We’ve made a lot of mistakes over the years. Too many to count. On this episode of The Your Life! Your Terms! Show, we share some of the things we wish we knew before we started. At one point, we thought the entire goal of starting a business would be to extract $100K a year each and live happily ever after. We didn’t realize that a new business is like a baby that you need to nurture, care for, and invest into. We also didn’t realize how much that would all cost! On this episode we break it down! Enjoy the show!
00:00:00 Hey everyone, it’s Tom Karadza and look, I don’t know what I thought business was all about when I started to think about quitting my job or what entrepreneurship is all about when we eventually both Nick and, and I quit our jobs, but over the last 10 years we reflect back and have learned a lot about what quitting your job and getting into business is all about. And on this episode of the podcast, we break down things that we wish we knew or better understood when we began. So if you’re thinking about quitting your job at any point, this podcast is for you because this is the stuff we wish someone had told us before we began. And obviously there’s so much to talk about in this topic. We didn’t even cover the financial aspect or the financing aspect of just getting into businesses, how to manage your cash flow and that kind of thing.
00:00:41 Um, so there’s a lot more to share on this. If there’s continued interest in this particular topic, we’ll definitely share it. We think becoming an entrepreneur or understanding entrepreneurship and understanding business building and marketing and how to attract new customers is a big part of living life on your terms because it gives you the ultimate confidence. It gives you the ability to kind of go out on your own and attract new revenue streams into your life should you need to, even if you’re in a career that you’re loving right now. So even if you’re not thinking about starting your own business or not thinking about becoming an entrepreneur, this is for you. So with that we’ll get. Oh, and on this episode actually, we talk about something called our Rockstar entrepreneur summit. It’s something we began two years ago where every June for the last two years, we sit down for two full days and share everything that we do to grow and run rockstar from hiring processes to the marketing systems that we use on Facebook and Google and radio.
00:01:36 The website strategies that we use, how we kind of do some of the operations on the operational side of the business. And the reason that we do that is we couldn’t find anything in the Toronto area that really got into the nitty-gritty specifics of how to grow from zero to 100,000 or zero to 500,000 in revenues or zero to like a million. And then beyond that, like a million to 5 million in revenues. So this is our attempt to share that information. And the first two years that we did it, we got great reviews around it. So we’re doing it again for a third time. We never thought we’d repeat. We never thought we’d do it more than once, but we did it again last year. The feedback was, was good. Apparently I didn’t even know the numbers, I don’t have it in front of me, but Nick was sharing with us on the podcast that almost 50 percent of the people who went and attended this thing last year resigned up for this upcoming year without even knowing the dates or the content that we’re gonna share.
00:02:25 So that’s obviously something we’re very grateful, um, over. So, um, if you want to learn more about that, it’s called the Rockstar Rockstar entrepreneur summit and I’m the URL to go to would be rockstarinnercircle.com/summit. So rockstarinnercircle.com/summit, you’ll see the dates and location details. You’ll also see some of the content that we’ve shared over the last two years, so you get an idea of what it’s all about and some of the things that we’re sharing, um, during that, uh, that two day adventure. So you can go there. We’re going to do some, we have our early bird pricing
00:03:00 in effect to the end of this year on the Rock Star entrepreneur summit. So if it is something that you’re thinking that you might want to explore, check it out now because we’re going to raise the pricing to the more regular pricing starting in January to the end of the year. We’re doing an early bird promotion on this thing. So with that, let’s get on with the show.
00:03:17 Are you ready to live life on your terms? Is it time to take charge business, building the economy, health and nutrition and more. It’s the, your life, your term show with Tom and Nick Karadza. Are you ready? Let’s go. No, no,
00:03:43 I’m not going to start with. Are you there, Nick? We’re live. Are you? Can you hear me, Nick? No, I can’t hear you. I’m not here. So tell us what, uh, yeah, we were just chatting. So listen, we were just chatting about what are some of the things that we wish we knew or reflecting back, how did you put it? Reflecting back, what are some of the things we wish we knew when we started business that we had no clue about? Yeah, probably sounded a little bit better than that, but yeah, that’s about it. I didn’t want to exactly what it said, but it was something like that. What was the uh, what, when you said that, what’s the first thing that came to mind? I’m curious. I think that there was two and, and you know, we, we talk about lead Gen and marketing ops, so I’ll leave that one aside.
00:04:21 I think the first one that came to mind was just, um, understanding the value of time and what hiring people could bring to the table. Yeah. Because we were petrified of hiring people. Yeah. Both of us and you don’t want. And it didn’t just apply to the Rockstar in a business. I mean, I, I can, I can trace this back to when one of my earliest investment property, second third, you know, one of the early, early ones when we were doing a lot of renovations, our sales, myself and the friend that I owned it with. We’re doing a lot of the renovations ourselves. And we were trying to, you know, I was more willing to hire someone that he was at that time because I was essentially, I looked at it like I was trying to buy back our time and I was like, for this cost, I, if it saves me being here for this many hours, it’s worth it to me.
00:05:07 And it was something that we learned early on when, I dunno, we were kind of, it was forced down our throat. Uh, you know, when we went to a master, I know for everyone listening, we went to one of our mastermind meetings and we told them all the stuff that we were doing and how we’re stuffing envelopes at 10:00 PM at night and all this stuff and getting in fights over who could stuff the elbow faster. Um, and when we discovered that you can remember are one of our big breakthroughs was you could dip like a sponge and a little bit of water and use that to lick the envelopes instead of our tongue. And then someone said, why are you guys even doing that? You just use glue stick. Yeah, yeah. It was like the biggest breakthrough ever. Definitely before that was the table because we were on our hands and knees and it was my neighbor who said, hey, do you guys want like a table so that you don’t have to be on your hands?
00:05:50 And Yeah, there’s definitely some stories are probably better. Not shared, but I actually just listened to an interview with Jeff Bezos on Amazon and he shared the exact same story that he told the guy packing books next to him that he had to put. Oh, you sent me that audio? Yeah. Where he said that he had to put knee pads on. He’s like, you know, we really need to get ipads. And the guy’s like, no, what we really need is packing tables. And Jeff was like, oh my God. It’s like biggest breakthrough ever. And um, and I was thinking, oh my God, that must be a multiple breakthrough for businesses because we had the same breakthrough. I think, you know what a lot of entrepreneurs, they’re so focused on just getting the task done that you’re not even thinking about that stuff. You’re just worried about how you’re going to get this stuff done.
00:06:29 Right. Yeah. It was interesting to hear him too when he was saying like he was driving everyday. He was driving the packages to the post office. That’s what I needed that for a long time. Yeah. Like everyone kinda starts with those spots and that’s something we didn’t know. Just how, how when you, especially if you’re leaving the corporate world, which I was when you have like there’s all the rules are so divided and so niche like you are responsible for. Yes, this little activity in the corporation, but then when you go out on your own, you are responsible for taking out the garbage but also selling the next deal and making the lead generation and marketing and marketing, sales, finance services, everything. So. But uh, yeah, so I think, you know, and I guess what triggered it was some, uh, someone sent in a question.
00:07:18 One of our member sent in a question a few days ago that responded to, uh, just the other day and it was asking about hiring within his business and how he looked at it and uh, and he had some valid points and I guess it was just the exact same way that we looked at things before. And then, you know, now that when we look at being able to hire someone, it’s just like an opportunity to essentially buy back some time. And focus on bigger things and now instead of like thinking like, oh well, you know, you know, should we hire someone our, can we hire another person? We’re trying to get to the point where it makes the most sense to hire another person so that we can kind of move on to other stuff. Yeah. And I think there was that one book that we read early on.
00:07:57 I think it was by Gary Keller, the guy who started Keller Williams real estate brokerage. And in the book he said he had this one line, he said you lead with revenue and I always kind of stuck with me that like once you’re able to generate a little bit of revenue then it’s okay to go higher. You don’t have to like freak out anymore. Whereas before I never knew when to hire. I’m like, do you hire now? Like uh, you know, but am I already have no money? Like I’m just starting, I have nothing. So it is kind of good to like make a little bit of, get a little bit of revenue flowing. Yeah, that’s for sure. That’s fair. Yeah. And, and then kind of go out and hire, but once you have that then it’s not that big of a decision. Just go into it.
00:08:31 Yeah. I think once you have that. And we were terrified river. So we left that mastermind meeting. The one they’re like, guys, I can’t believe your stuff in these envelopes. Don’t come back here unless you go and hire an assistant, like don’t come back. And they were serious. And we’re like, okay, I guess we’ve got to go hire someone. And we hired someone three half days a week and she was good. She was smart. She was a university student I worked with in her schedule. She would come in three half days a week or six hour days or whatever they were. And um, and it was terrifying at time because I’m like, man, we’re gonna have to write her a check every single week. Like I want to write myself a check, not her. And um, but it was so worth it, you know, looking back, it was like, Geez, I could never go without an assistant.
00:09:06 Now I shouldn’t say that I could if I, you know, I wanted to, I just don’t want to write. Um, and I think anyone that wants to your point, once there’s some revenue going through it, you need to hire someone says, take some of those administrative things off your plate so you can focus on the bigger stuff. He always had that good line that always stuck with me. That was one thing he says, I don’t know if it was from him or he heard it from somewhere else once. Someone else that was a. If you don’t, if you, what does it, if you don’t have an executive assistant, you are one. And I think that’s really interesting that that kind of makes up the majority of our lives. They’re starting out. So it was a. So I think that’s, that’s the big thing that, you know, a lot of entrepreneurs can be control freaks.
00:09:47 They feel like they can do everything better and smarter and quicker than the next person. We’re both control freaks. Yeah, totally. Maybe you’re more a control freak than me. No, I’m getting different control, uncontrolled freaking different areas, so. Totally, yeah. You’re, I think you understand it more than you would acknowledge it more than you used to. I’ve gotten better though. I was definitely I and I still am, but I’ve gotten a lot better than I was for sure. Like I love letting things go and letting people just kind of run with things. But um, it needs to, uh, so you think I’m the bigger control freak. Oh, your hands down. Really? Hey. Wow. Yeah. Uh, you, you get more, you go into freakout stage more if you’re not in control of stuff. I just wonder why I’m like, why the heck isn’t this game done the way I want it?
00:10:29 If it’s not, if I’m not in control of it, but you go into full out freak out. Damn, I gotta I gotta record myself in freak out mode so you can share that. But um, yeah, so anyway, I think that was the biggest thing to me. I mean early on I just had no sense of that. Like when I started, I wasn’t even thinking about hiring someone, like I didn’t even cross my mind, but then now looking back now I would be, you know, planning that stage. Like I’ll be like, hey, I got to get revenue so I can get all this stuff off. Well, I think most people don’t think and, and us included don’t think you can fill the person’s time and that becomes the mental roadblock. You’re like, well, I can’t hire someone. Even if I think maybe I kinda sorta can afford it because I don’t know what that person would do all day is no, I don’t, I can’t even tell you how many investors I’ve spoken to.
00:11:11 They’re like, well, you know, I didn’t really know if I should hire a property manager. You know what? The same guy that we had that one other property with. I remember the first time I approached him to put a property manager on the property is like, well, I don’t get it. Why are we going to pay that guy? What do we have? Pam? And I told them whatever percent we pay it in, aisle six was whatever it is. And um, and he’s like, well, why don’t get what’s he do for that? Like he’s going to do the repairs and stuff. Like, no, we have to pay for the repairs. This is so we don’t have to deal with the phone calls, anything like that in rent. Just shows up in our, in our bank account. He’s like, ah, I don’t know if it’s worth it.
00:11:42 And you know, I had to sell them on the fact, like let’s just try it and then see if you’re okay with it because you’re just essentially buying back your time. You’re not dealing with those little things. And yeah, to me it’s, it’s worth it. But that’s not just him. There’s been countless people that will always nitpick at every little dollar that they’re spending to see if they’re getting the maximum value out of it. And it’s like sometimes it’s just going to be like, look, I just want the mental freedom to not have to think about that stuff. So you can worry about other things that are more important to you. Another common one that comes up on that is like where do you find people? And it’s funny, one of someone here at Rockstar, one of their assistants who has been with them forever, they found on Kijiji, I forget if they were posting looking for work or they advertise that they wanted an assistant so you can almost find people pretty much anywhere and a lot of people kind of just through their own networks or you can go to some of the websites like indeed or whatever like that.
00:12:32 But it’s Kinda like you can almost find people anywhere. I just never. It’s always stuck with me that he found her. He found her on Kijiji. They still work together, I don’t know how many years later. So it’s not as complicated as maybe I had made it out to think that. But I think he, he’s still putting her through. I have somewhat of a thorough system. It wasn’t just like an APP, like a recipe that really given up stuff for the thorough systems. Well, no, I know what I. I just, I know what he did with, with the process he went through. So there was, it wasn’t just like, hey, founder Congigi. I met her. She seemed good. She hired me and I got. I got lucky because most of the time that doesn’t work out as well. No, that’s a real tough one for me lately.
00:13:07 I just look back and I just think of all the people that I’ve seen and I was fortunate enough to be in that software industry when they were literally hiring hundreds of people and I just looked back and I think so much on hiring is just when you catch somebody at like what point in life you’re catching them as if they really going to dedicate themselves to something or the day after you hire them. They went through your perfect screening process, but the day after you hire them, something personally happens in their life that just throw them for a, throws them out for a whack fish. So it’s tough to. Nothing’s, nothing’s perfect, but I mean you want to kind of hedge your bets and especially when an entrepreneur and you don’t have the time, so when you’re in the software industry and they have people coming in at a greater numbers and they can churn and burn people a little bit more, which is what was happening with these larger companies when you’re an entrepreneur and you can try to train someone and get them up and running, you want to hedge your bets a little bit so you want to know what you’re getting in and turn and burn them that fast.
00:13:53 Like we would spend a year with someone you’re talking about, you’re talking about companies backed by a, you know, a fortune 100. So yeah, they could afford to do so, but that’s why they did it on a scale of 100 at a time. No, I know, but it’s, it’s just like, it’s. I think it’s just two different systems for two different types of companies. It’s harder in the entrepreneur world. I guess what I’m trying to say is that I’ve seen some of the best screening processes at the corporate level and they couldn’t do anything. Like I said, I’ve just not perfect, but if you look at our hires from when we started putting a system in place compared to before, they’ve still not perfect. Gotten a lot better. Right? Well we had two people. One person we had to fire after two weeks. One person left after two days. We’ve never had that since then. Yeah, right. Yeah. But one of the one person who stayed with us forever, we just met her at the front and thought she had a good personality and was friendly and she stayed with us for a long time and that was like, that was literally like, Hey, do you want to. You’re making sandwiches right now. Do you want to start working with us in real estate? But that’s
00:14:52 a seat. To me that’s even better. So I think that’s the best way to do it. It’s just you’re not able to. So if you know someone got to know them. Yeah. Like if, if I was, if I went to a restaurant regularly and like the best server there that I knew and I saw that six month period, I be like, that’s what I went to the or. Yeah, it’s better than any system or interview process. You can put someone through. You actually know the person. Yeah, yeah, yeah. Right. So, but it’s just, you’re not able to. But we’re still, I mean I’m still kind of, sometimes I’m out places. I’m like, man, I wonder if it’s just trying to offer this person a job. Like how much are they making? And like, do you want to come work with us? We’ve done that. We did that to someone.
00:15:26 Remember Harry Rosen, there was sales rep, hey dude, do you want them to start selling real estate? We never actually convinced them. We got them in the office. He was closed. It was closed, but we never convinced them to sell real estate. But yeah. So that is, that is actually like a screening process here. Right. Okay. Okay. So one of the things that I, I think, uh, looking back that I wish I knew when I started business as I, uh, I discounted it. I fully, we’ve talked about this a little bit, but I fully appreciate the difference between being on a mission and being passionate about something because you know all those books that tell you follow your passion and you gotta do what you love. Otherwise you’ll stop doing it because if you don’t like it, and I find that passion like it fades, like a Tan, you know, like if you get a tan kind of fades away, passion is complete like that.
00:16:14 Whereas if you’re on a mission, it comes from a place of frustration and anger that seems to last longer. So I’ll give you an example of this. When I was starting some of those websites that I started way back before Rockstar, that was just like kind of like send me little passion projects. Like, yeah, I’m like excited about starting these little websites that kind of do search engine optimization and generate kind of traffic. And this is like a passion of mine to kind of do this. It all fades away. What rockstar has kind of been built on. And I think that why it’s last, it’s that we’ve been on a mission and part of that mission, if I was to articulated today, which would be different than, uh, than I articulate when we started, I would sum it up like this. This is gonna sound a little bit crazy.
00:16:56 But when our parents, our parents bought a house in Mississauga in 1976, they paid it off in 1986. They took 10 years to pay it off. After that they were able to save up a little bit of money. Right? And let’s say if I use an example that they were able to save up at that time, because I don’t know if it was two thousand five thousand or 10,000, but if I was able to say 1986, they were able to save up a bit of money, let’s call it $10,000, which had been a lot of money back then. And they were able to say, Hey, I’m going to save this money and now I’m going to now sit on this money and I’m going to give it to my grandchildren and I’m going to give it to my grandchildren because this is money that I want to share with my family, for my legacy and so forth.
00:17:29 Now if I break that down, I know I’m getting crazy and this sounds crazy, but stick with me here. If I break this down, that $10,000 was a perfect reflection on their labor in 1986. They went out and worked. Our father got up at like five in the morning. I remember when the guy, the drywall is drywall partner, would honk the horn in front of the house and all the neighbors would complain on like who on the street? Somebody pulling up at five in the morning, honking their horn every morning. And that was our dad’s part. Drywall partner honking the horn for him to come out of the house. Do you remember that? Yeah. Every morning that happened. Anyway, so he went out in the middle of winter, worked in drywall construction of freezing his ass off. Our mom took temp jobs to bias, like Christmas presents one, one Christmas because we didn’t have enough money for Christmas presents and not that we were like really, like in a poverty situation.
00:18:12 I just mean they worked hard for their money. So if they saved up in 1986 at $10,000, then they gave it to our kids today. Like what is that? Thirty years later? Yeah. Over 30 years later today. Um, as a, as a gift to the grandchildren now that $10,000 today, what is that by? Compared to the $10,000 in 1986, it buys like half of what it would buy in 1986. I don’t have an inflation calculator in front of me, but I’m just kinda saying it doesn’t buy nearly anything compared to what it bought in 1986. The reason that bothers me to my core is because our father worked and it’s a per the. Our mother worked in 1986 to make that money and through no fault of their own by just holding that money, it was discounted and it was devalued. So when they gave it to their grandchildren wasn’t worth nearly as much as it was in 1986 and some economists, and I’ll never forget this in university, would tell me things like, well, if the way in economy should work as people need to take risks with their money, if they’re just holding onto their money and saving their money, they deserve to let the value kind of fall away and they have to take risks with their money in order to maintain its value so that the basically saying you have to invest in the stock market or do something like that.
00:19:23 And I just thought that was such bullshit that the way the money system is working right now is that my parents will work hard for some money. Save that money under a mattress somewhere and through no fault of their own. It’s just devalued. Just because the system is set up like that. And that’s why I think what we’re doing at Rockstar is so important because when we help people buy rental properties, we’re using the system of money as it’s designed against the system. You get things like appreciation really well in real estate because money is created through mortgages and it affects the real estate prices almost first in, in, in the economy almost before anything else. And so that you have an automatic savings plan because you’re building up equity and paying down the mortgage through the rents. So through real estate we’re kinda like using the systems as money as they are are designed today against the system for ourselves and for the people.
00:20:11 We’re bringing it back to passion and purpose to try. That’s the mission. It’s now we’re on a mission isn’t like a passion. It’s not like we’re selling. I love real estate. It’s not like I love dealing… Nick, you just had an electrical fire in one of your rental properties today. Like it’s not like you liked that call that you had to get an electrician out to a rental property today because there was the house almost freaking burnt down. No, I know we’re not passionate. It didn’t burn down. Yeah, no, I know, but we’re not passionate about real estate in real estate in and of itself. I’m just thinking though, as a side note, maybe it’s better if it did as long as no one got hurt. If it burned down. New House from insurance wouldn’t be so bad. Yeah, no, actually it was an older house. You might have benefited.
00:20:48 If you think of other rocks, long as the people were safe, it might last course. So it might’ve been benefited from burnt down. Think of all the Rockstar Munis we have made during the process of a lot of great rockstar. I mean it’s a lot. All the fights with the insurance company you would have, but because it was an older, I think you might have actually benefited from that. Yeah. Looking back now, I’m just wondering if we should just plugged the damn thing back then I tell them to get out of the house saying I’m going to plug it back in and see what happens.
00:21:11 Stand back and plugging it in. Actually stay on the street. This house might explode as I plug this in, but yeah. Anyway, sorry, I threw you off. I was just thinking about that, but yeah, I get. I get this business is built on and I’m not trying to like say we’re the best because we’re far from that. I just mean by some fluke of nature. This business came with like a mission built in. We weren’t. We weren’t trying to help invent how many times have you been out helping an investor in the middle of winter shoveling snow to try to show a property or trying to go through the numbers for the 100th time on why this is a good investment and all the things that like really you don’t need to be doing any more but you do them because it’s this greater purpose.
00:21:49 You know that this is like a good thing for the people that were helping. Like we believe that through our core and part of it is just because of the mission in what we’re doing. We’re trying to help people live life on their terms. It’s not just about this business making money for you and me, which is how I looked about business before, like I’m really passionate about a subject, so let me go figure out how I can start a business and extract $100,000 out for myself. Yeah, I could say that like, I mean there was definitely the financial reason why we started the business for the short term income, but that only lasts so long. So then after there was some success with the business and it kind of like, you know, sustained the paid some bills for us. It’s weird like looking back at the time, I would have never thought that that got old.
00:22:31 I’m like, no, I’m, I want to make some money. Right. But it gets old and it’s got to be about something else. Like if it’s just about money, it’s just not worth it any anymore, you know? So I’m the same way. I didn’t know why, but that whole message about, you know, the find your passion thing never resonated with me. Like it just never. I just never gave a shit. But when I heard that, I’m like, well, because to survive in business are so much shit you have to put up with. You’re never walking around in a passionate state before. I mean before like way back I’m like, yeah, I dunno, like I know just going to do this because this seems to make sense. And I kinda like it. Like it wasn’t like this find your passion, like this is what I’m put on the earth to do.
00:23:06 And I’m not saying that’s. For some people that’s what they’re after, that’s what they’re going to find. That’s great. But it just never for me that, that was never something that could get me moving in a direction. Saying I think it also is a disservice to people who might go into business. Because to me, when I heard that message, I always thought, oh, when you get into business and if you’re, if it’s a passion project, you should be like kind of happy all the time and like joyful. And it should be easy because this is your passion. And I think what happens when you get into businesses that it’s a struggle. You have to fight and you have to actually embrace that struggle. Like something that we did starting this is that we just embraced the struggle of like everyday going
00:23:46 through the motions and if someone had told us, hey guys, that’s actually normal. Like that’s actually how a business starts is that you just have to like struggle day in and day out for like a few years. I remember telling someone, Nick, who started a new business and I said, yeah, Nick and I, for the first three years we barely had enough money. We didn’t take any money out of the business and we barely had enough money just to pay for our own personal living expenses to survive. And she felt like the weight of the world had been lifted off her shoulders because she had been in business for just over three years and hadn’t been able to take money out and no one had like shared that with her before. And I’m like, yeah, that’s like completely normal. You got to fund the bit. You’ve got to invest in it.
00:24:23 You to put the money back in the business to make it survive. And now in today’s world, so much is different because so many people just running these businesses, especially in the tech industry that just lose money, like everything’s negative. I think it just didn’t work that way in the past. You know what I mean? So if you know what, if that could work well for our business, I would take it was to come with a hundred million bucks. We can, I can burn it up pretty quick to give me the hundred million. I’ll show you what we can do. We’ll have all kinds of fun. Our Christmas parties would take on a whole new level. That gun. Yeah, you don’t need to go there. But uh, yeah. So I guess I just think that the whole message of passion, looking back, I wasted a lot of time figuring out, trying to think what’s my passion. Instead of thinking, oh, what do I want to dedicate my life to? And is there a way to take a business in whatever niche and map it to that thing, you know, because I really believed that that would have served me better than this. All this never-ending. Talk about like finding your passion and maybe we’re being too negative, but I think if you find your mission on what your life’s going to stand for and you’re willing to embrace the struggle of accomplishing that mission, beautiful things can happen.
00:25:34 Yeah. I mean now I’m you to death. I’m not going to come on and I just. Yeah, I feel I feel passionate about that.
00:25:44 No, it’s a big point though. But um, it shows up where we’re. It’s funny, I was just thinking about how we’re wired differently and it’s not the one can’t do the other, you know, but you’re wired initially like, like, you know, vision, idea stuff. So it’s like, hey, what’s the stuff that we missed out on your own mission and passion, right, Mrs. Mission versus versus passion. And I’m like, oh yeah, hiring, creating systems. Like, um, I go, my natural brand goes to the operational side of stuff. You know what I mean? It’s just two different, two different approaches stuff because it’s funny because the other thing I had, I was like, yeah, the, the value of systems because like, I never really understood that before. I’m like, I don’t know, people could just figure things out and now I’m realizing that like, people can’t just figure things out, you need systems for everything so that you can plug and play people into the different roles and that they can follow that system and get something done and it’s been the most valuable thing that we’ve been able to do in our businesses, different systems.
00:26:38 And we’re not, like you’ve said something else, we’re not perfect, not perfect, but for some of the most important thing, be a two at a 10. Yeah. But, but, but that, that puts us ahead of probably 80 percent of other people and um, and yeah, just having those systems for different things has been really, really valuable that when I started, we did at the entrepreneur summit last year. I think we tried to map out like even from a marketing point of view, um, we tried to share with everyone they’re like, it’s all about a repeatable system that produces consistent results. Is really the value of your business and putting those systems into your businesses. What business is all about it yet? Yes. So it’s not only what business all about, it’s what the were what can sustain the business. No, I was gonna say what? The value that the business holds.
00:27:25 Yeah. So that, that’s the difference. So like look, look at our business, right? It’s a real estate brokerage. I mean, how many real estate brokerages? I mean, look, there’s Kinda two sides to it. There’s the membership side of our business or real estate brokerage again. Yeah, I know it sounds bad. That’s why I kind of see how there’s really two sides to it. So, but even though for anyone listening, rockstars, obviously a real estate brokerage, we just don’t like to admit it. Well, let’s just structure differently. Yeah. Right. And, and if you look at it, the what makes it different, it’s all the other systems that we have around, right? And those systems are what separates it and what kind of creates the value here versus a lot of where, you know, a lot of other kinds of people in the space. It’s, it’s, it’s totally different.
00:28:05 Right. And that’s a good point. And that’s how we would value a business if we were going to buy it now because a few people have come to us over the year saying, Hey, would you entertain getting involved with this business from a financial aspect? And the first thing that comes over to our mouths are like, well, what are their systems like, how do they generate new business? And when there’s a blank stare on that answer, you kind of like as an investor into a business, you kind of like demotivated. You’re like, well you don’t even know how you generate your first customer. Nevermind the systems on the operational side, you know, it’s funny. So I just, uh, last night I went to a new bar, opened up close to my house. So I’ve met someone there. I was like, yeah, let’s go check it out. Oh, at least open.
00:28:42 Yeah. Yeah. So it was there and met a couple of the owners, actually a couple of the partners I was talking to them. One doesn’t live locally, lives elsewhere in the country. And initially took this, kind of, had met these other owners and took the concept and opened up another location way out into another part of the country. I’m like, I go, that’s interesting because around here there’s a few of these locations and it had a little bit of a name. I mean it’s like a restaurant bar type place, so it’s not, um, but it did have because of the few locations people and has been around for our people knew the name but outweigh out west who no one knows the name from a few locations around here. So I was like, so what is it? Why did you do that? Like, why didn’t you just open up your own place?
00:29:23 So you took all the systems that they had here and you just kind of wanted to leverage the exact same thing. She’s like, yeah, that’s exactly what I was looking for. Right. I just want it to be like, hey guys, look, you’ve done all this. I just want to take it and replicate the exact same thing. And that’s essentially what she was, what the value was she was getting from them. Because it wasn’t the name, it wasn’t a branding and you know, she had to go find her location. That was none of that stuff. It was the systems of how to successfully run this type of business and yeah, it is. It is totally smart. Like any time we can go and talk to someone that has implemented a system to get it done and we can learn from them, we’re back. We’re baffled and amazed.
00:29:57 Yeah, and even if it’s not anything to do with our business, any successful business owner that has a system, I’m always curious to look at their systems because I’m like, hmm, I wonder what I can learn from this one that I can now take or a small piece of it and implement for us. That’s what I did. That’s what gave me confidence to quit our jobs by the way, and do this is finally when I realized that concept, what you just said. I said, business is all about having a system to generate a new customer and I know a lot of businesses or people will listen to this and especially if it’s a smaller business will say, well, I’m doing fine without systems. Like I get a lot of referrals and I do, and that’s completely fine and you can build a business in that model.
00:30:33 Absolutely. I know tons of people who build businesses based on a referral-based model. We’re just talking about if you want to step into the unknown and generate business by yourself without depending on referrals, like be completely independent of referrals and go out and get new business. When I had that understanding of like, oh my gosh, I think Nick and I understand how we’re going to be able to get a new customer. That reduced the risk so greatly. It gave me the the freedom to think I’m going to quit my job. Yeah. That was like the risk. You know, people think entrepreneurs are risk takers. I think they’re actually just, you know, we’ve talked about this, how they’re risk-averse. That was what gave me the confidence to quit. I’m like, I think I understand how the value of businesses getting a customer, I think I finally figured out a system to get a customer for the not, not only, not only confidence in that, the confidence to not try to be all things to all people and do not work with the people you don’t want to work with because there’s value in that too, right?
00:31:29 Because there’s some customers that are like, look, you’re just never going to make them happy and they’re going to take up too much of your time and there’s value to cutting those people loose and saying, hey look, we’re not a fit for you. Go find someone else will go our ways and we’ll all be happy, like in a good way and, and move on. And if you don’t have, if you don’t know, you can replace that customer. Exactly. That’s what I was going to say. Yeah. So [inaudible] like, because if you know you can replace those customers, you can cut out, you can cut out people who are bothering you and it doesn’t. It doesn’t affect you, it. Yeah, totally. And it’s different in different industries. To like, you know, I think there was a tradesperson this, that, that reached out to one point. They’re like, well, you know, I don’t really need to do that because I get so many referrals, you know, I’m, I’m, I have more work than I can handle.
00:32:07 Yeah, that’s fair. I mean like right now there is a, to be fair, there is a shortage of good tradespeople, right? Because like, absolutely. So there is a shortage. So like if anyone listening to this who has kids who want to get into the trades, get them in the area, if they’re willing to do good detailed work for honest to, you know, knock on show up and on time and projects, all that stuff. Yeah. So if you’re that person, you might be getting a ton of referrals because you’re in an industry now that there’s a shortage of. But if you’re in another industry where there’s like restaurants are a great example, right? You can’t. How many restaurants have you seen opening? Close. I mean all. Anyone, right? Like countless. You can’t just open the doors to restaurant. I’d be like, okay guys, I’m here. Everyone’s going to come in the doors now genuinely seems like the hardest business in the world.
00:32:50 I think my understanding is the margins are really tight as well. I think that’s why the neon, like without the alcohol, Lord Jesus, Oh my God, the health risks and allergies and. Yeah. Yeah. No, I. I, I can’t imagine. I remember when we found as someone who said, sorry, I’m getting off track here with someone who said that they knew someone who owned a bunch of Mcdonald’s and that they in their budget. I don’t have no idea if this is actually true, but they told us that in their budget they had allocated a certain amount of money every year just to deal with deaths from food poisoning. Can that be true? Oh No, I don’t remember that. I’m sure I believe it, but I believe it. Yeah. For lawsuits and stuff, we’ll look. You don’t think the pharmaceutical companies have money set aside for just lawsuits and that type of thing going on?
00:33:31 Absolutely. Yeah. There’s no way that it’s got to be a line item on some of these bigger. Oh, I can’t see how it goes. I mean, I’m sure it’s not called like lawsuits from this. It’s legal expenses or whatever, but I mean for sure they’re banking on it. Yeah, right. Well, just think with all these opioid lawsuits going on now and what happened, what just happened to Johnson and Johnson just, but I guess was a little while ago, but those court cases came out that they knew that talcum powder caused, I think it was ovarian cancer, like used regularly. It would cause ovarian cancer and they knew about it and they were found guilty of it. That’s right. I read about that reason now. All those other lawsuits and proceeding. So, you know, the funny thing about. Okay, this, so to this point, yes, we’re off track, but to this point this is valuable because yes, it must be aligned with them because who just bought.
00:34:19 No, it was a different lawsuit. Monsanto just got sold, right? Well, six months ago. Really? Yeah, I’m pretty sure. Okay. Monsanto was sold to a big pharmaceutical company, right? Yeah. You. So anyway, so they just got sold and uh, during the time there was a lawsuit going on from a, uh, it was like a, was it like a janitor or a maintenance guy or something like that at, at a school that used to use roundup all the time, that chemical roundup and he ended up getting A. Scott spilled all over him once and it gave him like all sorts of cancer and they were found guilty as well if that he got, he got, he got a huge sum of money because of that. He didn’t want the money because he’s, he’s going to, he’s not well and um, you know, but he wants to prove a point.
00:35:04 But yeah, they, I think they got sold in June, right? It looks like it. Yes. Sixty $6 billion. And who bought a big jump, so, so, so they bought them with this lawsuit in place. So just think, Hey, bought. And then this, then this. Then they lost the lawsuit, but they went into the purchase knowing about this thing. So they must have, there must be aligning them. They’re saying, okay, well even if he loses, how much it’s gonna cost a certain amount of business. Every business is gonna have that 66 billion. Yeah, 66 billion, but we. Okay. We got off track that you were talking about referrals and restaurants and no restaurant. What kind of system of referral, so you that you need a system to generate the customer, which we fully appreciate now, which maybe we didn’t fully even understand the value of when we can.
00:35:41 We kind of knew it was important, but now we understand it’s everything. Oh yeah. Yeah. Like even if you’re the. If you’re in an industry where there’s a shortage of people, like we’re talking to the tradespeople, that’s one thing, but if you’re in an industry where there’s an abundance, even if you’re the just the best alone without a system to spread that word and get people kind of communicating that to other people even that’s not going to generate you enough businesses to open. There’s a lot of good, good businesses that have closed that have good products or good service, but without people knowing about it, it’s shouldn’t not going to learn. And the other thing is, even to your point about trades right now, getting a lot of referrals when the economy changes and there’s an economic recession, a recession of any sort, and those referrals kind of dry up.
00:36:18 You need a system to generate customers. Sure. Otherwise you’re. I guess that’s another point that we didn’t understand fully and business is that the power of never having one. No single point of failure anywhere. Yeah. Remember when we were kind of like understanding that concept, like wow, we just have one way to get customers. That’s kind of dangerous. Kennedy, that was Dan Kennedy that instilled that because I heard it from him like I don’t know, 100 times, and then it was like, what is the worst note? He always says the worst number in any businesses is one because one of your dependent on one thing. If that thing kind of falters now you’re screwed. Right. And that applies to like people too. So like never anything, never have one lawyer, one mortgage broker, one, anything. You just have multiple of everything in your life. Well look, I mean we have, I mean we still have one office, right?
00:37:02 Like one real office and then it, it, there is another that applied in our old office when we were renting, it was shared office space and we were paying the kind of owner of the shared office space, not realizing he wasn’t paying the actual building owner. So that was, that was a single point of failure and it failed when, when they came into a victim, all that kind of subtenants because this guy wasn’t paying his bills even though all our, all of us business owners in the place where. Right. So I mean that’s like you have less options to, to kind of have kind of a backup plan there. But I just, I’m just using as an example because it applies to everything. I’ll never forget when our brokerage was operating out of a public storage unit now that was, that was good. I remember we went.
00:37:42 People would say, Hey, I’m going to come to your office and drop off a check, and we. And we were like, no, no, no, no, no. We have a service where we come to you VIP. We didn’t want to tell anyone. Uh, yeah, our, our office furniture for six weeks, 66, eight weeks was even long. Yeah. I feel like it was like maybe two full months. That was crazy. Um, so yeah, so systems and kind of referrals. I guess another thing, no single point of failure. Failure is something we didn’t understand. Something else I wish someone told me when we got started is how lonely being a business operator is. When you’re an entrepreneur in your urine, you go out on your own. We kind of had someone tell us that that was bill glazer who told us that many years later, like that’s when I feel like I first heard it anyway. Anyway, but when you’re owning your own, no one is going to relate to your problems. And that was like, it puts you in a pretty lonely place and where we benefited and we’re very lucky that we had each other. So if you’re going to go out on your own, have to understand
00:38:36 that no, everyone thinks if you go into business for yourself, that you have some like extra money lying around and you’re going to be doing okay, especially if you’ve survived for a few years because you’re like a business owner, but they don’t know the truth of how much money you’re spending, the operational overhead costs that you might be incurring to run the business. And if you don’t have anyone to share those with, just be prepared that it is a lonely adventure. And uh, that’s something naked. One of our lawyers brought it up because he’s out on his own. And he, he actually just told me yesterday, he said it was, it was Chris I was talking to and he just said that, uh, how he feels like we’re so fortunate that we had each other and I agree with them because even with us together, it’s, it felt lonely at times and it still feels lonely at times.
00:39:16 Oh yeah. I had a conversation with a friend once when he was still, he now has his own business. I’m successful and at the time he was working in the financial industry. And I remember when we started this, we were a few years starting this and I was trying to, I was talking to him about something and I’m like, yeah, I just got all this stuff on my plate, this, this, you know. And he was, he didn’t fully get it. He’s like, Oh, well I got 20 people reporting to me and you know, and then when he started, shortly after he started his business, he was, I could see in his face that he was breaking and like, hey man, are you going to be okay? Like you need to kind of take care of yourself or it doesn’t matter if the businesses, if it survives or not, you’re not going to say you need to live.
00:39:54 And he’s like, no, I just got all this stuff on my plate. I’m like, yeah. I just started laughing at him. I’m like, Hey, do you remember those conversations? Yeah. Remember when I remember and you were used to be like, you just didn’t never fully got it and I kind of told you, you didn’t fully get it. I will go now to you get it. He’s like, yeah, now I get it. I didn’t. And he admitted. He’s like, no, I didn’t. I didn’t understand before. But he’s put some other the same thing. He, he’s actually hired, he’s put some systems in place and has gotten a little bit better than it was. I think he’s still, you know, kind of a little bit of a chicken with its head cut off all over the place with different things, but he’s improved from what it was for sure.
00:40:26 He’s kind of learning, going through some of the same learning curves that we went through. Right. I think. And, and uh, yeah. And part of that loneliness is when you’re starting in business, you haven’t urine an information disadvantage in so many areas. Like when the first time something bad happens to you in business, you think it will be like the end of business. You, I remember a few times we had different incidents with just properties and investors and stuff and it didn’t go perfectly well the way we wanted it to and we thought, oh my God, is this the end? You know? But uh, yeah, that, that loneliness aspect when being by yourself, that’s, that’s a, that’s a tough one. It does. It helps me as someone else because sometimes some things will affect the one person and the other person like doesn’t actually care about it.
00:41:04 So it helps when that person can lift it because there’s, you know, there was times with at one time that with the rental property and he wanted his deposit back because his girlfriend didn’t like the house and stuff like that. So he went, he’s filed a small claims court, so you’re essentially sued us and so that didn’t go anywhere and called me a coward over email. Yeah. So we. And we won, we won, we won, the judge dismissed it, you know, it was all, it wasn’t a big deal, but it was just kind of an emotional reaction on his part. And um, uh, but I remember I hired
00:41:34 a lawyer, but I remember you were like, just like draw. Whereas I was kind of like with that thing, I’m my God, who cares? No big deal. He doesn’t have a kate, like it doesn’t matter. And there’s been other times like, I mean, you know, there’s been times when we’ve left, people left the property and students and they’ve left alike crapload of stuff in. I’m like, ah, I don’t even want to deal with this. Let’s just like, let’s just lock the door, put a for sale, sign up and you know, and you’ve been like, man, it’s just two days, let’s just deal with it. You know what I mean? So it’s helped because like at different times, one person’s like, I can handle this, one person is having a bad day. Luckily the other person’s having a good day if we both have bad days at the same time.
00:42:10 Actually we’ve had that where it’s like, shit, you know, what, forget everything. But uh, something else I wanted to mention is I didn’t quite fully anticipate when we started in business, how over the last 10 years attention would become so divided because of phones and like all the different social media. So like business changes, like you know how you always hear that like business changes so quickly. I just feel like from the time we started to the time now it’s like if you’re not constantly reinvesting in your education about like business building and marketing the world can like pass you by. And it’s, it’s something that luckily we like have kept kinda learning and paying attention. But even then you really have to be aggressive with it. And, and I don’t know if we’ve been perfect at it at all, but over the last 10 years, but there’s so many changes that if you haven’t like studied like 10 years ago when we started, when we started, if you understood like search engine optimization and how to build a good website that was like Kinda enough to like actually get attention through google searches and stuff.
00:43:17 I think about it now, there’s like how many platforms? There’s hardly anyone goes and does a google search anymore because everyone’s like on Facebook, Instagram, there’s medium now there’s a Ttwitter, there’s Snapchat, there’s like old these things. Youtube, Youtube has a story option now. Did you know that? Um, so like, you know, Youtube, which personally I use a lot more just in the last two years to watch stuff than I ever have. Aiden, my son always talks to me about how he, like Youtube says, primary TV platform. He doesn’t even go to tv like ever other than for live sports. Um, so like in the last 10 years there’s been so many changes. So something I guess when I didn’t know when we started is just that how fast business kind of can go by you or the trends can change unless you keep your finger on the pulse at all times and that’s something that has been really, you know, really, I almost have to remind myself, and it’s not just like a media and stuff, it’s real estate investing strategies.
00:44:14 Everything changes so quickly. Look at what we’ve seen with Airbnb over the last couple of years, you know, that one just came out of the blue where you first see it kind of happening and then now we have rockstar members who are doing Airbnb. We just, we just shared this at one of our classes for rockstar members where we have some members doing Airbnb on condos, some on single-family homes like way outside of the GTA, some on Caribbean properties. So it’s just like, it’s just a constantly evolving landscape. And as a business owner you need to be honest at all times.
00:44:42 Yeah. And I, you know, and I don’t know, again, one of the conferences, I don’t know if, again, if it was Kennedy micromasters, I don’t know who I heard it from it with someone and that said, you know, if you’re doing in business, if you’re doing the same thing five years from now that you’re doing today, you’re in trouble. You know, he might not even be in business anymore. Like you got to use that as another Kennedy one. That’s a good one. You know, you’ve got to be changing what you’re doing now. You don’t have to like, overhaul the entire thing, but you got to morph into kind of what’s going on. Like there has to be kind of updates and changes and things. And, and I mean, I know for us we’ve, what we started with to what we have now, it’s changed,
00:45:22 right? Part of the reason we go to different, like I think we’re going to San Diego, um, to trafficking conversion summit down there because we just want, we don’t even, I’m not even looking to fill up. Remember when we first went to conferences and we’d fill pages and now it’s kind of just looking around for that, like one idea that somebody might even say it in passing, maybe not even to the stage, maybe a conversation that you’re having in the hallway and that could change your business future for the next 10 days. We’re just, it just for a few, a handful of ideas really. So like you go, you invest in your education and you’re just looking for one thing here or there.
00:45:56 I still think one of the biggest benefits of something like, like when we go to those conferences or that type of stuff and, and one of the reasons is helped us, you know, not have it, like not, I’m not a big learner. Like I can’t send it from my computer and be like, well I’m just going to watch these videos and learn all this stuff. Like I just don’t learn like that. So I like to sit someplace and it’s not that I’m a big student like a school person, but, but now because the day to day is so busy with different things that I like the um, the ability to get well. Yeah. And I like to kind of check out. So I like to sit there stare while someone’s speaking. Either I’m staring at them or I’m staring at the slide and at the same time I’m thinking it just allows me to look at things a little bit differently.
00:46:36 And I think that’s the probably the biggest benefit is allowing you to check out of your day to day and not think about anything else going on. Like we never, I don’t think we’ve ever brought our laptops so in the room we have them, but down to like an actual conference. We’ve never ever bought our laptops and hopped on with the laptop and started doing emails or other stuff has just been like we’re there to kind of listen and learn. And some of the presenters are better, some arts. So we’re outside in the hallway talking to people just for those ideas. Just to check out and see what we kind of observed that’s been like way more valuable than I would have ever, ever given a credit to. The first time we went, I would have been like, I will. I want to go. I want to see this person. I expect them to teach me something and exactly what I’m looking to learn they should be teaching. I wish there were that existed. Yeah. But, but I think that just that other, that benefit alone, um, has been, has been, you know, really,
00:47:23 really good. Yeah, totally. I, uh, yeah. I’m nick. There was something else that we, I didn’t fully appreciate when we were starting in business is I’m a, I didn’t appreciate the importance of doing something every single day consistently too, for the, like working on the business, not in the business, you know, some sometimes, um, some people will come to us and they’ll say, well, hey guys, congrats. Like, you know, uh, you guys made it to this point in business and you know, you should feel grateful and stuff. We were talking to our accountant about some goals that we’ve kind of hit over the last few years and that kind of stuff and you know, people will tend to give you a little pat on the back if you’ve survived for a certain amount of years and I just kind of always reflect like we did actually nothing special. The only thing that we decided to do is that you and I will lose our minds I think, and it’s maybe less daily now because we have different operational things that we have to do, but like if, if, if a few days in a row go by where we’re not proactively working on the business, doing something for the benefit of the business, we will lose our freaking mind.
00:48:31 I know you will. And that’s part of the reason that you say when you get, when lunchtime hits, if you haven’t done anything proactive, you kind of get frustrated. And you know, the same thing for me is that if I feel like I have a certain amount of activities every week that don’t serve the business today, but it’s, it’s, you know, some lead generation activity, some content that we’re producing that’s going to go and get us a new customer that doesn’t solve anything that we’re doing in the business today, but because we have no exceptions on that, we’re going to do it come hell or high water that, that has served us more. Looking, reflecting back. That’s actually something I wish someone told me that you need to have that agenda every freaking day that you’re going to work. Do one little thing. Whatever it is to work on the business.
00:49:13 You can’t let go. It’s tough because as long it’s a long term versus short term thinking, right? It’s a garage. And when there’s, when there’s a list of 20 things to do that day to not do some of those because you’re doing something that really doesn’t. You can’t see an immediate, you know, you don’t get instant gratification from. It can be tough. Got. You need both. It’s in the business when we talked about you need to build equity, you need income and equity at the same time. The short term immediate stuff is the income, the longterm stuff you’re talking is the equity you’re building in the business. Yeah. Yeah. And the future. Yeah, the future income. Again, a business and I just wish someone had told me that how much, like it’s going to be a grind to work on your business and that’s okay because at some sometimes I felt like when we were starting out, like, you know, you’re like six months in a year and a year and a half and you’re like, what the hell is going on? Why is this? I’m about to break here. And I didn’t. If someone had just articulated to me saying, hey man, it’s okay. That’s why you need to create momentum and a business and a business doesn’t get momentum from zero where we started overnight. Like you have to push for six months, a year, two years, three years, four years to generate that energy. And once it’s generated, it’s a little. Yeah. But I, I just wish someone and said, hey Tom, don’t worry,
00:50:28 it’s a grind and you’re, you know, it’s normal because sometimes weeks, most of the time we accepted the grant and we actually just loved it. Like it was fine, but every once in a while you just are me anyway. I would just like la, that’s Hitman. I don’t know if I’m just going to break right now. I get it. I ain’t know. I know this, that term, the grind, like people are using it more and more often now and it kinda like, I don’t know. In some ways it just makes me shake my head because you’re right. Everything you said I completely agree with, but I just think that we’re all soft now. Man. We’re all sucks. Like if you look at the people that had to come over here, so let’s use Toronto’s example, right? City of immigrants. People were coming over here. Anyone that was going to be successful, whether they started their own business or they’re starting in a career.
00:51:04 If you want to be successful in your career, you could apply that whole grind mentality. It’s not grind. You got to normal ef and work. That’s what you wanted. Like you want to get promotions wanted now if you just want to stay complacent and estate a certain level then don’t do it. But it’s, it’s work like you want to increase, you want to get something done, you got to kind of work at it. This isn’t this new thing and I know that’s not what you’re saying and I’m just Kinda just letting you know. I guess I’m just sharing my thoughts because I’m from a place because there’s so much out there that says like the seven secrets to making millions overnight or how I made my money quickly or there’s all this stuff where it’s, it’s so many p, it just kind of in the culture a little bit that there’s that work ethic thing has been like lost on these people are coming and they’re still are.
00:51:50 They still are. But I’m talking like I guess I’m using like our parents and the parents of my friends who came over, most of them were from somewhere in Europe. They came over with not much money. Didn’t speak much of the language and we’re coming to like a kind of relatively new city come, especially compared to the history that Europe has. Toronto was like a really kind of young city trying to figure out what the hell is going on, where to live, trying to speak the language, trying to figure out how to make money. I mean, you know, if all the and and again not just those people, there’s immigrants coming over today in the same situation, right. Whether it’s from Europe or Asia or Africa or anywhere else. And I mean that like those people are, are making it like they’re willing to kind of do some work.
00:52:33 Whereas like, I don’t know, most of us kind of, a lot of people have been watered down and they’re there. What they’re used to is a watered down version of what it takes to kind of, to build something for themselves. So now when you go back to what, what was normal before, it’s considered the grind or it’s like, oh man, this is really tough. Well it’s tough. It’s normal, you know, stop being a flip and baby and pull up your pants and go do something. I didn’t know. I mean I just think that it’s just a water thing, so I get where you’re coming from that term because I see it all over social media and stuff. The grind, the grind. I’m like, oh my gosh, it’s not the grind, it’s just what it takes, you know. But yeah, when you, when we’re brought up in, you know, like, you know, we didn’t grow up in poverty, right.
00:53:14 I’m middle-class families and stuff like that. So it was very. Mississauga would be far from public. Yeah. So it was very easy for us to look at that and say, well, and we’re just kind of like chill out a little bit and you know. So I think yeah, because you’re raised in an environment that really doesn’t have that. You don’t have to push that hard to be rather successful through the school system. Like you can get a part, you can get through grade school, high school, pick up a part-time job and be living the life you want to live at your parent’s house and really not ever have pushed that hard. So when you get into the workforce and someone says, Hey, you know what? Pull up your pants and work from 6:00 AM to 10:00 PM. It is a freaking gun because you’re brand new to it, you know, like you’re like, what is this?
00:53:56 But you’re right. It’s just the work ethic that’s kind of been lost. Yeah. And to be clear, I’m not even saying to people like you to put in those crazy long hours and stuff like that, which, which you look if you want to, you can and I, I value time with my family and that type of stuff. You know, but sometimes when you’re building something, getting off the ground, you got to kind of what you’re doing is you’re building the foundation so that you know, short term so that you can benefit from that stuff long term. You just gotta remember to benefit from the long term, right? You can’t just keep working longer, longer. I just also think that if you really buckled down, you never need more than the typical workday. If you’re able to focus and actually get stuff done and, and, and that’s another sentence, beginning of business at the beginning.
00:54:37 You kind of, I think to get the momentum you might need a bit more, but you’re right, it gives you after a little while, you’re right. But if, you know, see, we didn’t know what to focus on exactly like we did, we, we, we accidentally did a lot of things right. Like looking back I’m like wow, we got lucky, we got lucky. But if you, if you, if, if you take that time and you focus on the wrong things, then yeah, then for sure you need to spend more time on it. Right. So I, I agree like I think the more time it’s especially early on and stuff, so like I agree with the grind and the hustle and all that stuff. Like I get it and I agree with it. I just think sometimes it can be kind of overused, you know, just kind of personal, just personal opinion for that.
00:55:16 Yeah. No, I think the, the, the thing that I kind of appreciate just about that cool kind of grind to end off on that grind comment is that it’s normal to have to work. It’s not like a negative. So just to your point like it’s nor it is necessary in normal. But one thing that you said just kind of strikes me is that, uh, you know, we did put in some hours early on and to the, the whole concept of a perfectly balanced life is rather difficult when you’re starting a business. You do have to place a bid energy on the business. And I know personally I was kind of not spending as much time as I would have liked to with the family during that time, but that was necessary to create energy and momentum in the business. But now it’s balanced out and now you to actually more.
00:55:59 I can, you know, we take the month-long vacation in Europe and I can do the weeks of vacation that I want to do throughout the year. So, but, but it’s like anything, right? Like when you start a family, when that baby comes from that has kids, you’re spending a whole heck of a lot time more with a kid right then because you can’t get away from it. Like it needs to eat and be changed and then by the time he goes to sleep you have 15 minutes and it wakes up again. You’re like, what the hell didn’t you sleep? So you’re spending a lot more time there. So I think it just applies to anything. And in a business its infancy is like kind of just starting something new and you got to spend that time you, it’s like almost like raising a child in some way, not the same tasks, but the amount of energy and the focus that it takes to make sure that things healthy, safe. You’re reinvesting in it and you’re kind of allowing it to grow up. Right. And if, just like any with any child, the hope is that you put in the time early to teach certain lessons so that it matures a certain way, right? Your business is vital to us. Then the thing thing, they’re like, if you want to, you know, the people working on your business, there are businesses like their baby and they only want the best surgeon
00:57:02 is working on their baby. And I’m like, oh, that’s actually a good way to look at the people working their business. That’s the goal. Right? So look, last, over the last two years we’ve done this thing called the Rockstar entrepreneur summit. We both, I think the first year we weren’t going to do it again, but then a whole bunch of people said, you know, hey, please can you do this again? This year, Nick and I were like, we’ve just given everything. We are not doing this thing again. It’s a two day thing we do in June. Um, but on the second day we had these two guys that were really like a lot come up to us during the lunch and they run a business in Burlington. They said, hey guys, you know, we know you’re already planning to do next year, and we were like, no, we’re not planning to do next year.
00:57:37 This is it. This was like last year was the one to one and done and we just agreed to do it a second time. We didn’t think we were going to do it more than even the first time, but now we did decide. They basically said that they were taking a lot of value from it. That gave us a lot of energy and we thought, okay, we’re going to do it again. Um, so we’re doing a Rockstar entrepreneur summit where we break down basically all the different things that we’ve been talking about here, kind of in detail systems for generating customers, how you use social media, the difference between branding and direct response marketing and basically hiring processes of the strategy. The vision. To Nick’s point about how I like to talk about vision, how we think about vision and how to incorporate a higher concept in your business that actually can really benefit the business around the vision.
00:58:23 And then all that in the how to actually get the stuff done after someone like Tom comes up with the vision, I’ll figure out how to get it done.
00:58:30 Part’s important too. Yeah. The actual operations of the business. Um, so all the different things that we’ve learned over the last 10 years for those of you don’t know, we kind of, um, have been, is it the profit or growth 500 these days is one of them was the profit 500 of change it to the growth with 504 years now. And the only reason we’re sharing that is just that we are speaking from experience and we’re sharing stuff that we wish someone around the Toronto area cheered because when we were starting out we were flying all over North America America to get little tidbits of information and we hadn’t seen something that was specifically around some of the actual strategies that people are using. And this year we’re bringing in some pretty cool guests to share their stories as well. Yeah. And I think
00:59:13 that’s um, I guess where it was really born was that, you know, I, I equate any type of coaching back to the gym just because I’m a gym rat going forever. And you know, I just, I used to always see people hiring these trainer first I would see the sign up saying, hey, you want to be a trainer? Come to this two day course in the gym on. I’ve never seen that. Yeah, it was really like you go to this two day course. And then seeing that, because I probably didn’t go to every ad and then they were trainers and I would see the people now that we’re trainers, I’m like, man, these people really don’t know anything. They, you become a real estate agent. And I’m like, man, like, you know, they’re just kind of like hiring these coaches that are, like, some of them were really out of shape and they weren’t, didn’t really know what they were even teaching, like the way to do the exercises.
00:59:55 I’m like, man, that is like, that person should not be teaching this person into the business because they’ve never really done it themselves. And I think the logic behind here is like anything we’re sharing is we’re kind of pulling back the curtain on anything that we’ve done that has helped us and currently doing exactly currently doing that, that, that that’s important as well. Right. So it’s not stuff that we’ve done 10 years ago and we’ll also share our experiences with the stuff that hasn’t worked with us too, but that could work. And here’s how we’ve seen it work. Been all of Nick’s decision. Yeah, most of them, they were good ideas at the time though. Um, but anyway, so that’s where it’s coming from. It’s like firsthand information for people, you know, really that I’ve kind of starting up in a business all the way up to probably about eight figures.
01:00:38 Um, you know, if you’re, if someone’s beyond that with business, then they, they, we’d probably be looking for maybe from, you know, we can learn more from them than they learn from us, but anything up to about that, that eight-figure mark in revenue and gross revenue, we’ve been through a lot over the years with growing our team, growing the business, implementing the systems, all that, all that type of. Because the systems are from zero to a million dollars in revenues, the systems are very different than what you need to go from 1 million to eight figures. Right. So totally. Yeah. Yeah. And that’s how we would break this out. We’re trying to cover both those areas, like how you get off the ground and then how you write a million, how you grow from there. Yeah. What’d you and I think it was even different. Like we broke it.
01:01:13 I think it’s like zero to like $500,000, 500,000 to a million then one to even broken down zero to your first hundred thousand then to 50, then five. And that’s one of the things we cover. I was like all the stages of business and what’s necessary and those stages, so there’s a lot of different, a lot of different stuff that that will go through and then yeah, last year was really going to be the last year. Then those guys and then we stood up in front and we told her, I’m like, hey look guys, we really weren’t looking at doing this again and I guess a number of people asked us to, to the point where we had like 30 percent of the room sign up with no date and no content. I think it was more. I think it was actually 50 percent last year. Was it? Yeah, with no date for next year and no plans or anything.
01:01:50 So we’re like, oh, we’re forced to do it. Yeah. So anyway, it’s going to be in June. All the details. We’re going to be at rockstarinnercircle.com/summit. So if you go to rockstarinnercircle.com/summit, you can see the dates in June, I think June 13th and 14th. But don’t hold me to that. Um, there, there with an outline of some of the content we’ve covered in the past to give you an idea of what we put into these events. So rockstarinnercircle.com/summit, the early bird pricing for this thing is on until the end of year. We’re going
01:02:20 to be raising the prices on this thing going into next year. So we have a promotion going on this till the end of this year. So if you’re interested in, of coming out, hanging out with us over two days and learning about business and going through that whole thing, this would be the place we wish. Something like that. Basically we’re, we’re building something that we wish existed when we were starting out. That’s where this is coming from. Yeah. We think it would have been a short cut for us and we’re hoping that people can. If we can share any hour of the things that we’ve learned that act as a shortcut and for someone else, that’s really the goal and what we focus on here. So we’ll leave it at rockstarinnercircle.com/summit. Nick’s got to go make sure the house doesn’t burn down, so we need to wrap it up.
01:02:56 That’s it. Everyone thinks everyone. It’s Tom Karadza. So hopefully you enjoyed that chat about stuff that we had really no idea about. Some stuff we did in business accidentally. Well, some things we messed up on and wish we had learned more or faster sooner. Um, so if you want to check out the Rockstar entrepreneur summit, the URL for that is rockstar inner circle.com forward slash summit. So a rockstarinnercircle.com/summit. We’re running the early bird pricing until the end of this year. So check it out now. If it’s something you’re thinking about, I think that’s it for this episode. Until next time, your life, your terms.