Owning and operating a SMB is the best tax deal in America.

—

Whether you have a $10,000 side hustle or $10MM enterprise, earning business income opens up amazing opportunities for tax savings and wealth creation.

Let’s walk through how it works
(thread below ⬇️)

Giving a talk on goal setting and OKRs this morning @Montrealinc.

Presenting it as a thread here to get more leverage on it and to think out loud. Here goes! 👇

1. Goals are strategy in action. Strategy is your plan to win. Goals turn that strategy into measurable tasks that can advance you toward winning.

2. Goals help you win by forcing you to prioritize. There are lots of ways to win. Some are more immediate than others. Goals force you to choose the most important things to do now.

3. Goals help you win by creating alignment. Not everyone has the same idea of how to win. Goals force everyone to agree on a single plan.

4. Goals help you win by creating accountability. There’s lots to do in a startup and its easy for things to slip and slide. Goals help enforce clear ownership.

Search-funders and SMB buyers with sales experience are starting on second base.

Thread on how sales abilities improve your success odds in acquisition entrepreneurship:

1. SMB Deal Sourcing ~ SALES PROSPECTING

In order to buy a SMB, you need to see hundreds of candidates. How do you do that?

Like in Sales, you have two main prospecting avenues:

1. Inbound - Advertise or network with SMB professionals in your target market, e.g. business brokers / SBA lenders / CPAs / lawyers.

2. Outbound - Find and contact owners of SMBs that fit your criteria to see if / when they want to sell.

Inbound is nice because the opportunities come to you. But they might be few and far between.

Outbound is grunt work, i.e. "Dialing for dollars." Because of this (not in spite of it), outbound has advantages:

- More opportunities.

Higher-volume deal flow → better odds of a successful acquisition. Remember, it only takes one.

- Less competition.

Educated people shy away from grunt work. Your willingness to sweat will be rewarded with buried treasure (off-market deals).

Top 10 Entrepreneurship HACKS for the 21st century

From TRS Podcast: @BeerBicepsGuy & Billionaire @hcmariwala

Life of a Billionaire, Business tips, Hiring Advice, New business opportunities & much more

Life Advice to Change your Mindset🧠

//THREAD//

1/ Advice to the Youth of 2020s

Identify God-given gifts & leverage them

Focus 75% of the time on your strengths, double down on them
Focus 25% of the time on your weaknesses

Speak to Mentors, Friends & Family to ID them

Passion is Overrated, Grit is Necessary

2/ Role of a Successful Entrepreneur

Your job within the organization changes drastically over time

At the Start: You have to do Everything (Ranveer Relates)
As you Grow: Delegate everything to the Right Talent (Think Elon Musk)

How to Hire & Maintain Right Talent? 👇

3/ Wisdom on Work Culture

Tip to keep Right talent is Great Work Culture

Monetary benefits may attract, work culture sustains great talent!

He believes in giving max freedom on the job rather than nurturing

You need to transition to being an influencer about your Brand

4/ Harsh Mariwala on Success

Don't let successes go to your head🧠
Be an eternal Student and Identify trends in the market

Identify product-market fit

Focus on all stakeholders, not just shareholders

Customer is King

How to Price Your Services in a Way You Don't Get Busto

// A THREAD //

Whether you're a full-time freelancer or you just want freelance on the side you have to know your price so you don't get busto.

We will discuss the three most common ways how to price your services:

- Hourly rate
- Project rate
- Service as a product

But basics first.

Don't think about the price as a one-night-stand.

Rather build a very close relationship with it.

It:

- helps you to increase/decrease demand
- gives hints about how good/bad your service is
- positions yourself on the market

Know how to use this tool.

Cheaper ≠ Better

Imagine someone selling you a car for $350.

What would you think about it?

Exactly.

Set the fair price, not the scam inducing one.

The cheap price will bring you a specific sort of people.
- to be polite.

So always compete with quality, not price.

1. Hourly rate

This is the most straightforward way how to set your price.

How to set it?

The basic equation may look like:
[Monthly target profit ($) + All costs ($)] / no. of billable hours in a month

PS. Even if you're starting out don't get much lower under this price.

So you're a freelance marketer, designer, coach, growth hacker etc thinking about building your business in 2021. VC platform teams can be your ace in the hole.

We need you! We love you! We can be a great stream of biz ... IF you know how to pitch us.

Here's my advice:

PSA: if you don't know, VC platform teams are the (usually) non-investing professionals who support portfolio companies in functional areas.

@upfrontvc has a Head of Talent, a Head of Legal, and a Head of Marketing (me!) We're all former senior operators in startups.

As individuals we can't *do* the work for ~ 100 active companies, but we *can* reco resources to teams who may not have the experience, and definitely don't have time, to find them.

I look for fit in functional skills, category, pricing & chemistry. One size does not fit all.

So! Cold pitches work! But not like this: "I'm a freelance graphic designer, here's my book, please consider me, good day."

Problem is now I have to work to figure out if/where you would fit & I couldn't meet with everyone even if I wanted to.

A better 1st pitch:

1. Give me a functional/skills scope. Instead of "I'm a comms consultant" (generic) tell me "I'm a comms consultant who works with startups on messaging, media training and media relations."

Or: "I'm a growth consultant w/ a core focus on paid Facebook & Instagram campaigns."