NAME: Ep 383 Money – Why $1M Should Be Your Baseline-transcript.docx
DATE: 2023-05-15
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SUMMARY:
Celina Knight, a retail growth strategist and multi-award winning store owner, is the host of the Bringing Business to Retail podcast. In this episode, she discusses the challenges of staying on top of her podcast content. She usually batches her episodes in a week to ensure that she is always prepared for the upcoming weeks. However, this week she has had a hard time staying on track due to a busy life. To make up for the delay, her team gave her the option to use one of her Instagram lives or to record a new episode. Ultimately, she decided to take the challenge and record a new episode.

Speaker 1 is discussing the conversations they have had in their 5X framework and Supercharge Mastermind. They give a shout out to Dion and will be having her and Mavis on the podcast to discuss their success. Speaker 1 then talks about their brand values, emphasizing their boldness, knowledge and insight. They explain that their main goal is to make their clients more money, giving them the option to hire people, outsource or implement technology. They mention their competitors and how they admire their work. Speaker 1 explains that they don’t call themselves a coach because they are not good at making people feel like their best friend. They explain that people don’t hire them to do the work for them, they want to be held accountable and want something more than a job.

This conversation is about the success of a business in the retail industry. The team of this business is experienced and knowledgeable in the retail industry, having either had their own agencies, retail stores, or owned their own businesses. This success has been demonstrated through a deal that recently made over $30,000. In addition to this, the team also encourages their clients to push out of their comfort zone and set goals that are above the baseline, as this is what will guarantee success. Finally, the team also emphasized that $1,000,000 should be the baseline for business goals.

Speaker 1 is having a conversation about reaching beyond the $1,000,000 mark in business success. He acknowledges that this topic may be controversial and not everyone will agree with it, but encourages those who want more to keep striving for it. He mentions that even he gets stuck sometimes, but he has a great business friend, Gina, whom he talks to regularly to work through these issues. He also shares a personal story of a difficult week he recently had, in which he and his daughter had to put down one of their pets.
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TIMESTAMPS:

00:00:02 Bringing Business to Retail Podcast: Taking Control of Your Retail or E-Commerce Business with Celina Knight

00:03:16 Conversation Summary: Strategies for Growing a Business and Increasing Profits

00:07:56 Heading: Making Money in the Retail Industry

00:09:28 Conversation on Achieving Success Beyond $1,000,000

00:10:43 Conversation on the Benefits of Having a Support System in Business

00:16:41 Conversation on Achieving Financial Goals

00:17:48 Heading: Why $1,000,000 Should Be Your Baseline

00:20:58 Analysis of $1,000,000 Turnover in Retail and E-Commerce

00:22:15 Analysis of $1,000,000 Turnover and Profit Margin

00:23:59 Analysis of Profit Margins for a Retail Business

00:28:17 Conquering the Fear of Growing Your Business: Strategies for Achieving Your Financial Goals

00:33:32 “The Keys to Achieving Success in Business: A Conversation with Speaker 1”

00:40:05 “The Power of $1,000,000 in Business: A Discussion with Selena Night”

: 00:00:02 Speaker 1

: Hey there and welcome to the bringing business to retail podcast.

: 00:00:06 Speaker 1

: If you’re looking to get more sales, more customers, master your marketing and ultimately take control of your retail or e-commerce business.

: 00:00:17 Speaker 1

: Then you’re in.

: 00:00:18 Speaker 1

: The right place.

: 00:00:20 Speaker 1

: I’m Salena Knight, a retail growth strategist and multi award-winning store owner whose superpower is uncovering exactly what your business requires to move to the next level. I’ll provide you with the strategies, the tools and the insight you need.

: 00:00:38 Speaker 1

: To scale your.

: 00:00:39 Speaker 1

: Sure, all you need to do is take action.

: 00:00:44 Speaker 1

: Ready to get started?

: 00:00:50 Speaker 1

: Hey there and welcome to today’s episode of the big business to Retail podcast.

: 00:00:54 Speaker 1

: If you are a longtime listener, I would love to say thank you so very much for hanging around with me for a very long time.

: 00:01:02 Speaker 1

: It is greatly appreciated.

: 00:01:04 Speaker 1

: And if this is your first or maybe your second episode.

: 00:01:07 Speaker 1

: Welcome.

: 00:01:07 Speaker 1

: I hope you get a lot from today’s episode and maybe I’ll give you a bit.

: 00:01:12 Speaker 1

: Of an insight.

: 00:01:13 Speaker 1

: As to how my brain thinks and how I work with.

: 00:01:17 Speaker 1

: Well, now I have to say I’ve had a pretty rough week and I’m literally recording this.

: 00:01:25 Speaker 1

: Late for my team.

: 00:01:26 Speaker 1

: Like I am owning up and saying I’m recording this on a Wednesday, but it’s supposed to go out on a Friday.

: 00:01:31 Speaker 1

: This podcast may go out late and that is totally on me.

: 00:01:36 Speaker 1

: I have let the team down.

: 00:01:39 Speaker 1

: I’ve had a really short.

: 00:01:40 Speaker 1

: Week like that’s really have no other words for it.

: 00:01:43 Speaker 1

: And I haven’t felt in the mood to do.

: 00:01:46 Speaker 1

: They could gust.

: 00:01:47 Speaker 1

: Now we’re actually at this point where normally I would batch or.

: 00:01:50 Speaker 1

: Normally I do batch or even.

: 00:01:52 Speaker 1

: Normally I do batch a bunch of episodes over the period of about four to six weeks or four to six weeks.

: 00:01:58 Speaker 1

: I will batch.

: 00:02:00 Speaker 1

: Like 12 podcasts out and then I don’t have to worry about it for.

: 00:02:06 Speaker 1

: Like the next three months, so I generally try and do those.

: 00:02:09 Speaker 1

: I say four to six weeks.

: 00:02:11 Speaker 1

: Generally I try and batch them in like a week and then they’ll be kind of the ones that might have to be rescheduled or whatnot and maybe I’m just doing those here and there.

: 00:02:19 Speaker 1

: But do you really like to sit down and just get it out so I don’t have to think about it again for three months time?

: 00:02:26 Speaker 1

: And we’ve hit that point where normally we would be batching them out, but we had quite a few people need to reschedule and the ones I’ve sat down to do by myself, I haven’t actually done because I’ve been a little bit busy, lives, been a bit difficult.

: 00:02:41 Speaker 1

: I haven’t always been in my Home Office or at my office office.

: 00:02:46

: But I never go to.

: 00:02:47 Speaker 1

: I’ve been away.

: 00:02:49 Speaker 1

: I’ve been facilitating work down at the Airbnb.

: 00:02:52 Speaker 1

: It’s just, you know, sometimes life gets in the way.

: 00:02:54 Speaker 1

: But I know that.

: 00:02:57 Speaker 1

: I have to get a podcast that each week and so I had a choice today my team.

: 00:03:00 Speaker 1

: Gave me a choice.

: 00:03:01 Speaker 1

: It was, let’s use one of the.

: 00:03:02 Speaker 1

: Instagram lives that you did a couple of.

: 00:03:04 Speaker 1

: To go.

: 00:03:05 Speaker 1

: Or you can sit down and record anyone.

: 00:03:07 Speaker 1

: It was up to you.

: 00:03:09 Speaker 1

: I was like, you know what?

: 00:03:10 Speaker 1

: It’s kind of taking the easy way out, doing the Instagram lives.

: 00:03:14 Speaker 1

: Yeah. Look, let’s just.

: 00:03:16 Speaker 1

: Keep that in our back pocket.

: 00:03:17 Speaker 1

: I’m going to go and record a new episode.

: 00:03:20 Speaker 1

: What the hell am I talking about? And so I was just thinking over the conversations that we’ve had inside of our 5X framework and inside of our supercharge mastermind and what are the things that have been coming up consistently because, hey, if they’re coming up from multiple people, they might be coming up for you.

: 00:03:39 Speaker 1

: 2 And so I will begin with a massive shout out to in particular, Dion some little kinfolk.

: 00:03:46 Speaker 1

: You absolutely rocked a warehouse sale which you finally committed to, to get rid of lots and lots of stock.

: 00:03:54 Speaker 1

: In fact, I’ve actually convinced Dion to come onto the podcast in a few weeks.

: 00:03:59 Speaker 1

: Talk about how she put that together because she had people lining up to get in the door.

: 00:04:05 Speaker 1

: She had people lining up for two hours to just to pay like that is commitment and loyalty to a brand, is it not?

: 00:04:13 Speaker 1

: So I’m going to get her on the show and talk about how she did that and.

: 00:04:16 Speaker 1

: Just the mindset around.

: 00:04:18 Speaker 1

: And why she decided to do a warehouse sale?

: 00:04:21 Speaker 1

: Because you know me.

: 00:04:22 Speaker 1

: I come not about discounting.

: 00:04:23 Speaker 1

: I’m about value adding.

: 00:04:25 Speaker 1

: And so I’ve got her coming on the show.

: 00:04:28 Speaker 1

: I’ve got Mavis coming on the show and she is going to talk about how she’s using pre selling.

: 00:04:33 Speaker 1

: Like literally like kicking.

: 00:04:35 Speaker 1

: It out of the park.

: 00:04:35 Speaker 1

: When it comes to pre selling.

: 00:04:38 Speaker 1

: Stuff that real people are doing inside of their businesses that.

: 00:04:40 Speaker 1

: You can do to.

: 00:04:42 Speaker 1

: But another thing that’s come up.

: 00:04:43 Speaker 1

: So there are good things, right.

: 00:04:45 Speaker 1

: And I’m going to talk to you about the good things.

: 00:04:46 Speaker 1

: But I also want to talk to you about.

: 00:04:49 Speaker 1

: How I kind of kick people up the **** and but that that that’s that’s how I work, right like.

: 00:04:55 Speaker 1

: People choose to.

: 00:04:56 Speaker 1

: Work with me and my team are three brand values are bold, knowledgeable, and insightful.

: 00:05:03 Speaker 1

: So knowledgeable, kind of speaks for itself.

: 00:05:05 Speaker 1

: Bold is we aren’t afraid to do the kicking of the **** right like we.

: 00:05:09 Speaker 1

: Aren’t afraid to call.

: 00:05:10

: You out.

: 00:05:12 Speaker 1

: I actually pick my team based on how well they are able.

: 00:05:18 Speaker 1

: Obviously their knowledge obviously and their insight, but how well they are able to hold people accountable.

: 00:05:25 Speaker 1

: And that bold thing is really about holding people accountable because there are lots of coaches.

: 00:05:33 Speaker 1

: All that kind of stuff?

: 00:05:35 Speaker 1

: It is all about making you feel warm and fuzzy, and yes, I freaking want to make you feel warm and fuzzy, but my love language, when it comes to doing that is making you more money.

: 00:05:48 Speaker 1

: I feel like I need to develop like the five love languages of a business strategist.

: 00:05:53 Speaker 1

: What would they be have to think about that?

: 00:05:55 Speaker 1

: But mine is making new money because.

: 00:05:57 Speaker 1

: One, I truly believe the more money that you have, the more people you serve and the more you get to make choices.

: 00:06:06 Speaker 1

: Money gives you choices.

: 00:06:07 Speaker 1

: Money gives you breathing space, not saying it.

: 00:06:09 Speaker 1

: Buys you happiness, right?

: 00:06:10 Speaker 1

: But money does give.

: 00:06:11 Speaker 1

: You options.

: 00:06:13 Speaker 1

: That’s what money gives you.

: 00:06:14 Speaker 1

: If you are sick and you have money, you have options.

: 00:06:17 Speaker 1

: If you are overwhelmed and you have money, you have options.

: 00:06:21 Speaker 1

: You can hire people.

: 00:06:22 Speaker 1

: You can outsource.

: 00:06:22 Speaker 1

: You can implement technology.

: 00:06:24 Speaker 1

: All of the things.

: 00:06:25 Speaker 1

: So the the, you know my whole goal in business is to make you more money because when you have more money, you make better choices or you have more choices to make.

: 00:06:37 Speaker 1

: And so I know that there you know.

: 00:06:39 Speaker 1

: I have competitors out there.

: 00:06:40 Speaker 1

: I have so much love for some.

: 00:06:41 Speaker 1

: Of my competitors like.

: 00:06:43 Speaker 1

: I look at what they do and they man, I wish I was.

: 00:06:46 Speaker 1

: As good as you at.

: 00:06:47 Speaker 1

: Instagram like this is just not my thing.

: 00:06:49 Speaker 1

: I do it but I am not all over that thing and there’s lots of people like lots of business coaches who and I look, you know what I don’t call myself a coach, right?

: 00:06:59 Speaker 1

: I am a strategist.

: 00:07:00 Speaker 1

: This is why I.

: 00:07:00 Speaker 1

: Don’t call myself a coach because.

: 00:07:03 Speaker 1

: I don’t know that I’m really that good at making you feel.

: 00:07:07 Speaker 1

: Like I’m your best friend.

: 00:07:09 Speaker 1

: Does that sound really weird?

: 00:07:11 Speaker 1

: Because I don’t as much as I love my the people I work with and some of them have gone on to become.

: 00:07:16 Speaker 1

: Great friends after they’ve been clients.

: 00:07:19 Speaker 1

: That’s kind of not.

: 00:07:20 Speaker 1

: Why you’re hiring me and my.

: 00:07:21 Speaker 1

: Team right?

: 00:07:22 Speaker 1

: You don’t come and work with.

: 00:07:23 Speaker 1

: Us because you need.

: 00:07:24 Speaker 1

: A best friend.

: 00:07:25 Speaker 1

: You don’t come and work, you know.

: 00:07:26 Speaker 1

: Don’t buy one of our programs because you want somebody to do the work for you.

: 00:07:31 Speaker 1

: If you want that, you go and hire an agency.

: 00:07:33 Speaker 1

: If you just want a community.

: 00:07:35 Speaker 1

: Go and pay to be part of a community, but if you actually want to be held accountable and you want something that’s more than a job.

: 00:07:44 Speaker 1

: And you want.

: 00:07:44 Speaker 1

: Someone to just give you to kick up the **** and hold you accountable. That’s what we’re good at and we’re good at making you money. So for example, a deal just did over $30,000 in the weekend.

: 00:07:56 Speaker 1

: ******* amazing.

: 00:08:00 Speaker 1

: So make sure you put the explicit guys, make sure you put explicit on this episode.

: 00:08:06 Speaker 1

: So freaking amazing.

: 00:08:07 Speaker 1

: Mavis, look, that woman is having the best mumps ever consecutively.

: 00:08:12 Speaker 1

: So kicking it out of the park.

: 00:08:14 Speaker 1

: Amanda comes to mind like first month that they have, like, hit their stretch.

: 00:08:21 Speaker 1

: They her business has hit their like these goals which we put in place which were.

: 00:08:26 Speaker 1

: Not just baseline goals.

: 00:08:27 Speaker 1

: They were you.

: 00:08:28 Speaker 1

: Know a little bit more than baseline goals so.

: 00:08:31 Speaker 1

: We’re great at pushing you out of your comfort.

: 00:08:33 Speaker 1

: Zone we’re great at.

: 00:08:35 Speaker 1

: Facts like you know, you know what we’re talking about.

: 00:08:37 Speaker 1

: Every person in my team has been in the retail industry.

: 00:08:41 Speaker 1

: They have either had their own.

: 00:08:42 Speaker 1

: Agencies or have their own agencies.

: 00:08:45 Speaker 1

: Or they’ve had retail stores.

: 00:08:47 Speaker 1

: And and and they own their own businesses.

: 00:08:49 Speaker 1

: They’re a lot of my team members do have businesses on the side and so they run their own business as well as.

: 00:08:55 Speaker 1

: Working inside of my business.

: 00:08:57 Speaker 1

: And so that knowledge and that insight and that.

: 00:09:02 Speaker 1

: I guess that expectation from our clients is why people come.

: 00:09:06 Speaker 1

: And work with us.

: 00:09:08 Speaker 1

: And so one of the things that we talked about this week inside I think it was inside the supercharge program was why $1,000,000 should be your baseline.

: 00:09:21 Speaker 1

: Let’s be clear. Some people in that program are not quite at $1,000,000 and some people are doing more than $1,000,000.

: 00:09:28 Speaker 1

: But I wanted to talk to you about something that is, let’s be honest.

: 00:09:30 Speaker 1

: It’s gonna.

: 00:09:31 Speaker 1

: Be freaking controversial like.

: 00:09:33 Speaker 1

: Something you’re going to hate me for this?

: 00:09:35 Speaker 1

: Having this conversation out loud.

: 00:09:37 Speaker 1

: But you know, I’m kind of tell it like it is like this.

: 00:09:41 Speaker 1

: Is this is me, this is what we do and if you don’t like it, like with much love.

: 00:09:47 Speaker 1

: Then maybe this is not the podcast for you.

: 00:09:50 Speaker 1

: Like I wish you all the best, but if you’re the kind of person who wants more, like you’ve gotten to the point in.

: 00:09:56 Speaker 1

: Your business where?

: 00:09:56 Speaker 1

: You’re like, is this it?

: 00:09:59 Speaker 1

: Is this it?

: 00:09:59 Speaker 1

: If you ever ask yourself, is this it?

: 00:10:02 Speaker 1

: The answer is no.

: 00:10:03 Speaker 1

: There is so much more.

: 00:10:05 Speaker 1

: You’re probably just stuck stuck in all that and look, it happens to me too, like I am not saying that I.

: 00:10:12 Speaker 1

: Have got all this **** figured out.

: 00:10:14 Speaker 1

: Like I get.

: 00:10:14 Speaker 1

: Caught in a I.

: 00:10:15 Speaker 1

: Have a great business friend and friend.

: 00:10:18 Speaker 1

: Gina, who is so fantastic when we have we both get these moments, but we have a call once a fortnight.

: 00:10:25 Speaker 1

: You’ve probably heard me talk about this, right, but we also have voxer, so sometimes we just send each other a voxer, and I sent her a.

: 00:10:31 Speaker 1

: Message last week because it was a.

: 00:10:33 Speaker 1

: Pretty bad week.

: 00:10:34 Speaker 1

: We had to.

: 00:10:35 Speaker 1

: Put down on my daughter’s pets, which was really traumatic. It was quite an extended extended being. It went for a week.

: 00:10:43 Speaker 1

: You don’t, money aside.

: 00:10:44 Speaker 1

: But again, hey, money gives you choices.

: 00:10:46 Speaker 1

: We have the choice to take the axle little AKA the penis fish, which is what I called it.

: 00:10:52 Speaker 1

: It was not well and we.

: 00:10:54 Speaker 1

: Had the money to.

: 00:10:55 Speaker 1

: Take it to the vet.

: 00:10:56 Speaker 1

: It was a ridiculous amount of money and they had to put the the pet down in the end, which was obviously very traumatic.

: 00:11:04 Speaker 1

: But seeing this, this animal gets sicker and sicker.

: 00:11:06 Speaker 1

: As you can imagine, was.

: 00:11:09 Speaker 1

: Very stressful for the household as a whole.

: 00:11:12 Speaker 1

: Nobody wants to see that.

: 00:11:13 Speaker 1

: But even though I didn’t really like the animal, nobody wants to see a pet in pain or not.

: 00:11:18 Speaker 1

: Well, and you certainly don’t.

: 00:11:19 Speaker 1

: Want to see your kid?

: 00:11:21 Speaker 1

: Being that traumatized and so.

: 00:11:24 Speaker 1

: My my point here is that.

: 00:11:27 Speaker 1

: Money has your.

: 00:11:28 Speaker 1

: Money gives you choices.

: 00:11:29 Speaker 1

: Money gives you choices to take that animal to the vet.

: 00:11:31 Speaker 1

: Money gives you choices to just step out of.

: 00:11:33 Speaker 1

: Your business for a few days and go.

: 00:11:35 Speaker 1

: I I just need some space like I need to be there for.

: 00:11:38 Speaker 1

: My family and I kind.

: 00:11:39 Speaker 1

: Of where I was going with that conversation.

: 00:11:43 Speaker 1

: Anyway, the haters might hate me for this conversation, because if you are at six figures or maybe not even at six figures, I’m I’m guessing most of you here.

: 00:11:55 Speaker 1

: At six figures becomes.

: 00:11:56 Speaker 1

: We’re talking about scaling businesses.

: 00:11:58 Speaker 1

: That’s what we do.

: 00:11:59 Speaker 1

: But if you’re at six figures and you’re feeling a bit, I think that’s we’re talking about stuck.

: 00:12:06 Speaker 1

: Talking about Gina, I I just sent her a message and was like, I feel like she like I’m.

: 00:12:11 Speaker 1

: I’m really stuck and she just sent me back these little pep, you know, Peppers, Peppers, me with voice notes.

: 00:12:17 Speaker 1

: There’s like I.

: 00:12:18 Speaker 1

: Think they were like you can do it.

: 00:12:19 Speaker 1

: Could actually find.

: 00:12:20 Speaker 1

: Them on my phone but it’s like.

: 00:12:22 Speaker 1

: You can do this.

: 00:12:22 Speaker 1

: Lady, you’ve got this.

: 00:12:25 Speaker 1

: You’re wonderful.

: 00:12:26 Speaker 1

: And then she.

: 00:12:26 Speaker 1

: Send me little voice notes.

: 00:12:27 Speaker 1

: Like I’m here for you if you need me.

: 00:12:30 Speaker 1

: And just remember such and such and just those little things, OK?

: 00:12:33 Speaker 1

: They don’t fix everything, right, but.

: 00:12:34 Speaker 1

: They have that.

: 00:12:36 Speaker 1

: Ability to kind of just know that.

: 00:12:37 Speaker 1

: People are there for.

: 00:12:38 Speaker 1

: You and that.

: 00:12:40

: Is huge like.

: 00:12:42 Speaker 1

: Knowing that you have someone who gets you is.

: 00:12:47 Speaker 1

: Like life changing and business changing so you don’t have that, you need that.

: 00:12:53 Speaker 1

: But here’s the thing.

: 00:12:54 Speaker 1

: I’m gonna I’m gonna get to the episode in a moment, I promise.

: 00:12:58 Speaker 1

: Here’s the thing.

: 00:13:00 Speaker 1

: You need a.

: 00:13:01 Speaker 1

: Couple of groups of.

: 00:13:01 Speaker 1

: People you need and and and I’ve talked about this in the past like your business Advisory Board or your personal Advisory Board, but you need your cheerleaders, the people who are there for you all the time.

: 00:13:12 Speaker 1

: That for me is my husband.

: 00:13:15 Speaker 1

: Even though he is in sales and he is an amazing salesperson, he very rarely gives me advice.

: 00:13:21 Speaker 1

: He just listens.

: 00:13:23 Speaker 1

: And that can be extremely frustrating.

: 00:13:25 Speaker 1

: He listens, and then he just says to me things like, oh, you’ve got this.

: 00:13:29 Speaker 1

: You’ve been through worse than this, you know.

: 00:13:31 Speaker 1

: Ohh, why don’t you talk to Gina about this?

: 00:13:33 Speaker 1

: Like, you know, between the two of you, you always come up with something amazing and like, he’s my cheerleader.

: 00:13:38 Speaker 1

: And so I have to recognize.

: 00:13:42 Speaker 1

: That going to him for advice.

: 00:13:45 Speaker 1

: Might not be the best option, not at all, because he’s not smart like the dude is freaking amazing, but because that’s not how he sees his role in the, you know, in my business relationship, I guess you would say.

: 00:13:56 Speaker 1

: So if they need that advice I have.

: 00:13:58 Speaker 1

: To go elsewhere.

: 00:13:59 Speaker 1

: So you have your cheerleaders.

: 00:14:01 Speaker 1

: You always have to have your cheerleaders.

: 00:14:03 Speaker 1

: You gotta have those people.

: 00:14:04 Speaker 1

: When you’re having the down day?

: 00:14:05 Speaker 1

: And you feel.

: 00:14:05 Speaker 1

: Like **** when it is all too.

: 00:14:07 Speaker 1

: You turn to those people.

: 00:14:09 Speaker 1

: But then you have to have.

: 00:14:10 Speaker 1

: The ask kickers you.

: 00:14:11 Speaker 1

: Have to have the people who and and you have to be accountable here.

: 00:14:15 Speaker 1

: I’ll just say you have to decide whether you need the cheerleaders or whether.

: 00:14:18 Speaker 1

: You need the.

: 00:14:18 Speaker 1

: **** kickers and you know, like, if you’re really honest with yourself, you’ll know.

: 00:14:23 Speaker 1

: I am OK.

: 00:14:24 Speaker 1

: For you to wallow in self pity for a.

: 00:14:25 Speaker 1

: Little while, but you can’t.

: 00:14:27 Speaker 1

: Make that your whole business.

: 00:14:30 Speaker 1

: I don’t know ethos.

: 00:14:31 Speaker 1

: Like, you gotta take responsibility at some point.

: 00:14:34 Speaker 1

: So have the little Rollo, but then you gotta move on.

: 00:14:36 Speaker 1

: So then you need.

: 00:14:37 Speaker 1

: The **** kickers and the **** kickers are the ones who will tell you like it is.

: 00:14:42 Speaker 1

: They will tell you that, OK, you’re having a short week.

: 00:14:47 Speaker 1

: You’re what are?

: 00:14:48 Speaker 1

: We going to do about it.

: 00:14:50 Speaker 1

: OK, the acts a little slightly different story, but if it’s a business thing, it’s like, OK, so yeah, talking it out with them or being able to ask hard questions or being able to say look, this is what’s going on, I need some help.

: 00:15:03 Speaker 1

: I need someone to help me diagnose where I need to put my focus or you know I’ve got no focus.

: 00:15:10 Speaker 1

: I mean, you probably think I’m like super.

: 00:15:13 Speaker 1

: Laser targeted and focused.

: 00:15:14 Speaker 1

: Right.

: 00:15:15 Speaker 1

: But I will have we?

: 00:15:17 Speaker 1

: Where it all just falls in a pile and I’ll get on my calls with Gina and I’ll say I just need you to help me focus like I’m just going to throw everything that I’m doing at you and I just want you to repeat back to me what?

: 00:15:29 Speaker 1

: I need to focus on and it works.

: 00:15:33 Speaker 1

: Right.

: 00:15:33 Speaker 1

: Like that’s sometimes you just need to have that person that sounding board.

: 00:15:37 Speaker 1

: And if you.

: 00:15:37 Speaker 1

: Aren’t lucky enough to have that person in your like sphere at the moment.

: 00:15:43 Speaker 1

: Then you’re more than welcome to come and, you know, have a chat with us and.

: 00:15:47 Speaker 1

: In our team and see that.

: 00:15:48 Speaker 1

: Our programs are good for.

: 00:15:49 Speaker 1

: You, but you have to be accountable.

: 00:15:51 Speaker 1

: Like you can’t just say.

: 00:15:54 Speaker 1

: You know things aren’t working, then expect it to get fixed, right?

: 00:15:58 Speaker 1

: That you’d have to go out and ask for help.

: 00:16:00 Speaker 1

: You have to be tracking the data and you have to be able to yourself you have to be able to know when you need help and.

: 00:16:09 Speaker 1

: When you’re just avoiding stuff.

: 00:16:11 Speaker 1

: Right, because I did Facebook live the other day.

: 00:16:14 Speaker 1

: And I was like, I literally got on there and I was.

: 00:16:16 Speaker 1

: Yeah, I’m.

: 00:16:17 Speaker 1

: I’m going live on and ask me anything because I’m kind of procrastinating because I.

: 00:16:20 Speaker 1

: Don’t really feel.

: 00:16:21 Speaker 1

: Like doing my book work my account.

: 00:16:26 Speaker 1

: I had to do it.

: 00:16:27 Speaker 1

: I just needed something to.

: 00:16:28 Speaker 1

: Like give me.

: 00:16:29 Speaker 1

: 10 minutes away, before I had to like.

: 00:16:31 Speaker 1

: Dig in and get it done.

: 00:16:32 Speaker 1

: And you know what?

: 00:16:33 Speaker 1

: The other thing is?

: 00:16:34 Speaker 1

: I don’t do the book work.

: 00:16:35 Speaker 1

: I just have to, like, upload the statements and my book work book.

: 00:16:38 Speaker 1

: My bookkeeper does it.

: 00:16:39 Speaker 1

: It’s like 15 minutes.

: 00:16:40 Speaker 1

: Work. I just was.

: 00:16:41 Speaker 1

: I was, you know, it was a.

: 00:16:42 Speaker 1

: Hard week last.

: 00:16:43 Speaker 1

: Week and I just, I just couldn’t be bothered.

: 00:16:45 Speaker 1

: So knowing when you’re procrastinating versus.

: 00:16:48 Speaker 1

: OK, I’m ready.

: 00:16:49 Speaker 1

: Like I’m here.

: 00:16:50 Speaker 1

: Just give me the stuff.

: 00:16:51 Speaker 1

: Like I’m put it out there.

: 00:16:52 Speaker 1

: I’m making myself vulnerable.

: 00:16:54 Speaker 1

: Here’s my situation.

: 00:16:56 Speaker 1

: Give me some feedback.

: 00:16:58 Speaker 1

: And so inside of 1 of.

: 00:17:00 Speaker 1

: Our programs, in fact, that’s.

: 00:17:01 Speaker 1

: Actually happened a few times inside of our programs this last week, but inside of one of our programs, we.

: 00:17:06 Speaker 1

: Were celebrating a win and.

: 00:17:09 Speaker 1

: One of the people said.

: 00:17:12 Speaker 1

: You know, my next goal is $1,000,000.

: 00:17:15 Speaker 1

: And that.

: 00:17:16 Speaker 1

: Is awesome like I am all for helping you get to $1,000,000 and I will map it out with you and I will show you exactly what you need to.

: 00:17:23 Speaker 1

: Do and we’ll.

: 00:17:24 Speaker 1

: Put a plan and a strategy together.

: 00:17:27 Speaker 1

: And so after I went through that.

: 00:17:30 Speaker 1

: I said ohh.

: 00:17:31 Speaker 1

: Why do you want to make $1,000,000?

: 00:17:34 Speaker 1

: And she came back to me and she’s like.

: 00:17:37 Speaker 1

: Well, that, that’s that’s like the number everybody goes.

: 00:17:40 Speaker 1

: For right, like you see.

: 00:17:42 Speaker 1

: You know, we did.

: 00:17:43 Speaker 1

: We dug into it.

: 00:17:44 Speaker 1

: A bit and I was like, oh, million dollars. Once I hit $1,000,000, life will be different.

: 00:17:48 Speaker 1

: Once $1,000,000 I’ll have all this money in the bank once $100 million. You know it would just be easier.

: 00:17:55 Speaker 1

: And I was like, well, that’s, you know, it’s like, what makes you say that?

: 00:17:59 Speaker 1

: Well, uh.

: 00:17:59 Speaker 1

: You know on social.

: 00:18:00 Speaker 1

: Media everyone’s like, once you hit $1,000,000.

: 00:18:02 Speaker 1

: Just gets easier.

: 00:18:05 Speaker 1

: And let me say, if you are already at 7 figures and you have lived through this, you’ve lived through this spoiler alert, which is.

: 00:18:14 Speaker 1

: It doesn’t get any easier at 7 figures. I promise you the world of business does not magically change when you tick over from $999,999.

: 00:18:25 Speaker 1

: To a million.

: 00:18:27 Speaker 1

: It’s still the same ship every single day.

: 00:18:30 Speaker 1

: You’re still gonna have to go through the same things.

: 00:18:32 Speaker 1

: You’re just going to go.

: 00:18:32 Speaker 1

: Through them at a different level.

: 00:18:35 Speaker 1

: So what I wanted to do, and as I said, there are going to be some people who this is an extremely triggering episode for.

: 00:18:42 Speaker 1

: And so if that is you.

: 00:18:45 Speaker 1

: Before we even jump in because I’m going to.

: 00:18:46 Speaker 1

: Jump into some math.

: 00:18:48 Speaker 1

: Before we jump in and I.

: 00:18:49 Speaker 1

: Break some stuff down.

: 00:18:50 Speaker 1

: I just want to ask you why?

: 00:18:53 Speaker 1

: Why is it?

: 00:18:54 Speaker 1

: Triggering for you.

: 00:18:55 Speaker 1

: If this is you.

: 00:18:57 Speaker 1

: To talk about making $1,000,000 and I’m going to go into a few things.

: 00:19:01 Speaker 1

: Inside of this episode. But.

: 00:19:04 Speaker 1

: I’m not making $1,000,000 is.

: 00:19:05 Speaker 1

: Greedy making $1,000,000 should actually be your baseline if it isn’t already, and let me break down why that is.

: 00:19:15 Speaker 1

: So even if you’re at six figures, or if you’re at 7 figures, the stuff I’m gonna breakdown in today’s episode is beneficial for everybody.

: 00:19:24 Speaker 1

: So don’t just like tune out if you’re already at 7 figures, you’ll still get some stuff out.

: 00:19:28 Speaker 1

: Of this episode.

: 00:19:30 Speaker 1

: What I want you to do is maybe just instead of changing out where I say $1,000,000, maybe change that to 10.

: 00:19:37 Speaker 1

: I know, right?

: 00:19:38 Speaker 1

: A lot of you, if they say $10 million are just going to think.

: 00:19:43 Speaker 1

: It isn’t possible.

: 00:19:45 Speaker 1

: But it is.

: 00:19:47 Speaker 1

: I I can tell you it is totally possible.

: 00:19:50 Speaker 1

: You just have to go through and listen to some of the past episodes of retailers who have hit those numbers in like 5 years.

: 00:19:58 Speaker 1

: It’s not about just having a huge amount of venture capital or seed money or anything like that.

: 00:20:06 Speaker 1

: A lot of this is about mindset and actually believing that you can do it, do it about the how, like how.

: 00:20:15 Speaker 1

: I help you with.

: 00:20:15 Speaker 1

: The how?

: 00:20:17 Speaker 1

: That’s what I do worry about.

: 00:20:21 Speaker 1

: The what?

: 00:20:22 Speaker 1

: Where do you wanna go?

: 00:20:24 Speaker 1

: What do you want?

: 00:20:24 Speaker 1

: To do with that money.

: 00:20:26 Speaker 1

: And so.

: 00:20:28 Speaker 1

: Bear with me as I jump into some numbers.

: 00:20:30 Speaker 1

: Let me just pull up.

: 00:20:31 Speaker 1

: Well, I can’t do numbers in my head really well, so let me just pull up my bit of paper to make sure that.

: 00:20:34 Speaker 1

: I’ve actually.

: 00:20:35 Speaker 1

: Yeah, I’m giving you the right numbers.

: 00:20:36 Speaker 1

: As you’re listening to this with me.

: 00:20:38 Speaker 1

: Well, what I talk to you today about.

: 00:20:39 Speaker 1

: Why $1,000,000?

: 00:20:41 Speaker 1

: Should be your baseline.

: 00:20:42 Speaker 1

: It shouldn’t be the big dream that you’re arching for like it should.

: 00:20:47 Speaker 1

: Be you know what?

: 00:20:48 Speaker 1

: I I dare I.

: 00:20:50

: Buy it? I.

: 00:20:51 Speaker 1

: Don’t really have.

: 00:20:51 Speaker 1

: A little business until I’ve hit $1,000,000. I don’t know. That sounds really trite, but let me try.

: 00:20:58 Speaker 1

: It can try it.

: 00:20:59 Speaker 1

: I use the right word there.

: 00:21:00 Speaker 1

: You’ll tell me if I haven’t.

: 00:21:02 Speaker 1

: Let me just break down.

: 00:21:03 Speaker 1

: Why I am saying this so at $1,000,000 a year turnover, none of this is seasonally justified.

: 00:21:10 Speaker 1

: Justified seasonally adjusted and everything is simplified.

: 00:21:15 Speaker 1

: That’s where justified came in, adjusted, simplified.

: 00:21:17 Speaker 1

: So none of this is seasonally adjusted.

: 00:21:19 Speaker 1

: Everything is simplified, so please don’t be emailing me saying hey your numbers.

: 00:21:23 Speaker 1

: Are out by half a percent.

: 00:21:25 Speaker 1

: We’re just kind of breaking this down to give you a really simplified version of what $1,000,000 in business in retail and e-commerce looks like. So at $1,000,000, turnover is $20,000 a week.

: 00:21:38 Speaker 1

: Like I said, some of you might be hitting that way. Others are like holy heck, how am I ever going to get to $20,000 a week doing that? How right today is not about the.

: 00:21:48 Speaker 1

: So $1,000,000.

: 00:21:50 Speaker 1

: Less your cost of goods sold, so your cost of goods sold is all the stuff.

: 00:21:54 Speaker 1

: That you’ve sold.

: 00:21:55 Speaker 1

: And I’m gonna be working here on the fact that you have 50% margin. So you buy something for a dollar, you sell it for two, you buy it for 10, you sell it for 20. I’m not talking about adding state taxes.

: 00:22:08 Speaker 1

: County taxes.

: 00:22:09 Speaker 1

: All those extra GST VAT, we’re not even going there this.

: 00:22:13 Speaker 1

: Is simplified stuff. OK so.

: 00:22:15 Speaker 1

: Just just bear with me. Let’s work through it. $1,000,000 turnover.

: 00:22:19 Speaker 1

: IS20K.

: 00:22:21 Speaker 1

: But your million?

: 00:22:22 Speaker 1

: Dollars, lest your cost of goods sold.

: 00:22:24 Speaker 1

: The stuff that you.

: 00:22:25 Speaker 1

: Have sold to make the million.

: 00:22:26 Speaker 1

: Dollars brings you back to 500,000.

: 00:22:29 Speaker 1

: So you’ve you’ve sold $500,000 worth of stock and you’ve made $500,000 in profit?

: 00:22:36 Speaker 1

: Simplified, remember. OK, so from that 500,000 that we’ve got leftover in air quotes.

: 00:22:44 Speaker 1

: We’re going to pay tax.

: 00:22:46 Speaker 1

: Now I’m going to give.

: 00:22:47 Speaker 1

: You a tax rate of 15%.

: 00:22:49 Speaker 1

: Here in Australia, our business tax rate is 30%, but of course there is the situations where you have imports that get offset against the tax that you pay and all that kind of stuff.

: 00:23:00 Speaker 1

: So for simplified numbers, I’m going to go with a tax rate of 15%, assuming that we have taken all those inputs.

: 00:23:08 Speaker 1

: And stuff out, right?

: 00:23:10 Speaker 1

: So for our $500,000 at 15% tax, that’s another $75,000 gone.

: 00:23:16 Speaker 1

: So we’re now left with 400 and.

: 00:23:19 Speaker 1

: $25,000 profit.

: 00:23:21 Speaker 1

: Now from that 425,000, we’re going to take out 30% worth of overheads. That is pretty standard in the retail and ecom industry and for your overheads.

: 00:23:33 Speaker 1

: We’re talking about those general running costs, so that’s going to be your staff that’s going to be your rent that’s going to.

: 00:23:39 Speaker 1

: Be like all those fixed costs.

: 00:23:41 Speaker 1

: It’s gonna be your utilities. It’s gonna be your insurances. It’s gonna be, you know, gas and all those sorts of things at 30% from the 530% of the $1,000,000 turnover. Because remember that is actually made on the turnover, that’s another $300,000.

: 00:23:59 Speaker 1

: So so far we’re at $500,000 profit after we’ve sold our stock less $75,000 in tax at 15% gives us 425,000 less 300,000 in overheads.

: 00:24:14 Speaker 1

: Gives us 100.

: 00:24:15 Speaker 1

: And $25,000 left.

: 00:24:19 Speaker 1

: To grow the business.

: 00:24:21 Speaker 1

: Now, that doesn’t include things like loan repayments or if you have debt like of some sort of debt that you need to pay down or like none of that has been taken.

: 00:24:34 Speaker 1

: So, assuming we have 100 and.

: 00:24:36 Speaker 1

: $25,000 left.

: 00:24:38 Speaker 1

: We have that much money to grow the business.

: 00:24:42 Speaker 1

: They can tell you.

: 00:24:43 Speaker 1

: Now you know.

: 00:24:44 Speaker 1

: Right. You know, even just 100.

: 00:24:46 Speaker 1

: And $25,000 worth of stock.

: 00:24:49 Speaker 1

: If you turn over $1,000,000 that is not an awful lot.

: 00:24:52 Speaker 1

: Of stock, right?

: 00:24:53 Speaker 1

: So we’ve got $125,000 leftover and maybe you need to upgrade systems and processes.

: 00:25:01 Speaker 1

: Maybe you need to hire more team members.

: 00:25:03 Speaker 1

: Maybe you do need to buy more inventory.

: 00:25:05 Speaker 1

: Maybe you need to.

: 00:25:05 Speaker 1

: Do more marketing.

: 00:25:06 Speaker 1

: All of that stuff.

: 00:25:08 Speaker 1

: Needs to come out.

: 00:25:10 Speaker 1

: Of the 125,000.

: 00:25:12 Speaker 1

: Now, fun fact here.

: 00:25:14 Speaker 1

: If you didn’t know the.

: 00:25:17 Speaker 1

: Average retail and e-commerce business sits at around 10 to 15% profit.

: 00:25:25 Speaker 1

: So after you take everything else out, you’re looking at around 10 to 15%. Finally enough my 125,000 on $1,000,000 turnover is 12 1/2 percent.

: 00:25:35 Speaker 1

: There you go, pretty standard and in the middle. So at $1,000,000 you’re left with on average.

: 00:25:42 Speaker 1

: Between 100 and a.

: 00:25:43 Speaker 1

: $150,000.

: 00:25:46 Speaker 1

: And from that money, you’re going to have to invest in more inventory.

: 00:25:49 Speaker 1

: You’re going to have to invest in more people, more technology, more ad spend.

: 00:25:55 Speaker 1

: Like all the things and so, This is why I want you to understand that making $1,000,000 is not greedy, that’s on that $125,000 that’s left.

: 00:26:07 Speaker 1

: You can take that as a dividend from your as a business owner.

: 00:26:11 Speaker 1

: Because we’ve already included your wages in the 30%. Yeah, your average working wage into the 30% of overheads.

: 00:26:18 Speaker 1

: But if you didn’t do.

: 00:26:19 Speaker 1

: That then you now have to take your profit, your your wages, your drawings out of that 125 K. And let’s be honest.

: 00:26:27 Speaker 1

: 125K for the manager of a retail store is for in your case the CEO of a retail business.

: 00:26:36 Speaker 1

: Is very standard.

: 00:26:38 Speaker 1

: So you could actually make that same amount of money going and working as a marketing manager or like whatever your zone of genius was before you came into this business.

: 00:26:49 Speaker 1

: There’s a good chance that you could go and make that in some kind of corporate job.

: 00:26:52 Speaker 1

: And not be responsible for any of.

: 00:26:54 Speaker 1

: This ****, no looking after people, no customers, no inventory.

: 00:26:59 Speaker 1

: Math. All of the things.

: 00:27:04 Speaker 1

: If you are still here with me.

: 00:27:07 Speaker 1

: And you’re like.

: 00:27:08 Speaker 1

: Oh crap. But now I know I need to make more than $1,000,000.

: 00:27:15 Speaker 1

: What I want to ask you.

: 00:27:17 Speaker 1

: Is why has $1,000,000 not been your baseline and for those of you who are already at 7 figures, what needs to be?

: 00:27:24 Speaker 1

: Your new baseline.

: 00:27:26 Speaker 1

: That number that that is like the critical number that we should never get below, you have to have that number and.

: 00:27:36 Speaker 1

: You’re probably going to go if you’re at 7 figures, and I’m telling you to make that #5 million or 10 million.

: 00:27:41 Speaker 1

: You’re probably gonna do the same freak out.

: 00:27:43 Speaker 1

: That the people who are.

: 00:27:44 Speaker 1

: Doing a couple of $100,000.

: 00:27:46 Speaker 1

: Are doing right now.

: 00:27:47 Speaker 1

: When I’m saying a million, OK, new level new devil happens to all of us, I promise you.

: 00:27:54 Speaker 1

: You’re going to be sitting there going.

: 00:27:56 Speaker 1

: How am I going to do this? I don’t know how I like like how do I get from 2,000,000 to 10 million like it was hard enough to get a 2,000,000.

: 00:28:03 Speaker 1

: And I will be honest that first million is hard. That’s the hardest one because once you get there, you do have a bit of a shift in mindset and you do have this like, ohh, OK, we’ve got it, let’s do it again and buy $1,000,000.

: 00:28:17 Speaker 1

: You kind of have some systems and processes in place.

: 00:28:20 Speaker 1

: You’re a little bit more savvy.

: 00:28:21 Speaker 1

: You’re hopefully open to spending a little bit more money.

: 00:28:24 Speaker 1

: Grow your business and you know that you need help, right?

: 00:28:28 Speaker 1

: Nobody builds these massive businesses without help.

: 00:28:31 Speaker 1

: It’s like you don’t win a gold medal at the Olympics without an amazing coach and an amazing support team, do you?

: 00:28:39 Speaker 1

: If the new number that I’m asking you to put as a baseline is.

: 00:28:42 Speaker 1

: Freaking you out.

: 00:28:44 Speaker 1

: My question to you is.

: 00:28:46 Speaker 1

: What is holding you back from wanting more?

: 00:28:49 Speaker 1

: This is the questions that we.

: 00:28:50 Speaker 1

: Have inside of our group, right?

: 00:28:52 Speaker 1

: Is it that you don’t know how and look?

: 00:28:55 Speaker 1

: This is what I do like I’m I’m a fixer, but I’m also.

: 00:28:59 Speaker 1

: A bit of a.

: 00:29:01 Speaker 1

: Right.

: 00:29:01 Speaker 1

: And I can find an answer.

: 00:29:02 Speaker 1

: For just about.

: 00:29:03 Speaker 1

: Every excuse you’re gonna throw at me so.

: 00:29:06 Speaker 1

: Is it that you don’t know?

: 00:29:07 Speaker 1

: Like I don’t know what I need to do.

: 00:29:10 Speaker 1

: Well, my answer to you is find someone who can find someone who can show you.

: 00:29:15 Speaker 1

: Like if you don’t know how to build out an e-mail marketing program at that next level, find someone who can.

: 00:29:21 Speaker 1

: If you don’t know how to grow your business.

: 00:29:25 Speaker 1

: Come and hang.

: 00:29:25 Speaker 1

: Out with me and my team and our groups.

: 00:29:27 Speaker 1

: Like you know, we can do.

: 00:29:28 Speaker 1

: That if you don’t know how to.

: 00:29:30 Speaker 1

: Run the numbers and do the forecasting.

: 00:29:32 Speaker 1

: Go and find yourself a VCR, FFO.

: 00:29:34 Speaker 1

: To do that for you.

: 00:29:36 Speaker 1

: Right.

: 00:29:36 Speaker 1

: So there’s an argument of like if you if you are telling me that you don’t know what you need to grow, then my answer to you back is we’ll just go.

: 00:29:43 Speaker 1

: And find the.

: 00:29:44 Speaker 1

: Things like identify your weak points in the business and find the people who can help you make those no.

: 00:29:52 Speaker 1

: Longer weak points, right?

: 00:29:55 Speaker 1

: The next problem that the next thing that you’re probably going.

: 00:29:57 Speaker 1

: To think when I ask you.

: 00:29:58 Speaker 1

: Like, what’s holding you back from hitting this number is that you’re like it’s money.

: 00:30:01 Speaker 1

: I just don’t have the.

: 00:30:03 Speaker 1

: I’m gonna need more money to get there.

: 00:30:06 Speaker 1

: Yeah, you probably are.

: 00:30:08 Speaker 1

: Like the truth is, you probably are going to need more money.

: 00:30:12 Speaker 1

: To get there.

: 00:30:13 Speaker 1

: That’s why I talk about using other.

: 00:30:15 Speaker 1

: People’s money, so.

: 00:30:16 Speaker 1

: Often, because as you grow, you’re going.

: 00:30:18 Speaker 1

: To need a cash injection.

: 00:30:20 Speaker 1

: There are a lot of people who will be out there telling you that you do not need to invest in your business.

: 00:30:25 Speaker 1

: You can just grow through organic profit.

: 00:30:28 Speaker 1

: Yeah, you can generally very slowly.

: 00:30:31 Speaker 1

: So if you think you’re gonna need more money, you’re right.

: 00:30:35 Speaker 1

: Like kudos to you.

: 00:30:36 Speaker 1

: You get the Gold Star.

: 00:30:37 Speaker 1

: You are one.

: 00:30:38 Speaker 1

: 100% right.

: 00:30:39 Speaker 1

: You will need more money at some point.

: 00:30:42 Speaker 1

: Where are you gonna get that?

: 00:30:44 Speaker 1

: Are you gonna get an award?

: 00:30:45 Speaker 1

: Are you gonna get a partner?

: 00:30:46 Speaker 1

: Are you gonna put that in for your personal savings?

: 00:30:49 Speaker 1

: Personally I like using.

: 00:30:50 Speaker 1

: Other people’s money to grow done on quite a few podcast.

: 00:30:52 Speaker 1

: Episodes about that so.

: 00:30:55 Speaker 1

: If you think money is the thing that hold you back.

: 00:30:58 Speaker 1

: The simple answer is, well, where are you going to find or acquire that money?

: 00:31:03 Speaker 1

: Right.

: 00:31:03 Speaker 1

: Just that’s your next step.

: 00:31:04 Speaker 1

: Go and find out where you’re gonna get that money from.

: 00:31:09 Speaker 1

: I’m really good at pushing people out of their comfort zone.

: 00:31:12 Speaker 1

: Some people may even call me a ***** sometimes.

: 00:31:16 Speaker 1

: But the truth is.

: 00:31:18 Speaker 1

: We get like I.

: 00:31:18 Speaker 1

: Get results.

: 00:31:19 Speaker 1

: My team gets results and that does mean pushing it out of your comfort zone sometimes and so.

: 00:31:25 Speaker 1

: You are going to have to go through some kind.

: 00:31:29 Speaker 1

: Of pain to grow your business, whether that is.

: 00:31:33 Speaker 1

: In your own day, whether that is.

: 00:31:36 Speaker 1

: Like the fact that you’re going to have to make really hard decisions, you may have to let people go you.

: 00:31:40 Speaker 1

: May have to hold people accountable like.

: 00:31:43 Speaker 1

: This this is part of growing the business.

: 00:31:47 Speaker 1

: Essentially, the answers that people give me when I’m saying, well, what’s holding you back?

: 00:31:52 Speaker 1

: What is the biggest thing that scares you about?

: 00:31:53 Speaker 1

: Hitting that goal is like.

: 00:31:58 Speaker 1

: What if I put all this money in and?

: 00:32:01 Speaker 1

: It doesn’t work.

: 00:32:02

: It’s like right.

: 00:32:03 Speaker 1

: That may happen, but if you’re tracking your money and you are tracking your stats every single day and every single week, and you’re not waiting until the end of the quarter or even worse, end of the year, then you’ve got a handle on that you can.

: 00:32:18 Speaker 1

: Change direction.

: 00:32:19 Speaker 1

: You can, you know, head.

: 00:32:21 Speaker 1

: Paid it off at the past.

: 00:32:22 Speaker 1

: What’s the saying?

: 00:32:23 Speaker 1

: Like you’ll be able to make changes in your business when you are keeping.

: 00:32:29 Speaker 1

: Tabs on all of that.

: 00:32:31 Speaker 1

: So if that’s your biggest fear that you want to put all this money in and lose it, well, my answer is just take, you know, track your money, surround yourself with people who understand money.

: 00:32:41 Speaker 1

: And we’ll keep your money on track, and we’ll give you financial advice that you.

: 00:32:47 Speaker 1

: Is it that you?

: 00:32:49 Speaker 1

: You know, you worry that you won’t hit your target, but that happens.

: 00:32:54 Speaker 1

: I gotta put your.

: 00:32:54 Speaker 1

: Put your I sometimes I don’t hit my target, but inside of our group, someone will come in and.

: 00:32:59 Speaker 1

: Say I didn’t.

: 00:32:59 Speaker 1

: Hit my target and I’m really deflated.

: 00:33:02 Speaker 1

: It’s like.

: 00:33:03 Speaker 1

: OK.

: 00:33:04 Speaker 1

: Totally appreciate that that kind of sucks.

: 00:33:08 Speaker 1

: Well, let’s look at what what happened?

: 00:33:10 Speaker 1

: Why didn’t we hit the target?

: 00:33:11 Speaker 1

: Were our numbers down?

: 00:33:13 Speaker 1

: Did we not get the customers in that we needed?

: 00:33:15 Speaker 1

: Did a promotion not work as well?

: 00:33:18 Speaker 1

: Like let’s do a debrief.

: 00:33:19 Speaker 1

: What worked?

: 00:33:20 Speaker 1

: What didn’t?

: 00:33:21 Speaker 1

: Realistically, why didn’t you?

: 00:33:23 Speaker 1

: Hit that target.

: 00:33:23 Speaker 1

: Cause the answers are all in the numbers you are tracking this stuff and if you’re inside any of my programs like whether it’s.

: 00:33:30 Speaker 1

: Nine ways to move. Stop.

: 00:33:32 Speaker 1

: In my we have we give you the CEO dashboard like you have the Google sheet that will let you do this.

: 00:33:39 Speaker 1

: So you have no excuse like, what’s the answer?

: 00:33:42 Speaker 1

: The numbers are always there.

: 00:33:44 Speaker 1

: Maybe you know you’re saying it’s the economy or what is it about the economy?

: 00:33:49 Speaker 1

: Is it that you’ve got less customers?

: 00:33:50 Speaker 1

: Is it that you’ve got less traffic, is your conversion rate?

: 00:33:52 Speaker 1

: And is your average value.

: 00:33:54 Speaker 1

: Then let’s have a look so that we can work on that thing next time.

: 00:33:59 Speaker 1

: So we don’t repeat the same mistakes.

: 00:34:01 Speaker 1

: So if you don’t hit your target.

: 00:34:03 Speaker 1

: Yeah, like it’s going to feel like crap.

: 00:34:06 Speaker 1

: But the great news is, if you’re doing the right things and you’re tracking what you’re doing in your business.

: 00:34:12 Speaker 1

: Then your answers are there.

: 00:34:13 Speaker 1

: We just build a plan to fix it next time.

: 00:34:17 Speaker 1

: It’s gonna happen.

: 00:34:18 Speaker 1

: Like I promise you.

: 00:34:19 Speaker 1

: It’s gonna happen.

: 00:34:20 Speaker 1

: Like it just does and and I think the other thing that people don’t necessarily articulate very well is they say things to me like, well, what if I put all this energy in and it doesn’t work?

: 00:34:38 Speaker 1

: Well, what what is?

: 00:34:39 Speaker 1

: Doesn’t work to you?

: 00:34:41 Speaker 1

: Like what is work like?

: 00:34:43 Speaker 1

: It works.

: 00:34:43 Speaker 1

: What does that look like?

: 00:34:44 Speaker 1

: Let’s call it success.

: 00:34:45 Speaker 1

: Like, what does success look like for you?

: 00:34:49 Speaker 1

: Because if you can’t tell me that, then it’s always not.

: 00:34:52 Speaker 1

: Gonna work and.

: 00:34:53 Speaker 1

: You would be surprised at how many people.

: 00:34:57 Speaker 1

: Can’t articulate what success looks like for them.

: 00:35:01 Speaker 1

: Or it is so?

: 00:35:04 Speaker 1

: And so the bar gets set so low that it’s perfectly achievable, but that’s not exactly what they feel.

: 00:35:11 Speaker 1

: Like success is.

: 00:35:12 Speaker 1

: So you know what is success?

: 00:35:15 Speaker 1

: Have you taken nothing away from this episode?

: 00:35:17 Speaker 1

: Just sit down and write, like, get your phone out, get the notes, the little notes app out, get a journal, whatever you love to do.

: 00:35:25 Speaker 1

: Right.

: 00:35:26 Speaker 1

: What does success look like to you?

: 00:35:28 Speaker 1

: Is it a dollar?

: 00:35:29 Speaker 1

: For now.

: 00:35:30 Speaker 1

: Is it we have a saying in our household?

: 00:35:32 Speaker 1

: Like, what’s the FU number?

: 00:35:35 Speaker 1

: You can imagine what that stands for.

: 00:35:37 Speaker 1

: Like, what’s the number where?

: 00:35:39 Speaker 1

: That you’re at the point where you have enough money that you can say if you to let me know one thing, if you what I said.

: 00:35:46 Speaker 1

: Actually a bit.

: 00:35:47 Speaker 1

: Earlier, like where you can say that to anything or anyone because you get to have that choice like, what’s that number to you and it might be different things for different people we’ve been through.

: 00:35:57 Speaker 1

: A few scenarios in our life.

: 00:35:59 Speaker 1

: But it was like.

: 00:36:01 Speaker 1

: You know, I’ve got the FU money, so I’m not going.

: 00:36:03 Speaker 1

: To do that.

: 00:36:04 Speaker 1

: My husband left one of his jobs.

: 00:36:05 Speaker 1

: He’s like, right?

: 00:36:06 Speaker 1

: We sold an investment property.

: 00:36:08 Speaker 1

: He’s like we got the FU money.

: 00:36:09 Speaker 1

: We’re good.

: 00:36:10 Speaker 1

: Like I’m OK and so.

: 00:36:13 Speaker 1

: What is the FU number for you and what does success look like is it isn’t?

: 00:36:19 Speaker 1

: It right or wrong answer?

: 00:36:21 Speaker 1

: Like I love working.

: 00:36:24 Speaker 1

: I don’t necessarily want to hang out with my kids all day, but for you, maybe that is your thing.

: 00:36:29 Speaker 1

: Like, as long as I’m there and I can be.

: 00:36:31 Speaker 1

: Present when I’m there like.

: 00:36:33 Speaker 1

: I don’t need to be at every school event.

: 00:36:36 Speaker 1

: I do my, you know, my school cafeteria duty.

: 00:36:38 Speaker 1

: Once a month.

: 00:36:39 Speaker 1

: That is my obligation.

: 00:36:40 Speaker 1

: That is my assuaging my mum.

: 00:36:42 Speaker 1

: Guilt and showing my kid that I care.

: 00:36:44 Speaker 1

: Being but.

: 00:36:46 Speaker 1

: What does it look like for you?

: 00:36:47 Speaker 1

: Is it travelling around?

: 00:36:48 Speaker 1

: The world you are totally allowed to.

: 00:36:50 Speaker 1

: Be selfish here.

: 00:36:51 Speaker 1

: Because this is your business, right?

: 00:36:54 Speaker 1

: You built this thing to give you whatever freedom looks like for you.

: 00:36:59 Speaker 1

: Going around the world and finding new fabrics or new products or meeting new people or.

: 00:37:05 Speaker 1

: This is it.

: 00:37:06 Speaker 1

: Like why are you here?

: 00:37:07 Speaker 1

: Why are you listening to this podcast?

: 00:37:10 Speaker 1

: Because you got a business, retail or e-commerce business and what is that business here for?

: 00:37:17 Speaker 1

: Kind of hard like you.

: 00:37:18 Speaker 1

: As I said, you’d be surprised at how many people can’t answer that question and have to go away and think about it.

: 00:37:24 Speaker 1

: So I’m giving you a heads up.

: 00:37:26 Speaker 1

: I’m saying go.

: 00:37:26 Speaker 1

: Away and think about it.

: 00:37:28 Speaker 1

: What do you what do you want from this business?

: 00:37:31 Speaker 1

: Because if you can’t tell me that if you can’t tell yourself that, then it will never be successful because you have nothing to aim for.

: 00:37:39 Speaker 1

: Like you just getting up and doing the same shoot every single day and like what wins?

: 00:37:43 Speaker 1

: Are we celebrating?

: 00:37:43 Speaker 1

: What is getting us on?

: 00:37:44 Speaker 1

: Our path to success.

: 00:37:48 Speaker 1

: Once you have.

: 00:37:49 Speaker 1

: That and that can change.

: 00:37:51 Speaker 1

: Let me just say like put my hand up and say what I wanted five years ago.

: 00:37:56 Speaker 1

: My God, so now the answer is very, very different.

: 00:37:59 Speaker 1

: And if you are watching like this is not just something I just like ******** about on podcasts.

: 00:38:05 Speaker 1

: I actually just did this myself.

: 00:38:08 Speaker 1

: I pulled out my little.

: 00:38:11 Speaker 1

: Like notebook that I keep for this kind of stuff and just wrote down what I want for my business in the next iteration and it’s big and we write these things down.

: 00:38:21 Speaker 1

: Write it down like I am.

: 00:38:23 Speaker 1

: I am an 8 figure business owner.

: 00:38:25 Speaker 1

: I am travelling all over the world.

: 00:38:27 Speaker 1

: I am creating great connections.

: 00:38:30 Speaker 1

: With suppliers or I am no longer working in my business, it just brings me.

: 00:38:35 Speaker 1

: In a **** ton of money, that one.

: 00:38:37 Speaker 1

: ‘S totally OK.

: 00:38:38 Speaker 1

: As well.

: 00:38:39 Speaker 1

: Remember, no judgment here when it comes to what you want from your business.

: 00:38:43 Speaker 1

: The only thing that we might do is maybe make you dream a little bit bigger.

: 00:38:48 Speaker 1

: Think a.

: 00:38:48 Speaker 1

: Little bit bigger.

: 00:38:50 Speaker 1

: Because once we have that we can reverse engineer it.

: 00:38:53 Speaker 1

: So what are the steps we have to do to get you to that path and that, my friends, is such?

: 00:39:02 Speaker 1

: A defining.

: 00:39:05 Speaker 1

: Conversation, but also a defining moment.

: 00:39:08 Speaker 1

: Because when you are presented with all these opportunities and trust me, you will be presented with all these opportunities.

: 00:39:14 Speaker 1

: And if you’re anything like most of the people I work with, you want to take all those opportunities, you’ll be able to sit.

: 00:39:19 Speaker 1

: Back and say.

: 00:39:21 Speaker 1

: OK, this is what success looks like for me.

: 00:39:24 Speaker 1

: Is this thing truly going to put me closer to the thing that I want to?

: 00:39:30 Speaker 1

: What success looks like for me?

: 00:39:33 Speaker 1

: And if the answer is yes, awesome, you can start doing a bit more investigation as to whether you want to take that opportunity up.

: 00:39:38 Speaker 1

: But if the answer is like a hell, no great.

: 00:39:42 Speaker 1

: There’s like 1 less thing on your To Do List and now I love that one less.

: 00:39:45 Speaker 1

: Thing that caught.

: 00:39:46 Speaker 1

: Up your brain so.

: 00:39:49 Speaker 1

: I guess in summary at the.

: 00:39:50 Speaker 1

: End of the day, if you’ve been listening to this.

: 00:39:52 Speaker 1

: And you’re like, oh, you know, you’re just like some kind of.

: 00:39:56 Speaker 1

: He’s just trying to, like, tell me all these things to buy my program.

: 00:40:00 Speaker 1

: I’m getting so many of those I’m running ads for the 5X framework in case you.

: 00:40:03 Speaker 1

: Haven’t seen them. Oh.

: 00:40:05 Speaker 1

: My God, people are nasty on ads.

: 00:40:07 Speaker 1

: They’re all men, funnily enough.

: 00:40:09 Speaker 1

: But that’s the most horrible thing that I’m actually doing this engagement.

: 00:40:12 Speaker 1

: And I’m just like, you know, hey, Michael seems like you had some really bad experience, blah, blah, blah, blah, blah.

: 00:40:20 Speaker 1

: And I’m like.

: 00:40:21 Speaker 1

: You know what?

: 00:40:21 Speaker 1

: I’m just going to beat them at their own game, so.

: 00:40:25 Speaker 1

: At the end of the day, I guess if you want to, if you’re listening to this and you’re like, oh, just like, shut up, lady.

: 00:40:31 Speaker 1

: Maybe this is not like the podcast for you.

: 00:40:35 Speaker 1

: I’m totally OK with that.

: 00:40:37 Speaker 1

: And like I said at the beginning with much love, I will.

: 00:40:40 Speaker 1

: I’ll even happily refer you to people.

: 00:40:42 Speaker 1

: I think if I know a coach or a consultant or an agency who can help you out, I’m more than happy to refer them to you because I just want you to see success, whatever that looks like for you.

: 00:40:52 Speaker 1

: If that is just turning up every day and standing behind the store counter or packing order.

: 00:40:58 Speaker 1

: OK.

: 00:40:59 Speaker 1

: Like that’s that’s you.

: 00:41:01 Speaker 1

: Do you Boo like that just sounded really bad coming from me, didn’t it like?

: 00:41:06 Speaker 1

: But you do you like, if that’s what.

: 00:41:08 Speaker 1

: You want awesome.

: 00:41:10 Speaker 1

: Like I’m happy to give you resources to help.

: 00:41:12 Speaker 1

: You get there.

: 00:41:13 Speaker 1

: But if you want more than that, if you want more than just turning up every day and doing the same things, then like, let’s chat like that, that’s what we do.

: 00:41:25 Speaker 1

: And I don’t know if you hang out on my website very much, but think about you this a year probably wasn’t a year ago I changed the.

: 00:41:34 Speaker 1

: Wording on our website.

: 00:41:36 Speaker 1

: I did this, not even the designer.

: 00:41:38 Speaker 1

: And I changed it to.

: 00:41:39 Speaker 1

: Something like?

: 00:41:41 Speaker 1

: Don’t quote me here, but it’s like.

: 00:41:43 Speaker 1

: If you want.

: 00:41:44 Speaker 1

: More from your business than just a job, or if you want to turn your business from a job into.

: 00:41:50 Speaker 1

: A asset that.

: 00:41:52 Speaker 1

: Works for you.

: 00:41:53 Speaker 1

: I can’t remember what I wrote something.

: 00:41:54 Speaker 1

: Along those lines.

: 00:41:56 Speaker 1

: But that’s what I.

: 00:41:56 Speaker 1

: Do that’s what I’m great at.

: 00:41:59 Speaker 1

: I am not great.

: 00:42:00 Speaker 1

: At startups like I just.

: 00:42:03 Speaker 1

: I don’t have the mental energy for it. I’m not necessarily well, I know I’m not great at just giving you big hugs and telling you everything’s going to be OK because that’s I’m a fixer.

: 00:42:13 Speaker 1

: That’s what I do.

: 00:42:15 Speaker 1

: But if you want someone who gives you that no holds bar, just tell.

: 00:42:19 Speaker 1

: What I need to do?

: 00:42:21 Speaker 1

: And I had to laugh when I asked.

: 00:42:22 Speaker 1

: You want to come on to the podcast?

: 00:42:24 Speaker 1

: She’s like, you know, I’m just gonna get on and say I just did everything Saul told me to do.

: 00:42:27 Speaker 1

: I’m like, no, you did it like you.

: 00:42:29 Speaker 1

: Just walk through it all, but if you.

: 00:42:32 Speaker 1

: If you want someone like, that’s why I.

: 00:42:34 Speaker 1

: Go to the gym.

: 00:42:35 Speaker 1

: Right.

: 00:42:35 Speaker 1

: I want someone to tell me what to do.

: 00:42:36 Speaker 1

: I don’t wanna have to think if you want someone to help you do that, you’re still.

: 00:42:39 Speaker 1

: Gonna have to think sorry about that one.

: 00:42:41 Speaker 1

: And you still gonna have to do the work.

: 00:42:43 Speaker 1

: Before that help reach out to me, send me a DM.

: 00:42:46 Speaker 1

: You can have a chat with my team and see if any of our programs are right for you or if you need some help and we can’t help you.

: 00:42:52 Speaker 1

: Feel free to DM me and I’m more than happy to put you in touch with.

: 00:42:55 Speaker 1

: Someone who might be the best?

: 00:42:56 Speaker 1

: Person but yeah.

: 00:42:58 Speaker 1

: So today’s whole episode was to to kind of like break down what $1,000,000?

: 00:43:03 Speaker 1

: Looks like in business and the answer is.

: 00:43:05 Speaker 1

: It isn’t really an awful lot of money at the end of the day, it isn’t an awful lot of money for you to grow your business.

: 00:43:11 Speaker 1

: It’s nothing to sniff at.

: 00:43:12 Speaker 1

: Let’s be.

: 00:43:14 Speaker 1

: And if we multiply it if.

: 00:43:16 Speaker 1

: We get 2,000,000, three million, four million, 5,000,000.

: 00:43:18 Speaker 1

: 10 million we get economies of scale.

: 00:43:21 Speaker 1

: But as you grow, you know you’re always going to be hit with new issues to deal with.

: 00:43:26 Speaker 1

: They’re just at bigger levels, same problems, just bigger amounts of money.

: 00:43:31 Speaker 1

: What I like to say.

: 00:43:32 Speaker 1

: And yeah, so if you are happy doing what you’re doing, awesome.

: 00:43:37 Speaker 1

: I hope you still got something out of today’s episode.

: 00:43:40 Speaker 1

: And if you want some help, if you want some strategy, if you want advice, you want the house kicking you want proven results because that’s, you know again that’s what we do guaranteed that you will.

: 00:43:52 Speaker 1

: Get results and nobody else is doing that right like that.

: 00:43:55 Speaker 1

: That’s how committed I am to making sure my team and I are so committed to you.

: 00:44:00 Speaker 1

: Getting what you came here for that we put our money where our mouth is.

: 00:44:05 Speaker 1

: But that’s you.

: 00:44:06 Speaker 1

: Send me a DM.

: 00:44:07 Speaker 1

: Feel free to jump on over to selenanight.com/five X.

: 00:44:12 Speaker 1

: I think that’s the.

: 00:44:13 Speaker 1

: URL or the website 5X framework?

: 00:44:15 Speaker 1

: Check it out.

: 00:44:16 Speaker 1

: Book it a call chat to one of my team and see if it’s right.

: 00:44:18 Speaker 1

: Completely obligation.

: 00:44:20 Speaker 1

: And yet let me know what you think about this episode. What does does? Yeah. What does $1,000,000 feel like to you now?

: 00:44:27 Speaker 1

: And if you’re already in the seven.

: 00:44:28 Speaker 1

: Figures. I’d love to.

: 00:44:29 Speaker 1

: Know what is your new baseline number?

: 00:44:33 Speaker 1

: Alrighty guys.

: 00:44:33 Speaker 1

: That is it for me.

: 00:44:35 Speaker 1

: I hope you have a fantastic week and I’ll see you here again next week.

: 00:44:39

: OK.

: 00:44:41 Speaker 1

: So that’s a.

: 00:44:42 Speaker 1

: Wrap I’d love to.

: 00:44:43 Speaker 1

: Hear what insight you’ve gotten from this episode and how.

: 00:44:47 Speaker 1

: You’re going to put it into action.

: 00:44:49 Speaker 1

: If you’re a.

: 00:44:50 Speaker 1

: Social kind of person.

: 00:44:51 Speaker 1

: Follow me at the Salena night and make sure to leave a comment and let me.

: 00:44:56 Speaker 1

: Know and if this episode made you think a little bit differently or gave you some inspiration, or perhaps gave you the kick that you needed to take action, then please take a couple of minutes.

: 00:45:08 Speaker 1

: So leave me a review on your platform of choice, because the more reviews the show gets, the more independent retail and e-commerce stores, just like yours that we can help to scale.

: 00:45:21 Speaker 1

: And when that happens, it’s a winter year, a win for your community and a win.

: 00:45:27 Speaker 1

: For your customers, I’ll see you in the next episode.