It can be a dream for a lot of entrepreneurs to run a multi-seven figure business, but what most people don’t see is how much profit that business actually makes. With so many employees on staff, you could end up making less money than someone who runs an incredibly lean business. Don’t fall into the scaling-up trap! Your three co-hosts, Gabe, Ryan, and Jon discuss some of the pitfalls they fell into when they tried to grow their businesses.

 

Key Takeaways:

• What have been some of the traps Jon and Ryan have fallen into when trying to scale their businesses?
• Jon was terrified of having overhead expenses and hiring his first employee. He went six years before making his first hire.
• Ryan thought he was being smart when he negotiated his employees lower than what they were asking for.
• Ryan now tries to pay his employees more than what they’re asking for.
• One good person, one rockstar, is better than three average people. Ryan wants a lean organization with the best people ever.
• Gabe has seen hiring people on 100% commission just doesn’t work.
• What’s the mindset behind scaling your business?
• Just because someone has a multi-million dollar business doesn’t mean they are netting more than someone making under a million a year and running a lean business model.
• Our growth as an entrepreneur is directly linked to our willingness to let go of control.
• The main stress of the business comes from the employees.
• What’s your sales process?
• Ryan had one sales guy corrupt their entire sales team. One bad apple caused the business over 80% in revenue loss.
• When Gabe tried to scale, he was just pouring cash in and his bank account became incredibly slim.
• It’s important to try and scope out all the things that can go wrong in your business.

 

Resources:

Freedomblueprintshow.com

Joinhandshake.com

Symplicity.com