050. James Schramko On How to Build a Lifestyle Business

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How To Drive Business Profitability And Frameworks That Really Work — With James Schramko

James Schramko is from Super Fast Business, he’s the master of essentialism and cuts through all the noise to get to the core business issues extremely, quickly he’s one of the brightest people I know, and I’m proud to call him my friend and mentor.

He’s a very special guest whom I featured in episode 2 of this podcast series. He’s mentored several 7 and 8 figure business entrepreneurs and help them grow their businesses exponentially by giving clear and direct advice.

Building a successful lifestyle business is simple but not easy. If you put in the time and consistent effort, you might be pleasantly surprised with the results you achieve. 

In this conversation, James and I discuss various business growth strategies that enable you to leverage the power of the internet while still maintaining a good lifestyle. 

 

 

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Key Points (Timestamps)

  • 00:54 — Intro and overview
  • 02:55 — The importance of  rejuvenation for entrepreneurs
  • 04:22 — How to have a high impact (even if you’re starting off as an entrepreneur)
  • 05:22 — Lead Generation vs Profitability and how to prioritize them
  • 08:04 — The Hunting versus Farming analogy and how it applies to recurring income models
  • 11:02 — Recurring errors that James has seen where people have left profit on the table
  • 11:49 — Make sure that what you’re building is worthwhile.
  • 12:05 — The importance of cultivating your existing customer base
  • 13:33 — Importance of doing surveys and using them to find out your customers’ preferences
  • 15 :44 — Related interviews with James Schramko, Robbie Kellman Baxter and Ryan Levesque
  • 16:31 — Challenges that high-profile entrepreneurs have faced and how they’ve overcome them
  • 16:47 — How James uses the power of question to help his high-profile entrepreneur clients to overcome their biggest challenges
  • 19:55 — James’ approaches to mindset:
    • The Socratic technique
    • Telling stories and using metaphors that move people
    • Probing and agitating thoughts and ideas
    • Share nourishing information
  • 23:59 — Actions a business owner can take to increase profitability and quality of life
  • 33:22 — The opportunity cost of chasing new systems – lost opportunity to find out more about your customers for increased profitability
  • 27:27 — Fixed costs vs Variable costs and how they impact profitability (Example)
  • 28:32 — Why it’s critical that you understand the impact of downtime when you change systems (Don’t adopt a new system just because it’s the best thing in the market.)
  • 34:13 — And if you’re going to do it…. Just DO IT with purpose.
  • 35:49 — When the pain point increases to a threshold or the benefits are higher than a threshold, James moves.
  • 37:08 — Podcast with Greg McKeown on Essentialism
  • 37:52 — Buck Rizvi and his take on the importance of a strong organizational culture
  • 39:05 — The importance of human potential
  • 42:10 — The books that have had the biggest impact on James and why they’ve had such a big impact
  • 46:34 — The importance of using new frameworks right away (and how James embeds new frameworks he learns)
  • 46:34 — James Silver Circle community
  • 48:32 — How to get in contact with James
  • 49:47 — Wrap up and recap of key concepts
  • 51:20 — Related podcast episodes

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