Momentum Podcast: 559
Part 4: The Billionaire Code
by Alex Charfen
Welcome to the fourth and final episode of The Billionaire Code presentation. If you are just catching this episode and haven’t heard parts 1-3, make sure to go back and listen. In this finale, I wrap up the conversation on The Billionaire Code and open up the dialogue for questions.
Tune in as the attendees in this presentation ask me questions that you are most likely are wondering too. Things like – How do you continue moving along the code if you’re stuck at a certain level? What systems, processes, and structures are necessary to grow? And many more…listen in and learn through this Q/A how to create an adaptable business, one that will grow with you, and will survive.
Full Audio Transcript
Jeremy Bergeron: Hey everyone, this is Jeremy Bergeron. I'm checking in from Alex Charfen's team. This is the fourth and final episode of Alex's Billionaire Code Presentation. In this episode, Alex starts to answer questions directly from the attendees. Questions like, how do you move along the Billionaire Code if you're at a certain level? What systems and process and structure do you need to grow? Check this episode out, I think you're really going to like it.
Alex Charfen: I'm Alex Charfen and this is the Momentum Podcast, made for empire builders, game changers, trailblazers, shot takers, record breakers, world makers, and creators of all kinds. Those among us who can't turn it off and don't know why anyone would want to. We challenge complacency, destroy apathy, and we are obsessed with creating momentum so we can roll over bureaucracy and make our greatest contribution. Sure, we pay attention to their rules, but only so that we can bend them, break them, then rewrite them around our own will. We don't accept our destiny, we define it. We don't understand defeat because you only lose if you stop and we don't know how. While the rest of the world strives for average and clings desperately to the status quo, we are the minority, the few who are willing to hallucinate there could be a better future and instead of just daydreaming of what could be, we endure the vulnerability and exposure it takes to make it real. We are the evolutionary hunters, clearly the most important people in the world because entrepreneurs are the only source of consistent, positive human evolution and we always will be.
There's four major transitions in the Billionaire Code I want you to be aware of. From starter and promoter, this is what we call the full time line. This is where you go all in. Now, are there people who are at 100 to 300K that haven't gone all in? Yeah, I mean we've actually met people who have side hustles that are a 100 to 300K and we help them get to the place where they're confident in jumping in and going full time because at promoter 100 to 300K, once you're full time then you can devote what you need to do to the business, get past builder it overtime, and then here's the other line.
This massive transition between builder and operator. This is where you have to, you must, you can't really choose whether you're going to or not, Leverage your time. You start getting a team together, start getting people around you who can help you get ahead and help you do more. Then you transition through operator to leader where you would recruit and develop a leadership team. And then from leader to owner, you have to think about how do I buy my time back in order to grow this business? I always tell people, you need to clear space for what's coming next. You actually have to make this easy on yourself. You have to get people to do more for you. You have to clear space and time so that you can take care of what's coming on the Billionaire Code or again, if you keep doing the thing that you've been doing, it will crush you moving forward. I'm sure there's people who are listening right now and you know if this is you.
Where you've gotten to a certain level of this Billionaire Code and then you haven't made the behavioral change and you get stuck. Getting stuck is incredibly painful, but it's not as painful as going backwards and that happens to people all the time because here's the hardest thing to do for the business and I want you to understand this. The hardest thing to do with a business is park it, is just say, I'm going to stay right in this place. Now, unless you're one of those attorneys or doctors or accountants or chiropractors that I talked about, which by the way, it's still hard even for them. They struggle with being stagnant, they struggle with plateauing, they struggle with not being able to grow. Now, some of them get used to it, get comfortable, play golf a few times a week. You're probably not on this webinar if you're in one of those categories. But for anyone, not growing on the Billionaire Code is devastating. And so between leader and owner, you buy your time back.
And then between investor and entrepreneur is where you go out and build your legacy and you start creating that legacy and you have a massive organization, you made a huge impact and you've left your dent in the universe. I want you to know something about growing your business. We always tell entrepreneurs, your business is broken and if things go well it always will be because far too many people are looking to create the perfect business and that's just not how it works. The perfect business is one that has just closed. You don't want a perfect business. A business that's gone out of business has no problems, no customers, no issues, no challenges. That's the only time a business is perfect. I want you to know something, your business is broken and if things go well, it always will be. This is how it works because growth creates deficit and scale creates complexity. Sorry, success creates deficit and growth creates complexity.
And as you grow you will have a more complex business. As you are successful, you will open up deficits. You saw them on the Billionaire Code, so it's not about creating a perfect business, it's about creating a business that's adaptable and will grow with you and will survive. Now real quick, this is not a sales webinar, but for those of you who are interested in learning more and who want to know more about the Billionaire Code and if you'd like a copy of the matrix that I put up, we'll actually give you our extended matrix with extra lines on it that show you other areas you should focus on in your business. It's hard for me to get through all of them in just an hour on a webinar, but I want to make sure you have access to them.
So if you go to billionairecode.com, here's what you'll get. One, the full Billionaire Code matrix, very similar to the one that I use to coach people, the one that I pull up. When I say very similar, the one I use is in a spreadsheet because we're tweaking it and constantly updating it, but the newest update is there billionairecode.com. Second, you'll get the Billionaire Code Decoded ebook. Let us give you a deeper dive and some more detail on every level of the Billionaire Code, including where you should be focused and what's going to happen next in writing. So it's not just the matrix, there's actually a full narrative to go along with it. And you can also take the opportunity to register for a call with us because if you're growing a business and you want help with creating a strategic plan and climbing the Billionaire Code in a way that is predictable and understandable and building a team around you that can help you get there, that's what we help entrepreneurs do and we know we can help you.
We're helping hundreds of businesses around the world right now. We have over 85 in our coaching programs and businesses that work with us grow. And if you're looking to grow your business and make a bigger impact and you know you're leaving opportunity on the table, reach out to us, go to the billionairecode.com and set up a call with a member of my team. Now that's all I've got for today. I left some extra time so that we could get to questions. I'm going to leave this up here, but I want to jump over here and start to answer questions and I just realized that as I was doing this, man, we've got a ton. Okay, hang on a second.
Michelle says, "I'm at the cusp of transitioning between builder and operator." Let's just get perspective here. So Michelle says she's at the cusp between builder and operator right here and transitioning between builder and operator. "But I feel like I'm not doing these steps right and I'm trying to figure out what I need to do to protect where I'm at in order to keep moving forward. For example, still trying to manage time, which is so basic and something you state the secret starters should have that down pat. And sometimes I feel like don't. So what? Stall growth and try to make sure I'm doing all of those things from secretive builder 110% on points, so that way I can grow from operator... That way the growth from operators easier."
So Michelle, here's what we tell people. For every level of the Billionaire Code you pass, you should have a process or a project or a system in place to cover those things. And so if you feel like you're still having trouble managing time, what we teach our clients is not just how to plan in their business. We actually use a personal planning system that aligns with our business planning system called the Momentum Planner. So when you look at any level of the Billionaire Code, not only can we help you get past it, but we can give you the systems, the tactics, and the structure that will have help you get past it.
And Michelle, the transition from builder to operator is a profound one. In our coaching programs, we have a coaching program called the Billionaire Code Accelerator. And most people join us, or not most people join us, but the lowest that most people join is right around $300,000 a year in revenue, right at the beginning of builder. And what we show in the Billionaire Code Accelerator program is how to create system and structure around this so you don't have to do it all yourself. And so should you stop growing in order to shore all of those things up and stop the business from going? Sometimes. Sometimes it actually is necessary to hit the pause button on growth, put process and systems and structure in place and then grow. But a lot of the times here's what our clients have found, when they go from not having a structure or a framework or a process or clarity around how to do this, to having those things, they very quickly start shifting. They very quickly started growing and they don't have to hit the pause button on growth.
In fact, just yesterday I interviewed one of our clients, her name is Haley Herd and she, her wife, Megan and their partner Chad, run a business called Max Gen and they're a genetics testing company. We did the interview yesterday on her one year anniversary, so she's been in our program for a year. She did $300,000 the year before they started our program and in just one year they'd gone from 300,000 to 1.2 million, a 400% growth. They're making more money, they're having a bigger impact, and they've gone from three people on their team to eight people on their team. So thanks for being here, Michelle. I really appreciate it.
Oh wait, you've got a second question. It says, "I hate micromanaging. I don't want to, I'm fine with letting go of the reins, I really am." Are you selling me, Michelle or yourself? Just kidding. "But how do I let them take ownership of the role while still making sure it gets done and making sure it's getting done while maintaining the integrity of the company and keeping the amazing culture we've worked so hard to have?" Michelle. The answer to that is a structure, a structure around one, strategic planning. So my question for anyone who asks a question like that, I say, "Do you have a strategic plan?" What a real strategic plan is, a documented plan that everyone knows on the team where you're going. Second, do you have a communication structure? Do you have a system where you're communicating with your team in a consistent way on a daily, weekly, monthly, quarterly, and annual basis? Is it clear when they're going to hear from you and what they're going to hear from you?
And then third, do you have a consistent process to make sure that the right processes get documented, the right projects get executed and the right people get hired and onboarded? When you have those three things in a business, making sure things are getting done and maintaining the integrity of the company are so much easier because when people have a strategic plan, they know where you're going. They can anticipate what you need next. Their confidence, clarity, and commitment goes up. When there's a communication structure, they know when they're going to hear from you and they know what to expect and when you're building the infrastructure of your company, you're supporting all the people within the company. So let me know if that makes sense, Michelle and I'll come back to you if you ask another question.
Oh, Leticia, wait a second. Here's somebody trying to be a unicorn. Leticia says, "If I can get an awesome sales team, that would be amazing, but my course is connected to my soul and no one can explain it how I can." She says, "Alex, LOL." You just threw a brick at me. I love you. I'm dancing right now. That's so awesome, Leticia. I'm glad I could help you make that mindset shift because you're not a unicorn and I want you to know you're not a unicorn.
In fact, two days ago, Jason Bradley, who's a physician and in our group, left a post in our group and he did a video and he said, "Hey, I just want to let everyone here know that this is the best decision I've ever made. And I think it all comes down to one thing. When Alex looked me in the eye, when I went to Alex and I told him, "We're so special and we're so different and we have this outcome that nobody else creates. And my patients need to see me and if they don't have personal connection with me, it's just not going to work." And he said, "Alex just looked me straight in the eyes and said, "Jason, you're not a unicorn. Cut it out."" And he said that mind shift changed the way he was looking at his business and he has completely shifted and now he and his wife Rachel are blowing business up. It's super exciting to watch.
Let's see here. Sheila says, "Alex, so I hear you say that you love to grow a business fast, yet I hear that after you start selling, you should stick to what is working and just let your client list grow, which is true. When do you push to expand, fill new deficits caused by success?" Well Sheila, I don't know... I don't know exactly what the question is there. "I hear you say that you love to grow business fast." I like growing a business fast, which means narrow focus, inch wide and a mile deep. Don't start going in five different directions. I usually tell people don't add a second avatar or a second outcome or a second product until over 10 million, and people always look at me in shock, but this is a path that I've helped a lot of businesses go through and I can tell you that when somebody hits a million or 2 million or 5 million or 7 million and they add that second line of business, a lot of times it can be devastating. It can completely confuse the entire business.
Now if you have a value adder and a product value adder where it's a clear step through and you have somebody coming in through an ebook and then going to another course or going to something else, or you have products where people step through, that can be different. But adding the second avatar, it should only be done after you're over 10 million. And if you can't get to 10 million, we need to look at your business and understand why. Because if you can't get to 10 million with one avatar, then by the time you're at 10 and you're dealing with four or five or 15 or 20, it's going to get really confusing.
Let's see here. Jean says, "As a franchise business, my ability to grow is directly limited by the franchise." You know, Jean, it's not really. I've had a lot of people tell me that. But in a franchise business your ability to grow is directly limited by your ability to be effective and efficient and acquire multiple franchises. And so we've had more than one franchise business in our coaching groups and what we find is usually one of two things happens. They either grow that franchise business like crazy or they take our systems and structure, apply them to the franchise, then realize they want to do something on their own. So either way, if you want to grow the franchise, acquire multiple locations, increase your profitability, we can help. Or if you want to put train tracks under that franchise so you don't have to live there anymore and then grow in other business, we've helped people do that too.
Cody says, "I'm a builder with operator revenue." I know how that feels. I've been through this. "I've been through most of these stages and yes, Alex, you nailed it." Cody, I really appreciate the confirmation, especially from someone who's been to 51 million. That is rarefied air man. That's like climbing Mount Everest in the business world.
Kenneth says, "How do you actually lower the noise in the business in the first three stages when there are no excess resources or personnel to delegate the work to?" Oh, Kenneth, here's how you lower the noise in the first three stages. The first three stages, secret, starter, and promoter, here's the biggest challenge is that it's all you and here's the reality when we are running a business by ourselves, we often lack a strategic plan of any kind. And so when I said that the Momentum Planner system is the planning system for personal strategic planning, it's really the planning system that we have for people who are up to 300K. In fact, when somebody calls in and gets on a call with one of our team and they're under 300,000 we get them to Momentum Masterclass because here's how you lower the noise Kenneth, you get crystal clear on what you want.
You have a strategic plan that shows you what you're going to do next so you can anticipate what you're going to need even at the zero to $300,000 range. You understand what you're going to need now and what you're going to need next and you can start to anticipate what's happening next and when you put process in place for yourself personally; morning routines, a structure around hydration, a structure around nutrition, which by the way is all in Momentum Masterclass. When we sell Momentum Masterclass or sorry, Momentum Masterclass is actually delivered to all of our high end coaching clients and it's the personal part of our strategic planning system that everybody goes through. So I would highly recommend you check it out. We can help you lower noise like crazy.
So here's what I want to close this for everybody who's still here. You don't have to do this all on your own. And being an entrepreneur is one of the most incredible things that you can ever do with your life. You get to carve your own path, you get to have a huge influence on the people around you. You get to make things happen in the world and you get to create new outcomes and we all go forward faster together. Being an entrepreneur is not about just you, it's about you creating a team and a tribe of people and a following and making a massive impact in the world on the people you care about.
And what I want you to understand as an entrepreneur is that if you are successful, you will have a massive impact on the world, but you will always have the biggest impact on the people who are most proximal to you, the people who are closest to you, and that is your team. And if you can create the right team and go out and have them help you make the effect that you want to make, you will go faster. You will feel better about it. You will not wear yourself down. You'll stay healthy and you'll make a massive dent in the universe. And here's what I want you to know, we all need you to do it because entrepreneurs are the only source of consistent, positive human evolution. And we always will be. Go out and lead us. Make an impact, make a change. The world needs you.
Jeremy Bergeron: Hey everybody, this is Jeremy Bergeron. We appreciate you listening to this week's episode. Here at Charfen, we've helped dozens and dozens and dozens of companies figure out where they are today, where they want to go, and how to create a crystal clear roadmap that allows them to go into the future, call their shot, and then come back to reality to insist it becomes real. If you want to join that list of companies that we've helped grow and scale, if you want to consistently move forward and plan in a way that really changes the entire game, head over to billionairecode.com/apply-now. That's billionairecode.com/apply-now.