Mike Minutes Mastermind 06/06/2024

And we're live.

Good morning, destination. Let's go ahead and kick this thing off.

Let's see here. Oh, we only got three questions. Okay.

At our optional meeting this morning at the Bellam shop.

Talking about banking. Very fun stuff. Differences between checking and savings account, how the banking system works. Very interesting stuff.

All right, jump into it. We've got three of these bad boys. Words of encouragement. It's the name. Okay. All right, let's see here. Just listen to your new video. Ten years of brutal, honest advice in 43 minutes. And I gotta say it was the most encouraging thing I've heard in a long time. I cried a little while mowing. I felt like you've been way where I am right now. I felt like you were telling my story and to know that you got my back. Hang on, I just started tearing up again. Okay, I'm back.

You got all our best interests at heart. Gives me confidence that I can do this. I'm in the dirt digging right now and I have all this negativity around me. Once the foundation is laid, I'll be able to. I'll be able to build the skyscraper. Someday I'll tell you who I am when I think it will help. But I'm not trying to get in the spotlight. I don't like attention. Thanks. Cool. Well, thank you to words of encouragement. I appreciate it. I have another video I'm going to put out next week. It's going to be long form that if you are kind of in stages one through three of wealth.

Will probably be super helpful. I'll put this caveat to all of you because it's going to seem very achievable when you're inside of a destination to do what I talk about next Tuesday.

Just remember I've always said I recommend multiple locations after you're in profit mode on your first location. And the longer you spend in profit mode on that location, the higher likelihood of success of your next location because you'll have more cash in the bank. So I just want to put that caveat there because I'm going to talk about. I'm actually going to use $140,000 budget to start multiple locations. I'm going to lay out a 10 year roadmap of hiring GMs, hiring regional managers, etc. It's going to be a very niche topic video.

And it's two purposes. One, I think it'll be beneficial to all of you. Two, it'll kind of attract the type of person we are getting more interest from to join Augusta Nation. And that is people that are interested in from day one, they're coming with more money, you know, executive models, et cetera. So it looks like our first executive model will probably happen at least by the end of the year. January looks like they're very sophisticated buyers. They take it a lot of due diligence. They look at strictly the numbers and they are coming in with way more money to be able to kind of circumnavigate the first three to five years of just getting leads, they're going to, you know, spend 40, $50,000 on initial marketing and ramp very quickly with a GM. So I want to kind of, I've always made content, like even my last year's June thing where we grew a location is very much like scrappy. Start with zero. And I want to give like the 2.0 version is like, okay, let's say you've had a business for five, six, seven years, you have 100, $150,000, you know, what do you do next? Like, what does stage six of wealth look like, which is replicate and do multiple locations. So I want to really drill it in. So if that's of interest to you, say a quick prayer for me this weekend because I need to find some time to put my thoughts together and make it really cohesive and simple and actually lay out like a 10 year roadmap of what that looks like. Because I do believe that a great exit strategy if you do multiple locations is to be able to sell that if you want, completely out in 10 years. But it's a 10 year roadmap, assuming you start with 140, which means it might be a 15 year roadmap. If you're like. So if you watch the video next Tuesday, for example, and you're like, that seems so unachievable. Just realize I'm starting with 140, which means if you're not starting with 140, like you don't have it now, it could take you five years to build the business enough to where have you have 140,000 set aside. So yeah, I would, I would recommend watching that. And I'm going to do my best to consolidate it, make, make it very, very conservative in terms of the projections. Because the beautiful thing is like $140,000 is literally 10% of what I would have to spend, 12% of what I have to spend to start at Anytime Fitness Gym. So when you look at the return on investment, yes, that like my gym, if I build a new one like Anytime Fitness in our area, it costs about 800 to $900,000 to build out. Like, yes, that location might make 100, $150,000 in profit, maybe 200,000. But.

If I had to put one point, you know, almost a million dollars essentially to build out a location, it's just not a great return. The beautiful thing about home services is if you do things right, the return investment is good. The thing is, a lot of us don't have a lot of as much money to invest. We're not investing a million dollars into starting our business. So I'm going to just take a different approach. So. So I'm happy to answer questions. I think there'll be a lot of questions from Augusta Nation because I'm going to kind of use our frameworks. And so I'm very happy to answer those. Kind of expecting Wednesday to be more on that. So thank you for the words of encouragement.

Those videos don't get a ton of views, but it's just something.

I would want. Like grade 2, like 2.0 level turnarounds are great. A lot of it is more entry level, smaller businesses, etc. And I want to make sure that I age well with my audience. There's people that have watched me for three, four years and they've built a building that already does 500,000amillion dollars in annual revenue using the frameworks. And now it's like, okay, where do I go from here? So hopefully it's helpful. Oh, real quick. Any general managers watching? Highly recommend the. The post it on the Facebook group. One second.

Post in the Facebook group this morning. Message that Corey actually talked at the team meeting. Highly recommend it. Kind of pushing the team. They had a spike recently in yellow slips. How to deal with that, how to prod the team to make more money on P4P, not make those little tiny little mistakes and things like that. So I highly recommend that, especially general managers. I know it's difficult to draw your team up short sometimes and hold them accountable and when they're doing okay, try to get them to go from good to great. It's not easy, especially if you've been in the field and you know some of them and now you're basically drawing them up short. So highly recommend. It was just a good example of that, of that kind of conversation. Travis Cohen from Jonesboro, Arkansas, threw this together in about five minutes over lunch. So we would need some fine tuning yet, but interested in your thoughts on this ad concept? All right, let's see what you got. Celebrate Christmas in July. Approve a Christmas light project by June 30th and get 5% of your final invoice. 5% off your final invoice. Get 15 people get a wreath to use right away for July 4th. Okay, I've reworded this a little bit. It's a little confusing in terms of what they're getting. So I would say, for example, like, just the way you design this, it'd be like, approve a Christmas light project by June 30th. Make that bold. And then here's what you get colon and list things off. 5% off your final invoice. First 15 people get a free wreath and then like, make it more easier to understand this instead of a block of text. But there are other light people have done lites in the past that have done the Christmas in July and so they would probably have a better understanding. 5% is enough for people to get off their butt and actually purchase right now. And so that being said, you obviously get a discount if you order earlier, but with the certified lights deal at $0.55, that's the same price now versus if you did order in October, November. So just keep that in mind.

And I did that mostly just so that we can have better cash flow. So I'm sure anyone else that has done Christmas in July would probably have better feedback. Whether or not 5% is enough to get people off their butt. I would go ahead and guess, go on a limb and say that's not going to be enough. I think that scarcity would do a better job than 5%. And that is, hey, we only have 80 houses. We're doing this this upcoming Christmas. We have 20 spots left. If you'd like to reserve one and save 5% and get a free wreath, click below. The scarcity would probably push them over the edge. 5% savings to give you money five months prior, I'm just going to guess is not enough, but I do not have any evidence to back that up. Jeff from Sandwich, Massachusetts. Mike, please see attached pick. Is this something you would be investigating or is it a tactic to spend more money unnecessarily? If you were to invest more in the ad, how would you go about it? Thank you. Okay, let's see. We got.

Oh, yeah, limited by budget. You gotta love it. Everything's limited by budget because if you spent more, you would get more clicks, etc.

So I don't have enough data here to actually give you any info. Sorry, because I don't, I don't have your. Your reports, Jeff. So basically, basically, I'm guessing you're saying, okay, it's saying it's limited by budget, should I be spending more on it? All of these things like 6.3 limited by budget. Keep in mind they're trying to make you spend more money. Right. So what I would be looking at irregardless of this is what is your cost per lead and you have the tracking and now if you spend $5 more, what happens to that cost per lead? Does it stay where it's at? Does it go up and you basically start just spending the same amount of money or more money for the same amount of leads? That would be a much better indicator. Keep in mind things like site links, etceter, they tried, they are just geniuses at like adding like oh, you get plus 6% and all this sort of thing. Yeah, you get plus 6% more traffic necessarily, not, not necessarily the traffic you want. So I'm not saying that you shouldn't add site links, not saying you shouldn't do some of the things that they add on there, but the most of it is around getting you to spend more money which I think you have are aware of. So what you can do though, for example, I'm a fan of adding the site. The site links doesn't cost you anymore. But when they say limited by budget, just keep in mind you're always limited by budget because you can always spend more to get one more click by just increasing your bid.

It's like going to an auction being like, well, you're limited in terms of how many things you can get based upon your budget. No, duh, just like how far high. How high do you want to bid is the question really. So I would be much more rather looking Jeff at your cost per lead, making sure you have the tracking set up to be able to know your cost per lead and then as you add to the budget, see what happens. That's the best indicator of like should I actually spend more? Is when I spend more, does it lead to more leads or does it lead to just a higher cost per lead? And again, watch that.

Training from Jake at Evergrow that he did at conference. We put the slides next to it so you can actually see exactly what he's going through as he goes through a Google Ads account to be able to know like your penetration. Like if it's over a certain percentage, it's usually not as effective to spend more. 40% you're probably good to go ahead and spend more. The question is as you do that, are you just spending more money on the cost per lead and not necessarily getting more of them. We worth the question there.

Very cool. Later if not today, Tomorrow.

Taylor from the cookbooks department is going to make a video in regards to Facebook posts I was made about like figuring out your revenue most accurately in copilot the most will use the PNL for passed. The revenue forecast is nice, however it's not accurate right now. Two days ago I submitted it actually to the bug team. There's a couple things that can actually cause it to go off. One of which is now we allowed recurring visits to just be canceled instead of deleted. Which is nice because you can just go back and toggle it back on without deleting them. The problem is that's still going to be accounted for the revenue forecast and there's a couple other ways to be kind of get around it. So that's why it's like usually 5 to 10% off depending how often you use certain features. So we are going to correct the revenue forecast but Taylor, who does this all the time is going to make a video and put it as a separate post just so you know exactly where to get the most accurate information as for now and then just know that we are going to fix the revenue forecasting thing. Also the way that we used to do revenue forecasting, the easiest way is just looking at the dispatch board. The problem with the current dispatch board copilot is you can only see one day that is changing. That's one of the first things we are rolling out hopefully the next week or two for multiple days being able to be seen on the dispatch board. So you could then use that as the kind of most accurate form to actually see the jobs and see a total at the bottom. So anyways, hope you all have a fantastic rest of your Thursday. We'll see you guys tomorrow. Take care.