1. Courage 9:31

• Definition: Courage is acting in the presence of fear.

• Action Steps:

  • Acknowledge your fears and take action despite them.

  • Make decisions that push you out of your comfort zone.

2. Learning 17:22

• Definition: Learning is the process of acquiring new skills or knowledge through experience.

• Action Steps:

  • Stay curious and ask questions.

  • Avoid the mindset of 'I know' and instead seek to understand more deeply.

3. Self-Control 20:29

• Definition: Self-control is the ability to align actions with goals despite emotional challenges.

• Action Steps:

  • Identify your goals and commit to actions that support them.

  • Practice discipline in your daily routines.

4. Consistency 28:00

• Definition: Consistency is the ability to maintain actions over time, even when results are not immediately visible.

• Action Steps:

  • Establish a routine that includes daily, weekly, and monthly tasks.

  • Track your progress and adjust as necessary.

5. Discipline 31:01

• Definition: Discipline is doing what is required long before it is rewarded.

• Action Steps:

  • Commit to long-term goals and stay focused on the necessary actions.

  • Avoid the temptation to quit when immediate results are not seen.

6. Persistence 34:08

• Definition: Persistence is continuing to move forward even when progress stalls.

• Action Steps:

  • Recognize that setbacks are part of the journey and learn from them.

  • Keep pushing through challenges and maintain your focus on long-term success.

• Expect Challenges: Building a business is not easy; be prepared for hard work and setbacks.

• Avoid Shortcuts: There are no hacks to success; focus on developing the necessary skills and putting in the effort.

• Set Clear Goals: Define what success looks like for you and break it down into actionable steps.

• Seek Feedback: Regularly ask for feedback from peers or mentors to improve your processes.

• Stay Organized: Use tools and systems to keep track of your tasks and progress.

1. Understanding the Importance of Mistakes 12:49

• Avoiding mistakes keeps you broke and uninformed.

• Action Steps:

  • Embrace mistakes as learning opportunities.

  • Take action even if it feels uncomfortable.

  • Reflect on mistakes to identify areas for improvement.

2. The Role of Cleaners in Business Growth 28:02

• No cleaners, no growth.

• Action Steps:

  • Always recruit new cleaners to scale your business.

  • Understand the math: More cleaners lead to more revenue.

  • Prioritize hiring and training to ensure quality service.

3. Consistency is Key 37:07

• Do what you say you're going to do, every time.

• Action Steps:

  • Establish clear standards for service delivery.

  • Ensure all team members understand and adhere to these standards.

  • Conduct regular training and meetings to reinforce expectations.

4. Prioritizing Cleaners Over Clients 46:29

• Your cleaners make you more money than your clients.

• Action Steps:

  • Focus on retaining and supporting your cleaners.

  • Understand that happy cleaners lead to satisfied clients.

  • Allocate resources to cleaner retention strategies.

5. Skills Over Money 50:08

• You don't need money or experience to succeed.

• Action Steps:

  • Invest in skill acquisition rather than monetary resources.

  • Encourage team members to learn and grow through experience.

  • Foster a culture of continuous improvement and learning.

• Be prepared for challenges: Expect mistakes and setbacks as part of the learning process.

• Avoid complacency: Regularly review and update your practices to ensure they remain effective.

• Document processes: Keep detailed records of cleaning procedures and client interactions.

• Use checklists: Implement checklists for cleaners to ensure consistency and thoroughness.

• Regular feedback: Encourage open communication and feedback among team members to identify areas for improvement.

Introduction to Profit Margins 5:03

• Understand the importance of achieving a 20% profit margin for business sustainability.

• Recognize that profit margins are targets for businesses generating over $60,000 a month.

Step 1: Establish Revenue Goals 6:05

• Focus on reaching a minimum revenue of $60,000 per month.

• Prioritize growth and reinvest profits until reaching this threshold.

Step 2: Understand Cost of Goods Sold (COGS) 14:40

• Allocate 55% of revenue to COGS, which includes:

  • Cleaner wages

  • Payroll taxes

  • Supplies and uniforms

• Recognize that COGS is a necessary expense that directly correlates with revenue generation.

Step 3: Manage Office Staff Expenses 26:07

• Limit office staff wages to 12% of revenue.

• Invest in coaching and training before hiring additional staff to ensure efficiency.

Step 4: Allocate Marketing Expenses 34:05

• Set aside 6% of revenue for marketing efforts aimed at acquiring new clients and cleaners.

• Adjust marketing spend based on business needs and revenue growth.

Step 5: Control Other Office Expenses 39:59

• Keep other office expenses, including utilities and software, to 7% of revenue.

• Be flexible in reallocating funds based on operational needs.

Final Calculation of Profit Margin 40:04

• After accounting for all expenses, ensure that the remaining revenue equals 20% profit margin.

• Regularly review profit margins quarterly to account for variations in expenses.

• Ensure that all financial records are accurately maintained using accounting software like QuickBooks.

• Avoid common pitfalls such as misclassifying expenses that cannot be deducted, including:

  • Federal and state income taxes

  • Self-employment taxes

  • Tax penalties and interest

  • Credit card payments

  • Down payments for real estate

  • Distributions from the business.

• Regularly review and adjust your budget to reflect changes in revenue and expenses.

• Invest in training and coaching to improve operational efficiency before hiring additional staff.

• Monitor your profit margins quarterly to identify trends and make necessary adjustments.