Going Long Podcast_SOLO Episode 434_Billy Keels

Tue, Jul 02, 2024 8:13AM • 15:45

SUMMARY KEYWORDS

realised, business, plan, learned, episode, talk, figure, college, billy, podcast, step, share, problem, build, college degrees, struggle, startling, issues, forward slash podcast, keels

SPEAKERS

Billy Keels

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Billy Keels  00:00

Today's conversation is sponsored by the Billy keels advisory programme. If you want to learn more about how to make your nine to five optional, just go to Billy keels.com forward slash advising. Once again, that's Billy keels.com forward slash advising.

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00:10

You're listening to the going long podcast, the number one podcast for the strategies, tactics and actions high wage earners need for living an intentionally designed life of wealth and resilience.

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Billy Keels  00:24

Welcome to the Golang podcast, we're back once again to continue to help to educate you so you feel much more comfortable as well as confident and building the wealthy and resilient lifestyle that you want to lead and be able to do that even much, much faster. I'm your host, Billy keels, and it gives me great pleasure to welcome you back to another one of our episodes. And before I get started, just really quickly say thank you to each and every one of you that continues to download the podcast, you continue to share it, you continue to share it with friends with family, and you also are tagging others are attacking us on social media. So thanks for doing that, especially on the channels like LinkedIn as well as Instagram means the world to us. And if you want to continue to leave your honest written reviews, as well as ratings, you can do that there's if you need some help, there's a nice little video that will show you how to do it's just right there in the show notes, especially if you're doing that on the Apple podcast platform. So with that also wanted to say if you want to check out more than any of the hunt the four hundreds to the 430 plus episodes, all you need to do is go to Billy keels.com forward slash podcast, you can check out every single episode once again, it's Billy keels.com forward slash podcast. And so today you're here because you want to know about this 104,108 startling reasons you'll struggle when starting your business. And especially if you are someone who has a college degree or multiple college degrees, those of us with multiple college degrees or higher level degrees, MBAs, doctorate all these kinds of stuff, were the ones who struggle the most. And so I just wanted to share with you, because this is one of the ways that actually when I unlearned what I learned in one of those 104,000 108 startling different reasons. Once I got out of my own head was able to go and build a side business that was generating more than six figures, actually multiple, six figures as a side business while I was still working in my day job. So I want to break this down with you break it down for you, I want to share it with you. Because this is one of the things I also hear a lot when I am speaking to people that are that go through our application process and want to find out more about the advisory services. So because well, yeah, I just want to share it with you because it comes up quite frequently. And so I guess what I want to also do is just kind of address. One of the reasons I'll talk to you about actually where these 104,108 startling reasons where it comes from. But just bear with me just for a second because this, especially for your if you're an A student, like I was, if you are someone who loves getting more degrees and more education, if you are someone who loves getting the recognition, because you are doing an excellent job like this is the episode for you. I'm specifically speaking to you. Because I've been that person. And I know what it's like when you're going out. And you know, I got the for four years, actually five years and two different college degrees was loving learning. One of my degrees is a a BS in marketing. That's kind of ironic, Bachelor of Science in marketing. And I remember one of the classes that I took during college was really around, you know, building a business. And so building a business plan, and thinking about all the different elements of the business plan, right? I mean, everything from executive summary to company description, and you do go out and do a lot of market analysis, you come up with a different product or your service, you've got your operational plan, you've got your financial plan, you've got your sales and marketing plan and strategy, put those things together, you've got your risk mitigation, and then usually come up with a bunch of different appendices, and to support the different elements of financial and operational planning stuff like that, that I talked about. So this is what we are taught, or this is what you're taught at college in university. I know that Been there done that. And the whole idea is, once you learn how to build these business plans, then you're building a business plan with the goal of being able to say, hey, look, I've learned this, you're hoping, you know, on the outside, you're like, Hey, listen, this is a worthwhile investment. This is gonna really help me as I go out to build this new business. And we're not talking about massive businesses, right? I'm talking to you about getting started with a small business, you got a small business idea around a product or service, and you want to get that product or service to market and following those steps that we talked about before. Because when you look at that, that's kind of what you really tell everybody but the reality is you want to get your business up so that you can serve people. I know that when I got my when I wanted to get my business up and running. It was really a matter of I wanted to serve people but I had this internal conflict going on because I learned like this very formal process of how I needed to come up with a business plan I needed to start my business and actually When I invested in my own coach, it helped, he helped me to see things a little bit differently. So here's the thing, when I went through the I was working in my nine to five job, you know, I was out there making multiple six figures in my salary, I was getting a lot of recognition, I was closing the big deals, I was managing the big the big business across Europe, Middle East and Africa, talked about that at nauseam, so I won't really go into that. But here's the thing, as I started wanting to build this business on the side, I got a big conflict between what I learned in college and what I actually saw the really successful people doing, because they were making more of an impact people just like me that were multiple six figure salary earners that seemed to be not as stressed as I was, they were the business owners were out there, they were serving people, more people serving the people that they wanted to serve. And so what I realised was this 104,108. And I'll tell you what that is, give me just a second, I promise, I'll tell you what that is. Part of it came from what I learned in school, right, specifically what I learned in college, because in college, the theory told me that number one, I needed to build a plan, I needed to build a business plan, which was going to take many, many, many weeks and or months. Once I built that plan, then I had to go out and I had to sell the business plan to other people, because I had to get other people to buy into the plan that I wanted to be able to do. Or maybe I was looking to raise money so that I could even just get started. And then lastly, once I've had others buy into the plan, actually had to make the plan work with the other people. Right. And so that created this really internal conflict cuz I was watching a lot of these videos and learning from people online, because there's so much information that's available online nowadays. And I can see that they were doing it in a very different way. And so as I started getting more and more like at this point, I'm doing the multiple six figure salary and my job and then my business is now at a six figure business on the side. Things are going really, really well. It both at the office and outside. Because what I thought was the barometer that measures measuring stick was making more money. And so there was all this money coming in, you know, six figures or just crossed multiple, six figures in the side business. And the same thing was happening in the day job. And so I thought, Well, why is something not working? So this is one of the points when I got to coach and I realised, as I started going through the practical steps of being able to build a business, it was everything that I didn't learn, or it was the opposite of what I was learning in college right in college, build a plan, sell the plan, and then put the plan into action. Here it was actually coming up with an idea like what was the problem, like I had a problem. And I realised that I had a problem because I missed my son's third birthday party. And I didn't ever want to feel that again. And so I realised that I was making decisions based on fear because I thought I wasn't going to have enough money. And then this is a whole probably different episode. But what I realised is I needed to figure out, practically speaking, what was happening. Number one, I had a problem that I didn't want to have this feeling again. So I had to figure out a way step two, I had to figure out a way to solve my problem, right. And then once I figured out how to solve my problem, which was in this case, being able to generate more revenue, so that I felt more comfortable that I could take a day off if something like that were to ever happen. And it's never happened since then. Right. So that was just just gaining clarity on what I didn't want to feel anymore was was fantastic, right. And I didn't realise it was part of this five step process that I'm getting ready to tell you about. And then after I saw, I was able to solve my own problem, because I started investing in real estate. And that was one of the things that started helping me to generate more revenue. It also helped me realise that I was leveraging a lot of the skills that I was built that I built in corporate. And I started telling friends of mine, I started telling friends, I started telling family members, what the problem that I was solving and how I was solving it. And so of course, once that happened, then I started meeting people that had very similar issues that I had already had, but they were a couple steps behind or a couple years behind me. So as I started telling them and recognising that they had similar issues, it was then and as I started with working with my coach was a matter of saying, Okay, well, do you want to actually help other people. And so I figured a way that you'd be able to help other people solve the same problem, or very similar problem that I'd solved myself. So it was just a complete opposite of what I'd learned in college, like in college, it was, in all this time build this plan. Once you build this plan, that's kind of like in theory, then you go out and you sell the plan in theory, and then you got to put the plan in action, make it practical, whereas here practically I was having a problem. I wanted to solve my problem. Once I saw my problem. I told the story to friends and family. Those friends and family also knew of other people had very similar problems. And then I had to make a decision as to whether or not I wanted to continue to solve this problem for other people. Right. And so this was the thing that for me, it was like it was just completely turned At four years of college on its head, and so here's the here's the, here's where the 104,108 reasons comes from, right? Because the average cost of college right now in the United States is $26,027 per year. Now, I know some of you are saying what that is really, really low? Well, I know. But this is the this is the average, right? This is the average $26,027 per year. So if you take that times four, then that's 104,108. So the thing is, the all of these things that I learned, the reasons that I learned to build a business plan, they were the exact same reasons that you will struggle if you follow those steps, because you're going to spend a lot of time and I say, spend not invest, spend a lot of time building this business plan, once you get the business plan, then you're gonna have to normally go because you've got a lot of people that you're normally putting in this business, plan that because that's what they teach you in college and university. And then you need to raise money, because unless you have a couple million dollars sitting somewhere, which may, then I would suggest that rather than doing that, that you try and figure out what problem that you have that you want to be able to solve. Once you solve that problem, then you are able to tell others about it. Once you tell others about it, you are then able to help them solve similar issues, and then also being able to come up with a scope. So what I did is I sat down and really witness one of the things I did with my coach was to say, Okay, well how many people do actually want to help, right? Because that that usually, if you want to help a very small select group of people, that's one type of way to approach things. And if you want to help millions, and sometimes billions of people, then that's another completely different way to approach it. Then after I figured out what that plan was, and I also said, what was my desire to actually serve them? Like, did I have a desire to serve them? And in my case, the answer was yes. And then ultimately, it's about and this is really where I want to talk to you, if you are a perfectionist, if you want to do everything right, you have to go and take action, you can't just keep thinking about the plan and planning around the plan and then asking for more input, you certainly have to get to a point where you will stop struggling and start acting. Right. So figure out the number of people you want to help the actually have a desire to help. And then take action. That's the kind of the steps that I went through. Now, of course, along the way, there were some things that worked. And as I was building, a lot of things did work, there were things that did not work. And as things don't work, you want to always have a critical eye around your business and figuring out okay, do more of the things that work when things don't work, then adjust adjust along the way. That's one of the big lessons that I've had specially since leaving corporate is not everything works according to plan, not everything works perfectly. So you need to not worry about all the perfection that they teach you in college, which is those 104,108 reasons that you will probably struggle if that's the plan that you want to focus on. So the idea is yes, number one, did the businesses have the businesses actually gone out and the businesses worked? Yes, absolutely. But more importantly, having followed this five step process, I've been able to now recognise that it's a process that can be applied to building any type of business. And this is where the real strength comes from. It's not from spending so much time creating massive plans, it's getting clear on the issue that you have, being able to then start to figure out how you fix that problem. And then once you fix that problem, then that goes along, and you share and you refine, and you get input and you refine, and you adjust along the way. So don't worry if you are like, if like I was right, because you've got the multiple college degrees and you tell everybody else that hey, listen, you got you've paid, you've invested in these degrees, and then you've probably invested more than $104,108 per year, especially. Because those of you that are in the US if you're in the US, I know you've especially nowadays, you've done that before. If you're like me, probably not so much but but that's one of the things I really want you to to start to recognise and start to understand that it's not about coming up with these beautiful business plans. It's about being practical, understanding what the issues are solving those issues and following a step, following the steps to actually get results and be able to help others. So I don't want you to struggle with starting your business. I want you to get very clear practical ideas like Do you have a problem? Can you solve that problem, if you're having problems solving that problem like I was, you reach out, you get someone that can help you you get a coach, you get a mentor. And then once you have that, start to talk and socialise that with your family with your friends, get feedback, get input, get to a point where you realise that there are other people that have similar situations, similar issues. And then when you are ready to step up to the plate, then it is about creating a type of business that can help others solve their issues very similar to what we continue to do here. So while you're listening to this, I know you probably know that if this is not something that's affecting you right now that you know, two or three people share today's episode, get on the phone and talk about the things that you've heard in this episode. So that you can go from the theory into the practical knowledge. Heck, if you need some help, you know where to find me For. More importantly, we'd love to get your honest written review, so feel free to share that with us. And while you're taking action, sharing today's episode, and going from theory to practice, I'll be here preparing for the next episode. So until then go out and make it a great day. Thank you very much for today's conversation was sponsored by the Billy keels advisory programme. If you're looking to make your nine to five optional and need some help, just go to Billy keels.com forward slash advising once again, that's Billy keels.com forward slash advising

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