[0:00:24] Meet Austin
Austin’s book, Make Money Live Wealthy is a bestseller. He was making six figures in the corporate world but felt unfulfilled, so he retired at 27. He is passionate about helping others take their money and their mindset to the next level. Money is the best tool for enhancing happiness although you can be happy wherever you’re at.
[0:05:34] Who Needs Systems and Processes?
You cannot scale a business without systems and processes. Austin’s business helps people to organize and streamline their organizations. He and his team look at businesses in the form of systems and numbers to clearly identify bottlenecks. Knowing that there’s an order to things prevents wasted effort. Once people are equipped with a simple actionable plan, they can begin to address one system at a time.
[0:09:48] How It Works
Using the example of LightSpeed, Austin talks through how he would go about scaling a business. Many people think they own a business when in fact, the business owns them. When you’re in the game, it’s hard to figure out the systems and processes that don’t require you. When working with a business, Austin’s top priority is to embed a systems culture, where everybody understands that nothing happens in the business without a system.
[0:18:36] Before 2X
Austin studied mechanical engineering but never intended to be an actual engineer. At 22, he was earning six figures when he started a side business and learned to hate golf. His day trading business earned more money than the corporate job but it still took him two years to leave the corporate world and follow his passion. The middle-class mindset focuses on avoiding worst-case scenarios and it makes you afraid to bet on yourself.
[0:25:20] The Audacity to Quit
His family is conservative and everyone was shocked when he told them he was quitting his job. Regardless of background, anyone can work at being successful. But if some people have an advantage, so what? Most of us need to unlearn the limiting beliefs we learned from our parents because they create mental blocks.
[0:33:06] Businesses Should Be Agnostic
When systems and processes are in place, the business no longer relies on the owner or any one person to keep running. There’s no reason for a business to offer products or services they’re not really good at providing. Too many entrepreneurs don’t know their numbers and could easily 4X their businesses without having to make many changes. The 10X method is great but Austin prefers to get people focused on executing what is right in front of them.
Starting from a high level, Austin’s team studies the numbers. Many an entrepreneur has been miffed when they get acquainted with their numbers for the first time. Businesses need frameworks that highlight where they should focus on and where the problem areas are. When everything is broken down into steps, anybody can build a 100-million-dollar business as long as they have the right mindset and the right tools.
[0:42:25] Double the Business Repeatedly
Only 4% get past seven figures and 0.4% get past eight figures. Austin’s plan for scale is always the same–focus on 2X-ing the business, step by step. Make Money, Live Wealthy was written for people in the corporate world looking to get started in entrepreneurship. His upcoming book titled From Six to Seven Figures shows service businesses how to scale fast. It all starts with mindset. To get to eight figures, you need some form of leverage.
[0:46:06] Focus on the Ideal Customer
Know your long-term value. Profile your ideal customer and work on finding more of them. Narrowing in on the ideal customer is a strategy that works every time. Austin is “owning” the six to seven-figure market. 2X has a coaching program, a revenue share program, and a private equity portfolio. They have built an ecosystem of services that B2B businesses need. With everyone focused on sales and marketing, Austin saw the opportunity to focus on operations.
Austin and Brad discuss how a standalone 2X online course could help people who need an introduction of sorts to the 2X systems and processes method. Perhaps the team will create a 2X interactive course on LightSpeed.
[1:03:06] Get a Business Audit
Those who can’t afford the 2X one-on-one 90-day program are probably not true entrepreneurs. For a limited time, Bomb Squad members will pay only $47 for an audit normally priced at $997! Visit the Scale2X.com/bombsquad to access the offer. Once completed, the audit is your roadmap showing:
- Exactly what’s holding the business back
- What order you need to focus on things
- Key growth levers
- How to get “free from the weeds”