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BiggerPockets Money Podcast

220: Finance Friday: How Do I Scale My Business But Reduce My Hours?

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 6 August 2021

⏱️ 66 minutes

🧾️ Download transcript

Summary

Entrepreneurs work long, stressful hours, and as a result, they get paid the big bucks. This is the position that Stephanie, a freelance Salesforce consultant is in. She makes a respectable income, bringing in $14,000 after tax! But, that income comes at a cost. While Stephanie is currently contracting out work to a few part-time employees, she spends at least 50 hours per week on the business. She’d like to get to a point where she can step back and work 20 (or so) hours per week and have a systematized and growing business. She’s financially in a great place, with more than three years of expenses saved in cash, so she can take more risks with her business. If you’re growing your own business, rental portfolio, or side-income stream, you may be in Stephanie's position in the future. Stick around to hear exactly what Scott (an active CEO) would do if he was in her shoes. In This Episode We Cover Time freedom or financial freedom, which is more important? Taking your hands off the reins and letting your business grow  Subcontracting out work so you can focus on leading a business  Firing clients who aren’t the best fit for your business  Creating systems and procedures so your business can become scalable and saleable  And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pockets Money Podcast,

0:02.0

show number 220, Finance Friday Edition,

0:04.8

where we talk to Stephanie about work-life balance

0:07.4

and building a self-sustaining business.

0:10.4

I think part of it's just the mental load

0:13.2

I feel so scattered across so many different things.

0:16.3

I don't feel like I'm working effectively in any way.

0:19.1

And I'm certainly not doing the work

0:21.8

that I would enjoy the most.

0:24.7

So yeah, a lot of my time, it's just like scattered

0:27.7

between all these different clients and calls

0:29.7

than, yeah, communication management.

0:32.1

Yeah.

0:33.4

Hello, hello, hello.

0:34.6

My name is Mindy Jensen, and with me, as always,

0:36.7

is my Obi-Wan Kenobi-esque co-host, Scott Trent.

0:40.4

Thank you for the force of that introduction, Mindy.

0:43.9

Scott and I are here to make financial independence less

0:46.4

scary, less just for somebody else,

0:48.9

to introduce you to every money story,

0:51.2

because we truly believe financial freedom

0:53.2

is attainable for everyone, no matter when or where

...

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