I want to talk to you about revenue-generating habits.
So, what are revenue-generating habits? Why are they important to you, your business and your life, and how can you install them so that you can benefit from revenue-generating habits starting immediately?
Now, the biggest problem I see with entrepreneurs and small business owners in the early stages of growth, which is what most of my audiences are, is this. They invent a million things to do to avoid the important.
I talked about that in one of my previous videos which you might have already seen. So, they invent a million things to do like blogging and obsessing about the logo in the website and design things and sort of vanity things that really don’t move the needle in the business or have any real effect on anyone other than the satisfaction of the person that owns that. So they generally avoid the important and the important is getting customers and growing revenue.
If you’re an entrepreneur starting out or if you’re a business within the first three years, the most important and the most critical thing is getting customers in building revenue. Without customers, you don’t have a business. Without customers, you don’t have a revenue. Without revenue, you’re going to be out of business very quickly, even if you raise a ton of capital.
Anyways. Watch the video or read the transcript below.
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Here’s the transcript…
Four Beers and How to Create Revenue Generating Habits
I want to talk to you about revenue-generating habits. So, what are revenue-generating habits? Why are they important to you, your business and your life, and how can you install them so that you can benefit from revenue-generating habits starting immediately?
Now, the biggest problem I see with entrepreneurs and small business owners in the early stages of growth which is what most of my audiences, the people that tune in to watch these videos mostly entrepreneurs and small business owners. Now, the one of the biggest problems I see is that they invent a million things to do to avoid the important and I talked about that in one of my previous videos which you might have already seen. So, they invent a million things to do like blogging and obsessing about the logo in the website and design things and sort of vanity things that really don’t move the needle in the business or have any real effect on anyone other than the satisfaction of the person that owns that. So, a lot of business owners and entrepreneurs they invent a million things to do that are not important and they generally avoid the important and the important is getting customers and growing revenue.
If you’re an entrepreneur starting out or if you’re a business within the first three years, the most important and the most critical thing is getting customers in building revenue. Without customers, you don’t have a business. Without customers, you don’t have a revenue. Without revenue, you’re going to be out of business very quickly, even if you raise a ton of capital. I’ve known a lot of different companies that have raised a ton of capital but failed to get the critical mass of customers in revenue and gone out of business very quickly. So, the most important thing that an entrepreneur or early stage business owner should be focusing on is getting customers, getting clients and growing that revenue. Now, it’s such a hard thing to do when you start out like it feels wrong. Sales feels a little bit sleazy and it feels like a bit manipulative and it wreaks havoc with all of your emotions inside of you.
Same Evans says, “When I first started Snap Inspect which is my software company, I remember that I used to make cold calls to sell our software to property management companies and it freaked me out so much that I used to drink 4 beers before I could get on the phone and I’m not kidding you, I’d wake up in the morning, have breakfast and everything, sort of do some email and then I’d realize that the most important thing to do for the day was to call about 10 or 20 different companies and tell them about our product and how it would help them and it was so painful for me to do when I started out that I had to go grab four beers out of the fridge, sit down and listen to some good music and drink for beers before I could muster up the courage to make the calls.” Now, that is a horrible strategy. So, I’m not recommending that you go and drink beers so that you’re able to do Revenue Generating activities every day. That is not what I’m saying but that’s how hard it was for me at the beginning and I’m sure it’s very hard for many other entrepreneurs and business owners to do as well that freaks everyone out and when there’s a painful task that freaks you out, you will invent your brain and invent a thousand things to do so that you can avoid working on that it’s like its protection mechanism. So, it doesn’t feel fear and it doesn’t feel rejection and the other things that are associated with sales.
So, what I’ve found the most powerful way to combat this fear as a start-out entrepreneur early-stage business owner is to make Revenue Generating activities habits. So, the most painful things in our lives all the things that are hardest for us to do that take huge willpower for example going to the gym or for example making sales, those take a lot of willpower and they’re very hard to do each day. It takes a lot of energy out of you. Any activity like that that takes a significant amount of willpower and energy, the only way to do it systematically and reliably overtime is to habitualize it. It’s to make it an ingrained habit in your life that you simply cannot live without doing.
Now, I read this book by the author James Duhigg called The Power of Habit. You should definitely check it out well worth read but James did an entire book on how habits are formed, how to break bad habits and how to form new empowering habits, and basically to form a habit, there are three things; a trigger, an action and reward.
So, a trigger is an event or a time of the day or something that triggers your brain to think. The action is the thing that you have to do. So, the trigger could be a 6 am alarm clock. The action is to go to the gym. So, as soon as you wake up, the action is to go to the gym and the reward could be a sauna at the end of the gym session or a tasty protein shake after the gym session. So, that’s the reward. So, a trigger is something that signals your brain to do the action. Then you complete the action and then you give your brain a reward, and what happens over the course of about 30 days is your brain realizes this pattern. It’s like “This thing happens, then I do this and I get a reward” and after 30 days, it recognizes this pattern and then naturally, what starts to happen is whenever that trigger goes off your brain thinks I want that reward, so I’m going to do that action and it becomes effortless overtime. So, if any of you have tried to go to the gym you know that those first 30 days in creating their habit as is really hard. There’s a lot of willpower and everything but then after that it just becomes natural and you almost can’t live without doing it. It’s just your routine. It’s ingrained in your behavior.
Sam Evans further explains, “The only way that I have found to personally overcome making sales is not to drink 4 beers like I used to do but to make it an empowering habit. So, what I did in the early stages of Snap Inspect back years ago, now, was first thing in the morning was my trigger. So, the first thing I did when I walked into the office before email, before checking social media, before doing anything, I didn’t care how bad a problem was, the printer could be broken, anything could be going on inside the office, but the first thing I did when I got into the office was contact 10 new prospects. That was the most important thing.” So, his signal or his trigger was first thing in the morning when he walked into the office, action was contact 10 new prospects and his reward was after he did that, he’d drive to my favorite café block 30 minutes out and just enjoy a nice five-dollar latte and he’d just sit there in the Sun just knowing that he had done the most important thing for the day and at the rest of the day, Sam was going to power through it because he had ticked off the most important thing.
So, this is what I mean when I talk about Revenue-Generating Habits. The biggest problem start-out entrepreneurs and early-stage business owners have is not making enough cells and not growing that critical mass of revenue to sustain the early stages of business. Now, the way to combat that is to make sales but as I said there’s a lot of friction internally and emotionally when it comes to making sales and the only way I found to do it systematically and reliably over a long course of time is by making it a habit and I still to this day have that same habit when it comes to sales.
So, this week I want to challenge you to create a Revenue Generating Habit inside of your business. If you can successfully create a Revenue Generating Habit inside your business, it will change your business and it will change your life. Once you learn how to take an activity that scares you and really freaks you out and takes a lot of willpower to do, once you’re able to take one of those things and make it a habit, then, you have cracked the code to doing many difficult things in life including sales. So, I challenge you this week to create a Revenue Generating Habit inside your business. Now, to do that you need to think of a trigger, an action and a reward. So, the trigger could be a time of the day and action will be doing a form of sales or marketing, it could be sending out emails, it could be sending out direct mail, it could be cold-calling, could be whatever your way of getting new sales is, that would be the action, and the reward would be something inexpensive and simple that you can give yourself that you enjoy. So, for me, that’s a 30-minute break and an iced coffee at my favorite cafe and I might read a magazine or something. It doesn’t have to be fancy but that’s all your brain needs to form a habit and if you can do this, it will honestly change your business and your life.