While you’re striving to reach the magical $100K a year, maybe you’re getting a little inspiration from our $100K-in-a-month achievers in the special September series of the Cash Flow Diary podcast. In this episode, I get to chat with Mike Schmidt, a pretty cool entrepreneur who just out of college started a web-design company. Mike’s company has now built around 1,000 sites, but not just willy-nilly. He systemized the business.
Mike is now taking his next steps, and his company is consistently earning more than $100K per month by automating the systems and creating recurring income. The main driver that pushed Mike and his team to go for the gold is the stress he felt at the beginning of each month. He says it felt like climbing a mountain, and it was getting old.
So, was Mike’s success easy to reach and did it come without failures and mistakes? NO! Like all other successful entrepreneurs he and his team took mis-steps and experienced plenty of failures. He struggled to make payroll sometimes, and he had difficult clients from time to time. But he also learned that a dissatisfied customer can be really helpful in determining what needs to change in one’s business. Mike also says that not every dissatisfied customer can be turned into a satisfied customer, and that’s okay, too.
The interesting thing you’ll learn in this episode of Cash Flow Diary is that even the most successful entrepreneurs and business owners have lots of challenges and have to walk through their fears just like you! The deal is that from a negative place and fear, you can choose what you want out of your business. You can focus in on what you really want and stop flailing around in the water, going from one project to the next, somewhat like living paycheck to paycheck.
The secret to success is to conquer fears and move to a recurring revenue model. At least that’s the case for Mike Schmidt. He also learned that his success came from having full intention in one’s business that creates the success he sought. He had to stop just letting business happen to him; he had to start planning and implementing those plans. Learn more about what he’s doing, so maybe you can follow his lead.