The majority of people nowadays don’t know what running a business means. They are chasing the revenue but what they don’t know is that employees, tax liabilities, legal issues also make a business.
You’ve heard the stories about people starting their own businesses, not having a clue what they’re doing and then closing the businesses because they failed. Even big companies with great potential are shutting down because they are not getting anywhere.
Why is this happening? First of all, their leaders are often lost and dragged into things they shouldn’t be doing in the first place. Business owners are surrounded by the wrong people and instead of doing what they do best, leaders are busy doing everything else.
This confusion leads to lack of revenue, problems with employees, marketing that’s not working or it doesn’t even exist, and no system that’s been set up for customer attraction and retention. All these mistakes are costly and can sink your business anytime.
As Jim Toner, entrepreneur and real estate investor once said: “Businesses aren’t designed for you to wing them, businesses are designed to make you rich.” In business, there’s no place for running around and thinking about your next step. It’s the systems that should be working for you. Whatever business owners do, they should never let the fear and panic prevail.
So who do leaders call when they don’t know what to do with their business?
The Wolf and the Irishman
Jim Toner and John Mulry or the Wolf and the Irishman, as they are called, are experienced entrepreneurs and business experts who are helping business owners set up the systems and run their business smoothly. In other words, they help people become successful and get rich.
For almost 30 years now, Jim Toner has come a long way in the world of business and real estate investment. But before he became successful, Jim was working three jobs and got no money in return. He admits he entered real estate because he knew that this is where the money is. And soon, he found lots of it.
But things weren’t so easy for Jim Toner which he details in his recent Medium post. The economic crash hit his business just like all the other businesses, especially in the real estate. At the time, banks called off loans and Jim was trying to navigate through the endless problems. Then he realized that what he got, in turn, was priceless. The struggle gave him experience and knowledge which he shares in his recent book.
He went from a nice guy to a more street smart businessman. It was then and there that Toner realized that he’d been a terrible businessman before! What he went through made him more experienced and ready to use that knowledge as a brand new platform for making money. Jim was turning his loss into a victory.
Jim started teaching people about what he was doing best. He discovered a business model where he charged for his knowledge. Toner was working with people individually and saw that everyone was going through the same problems as he once did. They repeated the same mistakes with management, operations, lack of marketing and sales department. Many of these business owners were sitting on a potential gold mine, but they just didn’t see it.
Watch the full interview:
In the World of Charlatans, Be the Real Deal
What was Jim’s next move? He could now make and save a lot of money for other people. He became the Wolf. In the world of charlatans, Jim realized that he was the real deal. But even the real deal can’t do everything by himself. He managed a lot of things and he needed somebody who was his equal. So he decided to find that person.
One day, Jim was looking for a specific type of business strategist. It took him 5 minutes to find John Mulry online. He went through his systems and got excited that he’s a real deal too. Toner sent an email with his requirements and John responded right away. The one thing that doesn’t happen too often in the business world. They both knew what they were doing. It was fate. They had something. So they took their skills and decided to help other business owners.
John Mulry is an award-winning marketing advisor, speaker, and top-selling author. His expertise spans both online and offline direct response marketing. Just like Jim, John was never the one to accept the status quo of the recession. Instead, he studied under some of the top experts in the business world.
Mulry’s mission is to help transform 1,000,000 businesses by 2030! But he knows he can’t do it alone. He’s training and supporting other people who can later join him on this ambitious journey and help him fulfill his mission. Alongside with the Wolf, John wrote “Send in the Wolves,” the raw truth about the ugly side of the business. In the book, John and Jim share all the things that can happen to businesses.
But unlike the other charlatans, the Wolf and the Irishman know what they’re talking about because they went through it all themselves. Money, failures, and madness of life, they’ve seen it all. And now they are ready to help others succeed in their businesses and avoid mistakes they don’t even know they are making.
Things Happen for a Reason
Both Jim and John learned that everything in life happens for a reason. People go through hell and get the education from it (if they’re smart). But the thing is, you become more powerful if you team up with people who went through the same problems. Your skills complement each other, and you do more than you could ever possibly do alone.
The first thing Mulry did when he started a business was to hire a mentor. According to John, we’re never alone in the market, no matter what type of business it is. John got the guidance on what he should and shouldn’t do. He avoided making costly mistakes and learned from the people who had more experience than him at the time.
One of the rules of business is that you can only succeed when you are helping others. For example, John and Jim had a client who was a top scientist, brilliant in what he does but his business was a mess. When they put systems together and helped him gain his confidence back, he was able to help others again.
Failure is not always the end of a story. Failure is often a beginning of another, better story that happened to us for a specific reason. You can call it destiny, the law of the universe or something else.
You Will Never Get Rich Working for Someone Else
This is what you need to learn about money: You will never get rich working for someone else. Nowadays, the automation is making everyone replaceable. That means that most people who think their jobs are secure are deadly wrong.
According to Jim Toner and John Mulry, people who work for others are in danger because they have no real security. Ironically, most people choose to work for someone else because they believe this will provide them with lifelong financial stability.
Having your own business is a path to freedom, but also, to security, and it’s something that we all need so much. The risks are obvious. The reality is that the most people fail with their businesses because they don’t understand what entering a business means in the first place.
Let’s say you’re a fantastic cook. You know that you are good and you want to open your own restaurant. Having a skill is only one piece of the puzzle. You need to ask yourself if you know anything about managing inventory, taxes, employees. Is there even a demand for what you want? Maybe you’re good at something but no one else cares about it.
That’s why everyone needs a mentor in business. Especially when you’re a beginner, you can’t (and shouldn’t) do all of these things alone. But if you put time and effort to educate your target market on who you are and why you’re the best in your area, you will succeed.
You will get the recognition you deserve and ultimately, become an expert. As Toner and Mulry explained, once you become a celebrity in your niche, one of the most annoying things in every business will disappear, and that’s price objection. People will pay you a lot of money if you are an expert in your field.
When people deal with authority and experts, and if they recognize you like one, they are willing to pay any amount of money because they trust you. When it comes to running your own business, it’s important to remember to follow the profit, not passion. The passion comes afterward.
The Five Systems
Business owners are always pursuing the profit. While profits can make a lot of problems go away, leaders shouldn’t be in the position of chasing the next big profit around the clock. The systems that are basically their 24-hour sales force should do this for them.
However, most businesses last about 5 years and then they fail because they don’t have any systems to support them. But don’t worry, it’s never too late to implement all five of these systems and see how difficult it used to be to work without them.
First of all, every business needs a lead generating system. Lead generation is the process of attracting and converting strangers into someone who has indicated interest in your product. These strangers are your potential customers. Some of the examples of popular lead generators are coupons and different types of online content. But it doesn’t really matter where your leads are. They could be online or offline, what matters is that you need a system that will be focused on your target audience.
Then you need a sales conversion system. You can’t use the leads you have unless you convert them! Whether you’re converting them over the phone with a sales team or online or face to face, this system is absolutely necessary for every industry. You should be able to routinely hear about the results you’re getting from your sales system. One way to do it is to set up weekly sales meetings with your sales team. Go over wins and problems with them, and discuss best practices in nurturing and closing your leads. Make sure everyone’s on the same page with you. This is a fantastic way to get the continuous feedback on how to improve the system you implemented.
Once you convert a lead, you have a customer. That sounds easy, right? But now you need a client experience system that will blow away your customers. The system should make them say: “Wow, this person really cares about me! They don’t just want money. I feel highly appreciated here.” This is the crucial point in the customer experience journey because this is where you gain their trust and they decide to stay with you. Always have this in mind: Consumers have a greater number of choices today than ever before. These choices are more complex and they have more channels through which to pursue them. In such an overwhelming environment, simple solutions will win the allegiance of the time-pressed consumer.
For more insider tips and tricks, read Jim Toner’s recent posts on Medium: https://medium.com/@jim_toner