5 Things Your Business Can Learn From Millionaires

First off – never get too excited about money. If you’re hungry for more money, go after it, but it’s a long grind. You also have to forget about other parts of your life in the pursuit of dollars. Having said that, they’re are many things you can learn from those who have made many dollar bills through their business(es).

Canadian Money, Money

Whether you’re content with grinding it out in a large corporation or if you want to hustle day-in and day-out as a scrappy startup – here are some things to consider:

1) You are in charge of what you want

Fate or coincidence or hard work. You may believe things happen for a reason, but you also have to understand you have a choice in the matter. The rest is left up to chance, but you can sway things in your favour by how much you’re willing to put in. You don’t have to accept the circumstances as they’re presented to you. You can choose what you want to do with your life, business, family, love life, etc… YOU HAVE A CHOICE!

2) You probably know a millionaire, but don’t know it

If money is what you’re after – you’d probably be surprised to see who has money and who doesn’t. Quite a few ‘flashy’ people I know are in HUGE amounts of debt. From the outside – they look like billionaires, but they’re living pay cheque to pay cheque. Don’t be fooled by looks. In fact, in the book The Millionaire Next Door they lay out some interesting stats about millionaires:

  • 20% of the affluent households in America are headed by retirees
  • Of the remaining 80%, more than ⅔ are headed by self-employed owners of a business
  • In America, fewer than ⅕ households is headed by a self-employed business owner. However, these self-employed are 4 times more likely to be millionaires

No flash, just gaining the fruits of their labour. No need to shove it down your throat. It pisses me off to see the amounts of money being thrown around by those ‘successful’ entrepreneurs. I’m assuming here, but 99% of those who have money, don’t flaunt it. Unfortunately, the social world has made it cool to show off your dough. You don’t have to be one of these people.

3) If you want to make it big – you’ll have to work for it

Nothing is given to you – unless you come from an extremely well-off household. Even then, you may not know it, and you’ll have to work for it. When you see successful businesses or ventures you mustn’t forget those are many years in the making. The best athletes and business people in the world didn’t get to where they are by luck. Yes, a bit of that helps, but so does hitting the gym every day, so does not being afraid to take a risk and get out of your comfort zone. Hustle will always win.

4) Passion is BS – most of the time 

There are so many la-la stories about finding your passion. For the most part – your passion doesn’t pay. I’d like to golf 100% of the time. That’s my passion. Unfortunately it doesn’t pay the bills. Here’s something to keep in mind from Illusions of Entrepreneurship:

  • 63% of new business owners admit their ventures don’t have a competitive advantage.
  • There’s no evidence that entrepreneurs select industries where profits, profit margins and revenues are higher.
  • Only a third of those surveyed say they really did a search for a good business idea.

Aka – if you don’t have an idea, think you’re special or don’t know what you’re passionate – that’s okay. If you currently like what you’re doing, and it pays the bills, then maybe there’s something in that line of work that can help you. My wife loves to write fiction. Unfortunately it doesn’t pay the bills. However, she freelances on the side as a writer doing odd jobs from writing descriptions of bird cages, to being a word-smith for one of the largest branding companies in North America. THAT PAYS!

She had to hustle on sites like ODesk (now UpWork) for a few months until she landed a big fish. Hustle always wins.

5) Understanding delayed gratification

Everyone is a victim of this including me. You and I always want that instant gratification. We instantly want a return. We put in – we get out. That’s it. Unfortunately, when starting your own business, or working for YOU INC (aka yourself at your 9-5) you have to put in the hours. I started working at the age of 12 filling out scorecards for Men’s Club Championship at the golf course I was a member of. I also cleaned clubs. I did this for 2-years until I worked my way up to handling the junior program, scheduling other staff members, and selling items in the pro-shop. I didn’t go from 0 – 100 overnight. It took years of hustle, and me being as reliable as they come.

The same can be said in business. If you have the ‘build it and they will come’ mentality – you will die a slow, bank breaking death. You have to keep in mind there’s someone else out there who’s just as hungry for success as you are…if not hungrier. It sucks, but you have to put in the work.

Since we started our online fashion business (Ever Rose) back in January – my wife and I haven’t had a single day off. We work 7-days a week. We work 9-5 jobs then come home and work on the store. We just had our best month of the year in one of the slowest months for fashion. We’re also ranked in the Top 5% of store traffic on Shopify out of all the stores that were created around the same time ours was. Why? We hustle. We’re exhausted, but we hustle. And the money is starting to follow.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

Entrepreneurial Expectation vs. Reality

You have this amazing idea, that’s going to change the world forever. Or you don’t have an idea yet, but you know you’re going to be an entrepreneur and make buckets of money. Funny how the mind plays trick, and lets ambition and hope take over to make it appear as though you’re destined for greatness. While this may be true – it’s not going to happen immediately. Expectation and Reality are very different things.

expectation vs reality, expectation

Expectation

You’re going to solve all the worlds problems with your new app or idea. And / or you’re going to be an instant billionaire. All of these thoughts will pass through your mind if you have the entrepreneurial spirit that seems to be going around these days. We’re all entrepreneurs in some way, shape or form. We’re all owners of Me Inc.

With any new venture you will always see the end of the road – whether it’s an awesome house, fancy cars or whatever you’re dream future may be. You rarely look around the corner, and she the other side – bankruptcy, lay-offs, creditors, etc… It’s always good to have the positive in mind, but you cannot forget about the bumpy road to get you there. Plus, if you have the blinders on and all you’re doing it for are things that can be purchased with money – stop doing what you’re doing. I know of countless people who make upwards of 400k a year. A rough estimate would put about 80% of those people living what they would call a miserable life.

Your mind has been altered to show you all of the positive entrepreneurial experiences. You think Steve Jobs, Mark Zuckerberg and so on, while forgetting about the long road it took them to get to where they were / are. Not to mention – not everyone receives the accolades or the successes of those two. For every Zuck – there are 1,000,000 middle class entrepreneur’s duking it out in the trenches.

It’s like when you meet THAT girl or guy, and you have all these dreams of love, and happiness, only to have reality kick you in the ass…HARD! This is one of my favourite scenes showcasing Expectation vs. Reality in the real world. It’s great to visualize success, but you must not forget about the Reality lurking around the corner.

Reality

The stats are floating around everywhere. Only 20% of new businesses will make it past year 2. One out of 10 startups will eventually turn into something. Every time your entrepreneurial spirit kicks in, please keep this in mind. It’s going to be an extremely tough road ahead, and there’s a good chance you won’t make it. However, you MUST try.

My wife and I had these HUGE ideas of how successful our online dress shop Ever Rose was / is going to be. It’s getting there, but not as quickly as her or I wanted. When we started – expectation took over. And we’ve been hit with a firm dose of reality time-and-time again. You learn from this, and carry on. We understand it’s a marathon, and success isn’t going to be given just because we built something. We appreciate all the little moments of success, like a positive review, a new order or getting the chance to make someone’s day.

We celebrate the small wins, knowing the BIG wins will come. We keep working at it every day. Yes, our social lives have taken a hit, and we’ve taken on some debt, but we’re trying. Trying to create jobs, and create what we feel is the right and honest way to go about business in the very crazy world of e-commerce. Win or Lose we’re trying.

You have to take the positive with the negative. You’re a fool to think you can get into a boxing ring with the expectation of not getting hit or hurt by your opponent. The lumps and bruises will come. It’s surviving these ups-and-downs that make you an entrepreneur. It’s getting up every morning, on little to no sleep to do what you want to do. Not what someone else expects you to do. It’s building, creating, and providing value to those around you.

Set your expectations high, but never forget that reality will always kick you in the ass.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

4 Tools Essential To Your Online Business

When starting out you can be swarmed with the endless possibilities of starting, promoting, and ensuring the longevity of your online business. The mass amounts of information at your fingertips is astounding, and you can end up drowning in that info. Here are some of the tools essential to your online business. These tools can also be translated into brick & mortar locations as well. The bonus with online is you don’t have to get into a 5-year lease on a physical location at $20 – $40 (or more) per square foot. You can invest that money elsewhere – like marketing your biz seeing as you won’t have any foot traffic.

apps, iphone, iphone apps

Shopify

Any e-commerce tool like Shopify or Bigcommerce is absolutely essential if you don’t want to develop, and pay big $$$ for your own website. Simplified templates, amazing apps, fantastic support, and a low monthly rate give you the opportunity to test, and develop your offering without diving head first, and pumping tens-of-thousands of dollars into something you’re not 100% certain will work.

I prefer Shopify as it’s Canadian although you still have to pay in USD for their services. Do your homework on the other e-commerce platforms out there, but Shopify or Bigcommerce are great places to start. There are free options, but even the paid options are affordable. I pay $30 a month.

Wave Apps

Another Canadian app essential to your online business – or any startup for that matter. Wave is your online portal to accounting. You can send invoices, pay bills, track payments and do day-to-day bookkeeping. Come tax season – Wave is your friend. Instead of using a bookkeeper Wave will produce all the essential reports you need to file your taxes, on top of being able to keep your finger on the pulse of your business. Plus, they offer professional bookkeepers to help you out when you’re in need.

You’ll still need an outstanding accountant who can help you out with the bigger picture stuff like tax breaks, filing, etc…, but Wave is a free tool you can use when starting out (some options like invoicing and paying bills require an affordable monthly fee).

Social / Search

While I dislike having to pay Silicon Valley for my marketing / advertising dollars they are an essential piece to your complex online puzzle. Unless you have an amazing product / service that people already know about, and a following of devoted followers – you’re going to have to invest some $$$ into social / search. If you’re a product based business – you should dabble in Pinterest, Facebook, Instagram and Snapchat. It doesn’t matter if you don’t know how to use these tools, just start and you’ll figure it out as you go. Here’s a quick starting point. If you’re more service based – think consulting – use Twitter and possibly Instagram and YouTube. Video is a HUGE differentiator in the market right now. If you can provide weekly or even daily videos about your product / service – you’re going to excel. Cost per day is anywhere from $5 per day to $20 per day.

As for search – you have to fight the Google and Microsoft battle. My biggest thing is to own your name. Using Google Adwords and Bing Ads ensure you’re the top ad that shows up when someone searches for your name. For example – when you search Ever Rose on any platform – my wife and I’s online dress shop is the first thing you’ll see. Cost is $5 per day on both Google and Bing.

From there – you can start pulling back your dollars and invest it more in the people who have visited your page or have purchased from you. You can do this through your weekly e-marketing campaign from Mail Chimp or Klaviyo (a cool Shopify app). Don’t inundate your fans with e-blasts. A weekly update will do with new products / services. Even a special deal exclusive to them is always something to keep in mind.

Spreadsheets

It’s a bit old school, but having a few trustworthy spreadsheets will help you in being able to breakdown a few key items. One of my favourites is the profit workbook. When starting out it’s essential to know you’re making a healthy profit, so you can invest back into the business to help it grow. I have a sheet that calculates to the percentage point – how much Ever Rose is profiting from the sale of our goods.

If you’re interested in diving deeper into any of the tools above – a quick online search will help you out or connect with me by leaving a comment below or finding me on Twitter.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

Summer Marketing Checklist

Kids are out, it’s hot…damn hot, and people are spending money more frivolously. What are you doing to stay in front of your potential and existing clients? Are you speaking to them in their language, about what they care about at your point of contact with them? If you can or can’t answer these questions – here’s a quick summer check up:

Your customers / fans:
What’s their mindset for summer?
Where are they going? Beach? Lake?
Where are their kids going? Camp?
Do they have kids?
Are they using their vehicles?
Are they on their mobile devices more or less? If so, what programs / apps are they using?
Are they going to weddings? Or having babies?

You as a marketer:
Is your marketing touching on these points? Is it related to summer?
What colours are you using in your messages? Do they reflect summer?
Do your social media sites reflect the summer? Does it reflect what your potential customers are doing?
Is there something topical (event or otherwise) you can piggy back on to get your message across? For example – it’s the Calgary Stampede and we ran targeted marketing to those in and around Calgary with a message that would resonate with the market.
Is there something you can sponsor or fundraise for?

The Top 3

1) What’s going on in your potential customers head? Lock yourself away for 5 minutes and think like your customer. Or think about what you do in summer. Most likely, a sum of your market will be doing or consider doing the same thing. Is it the beach? Family vacation? R&R while the kids are away at camp?
2) Based on the above – where can you place your message? The goal is to hit as many people as possible within your budget. Whether it’s a community board at your local beach or a national mass media marketing campaign. Figure out where your potential customers are going to be and hit them with your message.
3) The ‘summery’ message: Once you have the first two down, how will you relay your message. Don’t use a generic message or branding. Target it specifically to what your potential customers are doing or may be doing this summer.

Here’s a hard example from a campaign my wife and I ran for Ever Rose leading up to and during Calgary Stampede:

Stampede, Calgary Stampede, Facebook Ad, Stampede Facebook Ad

Hyper-targeted, hyper local, and the message resonates. What are your marketing plans for summer? Come fall everyone is gearing up for the holidays, so now’s a great time to get your message out, and avoid all the noise that will follow.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

You’re just a Sheep, and that’s okay

You, and I aren’t much different than sheep when it comes to our nature in business and marketing. You tend to follow the path of what others are doing. You do this because it’s safe, and it’s tested. You’re risk adverse, and you’d rather fail doing what everyone else is doing than be the black sheep and fail at something no one is doing. You may not think this is true, but it is. Even if your larger than life ego tells you you’re different. I’m here to say you’re not, and the proof is out there.

sheep, pasture, sheep in pasture

Digital Media

This is the pen where all the sheep are. 10 years ago this was an unkempt grassland just looking to be harvested. Pretty much every player – big and small – has an online presence or will have an online presence very soon. It’s still seen as the ‘shiny’ new thing, and uneducated business owners are dumping thousands of dollars a month into online / social / retargeting / remarketing / SEO / SEM and the list goes on. Why? Because everyone is doing it, and you don’t want to be the black sheep – do you?

Here’s the deal – I’m a firm believer in digital and what it can offer, but let’s pull back the curtain and be self-aware of what’s going on. Your business is currently one of the millions online. You’re just another sheep, so let’s take a look at other, greener pastures shall we.

Direct Mail

This is making a resurgence in the marketing world. Why? Because no one else is doing it. Everyone is obsessed with the shiny objects, and most forgot about what came before the newest, shiniest thing. Maybe your market is different, but I remember getting loaded with direct mail marketing pieces on what seemed to be a daily basis. Now, I usually get a few direct mail pieces at the beginning of the month and that is it. This could be a market for you to exploit. Why be one of millions when you can be the ONLY business in your category mailing direct to your potential customer.

Legacy Mediums

Just like sheep move from pasture to pasture only to come back to where they started and do it all over again. Your business can take advantage of where the sheep used to be, and where they’re headed. Knowing the legacy mediums like print, TV, radio, and direct mail is where businesses used to be throwing their money and now have cut back. This leaves you the opportunity to attack. If you’re going to dabble in one of these mediums – ask your sales rep how many competing businesses in your category are currently advertising. If the number is low – that’s a good sign for you to get an extremely high share of the marketing voice.

Legacy mediums aren’t dying – the fat is merely being trimmed. The strong will survive – the weak will not. I’ve started publishing hyper-targeted monthly magazines that are directly mailed to some of the most affluent people in the country. And we’re one of the fastest growing privately held media companies in North America with close to 3.5 million readers every month. With zero magazines going out of print over the past 7-years. Print isn’t dying. The content has changed a bit, but the medium itself has not.

Go where people used to be or are going to be

One way to gain a considerable advantage in getting your businesses marketing message out is to realize where your competition used to be, and see where it could be headed. It’s impossible to be an early adopter of everything, but at least try and be aware of it. If no one in your category has experimented with e-commerce – take some time and figure out how it works. It could be a HUGE goldmine for you in the future. Or look at other categories of business. What are hotels doing to stay ahead of the curve? You may be in the car business, but you might be able to see how other companies are operating and try and be the first in your category to tap into an untapped market.

New Opportunities

Social platforms are starting to get heavily involved in the e-commerce business. Facebook and Pinterest are both working on, and have launched (in small scale) the ability to buy a product on their platform. No clicking a link and going to a website – you can conduct business directly on the social network. With my wife and I’s online store (EverRose.com) we have the ability to promote our products on our social pages, and with the click of a button you – the customer – can purchase. Unfortunately, these features haven’t been rolled out in Canada yet, but when they are – we’re already optimized and ready to go. We see this as a future opportunity, and we’ll be one of the first to pounce when it’s launched. Total time investment – 5 minutes. Not much when opportunity knocks.

Follow the Sheep

It’s okay to follow, just be aware of WHY you’re doing it, and don’t forget to ask yourself – where did business used to market? Where people have been and where they are going are enormous opportunities for your business to gain market share and invest marketing dollars. Just like sheep go round-and-round looking for the best pasture only to come back to where they started – business is similar. What’s old is new, and what’s new is old. Just be aware of where your market is currently at, and you can gain a distinct advantage on the competition.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

The Unglamorous Entrepreneur

Money, fast cars, yachts, extreme vacations and all the other things you see in the headlines from 20-something entrepreneurs. Unfortunately, those entrepreneurs are like 1 in a million. For you, and I it’s a grind everyday.

You may hold down a 9-5, while dabbling in a business venture you’ve always wanted to launch on evenings and weekends while trying to provide enough family time, so your other half doesn’t run you out of the house. On that note, you may feel like you have to keep the 9-5 going because you want to keep your existing comforts like the house you live in, the car you drive or the ability to go out to your favourite restaurant. Congrats – you’re the Unglamorous Entrepreneur.

Guy With Bow Tie and Mag

My 9 to 5.

Social media and self-worth

Why is it that your friends and family only share updates about the ‘good’ things that happen in their life? Why does it seem like they’re always on vacation? Do these people actually work?

Social media provides a filter for your life. You can pick and choose what you want to showcase, and what you don’t. You don’t showcase the $2500 vet bill after your cat got ill. You don’t hashtag the dinner you burnt or the suffocating cubicle at your 9-5.

However, you’re proud to show off the caribbean vacation you dropped 3k on, the $200 cat tree you just purchased for your furry friend or the new shoes you bought for work in hopes someone will compliment you. Why do you do this? Maybe it’s validation, maybe it makes you feel good or maybe you don’t even know that you’re doing it. Whatever it is…we all do it. We’re always more willing to shine the spotlight on the good opposed to the bad at least when it comes to what we put out into the world.

Therefore – you may be envious of so and so who just got back from their second trip in as many months to Europe. Don’t be. You don’t know what’s going on behind-the-scenes. And what goes on behind-the-scenes isn’t as pretty as you think.

Day in the Life

Here’s a clip of an entrepreneur I follow. You may know him – Gary Vaynerchuk
Not a lot of celebrity or glamour there. Just believing in what you do, and the unrelenting desire to be successful.

Stop trying to go from an idea to a billionaire. Enjoy the journey, enjoy the work, and the process. Maybe you’ll end up where you want to be or maybe you won’t, but along the way you may fall into something that you never thought of. Hell, I own an online dress shop…A DRESS SHOP… that did 1k in sales in 3-weeks with a little to no push. Never have I ever thought I would have a women’s fashion store under my belt, but I do, and I love it.

You can see the end result at www.EverRose.com, and shortly you’ll get to see more on what happens behind-the-scenes. It isn’t glamours – it isn’t sexy – it’s real and that’s all you can be.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

The War with your Inner Self

Taking a slight detour today, as I wanted to share with you something very close to me. It’s a piece that is with me every day, and I go back to it time-and-time again. It’s a swift kick in the ass when you need it, and a guiding path if you feel lost. Some of you may already have it, and that’s great. If you don’t here’s an excerpt:

The Unlived Life

Most of us have lived two lives. The life we live, and the unlived life within us. Between the two stands Resistance.

Have you ever brought home a treadmill and let it gather dust in the attic? Ever quit a diet, a course of yoga, a meditation practice? Have you ever bailed out on a call to embark upon a spiritual practice, dedicate yourself to a humanitarian calling, commit your life to the service of others? Have you ever wanted to be a mother, a doctor, an advocate for the weak and helpless; to run for office, crusade for the planet, campaign for world peace, or to preserve the environment? Late at night have you experienced a vision of the person you might become, the work you could accomplish, the realized being you were meant to be? Are you a writer who doesn’t write, a painter who doesn’t paint, an entrepreneur who never starts a venture? Then you know what Resistance is.

One night I was layin’ down,
I heard Papa talkin’ to Mama.
I heard Papa say, to let that boy boogie-woogie.
‘Cause it’s in him and it’s got to come out.
John Lee Hooker, “Boogie Chillen”

Resistance is the most toxic force on the planet. It is the root of more unhappiness than poverty, disease, and erectile dysfunction. To yield to Resistance deforms our spirit. It stunts us and makes us less than we are and were born to be. If you believe in God you must declare Resistance evil, for it prevents us from achieving the life God intended when He endowed each of us with our own unique genius. Genius is a Latin word; the Romans used it to denote an inner spirit, holy and inviolable, which watches over us, guiding us to our calling. A writer writes with his genius; an artist paints with hers; everyone who creates operates from this sacramental center. It is our soul’s seat, the vessel that holds our being-in-potential, our star’s beacon and Polaris.

Every sun casts a shadow, and genius’s shadow is Resistance. As powerful as is our soul’s call to realization, so potent are forces of Resistance arrayed against it. Resistance is faster than a speeding bullet, more powerful than a locomotive, harder to kick than crack cocaine. We’re not alone if we’ve been mowed down by Resistance; millions of good men and women have bitten the dust before us. And here’s the biggest bitch: We don’t even know what hit us. I never did. From age twenty-four to thirty-two, Resistance kicked my ass from East Coast to West and back again thirteen times and I never even knew it existed. I looked everywhere for the enemy and failed to see it right in front of my face.

Have you heard this story: Woman learns she has cancer, six months to live. Within days she quits her job, resumes the dream of writing Tex-Mex songs she gave up to raise a family (or starts studying classical Greek, or moves to the inner city and devotes herself to tending babies with AIDS). Woman’s friends think she’s crazy; she herself has never been happier. There’s a postscript. Woman’s cancer goes into remission.

Is that what it takes? Do we have to stare death in the face to make us stand up and confront Resistance? Does Resistance have to cripple and disfigure our lives before we wake up to its existence? How many of us have become drunks and drug addicts, developed tumors and neuroses, succumbed to painkillers, gossip, and compulsive cell-phone use, simply because we don’t do that thing that our hearts, our inner genius, is calling us to? Resistance defeats us. If tomorrow morning by some stroke of magic every dazed and benighted soul woke up with the power to take the first-step toward pursuing his or her dreams, every shrink in the directory would be out of business. Prisons would stand empty. The alcohol and tobacco industries would collapse, along with the junk food, cosmetic surgery, and infotainment businesses, not to mention pharmaceutical companies, hospitals, and the medical profession from top to bottom. Domestic abuse would become extinct, as would addiction, obesity, migraine headaches, road rage, and dandruff.

Look in your own heart. Unless I’m crazy, right now a still small voice is piping up, telling you as it has ten thousand times, the calling that is yours and yours alone. You know it. No one has to tell you. And unless I’m crazy, you’re no closer to taking action on it than you were yesterday or will be tomorrow. You think Resistance isn’t real? Resistance will bury you.

You know, Hitler wanted to be an artist. At eighteen he took his inheritance, seven hundred kronen, and moved to Vienna to live and study. He applied to the Academy of Fine Arts and later to the School of Architecture. Ever see one of his paintings? Neither have I. Resistance beat him. Call it overstatement but I’ll say it anyway: it was easier for Hitler to start World War II than it was for him to face a blank square of canvas.

war of art cover

The above is an excerpt from Steven Pressfield’s The War of ArtIt’s with me every day. It may help you out, it may not, so give it a look for yourself. It could be just the thing you need.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft