This is going to be a very personal article and one I have been looking forward to writing for a long time now as I think it will help a lot of people starting up their business or just looking to drive their business forward. I was lucky enough to have a client that I worked with who became my mentor, he owned a number of businesses but the largest earning over £4 million a year was bluechipcarhire.co.uk – This was a supercar rental and luxury car hire service. The business model itself is something I could never get into due to the capital, but the lessons he taught me were awesome and I owe a lot of my current success to him.
Lesson 1: Don’t Rush | The Grind is Real.
If you’ve heard “the grind” before it is 100% true. Personally I’m a huge fan of the grind. It separates the individuals who can’t do it from the ones who really understand their business model and are willing to work 10 hours a day everyday from day 1. These people will be able to make great money in the long run. Take Gary Vee for example, he always talks about how he worked for 10-15 years before he became an “overnight success.” That is a great concept. You have to grind and then things will naturally fall into place! A famous quote from someone whose name escapes me was: “The more I work, the luckier I seem to become.” – Essentially what he meant was he was lucky as a result of the individual concepts and methods he put in place. Not just lucky from sitting around doing nothing all day!
Lesson 2: Cash Flow Kills
This is a huge one that has personal relevance with me. I have personally lost entire businesses because I didn’t calculate cash flow properly. I’ve had to get £10,000 loans because I couldn’t afford to pay suppliers. And generally I used to mismanage my cash-flow. Not taking out too much profit from the business, but simply re-investing too quickly, which left me with no marketing cash flow to invest into making the sales of the current stock! This is a tough one to grasp in the early days of business, but it can literally rip your business apart so always start slow and invest your cash flow wisely. Assets are not cash!
Lesson 3: Don’t Have Ego
Ego is the most devastating force in the world. It can prevent you from reaching your dreams. It can also stop you from getting anywhere to begin with. In Ryan Holiday’s Ego is the Enemy, he talks about how bad this really is, and most people never believe they even have a problem. If you haven’t read this yet I highly recommend picking it up and getting a read in. It might just save your business, marriage or family.
That’s everything for this article, I hope you enjoyed the 3 lessons and hope you took some ideas and advice from it. If you have any questions feel free to get in touch or leave a comment below and I will be sure to get back to you.