Results > Ego 1st local business success accomplished & now looking to parlay into something bigger

[Billy Le]

Good evening fellow fastlaners. Can't express how much applicable knowledge I've gained from this forum from recommended books, helpful software/products, TMFL books, Gold/Notable Threads, etc.....

Anyways, here's some personal things that have helped me along the way.

1. Your main job as a business owner is Finding, Recruiting, & Retaining Star Talent. Read this in Felix Dennis' awesome book "How To Get Rich". And when I applied it in my local business, I went from losing $15,000/month to earning $20,000/month and landing huge contracts. Quickly fired the initial, lackluster employees & replaced them with the "Dream Team". It's like the New England Patriots pre & post Tom Brady. Used profit sharing business model to keep employees loyal & highly incentivized.

2. Something I believe that is highly over looked but can be life changing is purchasing a reusable glass water bottle & high quality water filter. It's really a shortcut to better health, better sleep, better focus, better energy, etc......... Having a medical background, I have seen anecdotally through biometric blood screenings the difference drinking pure water makes. Linking an article below from Harvard Medical School on fluoridated water. And fluoride is just 1 of many harmful contaminants in water.

Impact of fluoride on neurological development in children

July 25, 2012 — For years health experts have been unable to agree on whether fluoride in the drinking water may be toxic to the developing human brain. Extremely high levels of fluoride are …

www.hsph.harvard.edu

Undoubtedly, local municipals are more concerned with economic growth than public health. Could go on all day but if you guys have any questions or need recommendations on a high quality filter, please feel free to ask.

Anyways, thanks for everything MJ DeMarco and everyone who contributes to the best business forum on planet Earth.

Always with gratitude- Billy

 

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[MJ DeMarco]

I went from losing $15,000/month to earning $20,000/month and landing huge contracts.

Awesome! Any more details on this? The community would love to hear it.

Welcome to the forum.

 

[Antifragile]

Awesome! Any more details on this? The community would love to hear it.

Welcome to the forum.

Yes, details would be great. Maybe we can use your success to learn and implement in our businesses. @Billy Le

 

[Johnny boy]

That's funny because I go about business with the thought "if you need fantastic employees, you have a shitty business model". My business works with mediocre people. We don't need rockstars. We don't need a dream team. Mcdonalds and Amazon make it work with garbage employees.

 

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[Billy Le]

Yes, details would be great. Maybe we can use your success to learn and implement in our businesses. @Billy Le

Awesome! Any more details on this? The community would love to hear it.

Welcome to the forum.

Well yes I'd love to share my experience & thank you for the warm welcome!

My business partner & I decided to move from a big city of 4 million + to a small town of 230,000 not knowing a soul. We believe in funding our businesses with our own cash and taking on no investors, giving up equity, or taking out bank loans. So in the beginning, we saved every dime & spent cheaply on labor until we figured things out. We're in the medical business where labor cost are 70% of our expenses.

True story, we hired my neighbor (who was an obese medical practitioner) & has since passed away at the age of 34 from medical reasons. He was the only person willing to take our offer of paying 25% below market rate. But before we even started the business I told my partner, I'm going to recruit the "Dream Team" & things will turn around quickly.

Initially, we spent $ on advertising, coupons, etc... but you can't simply market a crappy service delivered by mediocre talent. Its like trying to sell the Cincinnati Bengals as Super Bowl contenders.

 

[Billy Le]

But I spent 80% of my time learning the market, their needs, networking, & looking for influencers in a small town. People with large FB followings, providers who had a loyal following, etc....... Eventually I found our guy who was the most popular medical practitioner in town & everyone & their mom trusted. First, I became friends with people around him, learned what motivated him besides $, gained his trust, & eventually made him an "offer he can't refuse."

Calculated our break even point & offered him $10 per patient we see after breaking even for the day. This would increase his pay from his current job of over 50% monthly. And also allow us to step away from the business & move onto other projects as we have a highly motivated employee /partner who can more so or less manage the business & fellow employees.

Three characteristics he possesses that we look for in all employees. Charisma + Determination + Intelligence. Patients love him, because he has deep medical knowledge, great bed side manners, humility, God-fearing, strong communication skills, etc.......

 

[Billy Le]

Like a pro sports or college team, you win big when you recruit, draft, sign, trade, & retain star talent. "Shoot for the moon. Even if you miss, you'll land among the stars." We have high standards in everything we do & like Amazon, we're obsessed with making our clients smile when they leave our doors. We're able to unite our company amongst these core values.

 

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[Billy Le]

And for landing the big contracts, I located the person in charge of the massive school district benefits budget. I recruited her family member to work with us & eventually this helped land a contract to administer the entire school district's biometric blood screenings. This was free advertising for us with 15,000 + employees.

Yes, hiring marketable people matters in a front facing service business. We have some attractive, naturally nurturing staff. And also people excellent on the phone, great voices, etc..... Connor McGregor is 1 of the highest paid athletes for a reason. Personality, looks, humor, interest, charisma matter.

 

[Billy Le]

So to sum up, I've moved on from the small town & now live in Miami & work with my brother, who scored a 1600 out of 1600 on the SATS & is 1 of the smartest people I know. He greatly helps my credibility, & ability to get things done quickly. We're mentored by 1 of his best friends who is a well-known multi-billionaire which also shortens our learning curve & vastly improves our network.

For me personally, everything is about the people around you. It's truly the shortcut to life if there is 1.

 

[Billy Le]

That's funny because I go about business with the thought "if you need fantastic employees, you have a shitty business model". My business works with mediocre people. We don't need rockstars. We don't need a dream team. Mcdonalds and Amazon make it work with garbage employees.

Yes I agree some businesses only require mediocre people like McDonalds & Amazon warehouses . But these are low paid, low skilled workers who are dispensable & being automated quickly. Amazon management & executives are educated, skilled, & have difficult jobs.

Some businesses are more about systems & processes and some are about delivering results for demanding clients with high expectations. You can't expect mediocre people to overdeliver & exceed expectations imo. But this is just my experience, yours could be different. I've seen local businesses succeed with terrible websites, terrible marketing, terrible employees, terrible customer service, terrible owner, etc..... Each business is its own category with a lot of moving parts that determine success .

 

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[Johnny boy]

Yes I agree some businesses only require mediocre people like McDonalds & Amazon warehouses . But these are low paid, low skilled workers who are dispensable & being automated quickly. Amazon management & executives are educated, skilled, & have difficult jobs.

Some businesses are more about systems & processes and some are about delivering results for demanding clients with high expectations. You can't expect mediocre people to overdeliver & exceed expectations imo. But this is just my experience, yours could be different. I've seen local businesses succeed with terrible websites, terrible marketing, terrible employees, terrible customer service, terrible owner, etc..... Each business is its own category with a lot of moving parts that determine success .

I just think the blanket generalization of "you need great employees or else you'll do bad" is wrong. It's not my main job as a business owner. Some businesses do well prioritizing different things. Some SHOULD be customer centric. It all depends on the industry, business model, etc. I want to be the Mcdonalds of lawn care, not the French Laundry.

 

[Billy Le]

I just think the blanket generalization of "you need great employees or else you'll do bad" is wrong. It's not my main job as a business owner. Some businesses do well prioritizing different things. Some SHOULD be customer centric. It all depends on the industry, business model, etc. I want to be the Mcdonalds of lawn care, not the French Laundry.

Yes you're right Johnny boy. I was just quoting verbatim what I read out of a book that's worked for me. Didn't mean to come off that it would apply to everyone's personal circumstances.

I've read some of your posts & threads & believe you're wise beyond your years. Wish you achieve success beyond your wildest dreams.

Always with gratitude- Billy

 

[SPM_ENT]

So to sum up, I've moved on from the small town & now live in Miami & work with my brother, who scored a 1600 out of 1600 on the SATS & is 1 of the smartest people I know. He greatly helps my credibility, & ability to get things done quickly. We're mentored by 1 of his best friends who is a well-known multi-billionaire which also shortens our learning curve & vastly improves our network.

For me personally, everything is about the people around you. It's truly the shortcut to life if there is 1.

I picture having the right people with you is like being in the carpool lane, with them at your side you are on the fast track to getting where you want to go. I have a few acquaintances who do really well and that has definitely helped me increase my income but I don't have enough like-minded friends or anyone who I would want to be my mentor. It also reminds me of building a hot rod. Once I met and became friends with an experienced builder, asking specific questions which would normally take me hours/days with trial and error to figure out now gets me to the answer in minutes.

Anyway, because it's something I struggle with I'm always curious to find out how people find their mentors. Would you share how your brother met his best friend/mentor?

 

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[Billy Le]

I picture having the right people with you is like being in the carpool lane, with them at your side you are on the fast track to getting where you want to go. I have a few acquaintances who do really well and that has definitely helped me increase my income but I don't have enough like-minded friends or anyone who I would want to be my mentor. It also reminds me of building a hot rod. Once I met and became friends with an experienced builder, asking specific questions which would normally take me hours/days with trial and error to figure out now gets me to the answer in minutes.

Anyway, because it's something I struggle with I'm always curious to find out how people find their mentors. Would you share how your brother met his best friend/mentor?

Yes sure thing. I would say luck played a huge role. My brother attended an Ivy League college, made friends (unintentionally) with future millionaires/billionaires, ran in the same elite circles, etc... But it wasn't his intention so it just kind of happened organically. I nudged my brother into business because he was tired of his corporate job, & I knew his supreme network & intelligence would give us certain competitive advantages.

I would say it starts with providing real value to people whether through genuine friendship, introducing them to people outside their network, helping them connect dots, getting them more clients, debating them on geopolitical issues, etc.... Not everyone cares to make more $, but usually wealthy people do have personal interests such as political causes, the opposite sex, companionship, laughing, etc....... Just have to be amazing at asking questions & listening to understand what this fellow human truly desires.

I would say your best bet is not to look for a mentor per say but an investor who cares about the outcome of your business. Doesn't have to be a large financial investment but some skin in the game is helpful. Our mentor started as a friend, moved to a small investment (not with a business plan but proven sales), & now helps advice us from his wealth of experience. It's a very small $ & time commitment from him as we come thoroughly prepared when asking for a referral or need help.

Honestly, I bend over backwards for the people I deeply care to network with. They want to have dinner when I'm on a date, I drop what I do immediately and be a good companion. They need someone to take care of their dog, I'm there. Have an issue with a spouse, I'm listening & helping. Yes for me (personally) friendships, business, family all mix. But that definitely doesn't work for everybody, & it has its downfalls.

Spend your time being nice & valuable to those who you share a mutual admiration for & can help you in life. Don't waste time trying to impress girls, friends those that can do nothing for you. Have breakfast/lunch/dinner/vacations with people you want to build long-term relationships with. Friends & trust precede business imo.

So be Fun + Helpful + Genuine + Trustworthy = People That Matter Reciprocating & Repaying You Back 10 X