Delegation is a crucial aspect of business growth and success. Many entrepreneurs struggle with the belief that only they can do things right, but this mindset limits their ability to scale their businesses. Delegating tasks allows entrepreneurs to focus on higher-level responsibilities and strategic planning. It also helps them become better bosses and leaders. Effective delegation requires clear communication, trust, and finding the right people who align with the company's vision and values. It's important to hire for attitude over aptitude and be willing to make tough decisions when team members are not able to grow with the business.

Takeaways

• Delegation is essential for business growth and success.
• Entrepreneurs need to let go of the belief that only they can do things right.
• Effective delegation requires clear communication and trust.
• Hiring for attitude over aptitude is crucial.
• Team members who cannot grow with the business may need to be replaced.

Chapters

00:00 Introduction

03:05 The Importance of Delegation for Business Growth

06:26 Becoming a Better Boss and Leader Through Delegation

10:11 Hiring for Attitude and Cultural Fit

13:12 Finding the Right People for Effective Delegation

15:17 The Role of Vision and Values in Hiring

18:10 Differentiating Your Business Through Culture

20:45 Efficiency and Delegation at Chick-fil-A

23:29 Revamping the Team at Break Points

25:35 Making Tough Decisions as the Allocator

In this episode, Shena and Jerry discuss the concept of recurring revenue and how businesses can create a steady stream of income by selling something once and getting paid for it repeatedly. They provide examples of service-based businesses that have implemented recurring revenue models, such as pest control companies and cleaning companies. They also highlight the benefits of recurring revenue, including predictable cash flow and increased enterprise value. The hosts emphasize the importance of contracts and memberships in ensuring consistent revenue and customer loyalty. They encourage listeners to think creatively about how they can implement recurring revenue in their own businesses.

Takeaways

• Recurring revenue allows businesses to sell something once and get paid for it repeatedly, providing a steady stream of income.
• Service-based businesses can implement recurring revenue models through contracts and memberships, ensuring consistent revenue and customer loyalty.
• Recurring revenue provides predictable cash flow and increases enterprise value, making a business more saleable.
• Businesses should think creatively about how they can implement recurring revenue in their specific industry or niche.
• Staying in front of clients and providing ongoing value helps to maintain customer relationships and generate referrals.

Chapters

00:00 Introduction to Recurring Revenue

03:11 Implementing Recurring Revenue in Different Industries

05:12 The Pitfalls of Collecting Money Upfront

07:09 Adding Value and Staying in Front of Clients

09:32 Thinking Creatively: Finding Opportunities for Recurring Revenue

11:52 Renewal and Customer Concentration

13:38 The Benefits of Recurring Revenue for Business Growth

16:10 Conclusion and Actionable Steps

The conversation discusses the transition from being an employee to being a business owner and the challenges that come with it. The main themes include accountability, the lack of a consistent paycheck, the importance of a clear vision, the difference between being self-employed and being a business owner, and the need to build a team and delegate. The conversation emphasizes the need to embrace failure and learn from it, as well as the importance of long-term planning and building a business that can run without the owner's constant involvement.

Takeaways

• Transitioning from being an employee to being a business owner requires a shift in mindset and accountability.
• The lack of a consistent paycheck can be a major hurdle when starting a business.
• Having a clear vision of where you want to go with your business and life is crucial.
• There is a difference between being self-employed and being a business owner, with the latter being able to run without the owner's constant involvement.
• Building a team and delegating tasks is essential for a business to grow and succeed.
• Embracing failure and learning from it is key to building a successful business.
• Long-term planning and creating a business that can operate without the owner's constant presence is important for sustainable success.

Chapters

00:00 Transitioning from Employee to Business Owner

01:58 The Challenge of a Lack of Consistent Paycheck

06:20 The Difference: Self-Employed vs Business Owner

09:03 The Importance of a Clear Vision

13:40 Building a Team and Delegating for Growth

In this episode, Shena and Jerry discuss the importance of networking for business owners. They emphasize the need to network with intention and purpose, focusing on connecting with the right people who can refer clients or collaborate. They highlight the value of networking within your own industry and finding networking events where your ideal clients are present. They also provide tips on how to network effectively, such as listening actively, offering solutions to pain points, and following up with one-on-one meetings. They encourage business owners to start networking, even if they are introverted, and highlight the long-term benefits it can bring to their business.

Takeaways

• Networking with intention and purpose is crucial for business owners.
• Identify your ideal client and focus on networking with people who can refer or collaborate with you.
• Networking within your own industry can be beneficial and lead to valuable partnerships.
• Listen actively during networking conversations and offer solutions to pain points.
• Follow up with one-on-one meetings to deepen connections and provide further value.
• Even introverted business owners can succeed at networking by mentally preparing and focusing on building genuine connections.
• Start networking and reap the long-term benefits it can bring to your business.

Chapters

00:00 Introduction to Networking

03:16 Networking Within Your Industry

07:31 Finding the Right Networking Events

09:24 Active Listening and Offering Solutions

11:20 The Cost of Networking

Kyle Fisbeck shares his journey of starting a mechanical and plumbing company and the challenges he faced along the way. He emphasizes the importance of having a business owner mindset and surrounding yourself with supportive people. Kyle discusses the stress that comes with running a business and the need to keep grinding and never give up. He also talks about the benefits of hiring key employees and the impact it has on freeing up time and growing the business. Kyle's story serves as inspiration for those starting out or in the early stages of their business.

Takeaways

• Having a business owner mindset is crucial for success
• Surround yourself with supportive people who believe in you
• Don't give up, keep grinding and pushing forward
• Hiring key employees can free up time and help grow the business
• Managing stress is an ongoing challenge, even as the business grows

Chapters

00:00 The Journey of Starting a Mechanical and Plumbing Company

08:24 The Importance of a Business Owner Mindset

14:47 Surrounding Yourself with Supportive People

20:30 The Benefits of Hiring Key Employees

24:35 Managing Stress and Growing the Business

Hello, lovely listeners! Join us for this episode as we – your hosts Jerry and Shena – examine self-investment. As business owners ourselves, we understand the importance of nurturing our skills and well-being like a million-dollar racehorse!

Shena shares how she was inspired by Joe Polish's analogy of treating ourselves like prized racehorses, ensuring we receive the best nourishment and training to excel, something that resulted in her realizing how neglecting our own health and growth can hinder our business potential.

In addition, Jerry brings attention to The Miracle Morning by Hal Elrod, emphasizing the impact of a structured morning routine on daily success. Whether it's gratitude exercises or setting clear goals, these practices can truly enhance productivity and mindset!

We also explore various forms of self-investment, from attending conferences and mastermind groups to listening to podcasts and reading books, and Shena shares her experience with the Contractor Cash Club, a mastermind tailored for blue-collar entrepreneurs and a space where members not only learn from her expertise but also support each other's growth in the trades industry.

We hope that you will join us as we discuss practical strategies for self-improvement and business growth that anyone can put into practice, regardless of industry or background. Whether you're a seasoned entrepreneur or just starting out, investing in yourself is the key to unlocking your full potential!

In This Episode:

[0:48] - Jerry discusses the importance of investing in oneself, exploring both monetary and free methods.

[1:12] - Shena reflects on treating oneself like a million-dollar racehorse, advocating for self-care and growth investments.

[2:57] - Mentioning the book The Miracle Morning by Hal Elrod, Jerry emphasizes the power of having morning routines for success.

[3:32] - Shena recommends starting the day with gratitude, growth, goals, and grace to foster positivity.

[5:34] - Discomfort is vital for growth, similar to physical exercise's muscle breakdown.

[7:11] - Jerry acknowledges the varying investment needs between physical and office environments for personal growth.

[8:19] - Shena shares how investing in staff education at the World of Concrete improved her company's performance, while Jerry discusses joining a mastermind group.

[11:00] - Shena advocates for the benefits of joining a mastermind to learn from peers and grow together.

[13:33] - Shena highlights the value of building supportive communities.

[15:10] - Jerry expresses passion for community-building among like-minded individuals.

[17:40] - Jerry discusses the evolving perception and investment potential in blue-collar industries, challenging traditional views on education and career paths.

[20:58] - Jerry shares his personal experience of discovering new avenues for real estate investment through networking and education.

[23:15] - Shena illustrates the importance of embracing new opportunities and skills in business, using the example of a plumber expanding into pipelining to significantly boost revenue.

Book Mentioned:

Hal Elrod - The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8M)

Please be sure to subscribe to the show so that you never miss a new episode and to also check out our website, join our Facebook group, and subscribe to us on YouTube! 

Join your hosts Jerry and Shena this week as we discuss the worst financial advice that we have ever received and why it doesn’t hold up in today’s financial landscape!

Shena kicks things off by challenging the all-too-common advice: “If you can’t pay cash for it, don’t buy it.” While this might sometimes make sense for luxury items, it is absolutely not a one-size-fits-all rule, especially in business. Shena shares how taking a government loan during the pandemic enabled us to secure a big job that doubled our business, and without that loan, we'd have missed a massive opportunity.

Jerry then follows with a counterpoint to the notion of paying off your house before investing elsewhere. While it might seem like the safe route, tune in to learn why it can be more beneficial to invest extra cash rather than using it to pay off a low-interest mortgage.

Throughout our discussion, we emphasize the importance of assessing individual circumstances. Financial decisions, after all, are not black and white; they depend on personal goals, financial positions, and even knowing one’s own spending habits!

We hope that, by sharing our own experience, we are providing you with insights into navigating financial advice that may not always fit your unique situation. Listen in for a practical and nuanced discussion on making smarter financial decisions!

In This Episode:

[0:50] - Today, we are discussing the worst financial advice we've ever received.

[1:04] - Shena reveals that the worst financial advice she's heard is "if you can't pay cash for it, don't buy it," which overlooks strategic investments in business growth.

[3:55] - Viewing everything as an investment helps assess returns and costs, like how a government loan helped double business during the pandemic.

[6:09] - Jerry discusses the nuance of financial decisions, such as when to invest in new equipment versus when it's unnecessary and potentially detrimental.

[8:46] - Jerry critiques the advice to pay off your house before investing elsewhere, advocating instead for using low mortgage rates to invest in higher-return opportunities.

[10:47] - Jerry questions the "pay off your house first" advice, stressing ongoing expenses even after payoff.

[13:13] - Shena suggests keeping a mortgage to invest elsewhere, weighing cost of capital against return.

[13:41] - Jerry advises using home equity for high-interest debt, balancing investment and debt management effectively.

[15:08] - Shena compares financial decisions to balancing scales, highlighting the need for personalized strategies.

[16:21] - Jerry emphasizes self-awareness in financial decisions and cautions against repeating past mistakes.

Please be sure to subscribe to the show so that you never miss a new episode and to also check out our website, join our Facebook group, and subscribe to us on YouTube! 

We are back, dear listeners, with another episode that is absolutely essential listening for anyone running a blue-collar business - or even any business at all! Join us this week as we – your hosts Jerry and Shena – take a deep dive into the three most common mistakes we see blue-collar business owners make and, more importantly, how you can steer clear of them!

We start things off by discussing a pitfall that many of us fall into: believing that more sales will solve all our problems! It’s always such a tempting solution when margins are thin and profits are elusive, but as Shena shares from her own experience, simply increasing sales without addressing underlying issues in your business operations can actually cause more harm than good!

We then discuss the importance of forward-thinking. As Jerry explains, many business owners get so wrapped up in day-to-day routines that they neglect long-term financial planning, and we cover the need for a solid retirement strategy, the risks of reinvesting every cent back into the business without saving, as well as the dangers of splurging on luxuries that don’t contribute to your business’s growth.

Finally, we talk about why making yourself indispensable to your business can actually be a huge mistake. It’s great to feel needed, but as Shena points out, it also means that you are chained to the business with no freedom to step away. We explore strategies for building a team that can operate independently, setting your business up as an asset that can thrive without you if needed!

We hope that you will listen in as we break down these common critical mistakes and offer actionable advice on how to build a more profitable, sustainable, and freeing business. Whether you’re just starting out or looking to take your existing business to the next level, this episode is packed with insights you won’t want to miss!

In This Episode:

[0:49] - Jerry starts off by discussing mistakes made by blue-collar business owners.

[1:07] - One of the biggest mistakes is relying solely on sales to solve problems.

[3:13] - Shena argues that maximizing profitability involves actions beyond increasing sales in business management.

[6:01] - Jerry points out that understanding job costs is crucial; selling more isn't always profitable for businesses.

[7:48] - Start by accurately costing out supplies and labor for every job, big or small.

[10:17] - Achieving higher profitability allows reinvestment and business growth, not just survival and maintenance.

[13:55] - Businesses must be set up to function without the owner to increase market value.

[16:25] - Jerry says that achieving passive income allows freedom to enjoy life without financial worries.

[18:36] - Comprehensive planning ensures security and peace of mind for family and business.

[19:24] - Shena explains how the book Clockwork by Mike Michalowicz offers valuable insights.

[20:24] - Jerry adds that The 4-Hour Workweek by Tim Ferriss emphasizes efficient work strategies and is essential reading for planning business success.

Books Mentioned:

Mike Michalowicz - Clockwork: Design Your Business to Run Itself

Timothy Ferriss - The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich

Please be sure to subscribe to the show so that you never miss a new episode and to also check out our website, join our Facebook group, and subscribe to us on YouTube!

We are so thrilled to bring you an episode that’s all about celebrating the big wins in our lives and careers, discussing some of the pivotal moments that have shaped our paths and the lessons that we have learned along the way!

Join us (your hosts Jerry and Shena) as we kick things off by sharing some of our personal biggest wins. Shena opens up about her incredible journey back to college. Imagine commuting 2.5 hours each way while juggling bartending shifts just to earn not one but two degrees - a true testament to sheer perseverance and determination, something we think will resonate with anyone who’s ever had to fight for their education and dream.

Jerry, on the other hand, takes us back to his early days in the nonprofit sector. From educating teens on important health issues to securing a scholarship and presenting at a major HIV/AIDS conference in Canada, his story is an inspirational reminder of how early career wins can set the stage for future successes!

We also reveal how those formative experiences have fueled our current careers, such as how Shena’s journey from corporate sales to becoming a full-time consultant has helped her clients generate over $100 million in revenue last year alone! Jerry shares his bold transition from the poker tables in casinos to a thriving career in mortgages and now venturing into private capital, highlighting the courage that it takes to leave a comfortable job and chase a new dream, even when it means starting from scratch and dealing with the uncertainty that comes with such a move.

We emphasize the importance of having a long-term goal, planning, and the invaluable lessons learned from every win, big or small, and we also touch upon how building a supportive community, like our Blue Collar Wealth Club Facebook group, can provide the encouragement and inspiration you need to keep pushing forward!

If you are looking for a dose of inspiration, practical advice, and real-life stories of triumph, then this episode is for you, so please join us to hear how you can harness your wins, no matter how small they may seem, to propel yourself toward greater success and fulfillment!

In This Episode:

[0:40] - We are discussing our biggest wins in life and careers!

[1:13] - Shena's biggest win was commuting 2.5 hours to earn two degrees despite life challenges.

[2:56] - Jerry's win was earning a scholarship to present at the first national HIV/AIDS conference in Canada.

[5:40] - Shena discusses the importance of having a vivid vision for the future and how it helped her transform her life from an abusive relationship to one aligned with her dreams.

[6:32] - Shena shares how writing down her goals and envisioning her ideal life led her to achieve everything she desired, from career success to a supportive relationship.

[9:07] - Jerry describes his transition from working at casinos to a new career, motivated by wanting a better work-life balance after having his daughter.

[11:45] - Hear how Jerry transitioned from poker dealer to mortgage loan officer after three years of preparation.

[14:44] - Jerry stresses saving and planning for equipment and credit improvements before making big career changes.

[16:29] - Jerry advises using podcast lessons to accelerate business mastery and financial planning.

[17:21] - Shena shares how her one-on-one clients generated over $100 million in revenue last year alone.

[19:01] - Discover how Shena exited her successful concrete and insurance businesses to focus on full-time consulting.

[22:00] - Jerry transitioned from mortgage business to starting a private equity company amidst COVID challenges.

[23:55] - Building a community in the Blue Collar Wealth Club Facebook group fosters a growth mindset and motivation!

Please be sure to subscribe to the show so that you never miss a new episode and to also check out our website, join our Facebook group, and subscribe to us on YouTube! 

Join us, your hosts Shena and Jerry, as we dive into the story behind our podcast and the driving force that brought it to life! We are beyond excited to bring you along on our journey as we explore the world of wealth creation and financial empowerment tailored specifically for blue-collar professionals!

Listen in as we share insights from our own business ventures, such as Shena’s Your Pocket CFO, which bridges the gap for tradespeople needing financial advice without the full-time cost, and Jerry’s Iron Castle Capital, a private equity firm focused on turning passive income dreams into reality.

We, in this episode, discuss our backgrounds and what led us to start the Blue Collar Wealth Club, with Shena sharing how her work with contractors, who often lack formal business training, has highlighted a glaring need for accessible financial insights. In addition, Jerry recounts stories from his mortgage business, where he met numerous successful yet financially under-informed blue-collar entrepreneurs.

Join us as we both explore our unique perspective on producing wealth for blue-collar workers, highlighting that the financial strategies usually reserved for white-collar professionals can and should be accessible to everyone! From understanding how to manage finances effectively to learning how to leverage income to generate wealth, we break down these concepts in a straightforward, relatable manner for you!

We also introduce the exciting resources we will be offering, including our upcoming group coaching program, the Contractor Cash Club, and some of our favorite books and strategies for financial success! Our ultimate goal is to provide value, education, and perhaps even a bit of entertainment as we embark on this journey together!

In This Episode:

[0:41] - Welcome to the podcast, everyone!

[1:10] - Shena started Your Pocket CFO to provide affordable financial insight for small trade and construction businesses.

[2:26] - Jerry's Iron Castle Capital focuses on raising capital and expanding income for non-traditional business owners.

[4:01] - Jerry points out how many successful blue-collar workers lacking financial backgrounds need guidance to invest and grow wealth.

[5:22] - The podcast aims to teach smart money management and investment strategies for all, including blue-collar workers.

[6:05] - Jerry adds that this podcast is for anyone seeking financial success, whether they're established or just starting out.

[7:46] - Jerry points out how we are educating a largely untapped market, aiming to teach them financial skills from scratch.

[8:34] - Shena's approach with clients transforms their business strategy into a chess game.

[11:08] - Jerry explains how Iron Castle Capital aims to launch funds investing in real estate assets.

[14:07] - Shena emphasizes why it's important to transform your business into a scalable asset for future financial independence.

[15:24] - Jerry aims to promote books such as Rich Dad Poor Dad to shift mindsets toward financial independence.

[17:56] - Shark Tank showcases entrepreneurs pitching ideas to investors who provide expertise and financial backing.

[18:58] - Shena argues that it's ultimately about creating assets through your business journey and making sacrifices for success.

[19:42] - Jerry reveals that they will be recommending books, podcasts, and content from guests, plus a YouTube channel and Facebook group..

[20:29] - The Contractor Cash Club focuses on increasing cash flow and profitability for trades businesses.

[21:31] - Jerry explains that they are ultimately here to provide free knowledge and education, and they welcome listener feedback and ideas.

Book Mentioned:

Robert T. Kiyosaki - Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Please be sure to subscribe to the show so that you never miss a new episode and to also check out our website!