Topics include helping struggling employees financially, breaking through financial ceilings, multiple revenue streams, overcoming fears as an entrepreneur, and upcoming leadership masterclass.
45:40
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Quick takeaways
Implement systems to create predictability and transition to growth stage.
Diversify sales channels, target direct-to-consumer, and build relationships to overcome fear and drive growth.
Deep dives
Diversifying Sales Channels and Dealing with Fear
The podcast episode features a caller who owns an onsite furniture repair company. He shares his fear of dealing with the unknown day-to-day challenges of running a business. The host advises him to put systems in place to create a more predictable environment and move from the treadmill stage to the Pathfinder stage. Suggestions include diversifying sales channels by targeting direct-to-consumer business through Google word searches, Facebook marketplace, and Instagram. The host also recommends networking with decorators, interior designers, and custom home builders, and exploring geo-targeted marketing strategies. Overall, the caller is encouraged to focus on working on the business rather than just working in it to overcome fear and achieve growth.
Tackling the Challenges of Getting Big Players as Customers
Another caller seeks advice on getting his foot in the door with big furniture stores, moving companies, and manufacturers for his furniture repair business. The host suggests persistently contacting these companies and developing relationships with decorators, interior designers, and custom home builders who can serve as referral sources. Additionally, he recommends exploring direct-to-consumer marketing strategies such as Google word searches, Facebook marketplace, and showcasing work on Instagram. The caller is reminded to obtain permission if sharing customer projects on social media raises legal concerns. By diversifying customer sources and increasing brand visibility, the caller can reduce his fear of limited opportunities and drive growth for his business.
Moving from Treadmill Stage to Pathfinder Stage
A business owner of an onsite furniture repair company describes his fear of the unknown challenges associated with running a business. The host advises him to develop systems and processes to create a more predictable environment. He suggests implementing systems for monitoring cash flow, expenses, and pricing to avoid over-commitment and under-pricing. Expanding the number of employees is also recommended, allowing the business owner to focus more on working on the business rather than in it. Furthermore, the host advises the caller to explore marketing strategies such as targeted Google word searches and direct-to-consumer promotion on platforms like Facebook marketplace and Instagram. By transitioning from the treadmill stage to the Pathfinder stage, the caller can alleviate fear, increase predictability, and position the business for growth.
Overcoming Fear and Adopting an Abundance Mindset
A caller expresses his fear of the unknown aspects of running a business and seeks guidance on shifting from a scarcity to an abundance mindset. The host acknowledges that fear is common for entrepreneurs, but emphasizes the importance of developing a more predictable environment. This can be achieved through systems and a track record that helps anticipate challenges better. Additionally, gradually transitioning from working in the business to working on the business is recommended, which allows for greater focus on growth and business development. The caller is encouraged to embrace fear as a healthy component of entrepreneurship and to view it as an opportunity for personal and professional growth.