234: How to Build Business Assets the Smart Way
Business assets are things you build that continue to serve you.
Compare having to work every month for money to having it come in automatically. We all want to build assets!
Because assets are so appealing, it’s tempting to try to get them as soon as possible.
But assets, like products, require upfront investment to acquire. It takes time, money, and effort. When you’re just starting out, you typically don’t have the money to afford the time to build assets.
This is why I recommend against trying to build assets as the very first thing you do. Instead, you should prioritize generating cashflow. When you start with a full focus on cashflow and building up front capital, you earn freedom.
Freedom is your first asset. The freedom that comes from the asset of cash in hand provides you the time and availability to work on investing in building other assets.
In this episode, I share a very purposeful and methodical approach to building assets from square one.
141: Why My First Book Will Be Hardcover
Yesterday I told you that I’m writing three books in a month.
In July of 2016 I’m going to be writing three books called Overlap, Curate, and Reciprocity.
The first book I wanted to write is about this thing I call The Overlap Technique which is about getting from a soul-sucking day job to pursuing what you love to do—doing work that fulfills you.
Curate is about niching down, finding your focus, and growing an audience. The third book, Reciprocity, is giving value to that audience and building a long-term, sustainable business on timeless principles.
I mentioned that these three books are going to be available as hardcover books. Now, that sounds kind of crazy at first because I’m self-publishing and this is going to be pretty expensive, but I don’t think of this as a way to make money.
I’m not planning to make money with these books, I’m planning to invest money. I think it’ll probably cost tens of thousands of dollars to produce these books, but I’m seeing them as an investment in my future.
007: Funding: How to Get Cash for Your New Business
Businesses take money to run. When you’re starting out, this can be difficult. Where do you get that initial capital?
I like to use what I call The Overlap Technique. It’s where you use your day job as a foundation to cover your bills while you hustle on the side.
There’s a lot more to it than that, but in this episode, I talk about my very first business and what I could have done better. Matt talks about how he worked with his competitors to land a big deal with his carpet cleaning business.
We both have different approaches to business and money. I have a strict no-debt mentality, Matt occasionally borrows to make calculated investments with quick turnarounds. You’ll hear about both of our approaches.
Matt shares the details behind the house flipping he does and I tell you how I rented my first apartment as a self-employed person without any credit.
In the latter half, the episode it gets really good: we bring in Cory, our video producer, who is just getting started with client work. He wants to buy expensive new camera gear to make films. We put him in the hot seat and Matt and I tell him exactly how he can do that by giving him step-by-step advice.
014: Fighting Doubt
How do you maintain motivation when you don’t see results? What if you try and things don’t work out?
How can you tell the difference between doubt and a sign that maybe you should be doing something differently?
I bring some #harshsean into this episode. We speak to what to do when the financial results aren’t there and I’ll be honest, I give some tough love. There’s still some people listening who have doubts for all the wrong reasons.
If your business is not supporting you right now, you can’t continue trying to make ends meet with it. It’s time to sacrifice. It’s time to get a day job in place. If you really care about this thing, it’s time to use The Overlap Technique and cover your bills before trying to grow your business or pursue your passion.
All entrepreneurs have doubts. What if our growth slows? What if we can’t make payroll? Did I wait too long to hire? Am I hiring too soon?
You’re not alone. We talk through these struggles.
102: Why It May Be the Wrong Time to Pursue Your Passion
Last episode, we talked about How to Find Your Passion. This was a very real topic for Ben as he was struggling firsthand with a lot of the things we were discussing.
In the days following the recording, Ben reflected on what we talked about and ended up writing an article on his own blog about setting his passion free. He realized that he was trying to solve the wrong problem. He thought the problem was finding his passion. What he ended up concluding was that he had no business trying to find his passion because he did not yet have a stable day job covering his bills.
His passion pursuits could not be free because he was using them as a tool to fill in the gaps of his monetary needs. What he needs is a day job that covers 100% of his bills first before he pursues the passion and he only has 50% covered.
We talk about the day job a lot in passing, but its importance is often missed. In this episode we talk about the crucial role of a day job as a foundation and define the right kind of day job needed to fully support the pursuit of your passion. An insufficient day job makes you vulnerable to Scarcity Mindset which leads to compromising your professionalism to pay the bills.
As fun as it is to talk about doing what you love, you have to go about it in the right way or you’ll kill the passion. Do you love this thing enough to not do it right now? It would be a disservice to say “Drop everything and pursue your passion!” without first defining the necessary foundation required. This is the purpose of The Overlap Technique. Let’s talk about it.
086: Why You Should Quit Your Job
Do you come home from work every day completely drained? Is your creative energy zapped when you get off work? Are you completely unmotivated to work on the side projects of your passion? Let’s face it: you’re probably in the wrong day job.
The day job is the foundational platform of The Overlap Technique that supports your ability to grow your passion organically to the point of making a living.
The key is a day job you don’t hate. It’s not going to be your favorite thing to do, but it can’t be something that drains you creatively. If you hate your day job, you need to quit. You probably already know that and just haven’t pulled the trigger yet. We’re here to motivate you and help you through the many struggles associated with quitting.
I’m not talking about being foolish. I’m talking about making a calculated risk and going all in with the things you love. Let’s take the dive.
How To Cure Perfectionism With A Simple 2-Digit Number
For creative people like us, perfectionism is the bane of our existence. On the one hand, this obsession with perfection is what makes our work so good but on the other hand, it can be downright paralyzing.
You have good taste and high standards. That’s often why what you make frustrates you. You know that it’s not yet aligning with the image of perfection in your mind.
I share my formula for making perfectionism work for you instead of against you. The video is based off of a chapter of my book, The Overlap Technique.
215: 10X Your 10X – Thinking Bigger
We often think getting big results means working harder.
In a way it’s true: working harder does enable us to produce greater results. But what does this look like at scale?
Do the people who make more work harder? Sometimes they do, but in the big picture, typically more people work harder for less. Those who make 10 times or 100 times what you make aren’t necessarily working harder.
They think differently.
The phrase, “Work smarter, not harder,” might sound cliché but it really is a matter of mindset. There’s a mental leap you have to make in order to think bigger. We’re going to help you make that leap.
We’re going to take what you thought was big (10X) and 10X that!
10 minutes in, the live listeners were all saying that were definitely going to listen to this episode again. It will completely change your thinking.
045: Opportunity Looks Like Hard Work
Taking your passion full time isn’t something that happens overnight. But making a living from what you love to do can be done regardless of what it is. It’s simply going to take hard work. A lot of people don’t recognize the opportunity they have to pursue their passion because it comes in the form of a chance to do hard work.
We talk about why this is worth it in the long run, and how The Overlap Technique will help you guard your passion and keep it from drying up when it becomes your full time job.