Dan Martell - August 28, 2023


How the Wealthy Grow Their Business


Episode Stats


Length

4 minutes

Words per minute

190.7562

Word count

930

Sentence count

52

Harmful content

Misogyny

2

sentences flagged

Toxicity

1

sentences flagged

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I talk about the 3 things I teach my clients that have helped me scale my business and how to not kill yourself while you re doing it. 1. The buyback loop 2. Replacing yourself 3. Building an empire

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Building a multi-million dollar company
00:00:01.880 doesn't mean you have to kill yourself
00:00:03.600 while you're doing it.
00:00:04.620 These are the three things that I teach people
00:00:06.540 that are struggling with scaling
00:00:08.160 that helps them overcome this and resets their frame.
00:00:11.380 The last one is probably the most important.
00:00:13.380 You know, I had a friend of mine, Rachel,
00:00:14.500 she read my book, Buy Back Your Time, 0.86
00:00:17.000 and she literally tripled her revenue, 0.81
00:00:19.260 doubled her profit, and that was exciting for her,
00:00:21.440 but she wanted to cap her success.
00:00:23.220 I don't want it to get too big.
00:00:25.240 I think I'm gonna get it to a place where it's manageable.
00:00:27.740 And what I wanna do is unpack
00:00:29.280 these specific strategies that I shared with her
00:00:32.120 that allowed her to see the flaw in her thinking.
00:00:35.220 Because some people get scared by the word empire.
00:00:37.460 The subtitle of my book is Get Unstuck,
00:00:39.780 Reclaim Your Freedom, and Build Your Empire.
00:00:42.380 Now, in my world, an empire is a life
00:00:45.040 of unlimited creation you never have to retire from.
00:00:47.940 That's what I wanna share with you.
00:00:49.600 The process, the thinking behind it
00:00:52.160 so that you can apply that and not cap yourself.
00:00:55.260 Don't self-impose yourself from success
00:00:57.300 because you have this belief about fear
00:00:59.020 of how hard it's gonna be,
00:01:01.240 unlock the chains that you're holding back in your mind
00:01:04.040 so that you can create even more.
00:01:05.840 Let's get into it.
00:01:08.260 Number one is the buyback loop.
00:01:10.100 When entrepreneurs experience pain,
00:01:12.240 they won't grow into it.
00:01:13.640 If I held a knife to your neck and I said, step forward, 0.95
00:01:16.020 your body wouldn't let you step forward into the knife.
00:01:18.480 So in those moments, I teach the buyback loop.
00:01:20.880 When you run into a problem,
00:01:22.440 say audit your time and energy,
00:01:24.360 transfer the things that are sucking your energy
00:01:26.300 that are low cost to somebody else.
00:01:28.000 So you can delegate or you can hire somebody
00:01:29.440 or you can go out-task it part-time
00:01:31.460 and then fill it with things that light you up.
00:01:35.120 See, my client, Rachel, got a bit of that
00:01:37.680 and then immediately had a huge win
00:01:39.740 and started to feel nervous that if it kept growing,
00:01:43.220 it would grow beyond her capacity.
00:01:45.280 But what she forgot is that if you keep doing
00:01:47.500 the audit transfer fill buyback loop,
00:01:50.280 that it'd be nearly impossible for that to happen
00:01:52.960 because the bigger you grow,
00:01:55.220 the more things get taken out of your calendar.
00:01:57.380 And that's why I think it's such a big idea.
00:01:59.520 The more you grow, the more time you get back
00:02:01.860 and not the other way around.
00:02:03.040 Number two is replacing yourself.
00:02:04.760 Think about this.
00:02:05.460 If you are the number one provider in your family
00:02:07.640 and something happens to you,
00:02:09.520 there's nobody else that's gonna show up.
00:02:11.700 And the lifestyle that you've provided
00:02:13.440 for the people around you, for the folks that you love,
00:02:16.060 that depend on you, goes away.
00:02:18.320 I even think about my team.
00:02:19.520 It's like, I don't want the company
00:02:20.980 to be dependent on me to grow.
00:02:22.960 I don't want my team to have to go find new jobs
00:02:25.160 because I didn't set it up right.
00:02:27.080 It's getting to a place where the business
00:02:29.300 will produce revenue, whether you're in it or not.
00:02:32.120 And if you're in it, that's fun.
00:02:34.420 It's additive, it's not required.
00:02:36.600 And that is a beautiful place to get
00:02:38.340 that I want for every entrepreneur
00:02:39.540 because that is a life of unlimited creation
00:02:42.440 that you never have to retire from.
00:02:44.200 Number three is building an empire.
00:02:46.160 Most people think like, I'm gonna work,
00:02:48.340 I'm gonna save money, I'm gonna invest,
00:02:50.300 and eventually I'm gonna retire.
00:02:51.480 Some people set goals, I wanna retire by 35.
00:02:53.780 Others, I wanna retire by 40.
00:02:55.440 Some of them, it's 55.
00:02:56.460 It doesn't matter what it is.
00:02:57.700 Let me share this.
00:02:58.840 Retirement was a concept to get old people 1.00
00:03:01.020 out of the workforce to make space
00:03:02.760 for younger people back in the 1920s.
00:03:05.060 I always ask myself this question.
00:03:06.460 What if retiring wasn't an option?
00:03:08.320 Think of that question.
00:03:09.640 If you had to work, what would you change?
00:03:12.540 I'm not saying you have to work nine to five,
00:03:14.560 but wouldn't you wanna wake up every day
00:03:16.280 and collaborate and create with people
00:03:18.220 that you enjoy working with, that you could pour into?
00:03:21.120 You know, recently I went on a vacation
00:03:22.860 with seven other family and 20 kids
00:03:24.860 on a super yacht in Croatia.
00:03:26.460 Every person on that boat are folks that I've either worked with, they're colleagues of mine,
00:03:30.460 or I coach. If that's considered work, sign me up every week of the year. And that's what I want
00:03:36.460 to invite you to consider is that if you had to work for the rest of your life and you wanted to
00:03:41.700 build your version of an empire and you had to never retire, what would you change? What are
00:03:47.560 the priorities? What are the meetings you would stop doing? What are the people you would stop
00:03:52.540 being in business with, where would you spend time? What city would you want to live in? I moved to a
00:03:57.560 place where most people retire to, because why would I have to wait? Why not live in the place
00:04:02.780 where most people retire from and figure out how to change your business life to make that happen?
00:04:06.680 That is my invitation for you. Build an empire. Don't be scared of the word. Tell people,
00:04:12.880 I want to build an empire, because an empire is a life of unlimited creation you never have to retire
00:04:22.540 Thank you.