Key Mindset Shifts to become a True Business Owner

Welcome back to another edition of the Business Freedom Podcast. Lars Hedinborg here, your host. And we're kind of in the middle of a mini series, podcast miniseries and the focus is on, you know, big picture. How do you achieve something in your future that you don't have today? And we're using business as the playground, you know, that we're working in. And all of this applies to our personal life as well. So in real estate b school, we're really, really passionate about achieving in business. Yes, I mean, that's the fun stuff. And there's all this other amazing stuff that you can have in your life as a result of this exact same process. And so the first, so I guess two or three episodes ago, we talked about having regrets if you stick with your current plan. So in business, you know, they're hopefully you're building something. In real estate, you know, it's easy to fall into the rut of just, and I say it just like it's a wrong, it's a bad thing. My passion is helping real estate agents, you know, go from being an agent to a team leader to a business owner. And my point is it's easy to stay in that rut of comfort, the comfort zone where you're good at helping buyers and sellers. And, you know, maybe you had some bad experiences with hiring team members in the past or, you know, your team members, you know, you feel like they never appreciate you or there's some sort of something that's holding you back from building, you know, a really amazing real estate team. And even if you have a team, which is who we serve, we serve folks that already have a real estate team, or at least a small team, key administrator, a couple buyer agents. That's kind of our entry point in real estate. Peaceful. And then all the way up to, you've heard me mention, you know, four and a half, five million dollar folks that have their different set of struggles and their set of baggage as well. So there's no business that is not, is not impacted by just struggle. And so that's just a real thing. So we covered that like just, will you have regrets? Are you on a plan that you feel comfortable about? Then we went into, and I broke it into two parts, the eight things you must know about crushing your goals. And that was really, really impactful. If you missed those, make sure you go back. We talked about putting your life first. We talked about the fact that growth is hard. You need this franchise mindset, you know, becoming a productivity warrior, that there are no shortcuts. You have to stop chasing squirrels. Way better if you play the long game and to enjoy the ride. And that's really the whole point of it is, you know, it's not about the destination destination, it's about the journey to the destination. So that brings us to where we are for this episode. And it's really talking about, you know, mindset is everything. You know, there's this quote from Tony Robbins. I'll butcher it a little bit. Essentially the quote is, you know, 80% of success in business, really success in anything, comes down to your psychology, your mindset. And 20% are the tactics, the things you need to do. And so a good example of this, the easiest example of this is your physical body. If you have a few extra, you know, I was, I weighed 224.2. This was April 15th of 2019. So depending on when you're listening to this and you know, do I know how to be skinny and be super fit? Like, is there any shortage of strategies on being really fit and healthy? There's nothing. I've consumed it all. I know exactly the workouts. I know exactly how to eat. I know I need to hydrate and sleep and not be stressed. And hormones have a part of it and all of it. Like, I know what to do. Yet historically, going back this is the last four or five years, I've been on this roller coaster of weight loss, weight gain. So it's the psychology, it's the mindset that I've now adopted around my health and how I view myself that is helping me consistently maintain a physical body that I've always seen this physical body. I wanted to weigh my wedding weight. I only weighed my wedding date on my wedding date, 192. And then I think after a long run, when I did a marathon, it was a 20 mile run. And I think I weighed myself. When I got home, I took a shower and weighed myself and I think I weighed 192. Now I'm just consistently 192. My next goal is 182 and I know I'll get there because I've changed my identity. My mindset has shifted around my physical body. The same goes for business. I want to take you through an exercise. This is going to be really helpful. If you do this exercise with a journal, you slow it down. If you're in the car, I guess it's helpful. Or you're going on a run, I guess it's helpful to hear it. Really, it's going to be helpful to kind of do this and so I'll tee it up here. This is an exercise we take folks through, an actual exercise. So in order to take your business to the next level, wherever you are, it's necessary to let go of certain limiting beliefs regarding your business, how it operates and your role in its success. The business of real estate is not complicated. But building a business that truly serves your needs can feel overwhelming at times. So consider your answers carefully. Begin to act as if your trajectory along this business ownership path is imminent and cannot be avoided. It's coming and we need to prepare you for it. So this is a bold claim we make to new members. This thing is coming and you need to be mentally prepared for it. And so some of the questions, and I want you to really think about these questions. First one is what are some of your fears when it comes to building a leveraged business? Do you really think it's possible, do you really think it's possible to get to the point where the business doesn't rely on you like it does today? Think about that. What are some of your fears around that with clients? What they might think if someone else services them? Next question. What limiting beliefs do you have regarding time and money? You feel they are a trade off? Can you deliver enough value to justify making $1,000 per hour? Bold statement or bold question? Right. If you've heard me chat before about time and money, I made the felt like a bold claim at the time until I achieved it and then I doubled it. I made the bold claim that I'm going to make $250 an hour every hour I work. Real estate took me about five years to get there. Then it took me another five years to get to 500 and I'm in the midst of the next five year period. So I'm about halfway in. My business ownership journey started in 2007, 2019. So I'm 12 years in five years, five years. And now I'm in the midst of figuring out how to make $1,000 an hour. So maybe the number is a little different for you. Maybe it is $250 an hour. You know, how do you see time and money? Traditional success will have you putting in more hours to make more money. And that's where we really pick up clients. Where other coaching programs have taught that person how to sell more homes but not do it in a way where it's leveraged and there's sustainable systems and empower people that have sort of built the foundation of this business. They just teach the person to sell more homes. And that that means it's eight days a week, 25 hours a day. All right, next question. Describe some of your frustrations regarding your people. So if you have people, if you have a team, what are some of your frustrations regarding your people? Do you feel they're capable of running your company or growing your company? Maybe some of your insecurities, some of your limiting beliefs are because your people might not be strong enough to help you take this next level of growth or build the foundational systems required to be able to double, triple, quadruple the size of your business. So what are some of your frustrations or insecurities around your people? Next question. Do you believe your personal brand can operate without you? Do your clients really want you or just the standard of service you provide? So the second part of that is obviously leading and I, you know, I. My last closing that I was a real estate agent was January 2012. Although I'm involved in the real estate team, I'd still go there one day a week. I know everything that's going on and how challenging to run a real estate team with all that's going on and with the shift storms and all of that, you know, so I feel comfortable with the answer to this. A lot of, you know, top producing agents and small team leaders and even mid sized team leaders where the team leader is still heavy in production and the whole business revolves around them, they have this insecurity around the personal brand operating without you. I made the bold move three years ago to take my name off my real estate team. That's not for everybody. It was a big step backwards and now I did it. So this real estate team had a wrong longevity. Yeah, I guess that's the right way to say it that way. So it can have a life without me and it can really operate as an independent real estate brand. That's not for everybody. That's not the point I'm trying to make. You can build your brand with your name on it. The John Smith Group or the John Smith Real Estate Group. What insecurities do you have around that? And so the next thing I want to have you think about, think about the level of service you provide. Do you feel like others can deliver a higher level of service? What concerns do you have? So have you set up your real estate business to provide a level of service that is super amazing, like world class? One of the things we focus on heavily in the last couple years in my real estate team and also pushing our members, you better make sure that you're earning Your freaking commission. Check that there's this fair exchange of value following other industries and what's happened in financial services. There are super successful financial advisors today, yet their roster has declined for eight years in a row because of the technology disruption and the consumer shift that happened in financial services. So that's an industry I really look at. I've got a great financial advisor who I, I know exactly how much he makes off of me with the little time he spends with me and I still really value that. And I could move all of it to Vanguard if I didn't value in one fell swoop. I could take all my net worth and move it over to Vanguard and I choose not to. That choice is there today and more so in the future for buyers and sellers. How do you think around your service level? Are you working on making it world class? Alright, next question. Describe your current sales management structure for team leaders. How are you managing your sales team? What do you feel are your current limitations? Most team leaders are so entrenched in their own personal production and trying to keep the business running that they're really not providing a level of sales management that is truly serving their team members. So it's that chicken egg, right? Maybe you haven't structured it the right way so you can step out of production. So you need the money from your own production. You don't have the time to really serve your team members so they're not growing. And what do you do first? Where does that lead? We have a lot of folks that make that transition. Do you believe that doing less deals personally will help you grow? That is a big limiting belief for many doing. How can doing less deals possibly help me grow? Right. It only you know, it only you can only grow if you're changing, exchanging those hours for higher dollar productive hours. You're building systems, you're working on marketing, you're recruiting, you're lifting your current team members up, you're putting systems in place to provide a world class service that gets more referrals. That's the only way you can win the trade. And then you have to be able to say hey, if I want to make 250 an hour and I can hire an agent, a buyer's agent for 30 to $50 an hour, a listing agent for 75 to $100 an hour, there's a delta there, right? So I just got to make sure that I'm doing things that are really valuable in the business. And last question. And you know we're a company of action. You know, we Train, coach and help team leaders implement systems that will give them leverage so they can build a business that doesn't depend on them. Even if you want to be in production forever, you still need to have sustainable systems and empower people around you to make this thing run. At least have the ability to run without you. And I don't care if you stay in production forever. It's not an excuse for having a weak business. So the last question I have for you all that to say, what action steps can you take today to break through these limiting beliefs. What could you do? What is your next step? And the last thought I'll leave you with is in this conversation, if you've achieved a certain level of success, you've gotten to that, you know, on the low end, 300,000, you know, really 500,000 is a good entry point for real estate B school to have a conversation with you all the way up to any point really. Because business is just tough and there's always work to be done on the foundational systems that make a business truly extraordinary. If you're in this and you're like, man, my business isn't set up the right way foundationally, I built something that I'm going to be a slave to. Even if you're a top producer in your office, you just don't have that next step. You've got to take action. The only thing I can help you with is a conversation. And so it's a 45 minute conversation and we cover three things. Where you are today, the good, bad, ugly, where you want to be in three short years, everything worked out perfectly. Where do you want to be? And then the third part is what's holding you back? What obstacles do you see? What's held you back in the past from achieving your goals? That's what we're really, really good at. Mostly Visa. So that's you. And you know, you need to have that conversation with us. Just go to realestate B school dot com. Our pilot program is the entry point. So on the website you'll see talk about a pilot program. This is an entry point if you qualify, if you're a good fit for real estate B school, we will coach you for free for 30 days so you can get a feel for what we do. And there's no obligations, there's no gimmicks around it. It is just for folks that qualify that really want to take their business to next level. You can opt in and apply for our pilot program. So if that's you, let's start with that 45 minute conversation and then you can get started in the pilot program. Just go to realestatebschool.com and we'll see you over there.