Why Aren't You Making More Money

Written By Dino Gomez

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Transcription

Why aren’t you making more money, all right, guys I’m in a goofy mood today, but we’re going to break this one down, so let’s get started.

Hey, you guys, Dino Gomez here and you are listening to the Secrets of Coaching podcast, where we break down the nuances of growing a seven figure online coaching business. And we are about to get started in 3 2 1. All right, guys, why aren’t you making more money? Seriously, this is a fun question in a roundabout way. It you know, anybody is not making more money or is stuck at current income level or something like that really comes down to just one thing.

Comfortability, like when you’re comfortable, like there’s there’s no reason to make more money. If there’s not a specific reason for you to make more money, you won’t make more money. And and it’s an anomaly to me, the entrepreneurs that are able to do 50 million, 100 million, five hundred million, because there comes a point where you like you reach a threshold where you have everything that you could possibly want in life with the amount of money you’re making.

And it’s at that point, you have to dig really deep, like super deep to figure out and your motivation for going to the next level. It’s got to be outside yourself because honestly there’s been surveys done. Once you make like a half a million dollars a year and you basically like more money, is going to bring you more happiness per say it. And it’s not to say that money equals happiness, but it does equal more comfort and more self-expression, like when you have money to travel or to have your dream home or to buy your parents home or retire your parents.

Those types of things like that is going to bring you some additional level of fulfillment. It doesn’t guarantee happiness. And some of the happiest people I know don’t make much money at all. But it does allow more self expression and creativity because there are things that you can do with with money. Now, with that said, why aren’t you making more money? Well, I want to tell you guys a little bit of an interesting story here.

OK, so I bring you back in time a little bit. We’ll jump in the time machine. So I was like twenty five years old and I was living in Mission Beach, San Diego. If anybody’s been to San Diego, Mission Beach is like this really hip, cool surfer town. I lived a block from the beach and it’s kind of like a young person’s like dreamland. There’s little bars and restaurants everywhere and the beach is right there with white sandy beaches, great surf and great weather in San Diego.

And I was down there till about like twenty five years old or maybe twenty six. And then I started to kind of outgrow it and that’s kind of a progression that you see amongst younger folks living in San Diego as they tend to start often and the beach areas, and then they graduate, so to speak, and move downtown for their late 20s, 30s, maybe early 40s. And then they settle down, you know, get married, have a family.

And so then they move into like the suburbs. And so that’s like that’s kind of like the traditional thing that happens in San Diego now anyway. So I’m living in Mission Beach and I’m kind of getting to that age where I’m like, all right, yeah, I’m done with the little beach scene, party scene thing. And so I decide, OK, I want to move downtown. And because that’s where more of like the professionals are and people more my age and so forth.

And I’m single at the time, about three years into my business, maybe four years into my business. And so I find this apartment that is in a skyrise downtown, twenty eighth storey overlooking all of San Diego. Like the most incredible views from from my balcony and the building, the complex was amazing. Right. Underground parking security. It’s gated key codes to get in and out for elevator shaft because there’s four different towers. There’s pools on the top on the rooftop so that you can get sun and have views over the entire city.

Like, I mean, it was really, really nice place. I was like and had a gym and like everything was like, OK, like, I have to get this apartment and, you know, I have to I’m a bachelor. And like, this seems like the ultimate bachelor pad and whatnot. And so I went for it like it was way outside my budget of what I like to spend on rent but I went for it.

And I’ll never forget the first two months after I moved in there because it was a stretch for me. All right. And so it got me out of my comfort zone because I got in there and I was really excited about it and everything like that. And I think for the first like month or like two months, like, I worked relentlessly on my business, like every single weekend, like day in, day out, like nothing I would do is go to the gym.

I wasn’t really even, you know, using the fun activities that downtown San Diego has to provide, which is like there’s Petco Park Baseball Stadium and there’s all these like, you know, just restaurants and cool things going on and I was staying in and grinding because I in the back of my mind, I’m like, hey, if I lose a couple clients and this is back when I had an agency, if I lose a couple of clients like I, it’s going to be really tight, you know, paying rent.

And I don’t want to get kicked out and all this stuff. So that was in my mind, so I was like, OK, I need to sign some more clients and like build up my bank account a little bit more and have a cushion just in case. Right. So I was grinding. And so because I put myself kind of in a corner in a situation where I had to make more money. That’s exactly what happened.

I landed a bunch more clients and business was growing. And after two months there, I had a lot, you know, a good chunk of money in my bank account. And so I was comfortable and once I was comfortable, then I tailored back my work schedule to like a normal 40 hour work week. And I started really enjoying, like what downtown had to offer as a 26 or 27 year old kid, that single running around the city and stuff like that.

And so I started doing that right, because I was comfortable and then business was still growing throughout the year, slow and steady, but still growing. It was still a six figure business and then all of a sudden at the end of the year my accountant tells me, hey Dino you need to spend a bunch of money. Otherwise, you know, it’s essentially going to you need to have more expenses on your P&L sheet.

Otherwise, essentially, you’re going to be paying a lot in taxes. And so I invested in a five-figure mastermind where I eventually met my wife but here’s what’s crazy and I told this story earlier, but I invested in that mastermind. Right. And that was scary because I put down 10 grand for the mastermind. And what happened, though, is it immediately put me back in a corner where I was outside my comfort zone. So I was like, all of a sudden my bank account goes down by 10 grand and I’m like, OK, I really need to make sure this mastermind pays for itself.

So I went through the training and attended to all the calls and everything like that and listen to the mentors and follow their lead. And within like six or seven weeks, I landed a fifteen thousand dollars a month client. All right. And that client stuck with me for three years. All right. So over the course of three years, that client paid me over four hundred and seventy thousand dollars and we had an amazing relationship. What broke us up was that they wanted to eventually bring all of their marketing in-house.

And I was handling everything for them. And they were growing really rapidly. And they’re like, finally, they’re like corporate, like, hey, we need to actually have this in-house now because of our growth. But again, it was that me being uncomfortable like it put me in all those positions to grow because otherwise I would have just been hanging out and things are good. And this is proven, guys, time and time again, like it is statistically proven that the more children you have, the more money you make naturally, because you have to feed them like you have to feed your children.

So if you have eight kids naturally your brain will figure out a way to make more money to be able to support a family of eight or nine. That is literally proven. So that is wild. Right.

But that’s exactly what happens, is that when you’re back’s against the wall or when you burn the boats like you are going to make things happen. And so if your business isn’t growing right now or if you’re comfortable, get uncomfortable, like that’s where the fun stuff happens. And I like to do it cyclically, you know. I will do something to make myself really uncomfortable. So our business grows and that’s why it grows every single year.

And then there’s a period of time where you get uncomfortable and then you work a little bit harder and you make things happen and all these types of things. And that’s where all the growth happens. And then after that. Right, I like to have a vacation or I like to slow Tailor back my work hours and focus more on my fitness and things of that nature as well. And so the reason you’re not making more money right now is because you’re comfortable, like and everything magical in business and in life happens outside of the comfort zone.

All right. And whether that’s how you met your significant other, you took a chance. You put yourself out there like it always happens when you’re outside your comfort zone. So really challenge yourself to ask yourself, like I asked myself consistently, like, am I comfortable? And if so, then I look at my business numbers, which actually look at every single month. But if I notice businesses is not growing at the speed at which I want it to grow, then I go, how comfortable am I right now?

And then I realize I’m pretty comfortable. All right. I need to do something to make myself uncomfortable so that we grow faster. And so that’s the way I always look at things and it’s different for everybody. Some people have a certain number in their head and they get there as far as the amount of income they’re making. And they’re like, OK, now I’m good. Now I just want to, you know, grab a sailboat and, you know, float away or a float it away, and float in the pool, whatever it is.

Right. But if you’re not making more money, guys, plain and simple, it’s normally just because you’re comfortable. And so you’ve got to find ways to consistently get yourself out of your comfort zone and so to relate this back to coaching, right, like if you if you’ve always wanted to start a coaching business, start one, like, go for it. Right. And then you have to ask yourself is what is worst-case best-case scenario. All right. Let’s just say you want to start a coaching business because, you know, it’s a business model that scales infinitely and you want to impact your client’s lives. Right. And it’s better to teach a man to fish and feed them for life.

Right. You want to do all those things, but you’re scared right in the back of your mind. You have imposter syndrome. You don’t know if it can be good enough. What if you know what if people don’t sign clients like, you know, what other people think? If I start calling myself a life coach, like, you know, do I have to be a perfect human being? There’s all these things that you might be wondering and you want to do, like, just do it, guys.

Like, absolutely. Just go for it, because that’s where just crazy, awesome things happen. And if you play worst case, best case scenario, OK, worst case, you go for it and it doesn’t work out well, like you’re going to be fine.

Like the world’s not going to end and you’re not going to lose relationships and stuff like that. Persay like everything will be fine. So play worst case.

Best case scenario. That’s how I when I was twenty two years old, I left my nine to five job is that this was after the economy really wasn’t that good at the time. And so I was kind of lucky to have a job directly out of college for a marketing agency. And within six months I quit and I was like, nope, I’m not happy here. And it was such an easy decision for me to make because I got hired immediately out of college because I had an online marketing skill set.

And so I played worst case best case scenario because I was sitting there talking to some friends and some people and they’re like, dude, no, you’re lucky they didn’t have most of them didn’t have jobs yet right out of college, like it was taking people like up to several years to get a job out of college back when I was 23, because this was when the economy wasn’t good. So the job market was horrible.

And so people are like, dude, you’re lucky that you have a job like you better hold on to it. And I was like, nope, like and the reason it was so easy for me to say that and I was able to say that confidently and feel that way confidently is because I played best case worst case scenario. OK, best case scenario, I all of a sudden love my work and enjoy every single waking up every single day and don’t have to commute and can do what I want on my lunch break and whatever it is.

Right. And just be happy. Right. What was the main thing. And travel whenever, whenever I wanted and still run my business and all those things. I was like, so best case scenario I have like this really the dream job, awesome life. Worst case scenario, I fail and after three months I’m out of money and I go get another job somewhere because I knew that I could get hired quickly. I was previously hired very quickly.

I knew I had the skill sets. So if if you think about it like that, guys, and you’re considering like launching a coaching business, like play what works best case worst case scenario, worst case scenario doesn’t work out. Cool. You continue doing what you’re doing right now. Best case scenario, you crush it, you love it, you start landing clients, your business is growing. You see how infinitely big your coaching business can scale to.

Right. and all these amazing things start happening and you start having more personal enjoyment and fulfillment with your work because, you know, I don’t know about you, but agency work sometimes isn’t always the most exciting and fun thing that some of the client demands can be outrageous. But, you know, working with coaching clients and actually seeing them transform and their business is growing and how you’re you’re literally passing on a skill set that they’ll be able to have for the rest of their lives and then potentially pass on to their clients.

And this whole cool ripple effect thing. Right. Like the best case scenario is, massive. Right. So the upside is massive. And so the way you want to look at this is like is, you know, opportunities to swing for the fences. Right. With very little downside. So like the richest people in the world, like the Jeff Bezos and those types of characters, they don’t gamble that much in business.

They just take very calculated risks. And they normally, over the course of their business career, they only take like between 10 and 15 calculated risks. That’s it. They’re not constantly doing a bunch of different things. They just wait and they go. Huh. If I try this out, the downside of this. Yeah, well, you know, I would just go back to what was working previously and the upside of this, it would change everything.

We’d add an extra hundred million to our business. Right. those are the types of calculated risks that these billionaires take. That I study and that’s their thought process is like, OK, if we try this out, it doesn’t work like Facebook, like, OK, if we try and beat Snapchat and have a Snapchat feature on our platform and nothing happens, what’s the downside of it? OK, we lose 20 million on the development of it or whatever, you know, and. But do we lose users? Nope. OK. Does anything else happen? Nope. We just lost some time and we lost 20 million. OK, what happens if it absolutely crushes it as a feature people love. Well then all of a sudden we take over the actual amount of time people are on the platform because they’ll be coming over from Snapchat and so the upside of that is massive, like time on site, on time and user engagement on Facebook would skyrocket, which increases their advertising dollars because there’s more impressions and more users.

And so the upside of that is massive. So that is a gamble that they would take. Like this is how Mark Zuckerberg thinks as far as which features to add. Right. And so it’s just a really interesting thing. Right. Is that the amount of money you’re making is really based on your comfort level and the risks you take. You should just be always doing like risk versus reward. And if the reward is massive, swing for the fences, guys like go for it.

Absolutely go for it. Right. Because here’s what’s cool about business that is unlike anything else. All right. In sports and my favorite sport is basketball. So I will make a basketball metaphor. In basketball the most you can make with shooting a basketball is three points. All right. If you get fouled on a three point shot, you also get a free throw. So it could technically be a four point shot, but that’s the most you can make four points and technically able to say three points if you hit a three pointer.

All right. So you take a shot. Best thing that can happen, you make three points. All right. So it’s limited as far as like what you get out of going for it for taking a shot. All right. Now, compare that to business. When you go for business and you take a shot on yourself, there’s no limit to how many points you score. It’s not like you nail it and you’re like, OK, you got three points.

It’s like, no, if you nail it, you could have a million dollar business in six months. You could have a ten million dollar business in a year. If you nail it, there’s an infinite right. So it makes sense to absolutely always go for it in business because the downside is pretty small. Something doesn’t work out. You’re like, OK, well, I learned right. And if it does work out, then you’re like, boom, you take off and it’s your rocket ship and everything is changing dramatically in all aspects of your life.

So when you look at the risk reward there, guys like swing for the fences because business is the only game where you can score an infinite amount of points with, what you’re doing. There’s no cap to it. And so that’s the way I look at it. And that’s kind of also when I’m looking at my business and going, OK, why aren’t we at five million? Why aren’t we at ten million?

You know, I’m looking at OK, well, how comfortable am I right now and am I taking calculated risks?

So those are just some thought processes and stuff that hopefully help you guys to realize how much opportunity you have, especially in the online space. It’s the ceiling is uncapped, like you can work from anywhere. You can reach people globally, online. It is a dream come true era that we live in with the Internet. Like they could not do any of this. You’re not like it’s not like you have a retail shop and your customer base is limited to the people that live in your city.

No, you’re online. You can reach millions, if not billions of people with your message. Right. It’s unlimited capped potential. So much potential. So guys go for it. Swing for the fences. Right. There’s an infinite number of points you can score. It is not like basketball or baseball. In baseball, you can only with one swing of the bat. If the bases are loaded, it’s a grand slam. You get four runs and business.

You swing for the fences and you hit a grand slam. It could be millions and millions of dollars. All right. And so that’s what I have for you guys for their hope. That’s like kind of a little motivational thing with tied in with some stories and tied in with some thought process. But take calculated risks. Swing for the fences, guys, because at the end of life, you’re always going to wonder what if. Right. and, you know, swinging for the fences and stuff like it.

It beats any TV show there is out there, you know, besides the Fresh Prince of Bel Air. But that’s what I got for you guys today. We’ll wrap this episode up. But as always, guys, keep doing.

You have an absolute blast with your online business and enjoy the journey.

All right, guys, much love. We’ll see you soon. Hey Dino Gomez here, and if you enjoyed this episode, be sure to head on over to the secretsofcoaching.com for more resources, downloads, videos and cheat sheets to help you grow your online coaching business. All right. And if you picked up a cool tip or strategy from this particular episode, we would love a five star review where every single month we choose one lucky winner to win access to one of our coaching programs.

All right. So that is it for this episode, guys. We will see you in the next one by.

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