[00:00:00] Taylor: [00:00:00] Hello, my name is Taylor Darcy. I’m a California licensed attorney. I have been helping small businesses and entrepreneurs since before many of you were born. My parents were serial entrepreneurs, so I have a unique insight into their struggles, living it as a teenager, as well as growing up, they started as carpet cleaners, one of the many things that they’ve done they vinyl repair and upholstery repair and so I’ve seen firsthand the struggles they went through. Now I tell you that because I went to school to help businesses like my parents.
And what does that mean for you?
I have an MBA in financial management and a Juris Doctor from California Western school of law, emphasizing business law. So, this is [00:01:00] my introductory episode to the podcast. Today, we’re going to talk about your business and where you’re headed with it, and the purpose is to get you started in the right way and in a way that will help you have a prosperous business. The first thing that we’re going to talk about is beginning with the end in mind. This was a line by Stephen Covey, and it has to do with, what are your goals in starting a business?
Is it to become self-sufficient? Is it because you had no other options? Is it because you wanted to create lasting wealth for you and your family? You want to dive into your why. Why are you starting a business because it’s not easy, and if you don’t have of your why [00:02:00] firmly in place, you will struggle when the times get challenging.
Statistics show that up to 75% of all businesses end within the first five years, now that doesn’t mean that all businesses end within the first five years, but it means a lot too. So, my goal is to help you to make decisions and build your business in a way that you can last beyond those five years.
We’re going to talk about those things. We’re going to talk about how to be successful. We’re going to have guests, and we’re going to have opportunities for you to think about your successes and your struggles. Because every entrepreneur has rose-colored glasses when you’re starting a business, before you start it, or even during and you’re enjoying all of this fun, new stuff, like getting a name and a logo and getting a trademark or [00:03:00] getting a legal entity like an LLC or a corporation or a partnership, and those are all fine. Some of you may even do a business plan. I’ve done a business plan, but the reality is that, without your goals in mind. For instance, do you want to have tons of passive income? Is that what your goal is? You can’t decide side what you want to do or how you’re going to get there.
Suppose you don’t know what you’re going to do. Because you won’t know if you’ve hit those goals, one of the best things that I can tell you is to sit down and come up with a plan. If it’s to spend more time with your family. Great. That doesn’t necessarily happen in the first couple of years, but if you do it the way that many have done it before, think, Sean Cannell from Think Media, think about Gary Vaynerchuk, Grant Cardone, or Russell Brunson. These are [00:04:00] all names that you should be thinking about while you’re building your business.
And the reason why is because they’ve built successful businesses and, Sean Cannell likes to say, success leaves footprints, right? You can look at them and see what they’ve done and see how they’ve been successful and help your business be successful.
Do you want to learn from someone who has never built a successful business in their life, or do you want to learn to build a successful business from someone who has spent years building a business?
Remember, your business is not built in a single day. It takes a concentrated effort over time.
Now that doesn’t mean that it’s going to take forever, but there are no quick fixes. There are no short cuts to success. They’re there just aren’t. Bill Gates, Steve Jobs, Warren Buffet, Lee Iacocca, some of these businesses, CEOs [00:05:00], and owners struggled a lot until they became household names. Think of Michael Jordan. You didn’t know who he was until he was right. Charles Barkley, Larry Bird. These household names, they got that way because they worked a lot on their craft. They spent the hours that it was necessary, none of them were overnight successes.
That’s just not how it works, and I don’t want you to think that because it’s not an overnight success, you can’t have some form of success over time. Sometimes it’s simply getting a single customer or client when you need to pay rent and to that’s a success. So take the little steps, do the little things each day, because just like compound interest, they add up because I guarantee you that if you talk to some of the most prolific entrepreneurs of all time, some of the ones that I’ve already mentioned, not one of them is going to say that one thing [00:06:00] led to their success. They’re going to say that many different things have led to their success, and so when you start putting it in context, what you do every day matters more than what you do once in a while.
For instance, if one of your goals is to get a beach body, right? You can’t work out once every six months or a year and expect to get the type of body you’re looking for. Now, I’m not endorsing that. I’m not saying that’s what you have to do. I’m simply saying that you can’t work out once and expect it, or you can’t invest a dollar into a bank account and never put another dollar back in it and expect it to grow. That’s not how compound interest works. You need to make a consistent, concerted effort towards your goals. So, what does that mean? That means that you have to do things when you don’t feel like doing them. That’s the truth.
The truth is some moments are going to [00:07:00] be in your entrepreneurial career where you don’t want to get out of bed in the morning. You had a crappy day, the day before you went out drinking, and you made some choices that you were just in the moment, and you made them, and you’re not going to be successful. If you sit back, relax, and take it easy the next day. Okay. The next part of what you have to do is get up; there is a Navy seal commander who said, if you want to be successful, make your bed, so get your butt out of bed and start doing what it takes. Make your bed. Do the things that it’s going to increase your likeliness of being successful.
Now I get fear, right? Because rejection sucks. that’s just the truth. Rejection absolutely positively sucks. But if you frame it from a different perspective, if you think about it in another way, [00:08:00], it will help you change your perspective on rejection, and here’s the difference of framing?
The difference in framing is this rejection is not rejecting you. They’re rejecting what you’re offering. That’s important. So, either you’re offering something incorrectly, or you’re not offering it right. There are two differences there. It’s not just about offering it in one way, because the opposite of dark is not light. It’s not dark. That will blow some of your minds. But the truth is that when you’re talking about something, there’s either a reason why they don’t want it or a reason why they don’t value it enough to buy. In other words, you’ve presented an offer at the wrong time or the wrong place.
For instance, as I’ve told you, I’m an attorney; not everybody needs an attorney all the time. [00:09:00] You need an attorney at certain times at certain intervals, and so sometimes when I present or when I’m talking with someone, the truth is that they’re not interested, not because of what I have to offer isn’t valuable. It’s just they’re not ready for it. Now, the thing is cost, right? They wanted me to provide my services at an 80% discount because somebody else was doing it. The problem with that is that I am not here to offer my services for the lowest price.
It’s always a race to the bottom at that point, and that’s a terrible way to do business because here’s the thing I know my value, which brings me to my next point. You need to know your value. There have been books and studies on entrepreneurs, and one of the things that you need to know as an entrepreneur is that part of what you do is to have a vision of what you’re going to do.
What does that mean? That means that anything that someone can do for cheaper than you should [00:10:00] has them do. Now, in the beginning, starting a business, you will wear many hats. You will wear a marketing hat. You will wear an accounting hat who will wear so many different hats. I don’t know I want you to get bogged down in those details. I want you to think about them as a way to so that when you get ready to hire somebody, you appreciate what they do. Once upon a time, I worked at McDonald’s. When I was 16, I had a job at fast food, and there’s no shame in that.
And I was wiping down tables, and I even got severely burned because of working at McDonald’s, and I tell you that because it made me appreciate fast-food workers a lot more. I’ve worked retail. I’ve worked a lot of different jobs, and when I interact with other people, I am a lot more patient, a lot more caring, a lot more kind to them, not because of what they did.
They mess up my orders. I go through McDonald’s, and I swear there should be a third [00:11:00] drive through window. First, take your money. The second one to give you your order and your third one to get the items corrected but at the end of the day, being human in business is important.
When you wear a lot of different hats as an entrepreneur, you must appreciate it when you get to the point that you can afford an accountant or afford marketing. Now there’s a couple of areas that you shouldn’t scrimp on, and I’ll give you two; one is you’re legal, and I know I’m biased.
I’m going to say that, but the truth is you should not scrimp on legal because an ounce of prevention is worth a pound of cure every time. If you don’t want to end up in a lawsuit if you don’t want to end up in an unnecessary dispute, the important thing is to get it in writing, but here’s the problem you don’t know what you don’t know. That means that when I’m sitting there looking at a contract, and I know that there’s a provision that should go in that contract, you don’t know that. And if you get something off the [00:12:00] internet that gives you some boilerplate, a language, they don’t know the law, all they can do is give you a contract, and you don’t even know if it’s good or not.
And having someone sign something that doesn’t fit your needs only harms you. It doesn’t help you because in contract law, and we’re going to talk a lot about this, the way it’s construed goes against the drafter. So that means if you take it and you have someone sign it, and it was unfair, the other party can get out of the contract.
The other thing is accounting. That’s another absolute that you need to have is a good accountant and a good bookkeeper. Like money-wise, those are all two specialized fields that will give you what you need to be successful because marketing, you can be your best marketer.
For heaven sakes, you can go to YouTube and start doing videos to market your videos, and you can post those on your personal Facebook [00:13:00] timeline, and you can do all of these things that will help you to build your business that doesn’t cost anything. I strongly recommend Think Media’s YouTube channel. Because Sean Cannell is fantastic, he will help you make your YouTube channel to build your business. He has a video ranking Academy, which is terrific; that’s something you can do later, but just only getting your message out there is as important to have of marketing is picking a logo or picking a font. So many people get stuck in the picking a font that they never actually get started on the business. And I got to tell you that it is one of the things that will destroy you or not make you successful is procrastination. Everybody has it.
It’s nothing new. You’re not special. Everybody wants to procrastinate. Oh, I have to wait till I do it correctly. And I’ll give you a great example. [00:14:00] I’ve spent hours working on getting my video set up correctly, and my podcast set up correct. Just so that I could have a great first impression.
And don’t get me wrong. First impressions are essential. I do not suggest that you should throw caution in the wind and not provide good production value if you can, but guess what? I’ll take crappy your production value and high value. Then I will be having excellent production value and no value or low value or hollow value.
I’ve been on so many webinars where all it is one big, long sales pitch, and it gets annoying. Cause you’re like, seriously, I came on here to learn. I came on here to gain knowledge. I came on here to read, and you’re giving me a sales pitch. [00:15:00] What the freak, right? That’s what I’m thinking.
That’s what I’m sitting there going. I didn’t come here to get a sales pitch. Now I get, you’re going to be there to offer me a product. But if you don’t give me value for my time, right? Your time has value, which means that you need to protect your time because that’s the one thing you can’t get more of. You can get more money; you can sell more products; you can sell more services. But you can’t get more time, and that’s why it’s so valuable as an entrepreneur that you use that, accordingly, don’t give up your time for something that someone else could do it for less expensive better.
One of the theories that I heard was as CEO; you need to think about your time is worth a thousand dollars. Yeah. I said it, yeah. I said it—a thousand dollars. You’re like, I’m not getting paid a thousand dollars. You’re right. You’re not, but if somebody else can do what you can do for less than a thousand dollars, then you should have them do it.
You should be in charge. [00:16:00] That brings me to my next point. Starting, a lot of people go from a job to entrepreneurship to owning their own business. And the number one reason, the number one reason, I want you to pay close attention to this. This is going to make or break you if you never hear from me again and, this is where we’re at, fine. So be it. But this is, I need you to pay attention to this part. The number one reason why entrepreneurs fail is that they don’t change their mindset. Do you understand what I mean by that? Don’t you? You are still considered an employee in your mind. I’m not talking about, on paper, and you can be the CEO of everything.
But, if you don’t change your mind from taking orders like an employee to giving orders and making decisions as an entrepreneur, [00:17:00], then you will fail. That’s it. Everything else is details. But the big picture here is this. I worked with someone not long ago. She was starting her own business, and I was happy to help her, and the problem was she wanted to charge what she was getting paid somewhere else to run an agency. Here’s the problem; that doesn’t cover expenses that don’t cover her time. She ended up going out of business, right? She needed to be charging three and four times what she had initially charged.
I advise people. I don’t tell them what to do. I don’t say this is what you have to do. I give you the pros and cons. I tell you what I would do. And then you make your own decision. That’s what a good advisor should do.
There are certain absolutes that I can’t control, but my overall point is that I tried to counsel her increase her prices to cover her [00:18:00] expenses to market for herself too pay for things taxes, 20, 25%. And you need to pay for those. So that’s why this is so important because if you don’t change your mindset from being an employee where you get an hourly wage, where you’re getting told what to do, you only have to show up from nine to five, right?
If you don’t shift your mindset to an owner of a visionary of someone who has an idea and wants to make the world better with that idea, remember. Starting with the end in mind, right? And we’re not talking necessarily, we’re talking your world, but everyone else’s world; entrepreneurship is an excellent opportunity to solve problems.
But if you don’t shift your mindset to solve those problems if you’re still looking at being an order taker, I had a boss one time that he sat me down and we were looking at a promotion. He said, do you want to be an order [00:19:00] taker? Or do you want to do something? Do you want to be a creator?
Do you want to build something? And I’ve always thought that because so many jobs, all you are is an order taker. I’m not dissing it. Okay. Don’t misunderstand me. I’m not suggesting that being an order taker is a bad thing. I’m merely suggesting that as an entrepreneur, being an order taker is. Yeah, it is the death knell. It’s the thing that’s going to kill your business. Because when that potential client asked me for an 80% discount, I could easily say, no, my time is worth more.
When your time is worth it, you don’t take the jobs that you’re going to end up regretting because somebody will always be available for doing a cheaper, but you shouldn’t let that devalue your time. You shouldn’t let that change your mind about how you should charge someone [00:20:00]. You need to be confident in what you do to the point that nothing can detract you from your mission. Now, what do I mean that there’s going to be people going to be naysayers.
There are going to be people that are going to tell you it can’t be done. They’re going to be people who will tell you that it’s already been done right, who needs another plumber or needs another fill in the blank who needs another social media marketing agency.
But here’s the difference, though, and this is why this is important. I want you to, whenever you doubt yourself, whenever you doubt your entrepreneurial mission. I want you to go to the store. I don’t care where Ralph’s, Von’s, Walmart, or Target. It doesn’t matter where, and I want you to look at the bread aisle.
I want you to take a moment and look at the bread aisle, Kang, going to be like, what, how many different kinds of bread are there? There are a ton of different kinds of bread. There are a ton [00:21:00] of different sourdough types, of pumpernickel, wheat, white, of buttermilk, of anything. There are so many different kinds of bread, yet they all stay in business; they all get bought. So, when you second, guess yourself, when you doubt yourself, Think of the bread aisle. Not everybody likes sourdough. Not everybody wants pumpernickel; not everybody likes wheat or 12 grain or white. Be whatever kind of proverbial bread you’re going to be but be the best you can be.
I’ve often thought about what I want my children to be. And I’ll be honest with you I don’t care what they are. I care that they’re happy. I care that they’re making good choices, and I want them to be the best at whatever they choose. So, if they work at McDonald’s, great, be the best fry cook [00:22:00] in the world. I don’t care.
Be the best version of yourself, and so as an entrepreneur, those are the things that you have to think about, right? You need to think about being the best version of yourself for your business because here’s the thing. No one else, I repeat, no one else can touch and affect the lives of those who you interact with like you can, you are unique, you are special. You can reach people because they will like your kind of sourdough better than they will, like someone else’s version of sourdough. So, whenever you doubt yourself, think about your end goal if you’re genuinely going to provide for your family or try to build yourself a nest egg.
You must keep those things in mind, the easiest thing is just to put your head down and plow through, and some days that’s, what’s required, [00:23:00] you’re going to have to do that. But then there are other days where you take a moment, look up and look at all you’ve accomplished. Look at the people’s lives that you’ve helped or the products you’ve sold that have helped others build a more robust and better life. Look at bread makers; you helped someone not be hungry. That’s a pretty decent size thing, right? A plumber. I like clean pipes. I don’t like floods; not many years ago, we had a flood or the braided line under our sink burst, and it flooded; it was a high-pressure line.
And of course, it was hot; it was the hotline. And so here I am, and I had to get underneath the sink, and I had to push the water is spraying in my face, and it’s just, it’s hurting me. Cause it’s stinging, it’s such high pressure, and I’m just trying to get my hand in there to get it to turn [00:24:00] off, and I can’t, and I’m just getting soaked from top to bottom. I’m just drenched. And I’m pushing with all my might to get in there, to get to the water because obviously we have stuff below the sink and I get there, and at first I can’t get a grip on it because the water is just spraying me and it hurts, and it’s hot.
And of course, it couldn’t be the cold. No. And so I’m pushing, and I’m pulling, and I’m trying to dislodge because, of course, the knob that was required to turn it down or turn it off was stuck. And I had to muster every strength I possibly could to turn that stupid water off, and then are going to be days like that.
Where you are just getting pounded, and the water is just spraying you in the face, and you have no choice but to keep going because you need to get that water turned off. [00:25:00] You need to make that next sale. Or you need to make that contact with that person. So there will be days like that, but then there will be other days where you get to take a lunch, and you get to go and spend it with your significant other or your children or at the beach or wherever you want to be.
Being an entrepreneur is flexible, but you still have to put in the time and commitment. There’s never been a better time. I know we’re currently in the middle of the pandemic, and some people are like, aw. No, now you shouldn’t do, you shouldn’t do this.
You shouldn’t do that. But here’s the problem with that life has to go on. And right now, the barrier to entry to be an entrepreneur is lower than it’s ever been in history. There are more online resources, and more people willing to work with you ever before. So, take this opportunity.
People are [00:26:00] home. It’s a little more casual. It’s a little more relaxed. People are showing up on camera and are making good connections via zoom, Skype, phone calls. Take these opportunities when they come, because your success comes not in times of easy.
Everybody’s doing that, look at the.com bust, right? Everybody was hopping on that bandwagon, like nobody’s business. And that created a giant bubble. Look at the credit market and the real estate market, everybody was humping on when it was all rosy, but people made millions of dollars when it was down.
When it was a bear market instead of a bull market, so, I challenge you to look at this life, this who you are as an entrepreneur and as a business owner, as an opportunity, as an opportunity to build something that will last. And as you shift that mindset from an employee or order [00:27:00] taker, you will have success.
I want you to have confidence. That you can have the life of your dreams, whatever that may be. I want you to think about that. There are many people out there that’ll tell you all the reasons you can’t or shouldn’t do something, and sometimes they have valid points; sometimes telling is the best answer, but sometimes they’re telling you no is just their fear for themselves.
It’s not meant to be your fear. Don’t let others dictate what you’re afraid of or what you should and shouldn’t do. I hope that we’ve had a great time today. I hope I’ve spoken to you. I hope that you’ve heard me and that you can do this. You can be a successful entrepreneur.
I look forward to talking with you more and helping you with building your business. In the meantime, if you have any questions, feel free to go to my website, thinklegal.law, and talk to you later.