The Money Podcast

How you become a multimillionaire where you are financially free and can spend your time doing exactly what you want? This is the question that Rob has been asked numerous times so here are 12 areas which all multi-millionaires have in common. From ensuring that you have a big vision to testing everything and loving your customer, here are the most important ways to develop on your journey in becoming a multi-millionaire. This won’t happen overnight, it might take years but learning from someone who has developed his multi-million-pound business is a good place to start.   Key Takeaways You need to have a big vision. A small vision will create a small business. People want to see how much you can change the world. Ideally make your vision, national even global. It needs to be bigger than you. It needs to serve a large group of people. It’s not about the service or product it’s about whether it’s scalable.   Have you got something that is unique, does it make people's life easier? People will buy something that is more convenient. You need to have a unique value proposition. If you make people's lives more convenient they will reward you.   The details matter. It’s a strange paradox of being a billionaire that you have to have a big vision but also ensures that the details of your service and product are thought about deeply.   You need to become the best. This might be an obvious statement but it’s still valid. If you want to be a multi-millionaire you have to be faster at getting real-time feedback to improve your product/service and you have to be the best. It could be bringing two things together that is unusual, or you could continually improve your product, whatever it is you need to be the best.   Don’t give up. You will always have another chance. No matter how many times you’ve failed, or a certain business model has failed you will always have another chance.   Always test things first. Find out what people want first, don’t go neck deep into a market and spend all your money. If you go all in then you can always lose big as well as win big. Make the product, market-ready beforehand through testing everything.   Building a great team. Can you leverage smarter people, experts in certain areas that you don’t know as much in? You need great specialists to be successful. If you leverage effectively then you can scale much quicker.   You must love your customer. The customer is king. I used to think that people worked for me, but everyone works for themselves. I realised that I work for them. I work for my customers. Sometimes we make mistakes but 95% of the time we show that we care about our customers.   You want to stay close to your market. When I first retired I thought I could relax and outsource everything but your competition gets ahead of you when you move away from your market. If you do get close to your community then this can give you the edge on gaining quicker feedback from your clients. It means that I can react quickly and improve my service.   Don’t accept conventional wisdom. Conventional wisdom is not always conventional. Test other ideas, and make sure you test ideas before implementing. A good example is a phrase ‘Learn from your mistakes’, which is conventional wisdom but it’s wrong, you need to learn from other people's mistakes, it's cheaper.   Reinvest your profits in Growth. We tend to draw down only 50% profits from our business. This means we reinvest 50% in marketing, in our premises, in our training and staffing. You’ll be worth a lot more when you reinvest in your company to grow effectively than if you didn’t   Cheek. Courageous. Disrupting. Audacious. Leverage. You need to be brave and a little bit cheeky in order to be disruptive in the marketplace. Leverage is key so you get much more for your money per hour.   Best Moments ‘This will not happen overnight.’ ‘A million is not what it used to be.’ ‘10 million meant I could retire, and my kids wouldn’t have to work.’ ‘I think much less about money now than when I was skint.’ ‘The details matter when you are trying to make a million.’ ‘If you have a small vision you will have a small business.’ ‘Hybridising from other markets, and sectors.’ ‘Don’t give it up.’ ‘If you go all in then you can always lose big as well.’ ‘There is nothing wrong in testing.’ ‘Business top and bottom line is often related to how many staff they have.’ ‘You have to serve your customers.’ ‘Conventional wisdom is often wrong.’ ‘If you don’t innovate your competition will.’ ‘Be audacious in your approach to business.’ ‘Learn from other people's mistakes.’ VALUABLE RESOURCES The Disruptive Entrepreneur Podcast iTunes | Stitcher Books Written by Rob Moore:https://robmoore.com/books/ ABOUT THE HOST Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor and property educator. Author of global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur” “If you don't risk anything, you risk everything.” CONTACT METHOD Facebook - https://www.facebook.com/robmooreprogressive/ LinkedIn - https://www.linkedin.com/in/robmoore1979?originalSubdomain=uk YouTube - https://www.youtube.com/channel/UCLtKal0qTf3klDUr7JS_L9Q Twitter - @robprogressive

How to Scale Up Your Business? (LIVE) Scaling up your business can be both difficult, scary and chaotic for business owners. Businesses often have their most challenges when they are faced with moving from a start-up company to a more mature business. There are things you can do to help your business grow however, plan for the breakage and make sure you have sustainable growth. As part of the Business coaching programme Rob talks through various ways you can scale up your business. Ensuring that you have an elegant business model, enough cash to fuel growth and multiple sources of leads are all essential for scaling your company. If you want to learn how to scale your business today this is the podcast for you. Key TakeawaysGoing from Local, National, to Global. This might mean opening new offices around the country or even wider around the world. It might mean moving your business online and growing globally digitally. We’ve resisted pushing for global growth initially focusing on the national. We have decided to move from the national to global now however. We initially just started in Peterborough. Make sure you don’t scale up too fast however as the one area will drain money from another. The Elegant Business Model. This is where you have a staircase of products for your customers. So in my case I give away lots of free content at the top, and then I have low cost products such as my 99p Kindle books. This means that you are trusted in the market and you’re reducing the friction to sales. Then I might you to an even, which are more expensive, then to courses and finally it might be a mastermind which is the most expensive product. We have around £200,000 worth of products that we sell but we don’t do it all at once. Cash Fuels Growth. You might be reinvesting into the business or you might be looking for venture capital. A lot of businesses don’t invest in marketing, but you should be spending sensibly and strategically in marketing as an investment in your future. You should be testing your marketing, and working out what works in your marketing. You have to learn before you can earn. Be careful when you are raising capital, people tend to be more frivolous with spending the money that they haven’t directly earned. Creativity, collaboration, join ventures and innovation fuels growth it doesn’t always have to be cash that fuels it. Marketing. Marketing. Marketing. The reality is marketing gets people into the shop and sales facilitates the purchase when you are in the shop. You have to make sure that you have multiple streams of leads. It’s important to not rely on one form of marketing because things could change, and that could be the end of your business. Multiple sources of leads. This will mean that you will get multiple sources of income. You have to get the balance right between having multiple streams and getting the depth right. Make sure that you are tweaking some, having some that are in testing phase and some which are fully formed. So you have a conveyor belt of different marketing in the pipeline. Then before you know it you will have 80 streams of income. The faster you grow the more breakage there will be. You can plan for this by systemising and planning in advance. Reputation issues, admin and people issues can be bigger when you grow quickly. If you grow steadily then it might be easier to manage but if you have no breakage you are not growing quickly enough. You have to make sure that your staff are going with you in your growth. If you scale your staff and systems up for the next round of growth before you get there then there will be less breakage Partnerships, collaboration and joint ventures. A way to scale up quickly is to make sure that you have the right collaborations in place. There are lots of examples of joint ventures between different companies. Virgin does this alot with a lot of different companies to create new companies. You could set up an affiliate or ambassador programme. Building Multiple Assets. If you have an office, or a book, or your web presence they are all assets. Building up online assets means you will have recurring income, multiple leads and multiple streams of income. I have recently gone past the million pound sales for my books. You have to invest in these assets, it’s better to invest in these rather than an hourly rate. Direct Response, Brand Marketing. Direct response is more transactional, whereas brand marketing is around the visuals of you brand. How when you think of a fizzy drink you think of Coca-cola? Direct responses allow you to track more effectively the sales from your business. It’s best to start with direct responses and then once you have a bigger marketing budget you move onto brand marketing. Best Moments‘The growth of a business brings challenges and opportunity’‘The elegant business model takes people on a journey.’‘The Elegant business model allows for a staircase of products that your customers can purchase’‘A lot of businesses don’t invest in marketing which is an error.’‘We reinvest around 50% of our profits back into the business from retained earnings.’‘Marketing is essential for getting people into the shop.’‘Cash isn’t the only thing that fuels growth but it’s an important one.’‘Multiple sources of leads are essential.’‘You have to learn before you can earn.’‘You can a great game plan until you get punched in the face.’‘Have a rolling recruitment cycle so you aren’t waiting for people.’‘You can have breakage or wastage not both.’‘The more you scale up the more demand for staff you will have.’``Multi-media is using all the different platforms out there as much as possible.’‘Make sure you are not using single media.’‘We are now as much a media agency as we are a property business.’‘With partnerships you get a leveraged effect.’‘These all create trickle down money.’‘If you are too aggressive with your sales you will have an attrition rate.’‘Direct response allows you to track sales better. VALUABLE RESOURCES The Disruptive Entrepreneur Podcast iTunes | StitcherBooks Written by Rob Moore:https://robmoore.com/books/ABOUT THE HOST Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor and property educator. Author of global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”“If you don't risk anything, you risk everything.”CONTACT METHODFacebook -LinkedIn -YouTube -

Do you have a love affair with money? In today’s episode of the Money Podcast, your host Rob Moore shares with you 10 ways how to have a love affair with money. He covers knowing what money is, how to see the good in money and not just the bad and how you too, can ultimately use money as a facilitator for the greater good and much more. Hop in to learn about this and much more. KEY TAKEAWAYS Number one, on how to have a great love affair with money is, understanding what it is. A lot of people just don't understand what money is they have all these beliefs and judgments and values and projections based on inaccurate information of what money is. What money isn’t is everything that people think it is except a universal mechanism of exchange of value, a unit of account, a measurement of worth and value, measuring in a universal way your value so that it can be exchanged in an efficient and universally agreed and accepted way. The second thing is to see the good in money and not just the bad. Nothing has all upside or downside. Money has downside money has upside but money is made by machines that were made by man, money as a human construct and as such, with the good and the bad that's in money is actually in humanity. People will say that money is also a cause some of the problems they are facing, money isn't, the individuals who are using the money for power are. Number three, realize that your beliefs around money aren’t real, they're just your beliefs around money. Think about what you want your beliefs about money to be should you choose, to wipe the slate clean and to play the money game the way you want to play it. People think that money is what they believe it is and what they believe it is based on their past experiences, their upbringing, maybe their schooling, their geography, but in reality, that's your individual beliefs and lifestyle and past experiences around money, that doesn't make them real. Why don't you think about what you want to believe about money, like it's a course for good, like it's an enabler of your great traits, like it's a form of energy flow and you can increase that energy flow for yourself and for others. Number four, use it for something great and use it for the greater good. If your company makes a lot of money, reinvest into your staff, reinvest into their benefits, reinvest into marketing, reinvest into maybe building a better facility for your staff to work, reinvesting your online brand for yourself, you could buy a nice house, you could go on a nice holiday, you could treat yourself so that you're able to relax so that you can re-energize, so that you can then be more prolific and focused when it is time to go deep into work. Number five, remember people are going to judge you anyway around money whether you have a lot or not a lot, whether you're flashy or you’re subtle and humble. They're going to judge you no matter what. Number six will be that your past does not have to dictate your future. Things like your mistakes, your upbringing, they don't have to dictate the rest of your life, which for a lot of people they do. Any of your past flaws and failings and mistakes and guilt and shame and a strong emotional memory that you're holding on to that you have a big void in that does not have to dictate your future. Number seven, what it actually takes to have a comfortable amount of money. A lot of people judging people who bought Lamborghinis or travel first class are going to fancy countries all around the world when in fact, they would want a really nice car and they would want to really nice house and they would want to travel to nice destinations. Why don't you think about all the things that you want to do and you want to have and that can be material and that can be experiential, and then actually plan out those things and then use that as a motivator to go and drive you to make the money to go and do those things. Number eight, a lot of people think they're taking from poor people or other people when they're hoarding or growing wealth, that's a mistake or that's a fallacy. I would understand why people wouldn't want a huge amount of money if they felt like they were taking from everybody else but money is a constant flow of energy is constantly moving around this consumers and producers, there are givers and there are takers, money is currency, the word currency means flow. Number nine, you create much more economy, the more wealth you have, the richer you are. If you're a billionaire and you fly by private jet, you've hired the pilot, there are some maintenance people, there's the crew, there are all the big tips that you give, the drivers that pick you up there and back, all those people are able to offer their products and services to you the billionaire and they're getting employment, thanks to you having a lot more money. Number 10, ways to use your money which are really effective use of money which should get rid of any guilt or worry about money. If you want to sustainably grow and make more money and have a love affair with money that when you get some save a bit, invest a bit, spend a bit and give a bit. BEST MOMENTS “The irony of money is a lot of people think that people who are rich all they do is think about money and they're obsessed about money.” “Money doesn't really have any meaning of such other than the meaning that you place upon it.” “People think that money is evil, people think that it's greed, but no, human beings are evil and human beings are greedy.” “Money will really make you more of what you already are, it's an enabler or an amplifier.” “Experiences is the way you should use the money.” “The word currency means flow.” “Money works best when it's flowing the fastest.” “GDP is the amount of money that's flowing around an economy a given period of time.” “If you don't risk anything, you risk everything.” VALUABLE RESOURCES Website: (http://www.robmoore.com/) ABOUT THE HOST Rob Moore is a philanthropist and author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor and property educator. Author of global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”   “If you don't risk anything, you risk everything” CONTACT METHOD Website (http://www.robmoore.com/) Facebook https://www.facebook.com/robmooreprogressive/) Twitter (https://twitter.com/https://twitter.com/robprogressive)

Every business goes through chaos through changes in culture, lots of things will go wrong in business but they don’t often get talked about. If we talk about what goes wrong hopefully we’ll be able to learn from others mistakes. Rob talks through the various challenges that he’s faced at Progressive over the years. From managing culture shifts as you grow, and mastering your emotions, to making sure you are systemising your business. This is essential listening for anyone looking to grow their business and overcome some of the challenges that you will inevitably face,   Key Takeaways The growth paradox. We all are all aiming for year or year growth. But when is it enough? Wanting to grow every year is ok. The paradox is that there will be challenges. The faster you grow the more things will break. You have to get your head around the fact that the harder you grow the more complaints you’ll have. The more mature your business is it’s likely that the rate of growth will decline.   As you grow you have to start planning ahead. A lot of people have great intentions as an entrepreneur, and they make big claims but they can’t back them up. For my marketing mastermind course, I just went for it. I didn’t plan any of it or systemise it in advance. I couldn’t quite get it planned but it’s always best to plan if you can. Do you have a VA or PA? Do you have a hiring strategy? Business and chaos goes in cycles and you need both, to be able to be successful.   The Main Culture Shifts. Hiring your first staff. When you’re a one-man band you can do what you want, when you want. You represent your own brand. When you hire your own person you have to think about them, train them and plan their work. The first culture shift is when you have to train, help and support your first person. Creating A Team. When you create a team you’ll see the benefits of an effective team and how leverage works within that team. You can get 10x more work done if you focus a little bit of your time on training and supporting your team. Hiring a Manager. Some people will leave, and some people will change with it. You don’t want to be uber corporate but you do become more hierarchical. Your team will not go to you for all the answers, they will go to the manager and this can be a real culture shift. You don’t know everyone. When you have around 40 people you’ll get to that stage where you won’t know everyone in the business. Your role changes from working lots to overseeing others work. You start to get staff that hide, who don’t do as much as they should. When you can watch everyone it’s different in a small team. You will have to hire an HR department, have staff benefits and health and safety becomes more complicated.   Entrepreneurs have this fantasy around having complete freedom. You’ll have this idea that people will work for me rather than you working for anyone. But this is not always true. Noone will work for you, they will work for themselves. If you can match their values then you will create more loyalty. I try to hire people whose career is really important to them. If you understand their values then you can create the best opportunity for loyalty. I now believe that I work for my team, not they work for me. When you have a staff of 80 people you can’t do what you want although you have a degree of freedom, you also have a lot of responsibility.   When you grow mastery of your emotions is key. You can’t talk to people like a piece of shit, you can’t fire people like on the Apprentice. If you talk to people like that, then you won’t get away with it. They will defame and damage your brand online or in person. You have to manage that emotion, be respectful and strategic. Try and give feedback in a way that empowers people. People will and respect that.   What about competitors? You should not be obsessed with your competition, be obsessed about what they do. Don’t get aggressive, or go into markets just because they are. They keep you honest, and you can learn from them. Competitors will create a bigger pond overall as well. In reality, your competitors will be better in some areas than you. You should try and collaborate with them in some areas. We should be focused more on our clients rather than your competitors.   You will hit a ceiling at some point. How do you second guess them and bash through them? We’ve hit a ceiling with the training business, and we are going from 50% to 6% growth. It’s harder to continually sell a product without making something new or innovating. A new launch is exciting. If you can plan and prepare for these products then that will help.   Managing Cash. One million pounds is never actually that, as loads of people get a cut, and you might be left with 15% of that million. There are sorts of overheads and expenses when you grow. You should have a separate account for your VAT. We keep a year’s worth of operating expenses for a year in case we have no sales. We try and take money as close to the product as possible. All these costs are a reality.   You get legal issues. You can get online defamation, you can get to tribunals with staff. You have to plan and prepare for that. Your emotional management is important. If you just fire people then you can get into a tribunal situation. Manage your online reputation effectively, and deal with complaints appropriately don’t threaten to sue everyone.    Balancing Multiple Streams of Income. If you only have one income stream you are at risk. If you do too many things, then you can get overwhelmed and you break. It’s completely chaotic, and you don’t go deep enough down in one model to be successful at it. Mark and I have maybe 8 or 9 streams of income. We take on one thing at a time, systemise the past things, and layer them up over each other. Systemise one a year. It’s important to have multiple streams of leads as well.   New Sources of marketing. Marketing is the most important function. Without any interest and leads, there is no money to convert. Without marketing your business will fail. Marketing is about ROI, rather than the overall cost of marketing.   Your ongoing energy. Make sure you have a variety but not too much. Being around people that I like. Having the freedom to do things that I want to. Are you doing the things that you enjoy? Are you reinventing yourself every few years? You’ll have to seek out the things that you enjoy. I have managed to keep that energy in the business. It might just be a really good conversation or documentary. The energy of your business comes from you.   Market Trends. What is happening in the market? How is VR going to affect training business? What technological innovations are there that will affect your business? Are you on top of that, and how will you adapt? Do you have enough time to work on that high-level areas?   Systems and Processes. Fundamentally you should be documenting everything that you do. Have you got a system in place, a specific processed way of getting an outcome whether it’s sales or finance? One page checklists are the best to operate. Sometimes they can have screen grabs or audio notes. But remember people still perform processes.   Best Moments ‘The faster you grow the more things will break.’ ‘You have to get over tour perfectionist edge.’ ‘I’d rather be reactive to growth than not have growth.’ ‘Business is chaos.’ ‘As you get bigger, you will have to get managers.’ ‘Having a team will mean you see the benefits of leverage.’ ‘You need to keep the feel of when you’re a one-man band.’ ‘You have to keep the culture throughout your business.’ ‘Your role will change.’ ‘Being an entrepreneur is about continuously solving problems.’ ‘Try and give feedback in a way that empowers people. ‘ ‘You have to manage that emotion, and be respectful and strategic.’ ‘Don’t get in fights that aren’t worth fighting.’ ‘Sometimes in critical feedback, there is some truth in there.’ ‘Focus on your own business, not your competitors.’ ‘We should be focused more on our clients rather than your competitors.’ ‘If you get complacent then you are dead.’ ‘Don’t mistake passion for not being in control of your emotions.’ ‘None has control or the right for any market.’ ‘One million pounds is not as much as you think. There are always expenses.’ ‘Online reputation management is really key and important.’ ‘Marketing is the most important aspect of a business.’ ‘Always test new ways of doing marketing.’ ‘It’s all about ROI data into your marketing.’ ‘People still perform processes.’ ‘Can you reinvent yourself every few years?’ VALUABLE RESOURCES The Money Podcast iTunes | Omny ABOUT THE HOST Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage. “If you don't risk anything, you risk everything.” CONTACT METHOD Facebook: https://www.facebook.com/robmooreprogressive/ LinkedIn: https://uk.linkedin.com/in/robmoore1979

You can make money quicker and easier than you think! If ever money’s tight lately or just wanted to try out your business plans, then this episode of The Money Podcast is for you. Rob offers the 6 proven ways to raise £30,000 in just 30-90 days. Believe it or not, reaching your target in no time is doable! These ways can give you the quick cash you need but remember that you have to be motivated enough to be trained and to do them. Once you’ve learned everything, then you’re set to go and will be earning the £30K in less than 3 months! If you have loved ones or colleagues who are looking for ideas to reach £30K easily, then make sure to share today’s episode! KEY TAKEAWAYS 6 Ways to £30K! Launch a webinar. You can prepare a 90-120 minute of great monetizable content and promote it on social media for free. This can help you sell your ideas, products, and services. If you don’t have anything to sell, sell others’ products and services as an affiliate. Start a mastermind. A mastermind can consist of between 6 to 15 people. If you offer a nice yearly deal for mastermind-ing, then people will be interested, and you’ll be earning enough money. Sell the stuff that you are not using and want. Posting them online is the easiest way to reach more people. This one’s a quick solution if you really want fast money. Look at refinancing an asset. Ask your broker if you could refinance and pay less per month. Ask if you can change your mortgage deal or lessen the fees you pay for the recent months. Do a product or service launch. Build up a pre-launch, the launch, a post-launch, and the closing. Post ads on every social media. Packaging and selling property deals. Early investors might not have big deposits. Deal packaging – selling deals to other investors Launch a course. What could you do better that your new and existing followers demand? You can go for lower volume, higher fee or post it online for a higher volume and at a lower fee. BEST MOMENTS “You have to have the credibility on the thing that you mastermind on.” “What do you know? And, what do you do better than everyone else?” “You will sell a lot more products in the short amount of time if you have a proper launch process.” “When you stack it all up, there’s a lot of more reach out there than you think. Now, if you’re smart, you’ll continually put content out there.” VALUABLE RESOURCES The Money Podcast iTunes | Omny ABOUT THE HOST Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage. “If you don't risk anything, you risk everything.” CONTACT METHOD Facebook: https://www.facebook.com/robmooreprogressive/ LinkedIn: https://uk.linkedin.com/in/robmoore1979

Cash is one of the best sounding words in the English language. It’s something that we all need to live, but can be difficult to sustain cash flow when you’re starting a new business. Business owners will often wait years to take any money out of their business to pay themselves due to feelings of guilt. This is a key question for all business owners, when do they decide to pay themselves and take money out of the business. Rob this week talks through why you should be paying yourself first and why incremental increases in that amount are key to not putting your business under too much pressure. If you’ve started a business recently and you're struggling to pay yourself through guilt this is the episode for you.   Key Takeaways Pay yourself first. A lot of people decide to pay school fees, their sky subscription, and everything else before they pay themselves. Have a direct debit out into your savings, and then what’s left is for your bills. Then there is always the question of: ‘What if I don’t have enough money?’ If you didn’t have enough to cover your expenses then at least you know how much you need to earn extra. These costs are not necessarily fixed. There are two ways of increasing your disposable income reducing costs or earning more money. There are lots of ways of earning a bit extra, working overtime, starting a part-time business. Make sure that all that extra income is paid to you however rather than another expense.   A lot of people in business wait until two years down the line to pay themselves from their business when they can pay themselves a decent salary. When you start a business you will have a certain amount of investment costs. Even if you don’t have an office or staff, there is still costs needed in terms of time, or hosting. Mark and I didn’t take anything in the first few months, and then we nudged what we took out every month following that. If you nudge your money up that you take out every month it forces growth. If you do this incrementally, don’t take out a large chunk all at once as that will be a bigger shock for your business. A grand a month extra sales in your business is achievable.  A small increment is much more manageable, something like a 10% increase than taking out a whole salary in one go. It’s more of a shock for your business taking out a large amount of money. If you want to spend £300 every month on a specific item like a car. Then you need to earn £600 a month because there will always be more expenses like maintenance etc.   Your future business is the marketing you do today. Spending, testing, and tracking your marketing spend is key. We spend around £200,000 a month on marketing which relative to our turnover, is reasonable. You should be aiming to increase your costs that are linked to sales. Fixed overheads are where you get stuck but variable costs like marketing it’s important to spend in those areas. If you could spend £10 and get £20 back then you would be spending thousands on that.   A lot of people have guilt about taking money from their business. You were born to self actualise, you are allowed to pay your bills. You were born as a human being to maximise your potential; earning money and growing your reach are all part of that. You deserve to be paid. If you are selling your business then the value of your business will be devalued if you're not paying yourself enough money.   You will be less open to scams when you have cash reserves. They keep you calm. You can pay yourself.   Best Moments ‘Pay yourself first.’ ‘Starting a business is like planting a seed it won’t grow tomorrow.’ ‘If you nudge your money up, it forces growth. You keep down expenses, and drive up sales.’ ‘Incrementally increasing the money you pay yourself is much more palatable.’ ‘Only draw out what your business can afford.’ ‘The business you have today, is the marketing you did yesterday.’ ‘Fixed overheads are where you get stuck.’ ‘Incrementally is really important.’ ‘Incrementally increase your marketing budget.’ ‘Don’t grab a load of money from your business.’ ‘You might need the cash reserves.’ ‘Everytime you increase your income save part of it, and spend part of it.’ ‘Always earn more than the expense that you want.’ ‘Your future business is the marketing that you today.’   ABOUT THE HOST Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage. “If you don't risk anything, you risk everything.”   CONTACT METHOD Facebook: https://www.facebook.com/robmooreprogressive/ LinkedIn: https://uk.linkedin.com/in/robmoore1979

Often people don’t know all the numbers for their business, they don’t know what different lead sources they have, the quality of those leads and how much their acquisition costs are? There is one metric however that all businesses should be focused on, their Lifetime Client Value. Rob, in the latest episode of The Money Podcast talks through how you can work this out for your business and why it’s so important to develop your business and grow profits.   Key Takeaways LCV: Lifetime Client Value - This is the value to you, in total, per client for the lifetime of that client. It’s the most important metric in any business. If you don’t know this, then you have no idea whether you should be finding new clients, creating new products for your existing clients, or selling the same products more to the,.   If you know this then you can loss-lead at the front. I often do training courses, and events that are cheaper at first, but people are then able to buy more expensive products. This works with serviced accommodation where you can sell back to the same clients. What can you afford to pay to acquire a client, is a really important number to work out.   A new customer is likely to be 4x as expensive as old customers. Once a customer has paid for your products then they have overcome the biggest friction point so it gets easier after that. You already have the trust of those people, and they are being bombarded with marketing from everyone else, so use that advantage.   LCV is: Total Sales/Total unique clients. You want to measure this every 6-12 months. You could rest from getting new customers, and focus on your current customers for a time period, which could dramatically your profit and reduce your cost.   As your LCV goes up, you can then reinvest that money in the front end of marketing, so you are gaining more customers. Variable costs like marketing you want to be testing and investing all the time. It’s wise to have 20% of your marketing budget which you can use to test and willing to lose.   MAC - Maximum Acquisition Cost - This should be about 50% of your net profits. Not all client sources are the same. You could have a Groupon client and then you could have generic clients from your website who’ve done a lot of research. You might find that the people who come through your website, could be spending a lot more on your products, but making very little money on the Groupon deals. So it’s important to track where you leads come from.   If you grow fast then your LCV could go down because everything is chaos. If you grow fast then sometimes the things that make LCV increase with like good customer service, etc aren’t there. So it’s a process of growing and contracting your business to grow your LCV.   Referrals. The happiest clients are the ones who are going to give you the best referrals. Increasing your LCV means that you have clients who invested heavily in your business which can lead to more and better quality referrals.   Best Moments ‘If you no this then you can loss-lead at the front.’ ‘Sometimes things are harder than you think, but sometimes they are easier.’ ‘LCV is the most important metric for every business.’ ‘What can you afford to pay to gain that client.?’ ‘You need a staircase of products, once your clients have come on board.’ ‘80% of our products you won’t see if you haven’t completed a certain level of training.’ ‘A new customer is likely to be 4x as expensive as old customers.’ ‘AOV - Is the average value that your client purchases.’ ‘It’s wise to have 20% of your marketing budget which you can use to test and willing to lose.’ ‘Unless you test you don’t know.’ ‘MAC - Maximum Acquisition Cost - This should be about 50% of your net profits.’ ‘The happiest clients are the ones who are going to give you the best referrals’   VALUABLE RESOURCES   Business Breakthrough Summit Multiple Stream of Property Income   ABOUT THE HOST Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage. “If you don't risk anything, you risk everything.”   CONTACT METHOD Facebook: https://www.facebook.com/robmooreprogressive/ LinkedIn: https://uk.linkedin.com/in/robmoore1979

Why you should be asking for referrals today?  All business get referrals, but when do you actively ask for them? Most rely on word of mouth, or their clients initiative to refer others to their business. In the latest episode of Money, Rob talks through why we should all be asking for referrals from our clients and customers. In a simple ttwo-step solution you’ll hear how you can increase your sales by referrals. Don’t wait for others to refer you, take action today to get more sales through referrals.     Key Takeaways  Do you go to your followers and ask for referrals? I recently bought a record deck that is worth around £20,000 but I got a really good deal at around £9,000. I had wanted this deck for a while so asked around to some friends who are also into Hi-Fi. It turns out that a friend of a friend of a friend new how to get one after a friend had tragically recently died and had left the Hi-Fi. I wouldn’t have been able to buy this Hi-Fi if I a hadn’t asked. What might look like serendipity on the outside all came about because I asked.   I’ve come up with a two-step process for asking for referrals:  Reach out to your customers, clients, leads and followers. Ask them for some feedback on your services. What should we stop? Start? And Change? As well what you are good at. Ten give them a gift for their feedback, a consultation call, or a free gift of some kind.   Two or three weeks later publish the results. State what the feedback was and how you are addressing it. Then give them a special offer for a new product or ask them to refer your business.   Imagine if you did a personal reach out. This process gives you feedback and then hopefully you are gaining 1-3 times more business in the same year. In the 60 or so marketing plans that I’ve read recently for a marketing mastermind not even five of them are not doing this. People get natural referrals, buy you should be asking for them as well. Think about what profit you make on each product and how much of that you would give away to gain a new customer. Then give that number away in terms of cash, or discount in exchange for a referral from that customer.     Business are often not strategically building a referral system. In the first of these examples, you are you are directly making a pitch to your existing customers who are easier to sell to by the way. The second you are asking for a referral. Most people are getting their business through word of mouth which is accidental. Start gaining business through strategic referrals.     This year we are holding a party for our most loyal clients. We asked our team for the top fifty clients. I was shocked at how much they had paid over the years getting close to 40K. We decided then to celebrate this, and have a celebration with champagne and a BBQ at my house. We’re not going to  ask them for referrals but I don’t want them for a referral. I just want to show that we care, and that they feel special.     Key things to remember about referrals 1) Ask For Referrals 2) Incentivise the action  3) Track it well  4) Make it personal for them. Say thank you.      Best Moments  ‘2 step solution to be successful at referrals.’  ‘Reach out and show gratitude.’  ‘People sometimes just love to be made appreciated.’  ‘Move from accidental referrals to strategic referrals.’  ‘Track the average order value of your client, and the average profit margin for this.’  ‘If you ask more, you get more.’  ‘The world is a mirror of you.’  ‘Some people just want to feel special.’  ‘Imagine if you did a personal reach out’  ‘How much of your profit margin would you give away to get a new client.’  ‘Incentivise and care about those who give you referrals.’  ‘Sell new products to your existing clients, they already trust you.’    VALUABLE RESOURCES  https://www.amazon.co.uk/Money-Know-Learn-money-transform/dp/1473641322    ABOUT THE HOST  Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.  “If you don't risk anything, you risk everything.”   CONTACT METHOD  Facebook LinkedIn  

Money makes you a happier and better person, don’t judge or stereotype the rich simply learn how to be successful and remain hungry and humble. In this episode of The Money Podcast, Rob Moore discusses the traits of billionaires and how you can put them into practice in your own life and business. Beware you may dislike some of these traits... KEY TAKEAWAYS You cannot judge or stereotype the rich. There is no one type of greedy evil bastard billionaire and the fact is every human being has every trait. Stop telling yourself that the rich person is making you feel really shit about yourself because you’re skint. You can be more so stop being the victim and making excuses. The reality of rich people, billionaires and millionaires, is that they are human beings who have their own individual traits, some are great and some are traits you don't admire. Some of the traits you could model and own because you admire them. It might be a vision, it might be the ability to take rejection, it might be the consistent pursuit of a goal. It might be that they know how to spot a business opportunity in the early infant stages that go wild and grow with vast scale, they know how to scale a business, they know how to deal with big legal cases and reputational issues. These are all skills that they have the skills that they've developed in the pursuit of making millions or billions. Every human being can be greedy and a billionaire can be greedy and a skint person can be greedy also. You cannot judge millionaires and billionaires and put them in a box or a stereotype, all you can do is understand that they know how to make money. Traits of billionaires. A vision that is vast and has a huge ability to scale. People who have global and national vision usually become very wealthy because there are more people to reach. The second thing is you need to have a business model that is scalable. The reality is a billionaire has traits that you'd like to model to self actualize and every billionaire also has traits that you don't like or aspire to be and you don't want to be like, so don't judge the person, judge the traits because every person has traits that you admire and every personality traits that you want to disown, but also challenge yourself to be open-minded to learn from people you don't necessarily connect with or relate to. Stop judging yourself and comparing yourself to the successful people or billionaires because that will lower your self-esteem and you will never achieve your success. Are you prepared to get out of your own way and learn what it takes to be successful, to be wealthy? BEST MOMENTS “You cannot judge or stereotype the rich.” “Money makes you happy and a better person.” “Positioning yourself as a student is the greatest gift you can give yourself.” “ If you don't risk anything, you risk everything.” VALUABLE RESOURCES https://www.amazon.co.uk/Money-Know-Learn-money-transform/dp/1473641322 A book called How to be a billionaire by Martin Princeton. ABOUT THE HOST Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” and “The Money Podcast” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage. “If you don't risk anything, you risk everything” CONTACT METHOD Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs LinkedIn: https://uk.linkedin.com/in/robmoore1979

Working on your business and not in your business is essential for growth so understanding how to hire the right staff and create the right systems is vital for your business's success. In today’s episode, Rob shares with you the four staffing strategies to implement in your business, ten important things to know about staffing and hiring and the top five sources for recruitment. If you want to become a better leader, founder, entreprneur and business owner you need to empower your employees, inspire them and motivate them to succeed. If you’re looking to build an empire and create a legacy you need to grow your business and work towards the big picture you’ve set yourself, and if you want all of this tune in today to hear how. KEY TAKEAWAYS Four staffing strategies to implement in your business. Don’t hire until everything breaks. Keep a lean overhead until your stress levels reach overwhelm. It is then when you should begin staffing-up. Hire in advance (3-6months) this means you can onboard them, train them and systemise them so they’re up to speed for when you actually need them. This is more proactive. Always be recruiting and rolling out ads on LinkedIn and recruitment websites. This will give you a contingency in your business for when staff leave or go on maternity leave. Lots of modern business outsource and use VA’s as their workforce. This can keep the costs down and the business lean. However, you might not have that buzz around the office and be able to train/impact on your staff if they’re outside or external to the business. Staffing and whether you choose to insource or outsource will depend on your business and your business values. Ten things to know about staffing and systems There are three stages to consider when working on your business.  Your own tasks, business systems and processes and staffing and hiring. It can be chaotic as an entreprneur as you’ll find yourself doing all three. The solution, to focus on leveraging and managing people to inspire and motivate them so that they will take your company to the next level. If you want to grow you have to let go. You’ve got to let your employees manage projects and allow them to thrive, whilst you won’t want to let go of the project yourself you can set them KPI’s to keep them on track. To de-risk staffing, you can manage your employees with minimum standards or performance (MSOP) ideally linked to revenue targets. In the first 1-2 years of employment, you have a lot of rights when it comes to employing staff. Your employees are intrapreneurs and not entrepreneurs so they’re not the same as you. To get clarity when hiring make sure you have clear job descriptions. This includes the company values, vision, job, role, KRA’s (Key results areas) and IGT (income generating tasks) The structure, operations, function and purpose of your business and staff roles needs to be put into an operations manual and check-list. This will make your business more dynamic, scalable and saleable. Create a good onboarding time to allow your new staff to learn the business the systems and the processes. Judge them on effort and not results and let them learn the culture of your business. There are three things proven to be more important than salary for your employees. Progression, Recognition and Autonomy (PRA) make sure you address all of these with every member of each team. An entrepreneur and a manager are different they have different pros and cons. An entreprneur creates the vision and the big picture and the manager is more organised and methodical so work out which one you are. Balance excitement with realism and you’ll have a great balance for your team. Should you hire on aptitude or attitude? Their skill-set or their mindset? You should aim for a balance of both when hiring for your business. Culture and values are important to hiring, this is the personality of your business and what makes you special. This should be prevalent in your recruiting and communicated to your staff. Top five sources for recruitment Local recruitment agencies Specific agencies (IT agencies, Sales agencies etc) LinkedIn Referrals from staff (commission based) Asking on social media (Facebook) BEST MOMENTS “Become a better leader, founder and entrepreneur and inspire people to work for you. There’s great leverage in working with people you’ll help them and you’ll help yourself.” “For most entrepreneurs, they will get busy and make money before hiring people. They will usually hire reactively.” “Always be recruiting” “People are your greatest asset” “Learn how to work on your job, not in your job.” “Every entreprneur and every business goes through a growth cycle. Every business that has one-thousand employees started with one.” “Every salesperson should bring in three times their salary” “The three most important hires are a marketing person, assistant admin, sales and an operations manager”   VALUABLE RESOURCES Rob Moore’s six month model for building a scalable and sustainable business. Module 1: Start-up Module 2: Sales Module 3: Systems & staffing Module: Survival Module 4: Scaling Module: Sustainability Rob More - Money Onlinejobs.ph Upwork.com 99designs.com ABOUT THE HOST Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” and “The Money Podcast” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage. “If you don't risk anything, you risk everything” CONTACT METHOD Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs LinkedIn - https://uk.linkedin.com/in/robmoore1979