This week Ryan shares one of the most popular talks held at Freedom Fast Lane Live. This was when some of the Mastermind partners were brought on stage and shared their biggest breakthroughs from their personal businesses over the last year. Each Mastermind partner at least doubled their business in the last 12 months, and three increased their revenue by 10X! This episode of Freedom Fast Lane uncovers the leverage points and finds the themes including team building, systemizing, working on your business rather than in your business, planning for the long-term, and knowing when to pivot, as well as ‘keeping a $100M view.’
Hiring a Profile – AJ
Eighteen months ago, AJ was 1/10th of where he is now. The big leverage point was building a team and getting out of the business. He recognizes that you have to delegate if you want to grow, but admits he didn’t know how to hire or create systems. AJ took Ryan’s advice, and spent 1 hour a day to create systems and saw what happened in 30 days. He started looking for hires within his network, and started with one person creating systems. Even when you outsource, if you are the person managing the people, then you are creating a job for yourself. The first hiring was a project manager who is a great ‘doer.’ When you hire in a startup environment, you will move people around as the role evolves. AJ suggests hiring a person with a ‘go-getter’ profile and who understands the grind.
Ultimately, hire a profile rather than a job description. The first hire started in customer service and is now the Vice President of Marketing. Every candidate that applies takes an aptitude test, personality profile, and typing test.
Establishing Identity – Jeremy
Establish the identity as a brand and articulate that to the customer as opposed to thinking ‘everyone will buy my product.’ Targeting the average customer articulates the mission and message, and getting raving fans as a result.
Zone of Genius – Zach
One business functioned as Zach’s cash flow that leveraged his other business where he wanted to actually spend his time. Not all entrepreneurs are focused solely on one business, but most feel the need to grow for the sake of growing. Zach touches on the importance of developing self- awareness to figure out the type of entrepreneur you are. The thrill, fun, and passion comes with the grind, and once you hit success, you hope it goes away so you can build it again. It’s important to stay in your ‘zone of genius.’
ZonBlast – Joe Junfola
Junfola is the owner of ZonBlast, and has been the backbone of many Amazon businesses, helping them get to the $1M point. It takes a serious level of commitment to give up product at a loss as a means of bullying your way to the top. The smaller companies waiver over coming to the table with fifty units of promo, but you need to not care about profiting from day one and look at the big picture.
Joe has four brands in addition to ZonBlast and admits there has been no delineation between a personal life and managing the companies. ZonBlast grew so quickly, which meant it took 80% of Joe’s time. The tipping point for compartmentalizing his businesses and time was the first hire.
Transition Points – Matt Davis
Matt is Ryan’s partner in the business, and admits there was a rough spot in the partnership around the idea of bringing on help. They key was finding the right person with the ‘hire slow, fire fast’ approach. Ryan is willing to take a loss on people and systems in order to make enough mistakes to figure the piece out.
Jeremy says his biggest mistake is getting into habitual patterns with certain tasks and knowing he should outsource, but keeping on doing it himself, and thus stagnating growth.
Matt over-analyzes everything, but has moved toward separating roles and values. The hardest thing is giving up control and trusting others to get it done. Even when the company was at $1M and had a customer service person, he still answered customer service emails. Empowerment has been a huge shift.
AJ’s biggest mistake was not realizing strengths and weaknesses. People are focusing on things that won’t give them an ROI right now but will in the future. Not realizing there is a bigger picture and going beyond the Amazon brand was also a hold-back.
The trend Ryan has seen is entrepreneurs going full time and thinking cash flow then years later feeling safe enough in order to transition into something bigger. AJ notes its important that the money belongs to the business and building the business and not seen as yours.
Final Thoughts – Dan
Other than your body, your business is the greatest source of ROI. You must know where your core strengths are and ensure they intersect with the core strengths of the business. The thing that transcends hiring well is casting a vision that people really buy into.