🏠 🏗️ Building an 8-Figure Business 🧑💼 👩💼
Simple Scales and Complex Fails.
We all fall into the rabbit hole and make our lives very complex when it doesn’t need to be. We beat ourselves up and as a result we take time out of our days trying to fix the problem.
Everyone spends their time on two different activities: non-generating and generating revenue activities. We all have 24 hours a day and only you can decide how you want to spend your time.
Personally, I get up by 5:00 am so I can get my morning walk in then a sauna. When I’m in the sauna, I’m working on writing my newsletter every day. I do this to allow me to be present when my family wakes up. I’m still working on being present more and not working 24/7.
As I write this newsletter-I always try to think about what you want to read and how I can make this 15 minutes of your day beneficial.
I decided to just open up and share my successes and failures relative to building a successful business. I wrote an ebook called Scaling to Success and over the next 2 months, I’m going to break down each chapter in greater detail. My goal is for you to learn from my mistakes and accelerate your business to an 8-figure exit.
Chapter 1 - The Foundation of an 8-Figure Agency
I attended NABIP WI’s Annual Conference this past week and gave a presentation on Structuring and Preparing your Agency for a Transition. Throughout my presentation I was asking the audience to raise their hand on various questions and it was clear to me that everyone wants an 8-figure exit but no one knows how to get there.
Use my ebook and newsletter so help you along the path to success.
First item you need to handle is contracting because you need to fully understand how your contracts are set up. Are you receiving your commissions from the carrier or your up line?
You need to be getting paid from the carrier as that business is yours and no matter where you go or what you do, you own that business.
Once you understand your contracts, you can determine how you want to set up your teams contracts. Do you want your team to get paid directly by the carrier or are you offering them enough value to have their commissions assigned to you/your agency?
Trust me, no one likes having to worry about contracting and attorneys but once you set it up correctly, the hard work is done. I’m not saying you’re never going to review them as you should. As your team and business grows so should your contracts grow over time.
A common mistake I see agents do is try to do everything at one time! They try to be a one stop shop, however, you’re going to sell less than someone who focuses and becomes an expert on a certain product.
Once your contracting is all in order, now it's time to look at your systems. Systems are crucial to the scaling of your agency.
Systems are Client Relationship Manager (CRM), calendar system with automatic follow up, phone system (not your personal number), email system (for email campaigns), and quote and enrollment platform - just to name a few.
No one likes to do double the amount of work on the same activity so why not work with systems that communicate and work together to save you time and energy.
The famous saying “Work Smarter Not Harder”
We’ll cover more on technology in next weeks newsletter.
When you’re building your 8-figure business you need to make sure you have a very good understanding around your finances. Have the right structure in place to make sure you and your team aren’t overspending on non essentials. It’s key to stay up-to-date on the financials in case you want to make a quick play in the market.
When it comes to marketing your business, everyone will have what works for them. You need to listen to all options then create your own path and your own buckets! What I mean when I say buckets is that, you need to have your marketing spread over 3-5 good sources. This will allow you time to focus on one or two and get them running then work on building another bucket.
Lastly, building an 8-figure business is about having a team behind you who are all working towards the same goal. You need to be honest with your team on what your goals and visions are, then you need to know what your team's goals and visions are. Your goals and vision as the owner have to be big enough to fit your entire team's goals and vision. If that’s not the case, what do you think will happen if they are offered another job?
Personally when I was building my business back in 2017 and 2018, I was only focused on bringing in business. I didn't think about all of these pillars and how to build an 8-figure business. One pillar I did focus on was systems and technology - more on that will come in next week's newsletter.
Looking back now, it’s been almost 2 years since selling the agency with my mentor. We could have sold for double the selling price if we would have gotten out of our own way. If you go into any sort of partnership you’ll need to make sure you each have a voice and that one doesn’t overpower and rule the other.
You can build an 8-figure business by following the chapters of my ebook and taking action from the ideas in my newsletters.
There are going to be people who read this that won’t do anything and that’s okay.
For the people who read these newsletters and take action-you will see a difference and for you doing that - I thank you!
Let’s continue building your 8-figure business.
P.S. If you want to accelerate your business, we’re here to help. I only have 3 private one-on-one coaching spots remaining as I’m only taking on 10. If you would like to join our weekly coaching calls “The-Solution.io”, we meet every Monday. Reply to this email for more details.
When you're ready, there are 2 ways we can help you:
Private Coaching : Designed for the agents and agency owners who want to take their business to the next level. If you're committed to go all in on your long-term success, this program if for you.
Community : Our membership community gives you access to to weekly coaching calls, small group mastermind, implementation support and real life experiences, along with a community of like-minded agents.
