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How I Stopped Trading Time For Money And What I Learned the First Time I Made $100,000 In a Single Weekend

This is a continuation of a story how I turned my ho-hum solo practice into a 7-figure business. If you missed the previous lesson start here.

 

Most businesses operate from the point of scarcity and grow too slow.

 

Now, “slow and steady” has its place, but it’s a killer when it comes to building your business. You simply can’t make good decisions and take advantage of new opportunities if you’re financially, mentally and energetically strapped.

It becomes the proverbial “catch 22”; you want to grow your business to bring in more resources, but you don’t have the resources to grow your business. So what gives?

The solution is to orchestrate what I call a “profit explosion” – a burst of new business that gives you an influx of financial resources you need to get to the next level.

[Side Note: If you want to understand this concept better, here a couple of videos explaining the idea of Profit Explosion more in depth.)

I experienced my first big profit explosion when I hosted a live marketing training event and made over $100,000 in one weekend for the first time.

It was a life-changing thrill! But don’t think it was easy. In fact, once I almost lost everything despite making a lot of money! (I’ll come back to that a little later.)

If you’ve never had this much money coming into your bank account so fast let me tell you – it’s a rush! When your credit card company calls asking how the hell you’re processing thousands of dollars in sales with a speed of a card-swipe – you know you hit the pay-dirt!

 

 

You must grow by creating profit explosions…

 

But – while the money was great – even more valuable where the lessons I learned.

• My list of prospects exploded from hundreds to tens of thousands as I was being recommended by  other experts…

• My phone started ringing with offers of partnerships, JVs, speaking invitations and lucrative propositions that weren’t open to me before.Suddenly, my name was being whispered around as the “go-to-guy” for marketing training…

• “Big-wigs” who previously “didn’t know me from Adam” and wouldn’t give me a moment of their time where now calling me!

I gotta tell you – it felt great!

• Plus, I now had amazing content to leverage into “massive passive income” through online sales for YEARS to come!

• And I could afford to buy new tools – like computers and software, hire help, and invest more in my business education…

• Finally, the feeling of security – knowing I can create income “on demand” anytime I want – is something many people only dream about. But it’s real.

  And it’s a very good feeling.

This was probably one of the biggest “aha” moments in my business – I have finally truly grasped the power of LEVERAGE to create a profit explosion and thrust myself into a position of a leading authority in my market.

I discovered how to:

• Build my business faster using other people’s resources(money, time, and knowledge)

• Turn one-time effort into ongoing passive revenue stream, and…

• Escape the trading hours-for-dollars trap once and for all!

 

But don’t do it alone!

 

But, just so don’t think this all happened on some idyllic island off the coast of Paradise, these lessons didn’t come cheap.

Truth is, I didn’t get to keep all of that money. I “saved” on not hiring a mentor to teach me the “tricks of the trade” and “insider secrets” of being in the seminar business. And I paid a hefty price for my lack of knowledge and experience instead. (I still cry sometimes at my own stupidity!)

Not only did I often over-pay for things, but I once made a critical error of becoming over-confident and spending in advance the money I was hoping to make with future sales. Big mistake.

Yes, I generated huge sales. But not as much as I projected. So I ended up losing all the money and barely got to keep my shirt on! (Which actually taught me even more valuable lessons I can now share with my students and clients to help them avoid similar disasters.)

Bottom line is this: growing your business one client at a time is a good start-up strategy, but it won’t take you to the mid-six and seven figure level. What will get you there? I’ll cover that in my next post – how I discovered the painful costs of choosing the wrong business model. It will shock you that it’s possible to be making $250,000 and more a year and still have a bad business!

 

I’d love to hear from you…

 

What’s your biggest takeaway from this story? Have you tried creating “profit explosions” in your business? Did it work? What did you learn? Take a minute and share your experience and aha’s in a comment below.