In today’s episode Paul throws back to #020 of the podcast to cover picking your ideal business model! Paul found himself bouncing course to course, model to model – following those ‘shiny pennies’! Through working hard on himself and gaining more self-awareness he discovered how to get out of this trap. If you get it right the first time you won’t need to make the same mistakes he did. Tune in today for some invaluable tips on how to choose the right business model for you!     KEY TAKEAWAYS If you had unlimited time and money was no object what would do, what you spend your time doing and how would you do it? Many people can be sucked into a business that doesn’t work for them, they can become a shadow of themselves as they are not spending their time the way the want to – it can become very unfulfilling and lonely. Why do you want to start your business? Knowing this will save you a lot of pain further down the line and stop you investing time and resources into a business that isn’t right for you. If you know your why and your purpose in life then you are already half way towards picking your ideal business model. Spend the time figuring all of this out and you will start and choose a business that will fulfil you and make you happy. There are so many different business models, do you have the resources to start the business you want? Do you have the time required?  It’s important to understand and assess what resources you have so that you don’t try and start something you can’t realistically achieve.       BEST MOMENTS “Sometimes it’s not about looking at others and thinking I want what they’ve got, what you want is time, what you want is financial freedom”   “If you understand your why, your purpose, your passion, that shines through your product and your services”   “Most of us, we underestimate what we can do over a long period of time and we overestimate what we can do over a short period of time”     VALUABLE RESOURCES BulletProof Business Podcast   ABOUT THE HOST Paul Abercrombie Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success. "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS Paul Abercrombie LinkedIn                 See omnystudio.com/listener for privacy information.

Bulletproof Business

Revisited! How to Pick Your Ideal Business Model

In today’s episode Paul talks about how to successfully employ your first members of staff; what are the key steps are that you need to take for this to happen and how you can judge if they are performing in their role(s) or not.   KEY TAKEAWAYS Often when we have our first hire, we tell them what their job is but we don’t actually explain to them all of the ‘how to’s’. Giving clear instructions, information and expectations at the start can really determine whether your first hire will be successful or not. It only takes one change in your mindset to break the cycle of rehiring. It’s rarely the member of staffs fault if they aren’t performing. Have you on boarding them properly and have you given them the tools they need to successfully do the role? Before hiring someone, you need to first identify what it is you want them to do and how you want them to do it, in a systematic way so it can be a process they can then follow when they start. Create a method to the madness. Repetitive tasks are ideal to giving for virtual assistants. It’s simple for you to just video yourself completing the task, with either speaking or written instructions, which anyone can then follow. Rinse and repeat with all tasks, put in a folder, tell the member of staff about it, then they have a point of reference if they get stuck. You are essentially creating standard operating procedures for staff to follow. Set key performance indicators for any member of staff you employ. This way both you and the employee can see what is expected of them and whether they are performing in line with those expectations.     BEST MOMENTS   “Two weeks into that journey…there’s no further progress in their role, there’s no further progress in their job”   “You believe it’s the staff members fault when really it’s probably your fault”     VALUABLE RESOURCES BulletProof Business Podcast   ABOUT THE HOST Paul Abercrombie Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success. "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

How Do you Build on That First Member of Staff?

    Paul has been on clubhouse for 15 weeks now and it’s completely changed how he does business, via collaborations, the way her creates content and more!   In this episode, Paul gives a great insight to his time on the platform and tells you that if you aren’t on it why you need to be and if you are already what you should be doing with your time.   Listen in today to know how to go from zero to thousands of followers just by following a few steps, Paul also includes his number one marketing hack for clubhouse - do not miss out!     KEY TAKEAWAYS   There are two types of people on all social media platforms, consumers and producers. If you own a business where you create a product or service, you need to switch your mindset to be the producer and create content around your business and brand. The key in any group learning is implementation, you need to take notes, figure out what advice you want to take and use and then go and implement it in your business. Ensure you aren’t spending too much time listening on clubhouse. Sometimes it is good to listen but you can’t spend hours and hours listening on clubhouse or you won’t get the most out of your time, you need to ensure it serves you. Clubhouse is a great lead generation tool in the same way Facebook ads are. People will be attracted to you if you create content for them. Fill out your bio and make sure it is relevant and you change it along your journey. Use the format other influencers use and ensure you include keywords so you are picked up in searches. Ask questions that are going to engage the panel of speakers that are in the room. Once you have asked your question and it has developed a great discussion, go and DM those speakers on Instagram, thank them for their advice and start networking. Try and form a group of moderators where you can rely on and help each other in various rooms. This is key to success, if you help others mod you will then gain traction when they come onto your rooms in the future. To grow and get engagement you need a niche. Give good value and content on your niche in bigger rooms and then create your own rooms around your speciality, be specific. When you are directing people to your bio and link ensure you are directing people to the right place and that you are collecting their data (e.g email) in the process.       BEST MOMENTS   “It’s like going back to the old-school networking days”   “Take notes around certain key pieces of advice and make sure you take notes and then implement it”   “Sometimes it is good to listen”   “Reach out, make contact and network, network, network.”   VALUABLE RESOURCES BulletProof Business Podcast   ABOUT THE HOST Paul Abercrombie Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success. "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

Clubhouse RECAP

In this episode, Paul interviews Nick Bradley of the Scale Up Your Business Company and Podcast. Nick comes from a venture capitalist background, he has been buying and scaling businesses for a long time and has a huge amount of experience and knowledge. Listen in to hear all about Nick’s personal story and to gain invaluable business knowledge.     KEY TAKEAWAYS Nick has been buying and scaling businesses for a living for the past 15 years. He has worked with over 100 different acquisitions in both the US and the UK and been involved in 24 business exits. He also runs the Podcast ‘Scale Up Your Business’ and has enjoyed the connections and success this has brought to him. Both Nick and Paul are on clubhouse and think it’s an incredible platform, especially for business and networking. When Nick was in the private equity world he found the extremely high financial rewards and the power brought out the worst in him. He found himself not being a very nice person due to the need for significance and needing to feel like being the alpha. He started to experience this a little bit when he first went on clubhouse so he had to dial it back a bit. He now goes on a lot of small rooms so that it is just about connecting and meeting people rather than followers. Nick has seven different companies, all of these sit under his personal brand but they have different dimensions. He has multiple business that are their own entities so they could then be sold independently down the line. A mistake new start-up businesses often make is they don’t recognise early enough the need for good leadership, team management and other essential parts to scaling up. They don’t realise when the business is at the point of growth that they need to focus on these things, they still see themselves as small. Pushing yourself physically has an effect on your mental strength, that is why it is not surprising that lots of successful CEOs are also endurance athletes. They are training their bodies to train their minds. Just buying a business and not knowing what to do with it means you will struggle to be successful. You would need to partner with someone who has business experience or gain your own experience.  You can buy businesses using other peoples money, by using other financial tools and leverage the deals so that the amount you put in is tiny in comparison to what you are buying, but there is no such thing as a ‘no money deal’. If you are thinking of buying businesses internationally then you need to have contacts and someone to help you with the deal that is in the country the business is operating in. It's also advisable to establish what position they are in, would they be happy being CEO or do they want a hands off approach? Nick advises to never buy a business abroad where you don’t have someone in place who will be there to takeover when the business is bought. Nick called his podcast something literal that delivered a promise. He believes this is one of the reasons it has had organic success as well as telling his story in his early episodes and by being super clear by the message he was trying to deliver. Nick didn’t find instant success with his podcast but started to get into the charts around 5 months in. He also found that after some time there were people who started binging his podcast, almost like it was a Netflix series! BEST MOMENTS   “It was a gift from the gods that fell on my lap”   “It’s very easy to be caught up in other peoples politics”   “The magic is not the acquisition, it’s the integration”   “Those who start businesses are not necessarily the ones that are good at scaling them, it takes a different mindset”   “Everything is easy if you’re prepared to gain the knowledge and do the work”   “Be really real”     VALUABLE RESOURCES BulletProof Business Podcast   ABOUT THE HOST Paul Abercrombie Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success. "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

Everything is Easy if You’re Prepared to Gain the Knowledge and Do the Work - A Conversation Nick Bradley

VALUABLE RESOURCES BulletProof Business Podcast ABOUT THE HOST Paul Abercrombie Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success. "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!” CONTACT DETAILS Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

Overwhelm And Stress

The Advice You Need When It Comes To Multiple Streams Of Income

Listen in today as Paul interviews entrepreneur, social media genius, CEO and multi platinum artist Spectacular Smith. They discuss what his plans are for the future as well as his history and journey as an entrepreneur. KEY TAKEAWAYS Smith knew from as early as 3rd grade that entrepreneurship was for him. By 11th grade he even had people working for him. He then became an entertainer and launched his own agency. He has dipped in and out of a few things but entrepreneurship has always been there. Smith was an incredibly successful musical artist but he ended up broke due to his father’s mishandling of money. This lead to him needing to really double down and ‘hustle’ which is how his social media career and business began. A core belief of Smith’s is that you can only get as far as the person teaching you has gone, so you need to seek those who have been and progressed further than you to learn. Experience and having proven results are more important to Smith than having education. He feels like college etc is overpriced and outdated for today’s system and society. Most people do not need to go to college. The new social media app Clubhouse is something Smith really gets behind. He loves that there is no faking on it, if someone asks you a question you have to answer them in real time. You have to know what you are talking about. Clubhouse can easily be monetised, so much so that this is where Smith would invest and build a business if he were to start up today.   BEST MOMENTS “You’re gonna love this interview” “When your back is against the wall that’s when you see your full potential.” “In reality businesses are looking for people who understand the business model, who understand how to get the result you are looking for” “Clubhouse is phenomenal I think it’s the future” VALUABLE RESOURCES   BulletProof Business Podcast   ABOUT THE HOST   Paul Abercrombie   Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.   "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS   Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

Spectacular Smith Interview

Paul talks today about the Four Ms’ and why they are so important and what you need to win at business. KEY TAKEAWAYS Marketing: This is the number one activity for any business. You need to be focusing on marketing. Money: When the money starts to come in you need to know how to look after it, how to build wealth, how to manage it. You need to be educated in Money. Mindset & Motivation. After your first success, you will have a dip. This is where mindset and motivation are key. They are what will get you out of this dip, only you can convince yourself of the steps needed. Being in the right type of business and working on your ‘why’ can help with mindset and having structured goals will help tremendously with motivation. If you can combine all these four things together then regardless of your business you will win the game of business! BEST MOMENTS “If you aren’t marketing your business you are dying” “Only you can convince yourself that putting more effort in is the right thing to do” “You need to be in your purpose in your profession to have the right kind of mindset” VALUABLE RESOURCES   BulletProof Business Podcast   ABOUT THE HOST   Paul Abercrombie   Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.   "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS   Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

The Four M’s: Money, Mindset, Marketing and Motivation

Listen into this episode as Paul interviews Steven Coon on clubhouse. They go through his journey from homelessness to success and also touch on his book humble alpha. An episode with many life, as well as business, tips and pointers. KEY TAKEAWAYS Paul and Steven met on clubhouse, they both admit that they probably would have never met without this app.Steven is very active on clubhouse he often mods room including two of his own reoccurring rooms, success in business with plant medicine and success with imposter syndrome. It’s incredible the connections that can be made and the barriers that have been removed on clubhouse, who would have thought you could go on an app and connect so easily with big names like Elon Musk! Steven was in the US military and then became an entrepreneur after in 1996. He was ‘done taking orders’ and wanted to work for himself. His first venture was starting a cocktail bar. When Steven saw something that gave him fear, it’s what made him decide to go all in. Because he then knew it is something that would make him grow. 14 years after being an entrepreneur Steven lost his job, his wife, money and ended up being homeless. He flipped this on its head and saw it as a unique opportunity to take a life a bit slower, spend time with friends and relax more. However, it spiralled after a while and he got caught speeding and attempted to take his life but the gentleness the police officer used to stop him made him stop and think. He then spent 8 months living with monks completely off the grid where he learnt to love himself and understand what he needed. Legacy is for yourself not for others. Even when Steven was away for 8 months no one really took much notice, it was humbling. It made him realise if we don’t take care of ourselves, focus on our power within then there is no legacy. Steven started offering business and success advice to veterans for free. It was this that led to his business forming as people started asking him for paid assistance. Balance for entrepreneurs is notoriously difficult to find. But Steven believes in integration, so integrating the different areas and elements of your life to work together and giving focus to what area needs attention. Content creation is a great way to engage people as well as keeping yourself personally accountable. Steven recommends commercial real estate to invest at the moment as when big crashes etc happen this is what holds its most value. This is his opinion, please always seek independent financial advice before making any investment. A top tip for bulletproof business from Steven is to delegate the task but not the responsibility. It means he gets his team to do the work/jobs they are assigned but supports them through it and ultimately is responsible. The first 7 years is when children develop their personality. It’s key to think about communication and the little things that can have impact.   BEST MOMENTS “It’s made us all realise the world is a lot smaller than it seems” “This is a great chance for me, I’m not worried about paying bills as I can’t pay them anyway!” “To this day I don’t know if it was real, if it was an angel but it doesn’t matter it saved me” “Everything we do is for us” “Who are you serving, where do they hang out and what problem do they know they have, that’s entrepreneurship right there!” VALUABLE RESOURCES   BulletProof Business Podcast   ABOUT THE HOST   Paul Abercrombie   Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.   "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS   Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

Interview with Steven Kuhn

Today Paul gives great advice on how to validate your business idea. He talks about the steps you need to make and the action you need to take so you can validate your product or service. KEY TAKEAWAYS Validation is giving you the confidence to drive your product or service forward, that your product is actually going to work and people are going to buy it. There are three key steps to validating your idea and stop you wasting valuable time and money creating something nobody wants: You need to research the market and find out if people actually want your idea. You can look at places such as google trends to get raw data on what people are searching. You need to test the product or service. Come up with a minimum viable product/service. Something that you can minimally develop and then get people in your local network to see if they want to buy it. Is your product or service scalable? Can you replicate your product or service to a greater market, can you grow your business to a level you want?   When first starting out you need to find a product or service that fits into a marketplace where you have healthy competition. There’s no point ‘reinventing the wheel’ this becomes expensive unless you have a lot of cash behind you to invest. BEST MOMENTS “People don’t buy what they need they buy what they want” “Is there a want, a desire for the product or the service that I have to offer?” “Follow the clues your competitor has left” VALUABLE RESOURCES   BulletProof Business Podcast   ABOUT THE HOST   Paul Abercrombie   Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.   "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS   Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

Steps to Successfully Validate YOUR Business Idea

Paul talks today about a key concept in the book ‘The Seven Laws of Wealth’, to always execute. KEY TAKEAWAYS If you have the principle of always executing you then have the momentum that comes with it. Not everything will work out, you have to move past that. But if you develop the mindset to always execute you will shift your universe. BEST MOMENTS “If you’re sitting there with an idea…give yourself the self-discipline to believe in yourself and have the principle that you should always execute” VALUABLE RESOURCES   BulletProof Business Podcast   ABOUT THE HOST   Paul Abercrombie   Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.   "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS   Paul Abercrombie LinkedIn   See omnystudio.com/listener for privacy information.

Execution!

Paul talks today about his strategy for the podcast going forward and how he can help you implement strategies, start, scale and grow! He also talks about the differences between an employee and an entrepreneur, the mindset of both and the shift you need to make when going from one to the other. KEY TAKEAWAYS Paul really wants to focus hard on this podcast with strategies, mindset and inspiring content. He has some great guests and topics lined up for us all to learn from. Many employees focus on the metrics and goals they are given within their job role. Their focus is on their role and they have less consideration for the bigger picture. As a business owner and entrepreneur your sole purpose is to create pure value for your clients and doing this consistently well. You have to change from being the employee to the leader that inspires others to go above and beyond their job role to help the business. Many entrepreneurs just create a new job for themselves, that is because they are stuck in the employee mindset. Those that work in their passion, with their purpose, and their mission, will succeed. Because they will climb those walls, break down the barriers in their way as they are inspired to succeed and lead others.   BEST MOMENTS “Fundamentally the most important mindset shift you can go from is employee to entrepreneur” “Think bigger than you. Think bigger than your business” VALUABLE RESOURCES   BulletProof Business Podcast   ABOUT THE HOST   Paul Abercrombie   Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.   "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS   Paul Abercrombie LinkedIn             See omnystudio.com/listener for privacy information.

The Switch from the Employee to the Entrepreneur

Many entrepreneurs start their businesses alongside a day job. It can difficult to know when to make the switch from employee to business owner and quit your job to focus solely on your business journey. In this episode, Paul talks about when the right time is to make the switch and why doing so at the right time is important to the success of your business and your life. KEY TAKEAWAYS Paul has heard some really bad advice on this and so wanted to give his insight. When you decide to just focus on the business it add a whole different perspective and level of stress. Knowing that you are now relying on that business to support you and your family. There are three points/metrics, if you hit these three points then it is time to make the switch to just focusing on your business. 1) If you have an idea, you need to prove the concept. You need to have some clients, generating leads and have a real eco system to support you before you go all in on the business. 2) Do not quit your job until the business is generating at least six figures in revenue. 3) You need to have at least 3-6 months living expenses generated from the profits of the business before considering quitting.   BEST MOMENTS “Picking the right time is critical” “Prove the concept first” VALUABLE RESOURCES   BulletProof Business Podcast   ABOUT THE HOST   Paul Abercrombie   Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.   "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS   Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

When to Quit the Day Job

In this week’s show, Paul dives deeper into Clubhouse, the new social media phenomenon that’s become one of the go-to ways to build an audience through audio engagement. Paul talks about the three key insights he’s learned after spending time on the inside, so that you can energise your growth there, or make ready for when the gates well and truly open. KEY TAKEAWAYS You must be tactical and strategic when it comes to the time you spend inside Clubhouse. Don’t spend all your time on the same rooms. Choose wisely and get the most from your time there. Smaller, more specific rooms that have the potential to become far larger, and become thought-leader led. Ideas grow fast and strong. Remember that with all social media apps, there are consumers and there are producers. Always strive to be a producer and not a consumer. BEST MOMENTS ‘Get into Clubhouse and be tactical about what you want from it’ ‘Now, this is a conversation between moderators’ ‘Clubhouse is like a mastermind on steroids’ VALUABLE RESOURCES BulletProof Business Podcast ABOUT THE HOST Paul Abercrombie Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success. "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!” CONTACT DETAILS Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

Going Deeper With Clubhouse

Today Paul looks at the 10 biggest mistakes many people make when starting a business. If you can avoid these mistakes when starting out it will save you a lot of time and shortcut your way to success. KEY TAKEAWAYS 1) Starting a business without any legal entity. People often don’t think of the legal protection needed. 2) Using a personal bank account for your business. Things can get very messy when using a personal bank account for your business. 3) Planning for the upside only. If you don’t plan for the downturns and downsides then you can be unpleasantly surprised. 4) Only understanding the industry you are in and not understanding the market. If you don’t understand the needs in your own market you might be offering the wrong things to the customer you are trying to get. 5) Working with friends and not business partners. The earlier you can separate the business side from the personal/friendship/family side the easier it will be as the business grows. 6) Doing everything yourself. 7) Not respecting Intellectual Property. Anything you do in a business is intellectual property, many entrepreneurs don’t respect and protect their intellectual property. 8) 50/50 partners. 50/50 partnerships don’t work because you need a decision maker. Who has the final say? 9) Not Validating Your Idea. You need to validate your idea with market research. Speak to your client, find out exactly what they want. 10) Not Investing in marketing. So many people do not invest in their marketing. In able to scale and grow you need to market effectively. Marketing is one of the most important things you can do for your business. BEST MOMENTS “If you avoid these mistakes you should shortcut your time and hopefully make a success of whatever venture it is you are doing” “Plan for that downside”. “They think it’s Noah Ark, that you will build this product…and people will just come because you have done it, they fail to invest in marketing”. VALUABLE RESOURCES BulletProof Business Podcast   ABOUT THE HOST Paul Abercrombie Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success. "In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”   CONTACT DETAILS Paul Abercrombie LinkedIn See omnystudio.com/listener for privacy information.

The 10 Biggest Mistakes People Make

Welcome to the Bulletproof Business Podcast. This show is for those who are looking to achieve their dreams by starting and scaling their own business. We give you no nonsense business advice that will take your life and business to the next level.