Chasing Financial Freedom
Chasing Financial Freedom
Ep 306 | Unlock 5 Unique Strategies to Scale Your Business Through Strategic Partnerships
What if the secret to scaling your business lies in strategic partnerships and not in working harder? This episode explores the intricacies of entrepreneurship, focusing on the relentless pursuit of growth while balancing personal life and business demands. As I navigate the entrepreneurial landscape, I open up about the constant juggle of multiple responsibilities and the emotional toll it can take. From experimenting with virtual assistants and AI to cut overhead costs, to the elusive quest for a commission-based sales team in real estate, the journey is packed with lessons and insights. Join me as I share my story of perseverance, driven by a passion for family and life beyond work, while also adapting to shifting political climates for more than just survival—thriving success.
But it’s not just about strategic partnerships; financial management in the face of capital raising challenges is equally crucial. This episode delves into the financial anxieties and pressures of covering essential expenses like payroll and taxes amidst seemingly lucrative but ultimately unsustainable deals. I discuss the need for expert guidance to unlock growth opportunities in new markets and invite listeners who've faced similar hurdles to share their experiences and advice. Together, let's build a community of entrepreneurs who support one another through the complexities of business growth and financial management. Tune in for a candid conversation that not only seeks solutions but also fosters a network of shared experiences and collaborative learning.
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You ever have one of those weeks which I sure you have where you have so much on your plate and you can't seem to get anything off. That's me this week, this past week. I have to say I've never been so challenged in a specific role in my professional life as I've been as an entrepreneur. And people will say then why are you an entrepreneur, why don't you just go back working for somebody else? Because I'm not just going to give up on what I'm doing and what I love, and in the end I will persevere and be successful in what I'm doing. And just at this point I'm a little overwhelmed.
Speaker 1:There's a lot going on in all aspects of my business. There's a lot going on in all aspects of my business and at the same time I'm trying to balance out my personal life with some stuff going on there, but then also trying to connect with myself and my family and really understand life. And I know that's a loaded question, but it truly is. Because in the end, what do we have to live for? Family, loved ones, friends, animals, passions, travel, whatever it is. But if all I'm doing is working, and working myself to death, what is that going to accomplish? Absolutely nothing, and I know as a solopreneur, entrepreneur we wear many hats, if not all the hats, and I don't know how many hats I wear. To be honest, I've lost count eight, 10, 12, maybe more. And the one thing I can always come back to and it's a barometer every single year my mom asks, sometime between Thanksgiving and Christmas if I had to do it all over again, would I actually go back to corporate America? And every single year, for the last eight years, I say no, Even when I'm getting my butt handed to me. I'm getting beat up. I've got a ton of stuff on my plate. I still don't, because I can control my own destiny. I'm able to work through everything that's happening. But I'm frustrated at times. I'm nervous, I'm anxious, Just like everybody else in the world.
Speaker 1:We just got through an election Left. Whatever you are, at least we now know who's going to win or who's going to be in the White House. Now you got to see what happens. And then we have to play that game. Whether I agree with his policies or not, I have to figure them out to make my business grow and succeed, and I don't just want to survive, I want to thrive. So if the other party would have won, then I'd have to figure that process out. So now we're figuring out how to do this process out. So now we're figuring out how to do this, and as we add more layers of complexity to the business, the more I have to deal with on a daily basis, and I'm I don't know if it's a fear of handing it off, which I don't think that is because I'm that's. That ship sailed a while ago.
Speaker 1:I really think I'm nervous about bringing people on and then having that additional overhead to where now I've got extra cost, extra pressure, and I'm worried about what happens if this doesn't take off the way I think it is. That's where I'm at this week, guys, is how to scale your business effectively by leveraging others, but also being able to find creative ways to have these people work within your business and be able to help you grow. And we're looking at a couple of things. Vas are the very first thing I'm looking at. I'm also been testing several AI platforms to do outbound calling, messaging and so forth. It's not quite there yet. There's a couple that I would say are getting there.
Speaker 1:It's not quite there yet. There's a couple that I would say are getting there, but it's still not human-like. It's close, but it needs thousands upon thousands of calls, which costs a lot of money, and I think I've run about 500 or so calls in and I would say solid. On a scale of one to 10, I would give it a seven, so it's roughly a C. Right now it still messes up and it needs to go through some other aspects. But what other tools are out there, guys? And I'm asking you this what other tools are out there to help you grow your business, scale it, without having to bring on a ton of human capital and put yourself in a position to where you're stressed about making payroll and also paying people, whether it be benefits, all the overhead?
Speaker 1:If I could hire a commission based sales team of five to six people, have a leader and they came in and just sold the heck out of our developments, I'd be in. I'd be willing to share a significant amount of dollars with them, percentage wise, to make it all happen. Just has to be the right match Now. Could there be some type of draw schedule based upon performance or something that would give them a little bit of a base? Yeah, I can work on that, but having somebody come in and have a full base and no upside or no how should I say this no ability to help themselves grow. So basically they got to be hungry and that's what I'm looking for.
Speaker 1:And I've struggled with finding those individuals and I'm just putting out there to you guys if you know somebody that's commission base that knows the real estate space, the real estate investor space, family office space. We're looking to connect with several of those people because we've got plenty of builds to come along, Love to use private money on these to where we have a single investor on a property. They get 10 to 12% return in six to nine months. Build the house. We're able to either sell it or we're able to refi out of it, pay the investor off, call it a day, move on. It's just a quick process to run through, but it just seems like I'm struggling with finding those individuals that want to hustle, that want to be able to get the job done.
Speaker 1:Most of the people not all, but majority of the people that I've spoken to over the last probably 90 to 120 days, maybe a little bit longer all want these huge bases and then they want a piece of what they raise. I get that, but there's no performance in that. So basically, you're going to be safe with a base and then you're going to get a piece of what you raise. Why can't you get a piece of what you raise as your actual base or as your commission? Are you not confident enough that you can actually pull it off? Because the other side of that is, I'm willing to share in the back-end profit when we actually cash the investor out. So either we sell the property or we refinance it out when it becomes a long-term hold, a rental property. All that we can actually cash out and share in that profit. I have no problem doing that.
Speaker 1:I just am looking for people that want to do the work upfront. They want to build a team and be able to grow something together and not just come in and unfortunately have their hand out and say you need to give me $10,000 a month to do this job. A lot of people have I keep on saying a lot, I'm going to back myself up there is a good handful of people that I've spoken to that want $100,000 plus a year in base to do the job and my response is that's great, but what can you do for us for that price? And a lot of them can't even cover their salary. So in raises or private fundings or family offices, whatever the case is, so it's a loss for me. So someone has a proven track record, that has a book of business that they can solicit and be able to bring dollars to the table, I'm willing to pay and work with that person and figure out something that works for both parties, because it can't be one sided but it can't be. Give me $100,000 plus a year and I'll make everything happen.
Speaker 1:That doesn't work because ultimately that's a lose-lose situation, especially once you go into somebody's portfolio and you figure out he or she might be able to raise you 50 to $100,000. Guess what? At $100,000, let's say they do raise a hundred thousand I still got to pay payroll, I got to pay taxes, I got to pay overhead expenses, any type of technology fees. So by the time we wrap everything up and call it a day, I'm probably 20 to 30% in the hole on the actual deal, which makes sense for the employee but doesn't make sense for me as the owner. So, guys, I'm going to wrap it up.
Speaker 1:I know it's a little bit short this week, two weeks in a row, but these are things that are just on my mind. That got me stressed a little bit. I'm not going to lie anxious and stressed to where it's affecting my sleep, because I know there's somebody out there that I can work with on this topic that can actually help us get to the finish line and be able to start knocking these out. We've got some great opportunities in some other cities that are just waiting for us to jump on board and go, and it boils down to is capital raise.
Speaker 1:I'm not the professional capital raiser and I know that's where I'm lacking, so I need to be able to find a person or a team that we can create. That's all they do is knock it out of the park, excuse me, knock it out of the park all day long and we just keep building and going and going like the Energizer Bunny. But we'll see where that goes. If you know somebody, please leave us a comment, Feel free to reach out to us. But I'd love to be able to connect and hear what you guys are saying on the topic. But also, have you guys faced this in your own business? And, if you have, I'd love to be able to figure out and hear how you figured it out. Have a good one, guys. I'll see you guys on the other side.
