Listener Questions and Answers E27 – Transcript

Janet Fish 0:07
Hello, and welcome to the breakaway entrepreneur podcast where we explore the entrepreneur mindset, the characteristics and traits that lead to success. I’m your host, Janet Fish, and I’m really excited about this week’s episode, because I’m dedicating this one to q&a questions and answers. I’ve gotten a number of questions from the listeners. Thank you, everyone who have contacted me with your questions. I’ll get to as many of them as I can. If you have a question you’d like to ask, please send it to coach at breakaway business coaching Comm. I’ll answer it in an upcoming episode. So let’s start. Sean asks, How many businesses have you started and what kinds? Okay, thank you, Sean. Great question. I’ve had six businesses since I quit my job and became an entrepreneur 15 years ago. Currently, my coaching business is my main focus for generating revenue through that

I offer private coaching and group coaching online courses, books, etc. I’ve had multiple real estate businesses including land development in Mexico, we purchased

five acres of land in 2008. Then the market crashed and so that’s still on hold. But that’s still a pretty viable business when things turn around. I had a fix and flip real estate business in Reno, Nevada for nine years. And while I still dabble in fix and flips now, I mostly just buy properties and hold them primarily single family residences. Long ago I wanted to learn how to sell over the internet. This is way before people did that. So I started an internet business selling dog bandanas. That was fun. I had a special twist on the dog bandana. It was called a dog bag Adana. And in the back of the dog bandana. There was a little slot that you could put a doggie poopy

Bag not a filled one but an empty one in there. So you were never without a doggie poopy bag. But I digress. I sold that business when I got tired of making lots and lots of dog bandanas. Lastly, I have a business selling investment software and I do some wealth coaching with that. I probably consider that more of a hobby, but it does generate some residual income. Joan asks, there’s never enough time. What do you do to manage your time? Well, this is a question I get asked all the time. So there’s a couple of ways I’d like to answer that question first. Do you have a written down plan and are you following it? If you don’t, it’s really hard to manage your time. So I think that’s a great place to start with a written down plan. When I create my plans, I include what I want to do and when I want to do it, so I have to prioritize my action items. I use a concept that I call calendaring which means I put all of my high priority items.

on my calendar, I block off time on my, on my calendar to achieve certain tasks. So I think of it like an appointment with myself to get specific tasks done. And I will say that primarily my plan is driven by my marketing activities are my marketing plan. So most of the things that are on my, my plan have to do with marketing activities.

So whatever method you decide to use to manage your time, I look at it as three steps prioritize, schedule and execute. And I’m pretty famous for saying to my clients, you know, how will I know if it’s done so, having a plan is great. Having a plan with an accountability partner to help hold you to that plan is even better.

Brady asks, I just started my business and I’m not making a ton of money right now. However, I want to hire an assistant

Are someone to do the things I don’t want to do? What should I do? So this is another question I hear a lot

with Fiverr. And indeed, and Craigslist and some of these other places, you can hire out many of the tasks that you really shouldn’t be doing or don’t want to do for a relatively small amount of money. So I’d love to give out this exercise or share this exercise to figure out you know, which tasks should you should you hire out first. So here’s the exercise. So, get out a piece of paper, put it on the on online, however you like to, however you like to chronicle these things, but start with making a list of all the things you do during the day and the week in the month. And these could be things you do in your personal life, as well as your business tasks. So write them down somehow Chronicle them somehow put them though all those things, list them in the first column.

At the top of a second column, write things I like to do. And at the top of a third column, write things that I’m good at, then check all the things that you like to do and that you’re good at, just go down the list and check those off. Start out by hiring all the things that have no checkmarks. These are things that you don’t like to do. And these are things that you’re not good at. I did this first for the first time, oh, cashews, oh, seven, it was a long time ago. And I was really surprised how it kind of freed me up to LA to delegate all these tasks that I really shouldn’t be doing. And I didn’t really want to do it kind of give me It gave me the freedom to say, I don’t like to do that. And while I could do it, I’m gonna hire it out to somebody else because it’s not a good use of my time and I don’t like to do it anyway. Those kinds of tasks that you’re not good at and that you don’t like to do, are typically the things that you can hire out inexpensively. They’re typically some of them.

More menial tasks.

Another exercise I suggest that my clients do after they’ve done the light to do good at exercise, I challenge them to start by hiring someone for just four hours a week. Typically, you could hire out the more menial tasks for less than $50 an hour. So I think that’s probably a conservative estimate. But let’s use $50 an hour. So you hire somebody out for four hours a week, that’s half of a day for $200 or less. Use those four hours working on your marketing plan your written down marketing plan, and I’ll mention that a lot because I’m pretty adamant about the written down marketing plan.

If you can’t make an extra $200, spending four extra hours a week on marketing, then let’s sit down and talk because I’m sure I can help you fine tune your marketing strategies.

All right, Beth commented, I work for myself and I’m struggling to stay positive during COVID-19. Any suggestions

Well, Beth, that’s that’s kind of a broad question. So I’ll, I’ll suggest a couple of things. Because I’ve been working with a lot of people during the last, what, four months, who are struggling with the shutdown and COVID, and all the things that are associated with kind of our new lifestyle. So the first thing I would say is just stop watching the news. And maybe this is because that’s advice I’ve had to take myself because I got really caught up in the day to day drama of what was going on. And it just was really starting to not consume me, but distract me. And so I’d say it’s important to stay informed. But don’t let yourself drown in all the news, all the all that’s going on. call a friend, go for a walk, do something that you really enjoy something that gets your mind off your challenges of your every day of the every day and try to keep things as normal as possible. I think this is a really big one as much as possible. If it’s an option

Keep things as normal as you possibly can get up at the same time. Work out if you’re used to working out, set office hours take breaks, it’s really important that you try to instill as much kind of normalcy into your life as you possibly can. And then network via zoom, visit with friends virtually if you can’t socially distance. I have a number of friends. We’ve all been pretty hunkered down, but we wanted to kind of see each other. So we’ve been meeting either in my backyard or someone else’s backyard, in the driveway. You know, mast up when we’re inside walking to the backyard, sitting socially distance in the backyard or outside. So there are some ways to get some semblance of normalcy and connectedness back in our lives.

Also check out Episode 10. I talked about the challenges of working from home and I

For up some tips on how to survive our new normal So, Episode 10 working from home Is this our new normal, I will put a link to it in the show notes if you want to go take a listen to that, where we talk a little bit about some strategies to deal with our new shelter in place or a new just normalcy of working from home.

This morning, my friend Marin suggested this exercise to clear your mind when you get overwhelmed and stressed out and I thought it was pretty cool. I tried it. And so I wanted to share it. It’s a way to kind of calm your mind and de stress. She called it the 54321 exercise. I don’t know what it’s really called. But she kind of took me through it this morning and I tried it and so I’m going to share that with you. So start out by just sitting quietly in a place that you can think, you know, take a few deep breaths. Look around the room.

And name five things that you can see anything that catches your eye

keep deep breathing deeply

and identify four things that you can feel the temperature of the air, the feel of the fabric of the chair, you’re sitting on the feel of your breath as you take it in and out.

Close your eyes and just listen.

What sounds Do you hear? list three things that you can hear.

Take another deep breath. And think about what you can smell. Name two things that you can smell.

Lastly, name one thing that you can taste. If you can’t taste anything, grab a drink or a bite of something and savor the taste. Take another couple of deep breaths and continue with your day hopefully relaxed and refocus, refocus, not be focused, refocused. I tried it, it worked. I’m not a huge meditator but I do like to stop and take a breath during my

De, typically I’ve got a garden in the back, I’ll go out there and talk to the plants.

But try something, try what works for you. But try this it might work for you and get you kind of out of the COVID stress and into a more focused and relaxed day.

JOHN asks, What do I how do I choose which business I want to start?

So most of the clients I’ve worked with, who want to start a business volunteer, you know, one of two camps.

They either have a whole ton of ideas, or they have none. So if you have multiple ideas, please forget about starting more than one business at a time. In my experience that just doesn’t really work. I’ve coached over 1000 people all over the world and I’ve never seen anyone really get traction and really see great success, starting more than one business at a time.

If you’ve got a bunch of ideas, start by looking at each one.

Have your ideas and do a quick and dirty, you know, pro and con, you don’t even have to write it down. But writing down would be preferable, but just look at the ideas and write down the pros and the cons to perhaps narrow it down. If you still love all your ideas, then I suggest doing a revenue forecast for six months for each business. So just do a simple revenue forecast list the products and the services that you’ll offer and the prices that you’ll sell them for. I get I get it, it’s a guesstimate of what you think you’ll sell. And that’s okay. But I want you to go through that exercise of guesstimating if you will, what you’ll sell for the first six months, month by month. So start with the first month how many of each products will I sell at what price? I know this is a wild ass guess and I know you might not be super comfortable with that. However, I have had 100

More people do this exercise. And what I found is that it gives them a gut feel for how easy or hard It will be to sell each products in each of those businesses. So it really does help them kind of from a gut feeling perspective, narrow down where they really want to go.

If you don’t have any idea what business you want to start, begin by looking at your skills, what have you made? What have you done to make money in the past? What do you like to do? What if people said hey, you’re really good at that? That’s a great place to start.

Alright, a couple of people have asked me about social media, what’s the best platform and do I need to be on all of them?

So the first question to ask yourself or where am I people? Where does your target market or ideal client hang out on social media? If your prospect prospects or business people like mine are

That’s most likely LinkedIn. If you’re selling to consumers, it may be Facebook or Instagram. If you’re selling visual products like jewelry or art or something like that, Pinterest may be your preferred platform. Is it better to be on all the platforms probably Yeah. However, my suggestion would be to just start with one.

committing to one and posting every day is much better than doing trying to do them all and not being consistent or not doing any of them. There are syndication applications that will post to multiple social media sites for you, you create one post, and then it will syndicate it across a whole bunch of different social media sites. However, my understanding is some sites like LinkedIn in particular, recognize this and then kind of limit the exposure of your post or how much they promoted or who they let see it. So I personally don’t use syndication software.

But I know a lot of people do and it’s definitely out there for you. Try to post frequently and try to be yourself.

Post video we’ve done I did two interviews with Kenny Ballantine, our video photographer, photographer, videographer extraordinare. I’ll list those in the show notes as well. Let me make a note of that Kenny.

Show Notes. So if you want to learn more about how to do effective video, take a look at at my couple of episodes that I did with Kenny, but it post video most most social sites really, really love video, and your customers and prospects will really love getting to know you a little bit better. So just some suggestions for social media.

Oh, I love this one. I’ve been asked by a bunch of people if they should start a podcast or why did I start my podcasts? It’s amazing how many people asked me this question. So first, I’ll start with why I started my podcast.

So I had a blog, and I blogged for many, many, many years. And I just couldn’t bring myself to write another blog, there was just no way I was going to come up with any more ideas and research them and edit them. I was totally suffering from, you know, blogging, burnout. However, I still wanted to create new content, and I wanted a way to grow my audience online. And a good friend of mine suggested doing a podcast and with that, I started out researching, why should I start a podcast? I actually googled, why should I not start a podcast? So try both of those because you’ll get some interesting. You’ll get some interesting links to some great articles out there. I think the main thing that convinced me to start a podcast is understanding that the people who listen to podcasts are completely different from people who read blogs and I didn’t really get that until I did some research on it. I could reach a whole new separate audience.

than I was already reaching through my blog, and I got the idea that through a podcast, people get to hear your voice. They get to understand you on a deeper level than they can when they’re reading your your text reading your thoughts. And that really appealed to me. And the other thing is, I didn’t realize when I started the podcast six months ago, that it would be as fun and satisfying as it is. And I’ll add one other

comment to that. I actually think that recording and editing a podcast is easier than writing and editing a blog. So that’s my two cents on that. So should you start a podcast? Only you can answer that question. However, just know that it’s a lot of work. You have to be consistent in delivering your episodes. And there’s a lot that goes into the creation of a podcast. What’s the topic? What’s the format

How often will you publish an episode? You need cover art? I mean, there’s just a whole lot more. And then there’s just that then there’s the technology side. Well, and how do you get guests? Then there’s the technology side, what equipment will you use? What? microphones? What editing software? Do you need a recording device? Where will your Where will you host your podcasts? Which directories? Will you publish your podcast through? Will you publish your podcast episodes on your website? So there’s a lot of different options and a lot of decisions that need to be made. Luckily, there like I said, there’s a wealth of information readily available. Just Google should I start a podcast, you’ll find more than you ever dreamed of have information on how to do that.

And if you want more of my personal opinion, reach out to me I’d be more than happy to get on a phone call with you and explore in more detail, my thoughts and what I’ve learned

In the first six months from where I started and where I am now,

excuse me.

All right, Kelly asked, What should I do next, I’m working really hard and not really making a lot of money or getting where I want to go. I’m doing a lot of things. But I don’t know what to do and when to do it. And I get this a lot as well. Most of my clients come to me, because they’re lost as to what they want, what they should do, and when they should do it. I like to say entrepreneurs work really hard. And sometimes they work really hard but not getting the traction that they need, because they don’t know exactly what to do, and when to do it. So for that very reason, I created this 10 step process to building a successful business. I’ve coached over 1000 people in the last 15 years. And over the course of all of that time, I’ve noticed a process while I was coaching my clients that I kind of was going through the same steps over and over and over again. So I formalized that

process into a step test the 10 step process for building a business sequentially step by step by step in a specific order.

So I’ll try briefly, I’ll briefly try to take you through the 10 steps. So you get a feel for what they are.

The first step is to figure out who you’re selling to. So that’s your target market, your avatar, your ideal client. I like to think of your ideal client, not only as what are the demographics and the interests of your potential clients, but I like to think of the answer to that,

to that as the answer to these two questions, what’s the problem that you solve? And how do you uniquely solve it? People buy based on their needs. So it’s really important to understand why they need your product or service and why they need you in particular.

Step two is all about what you’re selling. So what are the products

products and services that you’re selling, and what price Do you sell them at? The program walks you through the process of creating what I call a Product Funnel. So a Product Funnel is a list of the products that you sell starting with the free or no costs products at the top of the funnel. And then as you have multiple products, the more expensive products move down further in the funnel. And there’s all strategies on how to sell down the funnel, how to start selling or giving away the free and then selling the small ticket items taking you all the way through the funnel. But that’s step two. Step three is creating a revenue forecast. So you need to have a plan for how much of each product or service that you’re going to sell.

If you want a successful business, you’ve got to know the numbers. You’ve got to know what your plan is for revenue. So that’s an important part Step three, creating your revenue forecast and then knowing that that revenue forecast is going to

drive your marketing activities.

So step number four is marketing. And marketing is by far the most important part of creating a successful business. It’s what you should be doing. Most of the time I say at least 70 to 80% of your time, should be utilized doing marketing, use, use your revenue forecast to drive those marketing activities and to create the plan. As I said, and I’ll say a gazillion times Sorry, guys, be sure you have a written down plan. You’re way, way, way, way, way more likely to get it done. If your plan is written down, and you follow it, and then I like to say or urge people or actually my clients, I tell them this is a this is a Nope. non negotiable. That plan has to be where you can access it. I can’t tell you how many times I’ve had clients say, I’ll ask them about their marketing. written down marketing plan. Yeah, I’ve got it around here somewhere. If you’ve got it around there somewhere. It’s not where you can easily access it and the chances are you haven’t looked at it and gotten us

How long So anyway, Step five is about networking for leads, and building your list. Go where your target market clients are, and market to them. The goal of most marketing is to get leads name, which most of our cases is names and email addresses. Sometimes we market directly to sell. But oftentimes we start out we just need names and email addresses. So start gathering those names and email addresses and put them in a database. I encourage you if right now you’ve got a whole list of names and email addresses somewhere, pay somebody to get them into a database of CRM. If you’ve got a spreadsheet with all of your names and email addresses, get them into a CRM or a database, because the next step is where we’ll address that. So put them in a database and connect with them frequently. The Golden your business is your customer and prospect base.

So make sure you make sure you have the conference, you have their contact information in a place that you can easily access it. And then step six is email marketing. So you That’s why you need to have them in a database because you need to easily infrequently connect with those people. email them weekly, provide good content stay in front of their mind. marketing experts say it takes on average 20 touches before people will buy. So stay in touch with them. Because if you’re not your competitors surely will be. If you sell a product that people only buy once in a great while, like a home or something associated with a wedding.

They may not need your services again for say, you know, two years, five years, 15 years, whatever. It’s still important to stay in their thoughts. Even if you email them for years and they never even open your emails. There could be a time there will be a time. I’ll submit to

When all of a sudden they need what you do, so don’t make them try to search you out like Who the heck was that? That did the photography for my wedding. Who the heck was our realtor honey way back then. Don’t make them search stay top of mind with occasional emails. People will opt out if they don’t want your emails. So don’t think oh, they don’t want to hear from me.

Just remember to stay front of mind. Not to mention they all have friends and associates who may need what you have. So stay present with them. Step seven is sales. So this is I like to say when we get to go to the bank, I talk to a lot of people who are afraid of sales or they say they’re not good at sales. And quite frankly, I think that’s bull. Sales is about connecting with people. Sales is about identifying what they need and fulfilling that need. Sales is service sales is helping people so intuitive

really understand that I think you’ll struggle with the sales part, you’ll put all this pressure on yourself about sales skills. When sales skills is really about people skills, and interacting with skills. Remember, sales is all about them. It’s not about you. I like to say people don’t care about you until they care about you. Right? So just shut up and listen. Find out what they need and why they need it. Ask lots and lots of questions. My dad used to say people love to talk about themselves and gosh, that was totally true.

People do love to talk about themselves. So talk less, ask more, understand what their pain or their challenges are, and fix that. Sales can really be fun when you approach it as selling a serving and not shoving something that they don’t want or need down their throats. Step eight is systems. So what are the systems and procedures you use to run your business systems includes such things as software

For products that you use, how you run your business, what systems and processes you have to manage the business? Do you have employees? What processes do they have in place for them to do their job? So it’s important to have strong systems in your business. Because, boy, if you don’t have them, it’s really hard to grow a business. Step nine is team. So who’s on your team? Who do I hire? First, we already talked a little bit about that. Hiring team is just a great great, great way to build your business, and it’s super important if you want to grow.

Step 10. is about analyzing and revising your plan. So whether it’s monthly or quarterly, or annually, or all of the above, it’s really important to review your plan and keep it up to date. So if you want to learn more about all of these steps, I’ve got an ebook. It’s called 10 steps to financial freedom. There’s a link in the show notes below.

Alright, Bill asks, I’m just starting out do I need a company

So what I think Bill is asking is does he need to incorporate? And so if that is what he’s asking, I think the answer is yes. If you’re making any money in your business, or you plan to, you need to create an entity for your business. Now, I’ve seen and heard of a lot of what I can still consider Elon forum tax dudes out there who say you can get away with just being a sole proprietor. And while I’m not a tax professional, I will say that you can go that route if you want, but it wouldn’t be my recommendation. As a sole proprietor, it’s still just you and your social security number. So if someone were to sue you, there’s no entity to protect you. So your personal assets are at risk. If you’ve got an entity for instance, an S Corp. If you get sued the only they can only access the assets in your corporation. They can’t get to any of your personal assets. And if that weren’t reason enough, there

Many, many more tax advantages to being a corporation than there are just you as a social security number or a sole proprietor.

There’s a couple of really good books that you might want to read that explain some of these advantages. And I’ll make a reference to them in the shownotes notes in the show notes.

And please, please, please, make sure you separate your business life from your personal life, have have separate bank accounts and have separate credit cards. use something like QuickBooks or some kind of accounting software to keep things organized, and make it easy for your tax guy to correctly file your taxes.

All right, Peggy asks, How often should I send emails. So as you know, I’m a firm believer in connecting with your email list as frequently as it makes sense to as a general rule. However, if you’ve got a list of fairly active and recent clients and prospects, I’d recommend once a week if you provide

Short to the point interesting and newsworthy content, that shouldn’t be too much. If you’ve got an old list or you sell something that people only buy infrequently, once a month is probably a good thing to strive for. I have to share that I’m not a big fan of the monthly newsletter. I just don’t personally read them. I’d rather have a series of email with the content instead. That’s just my personal opinion. I have a client who has a newsletter, and she wasn’t getting a lot of opens, but she was really hesitant to do away with it. So I suggested she do both create the newsletter and send that out for the people who want to consume her content that way. And then send out the content from the newsletter in individual emails, you know, shorter emails, giving the content a bit at a time.

Okay, I’ve been asked should I write a book? And I think the better question should be, how do I write a book

Because I think everyone should write a book. I’ve written five books, a number of ebooks, and I’ve been a part of a couple of compilation books. And so compilation books are where a number of authors get together and contribute a chapter to a book. So I have to write the entire book. But multiple authors contribute an individual chapter and then they publish that book as a compilation book. So I’d like to share my technique for writing a book, I think it’s fairly straightforward. I’ll go into

I won’t go into in depth, but I’ll kind of give you the cliff notes version. So first, I’d say start out by writing down five or 10 topics that you’d like to cover in your book. And if you’re at a loss for what those topics should be, think about, what’s your target market need? What What questions do you get asked most frequently? What questions should your customers be asked? be asking?

Have you created a process like my 10 step process for what you do. And so brainstorm those ideas. Those ideas, then become your chapters. So once you have an outline, start filling in the blanks filling in those chapters. Now, when you write a book, it doesn’t mean you have to know everything that’s going to go into every piece of information that’s in each chapter. So start doing some research to learn more about the concepts. I did a lot of research when I was writing my book, and I’d read a couple articles on a certain topic. And then I go and I make it my own by combining different thoughts that I thought were important. writing them in my own voice, and filling in the pages with concepts through research.

I use dictation software to dictate my book. I don’t write my book. I’m sorry, I don’t type my book. I use dictation software. I used to use

what was

called Dragon Dictate. But now my Mac has the feature built in. So I just use my Mac and I just find it an easier way to get my ideas down on paper.

So it’s just much faster to dictate your book than it is to write it down, at least for me, and then edit the book and self publish it. It’s the easiest way to get your book into syndication into circulation fast. By self publishing. I’ve done it a couple of other ways any book that I would write going forward, the last book I wrote, in any book I wrote would write going forward, I would definitely Self Publish. I use CreateSpace back in the day now it’s Kindle, Kindle KDP. But self publishing is really, really, really easy, easy to do. So I really believe that most everybody has a book inside them. And it’s a great tool to promote you and your business is amazing how much clout a book has there are so few people in the

world who actually write books. And it’s a huge leverage. And it’s a huge way to establish yourself as a credible expert in your field by having a book people like oh my gosh, you’ve got a book and it just gives you a wealth of credibility. And I’ll submit to you I think writing a book is easier than you probably think.

Shellie asks, What are the most effective marketing strategies? So I love to be a smartass and say the ones that work, but I won’t go there. What I will say is that my methodology for creating your marketing plan would start with identifying 10 marketing strategies that you could implement.

So just write down what are 10 things I could do to market my business? I wouldn’t say you should start implementing that many strategies. Just start brainstorming 10. So you have them ready as you start to implement. And I’d suggest you start with two or three what I call online strategies, which are ones that you

Your computer four, and two or three offline strategies once they are not over the internet. And so I think it’s important to have a mix of the two. I also realize that offline strategies are a little more difficult during this time of COVID than they were prior. However, online marketing, I’m sorry, online networking is still alive. And well. I’ve gotten a bunch of new clients through zoom calls during this temp pandemic that I, I wasn’t on these zoom calls before I’ve started to reach out to new networking organizations. I’ve been doing it via zoom. And I found it to be really effective. So why don’t we write down two or three online and two or three offline marketing strategies that you’re going to execute on, write them down

and then execute like I said, then go out and try them. If you don’t actually get out there and try them. You’ll never know if they work out.

For a month or so, be sure to take a look back on your strategies and see how they’re working. Remember step 10, analyze and revise Well, I want you to do that with your marketing strategies as well. Look at what’s working, what’s not working.

Look at what you need to start, what do you need to stop doing? What you need to continue to do more off because it’s working, and it’s make the necessary adjustments. Okay, we’ve just got a few more questions. Joe says, I’ve just started a business and I don’t have anything to sell, what should I do?

A while ago, I wrote a blog post about how to create products where I outlined how to create 10 products from one idea. I’ll post that to the show notes. It’s just a some ideas on how you can create products pretty quickly. However, it does take time to create products. So if you want to start selling products away right away, you can do something like becoming a an affiliate for a company and

selling their products while you work to develop your own. Yeah, a lot of us have started out selling other people’s products as we create our own intellectual property. So that’s an option for you. If not, if you want to create your own products, check out my blog post and see how easy it is to create products pretty quickly. Know that you don’t have to have a ton of products before you launch your business. A couple of products to start and then grow on that or grow from that is something that a lot of us do.

On one of our episodes, we talked about creating are participating in a mastermind group and several of you have asked about that. So I wanted to just kind of talk a little bit about what is a mastermind and how you might use it. So the concept of the mastermind originally came from a book from Napoleon Hill that he wrote in the 1920s called the law of success.

He then expanded on that concept in a book he made famous called Think and Grow Rich. The concept is that two minds that come together, create a third more powerful mind called the mastermind. And the way we talk about masterminds today is really a mastermind is a small group of entrepreneurs who regularly get together to share ideas and brainstorm and generally they’re there to support each other groups are typically less than 10 members, and usually meet once a week although I’ve had some very successful masterminds that only meet once a month or a couple times a month. I have one mastermind I’ve actually got a call in eight minutes. With Theresa I’ve, she and I’ve had a mastermind group that we have been meeting together for over eight years. We’ve written books at the same time we’ve launched blog post blogs together

It’s just been great every other week, twice a month rather we get together and share ideas and we’ve been doing it for a long, long, long time. So if you’re looking for a way to meet and share with other entrepreneurs, a mastermind group might be a great thing for you to look at. You can meet over the phone or in zoom with zoom or any other kind of online meeting place, I have never met a mastermind group in person. It’s always been over the phone or zoom or Skype or something like that. If you can’t find a mastermind group to join, then create one. The format’s of meetings vary. You can create them any way you want. There’s lots of an exam lots of examples online on how to run mastermind groups and how you might form them. Alright, so that wraps up this q&a session. I hope that you learned something helpful for your business. If you have any questions you’d like to ask, just feel free to

send them to me at coach edge at breakaway business coaching calm, and I’ll answer them in an upcoming episode. Thanks everybody who submitted questions, I really, really, really appreciate that. If you want more detail and anything that I talked about today, please reach out to me and know how to get ahold of me. Thanks and until the next time, make it a great day.

Transcribed by https://otter.ai