In part four of a four-part series, “Million Dollar Plumber Mindset,” Richard and Laura share how to create more time to work ON your business instead of IN your business. Your time is valuable for business success. Learn how you can save time, create jobs, and build a successful business with the freedom lifestyle.
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3 Golden Nuggets
- Your Time Is Valuable. It’s more valuable to your business than what it costs to pay someone to change the oil, or mow the yard, or clean the house. You could do those things or you could work on your business and make more profit.
- Give Someone a Job – When you hire someone, it provides a job and frees you up to spend more time on the business. You create opportunity, jobs, and money, which allows you to support the community.
- Live The Freedom Lifestyle – Business done right produces profit and provides choices. It’s not only the financial wealth but the time wealth as well.
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Show Notes
Save Time Smartly And Gain More Business Success
If you guys haven’t caught this by now, my whole thing is how can I do the least amount of work. It’s called the Freedom Lifestyle.
So, we’re talking today about how to create more hours in the day. Every person has the same number of hours in the day. So how do you create more?
(10:54) We’ve really been conditioned to have a scarcity mindset. Part of that is thinking that we have to do everything ourselves. We can get this false pride. “I changed the oil,” or “I mow the lawn.” All these things take time. That is holding us back from the time that we can really be working on our business or doing other things that we really want to do.
Your Time is Valuable for Business Success
(11:45) Your time is more valuable to your business than what it costs to pay someone to change the oil, or mow the yard, or clean the house. You could be cleaning the house, or you could be working on your business. you could be mowing the lawn or refining your pricing system. Which one do you think works out better?
(13:46) A business’s number one purpose is to make a profit for the owners. And there’s nothing wrong with that. To make that money, you need time, so your time is very valuable. One of the first things we push toward with clients is freeing up their time so they can work on the business.
Successful Businesses Create Jobs
(16:08) We’ve been conditioned to think badly about making and spending money. “No one needs to have a private jet. Those are for the rich.” But think about it. Those private jets are an entire industry. There are people who build, pilot, steward, maintain, and fuel those jets. All of that gives people jobs. When you make money and spend money, that provides all kinds of opportunities.
(16:37) We live in a service economy. Don’t have the mentality of “we live in sad times where you hire someone else to clean up your mess.” That’s not true at all. Doing that gives someone a job. And allows us to create more time so that we can grow our business and create even more jobs. And also support our communities, and give to charities, and take care of our kids. Those are all good things.
(18:12) I’ve heard, “We never had someone clean our house. We do it ourselves.” People feel some pride in doing the work. And think hiring someone else is frivolous, greedy, or wasteful. But that’s that mindset that I want to snap you out of.
(18:43) If you’ve given someone else a job cleaning your house, now they can afford to get a new washer and dryer so they have more time. And that washer and dryer creates jobs for people building washers and dryers, for the delivery guy, and for the retail workers. Everybody wins. That’s why capitalism just works. So, give someone a job and don’t feel bad about it.
Save Time So You Can Live The Freedom Lifestyle
(24:12) The Freedom Lifestyle is whatever you want it to be. It doesn’t have to be just about money. With us, the freedom lifestyle meant being able to go where we want to go. We’re not into a lot of fine things. In fact, we’re downsizing. But we like going to dinner, and the beach, and boating.
It doesn’t have to be just about buying stuff. Maybe you may want to do missions work and you want to be able to travel. Whether you want to give it to charity, invest it, buy a Lamborghini, travel, it’s your money and your life. You can decide whatever you want to do with it.
(26:01) Business done right provides those choices. Business is meant to turn a profit for the owners, and then the owners decide what to do with it. It’s not only the financial wealth but the time wealth — the freedom to have more control of your time. Especially when you have little kids. You don’t get that time back.
Decide what that freedom lifestyle looks like for you. Make it tangible and make it measurable.
Is it that you want to get an RV and travel across the United States? Do you want to go on a vacation every quarter? Do you want to send your kids to a private school? You’ve got to determine what that freedom lifestyle is for you.
Richard’s Call to Action.
If you want to learn more about numbers that matter and how to best run your plumbing business, why not schedule a free 30-min strategy call with us? Let’s talk about your goals and where you want to be this time next year, and we’ll help you create a path to make that happen. Schedule your free strategy call here today!
