When Passion Gets in the Way of Profit | 026

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Welcome back. I am so glad that you're here.

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Today, I am going to be starting a five part series focusing on

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one of the resources that is available to you. It's called

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legendary business from rats to riches, and it actually is my

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Amazon best selling book. So the way that this book is organized,

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there are five of the most common mistakes business owners

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make in their business, how to identify them and how to get rid

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of them. So what I thought I would do is I'll make this a

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five part series, and each podcast will focus on a

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different chapter of the book. Now the book is called legendary

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business from rats to riches, because it is based on the fable

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of the pied piper. If you know the story of the pied piper, the

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pied piper came into a city of Hamlin. Hamlin is overrun by

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rats. They, no matter what they do, they can't seem to get rid

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of these rats, and so they bring in this specialist, this Pied

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Piper, and what he does is he makes an agreement with the

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towns people, and they say, Okay, we'll pay you this much

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money get rid of our rats. So he plays a tune on His flute and

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leads our pipe. I guess it's not a it's a the Piper. So he's

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playing a pipe, not a flute. However, he leads the rats out

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of town, drowns them in the river, and comes back and asks

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for his payment. And the people in the town decide that they are

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so clever that they are not going to pay the piper. And for

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that reason, something terrible happens in the town. I won't

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talk about it now, but there is a terrible end to this story,

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and that's where we get the phrase pay the piper. If you

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don't pay the piper, then something bad might happen. So

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this is the the story that I centered my book on, and the

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idea is that in your business, there are rats that come in and

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they cause havoc, and they keep you from getting the success you

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want. They keep you from getting the sales you want. They keep

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you stuck. They keep you in a place where you are not

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accomplishing what you want to accomplish in your business. And

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so I have given each of these mistakes that business owners

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make, a name, a backstory and an actual illustration. So my

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business book has pictures in it. Yes, I think that's one of

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my favorite pieces of detail in my book is that I actually hired

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an artist to come in and design each of the rats so they're very

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cute, and they actually incorporate the the pieces of

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this, the challenge that that rat, rat represents. So as I

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said, there are five rats which are represent the five most

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common mistakes business owners make. And so today I'm going to

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talk to you about Maya rat. And Maya is so cute. She's so cute,

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if you get the book, she's in there. She is a short sighted

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rat. She has big thick glasses. And what I'm going to do on

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these little podcasts, I'm going to tell you some of the

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backstory, I'm going to tell you some of the reasons why I made

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the choices in the book that I made. So Maya has these big

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thick glasses because she is a short sighted rat. She can't see

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the big picture. All she can see is what's right in front of her.

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So I actually chose the name Maya because as people age,

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there is something that happens to their eyes, which is why

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people need readers as they get older. And is called myopia. I

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believe that is the correct pronunciation, and it just means

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that you get really near sight, like you can't see things you

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need help. So that's where I got Maya from. So there's a little

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tidbit that nobody knows why she's called Maya, and now

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everyone will know, because I just shared it with you. So Maya

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is a near sighted ride. She is short sighted. She is an avid

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Baker. She loves to bake elaborate, majestic, beautiful

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works of art in cake. So she likes to make these really

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beautiful, elaborate cakes. And that's the jumping off point

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that we take with Maya in her business. So Maya opens up a

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bakery, and she wants to make all of these beautiful,

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elaborate cakes. This is her passion. This is where her fun

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lies. This is where she gets her joy. This is the thing that she

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wants to do so much. And she heard someone say, If you love

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what you do, you'll never work a day in your life. So she has

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taken that idea to heart, and she thinks that is. She just

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makes, just makes these cakes, and wants to make these cakes,

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and these cakes are going to be the thing that is going to make

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her fame and fortune, and that is where her mindset stops.

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Because what happens when Maya opens her bakery is that people

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are not flocking to her for these gorgeous, elaborate cakes.

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They actually love her pies. She makes amazing, delicious pies

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that everyone wants. However, Maya doesn't like making the

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pies. The pies are boring. They're very easy. Just slap the

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ingredients together, put it in the oven, and there's a pie.

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Cakes are creative and intricate, and they light her

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fire. That isn't what her particular customers are buying,

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and Maya has focused all of her energy, all of her advertising,

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everything on cakes. Yet that's not the thing that's keeping her

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in business. The pies are what is going to keep Maya in

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business. So what's short sighted about Maya is that she's

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running her business focused only on her passion, and she has

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not understood the concept that you need to run a business like

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a business. Yes, if you love what you do, you'll never work a

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day in your life. Is a very common expression. However, in

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reality, if you're running a business, there are very likely

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many boring tasks that you need to do, repetitive tasks, things

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that you have to take care of in your business so that your

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business can be successful, so that your business can grow, so

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that your business is legal, so that you are actually doing

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things, creating a foundation in your business, so that you can

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have the growth and success that you want. And for Maya, that's

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and for me, so I will tell you I am a little bit of my husband

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and I are Maya in this story. I'll give you a little back

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story on that in a second. We, you know, we are folk. There are

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things that we don't want to do in the business that are just so

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boring, that just are life draining, however they're

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necessary, and you have to do them. You have to do the admin

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task. You have to do the ordering. You have to do the

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repetitive stuff. You have to do all the stuff in your business

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that your business requires to function as a business. So if

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you can change your mindset into running your business like a

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business, while pursuing the passion and things that you

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love, you actually can get a really good balance. So let me

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take you back to the business that I ran with my husband. My

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husband and I had a business that we ran for over 11 years,

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and then we sold it for a profit. And when we started that

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business, we were Maya, we had a very particular, very expensive,

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very creative, Passion Driven service, or product that we

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wanted to sell to our clients, we were this was going to make

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us. We were going to this was it. We were so convinced that we

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knew exactly the one thing, the cake, if you will, the elaborate

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cake that was going to make us all the money. And we were

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advised that that might not be the case, that the case in our

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business might be that there's a boring, little, repetitive

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service that we will actually make a lot of money doing. And

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we did not believe that. We were like, no, no, no, it's going to

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be the cakes. It's going to be the cakes. And after about a

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year in business, we realized that we were wrong, that if we

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would focus on the pies in our business, that service in our

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business, that was Maya's pies, that we actually not only made a

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whole lot of money, because that's what our customers were

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buying. Our customers were buying pies. They were buying

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cakes occasionally. However, they were buying pies daily at

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insignificant numbers. So we actually realized that if we

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changed our

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business model to focus on what our clients were buying and what

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we made the most money in. Because honestly, the cakes

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weren't the best profit margin, right? They're the they are the

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exciting, creative piece of our business. They're not the money

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making piece of our business. So like Maya, we had to adjust our

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focus on what we were focusing on, on the pies. So my question

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to you is, what in your business? If anything, is that

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thing that you're like, Oh, I really want to do this big

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thing, this big creative ex thing that I just put my whole

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heart into. Do, and people aren't buying at the rate that

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we need to keep our business going, or are are not really

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buying all that much, however, they might be buying something

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else in our business. So the mistake that Maya rat is making

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in her business is that she is focused on only her passion and

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not on her whole business. And she's not focused on everything

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in her business and focusing on what is actually paying the

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bills, what is making her the most money. So in the in the

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book itself, the chapters are very short. I may have mentioned

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that my goal in writing the book was to write something that you

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could read for, you know, 1015, 20 minutes, put down, and then

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come back later and read another chapter. So first part of the

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chapter is the story of the rat. So we've already told you Maya's

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story, I've told you my story, and then the second part is,

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now, how do you fix that in your business? And for Maya's

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problem, for our problem, what we needed to do was focus on

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what was making us the most money and the most profit.

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Because you can have a very, very expensive product that you

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don't make a lot of profit margin on. And don't forget,

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whenever you're running your business, your time is also

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profit. You have to figure out where your time is best spent.

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Are you trading dollars for hours? And what that means is

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you are work. The amount of time that you're working on the

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project is the is, is where all your focus and money are going.

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So if it takes me three hours to do a task in my business and I'm

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charging $30 for it, that's $10 an hour, and if I've only

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charged $40 for the product, then I'm only making $10 in

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profit, or in that in the in the difference. Of course, profit

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includes expenses and a lot of other things. However, if I'm

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doing something that I'm charging $40 for, and I've takes

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me three hours to do. Then $30 of that project is my time.

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However, if I charge $40 for something that takes me 15

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minutes or 20 minutes or an hour to do. Now the difference

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between that project say it takes an hour and I'm charging

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$40 for it. Well, now all my all my money, isn't taken up in

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time, and if I can do more than one thing at one time, that

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actually increases my profit margin as well. For example,

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let's take it back to the bakery. When Maya makes pies,

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she doesn't make one pie at a time, she makes five pies at a

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time and puts those five in the oven, and then she puts makes

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another five and puts those five in the oven, and then makes

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another five and puts those five in the oven. So now she's got 15

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pies that she is baking at one time, and it has only taken her

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an hour to do that. However, the cakes take a lot more of her

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time, because between the baking and the stacking and the

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decorating and the getting the getting all of the things and

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the design and now a lot more of her physical time is being taken

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up. So that's more of a dollars per hour model where it's all

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everything that she's doing, she's doing herself. So anything

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that you can do in your business that will automate it, that

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will, I like to call it replicate yourself. Some people

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don't like that term. I do because it's how do I make

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another me to do the things that I need to do in my business? And

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if I can make three or four me's, now I can get even more

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done. So how can you replicate what you're doing in your

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business, so that you're actually making more money per

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hour because you have stacked and replicated what you're

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doing? So it takes you less time, and your output is even

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higher. If you happen to be a coach and you're listening to

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this, it's akin to doing one on one coaching that every person

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that you work with takes an hour of your time plus, as opposed to

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doing a group program where you're spending that same hour.

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However, you're now servicing many more people, so one to

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many, as opposed to one to one. So I'm Hope I'm not getting

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anyone lost to what I'm trying to say is that whenever you have

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a task, if you configure a task or a product, figure out what is

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the biggest profit margin, what is the biggest bang for your

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buck? And. For your time. So when I work with my clients, we

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actually have a tool called the dynamic sales accelerator, and

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we actually work through this to help you identify your highest

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profit offering your highest profit product. And how can you

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refocus your business so that you are actually giving people

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what they want, not what you want them to have, however, what

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they want and what they're buying at the highest profit

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that you can so that you can actually inject more money into

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your business and help you create a process where you're

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actually making money reliably, and then you can bring in things

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like the cakes. So in Maya's case, if she were to advertise

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and focus on the pies and bringing in all the money that

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the pies are going to make her, because that's what her clients

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want. That's what her clients are buying, then she can then

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she has money, she has time, she has less stress. She is focused

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on her business, on the things that are making it grow, and

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then whenever she gets a chance to do the cakes, she has all of

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that stress and anxiety lifted from her, because it's not all

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riding on one cake, because she's taking care of all the

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business stuff with the pies. So now she can focus on the cakes.

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It gives you, gives her more joy, it gives her more focus and

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allows her to actually create and be in that space in a joyful

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way, as opposed to what is this costing me, or what else am I?

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Am I not getting done? So focusing on the bigger picture

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of your entire business, focusing on what people are

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buying, and of the things that people are buying, what is that

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thing that gives you the highest profit margin? These things can

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fulfill the part of your business that is required for

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sales. Because sometimes people are like, Oh, I don't want to

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sell. And I've said this before, I'll sell it. Say this again. If

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you're in business, your job is to sell. You're a salesperson no

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matter what you're doing, because if someone isn't buying

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your service or product, then you don't have a business. So

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that exchange of money, of energy, if you need to use that

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word, that exchange of money is the definition of business. So

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we really do need to focus on that part. However, the things

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that people are buying that is your highest profit margin

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doesn't have to be, you know, you don't have to dread those

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things. If you can change the way you're looking at it like,

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wow, I am making so much money with these pies, I will gladly

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make all of these pies because they make the cakes available.

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They make room for those cakes to come in and for me to enjoy

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doing that kind of thing. Um, so that's one piece of of the

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puzzle is we really need to be focusing on as business owners.

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We need to look at our business not just through the lens of

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passion, but through the lens of good business practices. So

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figure out what is making you money, what are people buying?

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And focus on that for your advertising and your marketing,

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and get the people in with the thing that they want, and then

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you can sell them the thing that you really like. So if somebody

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comes in reliably to buy pies at Maya's bakery

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when they have a birthday, if they love Maya's bakery, they're

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going to ask Maya to make the birthday cake or the wedding

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cake, because they've got that relationship with her, and she's

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created that community around her pies that then people can

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step into the next thing and the next thing and the next thing.

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Because small jobs lead to big jobs, we need to never, never,

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never be in that space of ugh. That was just $20 or that was

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just X number of dollars. Because small jobs lead to big

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jobs. I've seen it in every business that I've ever been in.

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That's bringing people in and having that good experience with

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you will create an environment where people want to come back

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and do more work with you. And the second part of Maya's story

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that's really important is that Maya is avoiding the things in

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her business that she doesn't want to do. I did not ignore

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things in my business that I didn't want to do. However, I

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dreaded it. I dreaded doing the admin tax tasks and the taxes

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and all of the things that were, you know, very numbers based and

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very focused and very, you know, very rigid and structured. I'm a

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really creative person. I love people. I'm all about people. So

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tasks, I actually have to focus and get the necessary tasks

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done. However, I. Know how critical that piece of the

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puzzle is, and even if I dreaded it, I still managed to get it

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done. I might have complained and kicked and screamed a little

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bit. Yeah, yeah, I did. However, knowing that if I get that piece

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done, my business is that much more secure, and that I can

Sharon Galluzzo: 00:20:21

actually grow and scale my business because I took care of

Sharon Galluzzo: 00:20:26

the business piece that had to be done. So if you are, you

Sharon Galluzzo: 00:20:30

know, oh, I, if I, if I love what I'm doing, I'll never work

Sharon Galluzzo: 00:20:33

a day in my life. So I don't have to do the things that I

Sharon Galluzzo: 00:20:36

don't enjoy. If that is your viewpoint and you want to have a

Sharon Galluzzo: 00:20:40

successful business, I will challenge you that taking care

Sharon Galluzzo: 00:20:44

of the whole entirety of the business is actually what's

Sharon Galluzzo: 00:20:48

going to get you where you want to go. It's going to give you

Sharon Galluzzo: 00:20:51

the business of your dreams, and it's going to allow you to

Sharon Galluzzo: 00:20:53

create what you need to create in your business. Like I work

Sharon Galluzzo: 00:20:58

with my clients on the Seven Pillars of profit. There are

Sharon Galluzzo: 00:21:01

seven areas in your business that you have to have structure,

Sharon Galluzzo: 00:21:06

systems and processes, and if you can actually shore up all

Sharon Galluzzo: 00:21:10

seven of those areas, that's when you can scale and have have

Sharon Galluzzo: 00:21:13

a bigger business, you can make a bigger difference. It makes

Sharon Galluzzo: 00:21:17

more for you. So in so those are the two pieces. Focus on what's

Sharon Galluzzo: 00:21:25

really making you money, not just what you're passionate

Sharon Galluzzo: 00:21:27

about. And sometimes they can be the same. I will take a step

Sharon Galluzzo: 00:21:31

back. Sometimes they can be the exact same. However, if they're

Sharon Galluzzo: 00:21:35

not, don't be myopic. Don't be so near sighted about it that

Sharon Galluzzo: 00:21:40

you miss the opportunity to actually focus on what people

Sharon Galluzzo: 00:21:45

want that will serve them, that will bring them into that will

Sharon Galluzzo: 00:21:48

actually create that relationship. Because that's a

Sharon Galluzzo: 00:21:51

powerful open door that if you keep closed because you just

Sharon Galluzzo: 00:21:56

don't want to see it, it will hinder you. So open the door,

Sharon Galluzzo: 00:22:00

open your eyes and see, do the analysis, see what's really

Sharon Galluzzo: 00:22:04

going on in your business, and then do the things that you

Sharon Galluzzo: 00:22:08

don't want to do that have to be done in your business. Sometimes

Sharon Galluzzo: 00:22:11

there are things that don't have to be done that are really

Sharon Galluzzo: 00:22:13

annoying, and then you don't have to do them. And you know

Sharon Galluzzo: 00:22:16

what? You don't have to do them yourself. You can bring someone

Sharon Galluzzo: 00:22:20

in to do it for you. You can delegate that to someone on your

Sharon Galluzzo: 00:22:23

team. You can hire someone. There are all kinds of options

Sharon Galluzzo: 00:22:27

for you to get the things done that need to be done in your

Sharon Galluzzo: 00:22:30

business. It doesn't always have to be you. And if you are, right

Sharon Galluzzo: 00:22:34

now, a solopreneur, and you are the one who has to get all the

Sharon Galluzzo: 00:22:38

things done, then figure out a way to do it. What motivates

Sharon Galluzzo: 00:22:42

you? What can you do to keep yourself on task and to do the

Sharon Galluzzo: 00:22:47

things that you need to do myself? Procrastination has been

Sharon Galluzzo: 00:22:51

an issue, so sometimes I would put something off so long that

Sharon Galluzzo: 00:22:56

had I done it at the beginning, it probably would have taken me

Sharon Galluzzo: 00:22:58

15 minutes. Well, now so much time has passed I don't even

Sharon Galluzzo: 00:23:02

remember all the things that I need to have in front of me so

Sharon Galluzzo: 00:23:06

that I can get it done. So now it's going to take me an hour or

Sharon Galluzzo: 00:23:09

two hours, because I procrastinated and I put up all

Sharon Galluzzo: 00:23:12

of this work that you know that didn't need to be there. So

Sharon Galluzzo: 00:23:16

figure out what motivates you. Are you motivated by rewards.

Sharon Galluzzo: 00:23:21

Set up a reward system for yourself. Put up a chore chart

Sharon Galluzzo: 00:23:24

if you need to say you're going to buy yourself a Cadbury egg,

Sharon Galluzzo: 00:23:29

whatever it is that that will motivate you figure out what the

Sharon Galluzzo: 00:23:33

reward might be. And if you're the kind of person who is not

Sharon Galluzzo: 00:23:37

motivated by rewards, however you are motivated by negative

Sharon Galluzzo: 00:23:42

input. I read a story one time that I thought was really neat.

Sharon Galluzzo: 00:23:47

This guy had $100 bill cash, money that he handed to his

Sharon Galluzzo: 00:23:51

friend, and he said, If I do not finish this task by the end of

Sharon Galluzzo: 00:23:55

whatever time in three hours, you get to keep my $100 bill. If

Sharon Galluzzo: 00:24:01

I do accomplish it, I get the $100 back. That's sort of a

Sharon Galluzzo: 00:24:04

negative motivation. I know if that's the right way to say it,

Sharon Galluzzo: 00:24:08

or that's how I'm describing it, where the cost, there's a cost,

Sharon Galluzzo: 00:24:11

there's a pain point, there's something you could lose. If

Sharon Galluzzo: 00:24:14

that's something that motivates you, then use it and ask for

Sharon Galluzzo: 00:24:18

help. Ask someone that you call up a friend and say, Hey, I need

Sharon Galluzzo: 00:24:21

some motivation. I need somebody to keep me accountable for

Sharon Galluzzo: 00:24:25

getting this task done. Please help me. Ask your partner, ask

Sharon Galluzzo: 00:24:28

someone that you work with, ask your kids. I'm sure your kids

Sharon Galluzzo: 00:24:32

would love to tell you what you're doing wrong. They love

Sharon Galluzzo: 00:24:36

that stuff. So figure out what motivates you and put those

Sharon Galluzzo: 00:24:42

things in place so that you have a support system around you as

Sharon Galluzzo: 00:24:46

well. So that is what I wanted to share with you about Maya

Sharon Galluzzo: 00:24:50

rat, who is a character in legendary business from rats to

Sharon Galluzzo: 00:24:55

riches. She is the first rat that you encounter in the book

Sharon Galluzzo: 00:24:59

and. And additionally, we have a workbook as well, same name

Sharon Galluzzo: 00:25:03

legendary business, from rats to riches workbook, and it actually

Sharon Galluzzo: 00:25:07

takes the concepts in the book a deeper level, so you can

Sharon Galluzzo: 00:25:12

actually work through that item in your business and brainstorm

Sharon Galluzzo: 00:25:16

and figure out where Maya rat is coming to cause you difficulty

Sharon Galluzzo: 00:25:21

in your business, so that you can be the pied piper, so you

Sharon Galluzzo: 00:25:25

can kick Maya out. So those are that that's the resource. I'm

Sharon Galluzzo: 00:25:29

going to put the links in the in our portal, so that you can

Sharon Galluzzo: 00:25:34

access that the book is available on Amazon. You can buy

Sharon Galluzzo: 00:25:38

it from there. You could also purchase it from me. No worries,

Sharon Galluzzo: 00:25:41

either way, the workbook, however, is only available

Sharon Galluzzo: 00:25:45

through the link that will be in the portal. It is not available

Sharon Galluzzo: 00:25:49

on Amazon at the moment. So you can get the book, read the book,

Sharon Galluzzo: 00:25:55

you can use the book alone if you get the workbook, you really

Sharon Galluzzo: 00:25:59

do need the book to make the workbook make sense. So if you

Sharon Galluzzo: 00:26:04

wanted to do both of those, I will put that resource into our

Sharon Galluzzo: 00:26:07

portal. Our community is called profit connectors, dot club, C L

Sharon Galluzzo: 00:26:13

U B. That's profit connectors because you are making the

Sharon Galluzzo: 00:26:17

connections. Profit connectors, dot C, l, u, B, and you can go

Sharon Galluzzo: 00:26:23

in there. It's free to join you. Just go in and inside that

Sharon Galluzzo: 00:26:28

portal, there is interviews. It is all the podcasts, interviews

Sharon Galluzzo: 00:26:33

that we've had, all the podcast episodes, bios and photographs

Sharon Galluzzo: 00:26:37

of our guests, links to all the gifts that are within the

Sharon Galluzzo: 00:26:41

portal. There'll be a link in there for the book and the

Sharon Galluzzo: 00:26:44

workbook, and if you want to go get that, I encourage that.

Sharon Galluzzo: 00:26:48

Thank you for joining me for part one of legendary business,

Sharon Galluzzo: 00:26:52

from rats to riches, meeting all of the rats in the book. And

Sharon Galluzzo: 00:26:57

remember, I encourage you to keep showing up, your future

Sharon Galluzzo: 00:27:02

self will thank you, and remember it's your business and

Sharon Galluzzo: 00:27:07

your impact. Go make it matter. Thank you for joining me. You.