What Makes a Millionaire?
David Shands & Bill Hauser Talk The Reality of Progressing to Millions
"All adversity is an opportunity." -Bill Hauser
Millionaire entrepreneur and CEO of SMB Team Bill Hauser learned at a young age that not paying attention to and learning from history, you may repeat it.
In his life, he was a spectator of his parent's faulty money management and he knew he would not have the same struggles.
In four years, he scaled his business, SMB Team, a company that specializes in law firm longevity, causing it to get a 45 million dollar valuation from a venture capital company. He refused the offer to sell without hesitation.
Then when Bill hit the studio to record this episode with David, he had a big, audacious goal that everyone who hears the episode will learn to make 20 Million Dollars.
Who is this guy?
If you want to hear Bill's interesting story straight from him in all its captivating detail, click below to go to the episode. Don't forget to hit subscribe to the YouTube channel when you're there.
If you want to hang out here and read it, we got you! As always, grab your pen and journal and let's get started.
Table of Knowledge
The Early Days
Rejection Won't Kill You
Meditation—The Great Equalizer
The Four Phases of Business
The Progress Triangle
How Delaying Gratification Maintains Focus
How to Make 20 Million Dollars
JOIN THE MORNING MEETUP
***Bonus: How to Make Money From Events***
When the Great Recession of 2008 came in and left the United States in a state of upheaval. Bill saw its effects on his parents.
After losing everything, Bill discovered his mother's suicide note in his computer room and years later, a video surfaced of his father with a gun to his head, ready to end it all.
Thankfully, neither one of them carried out their attempts, but both instances left Bill with a heightened amount of anxiety, leaving him with a diagnosis of anxiety disorder.
No one in his life knew but his psychologist. He wrote a book about his severe anxiety, to the shock of his family and friends. They had no clue he had anxiety.
HIs book didn't sell many copies when it was released, more on that point later, but he gained strength on telling his story.
After doing the work and managing his anxiety, Bill went into a deep reflection. He made it up in his mind that his life would be different.
His parents did not have any clear financial goals, never talked about their business growth goals or money at all.
Bill learned from his father, who worked in construction, the importance of not working in a niche that is contingent on other people's money.
That is why recession proof businesses and industries are so vitally important.
He created his business to be recession proof. He works with lawyers, a profession in an industry that will thrive under any circumstances.
After graduating from college, Bill worked for the Yellow Pages, the original business directory that Google eventually replaced. He worked at their online effort to stay relevant before reaching bankruptcy. Although he would only work there for eighteen months, he got skills that stuck with him for a lifetime.
His role at the Yellow Pages required him to cold call vendors and companies attempting to get them to buy ads.
He had zero sales experience but realized from his failed book release that sales and marketing skills were what he needed to cement himself in business.
While working at the Yellow Pages, he learned how to handle one of life's challenging inevitabilities—rejection.
He got told no and hung up on so much that he learned how to deal with rejection at a rapid speed.
"There is no greater asset that knowing you can get rejected and nothing bad is going to come of it." - Bill Hauser
Bill credits his rejection muscle for helping him start his show where he interviews high-profile lawyers and business people. He went for big names to be on the show and go several "no's".
That didn't stop him. He kept going until he got one "yes" which gave him the social proof to get more high- profile guests.
David asked how Bill can get out of his head to move past the sting of rejection. He shared with David his strategy—meditation.
Bill has meditated every day for six years and has found it has enabled him to get out of his head and acknowledge his thinking, but not make him a prisoner of those thoughts.
Meditation has helped him with negotiations and many other aspects of business.
He urges you to be aware of the thought, smirk at it and the get back to work.
Also, Bill feels that fear is the great indicator of something good that you should do. If you fear something, go toward it, not away from it.
"The [correct] path is the harder way."
- Bill Hauser
Everything Bill shares in this episode is fire, but his intention is for everyone listening, watching or reading this episode to make 20 million dollars. So, make sure you catch everything in this section if you get nothing else from this upload.
There are four phases of business:
The Rainmaker Phase - This is when everything depends on you, your selling abilities and product/service. Most people don't make it past this phase. You must master sales to collect excess money and capital. Once you reached 100K in revenue, you've reached the end of this phase. You are ready for the demand phase next.
The Demand Phase - Change the mis-focused attention that you place on exposure of business and get into securing money. Substitute focusing on followers for actions that yield revenue. Use direct marketing efforts to contact your avatar client and get them to buy your product or service. To build his business, Bill used cold emails sent directly to the decision maker at the law firms he was prospecting. This is a better strategy than trying to build a brand and get followers, etc. Get to the demand in an organic way.
The Awareness Phase - After successfully completing the demand phase, then build three different price point tiers within your offering structure. Specifically, have a low, mid and high-level offers. Leverage your Instagram and website to get as many buyers as you can. Learn how to do webinars, podcasts and interviews.
The Management Phase - Most entrepreneurs do not have the intellectual ability to manage their business. They focus on making money, but not on coaching and supporting members of their team. When you learn how to coach your team and make them champions with inspiration, that's when exponential growth happens. The play as the business owner is as soon as you get mastery of a skill, you must train two people to do that skill so you can focus on growth in another area.
To achieve progress in his life, Bill follows the Progress Triangle, which is comprised of three areas: Pain of Payment, Group Accountability Effect and Calendar Effect.
Pain of payment, which is located at the top of the triangle, is the most powerful psychological trigger in the human brain to trigger progress and productivity. When you pay a huge amount of money, you are a thousand times more inclined to take action because of that investment.
Group accountability effect is when you get around a group of people who are doing bigger things than you are and immediately your standards raise. Learning the possibility of what you can achieve will help you go harder to match the standards of those further than you.
The calendar effect surveys what you are spending your time on. Look at your calendar on your phone or your paper calender. It will show you what you're committed to. Those commitments are the source of your successes and failures.
Bill sums up progress by urging you to think about how the future version of yourself will be affected by the decisions you make today. Before committing to something by asking yourself, will you be proud or regretful?
Delaying gratification is a tactic that a lot of entrepreneurs aren't feeling but by implementing delayed gratification on a long-term project will potentially put your business in a higher earning classification.
Bill built his business model for his company around delayed gratification.
On average, each of his clients spend 70K with his company, with 1/12th being paid monthly. This recurring money keeps him and his team hungry and sharp.
His company does such great work that at the end of the year term, his clients automatically renew for a second year.
Having recurring funds and renews makes the valuation of your company increase.
Stop doing entrepreneurship alone! Join the Morning Meetup.
At the beginning of this episode, Bill made a huge audacious goal that he would teach everyone who listens to this will make 20 million. Here's how.
Choose the right industry, a recession proof one, if you can.
Charge the right amount for your product or service.
Milk everything possible out of your gift until it becomes a liability. Get as many people that you can to pay you for your gift until you have excess cash.
Reinvest that cash into direct demand marketing for your services or product.
Then, with the cash you get from the marketing, invest in branding.
When you reach ten million part ways with some of your gifts and delegate by hiring people to do the things you are strong with and learn management skills to grow and inspire your team.
Consider franchising. Make sure your SOPs help franchise locations thrive and create brand recognition for your company.
This blog is only a fraction of all the information that Bill shared, but you know there is a bonus.
We know Bill for his ability to plan and execute events and convert sales from the stage. He shared his strategy with the Social Proof Family.
Schedule your event, name it, and start promoting it that day.
Make it a virtual event and sell tickets. If no one shows, record it and repurpose the content.
Every successful event comes with a movement. The movement's theme will make people register. When you have the budget, get celebrity names to attend, before then build theme and create an experience.
Show people they will make 20 times more than the time they invested in the webinar.
Show urgency, social proof and authority at the beginning of your event.
Have two big promises of the event. #1 give your audience value, #2 ask them to promise to take action on what they will learn.
Be transparent that you'll be selling something at the end of the event. Don't make them feel like there will be a bait and switch.
Your Big Domino, the reason for webinar, tells the client what they will learn.
Share your three secrets, which are the ways to implement the big domino.
If you want to sell, get in the practice of selling beliefs. Make your client know how that can reach a result without the typical pain points associated with that action. This solves their insecurities and internal limitations.
Oh, and there's more...tap into the podcast to hear the rest.
We hope you are well on your way to making 20 million dollars. Let us know in the comments if you are close.
We'll see you in the next upload.