Tips for running, or starting a business
I believe that starting a boring, non-sexy, blue-collar, service-based business is the easiest way to add $1M cash to your net worth in the next 10 years. There are so many of these businesses already out there that can instantly be turned profitable with a little technology magic and by understanding some of the more modern business strategies. If anyone were to ask me the best way to 10x their investment, this would be the approach I would take. The playbook that has helped me find success at GCS is absolutely repeatable, and applicable, across many different businesses.
But service-based businesses are often not for the faint of heart, and they almost always come with more work than you may think. Even more, it’s harder to 100x your investment in a service-based business than it is in a say a technology business, simply because service-based businesses have some unique challenges when it comes to scale.
In a recent conversation, I sat down with someone just getting started in a similar business to try to help him with what I’ve learned. As I drove home, I thought these would be great to share with my readers in case anyone was starting a business, or thinking of it.
Friction is great when you need a fire, but terrible when you want to go down a waterslide. In other words, there are times to be disruptive, and there are times to go with the flow. Learn to recognize which is which.
Sales are more process than personality. Shifting from owner-based sales to delegated sales is incredibly challenging
If no one is telling you No, your price is too low. If you are not telling anyone No, you are taking on too much.
The larger the company or team, the longer the decision process. The more people involved, the more potentials for Nos. A single “No” by a random person can override 12 Yeses by important people.
Storytelling and content are the most important assets that you should focus on to grow your business over the next 10 years.
Using technology today is not really a choice. Proper use of technology is an instant 5x.
If you constantly give away your time, people will always take it.
You will start off unstructured. You will then over-correct and implement a lot of processes and rules. You will then realize that your business is too rigid and go back to the old way. Accept this cycle but do not try to skip over it.
A plan or forecast is useless but the process of creating a plan is worth millions.
Everyone is selling something and everyone has an angle.
It’s as important to not lose as it is to win. You can retire very comfortably by simply never losing. That is a great consolation prize. There is plenty enough to go around, trust me.
Opportunities are only good if you are there to do something with them. If you are too busy working, or bickering, or trying to keep the lights on, you will miss out on that multi-million dollar opportunity. Get your act together early and often to allow you to see, recognize, and take the once-in-a-lifetime shot.
Most people you run across are winging it. Business is mostly art, not science and you can rest assured that the vast majority of us are simply figuring it out as we go.
Finally, you do not have to go all-in like the books say. Start with a side hustle and/or multiple darts until you are ready. Learn from failures and move on. It just takes 1 success to make it all worth it.
If you know of anyone thinking about starting a business, or who is currently running a business, please share this article with them.