7CEO 035: From $50 A Day To 7-Figures With Jeff Luther

The 7-Figure CEO Podcast

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Today we’re talking with Jeff Luther, founder and President of Home-Probe, Inc. He started his home inspection business 15 years ago without any intention of it being a stable business, but as a way to pay the bills early on. After just a few years, he crossed the 7-figure revenue mark.

LINKS

Do You Have A Self-Sustaining Business? Take our short, 10 question quiz to see how you stack up(we’ll even give you a score!): https://ownerssuccessclub.com/score

Connect with Home-Probe Inc. & Jeff Luther: http://www.atlantarealestateinspection.com/

Podcast episode with Forrest Walden: http://caseygraham.com/episode17

Share your learnings with Casey & Jeff: Email [e-mail]

NOTES Set A Clear Daily Goal & Stay Focused

When Jeff started his company, he was at ground zero. He set a goal of making $50 a day and wrote it on a calendar every day, how much he made. Setting that goal gave him clarity for what he needed to do and freedom to stay focused on that goal. He did this by cutting grass and working at Home Depot simply for health benefits.

Phases Of A Small Business

1. Living – You, the owner, make a great living, but the business is dependent on you
2. Lifestyle Business – The business can run without you, but it can’t grow with you
3. Lasting Business – The business can run AND grow with you

How You Treat Your Staff Determines Your Company’s Growth

Jeff admits to making a lot of mistakes as he grew his team, starting with how he setup compensation. After a few years of doing a commission-only structure, he realized he was creating a competitive, fearful environment. Once he setup a stable compensation plan plus benefits, his team wasn’t driven by fear to make the sale, but delivering a great product which led to more referrals and better customer service.

Taking care of your team will give them “mental margin” so they don’t have to worry about anything except delivery your service/product and create raving fans.

A question you can ask yourself to decide if you’re treating your team well is, “Would I be happy if my son/daughter was working for a boss like me?” The answer to that question can be very telling.

How To Succeed During An Economic Downturns

When the economy isn’t favorable for your business, you need to be agile to find different ways for people to go business with you. In the real estate crisis of 2008, Jeff simply supplied generators for the inspection of homes that didn’t have utilities – it was something simple, but made the difference so Jeff could stay in business during that tough time.

Working IN vs. Working ON

As the owner, it’s important for you to stay connected on some level with the day-to-day operations of the business. BUT, to get to the next level, you have to separate yourself to be able to focus on growing the business and looking to the future. The best way to do that is to have a capable team of people you trust to carry out the operations and deliver your service/product.

Having The Right People On The Team

Implementing a “people analyzer” is a key system/process to breaking through the 7-figure mark. That will help you find and hire the right people who fit your culture and share your core values.

From the current team of people you have, write down the traits and characteristics you like about most and create a template of what you’re looking for in future hires. You can duplicate the best people already on your team in new hires by comparing them during the hiring process.

Your “people analyzer” will also help you assess your current team and determine if there’s someone who doesn’t fit your culture and core values. You can also ask yourself:

1. How do I feel when I know this person is going to be around?
2. Knowing what I do now, would I rehire this person again?

Fear Of Success

As a leader, the fear of success can be real. Whether it’s that you don’t deserve the success or not being understood, there is real stress and pressure that comes as being the owner. Staying connected with other entrepreneurs is helpful to realize you’re not alone and provides perspective.