Financially Well Off

What Balance Do Entrepreneurs Running Multiple Businesses Have Most Entrepreneurs Lack?

Jess is a self-made millionaire running multiple businesses. She coaches women around the world to create thriving businesses so they can live the lives they desire. She's a speaker and author of her latest book "The Balanced Entrepreneur."

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Key Takeaways

  1. Create your life plan before your business or any other plan to live a happy life.
  2. Learn from the people who bring you down--they're teachers in disguise.

Podcast Interview Notes:

1. How would you recommend for entrepreneurs to go about building this life plan?

I’ve stumbled upon this throughout my entrepreneurial career in the past decade, running a handful of different businesses in all different industries.

I would do work and clients would pay me for my work. The only way to expand this type of business model was either to do more work or to hire more employees. I’d learned very early on, I did not like that business model.

I’d wanted things that would duplicate and could scale.

What I recommend to people is sit down and write what you want your life to look like. Write a letter to yourself five years down the road. When you sit down and do this, you write a letter to yourself as if you’re standing five years into the future and you’re writing it in the present tense.

What do you do for fun? Where do you live? How do you spend your time? It really forces you to think about what your day to day life would look like.

Then from there, you can start to back up what type of businesses or what would allow you to live a life like this.

2. How have you created personal/business relationships in your life to be fulfilled?

I’ve heard some entrepreneurs say if you want to change your life, change your circle.

The most effective change is to find people who are either leading a life that you desire or people who are doing something you would love to do. Pull them into your circle, offer value in some way so they want to keep you around.

Your life will change simply because you’ll to see the habits and behaviors these successful people have. It will cause you to reflect on your own life. 

A balanced life isn’t only about surrounding yourself with five people who are ambitious. It’s looking at who’s also genuinely happy.

I’ve always had a business coach within the last five years whom I paid for. But, if you can’t afford a business coach, there are different online coaches, online programs, and other creative ways to start.

3. Do you recommend entrepreneurs hold back on their ambition?

No matter where you’re at in life, there’s always going to be people in your life rubbing you the wrong way.

What I constantly remind myself, and this has been a huge area of growth for me, is these people are of service to me. They are hitting something inside of me, creating an opportunity for growth. Thank them for their gifts for what they’re teaching you about yourself.

You’ve got to start letting people know about your dreams in phases. 

In the beginning, I put it out my dreams to people in my network. I told my husband about it, and my business coach. 

4. How do you fit health in your busy schedule?

When I started out in the early years, I had a goal of making $1 million by 30.

One of the things I’d realized in my journey was that I didn’t want to be a rich millionaire and have poor and health. The purpose of having financial wealth was to enjoy my life.

I had a brother four years older than I am who passed away unexpectedly in his sleep about five years ago now.

From that point, I’d found appreciation for the life we have right now. If you don’t have your health, you have nothing. And, if you prioritize yourself you’ll have more energy to bring to the table and feel happier. 

The way that I fit health in my schedule is including it first thing in the morning. I wake up at 5:00 AM, put my feet on the ground and head to the gym. I never let my brain get in the way of talking me out of going to the gym.

I always tell myself to go to the gym for 10 minutes and If I don’t want to be there after 10 minutes, to go home. But, I’ve never once walked out. 

Money Round

If you had to start all over knowing what you know now—how would you start making money in the next 12 months?

The first thing that I would do is look at business models and revenue streams allowing me to create something once and sell it multiple times.

This might be a product, a book, or an online course. I’d also look at joining an existing company already established. One having a proven product, system, and opportunity. 

What advice would you give to people who are currently struggling with their finances and feeling hopeless?

I’d first say I’m sorry they’re in this position.

I’d also say this is going to be one of the greatest gifts they’ll go through because it’s painful. 

The first thing to do is getting clear about their mindset around money. The best way to do that is to pick up some books on it. 

I’d started my business the same year during the recession. My husband and I had gotten recently married and didn’t a lot of money. During this period I read every single book about money.

When somebody is lacking financial means and resources, it’s because of their mindset.

What does money mean to you?

Energy and service.

Money is nothing more than an exchange of energy. If you are offering something to the world serving others, you’ll be taken care of financially.

I remember watching the movers and shakers of our community being able to write massive checks to nonprofit organizations. Being able to write a check makes a huge difference for these nonprofits, where they can do even more to serve their audience. My goal has always been to be the big check writer.

I believe that you can do this if you have more money.

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About the Author Chris

Chris writes personal finance and productivity articles for software companies. He gets fresh ideas through continuously investing in himself and interviewing successful entrepreneurs.

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