October 10th marks the official launch anniversary of Modern Wealth Builders, LLC. Each year I like to reflect on my biggest takeaways.
My first takeaway is that you know nothing when you first start a business. I look back at my first year and realize all of the wrong things that I focused on. I’m sure a year from now, I’ll look back and realize all of the dumb things I focused on this year.
But that’s also a takeaway. You can’t get to where you want to go if you don’t start. You can’t improve if you don’t refine.
The most important thing you can do to achieve progression is to develop the systems for future growth even though these systems don’t provide immediate results. If you’re willing to spend the upfront investment, whether, in time or money, they set the foundation for future results.
For me, this meant taking a hard look at my processes for marketing, sales, and services. I’m still far from where I want to be, but I’m constantly refining the systems and then focusing on the daily tasks the provide future expected leverage.
What is the leverage? Leverage means using something to maximize the advantage. For example, social media is useful to my business for raising awareness and building a brand. Ultimately, this helps create more traffic to my website, which means more opportunities to get qualified prospective clients to schedule time on my calendar.
However, social media is NOT useful for maximizing my personal productivity. I’d argue it’s not good for anyone’s personal productivity (watch the Social Dilemma on Netflix). So, in response, I’ve turned off all non-essential notifications on my devices. I’ve set screen time limits on my iPhone. I’ve scheduled all social media posts for weeks in advance.
When I’m feeling creative, I’ll compile a list of tweets that can be turned into Instagram, Facebook, and LinkedIn posts. I can see which tweets perform the best and use that as a way to see what my potential audience cares about. I’m still far from being great at marketing, but now I’m more intentional with what I post on social media. And it takes me a fraction of the time with similar levels of engagement.
I sell a complex and intangible service that isn’t meant for everyone. So appealing to a mass audience doesn’t necessarily drive business growth. This is where the concept of “niching down” comes into play and why it’s important to focus on content that provides future leverage (for example, in Google search). Social media is great, but on social media, you are “selling your services,” whereas when someone finds you via a google search, they’re looking for you.
I’d say the thing I’m most proud of is that I’ve never had a client leave me. This shows me that my initial vision of what I wanted to build works. It’s just about refining the marketing process to find more target prospective clients.
The great thing is there’s no rush 🙂
In the meantime, I’ll focus on improving the service and continuing to deliver on the promise I’ve made to existing clients.
“Success is never owned, it is rented, and the rent is due every day.”
“What’s behind you doesn’t matter.” – Enzo Ferrari
I love my parents.
I respect my parents.
They make the same financial mistakes as everyone else.
You need to seek expert advice when evaluating major financial decisions.
— T.J. van Gerven (@TJvanGerven) October 1, 2020