HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
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Tips on how to scale your business past six figures with Taylor Welch
- To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting the people on your team.
- To get to six figures is pretty much your effort. But then you pass a critical mass where getting past seven figures and eight figures, you have to disconnect that.
- For us, it was, the first hire was a client success director.
- People are doing a million things, none of it works. And really targeting them towards the one, two, maybe three things that they need to be doing in their business to scale.
- If you really go beneath the surface, it’s an identity modification company. We are rewiring the way people think about themselves, their markets, their teams, money.
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
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Doug: Well, welcome back listeners to another episode of Real Marketing Real Fast. Today we’re going to take a slightly different direction on the podcast and podcast topic. You’ve often heard me say that never ask anyone for advice who hasn’t done what you want to do or is willing to pay the price that you’re willing to pay. And I think our guest today just exemplifies an individual who has built a very successful business, scaled business from a startup to six figures, to seven figures, to eight figures, and now looks like he’s going to cross the nine-figure barrier.
Doug: My guest is Taylor Welch. He is a co-founder of a company called Traffic and Funnels, which many of you have probably heard of. An investment company called Wealth Cap Holdings, and he’s also the CEO of a website called Sales Mentor. He helps his clients build online digital marketing systems and drive paid traffic to them. They will teach you how to generate these leads. But more importantly, I think what you’ll find in listening to our conversation today is that, in terms of scaling, a lot of scaling has to do with your mind, your mindset, the things that you’re doing, the things that you shouldn’t be doing. So I think you’ll enjoy this conversation. So sit back, get your notepad out. And just enjoy the conversation today with a Taylor Welch. Hey, Taylor, super excited to have you on the Real Marketing Real Fast podcast today. So welcome to the show.
Taylor Welch: Thank you for having me. Glad to be here.
Doug: So you’ve got, man, a ton of business history in a real short period of time and have built a very successful business, obviously doing more things right than wrong. So do you want to give us just a thumbnail for our listeners who don’t know who you are and what you’ve done, kind of where you’re at in your life today?
Taylor Welch: Yep. So we started an advertising agency, then got into advertising and marketing consulting. This was about 2016 and ’17. It grew really, really fast. My business partner and I, we were able to learn the underlying principles behind scaling, which I think we’re going to talk about today. Got into real estate. And we’ve kind of gotten into a lot of different things. But today, we run about 20,000 clients a year. We have a couple of million dollars in real estate portfolios. We’re doing wealth management training. We’re kind of all over the place, but we have an amazing team that allows us to do that.
Doug: So what was it like when you started scaling your business? And when we talked briefly before we started recording today of the difference between the mindset of I’m someone trying to get to six figures and then someone moving from six figures to seven figures.
Taylor Welch: Yeah. The hardest part that I’ve seen and this is, I have the advantage of not only having my journey of going from zero to six figures to seven figures to eight figures, but I’ve seen a couple of hundred people make the same transition. So I think the number one commonality is what’s difficult is that everything is effort and reward. To get to six figures is pretty much your effort. It’s your make sure you’re doing the right things. The mindset is important. All of the normal things are important, but you are largely rewarded for your time and your effort. But then you pass a critical mass where, getting past seven figures and eight figures, you have to disconnect that.
Taylor Welch: Your effort no longer equals reward. You have to learn how to work with other people. And we could talk as deep as you want and as long as you want. I struggled a lot to get off of wanting to do everything and wanting to… You just can’t double your hours and double your effort. At a certain point, you have to be okay with earning money off of the effort of the people on your team and trusting the people on your team. Does that make sense?
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
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Doug: It does. So what was the one big hire that kind of got you started on that path?
Taylor Welch: For us, it was, the first hire was a client success director. We had all of these clients that were coming in, they wanted to be taken care of. And we went through that cycle that most client businesses go through where it’s like we have to take care of the clients we just got, so we stop marketing, then we run out of clients, we start marketing again. We don’t have any clients to take care of. And then we get clients then we stop marketing. It was like this yo-yo. And we got a client success director in the doors at the end of 2016, early 2017-ish. And that changed a lot because we were finally able to consistently work on multiple things at the same time.
Doug: Yeah, that’s really cool. I mean, I think for our business, the biggest hire we ever made was, I was just like you said reward effort and that treadmill. And I remember once the girl in my office, I only had a few staff, brought me in the mail and I opened it up and I was just flipping through the mail and I had a bank statement. I opened it up, I looked at it and I realized that I had a million dollars cash sitting in the bank. I went, “Oh man, I guess technically we’re millionaires.” But hadn’t really paid attention. And hired a CFO. A part-time CFO. And that made a huge difference and gave us the ability to scale because he went in, positioned us in the bank, made a whole bunch of changes on our behalf. Got us all the credit limits we needed to do to scale up our ads so we could run a couple hundred thousand dollars a week’s worth of advertising.
Doug: And without that hire, I probably couldn’t have gotten in there without sounding like a sales guy trying to convince the bank that this is what we needed to do to get set up and make it work.
Taylor Welch: Yeah, 100%, that’s a great point.
Doug: So once you got your sales success team, I mean scaling sounds great and you hear the conversation over and over and over again. You don’t have to listen to very many podcasts. Do you want to kind of walk us through the process? You said the first challenge he had to overcome was realizing that you were going to earn money from other people’s efforts, meaning that you could actually go away, spend some time with your wife, and the money wouldn’t stop when you weren’t actually putting in the hours. What was the next major lesson you learned?
Taylor Welch: I tell people at events, at conferences, that there are two different types of delegation. Because everybody wants to… Delegation is sexy and it sounds amazing, but it can be very hard. And first, you have to learn how to outsource your work. That’s kind of the first tier. And that’s what we ended up doing when we brought that client success person in, are we began to outsource the work that we were doing.
Taylor Welch: And the second level of delegation as you begin to outsource your decisions. It’s a totally different plateau. It’s a different level of outsourcing because the first is you’re telling someone what to do, which is great. Everybody needs executive assistants. Everybody needs people on the team who can do the work that you were doing so that you can move on to other things. But the second level, to really grow, and I’m talking like we have blown past eight figures, I think in the next three or four years we have a real shot at surpassing nine figures because the people on our team are now making decisions for us.
Taylor Welch: We’re not just saying, “Hey, here’s the work I need you to do. Go do it.” We’re saying, “You decide what work needs to be done and then go do that.” It’s a totally different level of freedom for me and for Chris because now we literally just spend time on the strategy level in the areas that we’re the best. This is a, I don’t know if you’ve read The Rockefeller Habits, or Scaling Up by Verne, but he talks about the strength of the leader can become the weakness of the team. And that happened to us more times than I want to talk about. But eventually, you have to do less stuff the bigger your business gets. It’s such a weird mental transition, but you’re now only doing the things that you are the best in the world at. No one can touch you.
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
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Doug: Well, and that’s also the speed of the team, too, right?
Taylor Welch: Yep.
Doug: If the leader is the bottleneck and needs to make every decision, then that’s the speed of the team.
Taylor Welch: Slows it down.
Doug: So walk us through some of the client work that you guys do. So you’ve had this experience, so you’re not just telling people, “Hey, this is what I read in a book.” You’re saying, “This is what I’ve done and this is the example.” And you know, as you said, you’re going to scale very likely past nine figures. So how do you help, now, teach someone to do what you’ve done?
Taylor Welch: So for Traffic and Funnels, it’s mostly centered around people who are like what I and Chris were. Client businesses, they serve clients. We have agencies and coaches, consultants, service businesses. And first and foremost, if you don’t have cash flow coming in, you’re kind of in debt. You can’t really make great decisions if you don’t have the revenue coming in to support all of the hiring and scaling and service work that you need to do. So most of the work in Traffic and Funnels is around getting people in, fixing their model. People are doing a million things, none of it works. And really targeting them towards the one, two, maybe three things that they need to be doing in their business to scale.
Taylor Welch: And so people will come in making $7,000 a month and it’s great. You’ve gotten some validation, you’ve validated that something works and we’ll quickly scale them into a place they’re doing maybe 20, 25, 30, simply because we’re not adding a bunch of stuff to their plate. We’re removing things that are kind of dormant, dead space in their calendars that aren’t working. And then from there, we have… We try to stick with people as long as we can to train them on how to build teams, we’ll help them, source teams.
Taylor Welch: And the company itself is an advertising marketing company. But if you really go beneath the surface, it’s an identity modification company. We are rewiring the way people think about themselves, their markets, their teams, money. Man, you know this probably from experience. People are so emotional about money. These little pieces of paper that they have all of these stories about. And so TF is more, I tell people now, it’s like it’s an identity modification program, really, where it’s like people come in and they become bigger, better versions of themselves. And then the byproduct is more money, more wealth, more impact. All of these things. You just can’t achieve those things directly. You have to become, first, for them to show up, kind of sounds woo-woo, but it’s been my experience.
Doug: Well, I mean, I’ve seen that, just at a specific level, often when you’re working with sales teams and you’re building salespeople, lots of times they can’t sell past their pay grade. It’s like, “Oh, that’s $5,000, that’s expensive.” It’s like, well what do you mean it’s expensive? It’s expensive to you. But there are people that can write six and seven-figure checks all day. So that’s not expensive for them. So how do you help your clients with that mindset? Because I mean, as you said, it sounds like you’re doing a whole lot more than helping people with their marketing. I mean, if their mind’s not working correctly, and they’re looking at their business right, it doesn’t matter how nice their funnels are, they’re not going to be able to sustain what’s happening.
Taylor Welch: Yeah. Inside our programs, yesterday I was telling a friend, our companies, between Traffic and Funnels, the real estate company, which is called Wealth Cap, and then the sales training company, which is called Sales Mentor, combined, the team created about seven hours of content without me in a day.
Doug: Oh, that’s nice. That’s nice.
Taylor Welch: It’s crazy. And you look at that and it’s like that seems excessive, but you got to remember that everybody’s coming in at a different place. And some people really need help with that identity mindset piece. But some people are like, “Hey, my pixels on Facebook, they’re not working. Help my funnel because it’s broken.” And so we’ve segmented everything. So there’s probably between eight and 10 calls a week just for Traffic and Funnels that people get on and they’re getting counsel in different areas of their business.
Taylor Welch: So the question of how it is like it would take me a long time to answer but the brunt of it, the gist of it, is customizing the path. There are all these group coaching programs where it’s like a meat factory. You just come in and you get spit through the system. We’re very custom in that person A is going to need a lot of different treatment than person B. And we’ve tried to create an adaptable system inside our client work so that, if you get six months with us, your six months is going to look very different than somebody else who maybe needs something totally different. Does that make sense?
Doug: Yeah, it totally makes sense. I mean it reminds me of a conversation I had with Tyler Basu, I think who actually introduced us. And that’s exactly what he said. His podcast episode with me was just released this week. And as he said, it’s not a one size fits all. And I think you’re right, there’s a lot of, well I wouldn’t say a lot. Almost all the marketing practitioners have a course, a direction, and everybody goes through that same course. And there is no differentiation in terms of where they are in their business, their mindset. It’s like, if you want to learn how to build a funnel, you want to learn how to run Facebook ads. That’s it.
Taylor Welch: Yep.
Doug: Yeah. I did notice when I was looking through the products that you have on your Traffic and Funnels website. I was surprised at how many products you had. I guess I was expecting initially to see what I would normally see. It’s like there’s one thing and this is the one thing and that’s the only way to get from where you are to where you want to go.
Taylor Welch: Yeah. I mean we created that one thing. When we started the business in 2015, we spent a couple hundred thousand dollars in the first couple months pushing forward this message of one funnel, one simple funnel, one product, one program, one thing. And I think, along the lines, or along the journey, that became like the new thing. But you’ve probably heard of the whole zigzag thing. For us, everybody’s kind of zigging and so we’re zagging. So part of it is just a marketing thing. But I think the other thing is, a lot of times people don’t… There are so many options inside of who am I going to go to to learn? Who am I going to go to to get mentored and to get consulting from? That for us, we do want to have low-cost options so that people can, with relatively little risk, you’re risking $7, you’re not going to go bankrupt off of this decision. They can get to know us, they can learn how we think.
Taylor Welch: And so we don’t have all of these on the website, but we’ve got probably 30 or 40 different front end products that people can go, from books to smaller courses, things that are seven bucks to 100 bucks. Not going to break people’s bank. But what we’re noticing is that the volume of people coming to learn from us because the risk is so low, it’s really filtering through to our back ends in terms of higher numbers. It’s like what Amazon has done with Amazon Prime. Prime doesn’t cost that much money, but when you start, when you get onto that drip, you’re not buying from anywhere else. And we’re kind of thinking the same thing with our information.
Doug: Yeah, that makes sense. Now is there a particular client or an industry where you can share an example of how you kind of moved somebody through your process and out the other side?
Taylor Welch: Yeah, there was a guy who came through two years ago. He’s a personal trainer doing about $3,500 a month. He had hired a bunch of different people, but the strategies that he was getting were like posts on Instagram and kind of discombobulated. So we implemented with him, we raised his prices. He didn’t think anybody in the personal fitness world would pay more than $700 or $800 bucks, whatever he was charging at the time. We removed his payment plan options. So we took his pricing from $700 bucks over six months to $6,000 bucks over two months, which freaked him out. That’s why you have to have the mindset piece because he was freaking out. He was like, his relationship with money was so, so bad. He was like, “People won’t pay that, people don’t have the money.” I was like, “No, no, you don’t have money. But that doesn’t mean people… That doesn’t mean the whole world doesn’t have money.”
Taylor Welch: And we fixed his sales, because he wasn’t good at sales, and he crossed his first hundred thousand dollar month within six months and then scaled from there. He’s had a couple of months, he’s gotten as high as $800,000 a month. And he was a client for a year and a half and we literally, we spoke six months ago and I was like, “I don’t think you need TF anymore. Just keep chugging along.” But what’s cool and what I really love is that this guy has money in Wealth Cap, he’s got money in our funds. Because these clients come in, they start making a lot of money. They do not know what to do with it. So it just sits in a bank account, which is worthless. And so he’s now on the other side, we’ve come full circle.
Taylor Welch: I’m like, “Hey, I don’t think you need to be a client of TF. Now you need to be a client of Wealth Cap.” He’s got money in the fund. We’re investing it for him. This is just awesome to me. I mean that’s crazy next-level impacts and it is really exciting. But that’s kind of one story.
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
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Doug: Well that’s really cool. And to your point, there was someone that just couldn’t think past that because it sounded like a lot of money to him. But to your point, there’s lots and lots of money in the world. You just need to find the people who’ve got it and work with them.
Taylor Welch: Yep. 100%.
Doug: So looking forward to what you’re doing now, what are you most excited about?
Taylor Welch: Business? Is this strictly business?
Doug: Nope.
Taylor Welch: Well, man, 2019 was the most exciting year in my life because I did not know what true happiness was until I became a dad. It’s crazy. Changed my life. I had no idea what to expect. But my business partner, Chris, has four kids. And he was like, “Oh, I can’t wait for you to have kids.” I was like, I was a little like, “Dude, we have dogs. Basically the same thing. You have to feed them and stuff.” And he was like, “Yeah. Just wait.”
Taylor Welch: But honestly, I’m so excited over the next couple of years, I can’t wait for my daughter to learn how to talk because I feel like she’s just going to be just like me and she’ll never shut up. We’ll have the best conversations. I’m excited about the real estate stuff. I think we are having, the impact that we’re having to me is just becoming more longterm. Not that Traffic and Funnels is a short term impact, but we’re with clients for six months to 12 months at a time on average. And with Wealth Cap and the Real Estate stuff, we’re going to have client relationships for 30, 40 years because it’s longterm asset protection, wealth accumulation. I think I’m really excited about getting into that sphere of business just because it’s the next iteration of my impact.
Taylor Welch: But then also just the team. We’re growing the team. We have about 40 employees right now with TF and probably 30 to 40 contractors with our real estate stuff. It’s amazing to look at how much can change when you get the right people. And I’m excited to see what happens with that.
Doug: Yeah, that’s really cool. I remember when we had our first child, my first son. Yeah, I couldn’t have been prepared for that. The world just changed. Yep.
Taylor Welch: Oh yeah. For the better.
Doug: For the better. Oh yeah, absolutely. It’s funny, it’s a great thing. And like I said to you earlier on, now we’ve got grandkids and there’s nothing more exciting than my grandson. I hear him come, when they come over during the day, sometimes I hear him knock on the door quietly, he goes, “Granddad, are you on the phone?” So I’m not on the phone. We can always shut the computer off and go outside and kick a soccer ball around and run around the yard.
Taylor Welch: He’s so respectful, though, you need to teach me some things.
Doug: You’ll learn them as you go. Just like in business, you didn’t wake up one day with $10 million in your bank account, which is good news. You earned it and then you learn as you go.
Taylor Welch: That’s true. Very true.
Doug: I think the other thing that’s interesting is, because of your business model and the way that you’re helping people to build significant wealth, and then now staying with them on the second side, is, as you develop relationships, now you have people who can do the things that you do. I mean that respectfully, I mean as your business scales and you say, “Hey, I want to go here or want to do this,” there’s a whole lot of friends and family who can’t. And, yes, you can bring them, and we’ve done that, but they don’t want that all the time. So you start now building friends and relationships with business guys that like your style and understand what you’ve taught them. They can travel with you, hang out with you, and do life.
Taylor Welch: A hundred percent, man. It’s the best.
Doug: In terms of your advertising, do you want to just share with our audience kind of your strategy? And what I’m getting at is there’s a lot of conversation here and a lot of grumbling, if you will, around the social platforms charging for advertising. And I’m assuming that you have to pay for your advertising. You’re not doing everything organically.
Taylor Welch: Yep.
Doug: So just share with our audience a little bit about your strategy for advertising your own business.
Taylor Welch: Strategy-wise, we just run paid traffic. I think, though, that the paid side and the organic side benefit one another. I don’t think it’s a dichotomy where you have to pick one at the expense of the other. A lot of my platform, I have a personal brand today, Chris is building a personal brand. A lot of that has been built from the attention of the paid advertising side. So I have no problem with that philosophically.
Taylor Welch: But we run a lot of ads, a lot of ads. We have a lot of different ad accounts and we’re always testing. People want to come out with shiny new stuff every year. Like this is the year of video ads, or this is the year of long copy on advertising. I think the truth of the matter is that if you can nail the fundamentals, then the modality that you use is far less important.
Taylor Welch: And what I mean by that is, if you can become good at communicating clearly what your message is, whether that’s in a video or on a long-form piece of copy, or even a picture, the fundamentals at the end of the day are going to beat out all of the tactical stuff. So we run videos, we run long copy, we have image ads, we run a lot of emails, but we train our team all of the time. If you’re not studying the fundamentals, even if you’re already good, eventually your work will stop working.
Taylor Welch: And that’s kind of a philosophy thing inside of T and F. I post every single day, multiple times a day on Facebook, on Instagram, not because I need to do that to get clients, but I’m doing it because I’m sharpening the muscle, or the sword, of being a prolific creator. I think that’s what people are missing. They see advertising as a means to an end, but it’s not a means to an end. It’s a process in and of itself that you should probably enjoy.
Taylor Welch: And if you can’t get that philosophy, you’re always going to be complaining and bouncing across from platform to platform. Whereas for us, we’re enjoying the platforms, we’re enjoying the process, and we’re enjoying creating, and it changes all of it. Does that make sense?
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
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Doug: Yeah, it does. I mean, it’s interesting listening, you’ve built a business, you’ve scaled a business, you got a big team, but you’re still posting lots of content.
Taylor Welch: Yeah.
Doug: Yourself every day on the social platforms in addition to advertising. And to your point in terms of getting the fundamentals right and then not being tactics specific, I see lots of people chasing what’s the one thing? And I said, “Well if you found the… There is no one thing.” And to your earlier comment that you think that social, organic, and paid work together, I found the same thing when you’re running specific tactics. When I’m running paid email, so if I’m renting a list from the Financial Times and then I’m running paid social, so I’ve got people that are doing shout outs for us, and then I’ve got Google and Facebook. One plus one plus one equals 10, opposed to just trying to pick one tactic and leverage it.
Taylor Welch: Oh, a hundred percent. Yeah. It all has a cumulative lifting effect for everything else.
Doug: So for our listeners that are sitting back thinking, “Well, this sounds good.” Do you want to walk us through the process of onboarding somebody? So if people are interested in saying, “Okay, hey, I like what Taylor’s saying and I’m interested in kind of their business model or how they might be able to help us.” What does a client interaction typically look like for you and your team?
Taylor Welch: We have a lot of documentation on this to support communicating this. I think for people who are sitting back like, “Oh, it does sound good,” it’s important to recognize we’re not really an internet marketing company. We do help people with internet marketing but we’re a legitimate, rather large, people-focused organization. So there’s a lot of documentation that you can find in various places. But to give you a 50,000-foot view, people typically come in and right out of the gate we have to figure out what is going to get them what they want as fast as possible. Because people, you can’t become a client online. You have to talk to somebody on the team. And we’re going to get everything we need in terms of what you want during that conversation. Because you might want to come in and build a seven-figure business, or Jennifer, a single mom, she wants to get to 30K a month so that she can be around her kids. Totally different goals, totally different processes. We’re not going to treat that the same.
Taylor Welch: So when somebody comes in, we typically already know what they want, what their target’s on. And from there it just becomes what are the biggest blocks that are going to make that happen the fastest? Because our average time from the client enrolls in starting to get results in less than 30 days. That’s an average. The only way that’s possible is if we can really manipulate the process so that people come in and they’re doing the most important things from day one and they’re ignoring all the rest. So most of the time that is like a one-on-one call, figuring out their life, figuring out their assets, what they have access to, and then removing everything that’s not going to get them to what they want rather quickly, which gives them all of this time back for them to do what’s actually going to work. And then from there, it’s just an iterative process of adding this, optimizing that, and being in an environment that is enabling them to think the right way.
Doug: That’s really interesting. I mean, do people have to share their calendar with you? It sounds to me like you do a fair bit of house cleaning in terms of looking at what they’re currently investing their time in during the day.
Taylor Welch: Yeah. I mean it’s not as crazy as you have to show us your calendar, but it is like, there’s no such thing as business problems. Back in the day when John Rockefeller was building Standard Oil or Carnegie was trying to build a steel company, they had business problems because the world was not set up for capitalism at the time. It was not set up for you to be able to do what we can do today.
Taylor Welch: Today, though, we don’t have clients who have business problems. They have personal thinking, identity, habitual, ritual problems, things that are probably not totally business-related that are cutting off their ability to do the right thing in business. And so that’s our lowest hanging fruit is let’s look at why are you not talking about your business online? Let’s look at why are you spending 17 hours a day in Click Funnels when that has nothing to do with your revenue? And typically what we find is there is something, personally, somebody has told them something or whatever, and we have to remove that, this part of the mental process. And then point them into a direction that just has a couple of things for them to do so that they don’t get overwhelmed and quit. Does that make sense?
Doug: Yeah, that totally makes sense. I’ve often said that people posting on social excessively is really just a way of procrastinating. They don’t want to make the sales call. As you said, no one works with us until we have a sales conversation.
Taylor Welch: Yeah.
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Doug: And so people do all sorts of things that look like work. I call them disguised as work when they really need to get on the phone and talk to a prospect. Instead of sending them an email, they should talk to them and qualify them. And then if it’s a fit, ask them for their credit card and onboard them.
Taylor Welch: Emphasis on if it’s a fit. I think today people take that… If you have room on your credit card, you’re a fit. No, no, no. That’s a recipe for building a horrible reputation online.
Doug: Absolutely. But I’m thinking back when I started my company, I didn’t have that wisdom. So when I first started, it was if you could write a check and fog a mirror, you’re a client. And then you get a little further down the road, you’re going, “That’s not fun. I have some people I really don’t like working with. They don’t pay attention.” And so then you can be a little bit more selective. And then as you mature, at least what I found is, I have certain people that I know I can really help move the sales dial for, but they need to be a fit. And [inaudible 00:30:08] most of the people aren’t a fit because they just don’t want to do what I want them to do.
Taylor Welch: Definitely. Yeah, that makes sense.
Doug: So what’s the bad advice that you hear around, we’ll talk about two topics because of where you’re at in your business, around online marketing. So you’re out speaking probably everywhere or having lots of conversations. So what’s the bad advice you’re hearing in the marketplace?
Taylor Welch: We hear a lot of times people have been told that there’s only one way to do something. That’s part of our marketing that’s changed from when we first started is one thing, one person, one blah, blah, blah. But there are new platforms popping up all the time. People like Tik-Tok advertising and advertising on fricking all of these random tools. And I think people are just distracted and overwhelmed more than anything. It’s not necessarily one piece of advice that’s wrong as much as it is there are so many things vying for your attention today. Because the world is literally set up for, I mean we’re in the best time in the history of the world for entrepreneurship. There are so many different channels, mediums, platforms, that people are so overwhelmed with options. And the optionality is actually hurting people. So I don’t know if I have like one piece of advice that is really bad. It’s more like everything piled up together and people not learning how to be selective enough that’s killing people.
Doug: So not making a decision and being willing to fail, or if you don’t like the word fail, test it to find out that your assumption’s wrong.
Taylor Welch: Yeah. Like just pick one thing and you could probably make it work. And then if it doesn’t work, just pick another thing. It doesn’t mean that you suck, it just means that that didn’t work. A hundred percent.
Doug: Yeah. Or it didn’t work for you. I just had that conversation with somebody yesterday about a CRM. It’s like you can’t spend a year to decide, just pick one of these and use it and it’ll work okay. And if in a year from now when you’re making more money, it’s not working to what you want, buy something else. But don’t procrastinate for a whole year and not move your business forward.
Taylor Welch: Thousand percent. We hear that so much. It’s completely a waste because most of the time when you’re in paralysis about that, you don’t have any clients. There’s no money coming in. It’s like, this is the worst thing in the world to focus on. Just pick something. You can use a Google spreadsheet for all we care.
Doug: Yeah. That’s what I said. Use notepad if you have to. Just write the people down. Or put them in Excel sheets. That’s funny.
Taylor Welch: Yes. Come on.
Doug: Now in terms of accumulating wealth, what’s some of the feedback that you hear in the community that you think people… Where they’re off base. Because you’ll hear, I don’t know whether it’s an excuse, but you’ll hear business people say often, “Well, I don’t think I want to scale to seven figures because of,” fill in the blank. So what do you think people are afraid of? Is that an excuse or do you think there’s actually concerns that people have around accumulated too much wealth?
Taylor Welch: I don’t think it’s a wealth issue. I think it’s a knowledge issue. Because I mean we’ll obviously… And here’s where ego gets really dangerous is, man, the ego will destroy your learning capacity. Because the easiest thing to do if you’ve had a little bit of success and then you start thinking you’re kind of a big deal, but you don’t know how to do something, the easiest thing for your subconscious to do is just be like, “Well I don’t want that anyway.” Well no, that’s not true. You just don’t know how to do it. And it’s easier for your ego to say you don’t want it than it is to admit that you don’t know. So I think people who are like, “Well, I don’t want to scale to seven figures,” they have some assumptions that are probably broken or it’s some ego things, and I will explain the two separately.
Taylor Welch: Let’s say that you have a family, you want to spend time with that family, and you’re doing a nice six figures a year, but you’re working 50 hours a week. If you think that getting to seven figures is going to require doubling your working hours, well, of course, you don’t want seven figures. That’s an assumption issue. It’s not an ego issue, it’s just you don’t understand the leverage. But then sometimes we get people who are like, “I don’t want this or I don’t want that,” but really it’s just because they’re arrogant and they don’t want to admit that they don’t understand it and they don’t want to pay for a coach to help them.
Taylor Welch: Probably one of the biggest things that I see in terms of wealth accumulation is, this is probably the number one excuse, is, “Well, my business is my biggest asset, so I’m not going to invest in anything else because that means that I can’t count on my business to win in the future.” And I’m like, “No, that’s not what that means. You don’t understand money. There are some gaps in your education on the rules of economics, the rules of finance. And so you’re keeping all your money in your business because you understand your business, which, no judgment there. But for me, I’ve learned the rules and my business is not the safest place for me to keep my money.” And I’m happy to explain that to everybody that I come into contact with. But that would be an ego thing of like people don’t want to take the time to learn, so they just keep it in their business.
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
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Doug: Yeah. I mean there’s a whole tax side to that as well. I mean there’s obviously the wealth management guys and as your business scales, as we talked about really early on in our conversation, a whole different mindset. And you need to bring in the experts, or at least for me, I had to bring in some people who had a lot more knowledge than my accountant and bookkeeper, that specialize in asset protection and wealth management, too, to take us to the next level, to make sure that the business had longevity.
Taylor Welch: Yep.
Doug: Super cool. Well, two questions and I’ll let you go back to your day. And one is who’s one guest I absolutely have to have on my podcast?
Taylor Welch: This is a good one.
Doug: So as a podcaster, I’m sure you’ve talked to lots of people.
Taylor Welch: Have you-
Doug: This is normally the… This is the toughest question that I ask my guests.
Taylor Welch: Have you talked to Eli Wilde?
Doug: I have not.
Taylor Welch: I’ll connect you with him. He trains a lot of Tony Robbin’s staff on the sales side. He’s one of the most brilliant communicators that I’ve ever met. He’s actually a partner in one of our businesses. And he’s just a good guy. Loves people. He will talk to you for days on NLP, influence, advanced sales tactics. I would definitely recommend him hopping on.
Doug: Well, that’d be amazing. And the most important question is how can people connect with you and your team and learn more about your company and get plugged in?
Taylor Welch: Yeah. So there’s not one place, but there are a couple of places. People can go to our website, which is trafficandfunnels.com. That’s for the advertising side. They can go to wealthcapholdings.com for the real estate side. Also, I post all the time on Facebook and Instagram, it’s just facebook.com/taylorawelch. We have three or four podcasts publications that we do every week. Usually, I’m posting just a hodgepodge of things on social media. So there’s a lot of different places people can go to. And from there, we can connect. And even if people have questions they want to message me, I love engaging with people. So shoot me a message. I’d be happy to point you in the right direction or tell you whatever you need.
Doug: Well, that’s super cool. I want to say thanks so much for being so generous with your time and being just so straight forward and sharing with our audience.
Taylor Welch: Absolutely. Thanks for having me on.
Doug: So there you are, listeners. It’s a little bit different episode. It’s not often we have entrepreneurs, young entrepreneurs who have built an eight-figure business quickly scaling to nine figures. So I would recommend heading over to Taylor’s websites. I’ve been to the sites. There’s a lot of content, a lot of good information there. He came recommended to me by a trusted friend of mine. And I really enjoyed this conversation. I hope you did as well. If you’ve got some questions, make sure you connect with him and his team, connect with him on social, and I look forward to serving you on our next episode.
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SHARE THIS EPISODE: HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
HOW TO SCALE YOUR BUSINESS PAST SIX FIGURES
To scale your business you have to be okay with earning money off of the effort of the people on your team and trusting people on your team.
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Get in touch with Taylor:
- Web – Traffic and Funnels
- Web – Wealth Cap Holdings
- Taylor on LinkedIn
Find out more about Taylor:
Links to other related podcasts and or blog posts:
HOW TO LAUNCH A BUSINESS WHILE WORKING A JOB
MARKETING FUNNEL TIPS FROM THE 28-YEAR-OLD MILLIONAIRE