Are you doing too much? Do you have too many businesses? Do you feel like you aren’t as successful as you would like to be? I want to share that I have been in this space. I had multiple businesses and I wasn’t working all of them when I realized that I had an ultimate goal and the way to get there meant focusing on what would get me to my goal.
In this episode we will cover:
- What is your focus?
- Getting clear on your long-term goal.
- What is going to help you achieve the ultimate goal?
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Episode 215: Are You Doing TOO Much? Transcript
Andrea: [00:00:03] Welcome to the Legalpreneur Podcast. I’m your host, Andrea Sager, founder and CEO of Legalpreneur, Inc. As a serial entrepreneur and someone that works exclusively with small business owners legally protecting their business, I’m dedicated to covering common legal issues faced by business owners, providing you with the business knowledge you need to catapult your businesses growth and showing you just how some of the world’s most elite entrepreneurs have handled these legal and business issues themselves in true attorney fashion. The information in this episode is not legal advice. This is for informational purposes only, and you should always consult with your attorney before implementing any of the information in the show.
Andrea: [00:00:46] Hey there. What’s going on? Happy Friday. We did take a couple of episodes off because we were in Dallas and still recovering from podcast movement, which was an epic conference, by the way. If you’re a podcaster or want to start a podcast, you should definitely be at podcast movement. Next year it’s going to be in Denver. They also have podcast evolutions which think it’s February or March and that is going to be in Vegas this next year. So we will be only at the big one in Denver. That’ll be August. Hope to see there. We made so many good connections, met amazing people. And seriously, like if you’re in the podcast industry in any capacity, you do not need to miss that conference. So what I want to cover today is the question are you doing too much? As in do you have too many businesses? I see this as an issue that some people have their serial entrepreneurs, which I am a serial entrepreneur and some people aren’t as successful as they want to be because they just have too many businesses going on. And I’m going to I’m going to get into detail. But first, don’t forget to get your dream bigger ticket. If you haven’t already, they’re now 25% off. We do have an affiliate competition for the month of September. So if you have some peeps that you know would love to attend Dream Bigger, which is being in Phoenix, Arizona, October 5th through the 7th. Shoot me an email. Andrea at Andrea Sager. I’ll get you set up, get you all the details for our affiliate competition. It’s super fun and people are ready like I’m going to win because we have some really cool prizes, so let me know if you’re interested in that.
[00:02:31] Now getting into do you have too many businesses? And I want to preface this by saying I’ve been there. So last year, if you have not been listening to the podcast for that long, last year in the summer from June to October, I owned a poker club and this was on top of having the law firm, on top of having Legalpreneur, which is really just a side thing at the time. But I think that’s really when we knew like, hey, we have to go all in with this and I was just doing way too much. I like to call last summer Blur because there was so much going on that I don’t remember most of it and I realized I’m doing way too much and it was affecting a lot of things in my life. So number one, I sold the poker club, my business partner and I decided, hey, like. It was like we were we did well with it. It was really successful, but we just knew like, hey, this is not going to be a long term game for us. And so we weren’t able to get the poker club to where we wanted it to be as far as where we could just own it.
Andrea: [00:03:39] We were having to run it as well, and that’s not what we wanted. And so because we were having to be active in the business, it just did not fit into our overall business goals. So my business partner has his own businesses. Obviously I have mine and we wanted to have the poker club as just another revenue stream. And we played I mean, we still play poker all the time and so we thought, Hey, this will be cool to just own it and we can play and have our friends come play with all of us and we can make some money. But we’re because when we took over it took off. We were still having to also work in the club and so things were just crazy. And so we were spending too much time, a lot more time at the club than we wanted to. So I realized I was spending too much time at the club, and then I had the law firm and Legalpreneur, and so I realized I was doing way too much. And at that point I knew so Legalpreneur the Legalpreneur membership was really taking off at this point. And I had talked to Kayla, my CEO, and really like my partner in crime. I had told her like, Hey, I think it’s time to go all in with Legalpreneur and let’s drop the law firm and just put the focus on Legalpreneur, really build out this brand.
Andrea: [00:04:53] And so I was there, you guys, I recognized that I had too much going on and I had too many businesses and I had to take a step back and figure out what is the future look like for me and what do I really want to focus on? Because, I mean, I was making money, doing everything. However, I want to be able to sell Legalpreneur one day and a law firm. It’s very hard to sell a law firm. And when you go to sell a business, it’s all about what multiple can you get. So what your profit is, what multiple am I going to get that profit? Law firms don’t sell for much. And so I knew at the end of the day, the law firm, I’m never either I’m never going to sell it or I’m not going to sell it for what I would like to sell a company for. So I knew, okay, let’s slowly shut down the law firm and go all in with Legalpreneur. And so in my vision, legal produce will be $1,000,000,000 brand. I will sell it for at least $1,000,000,000 and. Once I had that vision, I knew it was time to shut everything else out and only focus on Legalpreneur. So that’s what we decided to do last year and that’s what we’ve been doing all of 2022.
Andrea: [00:06:02] So. Getting so much built out with Legalpreneur, but I explain all of that. To encourage you to look at your own life, your own business or businesses. Do you have too many irons in the fire? Do you have too much going on? What are the number? One thing you have to do is get clarity and figure out what is it that I really, really want in life. Because what you want right now may be different than what you want ultimately down the road. And if what you’re doing right now is not going to help you achieve what you ultimately want down the road, maybe it’s time to take a step back and reframe rework, do something else, figure out how am I going to get to where I want to go eventually. But you first have to figure out where is it that you want to go eventually? I have a couple of clients that come to me and they’re like, Oh, I’m doing this business and this and this and this, and none of them are making a ton of money. Maybe one is making a little bit. This one’s making a little bit, but none are making a ton. And when that happens, I, you know, I try to help them get really clear on their goals to figure out, hey, you’re possibly leaving too much, possibly leaving money on the table because you’re not focusing going all in with just this one thing.
Andrea: [00:07:14] Now, I know somebody is going to say, well, there’s people out there that have tons of businesses. Yes. And I think it’s okay eventually to have more than one business, most tons of businesses, but you can’t actively run all of those businesses. So if you have multiple businesses and you don’t have to be active in the day to day, that is not having too many businesses. That’s the dream. The dream is to have some people want to own just, you know, several small businesses not have to run them, just go collect. That’s the that’s like some people’s dream. I think that would be amazing for me as well. But right now I am focusing on actively running legal manure, building it up, and then eventually selling it for at least $1,000,000,000. So if you have multiple businesses but you’re not actively running them, that’s different than if you have multiple businesses and you’re actively growing and running the day to day of each of those businesses. Like if you’re a photographer and you’re also selling clothing and then you also have this other small business and this other small business, and you’re running the day to day of each. There’s no way that every single one of those businesses is going to be successful. You’re leaving a lot of money on the table because you are spread too thin to go all in and really figure out what’s the big ticket here.
Andrea: [00:08:39] So if you have multiple businesses that you’re running day to day, figure out what is my what is the biggest ticket here? What’s going to get me the most money one day or whatever your goal is? What’s going to help you achieve that ultimate goal? And maybe it maybe it’s time to trim down. Or maybe it’s time to figure out, Hey, how do I get passive in this one business? That way I can focus more on this other business. So just get to thinking, jot it down, like figure out first get get that clarity. And then once you know ultimately where you want to be. Figure out, okay, how do I get there? And start making a plan and make it happen. I hope this is helpful. This was really helpful for me last year when I realized I’m doing way too much. I mean, there are days that I wouldn’t sleep when I own the poker club because I obviously had way too much going on. And then I finally was like, Okay, it’s time to sell this place. So we sold it and I’ve been able to solely focus on Legalpreneur almost for a whole year now, so it’s been really nice. Do you have any questions? Need help? Reach out. Don’t forget about dream bigger. Email me if you want info on that affiliate program. Andrea at Andrea Care.com.
Andrea: [00:09:55] And awesome links here at Legalpreneur. We’re committed to providing a supportive legal community for all business owners. I know how scary the legal stuff can be. If you found this information helpful. I would be so grateful if you could share it with a fellow business owner. And quite frankly, it doesn’t cost anything to rate, review or subscribe to the show. Your support helps me reach more listeners, which allows me to support more business owners in their entrepreneurial journey. Have any questions or comments about the show? Feel free to drop me a line on Instagram, I promise. I read all of the messages and comments and if you want to be a guest on the show or know someone that would make a great guest, simply fill out our application form and a team member will reach out if we think it’s a good fit. I’ll see you in the next episode.