Jackson Millan, How to Build a Business That Serves Your Lifestyle — InnovaBuzz 371
Jackson Millan, The Wealth Mentor
In this episode, I’m really excited to have as my guest, Jackson Millan, also known as The Wealth Mentor, who is an award-winning entrepreneur and wealth coach. He is the author of the international best-selling book “Enjoy The Journey: Creating Wealth & Living The Life You Desire”, which has been featured on bestseller lists in 8 countries across 15 categories.
Jackson has spent the last 12 years dominating the wealth and business strategy space having worked with over 1,000 clients to help them build over $1.2b in combined wealth. He has personally scaled multiple 7-figure businesses and has helped many of his clients do the same.
In our discussion, Jackson talked to me about:
- Why it is important to focus on the outcomes you achieve rather than what you do
- How to productize your services
- Meeting your customers where they are now
Listen to the podcast to find out more.
Listen to the Podcast
Show Notes from this episode with Jackson Millan, The Wealth Mentor
Key points and takeaways from this episode include:
- Money is a vehicle that enables you to create the life that you want and attain the things that you want.
- It’s not about how you spend money. It’s about how you value money. There’s no point in having all the money in the world when you don’t have the time and freedom to enjoy it.
- Time and money are the only two tradable commodities in the world.
- A business is not the be-all and end-all of your existence. It is just a vehicle that you use to create the means for you to live life on your own terms.
- Being a business owner gives you freedom and flexibility.
- Nobody on their death bed ever says, “I wish I had more money.” Everyone on their death bed regrets the shots they didn’t take, the experiences they didn’t create. The time and capacity for these are the memories and things that are really important.
- Define your goals outside of the business. Be clear about the lifestyle and financial goals that you are working so hard in pursuit of.
- Build a business to create freedom and flexibility and not another job for yourself.
- Have a lifestyle first mindset.
- Every man in this world has two lives, and his second life starts when he realises he only has one.
- Stop trading time for money. As an entrepreneur, it is your mission to disconnect the time that you invest from the outcomes that you achieve. Think about how you can redefine the way that you go about scaling your business in a way that is not directly related to the time that you invest.
- Every business owner needs to have a Wildly Important Goal (WIG). A WIG is a stretch goal that is still within reach and reasonable.
- Define your goal and set your wheels in motion. When you start turning your dream into a goal, and your goal into a plan, and then your plan into action, everything starts to fall in place.
- Understand the roles and responsibilities that you can delegate elsewhere. Think about what you need to delegate and who do you need to put into the right positions to afford you that freedom.
- Design your dream team to make sure that your business continues to grow and thrive in your absence.
- Be 100% comfortable with letting go.
- Have a very clear goal. The more invested you are in the goal, the more likely you are to achieve it.
- Understand your financials. It’s impossible to achieve freedom and flexibility if you don’t know your numbers. Understand your metrics, KPI’s, and finances in your business.
- The objective is not to put your business on the ice. It is about setting your business to thrive without you. It’s about having a business where you have complete freedom and flexibility that cannot only run but grow without you.
- Know where you are in your business. Don’t just keep chasing what other people are doing because they are all running their own race in their business. If you keep looking at business leaders and watching what they do, you have to know that they are doing what’s right for them now and not what was right for them where you are at.
- The Four Quadrants of Business
- Marketing — how do you attract people into your universe and compel them to put their hand up for your help?
- Sales — how do you turn those people into paying clients and customers?
- Delivery — how do you deliver on the promise you made when you brought these people to your business to make sure that you are not only giving them exceptional value but also turning them into raving fans?
- Growth — how do you make sure that you are growing a profitable and scalable business that allows you to either drive more gratification as a result of your efforts or double down so you can continue to scale?
- Productize your intellectual property. Turn it into programs, frameworks, worksheets, tools, and systems.
- Your team doesn’t have to master or learn all of your intellectual property. They just need to know where to find the answers.
- Everything that you’ve learnt and the expertise that you’ve mastered over the course of your entire career has come to either move people away from pain or towards pleasure. The best place to start is to unpack all those pain points that you are helping your clients move away from and the pleasure that you are helping them work through.
- Create a mind map of all the topics or pillars that your intellectual property is categorised under. Go through the most frequently asked questions and start working through and organising them to turn into a product intranet or knowledge base.
- Focus on progress over perfection.
- There is no better way to identify ways to improve your intellectual property and make it better than to unpack it and teach it to somebody else.
- Live for today and plan for tomorrow.
- Only one of three people is intrinsically able to defer gratification into the future.
- Just because you have a business doesn’t mean you have to work sixty hours a week. It doesn’t mean you have to sacrifice taking your kids to school or missing their dance recital or sports game on the weekend. Make the time! When you make the time, you will work within the time you have available.
- You are the architect of your own future. It is why you got into entrepreneurship in the first place. Master your time and make sure that you take the time to enjoy the fruits of your labor because you deserve it.
- Don’t underestimate the power of recharging your batteries and taking time out because the time that you take out of your business is what will make your business grow even more.
- Always hire on values and train everything else.
- Design your dream team. Create the role and then find the right person for it as opposed to the other way around. There is more danger in finding the person and trying to create a role for them than finding the role and creating the right person for it.
- 4 Psychometric Tests When Hiring New People
- DISC Profile
- Sixteen Personalities (Myers-Briggs)
- The Visionary Integrated Test (Gino Wickman)
- The COLBE A
The Buzz — Our Innovation Round
Here are Jackson’s answers to the questions of our innovation round. Listen to the conversation to get the full scoop.
- #1 thing to be more innovative — Be constantly learning and surround yourself with people who can teach you new things. Innovation is a byproduct of new ideas and forward thinking. If you surround yourself with forward thinkers and you are constantly learning, then, innovation will be just a byproduct of what you do.
- Best thing for new ideas — Create space. Create one day a week to work on your business — no client work, no interruptions, no checking emails. By creating that bandwidth, new ideas will just flow.
- Favourite tool for innovation — YouTube
- Keep project/client on track — Keeping the momentum. Focus on progress over perfection.
- Differentiate — Get clear on your WHY and sell it. The thing that is unique about your business is YOU. Own yourself, be yourself, and present yourself. Share your successes and failures, and do it so openly. The better you can share yourself, the more you can find and attract people that will resonate with you.
To Be a Leader
The best time to plant a tree was twenty years go, and the second best time is today. Stop dwelling on the past and the opportunities that you’ve missed, and start seizing the opportunities that exist right now. Focus on progress over perfection.
Jackson suggested we have a conversation with Taki Moore of Million Dollar Coach. So Taki, keep an eye on your inbox for an invitation from us to the InnovaBuzz podcast, courtesy of Jackson Millan.
- Website — The Wealth Mentor
- Podcast — Enjoy the Journey
- Twitter — @AereusFinancial
- Facebook — 6 and 7 Figure CEOs
- Enjoy The Journey: Creating Wealth and Living the Life You Desire
- Profit First by Mike Michalowicz
- Rocket Fuel by Gino Wickman and Mark C. Winters
Cool Things About Jackson
- Growing up, he wanted to be a vet.
- He’s the Co-founder of Koruna Creative, an on-demand creative design agency created specifically for service-based professionals.
- He received the National Adviser of the Year (2016) Award from Yellow Brick Road Wealth Management.