I don't publish personal things on the internet so I don't I don't want the whole world to know and even if they're just providing personal stuff without a business
00:40:10they have trouble acknowledging that their business people they don't like people to think that they are in the business of earning money weird sometimes especially when businesses that involve other people for instance or the hexer to the social component I think people feel a little hesitant to sort of saying you know what I want to do all these good things but I also need to support my family and make a living they feel like there's something wrong about it and that might discourage them all so well say it in terms of overall tell him what to do you know that the people that succeed I had when I was at fourth person small business magazine for 5 years I ran a business plan
00:41:10every school that participated in one team that won their business plan competition to Harvard Business School Cornell business school University of Michigan etcetera and they would all really good judges and when blood take half of it Michael Greeley that you are still in business today we're always the ones who figured out some way to generate Revenue at the time of the competition they did something unit they just made made a few sales on big went out and I made it happen didn't have the perfect circumstances of the perfect office they were operating room enough that you could see it's a real business how important is selling to the client to the people that you interviewed for your book how important was their ability to convince others
00:42:10or or or sell their product that would say a lot of them are introverts and and I love them no sales background but they would find a way to sell it is a nutritionist she was actually working in advertising and she in her early twenties when I'm trip to Africa became very ill and discovered she had Crohn's disease the way that the medical system treats that and felt she could see herself with nutritious
00:42:54wake the stressful career a lot of things and then she went back to school to become a nutritionist she started blogging about nutrition and her unique take on all of this you know that you can hear yourself with with the better.
00:43:17What the same way
00:43:21I got you so we had a little bit we had a little bit of a lag they're just mentioned to me recently in a conversation at this is what she really felt she had the extra cheese and that's that's what when she introduced her first product that a green smoothie fast for $10,000 in sales at the time the people who bought it and it's not online school for people that want to learn how she cooks and they might be late people that might be nutritionist you want to help their friends but
00:44:20that was her sales method that she uses affiliate marketing and other things too now but that wasn't what you use in the beginning so alone let me let me ask the most important question as we close
00:44:35are these people happier are they happier with these businesses or or do you see that they are like so many small business owners which are really stuck in the pain side
00:44:50of their small business and when you're interviewing people to join less you really never know what's going on in your personal life so in terms of knowing their happiness level I don't know you know your people that can be very public people would have a lot of pain but my observation is they seem pretty happy in my area and every once in awhile I'll get together with him and catch up he has daddy daughter day on a weekday right and my family he seems like a very happy man you know each other and a lot of them to seem happy medium I think it was there when he had his first million he was surprised that didn't make him happier
00:45:50it's in his life had not gone away from depression sometimes an infected the whole chapter in the book where I looked at people that kind of got you roadblocks and you know maybe they weren't so happy or they sell stuck in a lot of times it would bring in somebody else like a quick coaches understand the emotional component to business Revenue kitties
00:46:37right away but these folks seem to be pretty good at doing it eventually so that it doesn't go completely down hill if they do hit Concept in in your book the $1000000 one person business because
00:46:59there is this huge Chasm between small business owners and real business owners and that Chasm is getting greater and greater and greater in the end what is the differentiated there its revenue and so the big companies are getting bigger the medium-sized companies are getting squeezed and the small Revenue companies in million or below 2 million or below whatever we want abuses that threshold
00:47:29I perhaps the greatest opportunity of all of them and for people who have that itch that thing that just doesn't go away it's that it Nas at them everyday they have to go get up and go work for somebody else that idea that that they pitched and it didn't get implemented and they keeps it keeps coming back and no one solving it it has never been better for those people to go and launch and you're right they can get you a million dollars in sales and they can run it at 20-30 40% margin and they can probably get a pretty close to autopilot and they can have a very nice happy life it wasn't for me that is not the route that I wanted to go right I wanted much larger numbers and end for that
00:48:15you don't by the way that window I think to do what I've done is closing for people I really think I think that the chasm is either must be very large hundreds and hundreds of millions or you must be relatively small 1 2 3 4 5 million somewhere in a hundred million range is where it is the most vicious and dangerous to live
00:48:41but that's what's powerful about your book
00:48:44well thank you you know I think you're easy
00:48:47interesting quiet which is you have to know yourself and some people just love the challenge of scaling the business as far as they can take it and if that's what excites you in life I was checking the book I call people and and they said you later I'm so sorry I'm not a one-person business anymore I heard my first
00:49:23it's like a family you know it never will scale and I think it's not an accident it's not like they just failed a lot of them like a lifestyle business I just need to make more money like me I have four children ages 7 to 14 I want a certain amount of freedom and my schedule to do things with them I just want that I don't want to scale my business with employees because I would then have the responsibility of managing them and it right for someone else it might be totally different
00:50:23sales reports on nutritional supplements online that's when most recently he's quite successful with raising money for charity he's got a great life totally different do you have to really know yourself and and did no right or wrong in terms of what size your business should be the one person you didn't read the email if only you heard employees for everybody to hear whether you grow it or not required for clarity
00:51:19a business owner must have Clarity because the greenest the abyss that most small business owners is hell they have to know I'm good with being a one-person operator or I must be a hundred percent operator but that middle that variance that one foot on the dock one foot on the boat is disastrous the requirement is of clarity I have a small world story for you on Verne Harnish I was accessory my company in 1995 so we're 23 years in business and in 99 I got accepted into this program called birthing of giants
00:51:53you're you're good company with Infusionsoft and some other really 2001 and Verne Harnish was the leader of it at that time and I was so insecure about my business and we were so small and so struggling that I all I did was BS my way for three years at that place in fact if I could do it all over again I actually talked about it in my book I would have stood up when we all introduced ourselves and I would have said somebody screwed up on my application I miss right there's no reason I'm here I taken someone spot there was someone more deserving of me right and I would have learned more
00:52:38and I would have put more into place and because I was so thick-headed and so insecure I probably wasted a decade of my career because I had it staring me in front of me and I was so
00:52:53I was so thick-headed and insecure that I couldn't even see it to put it into play when I came back and so I got to redo a birthing a Giants 2 years ago and I got to do it all over again and it's the first thing that I led with was let me tell you guys something the most important thing you can take from this is the ability to be real and transparent of exactly where your business over so many businesses if I'm always impressed by 8 years later how much of an impact it really had for the speakers originally at that I talk about Norman the book to how we rekindled our relationship 15 years later and how he can help me with that with a lot of things so everything Giants
00:53:53preeminent mind in that space when we eat when we agree and he top 1 2 3 mines in that space
00:54:02yeah he really is the expert on scaling I mean it's it's it's incredible to work with him because of the way that he thinks you for being on the program to write in the book $1000000 one-person business I think there's so many correlations between our two books in the road map that we're playing out and I challenge the audience today to really take what Elaine has talked about particularly when I recapped you know the the 5 1 2 3 4 5 6 7 8 9 bullet points you finished those in which I thought was very interesting and it's true that this openness this transparency this desired and networking and exchange is a true characteristics of the most successful people big businesses or small business it is a key factor
00:54:55we just had a wonderful story about that with your with your own life about transparency I I can't wait to read your book man I I am going to pick that up next it's awesome I'll send you a copy of it Elaine so no problem will get you a copy of it and thanks for your support I want to do the same with your book so Elaine's book is $1000000 one-person business Elena's a penguin random house yet so that's awesome I had a wonderful experience working with those guys as well thanks very very much I look forward to seeing you down the road
00:55:41that's on episode this week's would you go home first that's bernero check us out every Friday at 12 p.m. central his meetings best month you were lying and how you need more money

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