Business Coach Teaches How To Systematize Your Business
Business Coach Teaches You How To Drop The Mic In Your Business Endeavors
4.8 – Stage 8: Business Coach Drops The Mic
Drop the Mic – In my first business (in my former life as the founder of www.DJConnection.com), I worked as an entertainer. As an entertainer, you go into every event with the mindset that you want to take each event to the next level and you want the audience to leave the event stunned and wanting more because you’ve taken them to a place they’ve never gone before. When you have rocked a show or speaking gig, or business coach event at this level, you simply “drop the mic” with nothing left to say. You’ve dominated, everyone is cheering, and you walk off stage. As an entertainer I’ve had the pleasure of doing this dozens of times, and as an entrepreneur I’ve been able to do this a few times. My friend, you know that you have arrived and that your business has reached the “Drop the Mic” level once your business is:
Dependent on processes and systems and not people.
Stable with a competitive and goal-achieving business coach or leadership team in place.
Secure with powerful “guardrails” or controls in place that keep your team accountable on a daily basis for taking the action steps required to produce predictable success.
Flush with clients who come to your business for the products and services they want and not to you specifically as the owner.
Once you have taken your business to this level, it’s now the appropriate time to contemplate and create an exit strategy. My friend, this does not mean that you have to sell the business; it just means that you are no longer personally required to GRIND INTENSELY FOR THE BUSINESS TO THRIVE. At this level you can choose to be actively involved in the business or not because you have developed six main exit strategies:
You can exponentially grow the business into different territories, states, or countries. Example: I’ve helped many medical doctors do this. Essentially, they know how to deliver the products and services they offer so I business coach with them and we refine their marketing systems, lead conversion systems, accounting systems, and quality control systems to the point that it just made sense for them to open up multiple locations.
You can own the business passively while only being involved in the daily operations and strategic decisions for four hours per week or less. Example: This is the relationship I have currently with several of my business ventures. I’ve built the brands by intensely focusing on building all of the scalable systems needed for them to succeed and now I simply follow up an average of three hours per week maximum to confirm things are running as they should.
You have built such a strong business model that you could sell the business if you wanted to. Example: The DJConnection.com systems worked and worked well. People knew the business coach systems worked and constantly approached me about buying the business from me. Eventually, I agreed to sell. I did the same thing with a company called Party Perfect that I systemized and sold to Party Pro. On a smaller level, I also did this with a professional video production company I started.
You have developed such a systematic and turnkey business model that you could franchise the business. Example: One of the clients I have had the pleasure to work with over the years is a company called Oxi Fresh Carpet Cleaning (OxiFresh.com). The founder of the company, Jonathan Barnett, is a business partner of mine with the Elephant in the Room Men’s Grooming Lounge. Since opening up his first Oxi Fresh Carpet Cleaning franchise, he has literally sold hundreds of franchises. At www.EITRLounge.com, we are now focused on opening up our 3rd location and soon we shall be franchising this business.
You have the option to license the business. Example: Many professional sports teams and brands know that their systems and brand recognition are so powerful that companies will literally pay millions just for the right to use their brands. Think about the New York Yankees. People pay millions for the right to put their logo on their apparel that they then sell. Think about the glasses manufacturer, Luxottica. Have you ever purchased a pair of Nike, Eddie Bauer, or Gucci glasses? Luxottica pays these brands millions for the right to use their brand name on the prescription glasses frames that they produce.
You could bring on a massive infusion of outside venture capital or private equity and take the business all over the world quickly with millions to invest in scaling what works. Example: The ladies who started SoulCycle, Elizabeth Cutler and Julie Rice, built a business model that worked and that people loved. They had a massive goal to help revolutionize the fitness industry and they clearly proved that their business model was viable. Wealthy investors, including the quasi-famous billionaire and real estate guru Stephen M. Ross and his company Related, own the health club chain Equinox and acquired a majority share of SoulCycle in 2011.
Take the assessment at Thrive15.com and discover what your Stage 8 score is: www.Thrive15.com/stage8score.
Take the Stage 8 Assessment and get your Stage 8 score
4.9 – Checking in to Make Sure that You Are Learning Something…
My friend, now that we’ve have thoroughly gone over all eight stages of a successful business’ development, it’s important that you take a moment to “marinate,” as Paul Pressey would say (the Thrive15.com Mentor and former coach of the Orlando Magic, Golden State Warriors, San Antonio Spurs, Boston Celtics, and Los Angeles Lakers). Right now, or as soon as you get to a place where you can do it, you need to go to www.Thrive15.com/8Stages and take the business coach assessment or you need to get out a pen and underline which one of the following statements best describes you so that you can know at what level of business development you and your business are today.
Take the 8 Stages Assessment to find out at what stage your business is today.
Stage 1 – You are super excited about your new idea, but you are still trying to raise the capital, refine that business plan, and you are getting ready to start that new business.
Stage 2 – You are trying to show the world that you are not crazy by actually selling that product or service that you have been obsessing about. You are hustling to close some deals and actually deliver on what you promise. You don’t sleep much, but you are excited, like when you are in love for the first time and you keep meeting your girlfriend for 3-hour make out sessions behind the classroom center on the campus of Oral Roberts University. (I’m sorry I just got super personal there. I’ll make sure that doesn’t happen again until the next post.)