Podcast EP43: The Money Corner & Make It Boring

Welcome to Podcast Episode 43: The Money Corner & Make It Boring

In today's 3DW episode, we dive into the power of rearranging your office for a money corner and why it's important to make your business "boring." Explore the importance of Kate Waldo + Co. systems for scalability and sellability, emphasizing the need to be replaceable to enjoy your business. Learn why focusing on actions, not dollar amounts, is the key to growing your business to $1M, and discover how simplicity and effective systems can lead to a compounding effect on your financial success.

Resources mentioned in the episode:

• Alex Hormozi YouTube Video
• Smarter Not Harder© Program

Talk to you soon!

XOXO,

Kate

Owner + Founder, Kate Waldo + Co. 

Creator of the Smarter Not Harder: 3-Day Workweeks for Millennial Entrepreneurs©  Program

P.S. Curious how you can grow your 6-figure business while slashing your workweek in half? Click here to learn about the Smarter Not Harder© program!

Some of our content contains affiliate links which provide us with a commission at no cost to you. Kate Waldo + Co. only recommends affiliates that we know, use, and love. 

FULL TRANSCRIPT

  Hey, welcome back to the three-day workweeks podcast. We've got another fun episode for you guys, and I hope that you are enjoying your week. Off the top. Working on those top three products of the week. If you know, you know, you are probably part of the smarter, not harder community, or you are in our three-day workweeks club, broadcast channel.

If you're not, I'll link both of those and you should check them out. But if you don't know me, my name is Kate. I am a systems and efficiency expert. I have sold my professional organizing business because I put systems in place and removed myself from being the star of the show. So we have some fun things on that topic to talk about today, but first you probably don't realize if you're watching this on YouTube, you definitely don't know if you're listening to it. But I rearranged my office. This corner looks very similar to the other corner, but I was, I have this bulletin board in my office that is a functional way map and it has divided into the sections of the corners and spaces of, of where you should have, what. And I was just feeling. I put a new rug in my office.

I posted a picture. On Instagram. Since we've had, we don't have dogs. The rugs that we had, they just were old and, had dog hair all over them. And since our suite pups have past. It was time to get rid of those. And bring something new in it also helps with the acoustics of the podcast to dampen the noise because this room was kind of empty. Without a rug, but I put a new rugged and it then inspired me.

I was like, Hmm. There's still something not right about this room. I love my office. It's very comfy and cozy. But there's something off. And I looked at my funkshway map and I was like, Hmm. My desk is not in the money corner. And so what I did was I moved my desk just from one corner to the other and put it in the money corner.

You're I'm still not exactly sure about this setup behind me is a window. And I can't see what's going on. The whole, like a lot of funkshway if you're not super into it, there's this awesome guy on Tik TOK that he like rearranges people's spaces to be optimized for function way. But it's sort of like a, Very like caveman aspect of. You wanting to feel protected. And safe in your space. So part of the window being behind me is that there are like a car can pull up here. That's usually where John Parks out front. And I don't, I can't see it. So it's a little bit of like a perceived threat. When you can't see someone coming up from behind you, but that would be also why you wouldn't want your back to the door of the office, because then people can come up behind you and surprise you.

And the guy on Tik TOK, you like says, you know, a tiger could come in your room and attack you. But already talks like monkeys jumping through your window and attacking you while you're working. And you don't know. So I faced the door in front of me is the door to my office. And, I'm in now I'm in the money corner.

What's funny about moving into the money corner. Is that. I moved my desk. I look redid the cords and stuff. I still need to work on those a little bit. Cause I've got a lot of plugins. My mic, my ring, light, my camera, all things. But as soon as I got that kind of all settled, everything plugged in and turned on my computer. I opened my email and found a paint invoice, which was amazing, like a invoice that I didn't think was going to get paid until January. But it got paid and it's great.

So money corner, check it out. Look up like a funkshway map. It's pretty cool to play with, and it also talks about colors that should be in different places. Part of the money corner is that it's green. Money's green. And so I have my lovely plant. This was a gift from my friend, Haley after sugar past. And this plant is just like thriving.

It's been kind of in the middle of the quad of, of spaces, but near the money corner and inspiring. So, Yeah, it's, it's a fun thing to play with. If you feel stuck or you feel like something's not right about wanting to sit down and do work. Play around with your space. You probably already do that, especially.

I know a lot of you are. Bloggers and influencers. You like three things to look pretty same with my professional organizer listeners. Really? Any of you are that are creative. Like, you know, how much a beautiful space helps you feel inspired and just good and wanting to. To do cool things. So. Try it out and let me know how it goes.

Like send me a DM on Instagram and let me know. What you did with your space, because I think it's really fun. So the other thing that I wanted to share was there is a guy named Alex, her mosey. He has a book called a hundred million dollar offers. And why I like him especially is because he had a service. Well, service-based slash brick and mortar business in the gym business and he grew it and sold it.

He, I believe he sold it for a hundred million dollars. I'm not positive on that. I forgot the details of the book, but he's done a lot of business scaling sales, putting systems in place, removing himself from being the star of the show. Like I mentioned earlier in the podcast. And so all that stuff is really up my alley.

Also, what I really like about him is that his only he does have a book, but he it's super cheap. I think it's like under $10. And I'll, I'll link that to in the description, but. That's not really his money maker. He invests in companies now and they have to be over. I can't remember his threshold.

I think it was $10 million in sales. So people who are under that $10 million mark can benefit from everything that he shares. And he doesn't, he gives lots and lots of value away for free, because the way that he makes his money is off people who have businesses at that $10 million mark. And so even if you're under that, he's not. Really, you're not really his ideal audience, but he sharing because he loves it. No. Part of what he talks about in a lengthy YouTube video.

It's like an hour long. It's kind of long. I shared this in my broadcast channel on Instagram, which is a really fun way that I'm keeping up with you guys. And sharing things as I see them in real time. So join that if you haven't already it's it's cool. It just shows up for you like a DM in Instagram and you can. Like easily click the links or whatever, but.

At first he talks about, well, he talks about a lot of things.

This is an hour long covers. He's covering how to make a million dollars in your business. If he were to do business. You know, start from the bottom in 2024. And one of the things he talks about is making your business boring. And I talk about this a lot. Is the goal is to make business boring. And that sounds so non-sexy and so not fun. But that's when you know that you're onto something is when it feels so repetitive. That it's boring. And that's what we did with orchid organizing where it got to the point of like, I w I was bored with it to be completely honest, not when I sold it, but when I let's say like, even almost a year in, I was already getting bored with the business because. We'd figured it.

I had figured out how to do the systems. How to get the clients, how to onboard the clients, how to schedule their sessions, how to do their organizing sessions, then figuring out the next level of that was, you know, when things got interesting again was okay, how do I build a team then getting the team in place, then how do I remove myself from working on site at all?

And then figuring all that out. But I got systems down and it was. Largely on autopilot and very simple. To execute. And so. That is where it's not, it wasn't the original plan for K-12 doing co, but what happened with this? Brand of Kate Waldmann, co. Was that it was completely separate from orchid organizing. And it was my playground. And the part of like Alex talks about this in his video as well, but what's so important is that you don't get to meddling in things.

Once you get a system down, once you get your business to quote boring. You don't want to mess it up by meddling in things because you're bored or because you want to make things interesting. Again, as entrepreneurs and business owners, we like to keep things interesting. We like to learn new things, but that can be at the expense of your business.

If. The whole saying of it's. If it's not, if it ain't broke, don't fix it. And so Kate Walden co really became my playground where I could play with things, learn new skills, learn how to do online education, learn how to market an online course or program learn how to deliver that. Learn how to do social media in a totally different way, because nothing about what I do with this company. Very very little is similar to running a service-based business. That delivers a service on site to people.

Online education is like a totally different world. Of course there's crossover, but there were so many different things, but what that afforded me was. All of my. This is something that that I talk about in the beginning of smarter, not harder, there's a whole. The very first thing we do is we map out what is your ideal life look like? Because for most people, they are so entrenched and overwhelmed in what you're doing. On a day-to-day basis, you just feel so overwhelmed that you're like, I don't want to work at all. Or I just want this to all be taken off my plate, or I just want to hire somebody and them to do everything for me and like check in with me when it's done and let me know that it got finished. And while you may feel super overwhelmed and like, that's what you want right now.

If you think about doing that for the next 5, 10, 20, 30 years. Of not working. You probably don't actually want to not work. Because you're already a really creative person. You already have. These really cool skills that most people don't have. You already took the leap to be an entrepreneur. You're going to want to use your brain.

You're going to want to figure out new things, solve new problems. The threshold's going to get higher for you of what you need to figure out. Perfect example was I figured out a good bit in orchid organizing and how to run it, how to have teams in multiple cities, how to have organizers going on site without me there, how to be running multiple jobs at a time. And so the threshold that became the baseline.

Okay. I figured that out. I figured out how to do that type of business. So then it needed to, you want to go higher than that? You want to. Sure you probably want to break for a little bit and that's totally fine. You probably want free time and to be able to relax. But having the option that you can choose to work and choose to do something that excites you really stimulates your brain. Gives you new things to learn is where you'd likely want to be for the remainder of your time on this planet.

So that was where Kate Waldo and co came in, where I'm learning totally different skills, learning how to do things in a totally different way of business of life. Conceptually, just changing everything did tons and tons and tons of personal development. And. So. That's all. Just say that the goal is for you to systematize all the things that happen in your business so that you're no longer. An integral part and part of why you're doing this is because that that's what makes a successful business. On paper. And it's what makes the business sellable now. Don't tune out here.

If you don't think you ever want to sell your business, this is something that I talk about a good bit. Is that. If you build your business in, on a strong foundation in a way that you have repeatable systems that other people can do the same work you do that you're not the indispensable part of the business. This is what makes it. Eligible to be sold.

You can't sell yourself. You're already doing that on a daily basis. But you can't sell yourself on paper to somebody else, unless you want to be an employee of your own business that you're selling to somebody else that doesn't really make a lot of sense. So you want to have these systems in place, the strong foundation where you're able to be removed from the day-to-day operations, where someone else can do your job, just like you are doing it. And not helps you be able to sell. But also. It is. Factor in what you're able to enjoy from your business.

You can't enjoy. The perks of being an entrepreneur, being a business owner, if you are the only person that can make it all work, because then you're just doing a million jobs. The whole joke about you traded in your nine to five for a 24 7. That's so true. If you are able to kind of back yourself out of it, have other people step in and take pieces off of your plate and eventually be able to offload that completely where somebody else could run it, just how you would run it.

So you're not able to actually enjoy all of those. Perks of having the time flexibility, having the money, flexibility. Now the money part of this is that it has a compounding effect. So when you are. Able to replace yourself, you're able to scale. And have team members under you and you're able to. Then make more money in a shorter period of time.

And if you wanted to, you'd be able to sell the business for 10 X that you would, if you were the only person who could do everything in the business, because there's not nearly as much value. In that business, even if it's a really successful million dollar business. So you're making a million dollars a year.

I'm paraphrasing from what Alex talks about in this video, but. So you're making a million dollars a year, but you're the only person who can run the business then. That return. Is real, isn't so much lower if someone else were to come in and buy that business from you. But so you put systems in place.

You have a team in place, you have processes in place for how everything runs that gives you the opportunity to have a. Three X five X, seven X, 10 X multiplier of the value of your business. So you're looking at potentially like a $10 million business sale when you would have been doing that in. One year, you could do the same in one year, that same million dollars in one year, but you have the ability to sell. The last point that I wanted to talk about that he talks about in this video is that your goals should be actions, not dollar amounts when your goal is a dollar amount. You will likely quit when you hit that dollar amount or if you don't hit that dollar amount, you will likely quit also.

Cause you'll be discouraged. But if your goal is the actions that you take, those revenue producing activities. Then the money will come regardless because that also has a compounding effect of when you continue to do the actions, no matter what, no matter how much money you make or don't make you everything compounds on itself.

And. Bears fruit. No matter what dollar amount you're at, you'll continue to see that revenue. If you do those actions every day. So moral of the story. Keep it simple and systems help you scale, focus on your actions, not on your dollar amounts and play around with your office. And let me know how it goes. That's all we have for today. Check out the description. In the notes section here where you're watching on YouTube or on your podcast. And then we always have the full show notes on our blog as well. I'll see you next time.