The Science of Flipping - Episode 120: 3 Pieces of Advice by Justin Colby

Episode Date: June 26, 2018

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. Yo, yo, what's up? What is up, everybody? And I want to talk to you a little bit about this last week, the last two days, actually. I, myself, and my two business partners, Kent Clothier and Sean Terry, had an incredible two-day grind and grow boot camp. For some of you watching this video, listening to this audio, you guys were there, which is awesome. For some of you, you were not. And I actually was able to bring my entire team in,

my entire business to my business partner, Eddie, down to my operations managers, to my personnel managers, to my acquisition managers, to my lead managers, my personal assistant. I brought absolutely everybody into that room to help you systemize and show the systems that we use in our business. But there are some big takeaways because we also allowed the people in the room to get up on what we call a hot seat. And that hot seat allows them to actually be able to talk about their business and what is a priority to them and what they are doing good and then also where they need help. And so I want to give you guys three pieces of advice that I took away from this actual meeting that was really crucial and critical to everyone in that room. And the first piece of advice I can give you is do what makes you happy.

There's a lot of opportunity out there. There's a lot of things you can be doing. There's a lot of jobs you can be getting. There's a lot of businesses you can be doing. There's a lot of jobs you can be getting. There's a lot of businesses you can be starting. But you need to really find what makes you happy. Because if it doesn't make you happy, no matter how much money it brings you, you're not going to be able to feel that happiness. And you're not going to enjoy doing it. Even if you make a million dollars by you not enjoying doing it, you're not even playing at the highest level.

You're not going to be able to play at the highest level because you simply don't enjoy doing it. And you could use that in any area of your life. But if you're going to go out there and work every single day, and so much of our lives are based around your day-to-day work, God, for God's sakes, go do what makes you happy. This is your life. You only have one life. This is not a practice, right? You only got one shot at this. And so if you're going to choose to do anything and it is your choice, do something that makes you happy. Do something that you're going to be loved doing that you do not have to dread Mondays, that you don't have to look forward to Fridays.

One thing that I pride my life on the businesses that I've built is I never dread coming into work Monday. In fact, I don't even get excited about Friday because I typically work on Saturdays. So when you can get to a point where you don't dread Monday and you don't get excited for Fridays because you're either going to be working on the weekends or you love what you're doing so much. That is true happiness. Now you're following your passion. Now you're going to have a lot more success. So first piece of advice, do what makes you happy.

It's your choice. You're the person that can go do it. Second piece of advice, do the fucking work. No matter what it is, no matter how happy that business or that job makes you, you have to put in the time. You have to do the work. None of this is going to come to you easily. You're going to have ups and downs. You're going to have great weeks, months, years, and then you're going to have tough weeks, months, and years, but you've got to be able to do the work. Focus on the process. Don't focus on the results because if you keep focusing

on the process, you're going to continue to work. You're going to continue to do the actions that need to be taken for you to get where you need to be. Again, whether it's a job or a business that you're starting, or if you're a real estate investor, you need to focus on doing the work. Too often, a lot of people think, oh man, I tried this one marketing strategy, it didn't work, so I gave up. That's not doing the work, right? Grinding it out. If you don't have a big budget, you got to put forth the time, right? So if you don't have a big budget to start a company or start marketing, You need to put your time involved and trade your time for dollars on the front end until you can make enough money to spend money

growing your business and marketing. So you absolutely have to do the work. Don't be shy from the work. Otherwise, don't go start a business. Don't be an entrepreneur because it is a lot of work. It's a pain in the ass. There's tough days and you got to grind it out. Now, the results can be awesome, right? But you need to focus on the processes, not the results. And the third piece of advice that was a really big takeaway for that room is make sure when you are growing, make sure when you are hiring, make sure when you are finding the right partner, you are finding the right person for the right seat.

It's great to be able to hire somebody, but if you're hiring someone that doesn't have the operational skills or the management skills, and you're hiring them as a manager or an operator, you're just gonna be kicking the can down the road. You're never gonna be finding the amount of success that you want because they're not going to actually be good at what they're doing. So you need to make sure if you are going to hire, or if you are going to

talk about a partnership of sorts, make sure you understand what their strengths are and what their qualities are so you can put them into the right seat. Too often, I see too many entrepreneurs go out, they want to hire, they just start hiring because they like the person or they don't want to have to do more interviews, but then they put them in a position that they're ultimately not going to succeed. So they're ultimately not going to get the results that need to be gotten. And so as entrepreneurs, the business owner, we're going to be discouraged. We're going to be upset. That's us. We need to look at ourselves in the mirror as people, as the owners of the company, that we need to focus on hiring

and recruiting good talent and putting them in the right seat so that we can make sure that they flourish to get the results that we want as the business owner. And that's going to be paramount. So when you are doing that, you can use several different personality tests. There's the DISC test, there's the Colby test, and then there's the predictive index. I actually have been leaning more towards the predictive index. It's a better test to find out what really motivates these people or what really helps them to achieve. And that will help you at least kind of close that gap of whether a, you should hire them B, whether the person in that role should even stay in that role any longer or C, um, if you just need to let them go and go find someone else. Um, and lastly, kind of part

three B to this point is if you're going to hire, be slow to hire because I think a lot of people, back to the doing the work part two, people are just scared to do the work. So they want to go out and outsource it and hire it. And they listen to myself or Kent or Sean or so many other people that have built businesses and they're so quick to go out and hire and give away all their profit that they don't make as much money as they actually could. So when it comes to hiring, I'm okay with it. Make sure you're doing it because your business is building enough revenue that you can afford it. But then also when you do that, make sure you're putting the right person in the right seat so that they can have success and help grow the business.

And so that's what I wanted to talk about today on this recording. The event was absolutely awesome. If you missed this last two-day Grind and Grow event, I hope to see you at the next event here coming up in August. And it will absolutely blow your socks off. So for that, guys, I'm signing off. Peace.