The one thing all entrepreneurs have in common is that we started our businesses in order to give ourselves more time and money freedom. The ugly truth is, most entrepreneurs have zero freedom. They are constantly stressed and exhausted. As a result, their families suffer. What do we need to do in order for our businesses to give us true freedom? How can we get out of doing low value work? How can we make sure our businesses aren’t negatively impacting our families?
On this Boss Dad spotlight episode, I’m joined by founder of Real Estate B School and host of the Business Freedom Podcast, Lars Hedenborg. He shares powerful business, marriage and parenting nuggets, while discussing how he built a 7-figure business that still allows him time freedom.
3 Things We Learned From This Episode
Know your worth and your dollar per hour value (11:41 - 13:47)
One of the biggest barriers to our growth as entrepreneurs is not having a concrete dollar value for our time. Because of this, it makes it hard for us to know what we should be spending our time on. If we know that our time is worth $250 per hour, we won’t spend it on $10 per hour tasks.
Delegate to elevate (14:22 - 16:50)
Entrepreneurs often wear all of the hats in their business, but the problem is, some of the work is something we could be passing off to someone else. Pay them $10 per hour and then we can focus on higher level work.
It’s impossible to grow a business if you don’t know the numbers in it (17:02 - 17:48)
The first step to successfully scaling our businesses is tracking and measuring everything we do. Once we know our numbers, we can systematize processes, optimize them and even teach other people how to do the tasks.
When our businesses aren’t set up with systems and processes, we become chained to them. As a result, our partners and children carry the weight because we can’t be present with them. We have to learn that our time is valuable, and that doing every single role in our business isn’t noble, it actually puts our families at financial and emotional risks. We have to know our numbers, get a good system down, and bring on people who can help us work more efficiently. This is how we show our children that running a successful business venture can be fun, fulfilling and financially viable.
We hope you enjoyed this guest episode from the Boss Dad podcast.
When growing a team there will be aches and pains, but why sacrifice your time longer than needed and in the wrong areas? REBS is here to help you grow, and grow your team, so you can get the true balance in your life back. Do you want help?