53: Fixing All Your Business Problems, One at a Time with Mike Michalowicz

04/28/20 • 50 min

1 Listener

Are you overwhelmed with all the things you’re falling behind on in your business? Not sure what to do next? Have you been taught to believe that as business owners, we need to tackle all of our business issues at once?

Well, it doesn’t have to be that way!

Michael Michalowicz—author six books, including the newly released Fix This Next—knows firsthand what it’s like to struggle with too much to do and not enough time to do it. And on this episode, he teaches how we can evaluate and prioritize the issues in our business—and also how to FIX THEM!

Mike starts with an overview of why identifying the biggest obstacles in your business is important and why so many entrepreneurs make the mistake of trying to solve too many issues at once. From there, he reveals the business hierarchy of needs—the five parts of our business that we must in order to truly put our business on autopilot and create a legacy that can be handed down. Then, he tells us how to identify the biggest obstacle in our business, and the methodology of how we can solve that problem before moving on to the next.

The formula is simple, even if it’s not obvious. But Mike breaks it down step by step so that even the most frantic among us will be able to use it to get our business under control and relieve our daily headaches. He helps us realize that the biggest challenge that most of us face as entrepreneurs is figuring out what our biggest challenge is—and then helps us do that!

And make sure you listen for Mike’s explanation of “the double helix” while helping business owner Carol solve the biggest business challenge she’s facing today.

Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!

In This Episode We Cover:

The biggest challenge entrepreneurs have
Maslow’s Hierarchy of Needs for business
What Survival Trap is
OMEN (Objective, Measurement, Evaluation Frequency and Nurture)
Why sale is not complete until delivery of the service.
Actual Case Studies
Two stages of Business: Get Stage and Give Stage
How to make employees act like owners
And SO much more!

Links from the Show

Check the full show notes: http://biggerpockets.com/bizshow53

Learn more about your ad choices. Visit megaphone.fm/adchoices

Well, it doesn’t have to be that way!

And make sure you listen for Mike’s explanation of “the double helix” while helping business owner Carol solve the biggest business challenge she’s facing today.

Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!

In This Episode We Cover:

The biggest challenge entrepreneurs have
Maslow’s Hierarchy of Needs for business
What Survival Trap is
OMEN (Objective, Measurement, Evaluation Frequency and Nurture)
Why sale is not complete until delivery of the service.
Actual Case Studies
Two stages of Business: Get Stage and Give Stage
How to make employees act like owners
And SO much more!

Links from the Show

Check the full show notes: http://biggerpockets.com/bizshow53

Learn more about your ad choices. Visit megaphone.fm/adchoices

Previous Episode

52: Murder Scenes, Meth Labs, and 27 Franchises with Laura Spaulding

1 Recommendations

Not happy in your current career? Looking to do something entrepreneurial but don’t know where to start? Well, maybe this is the inspiration you need to build something HUGE!

Laura Spaulding is a former police officer who was ready to forge her own future. Using the experience, knowledge, and insight she got working undercover, she decided to start her own business focused on cleaning up crime scenes, meth houses, and a host of other environmental hazards that many of us don’t have the stomach for.

Laura walks us through how she decided on her business path, how she financed it, and how she came to realize that the real opportunity was in expanding it through franchising. But it hasn’t all been rainbows and teddy bears—franchising created a whole host of challenges that Laura had to tackle in order to continue to grow and expand her business.

And grow her business she's done! Entrepreneur Magazine recently ranked Laura's company as one of the top 10 new franchises, and Spaulding Decon has been at the forefront of the coronavirus cleanup across the U.S. over the past six weeks.

If you’ve ever thought about creating your own franchise system from the ground up, this is the episode for you. Laura tells us how it’s done, how NOT to do it, how much to expect to pay, and all the good and bad that come with expanding your business nationwide.

If you have a strong stomach, make sure you listen to the end, when Laura tells us some of her favorite crime scene cleanup stories...

Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!

In This Episode We Cover:

How she went from being a beat cop to cleaning crime scenes
How she funded and started her business
How she drives house to house to get leads
How her first hires were stay-at-home moms
How she got into franchising
The lesson she learned from hiring a consultant
Entrepreneur vs. franpreneur
Why brand culture matters
The common misconception in franchising
The biggest reason franchisees fail
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/bizshow52

Learn more about your ad choices. Visit megaphone.fm/adchoices

Next Episode

54: $4M in Revenue in 6 Months Through Software & Licensing with Brennan Tolman & Nik Krohn

Have you figured out a good business model that is consistently making money but don’t know how to expand? Itching to take your local business national? Ready to put your business on auto-pilot, generating recurring income while others do the work? If so, this episode is for you!

Brennan Tolman and Nik Krohn—founders of Tolman Media—were in that same boat just a couple years ago. They had grown their local wedding photography business in Salt Lake City and were ready to expand. But they quickly decided that owning locations around the country or franchising the business wasn’t for them—too much work, too much red tape.

So, they figured out an even better plan, creating an online marketplace and licensing the business to dozens of other entrepreneurs.

On this episode, Brennan and Nik walk us through the process they used to scale their business and then license it all around the country—and around the world. The two were able to generate over $4M in revenue in just six months by letting others do the bulk of the work—while they simply collected the royalties.

Whether you’ve already explored the idea of licensing your product or business, or you’re looking for a new tool to add to your business toolbag, Brennan and Nik walk you step by step through the process of taking your business to the next level. And making LOTS of money in the process!

Make sure you stick around to the end, where Brennan and Nik tell us the single most important metric to the success of your business.

Check them out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!

In This Episode We Cover:

How Brennan and Nik met and started their business
How they solved a problem for photographers
How they solved scheduling, improved earning, and added scores in their booking app
How they made changes in their system
The hard decision they had to make
How they managed to expand internationally
How they brought in entrepreneurs and went the licensing route
Franchising versus licensing
How they've set partner expectations
How business comes down to one metric: cost per acquisition
And SO much more!