Bedros Keuilian Podcast Show - Mindset & Money - 167

Episode Date: October 23, 2020

Your mindset for money will be improved in today's episode as Bedros shares with you the thoughts and actions you need to build in order to make, keep and enjoy your money.   01:03 - B fills you in on the top two topics you’ll be discovering in today's EMPIRE episode.   05:10 - Hear B share how even your favorite leaders and gurus aren’t metaphorically hitting it out of the park every single time with every single decision. 06:00 - Discover the truly lasting lessons both success and failures teach real entrepreneurs. 16:34 - How to practically fortify and prepare your business for when times return to normal with three big focuses. 30:00 - The difference between owning a job and building a successful business with a team. 

Never allow success to inflate your ego or defeat to crush your spirit. Hey, what's up? I'm Pedro Coolean, and I just had a very enthusiastic, hey, what's up, didn't I? Listen, welcome to The Empire Show. We're having a great time here, and I'm going to keep this pretty casual, this particular episode. And that is because, one, I am barefoot. Number two, I had an awesome leg workout today. Typically, I train legs on Sunday. But I decided to do it today on Wednesday. I don't know when you'll be watching or listening to this episode. But today's a Wednesday and I crushed the legs like a motherfucker.

Yeah, because I got some other plans for Sunday. Then involve the beach. But anyways, having said that, let's get started on The Empire Show. I want to talk to you guys about two particular Instagram posts that I put up that got a ton of reaction. All good, nothing bad. But it was one of those things. The first post that I put up, was one of those posts where people were like, man, I needed to hear this.

I needed to hear this right now. It's like you're speaking to me. And I've seen that. I've seen that personally firsthand where I'll see something and I'm like, holy shit, this person wrote this email for me, this broadcast or this post was written for me, it seems like, right? And so I want to talk to you about that because I got an overwhelming number of people going, dude, that post like saved my mindset.

I was deep into depression. and I'm getting out of it. So that's the first thing. The second post was about, how do I say this? Man, I'm going to tell you, I love you guys of pieces. And many of you who are entrepreneurs or are trying to become entrepreneurs and business owners, you just have stink and thinking.

You just have stink and thinking where business is concerned. You just, you know, I don't know if this is true or not, but they say, like, birds have something in their beak that always tells them which way north is. You know, and that's why birds were able to fly and, what do they call it? They migrate, right? They migrate in the winter, but they know which way north is, so they know how to fly south for the winter.

You know, I feel like I've got that fucking beaky thing in my beak, where entrepreneurship is concerned. I really do. I feel like I just instinctively, I've always instinctively had it, and I crafted it and made it better. But I also feel that maybe some of you, don't have it or haven't invested in improving your little beaky thing where entrepreneurship is concerned. And so you, well, how do I say this? You just don't

make the best decisions. And proof of that was from the post that I put up that I'm going to share with you. So let's dive right in. All right. So this is about making money and it's about fixing your mindset. I mean, the two things that I'm really all about, right? If we have a great mindset, then we can enjoy all the money we make. Otherwise, we have a shit ton of money and we have a I got a mindset and a poor mindset and a defeated mindset and we can't enjoy any of the fucking money and what's the point of like being depressed and rich? That's stupid, right? That's going to lead to all types of chaos. So let's get started. Thing number one, the post that I put up, everyone was like, man, I think you wrote this to me. The post said something to this effect.

Well, actually, it said this exact same thing because I wrote it down here in my notes. Never allow success to inflate your ego or defeat to crush your self. spirit. Never allow success to inflate your ego or defeat to crush your spirit. And I guess I posted that because I could tell instinctively that there is plenty of people out there probably in a bad place feeling deflated and defeated because of what's happening in our time right now with this COVID virus and how it's being prolonged and businesses are shut down and you're running out of the PPP and the monies. And maybe you haven't pivoted and reinvented your business fast enough,

thinking that any minute now I can go back to business as usual, but it's just not happening yet. Right. And so you might have a sense of defeat. And I'm here to tell you, man, don't let it crush your spirit. Like, this is just a phase of life. I need all of you to understand this. Where we're at right now that seems so dire, so severe.

So it's a phase of life. It's only permanent if God forbid you decide to kill yourself. Please do not do that. My greatest fear that I have right now that's happening and it's taken place is that the suicide rates are going to go up. And they are going up. That's permanent. Everything else is just temporary defeat. Even success is temporary.

You think that everyone's hitting, like all the big, big, big giant gurus that you're following out there are just knocking it out of the heart every single time with every decision they make? No, no. They've learned not to allow the successes to get to their head, to get to their ego, because they know the very next decision might be a defeat. We just look at it as a temporary defeat. I never look at anything as a permanent defeat or failure. I have successes and I have temporary defeats. And I know a success is a phase.

I know a temporary defeat is a phase. Some of these phases last longer, especially, you know, when we don't have control. I'll give you an example. Imagine that you are hell-bent and convinced that this one particular influencer marketing strategy you're going to do for your apparel company, let's say, is going to work.

And you go all in, you put all $25,000 of your money into that particular influencer campaign. Thinking that you're going to sell a shit ton of the apparel that you have sitting in your spare bedroom or your garage. And guess what? It doesn't work. It failed. It failed.

Did you catch that? You didn't fail. The campaign failed. You lost the 25 Gs. You only made like five or six grand back from it. It was a dud. It was a bust. That was a temporary defeat.

The difference with that is you have control, right? You're like, shit, I just lost 25 Gs. That influencer marketing strategy that I was so convinced was going to work, didn't work. But you know what? That's okay. I'm an entrepreneur. I know being an entrepreneur comes with risk. I took the risk and It didn't work. So I'm going to go borrow some money or I'm going to go get two jobs and make more money and try the next marketing strategy to sell the apparel that's sitting in my garage or my spare bedroom. What I mean by this is that you have a sense of control, right? So when you experience a temporary defeat and you well, lose, you can go out and make more money or borrow. money and try the next strategy and the next strategy. And as long as you keep trying,

strategies that are otherwise sound, you probably are going to do well. The problem with this coronavirus is it's out of your control, isn't it? It's out of my control. You know, what's out of my control is the mandates. Jims have to stay shut down, salons have to stay shut down, restaurants in California. You can't eat inside of a restaurant. It's either takeout or you have to eat outside. And if a restauranteer didn't go all in and putting up a canopy and a nice outdoor seating area, then, well, what the fuck? You know, they're not going to make any money. And if you're in some other part of the country where the weather is going to start changing soon and you can't eat outdoors and the governor won't let you eat indoors, well, your restaurant's probably not going to do well right now. and you might not have control, because I certainly don't have control, in stopping the coronavirus

scam-demic that's taking place. Yes, I believe it's a scam. Do I believe the virus is real? Yes, there is a, there is a coronavirus. And in fact, I was so curious. Let me just take a little side note. Ed, I don't know if I told you I did this thing where I was like, man, here we are in the month of August. I'm going to do a little Google research and see how many deaths we've had from the flu. Because I checked flu deaths for 2019 and about 1.5 million people had died by August of this time in 2019 worldwide. And I couldn't find any flu death stats at all for 2020. And I'm like, holy shit. we fixed the flu.

Like, we fixed the common flu. There was, I couldn't find any flu death stats. What I, what kept popping up, though, was COVID virus deaths, which were pretty parallel and identical to last year's flu deaths. I'm like, so either the coronavirus cured the flu, or the coronavirus is the flu, which is why those numbers are basically parallel. And so I share this with you.

That's why I call it a scandemic guys, because I really do believe that, yes, this is a virus. It probably is manmade. There's enough evidence, and I'm pretty well connected enough to know the right people who have gotten the information that this might have been a man-made virus that walked out of a lab.

So it is a real virus. And guess what? Some people should quarantine. If you are overweight, if you didn't take care of your health, you are two times more likely to get this, just like if you are overweight and you didn't take care of your health, you're two times more likely to get the cold or the flu virus.

And if you're overweight or you're elderly, you have a compromised immune system, you have some pre-existing conditions like diabetes or hypertension or bronchitis. Just like the flu, you're more likely to get the COVID. And just like the flu or the cold, you're more likely to get hospitalized because of the COVID. So I believe that the virus is real. I do believe that some people are more susceptible.

I do also believe that because we have to be so politically correct these days, we can't say, get your fat ass in shape, start eating right, get to a healthy body weight, maintain that muscle, stay lean, stay hydrated, keep your vitamins and your supplements high, so that any time now when you get that COVID virus, you can fight it off. See, we can't say that because like, oh, you're fat-shaming people. No, man, we just don't want people to die. See, but no one's saying that. Instead, they're saying, guess what?

We're going to do to politically correcting, and everyone's going to wear a mask. And everyone has to quarantine. And everyone has to stay shut down. And everyone has to suffer. Why don't we take the people who didn't take care of themselves in their health and are obese, and therefore scientifically proven. two times more likely to get the virus, and let them quarantine. And let's take the elderly that are more likely to get it and get hospitalized by it,

and let them quarantine. And let's take people that have pre-existing conditions and let them quarantine. Let the rest of us who are healthy and have taken the time to invest in our health. And we know we can fight it off, and science has proven that we can fight it off. In fact, some of the people who have gotten it have been asymptomatic, which means they don't even show any signs of having the virus. they had it, they went on through life, and that's how healthy they were in their immune systems. Let the rest of us be a part of the workforce to keep the economy going.

But we can't do that. So I share this with you because if you're in a position where you've got governors and politicians forcing you to wear a mask and your business is shut down and you're not getting the government loans like you thought you were going to, it will create a sense of defeat. But I'm here to tell you that that sense of defeat is temporary. This is just a phase of life. It is a prolonged phase of life. And it's a sense of defeat that you and I, as entrepreneurs, where we typically have

control over things, you have less control. Now, if you're a seasoned entrepreneur, you have multiple income streams. Odds are one of those income streams are really going to kick off. Like for me, my franchise sales started to slow down. And we went from getting about six new franchises on board every month, down to one a month. But my coaching business and my supplement business took off like 400% increase. And I share this with you because I don't have control of selling a gym franchise right now to people who don't want to buy a gym franchise.

like Fit Body Boot Camp because it's the Corona time. And no one's interested in opening up a gym because you can't open one up. But people are interested in staying healthy. So they're buying our supplements, our greens, our hydration product, right? Our multivitamins, our fish oils with Trulian. And they're getting coaching for me.

Entrepreneurs are getting coaching for me because they're like, hey, I'd rather give B $50,000 and help him get me out of this shitstorm and use his brain on my business. Then sit here and panic and freak out and watch my money erode and finally shut down. But unless you're a seasoned entrepreneur

where you've got multiple income streams and you've been through a couple of winters like this, do you remember when I said winter was coming, right? You do remember, I hate to be the guy that says, I told you so. But Ed, I told them so. I told you so. Winter was coming, man. I told you winter's coming.

I didn't know it was coming by way of a man-made virus. I didn't know that the politicians were going to take it and use it as a weapon. The Democrats against the Republicans and that you and I were going to be the fodder for that. But I knew winter was coming in some capacity because things were too good for too long. And I know that the economy is cyclical.

So I share this with you because I just want to stress that point that success and defeat are both temporary. They're both phases. They're both seasons. And right now we're in a prolonged season of defeat. where most of you, most of us have a sense where we don't control, we can't control the outcome. I don't know when I can start selling franchises again. What I can do, what I can control is make sure my existing franchisees are thriving,

are growing, they're kicking ass with online coaching, they're doing outdoor boot camps, right, teaching them how to retain their clients, But I can't get new franchises on board. I can't control that piece. Until gyms are back to business, people aren't going to be interested in opening up a gym franchise from me. But I can sell more supplements. I can sell more coaching.

I can sell more project. The project is blown up. Every dude I know wants to do the project. Our next class has a record number of people in it now. 20 people. We have to cap it off because I don't want to go more than 20 people. I just don't feel comfortable with going more than 20 people considering the last class had 16, right? So on a scale by four.

But if you only had one income stream and this COVID virus is fucking it up, it's a scary time. But just understand it's a temporary defeat, man. It's a temporary defeat, not a permanent failure. And it is temporary and success is around the corner. I promise you that. And the other thing I want to share with you that's really going to help. you as we get into the season where businesses go back to normal, life goes back to normal. And by the way, everything will go back to normal.

We are humans. We have a certain level of expectation and standards. This is not the new norm. I hate when people fucking go, this is the new norm. This is the new new. Fuck that. You think the new new is eating outdoors with fucking plastic wear, wearing a mask around your face and seeing little kids fucking breaking out around their face because their own saliva is

rubbing up. The acidic saliva is rubbing up. their face. I don't want that shit. I tell my kids not to wear a mask unless they have to. And even then, defy that. But what I do want to tell you is to when things go back to normal than they will, here are some things you need to do to fortify your business, your income. So that when this happens again, when winter comes again, you're better prepared. And I don't know if winter is going to come with a World War III. I don't know if winter's going to come with another virus. I don't know if winter's going to come with a housing market or

stock market crash or God forbid another terrorist attack like 9-11, don't you dare forget September 11th, 2001. It happened right here on our soil. It can happen again. Winter will come. And when it does, here's four things you're going to do to make sure your income, your money, your businesses are fortified. Number one. By the way, this is a second post that I was telling you about. Never have one stream of income. Never have one stream of income. period. If you only have one stream of income, if that stream of income dries up, you're screwed.

Find another stream of income. For example, someone DM me because they saw that message that post that I put up on Instagram and they're like, well, look, man, I've got a brick and mortar gym. I love gyms. You're a gym owner. You know what it's like being a gym. You just love it. I'm like, yeah, man, I do.

He goes, and I don't want to do online coaching. I go, great. So don't have that online coaching as an income stream. I get it. You didn't get jacked and fit to work with people behind the screen. You want to work with people in person in your gym. You want them to feel your energy. You want to feel their energy.

I get it. I go, what about you create another income stream? What if you go and you start investing in rental properties and getting cash flow? What if you start selling supplements to your clients and to your prospects in your community? They don't even have to be your own supplements. They could be another brand that you believe in, that you use. that is willing to give you commission. Because that same gym owner today,

if he or she was getting cash flow from a rental property and had enough rental properties out there, that would offset the loss of income from their gym. If they were promoting supplements and selling supplements and making commissions, they would have started making more money because supplement sales across every brand have gone through the roof.

So you must have multiple income streams. Never ever settle for one income streams. Like your mom and dads and your grandpa's era can have one income stream? Not you. Not you. And if you're like, hey, B, I'm not an entrepreneur. I'm an employee somewhere and I listen to because I just like listening to your shit. How can an employee like me have multiple income streams?

Let me tell you, motherfucker. Simple. You might work 40 hours a week doing whatever, web design for some company, doing customer support for some company, doing product sales for some company. You could also probably find a way to day trade. You could find a way to take some of that money you're making and invest in rental properties. Even if it's one tiny little single family condo. Because remember, to buy a $250,000 or a $200,000, a $200,000, you just need 20% down payment, right? You don't even need to have the whole $200,000 to buy a condo.

A condo that's for sale for $200,000, you can get 20% of that as a down payment and it's yours. Then you plug in a tenant and you go, hey, my mortgage is $1,300 a month. You're going to pay me $1,800 a month. And now you're making what? $500 a month in cash flow, right? 13, 14, 15, 15, 16, 17, 18. $500 a month in cash flow. Someone else is paying off your mortgage and you're making money. So just because you go to your unemployed doesn't mean you can't moonlight. Doesn't mean you can't do a side gig, a side hustle.

Doesn't mean you can't drive Uber. I'd rather not see you trading more time for dollars. But if you have to, do it. But there's other sources of income. So less than one there to be bulletproof and winter. for the next time this comes around, never have just one stream of income. Let that marinate. Number two, have at least one of your income streams be continuity.

Continuity is king. What is continuity? It's subscription. It's reoccurring revenue. It is a membership fee. It is the box of the month club, right? Like my kids, when they were smaller, we had them subscribed for like five years to this thing called Kiwi Crate.

If you're a parent and you have kids, you know what Kiwi Crate is. We paid like whatever it was, $49 per kid. And every month, a new box would show up and we would open it with the kids and they would put together, came with directions. They would put together a cool little trinket and they would build a thing, right? That would do a thing. It was pretty cool. It was called Kiwi crate, got them to use their fingers and their brain to problem solve and design a thing. I got the box of the month club.

So many clothing companies have the T-shirt of the month club. supplement companies drop ship supplements you remember uh what is that uh the cream for the face for the acne do you remember that acne cream med that was a proactive proactive proactive you guys remember proactive man let me tell you i'm a i'm a fucking infomercial junkie still because no other vsl video sales letter sells better than an infomercial night television. And I study those motherfuckers. And back in the day when I was studying proactive, they were like, hey, look, you're going to have acne, you're going through a phase in life, or you're going to have acne for several years. You need to use proactive. And if you

join our Clear Skin Club, you not only save 20% per bottle that shows up to your house every month, you also get free shipping every month. So instead of buying one bottle a month, you can join our Clear Skin Club and get a bottle delivered every month automatically, save 20% and get free shipping. So just like proactive, you can have your own box of the month, software subscription, membership to content, apparel of the month, supplement of the month. We do that at Trulene. When people buy a product, we offer them either a business. bulk purchase for cheaper, buy more bottles for less, or join our continuity club, and we'll

send a new bottle at a discounted price automatically to your doorstep every month. I have software that has membership fee. My franchise has a monthly reoccurring royalties, right? That's a reoccurring fee. Our supplements have the option to drop ship and have a reoccurring fee. So have at least one of your income streams. Like look at Netflix and Amazon Prime. It's a fee that you either pay monthly or annually to retain the service. And you're like, well, but my business is different. Let me challenge you that your business is not different.

Let's take a car wash, a dude that has a truck with that fucking giant 80 gallon of water and the hose and the power sprayer and the thing. and he comes to your complex and starts washing cars for $25, because that's what the dude does here. Comes every Thursday for $25, he will wash cars, right? Now, guess what? If I remember, I'll throw the keys to him and he'll wash it and he gets us $25. But what if, just what if he just charged $100 a month automatically on a recurring payment? Whether I was here or not, it doesn't matter.

I'm paying. But what's cool is he knows that in this complex, he might have 40 people paying $100 a month. And that means once a week he's going to wash our cars. And he can start the first of the month knowing that he's got a certain number of dollars scheduled to come in because he's got that many people on subscription. Like that is a good feeling. Continuity gives you peace of mind and it helps you sleep well at night, baby. So even a car wash, like a mobile car wash can have continuity. The problem is people go, well, my industry is different.

All right, your industry is different and it can't. All right, let me let's think of one where you probably can't have continuity. Let's say mobile car window tinting. Like, shit, well, once you tint someone's car, it's not like you're going to come back and tint it next week and the week after. All right. So then find something in your industry or in another industry that you could also start. So now you create a multiple income stream, right?

So keep doing your mobile car window tinting. but also find a second income stream that's continuity in a different industry. Who says that the mobile car window tinting guy can't start an apparel line or a supplement line or a software or a membership site? That mobile car window tinting guy can start a membership site for other dudes who want to become mobile car window tinters. And you start that membership site and you're like, hey, look, I'm a veteran at this thing. I've been doing this for 20 years.

I have a lot of clients. I know exactly where to get the tent. I know how to put the tent on. I know how to charge the people. I know how to upcharge them to the better quality tent. That's got the ceramic fucking film in it that keeps the heat out. I also know what kind of coat to sell them on that keeps it from fading in color. I know how to upsell them.

And if you join this membership site for $9 a month, I'm going to teach you how to launch your mobile fucking car window tinting service. and every week you put out content and marketing strategies and upsell strategies that now help other mobile car window tinting dudes. So make no mistake about it, every one of us can create continuity, membership, subscription, recurring revenue. Thing number three is to focus on the profits. What I wrote on that post was that revenue fees. the ego, profits feed the family. It's a real simple one. I know dudes that have

businesses that are north of a hundred million dollars in revenue, annual revenue, north of a hundred million dollars that are not profiting. They are operating in the negative. They're losing money every month because they have such big overhead. How could that happen? How can the business make a hundred million dollars a year but not make any profit? Well, they have bloated pay roll their cost of goods and services are too high they overpay in taxes they who knows they bought buildings and shit to run their business out of that we're probably in they overpaid for buildings or haven't been wrong parts of town that were

expensive or have meller rues which are other additional fees that in factoring think about and all that starts eating away their marketing fees are too high they just can't get a positive ROI on their marketing but they'll walk around talking about I've got a hundred million dollar company, yet they're broke. I also know a dude, Tony Steffen, one of my private coaching clients. This cap makes about 1.2 to 1.4 million a year. It's his third year coaching with me. He started off selling gym memberships.

He's a registered dietician. Then he went a fourth year of coaching with me. He went from gym memberships to being a registered dietitian to do an online nutrition coaching and I helped them kind of build that business. And he got so good at it. He is now the business coach to register dietitians. And he's got coaching clients, just like I have coaching clients. He's got coaching clients who are all registered dietitians.

And he teaches them how to grow and scale their business and find clients and customers. In four years, this dude went from making $30,000 a year to $1.2 million. Super proud of him. He's super humble, hardworking. And you're ready for this? His profit margins are like 40%. after paying his taxes and all that stuff, he takes like $300,000, $400,000 home every year.

But he just makes $1.2 or $1.3 million. The point of this is that revenue feeds the ego, profits feed the family and the lifestyle. Focus on the profits, not the revenue. And finally, to that point, I need you guys to go from owning a job, to operating a business. In other words, if you work for yourself, that's cool.

That's cool. I'm not even going to say it's better than working for someone else. Because oftentimes if you work for yourself and you're just a one person show working for yourself, you're burning the candle on both ends. You're working so much overtime for yourself. Like if you did your, how much money do I earn per hour, you might be making less than minimum wage. It might actually be more profitable for you to go work for a company that you like, for a leader that you respect and work a nine to five,

you work your 40 hours a week, have good benefits, a 401k, a good salary, and have time to enjoy life. But if you work for yourself right now, that's just owning a job. Just owning a job. You got to own a business, and that means developing a team,

creating systems and processes, being able to go away on a vacation and come back and see your, business not only making money but growing that's a business so what I'm telling you here is you got to go from working in your business to working on your business and if you can do that go from owning a job to owning a business you can start focusing on profits actually making profits big profits and not just revenue and then using that profits to create multiple income streams and then making

sure one or two or three or as many of those income streams as possible are continuity or recurring revenue the next time we have a winter, we have a disaster, we have an economic collapse, you're going to do just fine. Guys, thank you so much for hanging out with me on the show today. Really appreciate your time. Do me a favor. It'll be a five-star review. Leave us great comments.

Share this episode with as many people as you can so that they can hear the positive news. The defeat is temporary. as a success. And I want you to fortify your business so that the next time we go through this, you come out a winner on the other side. Have a great one.