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BCS: 137 | Balancing A Great Lifestyle And A 7 Figure Business + Why Do You Need A 7 Figure Business

7 figure business

Business Coaching Secrets with Karl Bryan

 

BCS 137: In this episode, Karl answers questions about:

– How to balance a great lifestyle and a 7 figure business for your clients?

– Why do you need a 7 figure business?

And more…

Karl Bryan helps business coaches get clients. Period.

For more magic on how you can grow a coaching business by attracting small business owners, filling local live events, and closing more high end coaching clients… go to focused.com

For a free subscription to my magazine The Six-Figure Coach go to thesixfigurecoach.com/get-it

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EPISODE TRANSCRIPTION –
(transcription is auto-generated)

SFC Episode 137

[00:00:00] Karl: Welcome to business coaching secrets with Karl Bryan. If you wanna attract new high end coaching clients, fill live events and build a wildly profitable coaching practice where business owners pay, stay and refer. You’ve come to the right place in this podcast. Karl provides his keys to the kingdom for finding and signing. High paying clients and building the coaching business of your dreams. Here we go.

[00:00:41] Christian: Ladies and gentlemen, boys and girls coaches around the world. Welcome to another episode of business coaching secrets. It’s your boy road dog here with the shock jock of business coaching himself. Karl Bryan, big shooter. 

[00:00:57] Karl: How you doing big shoots? What’s going on bad. What’s going on the road. 

[00:01:01] Christian: I’m reading your jokes. Hence the shock jock comment. Don’t know where to start, dude. Like, are you getting sort of like dad joke website or happening? Here did like this one. OK. Hang on. You know, it was this. Was this. Now I tried to organize a hide and seek tournament, but good players were really hard to find. 

[00:01:25] Karl: Don’t pretend like that’s not funny. Shoot. 

[00:01:28] Christian: Oh my God. What? Going on? This is something else, but anyhow, there you are. Karl Bryan, he’s more than just. A pretty face ladies and gentlemen, I, I know that 

[00:01:41] Karl: you are holding because I know that you’re probably looking at possibly something a little more vulgar than that and holding back. So possibly for the podcast, we should do that. But yeah, 

[00:01:50] Christian: I’m not gonna go with that other joke in regards to not being able to pee outta your ear that you have to subscribe to.com. Ladies and gentlemen, go to focus.com and you can get all of your. Shock jock in your inbox every single day. So there you are.

Hey, listen, before we get into this, I gotta thank you. And I know it doesn’t happen often, but I, I definitely don’t. Thank you enough. But last episode, you touched on something and it resonated in a big, big way. And that was, you were talking about, we always put off things like. Charitable and giving and stuff like that.

And we always push it off to well, when I get to this income level, when I get there, I’ll do it. And that one really hit me hard. I gotta be honest with you. So love it. As a result of that I just actually yesterday made my I made my year end offering to elevation church. So I am I am now part of.

They’re giving family, which is made me feel really good. So, and I’m also gonna set myself up. It’s not gonna be anything, you know, major, but it’s enough for operation underground railroad as well. So I just think, you know, two amazing organizations and so I 

[00:03:04] Karl: thank you for that. My friend. Oh, and high five, my brother that’s.

So, and for everybody listening, if you look guys, here’s the thing. If, if you. $10,000 a year. And then you don’t give, you know, $10, a hundred dollars or a thousand dollars to charity. Don’t think for a second, that once you start making a hundred thousand and then a million and then 10 million that you’re magically gonna be this, this, this, you know, this massive philanthropist part of when you there’s a game you probably heard rich dad, poor dad, right?

So there’s a board game, cash flow. Part of the game, which by the way, I highly recommend, I played that game over a hundred times by myself. Might be give probably, maybe shouldn’t say that, but that that’s just, I, I love the game it at wa because it taught me, like, I knew that I was learning something.

I just wasn’t sure what I was learning anyways, as part of the game The more, I can’t remember exactly how it works, but the more money that you give you know, to charity as a philanthropist the more money the quicker you get outta what’s called the rat race, which is the goal of the, the rat race the goal of the game.

Right. So anyway, so yeah, very road dog. I love it. And I hope that, you know, everyone will take heed with that and and follow suit, cuz it’s, it’s AB without question, if you. Find a family, first of all, it’s gonna feel amazing. You don’t have to wait for Thanksgiving. You don’t have to wait for Christmas.

You can do it any time. Cuz quite frankly, everybody’s doing it at Thanksgiving. Everybody’s doing it at, you know, at Christmas time. You know, maybe it’s, you know, Christmas in July when you need to be doing it. It’s just very, very powerful. You’re gonna feel amazing. But what will happen is you start living in a world of abundance.

You’ll change the way you see the world, the way you see your bank account, the way you see your wallet, the way you see money, the way you see, you know, scarcity and abundance. And it’s a very powerful exercise. So without going down that rabbit hole, high five, dear brother, I love it. And I hope others will follow suit.

Hold. 

[00:04:53] Christian: And you know what, at the end of the day, and if you can’t do anything from a financial standpoint, you know, what about just donating some time? Like how many people have gone through a pretty tough time over the past couple of years, how many businesses are suffering and everything else? You know, like this is an opportunity for you to give people some hope in a time when they really need it.

So anyways, I don’t wanna get too too emotional or anything else here because it’s it’s an interesting path, but it, it, it does lead me to a question that has been staring me in the face for the past three episodes. And I am so glad we are finally here that we can finally tackle this question.

I’ve put it off. And I apologize to the person that asked it and the reason I did. Is because this is worthy of the start of the show because I have a feeling it’s gonna be rabbit whole city for probably both of us. But the question was, how do you tackle the balance between helping your client live a great lifestyle and building the sec, the seven figure business that they desire?

Like this is, 

[00:05:52] Karl: Ooh, there you go. Beautiful. 

[00:05:53] Christian: So do you wanna fire away and start us off on 

[00:05:56] Karl: that? Ye yeah. Okay, so help your client with a great lifestyle versus seven figure business. They desire. Love it. Yeah. Great question. You know, there’s two things in life that are very rare road dog, and that is being old and being rich or, you know, as a combo right.

Okay. So, you know, there’s reasons for it. And it’s just people, you know, people struggle to avoid stupid. And then if you wonder, why do people make such stupid decisions and make these grossly ridiculous financial decisions? Cuz there’s opportunities everywhere, right? So like actually, you know what Rooke, before we get going on this, there was something you mentioned my emails earlier.

This week I, I sent out a couple of emails that I think had quotes that kind of genuinely, they dropped. On my backside. So just what was it was one from Charlie Munger, one from Warren buffet. If you don’t know who those guys are, you should, they’re very old and very rich. Okay. A good thing. And their business, they own, you know, Berkshire, Hathaway and incredibly intelligent guys.

Right? No doubt. You’ve heard of them. But anyway, so Warren buffet said Something to the effect of Warren, what kind of business do you like? What do you look for in a business? And I think they were looking for, you know, value and that sort of answer. And he goes, I like to find something for a penny that I can sell for a dollar.

And that is habit forming. Okay. So I might be making a little bit of a meal of that, but the premise is there. He wants to find something he can buy for a penny that’s inexpensively. He wants to sell it for a dollar. Which is a massive margin. Okay. So don’t forget the dollar. That could be 10, a hundred, a thousand, a million, 10 million.

The bottom line is 99% margins here. Right. And it’s habit forming. Okay. So think of chewing gum habit forming, think of cigarettes back in the, do you know, think of vaping nowadays and then cigarettes back in the day. And by the way, I’m not condoning, I’m not a fan of vaping. I’m not a fan of cigarettes, but at the end of the day if I were to be building a business and I wanted to really, really crush it and by myself, you know, massive yachts and massive houses and never think about money ever again, this is habit forming on steroids, which translate into profits.

Think Facebook. How many times have you logged into Facebook? Think Instagram, think red bull. Somebody who drinks red bull. Again, it’s a little bit havoc for me. You gotta keep it, you know, if you got a teenager, you gotta pull it away from them. YouTube, I think has that addictive, you know, social media generally Golf.

I would put, you know, sports, I dunno, tennis I’m sure would fall in there. We on the pre-show road, Doug we’re, you know, pickle ball gotta mention, I’ve never played pickle ball in my life, but I guarantee there’s an addictive nature to it. Right. You know, supplements. I think those, when people start taking supplements, they start feeling the effects very powerful, so, so much power in that statement.

Buy something for a penny, sell it for a dollar and it’s habit forming. That’s Yeah. And like my email again, on the pre-show we were talking about my emails and some of the jokes to do, to do, to do, you know, think Howard stern, his radio show people, they did a survey and they’re like, why is this show so popular?

You can’t even stand the guy and you’re tuning in all the time. And they’re wondering what he’s gonna say next. That was the most popular thing that they heard on the survey or the feedback from Howard Stern’s show. Right. So. So anyway, so that’s you know, habit forming. Yeah. I want you to think about that.

What are you doing to be habit forming your local event? When you do your local events? I always talk about you gotta be educational, but you gotta be entertaining. The entertainment factor will be more addictive by a long way than be educational, but you should have, you know, both of them anyway. So think about that can hopefully, and I’m not sure that it will hit.

As powerfully as it maybe needs to hit right now. So maybe that’s something you wanna write down. You wanna put it on? One of the things I do is I put things. I, if I hear something like that and it knocks me on my backside, I often accept that it’s just when the student is ready, the teacher will appear and sometimes the student is not ready.

So I’ll write it on a post-it note. I put it on my computer as I sit here. I’m actually, you know, like my computer’s here. I. Post-it notes all around the outside of my computer. And of course my daughter comes and takes them off and puts little funny jokes, which is, you know, makes it interesting. My, my computer’s got post-it notes all over it anyway, so that’s what I do.

Buy it for a penny, sell it for a dollar habit, forming the other one. So that was Warren buffet. And then Charlie Munger said again, I’ll probably make a meal of it, but the premise will be there. They asked him something about, you know, getting a result X, Y, Z, and he answered with this, show me the incentives and I’ll show you the outcomes.

It’s show me the incentives and then I will show you the outcomes, the world, the world is driven by incentives. Right? So, you know example, most coaches I’ll speak to, they try to risk as little as possible when taking on a salesperson or a lead generator. Right. So it’s like, oh, okay. Well, I. I wanna get somebody, but what I’m gonna do is I’m gonna pay them on results and I’m gonna pay them for, you know, bums on seats to my local live event.

I’ll pay them when I get a client. Right. What they’re really saying. Okay. And a risk reward kind of dynamic. Is that what if it doesn’t work? Okay. Well, If you are work, if you’re concentrating on what if it doesn’t work, what do you think happens? Okay. Think of a, a driver you know, with, you know, witches hats or cones on a, on a course, right?

Like go-karts going around witch on going around cones. If you’re concentrating on the cones, you smash the cone, the whole secret to aggressive driving is concentrating on the area with, in between the cone. Right? So they’re, they’re fixated on it not working, but anyways, RO Doug, I just wanted to go through that from a, a, a couple of emails.

Kind of dropped the mic moments. I thought so little bit off topic, but yeah, I love those. 

[00:11:55] Christian: So really at all, so good job. In, of I’m chime in when it comes to balance and lifestyle, because as Carl you’ve given me great props in terms of You know, the, the life that I created for myself with my family, which is the most important thing in my life times a freaking million.

But look, when it comes to habits, you know, it, it just, you’re trying to get your clients or yourself to build a business that you truly love. Like. Give yourself permission to have boundaries have boundaries with your clients. Like if you’re trying to get ahold of me, like, I’m sorry. There’s no marketing emergencies.

There’s no. There’s no business planning emergencies that happened on a weekend, right? Tech may fail and everything else. Yes. That warrants a phone call and that warrants some attention, but there’s no reason for your client to be bothering you when you’re trying to read bedtime stories to your children.

When you’re trying to spend some time with your wife, when you’re going out on there’s just certain boundaries that I I think are very important and I think it. Because I know I’ve fallen the trap in a previous life where you are living in a scarcity mindset and you allow clients in, into your personal space.

And I just, yeah, it’s not, it, it doesn’t feel good. And you don’t even realize the consequences that can have in your life. And at the end of the day, don’t we all wanna have a life where we can sort of separate a little. We can have fun in our business, but we also know that, Hey, you know what my clients, I’m not gonna bother them on the weekends because I want them to recharge.

So other habits make date night, a habit. Yeah. Make taking your children on a data habit you know, make taking yourself on a date, a habit. That’s probably one of the most overlooked everybody’s talking about date night, these days, Carl, but how many people are actually taking a little bit of time, every.

Truly for themselves. 

[00:13:49] Karl: Yeah. That’s I think Rooke, I would say what you just defined. You’re calling them boundaries. I’d refer to that as rules. I think it’s like every, you know, people talk about, we’ve talked about this in the podcast in the past, but you’re, you’re trying to build culture. What is culture?

Right? It’s like oxygen, it’s kind of like this, this doesn’t really, what is culture? Well, you wanna have culture create rules. And then if you want an example of that, and by the way, this first principles is where I’m going as a mental model. Is that the, the rules of like the, the foundation of football are the rules.

The foundation of hockey are rules. Pickleball mention that a minute. I’ve never played pickleball. I don’t even know what the heck pickleball is, to be honest with you, but I guarantee that there are rules that we all need to follow. And that is, you know, so when you’re building your business, like what do we do?

So lifestyle versus seven figure business, you know, again, think what rules do you need to put in place. Right. And, you know, being rich, ironic, You know, it’s about avoiding stupid decision. I said a second ago, like it very easy. You know, like it sounds like a throwaway line, but there are words to live by just avoid stupid decisions versus try and make grandiose excellent decisions.

Avoid stupid, right? Like three questions to make. If you’ve got a big decision, like you get a big decision to make. Okay. Go to three questions. What is possible? What is negatively possible? Can I live with the negative possible outcome. If it comes to fruition, am I doing a good job of like one, what is possible?

Two? What is negatively possible? Three? Can I live with the negative result? Should it come to fruition? And then that will tell you, should you. You know, basically undertake it, be like, be very fearful of opportunity of a lifetime that can’t miss stock investment, you know, something telling you, you know, you don’t wanna miss the boat or that fear of missing out all take care of everything.

You know, envy drive, stupid decisions. You know, for people like you gotta use roadmaps, you gotta use mental models to help yourself think that can’t miss opportunity by lifetime, like rich people, wealth, like legit wealthy people, very seldom speak like that. Right. Second thing that I think I’d recommend you do when answering this question about like lifestyle versus seven-figure business is like, what are your values?

It, it’s common to think someone’s values. Like it’s very common to, for someone to think that somebody values money. Right. But money is not a value. What does money do for them? Right. So if it buys them a Porsche before it does other things. What they really do is they value the attention of the Porsche, right?

So attention is what they really value. If they, or if they put the money into their kids’ education, it, it’s not the money that they value. It’s their kids’ education that they value. Right? So a lot of people, we said, a lot of people will talk about, you know, giving money to charities and helping kids.

Right. They’ll talk about it all the time, but you look at their bank balance, you look at their, you know, you look at their. Their activity and you don’t see it. It’s the, the attention that they. You know, by putting themselves out there as this philanthropist, right? Like they don’t actually value being one and that’s sadly common by the way.

But so in some clearly defined what it means to have a great lifestyle. I think that that. Is really, you know, the premise of this and how to get there, you know, great lifestyle will be in alignment with your values and, and that will be different for different people, right? Road dog’s values, my values, your values, somebody else’s values.

They’re gonna, they might be similar. They might be the same, but they’re probably gonna be different, right. Like road, dog. Here’s a great exercise. So somebody’s listening to this and this is not world conquering. Oh, I need to determine my values. Well, how do you do it? What’s the F. To determine your coaching client’s values because they, they won’t be certain.

I can almost guarantee you that again, I ask somebody what they want. They tell me what they don’t want. So here’s my question. This comes out of a book by the way. I, I can’t remember what it is, but if your house was burning down and you could only grab three things, what would you. Okay. And you get those answers and then you ask them, what would those three things do for you and go through them individually.

They just did a really good job of clearly defining their values. Good, bad, and different. And they, they might need to adjust those values. They might not like what they said. You know, they might be overvaluing their phone as an example. And that’s what you know, I’ve seen. But that, that’s basically how you, you, the way you get there is using a framework asking somebody, look, what are your values?

You’re probably not gonna get the right you’re you’re not gonna get straight to the. Right. So that’s a little exercise you can do, and that will help you guide your client. Cuz it’s important to understand if I’m gonna coach road, dog, to know what a family man and how dedicated he is to his wife and to his family and to his faith.

I’d be, it’d be crazy for me to start directing traffic with him without understanding that. But when I ask him direct road dogs, very in tune with this stuff, but a lot of your coaching clients won’t be so that to do a little framework, a little exercise like that. We’ll help you get there. So, you know, just, but basically you just making sure your values are aligned properly.

It, it, it’s a great way to have a great lifestyle, which I think is the, you know, that’s the question we’re answering here. You know, people value money. It’s not the me, it’s not the money. Right. It it’s the choices that money gives. You know, when I, you know, you, you ask a dad what’s he gonna do for the money?

And he says that he wants to look after his family. It’s really being the leader of his family, that he values not the money. Right. Another person again says red Ferrari. I said earlier the porch, it’s that feeling of significance that they really value. You know, another person wants to be able to send their daughter to the university.

You know, it’s, it’s the education of his daughter that he values. Look, Rhoda. I wanted, okay, so let let’s move on. But what I wanna say is that alignment is a lot, I think what we’re talking about here too, you gotta make sure that you’re aligned because don’t try build a seven figure company. If that’s not what you want and you’re gonna end up in self sabotage.

Right? So the secret sauce, a lot of people will say to happiness and what I’ll call. Contentment is that the right word? I’m looking for, like contentment feeling. Self-assured feeling fulfilled very common for somebody to accomplish their goal and feel like is this all there is, and they’ve got an emptiness they’re not fulfilled.

So living a life in alignment is a superpower, right? The problem is defining alignment can be hard. And then, so if you were to ask me similar with a framework, the secret to alignment, Is to not do the things that are out of alignment. Right? So premise in some, the ability to say no right road dog started with that.

Like, you gotta be able to say no, stand up for your values, stand up for your family time, stand up for your own time, stand up for your own boundaries, your own rules. It’s one thing to set the rules. It’s another whole thing to abide by ’em cuz you don’t have an umpire. Right. And in football they do in baseball, they.

In hockey, they have referees, right? You don’t have that for yourself. You’ve gotta be the player and the referee. Right. So you know, just saying no, is it? And you gotta be able to stand up. It’s, it’s a superpower to a happy life, you know, creating those rules, creating those boundaries is road dogs said, and then standing up to ’em the way you do that is say no.

So, so rode dog. That’s kind of my that’s my answer, but I, I, I agree. I love it. It’s that great lifestyle. And then that seven-figure business. You, you gotta get down to what it is that they actually want. And what, when you ask somebody what they want, their answer is very seldom on point. So what do you think?

[00:21:32] Christian: I, I gotta follow up for you, but before I go there, When you mentioned the running into the fire, like I, why do I picture Carl Bryan in the fire? And it’s like, I have the episode of stanza in Seinfeld, just pushing the old ladies outta the way. There’s Carl, just trying to get out. That’s not, oh God, I, that episode.

Was gold man, by way, we’ve been getting into enthusiasm. Oh my God. That is just as insane.

Just a couple things I wanna touch on there. You, you mentioned the question, you know, like what do you want? That is the hardest question in life. Isn’t it like? It always defaults to, well, I tell you what I don’t want. That’s not the question. I. Right. And so the, the crazy part is people are so unclear on this.

And I just wanna, I just wanna state this because you, we really we’re talking about, well, how do you have a balanced life and, and a seven, why do you need a seven figure business? Yeah, GGO right. Like in the, I related to this Carl, so like back in the financial planning days. Right. So I look at that and.

Everybody’s chasing the returns like right now everybody’s oh, Bitcoin. I need to get, I need to get in. I need to get in. I need to get into small caps. I need to get into the latest real estate. Do you, but do you like, do, do you, how do you answer the question? What do I want? And then actually done and reverse engineered what that looks like.

And then actually like, it is like in this, I’m just gonna use financial planning as the example, do you have a financial plan? An actual plan besides something that’s like, you know, like a couple of numbers on a piece of paper where you can actually go here’s my entire life in retirement, planned out and turns out I don’t need to chase 10, 12% returns.

I only need five. So why would you take on all that undue stress and risk of chasing Bitcoin, which we know is you gotta have a real solid stomach to, to handle that. Right. But like even inside a business, like, do you need to, like, do you really need to, as a coach, like, have you even looked at the type of life that you want?

Because we talked about this a while ago in terms of the, what was it? The four different areas or something like that. And it was like, I think we’re gonna get, you know, like I, I just, that part to me is, yeah, I don’t know like that for, for me, it’s just that, that the freedom and and you know, that.

Rather than chasing money, I’m chasing freedom. And I don’t need to be a gajillionaire by Carl to have, there you go. I don’t need 15 Lamborghini, 

[00:24:29] Karl: not 

[00:24:32] Christian: anyways, but I wanted to ask you now, cause we’re talking about business owners, but like what about the, you know, the corporate America types, if you will, right.

Working for the man. Yeah. Boy that is really not sensitive to what if they had a female bus. Right. So anyway, like, like what, what about the, the nine to five? Like what, what about those people? Are they, yeah. How is that 

[00:24:53] Karl: different? Same look. So yeah, look, same process, but success. And alignment’s gonna be defined differently, hearsay.

Right? You gotta be able if you can’t, if you don’t know where you’re going, any road will get you there. Right. So you gotta be able to define it. You know, very, very clearly. And somebody working for the man, somebody working for the woman, somebody working, you know, corporate job is gonna have, it’s gonna be different, you know?

Just like each of your clients is gonna have different situations, you know, family relationships, you know, money wise, et cetera. Look, success and money. Ultimately give you better choices, allow you to make better decisions. Make no mistake about it. That’s fast, right? Buy a nicer house in a nicer neighborhood.

Why do you wanna have a nicer house in a nicer neighborhood? Because you have better schools for your kids, right? Better friends. Why do you wanna buy a nicer car? Just, you know, it makes you feel better. You get in it and it, it, it feels good a month vacation without having any issues like, you know, emails, phone.

You know, crisis after crisis. If you have a, you know what I mean? Like you have money, you have better decisions in and around that flying first class. Some people wanna fly private, you know, it’s flying home from Mexico is my dad’s 80th birthday. Go skinny, go skinny. We love you. But you know, sitting in first class, right?

Hope that’s not too pump for everybody here, but I’m, you know, in the stewards I heard. So there’s business class behind you. If you ever flown business class in first class, like there’s a, there’s a market improvement, right. And this guy was, do, do, do back and forth. And I just overheard the. The, the stewardist offered, you know, $300.

You can go sit up there. Right. And the guy declined it. And in my head, I, you know, cause I paid a lot more than 300 bucks for his seat, by the way, I’m just like, are you crazy? Right. And it’s just, but, but, but in some, and importantly, he has a different decision making process to me. Right. And part of that, I would dare say is he’s probably never flown first class and like, you know, your own cubby, your own this, and, and that, and, but, and again, before I send all pump is the guys in business class with 300 bucks is not taking food off the table for his kids.

Right. He’s already upgraded. So, so I just think that, you know, it’s look, entrepreneurs want to grow it. Investors want to keep. You gotta understand where you’re going or again, any road will get you there. Like, do you wanna be rich for a season? Do you wanna be rich for a month? Or do you wanna be rich for a lifetime?

You, you gotta be able like road Doug, you talked about a financial plan. People. Here’s a mistake that people make. Like if someone, you know, were to be 60 and you know, be speaking to me and ironically enough, I spoke to a guy on my flight home of a guy who was actually, you know, he’s 60, we’re talking about his retirement.

One of the things I said to. And I’ve, I’ve said this before, but I gotta tell you it’s so powerful. And his reaction tells me that it was really, really good for him. I’m like, man, you don’t, what you wanna do is you wanna retire with income. You don’t wanna retire with net worth and you know, a million dollars, $5 million, $10 million, all that.

That’s great. You wanna retire with income? In other words, like own three houses, and let’s say they all rent out for $3,000 a month. Each right. There might be some Airbnb in there and they might be whatever three, three multiplied by three is what nine that’s, $9,000 of income from the rent, from the houses for how long.

And the answer is for the rest of your life. Right? Cause I’ve gonna formula old money equals never. With most people sell their house. They get bad advice from a guy who’s not wealthy. Doesn’t really understand wealth that says, wow, if you sell this house, the price is up stupidest. Like, oh, that’s why you’re gonna sell it.

Cuz the price is up cash out and you can put all that money in your bank account and then hope that it’s gonna grow. So you wanna retire. You know, do you want to, again, do you wanna be rich for a season or do you wanna be rich for a lifetime? Think about that as a framework. I think if you put a hundred people in a room that are over the age of 40, the number one collective fear in the room is becoming a paraplegic.

And the number two fear is running out of money in retirement. And that accelerated after 2008, by the way so basically you want to, as a framework, you wanna retire with income. It’s a totally different psyche, but you gotta, you, you get better decisions. You can hire, you know, I there’s a lot of people out there providing you know, retirement and financial advice that wouldn’t provide that.

And I think that they might be, you know Being remiss a little bit with their client because that once they hear that and the guy on the plane that heard that was like, oh my gosh, tell me more, tell me more, tell me more. So, you know, just knowing what you want, like knowing that you want that and that you wanna turn 60, you wanna turn 65, you wanna turn 70 and have 3, 5, 7, 10, 20, 30 grand a month of income automatically through your real estate.

You know, dividends, et cetera. That’s what you wanna be thinking about, right. But different choices. Different decisions, right? Like selling the house and not selling the house. One decision that seems semis similar, but are com catastrophic in the end result, 10, 25 years from now. Again, you introduced me to somebody family with old money and I’ll introduce you to a great grandfather that had the guts never to sell at a great grandma, had the guts never to sell.

Right. So, so many people just get taken by the can’t. Miss get rich quick opportu. Maybe selling the house when it’s up, might fall into that. Not sure every situation is a little bit unique, but. I gotta tell you, follow your friends on Facebook. There’s this one guy that I follow on Facebook road, Doug. Oh my God.

Every time I see him, I just wanted like XM, which I normally do. Okay. But this guy’s actually entertaining. I swear. He’s he’s changed careers like six different times. He’s run a relationship workshop, a business workshop. Marketing workshop in the last few years. And it’s just like, oh my God. Now he, and he, then he, he makes a confession that he’s working at a bar and I’m like, do you think that anybody is surprised by this, but entertaining?

Oh my goodness. And he he’s given all this advice by the way. And he, he can write copy and he can create a video and he’s engaging. You know, if you didn’t, if you didn’t follow him with a bit of a mental model and. You know, careful of recency bias and this sort of thing, you you’d get taken by some of his stuff, cuz it’s good, but it’s just like anyways you know, and look in a coaching mentor relationship, if I’m gonna help you find balance, right?

It, it doesn’t exist. It’s it’s work, life integration, not work life balance. In my opinion, I remember you always start with the little red arrow you are here and then I establish what it is that you want and coaching basically. Is the rule in between. Remember if I ask somebody, like I get asked all the time, Carl, what should I do?

And I always turn it back. And some of the people listening to this will have, you know, experienced this with me, but I say, you gotta tell me what you want before. I can tell you what to do. Right. Like two completely different things and Kobe Bryant. We talk about it all the time. As a framework. If you go back to some of the other podcasts where I’ve gone more in depth here, but he knew exactly what he wanted.

He wanted to be the greatest basketball player of all time since he was 15 years old. So his life was easy and he never deviated, you know, maybe he rest in peace by the way, poor bugger hope his family’s doing well. Not a, you know, brutal situation. But you know, bottom line is he knew what he wanted and he got there.

Right? So, you know, you, you can’t hit a target. You can’t see, therefore you need to take some time with your client. You gotta do this for yourself and you gotta design that ultimate lifestyle. Like, what is it? And it’s gonna be different for road, dog and different for me and different for you. And it sounds easy, but it’s a hundred times harder than you’d.

You’d like to think. Right. You know, I ask people what it, you know, what do you want? And they immediately delve into what they don’t want. Right. And then my crystal ball will basically see a crash course with what they don’t want coming for them. Right. So it’s like, start with this. You don’t need to work 80 hours a week to become a millionaire.

Right. So we’re talking about achieving the lifestyle that you ultimately want. Right. It’s not like the old days where you need to, you know, work yourself into the ground. You don’t, you don’t need to be a millionaire in this day and age to live like a millionaire, I guess is what I’m saying. It’s, it’s getting easier and easier and will continue to, by a fractional ownership, blockchain, that sort of thing.

You know, like if you own a Ferrari and you only drive it a few times a year which will be, you know, which was what’s gonna happen after the novelty wears off. Couldn’t three people own the same Ferrari and get the same, almost the same value, not the exact same amount, but almost right. Or a boat. How often do you actually go out on your boat, speak to somebody and by the way, don’t listen to me.

Don’t use your instincts, go speak to five people who have owned boats for an extended period of time and ask them how many times in the course of a year did they get out? And if you live in Florida, it’s gonna be different than where road dog and I live. Right. Or, or maybe it’s the ski. She. Right. Or maybe it’s an airplane, right?

Depending upon like where you’re at, but like three people could own it and get the same value. So these, these types of fractional, ownerships and opportunities are coming thick and fast. Just think like timeshare for cool stuff, managed on the blockchain. And you know, there’s a lot of movement right now in the world and it is coming.

I mean there was just a, what is it? The MIS universe pageant. And she won an NF. Right. Like, I was like, part of her, her purse was like, I put a crown and then they congratulated her that she, you know, that she owns an NFT and I’m like, okay, this is, you know, like if that doesn’t tell you something about the movement, I don’t know.

And like, even you could own like owning a hockey team, you don’t need to own a hundred percent of the hockey team to say you own the hockey team. You could own 5% of it or the car racing team or the ski. You still get to call yourself an owner. You get to sit in the owner’s box, you get to go to the owner’s box.

You know, you get the business card, your name on the website, all the significance that comes with it, but at a fraction of the cost and, and the fraction of the, of the, of the work and the responsibility. Right? So. You know, it’s so thinking about that, I don’t know. Then some people are listening to that and going, what the heck?

This is advice for you. This is advice for your clients, but I don’t know, owning a ski team, owning a chalet, owning a boat, owning a yacht, owning a, you know, part of a hockey team or a football team or a baseball team. I don’t know. That sounds cool to you. It might be significantly easier, more accessible than what you think.

So. So lifestyle road, dog. And it’s just critical that everybody understands that they gotta build a business. That’s gonna be right for them and like some characters. So if you were to press me on that and say, so what are some characteristics of a business that will give you that you know, that virtual, you know, life work, balance integration vibe, right?

Like the old four hour work week, always remember a four hour work week is. As long as your competitor, isn’t putting an eight. Okay. So don’t be taken by the name of the book. Tim Ferris will be the first person to tell you that four hours, a four hour work week is not gonna get you very much. You know, Warren buffet can do it, but he put in an 80 hour work week for, you know, about 50 years straight.

But so, okay, so you press me. So I would wanna go into a business that was growing, right. So I would want long term demand. I would want it to be portable if that’s what you Des well presume. That’s what you desire and lifestyle is a big part of it. Right? And there’s a lot of people that do desire that the beauty of a business coach is you can go anywhere, do anything.

I was doing one of our open calls either last week or the week before. And I was saying, guys, you know, like you could do a north American tour, like every rock band, you know, it’s Taylor swift, it’s gun and roses. It’s ACDC back in the day you know, kiss sticks. Why am I saying all these old bands, but whatever, you know, Madonna who, whoever it was, right.

They’re they’re doing tours. Why couldn’t you do a north American tour? Right. And just go from chamber to chamber. Like I did that in in Virginia one time. Right. I did a tour. I did call pepper and Richmond. So I can’t remember. I, I basically just did a, doing like a tour. And you could do a Canadian tour, an American tour, a north American tour.

You could get mugs, you could get t-shirts, you could get polo tops. You could put it on your website. How cool would that be? You could talk about it. Obviously, when you talk to the, the accountant, you talk to the magazine and you’re talking about your, you know, your national tour. I, you tell me. If that’s a message that all of a sudden might be a little different than the other business coaches.

And that might be pretty cool. And then by the way, get yourself a bus and then paint the bus, you know, north American business coaching tour. You totally do that right. Just in, but if you got three young kids under the age of five, that might be a horrific idea. If you’re retired empty nester, Don’t have kids look, go buy yourself a bus, paint it up and leave tomorrow.

How cool would that be? But, so if portable is what you desire but business coaching is one of those types of careers. One of those types of businesses, it’s very much like that, you know, high profit margin. Okay. Drop the mic, the end. That’s so important. Scalability. So what might I’m listing some off here?

So row dog, number one, you want it to be a growing industry, something in long term demand, number two, you want it to be portable? Presuming that’s something they desire, but that’s normally attached to a lifestyle business. Three, I would put profit margin in there. Four, what would I, I put, look, scalability would come, but I, some people don’t, if you’re retired and you just wanna make 250 grand a year and not have staff and a headache that might not belong in there, but I’m gonna say that you need to be flexible with all of these things, right.

Remember scalability is when you grow and expenses don’t come with you. Growth is when you grow and expenses do come with you. Okay. So people don’t understand growing a business growth and scalability, growth and scale are, are very different. But anyway, so understanding that I’d say low startup costs for the simple reason that, you know, if you’re kind of lifestyle you, I think that you want to just keep that all in.

Staffing would have to come into it road dog, like little to no staff. I dunno, number, I think I’m six, maybe. You know, and can you outsource it low overheads again? I think that that’s important cuz you wanna, you know, it also falls into high profit margin, low overheads you know, money flowing when you sleep.

So think of a subscription model, something habit forming, not always gonna be possible, but in a perfect world, I would have that. Remember recurring revenue equals profit. So again, there needs to be a recurring nature. I never wanna sell something that there’s not something else. And just be careful not to get, you know, fooled by the influencer.

So, so RO do real quick in some somebody says, look, I want, you know, a lifestyle business, a, a business that I could, you know, kick button really enjoy and not have too many demands. It just needs to be growing have it so that it’s portable high profit margins. Potential for scalability, if that’s what you want.

Low startup costs, cuz I feel like that’s just lowers the barrier of entry, lowers the risk. Not a huge amount of staff humans or the enemy of scale by the way, which might be relevant for scalability there. But again, so a little to no staff. Low overheads again, lower heads. They just eat into your margins.

And then just, you know, money flowing while you sleep. So a recurring nature to it. And if you could create something like a subscription model, you’d be you’d be well into it. Not, I think that you’ll find that there’s influencers. If you go to your Facebook feed, They’re talking a lot about this stuff, but they’ve never actually done it.

They’ve never actually, you know, they don’t really, you know, they, they give a lot of bad advice as my experience. They know how to market and get attention on Facebook, but that is not the way that you grow a business. That’ll provide you a lifestyle. It’s a, in some cases it’ll create a little bit of a nightmare for you.

So, so road, dog, a little bit of a rabbit hole. What do you think their shoots that’s that, that, that’s a great question. The lifestyle thing and. I hope that folk folks will, you know, dive into it. There you go. 

[00:40:42] Christian: We could dive into it again a little bit deeper next, because there’s a couple more questions regards to that, but we’re, we’re kinda up against it here.

So what, like, if, if you were to again, pick one thing, right? You’re the, the one thing guy. So what’s the one thing that somebody could take from today’s podcast today’s episode and, 

[00:41:00] Karl: and implement to their practice. You know, I’m gonna go to where I want them to take away, go and have a look at the emails from, well, might have to Google my name and then search this.

If you wanna read the emails about it, but just K two things, Warren Buffet’s advice. He wants something that he can buy for a penny that will sell for a dollar. And that is habit forming. Help your clients find things inexpensively that sell for a premium quality Mar or luxury margins, and then habit forming, turn it into a habit, right?

So think spend some time, like go to your client and just think to yourself, like, how could we create, like, how could we make this product, have it forming you, won’t always be able to do it. That’s why most businesses, aren’t the types of businesses that Warren buffet would invest in. Right. So, so that one, and again, I encourage you maybe a post-it note putting it on your computer so that it really, you know, sinks in over a body of time.

You might start seeing opportunities. And around, you know, that statement, that, that framework, and then the other one is Charlie Munger. And he said something again, I’m probably making a meal of these two quotes. Right. But they’re, you know, I’m pretty close. Show me the incentives and I will show you the outcomes again, just with your clients, with your client staff, with your staff, with your lead generators, with the coach that works for you.

You know, like one of our guys, you know, he is, he’s very good at this. You know, he, he built a team of 87 coaches in 11 months and he’s surpassed that now. Again, you know, when he started with us, he didn’t have any coaches and now he’s got a team of 87 coaches underneath him. Pretty huge. So the incentives, incentives, incentives.

Right. So there you go shoots that’s what I’m gonna say is the final thoughts, the one thing at the end, what do you think. I’m 

[00:42:47] Christian: I was nervous. Cause I thought you said you’re gonna get them to Google your jokes. That’s the last thing we need. don’t do that folks. It’s not that funny. But unless you’re looking for good dad jokes, Carl, Carl’s the man.

So there you are. But anybody thanks for tuning into another episode of business coaching secrets. With the shock jock himself, the man on top of the hill king, Carl. And if you’re not on the inside getting at to the S show where you’re getting Carl’s daily emails, or just want just generally more information, how to build and, and grow and scale.

You’re coaching company, visit focus.com and subscribe today. And again, also, if you enjoyed the podcast, please share it and please leave a review. Cuz we know that all the streaming services, iTunes, Spotify, all of them give a huge amount of weight towards reviews. So please leave us a review. If you like what you heard.

And that is it for another week. Everybody have a great week. We’ll see the next episode. Remember progress equals happiness. Take care. Everybody. 

[00:43:43] Karl: Carl Bryan built profit acceleration software. 2.0 to train business coaches, how to find any small business owner more than $100,000 in 45 minutes. Without them spending an extra dollar on marketing or advertising.

This becomes a business coach’s superpower. So as a business coach, you’ll never, again, have to worry about working with business owners that can’t afford your high end coaching fees. Check us out at focused.com.

Karl Bryan, creator of Profit Acceleration Software™  

Karl is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Focused.com, home of the largest private community of Business Coaches (24 countries and counting) in the world. His goal is straightforward… to help serious coaches/consultants get more clients. Find out more at focused.com

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