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9 things I've learned in the first 2 months of starting my business.
These might be common sense to you, but they were totally new to me.
These might be common sense to you, but they were totally new to me.
1) Commitment and consistency are very powerful forces
I worked out a deal with my prior firm to transition some clients over. The vast majority said 'no.'
Better service and lower cost doesn't matter. Ouch!
Change matters.
I worked out a deal with my prior firm to transition some clients over. The vast majority said 'no.'
Better service and lower cost doesn't matter. Ouch!
Change matters.
"The brain of man conserves programming spaces by being reluctant to change" -Charlie Munger
You can say, 'Everybody knows change is hard." I want to tell you I didn't know it well enough
You can say, 'Everybody knows change is hard." I want to tell you I didn't know it well enough
2) 95% of what I did felt like mistakes
2 types: mistakes of ambition & mistakes of sloth
The first is a result of a decision to act - to do something. It is made with incomplete information as it’s impossible to know beforehand. Fortune favors the bold
2 types: mistakes of ambition & mistakes of sloth
The first is a result of a decision to act - to do something. It is made with incomplete information as it’s impossible to know beforehand. Fortune favors the bold
The second is a result of not doing something because of fear or waiting to have all the facts first.
Keep your head up when you feel like all you’re doing is making mistakes but they are mistakes of action (h/t @tferriss
Keep your head up when you feel like all you’re doing is making mistakes but they are mistakes of action (h/t @tferriss
3) Results are not linear
I created a P&L forecast to help manage cash. The only thing I’ve learned is that it is totally wrong. Revenue doesn’t come on a spreadsheet. It’s sporadic as heck. I’ve gotten more clients on my days off than I did working.
I created a P&L forecast to help manage cash. The only thing I’ve learned is that it is totally wrong. Revenue doesn’t come on a spreadsheet. It’s sporadic as heck. I’ve gotten more clients on my days off than I did working.
3) Create scarcity
Don’t speak to prospects for more than 10-15min if they call you out of the blue. Say you’re in the middle of something (which you are) and ask them to schedule a meeting.
Don’t speak to prospects for more than 10-15min if they call you out of the blue. Say you’re in the middle of something (which you are) and ask them to schedule a meeting.
I spent 1 hour with a prospect talking about everything with them and answering all his questions. I never heard back when it came time to meet.
I’m not trying to be a jerk, I just don’t want to spend an hour with people who don’t want my services and just want freebies.
I’m not trying to be a jerk, I just don’t want to spend an hour with people who don’t want my services and just want freebies.
5) Being able to sell well is so underrated
No baseball player gets paid if he can’t hit. If you can’t sell, nothing else matters.
No baseball player gets paid if he can’t hit. If you can’t sell, nothing else matters.
But there is no formula for selling. You have to borrow ideas, try, fail and develop your own.
Book recs that won't teach you a formula, but will give you
:
-Influence-Robert Cialdini
-How to win friends and influence people-Dale Carnegie
-The art of the sale-Philip Broughton
Book recs that won't teach you a formula, but will give you
:-Influence-Robert Cialdini
-How to win friends and influence people-Dale Carnegie
-The art of the sale-Philip Broughton
Here’s mine: (1) Get in front of people, share my firm’s story and listen (2) Get over myself. Get over needing to be liked.
“Formulas for success are snake oil. Better to know the formula for failure: trying to please everybody” - Herbert Swope
“Formulas for success are snake oil. Better to know the formula for failure: trying to please everybody” - Herbert Swope
6) This is gonna take awhile
When you run so fast to get somewhere, you miss half the fun of getting there. And you cause yourself undo stress and anxiety.
When you run so fast to get somewhere, you miss half the fun of getting there. And you cause yourself undo stress and anxiety.
Plus business is about relationships and relationships are wildly inefficient.
Instead of trying to get people to like me and my biz, find ways to come to like the people I want to do business with. Show them that you like them.
Instead of trying to get people to like me and my biz, find ways to come to like the people I want to do business with. Show them that you like them.
7) Fear is totally normal.
I’m scared out of my pants pretty much everyday. But then I realized that everyone else is too.
Doesn’t make me feel better, just makes me continue on.
I’m scared out of my pants pretty much everyday. But then I realized that everyone else is too.
Doesn’t make me feel better, just makes me continue on.
8) Birchwood isn’t going to be built by me.
Self-made is BS. No one can build something without others.
Self-made is BS. No one can build something without others.
-A guy asked for onboarding paperwork after I told him I just started
-A business owner manually created a financial model on google sheets for me
It’s crazy that people take chances on you for no good reason. You desperately need those people.
-A business owner manually created a financial model on google sheets for me
It’s crazy that people take chances on you for no good reason. You desperately need those people.
Lastly, 9) Birchwood Capital is already a success.
The goalpost will never stop moving on firm revenue, clients, AUM size, etc.
The goalpost will never stop moving on firm revenue, clients, AUM size, etc.
I can already answer “yes” to the most important questions.
-Do I enjoy my work?
-Does what I do now matter in 20 years?
-Can I spend time on my highest priorities (family, friends, serving, and fitness)?
-Do I enjoy my work?
-Does what I do now matter in 20 years?
-Can I spend time on my highest priorities (family, friends, serving, and fitness)?
There it is folks!
