FBC – 445 – The best setup to protect your lifestyle and success

The best setup to protect your lifestyle and success.

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Have you ever wondered how you could setup a business that brings you a good lifestyle?

I have been on a mission to find the perfect setup for myself.

I have been quite successful at it BUT, earlier today, I came to the realization that I was missing something.

I realized that there was ONE KEY STRATEGY that I could use in my business to multiply the efficiency of the business while improving my own lifestyle.

This is what I am going to reveal to you guys today.

Make sure to tune in to today's episode

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Here is one of my favorite quotes:

“There are lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.”
– Phil Libin, CEO Evernote

I want to take you down memory lane a little bit and remind you of a story that maybe you guys, if you've been following me for a while, then you heard the story.

So back in the days I had the business where it was an agency. And we had a business model where the client was asking for a website, for example, for like, I don't know, a thousand bucks. And we weren't the ones actually doing the website, building it. And we had an outsourced service who was actually doing it for us for let's say, I don't know, like 400 bucks or something.

So the profit was six hundred. And still you had to talk to the client and all that kind of stuff and manage everything, you know. And that was the first business actually that completely failed. It really bombed. But because of the bomb, this is why I'm here today.

I realized that in that company, the problem was that I had no idea what the clients wanted because I didn't know the first thing about e-mail and the jargon and stuff. So when the client was asking something, for me, it was like ancient Greek. I had no idea what the client wanted.

And then this is when I started organizing everything I do around the concept that I don't want to do it. I want someone else to do it. And here in this case, I made sure that these people could talk to one another, safely so they could speak ancient Greek or whatever language it is that matters and they didn't need me.

OK, so this is how I actually got started in what I'm doing today. So if you see how my business and my life is structured today, it is the result of this huge bomb that I got in the face and I had to figure out how to solve it.

I started doing a lot of things and evolved to a point where, you know, as you know, if you guys have been following me, I don't have any operational involvement and stuff. You know, I make sure that all the operational stuff is done by someone else or a system automated or outsourced, which means that I don't have to do it and I can just go out and enjoy life if I want to.

Here's what I do. So we have some projects running, people are actually taking care of that for you in the company. They do all the operational stuff. It's running really well. While they're doing this, I now have twenty four hours to go out and hunt for something else that could be interesting.

So what I do is I go study it. I want to know everything about it, and then I will test it myself for quite some time, and then afterwards I come up with a plan process and then I give it to the teams.

And this is how it's been working for the last, I don't know, seven years, something like that, with a few exceptions. You know, where I go, I get all the knowledge and then I take that knowledge and I will train the teams to go out and do it.

The best setup to protect your lifestyle and success

But there is one problem that I see that will manifest in two ways. And the problem is that the information is centralized. Its way too centralized. I'm the bottleneck.

I know way too much stuff that the other ones don't necessarily know. So the thing is, I'm the only one who knows the technicalities and all that kind of stuff. So if there is a serious problem or something like this, I somehow need to get involved, not in everything.

I do have specialists for like for example, from my email servers, I have a sys admin, I have some people in the team are really good at like e-mail and WordPress are like all the websites and stuff. They take care of it. I do have specialists like this, but for other stuff, the information is centralized. So it's centralized in my head.

The other problem that I could see is and it's tied to what I'm going to say now is what I did today is I got someone in my team that I trust has demonstrated that she is really good at what she does. She's very good.

And I said, look, here's the thing now. Here's the plan. This is what I want to do. OK, so here's the strategy. Here is the vision. This is where I want to go. And now this is your baby, OK? Which means that you become my boss on this project. I'm your help. That's all I am on this project. I'm your help. So you will take responsibility for the whole thing.

You will go through the training. You will learn everything there is to know about it. Then you'll be the expert in there. You will know way more than I know about it. Me, I'm just here as a support. If you know, at some point, I don't know. They say we need a server, we need this, you know, some technical setup or something that we need, then I can I can get the sys admin to do it and all that kind of stuff.

But now you are the boss. If you need something, just boss me around. Tell me, OK, in order to make this happen, this is what I need and I'm here to provide you with the resources and this solves my second problem. Show your team that you trust them, right, that they're valued.

And I'm very happy about it because this is actually a much better approach. I will say, for me down the road for two reasons. Obviously, one reason will be that, you know, if I have people who are specialized in this, they know these things in and out. I don't have to go and know it myself, you know, so it takes a lot off my plate.

And the second thing, which is the most important is that the people in my team, they will have their own stuff. They will be able to create their own project. They will have my full support. They'll get the learning experience and they'll have the dedication then because they only have to focus on this.

So this is the way I want to start doing stuff from now on is basically instead of like using the format that I was using before, like a major project that requires strategic thinking and planning and managing resources. I want someone to step up and do it.

I'm your help. And I can be your advisor. If you need my advice on something and you want to know, maybe I can help with something like that. That’s my role. But other than not, do it yourself right.