In this video, I want to share what it's like to reach a state of utopia for business owners. To me, this is the peak of entrepreneurship. I'm gonna be sharing a little bit about my thoughts of where you can get to when you've reached the top of the hill of business and entrepreneurship, and hopefully, you'll like it. Stay tuned.
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Transcription:
In this video, I want to share what it's like to reach a state of utopia for business owners. And to me, this is kind of like the peak of entrepreneurship, I'm gonna be sharing a little bit about my thoughts of where you can get to when you've reached the top of the hill of business and entrepreneurship. And hopefully you like it. Stay tuned. Good eye there, my name is Moriarty. And if you're new to this channel, where we help small and medium sized business owners with their technology and the business and helping you grow more productive teams, making sure you get your tech right now, we help business owners at all different stages of business business using something called a growth roadmap, which helps business owners along their journey in business to ensure that they have the right technology strategy at each stage of business so that you can build more productive teams and give you back more time, more freedom, and hopefully more profit as well. And so why am I talking about utopia? Why am I talking about the you know, freedom in business? Well, that's because I want to spend a little bit of time talking about entrepreneurship on this channel, not just the technical side of business, not just Systemising your business, not just getting more of your time back and getting more flexibility in where you work. But actually thinking about, well, you know, what are we actually doing here in business, and whether you're a business owner or business leader, you can, you know, really benefit from thinking about where do I want to go to, and what is important to me and how I run my business. Now, for me, I believe that business is one of the best vehicles for entrepreneurs to find freedom, and whatever that freedom looks like to you, whether it's time freedom, whether it's flexibility on location, whether it's you having all your bills, and everything paid for and, and having a business that is, you know, rewarding for you, either financially or socially, or helping you have more time with your family. And to me, as I've spent many years working on my business, initially, I was chasing this idea of income freedom. But once I hit the income freedom goals, over time, my priorities started to shift and started to change. But many business owners that I speak to are still on the hamster wheel of trying to actually grow their income. And so they haven't quite made it to like the other side of the hill, where you know, ticking a box on income opens up a whole new world of possibilities to find value to find meaning to find purpose in how you actually run your business, how you run your life as well. For many of us entrepreneurship is the purest expression of our internal selves. And that pure expression, you know, radiates out into all of the areas of our life. And for a lot of business owners, they can be stuck head down, not just for years, but for decades, building, sometimes just one business. And so there's all kinds of identity shifts, and interesting things that change over time as your business grows and matures. So what I want to talk about is, you know, where you kind of get to, after you breached out of making enough income that you're satisfied with, to me, that happened about five years ago, I was 27 years old. And I'd been working on my business since I was a teenager, and I ticked the big income goal. Basically, we have a recurring membership business. And I had earned enough recurring revenue, profit from the business save for any emergencies or catastrophes, the business was going to continue to earn the same amount of money each year and probably increase the property cheap. And I take the big income goal for myself a goal that I'd set more than 10 years prior. And basically, that was enough income for me to live a really comfortable life, not a ridiculously looks luxurious life, but a really comfortable life, have all my needs taken care of not have to ever worry about money or having bills paid and work exactly as much as I wanted to work. And that was my idea of financial freedom, I was able to choose, do I want to do no day's work this week? Or do I want to do five days work this week. And I tend to settle around doing two to three days of meaningful work in my business and businesses that I'm involved in. But for me, the rest of the time is spent on leisure time, relationships, friends, family, doing things that I love, and pursuing new interests as well. So I want to give you a little bit of a taste of what that's like and kind of share once that income goal has been reached, what that actually looks like and what that actually feels like. And the intention for me to share this with you is for you to get a bit of an idea of okay, well what does that actually look like, but also hopefully to inspire you to work on the business and to build a business that's going to actually give you life on your terms and actually give you that freedom. Many business owners that we work with, unfortunately, as I say, get stuck on that hamster wheel, where they're just building business and building a business and building a business and some of the business owners that I've come across come across a little like addicts, because no matter how lousy business gets, or no matter how busy the business gets, or no matter what financial success they have, they never really shift the way that they work and they still believe they need to work five days a week, they still believe that they're, you know, only really allowed to take a couple of weeks holidays per year. And so really want to try and shift that for you. And of course, some of these concepts you see is pretty familiar from what Tim Ferriss called lifestyle design in his book, The Four Hour Work and that's really about you know, deciding what do you want your life to look like disappearing and deconstructing the, you know, previous way of thinking about businesses and about work that it had to be a nine to five or that you had to go to a particular vocation for your work. Now with the pandemic that's happened over the last couple of years, everyone's now had a taste of fully remote work. And for many businesses, they will never go back to working the same way again. So I want to share with you, you know, what that looks like from someone who's been practicing this for over five years now, what it actually looks like to switch out of the old way of doing business and into a new paradigm of lifestyle based design work for an entrepreneur. So there's four main elements that I believe are utopia for business owners, and number one is purpose work. Now this is are you working at the absolute best with work that lights you up is thrilling and interesting and exciting for you, and work that you can really make a great impact on. Now, there's a concept called iki guy, which basically says that, you know, when you're doing work that's on purpose, something that's financially rewarding, or something that's aligned to your interests, something that is actually good for the world. And something that you know, effectively doesn't feel like work, you have basically a utopia in the kind of work that is best suited for you. And that's really the place that we want most people to be ideally you have everyone in your team, there are a few as the entrepreneur, everything about what you know, what is your highest purpose work. For some business owners, they started as a technician and went along the Emeth journey from technician, to manager to then entrepreneur, and you may not have started out actually wanting to run or own a business, many entrepreneurs just wanted to do a great job at the thing they were good at whether that's a creative pursuit, whether that's doing something by the hour, whether that's creating a particular product that you're interested in, or whether that's doing a particular service that you used to be the sole operator delivering that service. And all of a sudden, as your business got popular, you had to actually turn a business into an entity in itself. For many entrepreneurs, after they have a business structure kind of built out, we'll do the full circle where they come back to the thing that they love, they come back to it, whether it's building or whether it's creating or whether it's helping support and really being that place of purpose work. Number two is time freedom, being able to have complete time freedom from your business. Now, Jim Collins says in his book Good to Great, a great business is only great if it continues to be great without the founder. Ideally, you want to be able to step away from your business and have it continue to run like a machine for you to generate income and also for it to not be completely in control of your life. If you are still an active member of your business. If you're in the role of director or CEO or president then effectively you still have a j ob because you are still a part of the business and running in the business. And so you would be familiar with Robert Kiyosaki is Cashflow Quadrant, this is really about moving from the business owner or base square into the eyes square to the investor square, which means that you just become a shareholder of your business, but you're not actually need needing to be operationally involved in your business. And that's where I'm at with my business it Junius at the moment. So this is the CEO in place executive team and how business continues to run itself. But I continue to enjoy educating business owners and being a shareholder, I want to increase the value of my shares. Even though it's not really an official job or title, I still create content and still do give some guidance as a chairperson for the business that allows the business to grow and thrive. But if I want it to disappear for months at a time, I can disappear for months at a time and continue to let the business run. Number three is recurring revenue. And to me this is the holy grail of business. Now, not all business industries have this as an option. You know, if you're a product business, then you may not be able to have a recurring revenue model. But for me, I think the most stable and best businesses are those with recurring revenues, it means that you're going to have a consistent cash flow, it means that you're going to have a consistent way of managing your overheads and your business. It means that you can budget you can forecast really accurately, it means that you can focus on retaining your customers and providing value over time to your customers rather than always, you know, attempting to absorb and, and bring in new customers. Imagine like a leaky bucket with a hole in the bottom, you're pouring customers in the top. But they're always going back out at the bottom of the bucket. recurring revenue is a great way for you to build a business which will not only last because it's got the infrastructure and the critical mass of a successful business, but also a business that's very predictable. And ironically, I you know, many entrepreneurs will go into business because they don't want to be a part of the system of others businesses. But quite interesting, deep down, I think most entrepreneurs actually want a regular income, they just want it on their terms. And so it starts to sound a little bit more like a job, which is pretty funny. But with that recurring revenue, that actually brings you a stable, recurring Predictable Revenue, which is actually on your terms. And so your income can be really well managed. Now, it's not to say there's not going to be ups and downs. Every business even if it is a subscription business is going to have ups and downs on profit. And but it's a lot more stable than a business that goes up and down in cycles. Number four is location freedom. And this used to be something that was a little bit of a pipe dream for most of our customers just a few years ago, I'd get up on stage and I tell everyone about companies like Atlassian and GitHub who would run their teams remotely or working from home all over the world. And you know, at the time this was quite a progressive move because the you know, the way of doing Business was everyone going into an office and working in one place? Yes, the pandemic changed all of that this is have now got experience with actually working from home and working with any location. And the big thing that's shifting here is that international labor markets have now opened up the opportunity for businesses to work with customers, and with staff all over the world. And let me tell you, it is never ever going back. We have had a immeasurable shift in the way that commerce and business is done, and it is not going to go back. And so location freedom is the new norm for staff and for business owners, and over 50% of employees have now said in recent studies, that they would not work for a business that did not give them the flexibility in where they were pretty big stuff. And this is all just unfolding. Now we've got heaps of content on how to run a business remotely, how to run a remote team productively and how to use the right technology for that all to work. But I want to give you some tips on how you can get started and how you can move towards this utopia. As a business owner and as an entrepreneur. Well, the first step for you is making sure that your business is systemized and that's what we're all about in it genius, making sure you've got the right tech systems in place, making sure you've got the right operational systems in place, making sure you've got your how to is all documented and your team or subscribing to how the business should be run. That's the way for you to have freedom as a business owner. Number two, you want to have a happy and high performing team. And we're all about using technology to empower our teams and empower your teams as well to ensure that they're working well in business. And we've got heaps of videos on how to empower your team with great technology from Google workspace and other applications that are going to help you and your team be happy and get great work done. Number three, having a profitable labor force. Now I'm a big proponent at international labor forces it allows you in your business provided you're in a more established market to have an arbitrage where you can actually earn additional profit from your business by outsourcing and taking advantage of international labor. As I said, remote work is here to stay. It is now literally shifting the game for labor force is right across the world. And we got heaps of videos on how to build international teams, how to run them, how to manage them, and how to use the right tech to bring them all together. And then the final step for entrepreneurs is to start to move towards a flexible work week, whether that's one two or three days a week, you switching how many days a week that you are working is where the freedom starts to come in as an entrepreneur. Now, of course, for this to work, you've got to make sure that you're building income in your business, you've got to make sure you're building the revenue and the profit. And that's why we're all about helping you build a better business and making sure that you've got the right tech in your hands and in your teams hands for that to happen. So if you haven't already checked out the other channel videos, please do so we've got playlists for every different stage of business no matter where you are on the growth roadmap. And if you need any help with your business, or Google workspace, well be sure to book in a consultation with our team and it genius. We've got a link right down below. If you're a business owner and you're already subscribed to Google workspace, where we've got an amazing offer for you. We help small and medium business owners all over the world get the most out of their investment in the Google ecosystem. Now whether you're a sole operator or a large organization, where you can take advantage of our transfer in offer, which gives you and your team access to an online portal of training videos specifically designed for teams using Google workspace, you'll get an amazing Inbox Zero training video to teach you and your team how to get the most out of Gmail, as well as videos on everything to do with the Google ecosystem, helping you and your team be more productive and get more work done on time. So if you're interested in that, click the link below for the transferring offer. 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