Episode Show Notes
This solo episode is for those entrepreneurs who are thinking about wealth creation. If you’re an entrepreneur who doesn’t have money coming in on autopilot every single month, then I’d suggest going HERE, and we can solve that together.
I’m breaking down how I run six businesses and only work two to four hours a day. Recently, I mentioned that I run these six businesses on Instagram, and someone made the comment, “You must work at every moment of the day.” And no, that’s not true.
Assumptions produce our actions. If we assume owning a business is going to take a lot of time, what are we assuming? That the time it takes to complete a task, is the value produced. When in reality, those are the things that keep the business running. But that’s not all the things that produce the value. There’s also leadership and strategy. So if we’re careful with our assumptions, we can start to second guess our actions.
1:00 – Assumptions produce our actions
3:30 – The Six Businesses I Run
12:22 – Decentralized Management Style
20:55 – How I Structure My Work Week and Balance My Time
26:34 – Hiring Team Members In Their Zone of Genius
31:53 – The Catalyst for My Wealth Creation
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IN THIS EPISODE
Six Businesses I Run
The first business is Recurring Profit. It’s where I help course and membership creators scale their business and create automated systems. It has generated more than $6 million.
The second business is an eyelash extension company. I’m a chairman of that business, and have a CEO who runs the day-to-day operations.
The third business is a small residential and commercial real estate company. I rent out a residential house for 3-year-lease terms. And we have a commercial building in the Fort Worth area. One side is going to be where the eyelash extension company is located. And the other side is going to be for my business. As a whole, the real estate company will generate about $14K a month once the commercial building is finished with the remodel.
The last three are in a Business Network that I’m creating. I’m partnering with businesses that I’ve found in our industry, and helping them scale. But the network is actually going to feed each other’s sales. I’m the chairman in each of these businesses – not the CEO.
How I Balance My Time with 6 Businesses
In order to run all of these businesses, I use decentralized management tactics. This means that I look at the overall strategy of the businesses and create projection spreadsheets to 3x to 4x their business within a year or two year time span. I’m acting as a chairman in them, but not actually managing anyone.
Here’s what a typical week might look like for me:
Monday: I go through all company dashboards from the week before. Then, I create strategy reports and send them to my CEOs.
Tuesday: I check in with my leadership teams in each of the businesses to make sure they’re doing OK. I’m monitoring culture because it comes from the top down.
Wednesday: This is a content day. Tori and Emmelie, from my leadership team, send me content to record for Recurring Profit Podcast.
Thursday & Friday: These are my light days, and I usually go to meditate, catch up with friends etc.
Saturday: I wake up early and work on fun projects like my book or the TV show I have in the works.
All in all, I’m typically working three days a week. I’m able to be in the parts of the business that I want to be, and out of the parts that I don’t want to be in. And that’s because I have an amazing team of people that are in their zone of genius. Then, that allows me the ability to be in my own zone of genius.
It’s important to get to know your team members and understand what they’re good at and what makes their spirit sing. That’s what’s going to set your business up for success.
Catalyst for Wealth Creation
Recurring Profit has been the catalyst of all of these businesses. I’ve had a multi-million dollar business for years. However, I only paid myself $4K to $5K every month in salary coming from W2 when we first started. And I did that strategically because I wanted to keep money in the business, so I could grow the stability of the business.
Because what I was building was an asset. I wasn’t building a business that fueled my lifestyle short-term. I wanted to build a multi-million dollar business, so that it could become a catalyst for my wealth creation and branch out.
Keeping as much money in the business was important because I could use let’s say for instance, $30K that I could have given to myself as a distribution, and instead used that money strategically. Because that $30K could become $200K, $500K if it’s used properly.
And now we have something stable with proven systems, and I hardly have to touch that business now. I go to two meetings a month and record content when I’m told to. Now I’m just the face and brains of the company. But I have a COO and CMO for running the day-to-day and growing the business.
Listen to the full episode to get all the details and more tips on how I run six businesses.
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