Why You Should Systemize Your Next Idea

Having a side hustle isn’t a luxury anymore, it’s a necessity.

Today’s middle class is barely making it. Therefore thinking about your next business idea should be reality (like yesterday).

The main reason 80% of businesses fail within 5 years is because of its faulty foundation: you.

That’s not a knock of your skills or ideas, but your focus. After finishing reading The E Myth Revisited, Gerber emphasizes working on your business, not in it. Simply put, any business dependent on you to run it is destined to fail.

The only way to monetize your next idea is to systemize it. This is something I’m working on. I like being involved. I prefer to individualize customer interactions. I want to cater to people’s needs.

The problem there is the lack of a consistent experience. As much as we may loathe sales pitches, they are measurable. Standardizing a product or service provides branded expectations. When you think about it the best companies present clearly.

When an explanation is simple and easy to understand, a customer can decide whether to buy or not.

When an explanation is unclear, a customer leaves confused which results in a no.

The best example for systemizing your next idea are franchises. Starting at the model concept, processes and details are hammered out to a tee so it can be replicable at another location. Customers who visit any spot should experience a very similar encounter.

Another key factor in systemization is hiring others to help. This means people or outside systems (automation). Essentially this means delegating all the pieces you aren’t great at in order to grow the business.

It starts with the right mentality. Focus on developing the business to run itself. You won’t be able to afford all the help you need right away, but you should never defer from that plan. Most small business owners take shortcuts early on by doing everything which produces short-term gains, but in the long-run it’s not sustainable.

Ironically I’ve experienced this at a program level before where I put the right people in place and let it run like a well-oiled machine. It felt like everything was on “auto-pilot.” My goal is to implement this strategy with my next idea and where I’m finding it most helpful so far is in the early stages of discerning which ideas to pursue.

Some people’s goal is never to scale or sell a business and that’s ok. But what I’m learning is when you systemize your idea correctly, at least you’ll have that option because others see value in a predictable money making machine.

Why Going Viral Shouldn’t Be Your Goal

going-viral

15 minutes of fame.

Instant gratification at it’s best…but does it mean anything?

Going viral does wonders for your ego, yet puts nothing in your pocket.

If longevity is what you’re after “hits” should be an afterthought.

Nothing wrong with it, but not an accomplishment in itself.

Investors, like on Shark Tank, don’t care about your free PR. They want to see sales. Marketing is crucial, but only effective when it converts. Social media “likes” aren’t the same as purchases.

In the gig economy side hustle is a way of life. If you don’t have one now, you should in the near future. It doesn’t need to put food on the table, but supplemental income is more than just gravy. Plus you’ll never know without trying.

Take for instance a rainbow. Although visually beautiful (marketing), the pot of gold is what you should be after (sales). Nothing screams validation more than results.

More exposure is always a good thing, but don’t stop there. Remember William Hung from American Idol? He got his 15 minutes of fame, but where is he now?

You shouldn’t settle for being a one-hit wonder/flash in the pan, rather build something of substance that stands the test of time. Going viral may be part of the journey, but it should never be the destination.

Click that.

Winsight Episode 5: Why You Need a PHD (Permanent Hustle Degree)

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School is overrated. Now with a Bachelors and Masters Degree under my belt that sounds hypocritical coming from me, but knowledge doesn’t necessarily translate to real world skills.

You can’t afford to wait for the economy to rebound. It’s not going to happen.

In this episode, I’ll explain the following reasons why you need a PHD (permanent hustle degree):

  • Why there is NO substitution for experience
  • Networking shouldn’t just be a goal, it should be part of your lifestyle
  • How public speaking is just like selling
  • Why you need a side hustle and when you should start one (or many)

What’s your experience with school and how has it shaped you into the person you are today? What idea has been brewing in your head/heart that you need to share with the world? Comment below because we need to know!

permanent hustle degree, degree, entrepreneurship, education, college is a scam, hustle young man hustle

The Pie Strategy

When I look at a pie, I imagine cutting it into pieces and devouring it slice by slice…

A whole pie is actually a great illustration for looking at your business. Let me explain.

cherry pie, apple pie, dessert, pie ala mode, piece of the pie

Ever since I started my coaching business, I thought coaching was what I was offering. It was, and still is, but it’s just a piece of the pie – not the entire pie itself.

If I rely on coaching as my only source of income, I’m dead. Even the busiest coaches don’t dream of coaching people all day. They may make a lot of money, but it’s tiring and dependent on your time as the coach being involved.

The “pie strategy” has changed the way I think of my business

Instead of putting “all my eggs in one basket,” I’ve decided that coaching is one of many things I offer.

I also do training, recruiting, events and I’m working on online marketing and online courses.

By following different lifestyle entrepreneurs, the key insight that hit me was: time ≠ money.

That means you shouldn’t be dependent on making money solely when you’re involved with it.

I offer a service (coaching), but people don’t really want to work with me. What they really want is the knowledge I can impart so they can apply it to their own lives/business.

That being said, online courses make a lot of sense. People can purchase them when they want. It’s cheaper than coaching. I can create them on my own time and I don’t have to be a part of it once it’s live. An in-person event may be overall more engaging, but with the convenience of watching it in your own home, it’s a value that’s hard to beat.

So think about ways to “take yourself out of your business.” Almost like putting it on auto-pilot.

Each new stream of income is like another piece to the pie. Mmm…that tastes good.

Switching to Auto-Pilot

Have you ever driven somewhere so many times that after you’ve reached your destination you completely forgot how you got there?

Believe it or not that happens at work too, BUT it can be a good thing.

airplane the movie, auto pilot, cruise control, auto park, distraction free driving, leslie neilsen, kareem abdul jabbar

Similar to athletes “getting in the zone,” when distraction-free, your mind produces at a phenomenal rate. There are different ways to arrive there, but let me share what’s worked for me the past several years:

Schedule everything into your smartphone with reminder alerts (and I mean EVERYTHING).

There’s a reason why iCalendar has three categories: home, social/out & home. You’re supposed to use them all.

Start with reserving “pockets” of work you need to get done (it doesn’t matter if you work at an office or at home). During that period don’t answer the phone, check emails, play games, etc. (unless that’s you’re actual task)

Next, put down the outings you’re planning on taking: chores, shopping, pick-ups, etc. (basically anything where you have to travel to).

Lastly, what needs or can be done at home? It can range anywhere from washing dishes to calling a friend on the phone.

I know it might sound a bit ridiculous, but here’s the payoff…

If you pre-schedule everything you have to do, you don’t have to remember anything. Even when you get sidetracked, your alerts remind you what to do. I’m obsessed with efficiency so that’s probably why this method works for me, but it really comes in handy when I need to pay a bill online because that’s something I would normally forget to do.

I probably take it too far since I even schedule where we are going to eat and do on vacations, but it actually saves time because decisions are made in advance. Of course there are times when things happen out of your control and you have to adjust, but at least you can re-schedule what you originally planned to do and continue to function on auto-pilot.

Even if you’re a free spirit, creative who hates structure this can work for you (type A’s love it). Running on auto-pilot saves time so you can spend your actual free time on what you please.

Looking for more time-hacking strategies? Check out this month’s free webinars!

How to Tune out the Noise

No matter where you work there are constant distractions.

Some are uncontrollable like co-workers, bathroom breaks, phone alerts, etc.

Others are controllable (especially if you work at home or remotely): TV, snacks, chores around the house, etc.

Bottom line: there are distractions EVERYWHERE.

So how to you tune out that “noise” and optimize your performance?

beats by dre, noise canceling headphones, tune the noise out, happy place

1) Find your “happy place.” Setting has a LOT to do with how much you get done and to what level of quality. For myself I prefer to work at home alone. Sure, there are distractions, but I get the most done there so I schedule pockets of time to do my most important work by myself. Hey, if Happy Gilmore can do it, why can’t you?

2) Know your peak energy levels. If you split the day into mornings, afternoons and evenings, when are you the sharpest? Tasks can usually be split into 3 categories: catch-up (emails, follow-up, etc.), meetings & urgent work. My peak is late morning to early afternoon, so I prefer to meet in the mornings to get my creative juices flowing and give me momentum before doing my most important work. Energy suckers like checking emails can be done around the other two tasks in my opinion. Emails aren’t going anywhere and it’s up to you to decide when to respond. Prioritize based on efficiency.

3) Take short breaks. Think interval training. Go hard for a while, then rest for a short break. Your brain can only handle about 90 minutes of concentrated work without losing focus or making mistakes. When you feel a bit tired or “brain dead,” step away from your desk and take a walk, have a snack or talk to a friend. Breaks are like rest for your brain. Imagine your performance on zero sleep. Your brain needs to rejuvenate too.

Sometimes the best defense is a good offense (although as a Lakers fan I can’t stand Mike D’Antoni). If you schedule ahead and prevent distractions, they won’t control you. Create a personalized game plan to get your best work done now! If you need further suggestions, let’s talk!

The Hardest Part is…

getting started.

getting started, finish line, accomplishing your goalsIt’s where excuses appear and dreams disappear.

When you think about it goals are merely a means to an end. Momentum is built after goal accomplishment. Confidence is gained through the process.

Even after knowing that, STILL the hardest part is getting started. That’s why it’s not as important to get it completely right the first time. You and I learn by trial and error. Get the ball rolling by doing something (rather than nothing)!

Most lifestyle entrepreneurs want to monetize their hobbies/passions. I suggest doing this part-time before quitting your day job. Figure out a way to make money doing what you love. It may happen slow, but if you don’t try how will you know if it works or not? It’s like old basketball adage, “You miss 100% of the shots you don’t take.

Another crucial factor is accountability (or lack thereof). Tell a friend. Write it down somewhere you will see it daily. Hire a coach.

Do whatever it takes to get started because after you do, it’s much easier to keep going.