January 30, 2023
Choosing Your Growth Path
This week on TBOA, Rochelle and I ask the question: What’s the best way to grow?
Talking Points
The role of leverage in scaling your expertise business.
Building a solo business model without leverage from products or employees.
Growing as a solo but adding leverage to scale: products (books, memberships, workshops, licensing) and/or people (contractors).
Building a firm with traditional W-2 employees—and the two key activities you’ve got to love to make this work.
The challenges—and opportunities—to grow and scale in each business model and how to decide which is right for you.
Quotable Quotes
“There are certain kinds of industries and certain kinds of expertise where when you combine them in the right ways, you can actually build a million dollar plus solo business with no leverage.”—RM
“Anything that allows you to do more with less is leverage, whether that’s your pricing model or something else.”—JS
“Contractors are usually contractors because they don’t want to be employees.”—RM
“You’re using a team of people to help you produce new income streams, new lines of business that provide more leverage .”—JS
“Having contractors first is a really good training ground for having employees.”—RM
“Having employees is like being married to 10 people; you’re worried about a bunch of mortgages now.”—JS
“If you’re gonna have employees, it’s the equivalent of baby birds saying ‘give me a worm’. You’ve got to keep them busy.”—RM
“As soon as you get into product, then you can have a real hit; like, you can really have a hit.”—JS
Sharing is caring!
If you enjoyed this episode, please consider sharing it with a few friends who might find it useful. Thanks!
Yours,
—J
P.S. Have you wasted a year (or more!) thinking about starting your very own podcast?
I’ve got good news for you!
If you can run a Zoom call, you can host a podcast.
In my 5-Day Podcast Challenge, you will learn exactly what to do (and NOT do) to get your podcast off the ground in as little as five days.
Add your name to be notified when registration opens for the next session of 5DPC.
I hope to see (and hear) you there!