The 10 Factor Roadmap to Abundance Lifestyle with Tim Meuchel

If you’ve been listening, I’m all about building a business around my lifestyle. I’ve often said “I family around my work.” That’s just me. You do you. Today’s conversation builds on the idea of the lifestyle business option to help you liver your life how you see fit.

Meet our Feature Guest

Tim Meuchel is the creator, bestselling author, and podcast host of The 10 Factor. Using his 10-Month Success Blueprint, Tim helps consultants and entrepreneurs create a thriving business built around their ideal lifestyle.

Like many successful entrepreneurs, Tim failed his way to success. In 2008, he lost $334,200 after resigning from a twelve-year corporate management career to pursue his side business full-time. His business grew exponentially, but one bad business deal left Tim’s company almost bankrupt. Tapping into emergency funds, he fought back and restructured the business; resulting in a new profit producing model requiring less than 40% effort. Seeing an opportunity to give back and help other struggling entrepreneurs, Tim reverse engineered his process, validated it with top entrepreneurs, and created a 10-Month Roadmap – The 10 Factor.

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Transcript
Tim Meuchel:

But we, we grew to a point where, where I was in a, in a pretty good place, but in order to stay in that pretty good place, I had to really bust my butt. And as a result over time, you get tired and you get burnt out and you get worn down. And when you do that, you, you start to make mistakes. And sometimes you. You don't do things for the right reasons.

Narrator:

Welcome to men of abundance, the podcast for those looking to level up their lives. By hanging out with some of the greatest leaders and established professionals in our community, living a life of integrity honor, and the abundance mentality prepare to pay it forward with your host. Former army medic turned lifestyle entrepreneur, Wally Carmichael.

Wally Carmichael:

What's up. You amazing abundant leader. I am Wally Carmichael, your founder and host of the men of abundance podcast. The pay it forward community proving to you that you can in fact, live a life of abundance and family, faith, finances, and fitness on your way to having more. Speaking of having more, I'm super excited right now because I'm in the process of planning our very first RV trip. That's right. We finally bought our RV and super excited it's in storage, just down the street. I keep going and looking at it. I'm like a kid in a candy store, a kid at Christmas, like. I'm just super excited. I can't say enough about it. And I'm planning the first trip. We're going to stay right here in Florida for the first couple of trips. And then the summer, we're definitely going to be heading down to Texas and hang out with my son down around the Colleen and Fort hood area. And we're going to hit up a couple of tribal parks along the way. So we're super excited about that. And, I share that kind of stuff with you, not to boast and not to brag, but really just to impose upon you, the. Possibility of what you can do in your life with the abundance mindset. We I've been in the position to purchase this RV and take on the RV lifestyle for many years now. We just really been looking around and shopping around and taking our time with it. Yeah. Because we have that we have the time to do that. Funny thing is while we were at the dealer, I got to tell you, I think my wife and I were by far the youngest kids in the entire, at the entire dealership. And this was a huge dealership. It was almost like everybody was looking at us. Like, what the heck are you doing here? All of these people were definitely retired and well into their well, let's just say they were older than my wife and I by a good 20 years at the very least. And it was nice to be there. My wife and I being, being there during the week. No worries at all about a job or. Reporting to anybody and doing our thing and having the capability of getting what we wanted and having the time to go and enjoy this new toy that we have. Again, it it's all possible because. Of the abundance mindset and taking the right action. So I just share that with you, because I want you to know that I am living this life of abundance because of my mindset and decisions I've made and the actions I've taken. So, and by all means, of course, as far as I'm concerned, the grace of God and divine intervention, now I'll tell you it is like anything else, having this abundance mindset is like taking a shower, they weren't great when you take the shower, but you got to take another one the next day, or at least a couple of days later. Right? It's the same thing with these conversations on men of abundance and other books and audios and other podcasts that I listened to. Because I'm constantly growing my mind and improving my mindset. Which is exactly what you're doing right now, by listening to this episode, by listening to men of abundance and by taking in these conversations, the next step to living a life of abundance, and you should know this. If you've been listening for any amount of time is paying it forward. You absolutely have to pay it forward, pay forward your time, treasures and talents, pay forward. Your knowledge and your knowledge right now is this men of abundance podcast. You know what exists? These conversations are helping you. So along with improving your mindset, you absolutely have to pay it forward. And you can do that right now. You can be abundant in your actions today, right? This minute, if you're listening to my voice right now on your phone and you have the podcast. App open, take a screenshot of the men of abundance podcast screen, share it on social media, share it on Instagram, shared, shared out on Facebook. There are buttons underneath the podcast player where you can share it right there from the podcast player and just type something out and whatever you're getting out of it and share it out. There has tag men of abundance tag me in it so that I can find it. To give you a shout out and a huge thank you. And by the way, that people that will find that episode as a result of you sharing, it are going to be extremely thankful just as you were when you first discovered men of abundance. All right, let's get into our conversation today. Our featured guest today is Tim Michael. He is a creator bestselling author. And podcast hosts of the 10 factor using his 10 months success blueprint. Tim helps consultants and entrepreneurs create a thriving business built around their ideal lifestyle. Like many successful entrepreneurs, Tim failed his way to success. In 2008, he lost $334,000 after resigning from a 12 year corporate management career to pursue his side business full time. His business grew exponentially, but one bad business deal left Tim's company, almost bankrupt tapping into emergency funds. He fought back and restructured the business resulting in a new profit producing model requiring less than 40% effort. Seeing an opportunity to give back and help other struggling entrepreneurs. Tim reverse engineered his process. Validating it was top entrepreneurs and created a 10 month roadmap. The 10 factor. Men of abundance. It is my pleasure to introduce you to Tim Michael, Tim. Welcome to men of a bonus brother. How you doing?

Tim Meuchel:

Hey, Wally. Thanks. Awesome to be here today.

Wally Carmichael:

Absolutely, man, I've been looking forward to this. Where are you at in the world?

Tim Meuchel:

I'm in Baltimore, Maryland. So I'm in the, a little bit outside of DC, Baltimore County, Maryland. And that's Nestled right here on the East coast had not, I have not been there yet.

Wally Carmichael:

So I'm looking forward to that when I get my RV in the next year or so that's going to be our thing. Yeah, for sure. So I like to start out with an attitude of gratitude, man. What do you have to be grateful for today?

Tim Meuchel:

Well, just just being here, it's we're, we're going through a pretty crazy time right now in the world. And I, I think people are. Including myself are realizing what's important and what maybe isn't so important. So the very basic needs of, of people that I think somewhat is, has been taken for granted for so many years is is becoming something that's really grateful for. One of the biggest things is being here.

Wally Carmichael:

Yeah, absolutely. It doesn't it seem kind of like a reset of sorts.

Tim Meuchel:

It does because, it seems like about every decade gait or so, that you go through these economic turns where, there there's, a mini recession or, the stock market Dom, so whatever's going to happen or there's some sort of a national or international crisis that, that causes a whole. The, flood of changes, but, but this is, this is a once in a lifetime kind of a thing. And I, and I think what it's, what it's done. I mean, even at even with the children is it's, it's just, it's gonna, it's changed how we do life, but I don't think anybody really has the crystal ball looking forward to say how life is going to be. In the future. So it's, it's, it's forced people to just kind of slow down and live in the moment and enjoy what they have versus trying to predict the future. No, I totally agree with that. It's there's a lot of predictions from all the so-called experts out there and some of it I can see and others I'm just like, yeah, whatever, but, the reset, the reset thought process, even with Goodness pollution has decreased in a lot of places. So many different things have really just kind of been reset. And it's, it's interesting. Even a lot of people are re reevaluating their, their career plans. Businesses are saying, Oh, darn, I guess I should have had certain things in place. So that I wouldn't be struggling right now. And they're either deciding to move on to something else or completely reset their, that whole process. So, yeah, it's just, it's just really interesting in that. Who could I called it? Right. Well, that that's just that life happens. And sometimes you, you, I mean, as entrepreneurs, we're, we're always taught and I teach and I'm sure you teach the same thing to, to plan. And you'd always are working the plan and you're always working on your business and try not to work in your business. And, and what, what I think has happened here is people are realizing that the plan really does have to be fluid and people are being forced now to dig deep. And, and I think a lot of people have come become complacent. With not doing things that they know they should have meant doing and how it's just bite them big time. Yeah, for

Wally Carmichael:

sure. And especially in my experience in talking with that, I've been so just so much busier over the last couple of weeks. But talking with so many business owners, even over the last couple of years, there's things that they just don't know. That they should have been implementing. And those things are now hurting them seriously. We can go all into all that kind of stuff at another time between you and I, but here, I really want to get into your story because we took a little bit about before I got started here talking about you professionally and what you've been up to, but we'd like to get to know the man behind the abundance. So if you would, how would you describe yourself?

Tim Meuchel:

Well, I'm I kind of followed the traditional track. I. I knew growing up, I was always good in math. That was just something that I was, was good and was always somewhat athletic. So it was always active and it seemed like whatever I got involved in, I would kind of become the leader if you will. So you don't want the sports teams. I was always the captain and things like that. So I decided that engineering for me was, was the right path to go into. And, and as they went to college, I went to Virginia tech here on the East coast. And as I got into my first year or two, I realized that I didn't really want to sit at a desk all day long. Didn't wanna didn't wanna just be a designer where I just, sat at a desk or a computer 40 hours a week and did the same thing redundantly. So as a result, I, I shifted more into the, into the construction management. Role within civil engineering, because I thought that was good fit for me. And that's where my career started. So I spent about a dozen years working for a nationwide large commercial contractor in, in the management end before I, I started my own business back in 2007, and then it started as a side hustle. And by 2008, I was ready to make the jump. So I became a full-time entrepreneur. Left my twelve-year corporate job and ventured out on my own. And then that, that went along for, for several years. Grew the company pretty quickly out of the Gates was, was successful. Did everything that I had wanted to do on that end family started to grow and. Then what happened was then my business ran into some Rocky times, almost a decade into business ownership, which led me to really what I do today, which was a complete pivot.

Wally Carmichael:

Wow. Yeah, that is when you say that. I was thinking of somebody that I've been introduced to several times and met a couple of times as Pat Flynn, but he was in, he was in architect. But kinda the same thing. It's, it's a similar story in that, I like the started the side hustle. What made you start the side hustle as opposed to just going all in on what you wanted to do and get out of the whole corporate life?

Tim Meuchel:

Well, I had a good job. No. I had a secure job. I was making good money. I was moving up relatively fast. But at least on a corporate ladder, which was a flat rise, it wasn't leaps and bounds, but I was, I was in a position where if I stayed with that job, I would be comfortable, pretty much until retirement. It was type of company where they typically hired out of school and you stayed there until you retired. And that was, that was how you've made your way up the, up the ladder into upper management. And there was a couple elements of that that were, were deal breakers for me. And one was the travel. It was extended travel involved. I spent, I spent a couple years on the West coast in my twenties and spent some time traveling around here on the East coast and was, was bidding work all over the country. And we were, we were client faced. So when you have a national client, They tend to do work in more than one place. So as my client base grew, my clients had needs. The opportunity for me to stay at home was, was not really going to be afforded for much longer. So that was that was one issue. And the other issue was, was trying to replace two incomes and create a, a stay at home type about. Of an upbringing for my kids with one stay-at-home parent, one working and I wasn't making quite enough money to make that happen. So those two things got my, my head moving and the wheels turn and, and trying to figure out where I wanted to be. And I, I started this, this side hustle started a little small local remodeling company doing mostly residential, a little bit of small commercial work, which was not the same kind of work I had been doing for the other business. And that started to take off on nights and weekends. And I was being really careful not to Rob Peter to pay Paul as I was doing that. And it got to the point where I was just really, really getting busy and that went on for about 15 months. And as it played out, I was getting close to making that decision. Do I leave her stay with the corporate job when I. On a Friday afternoon, got a call to come down to the corporate office and they said, we're shipping you out of town to go do a job up in New York. That's a problem job. We were in the process of trying to have the first kid and it just the timing wasn't right. So I pushed back and told them I can't go told them I'm doing this other thing on the side. And I have commitments here and you've got to find somebody else. Which wasn't obviously it wasn't received very well from the, from the bosses, but as it was, they found somebody else. And within, almost immediately after that, I gave my notice and that's when I became a full-time entrepreneur. So that was April of 2008. And. That was that's what set me off on this journey that I'm on now. So,

Wally Carmichael:

And that, that right there specifically, it was a scary time to step out on your own. Was it not

Tim Meuchel:

because of the timeframe, all trust me as they were, as they were running me up and down the hall, talking to the upper management, every one of them said, Hey, we're in a recession. You're doing so well. It's actually a good time to start a business than a recession. I would imagine that. Yeah, exactly. Yeah. Yeah.

Wally Carmichael:

So. Yeah, for sure. It's like, it is now in a way, there's many other opportunities that are presenting themselves that just different, just different ways of doing business.

Tim Meuchel:

That's true. But I see it as being different now and, and, and it, it frustrates me a little bit to see what some of what I've seen out there from people that I had a lot of respect for, on social media and different avenues that are. W when you start a business, there's some very fundamental things that you need to do. And one of the most fundamental things is, is having a, a clear idea of what you're doing and having clarity and, and building a solid foundation. And I, and I feel like right now people are jumping the gun and they're, they're starting a business without having any clarity, because nobody knows how you're going to be actually able to do business coming out of what we're going through. On an international scale. So I feel like there are some behind the scenes things that you can be doing to prepare yourself when the time is right. But there's also, I think a lot of people that are going to start a business out of desperation and you never want to do anything out of desperation because it usually fails. So there's just some thoughts on that. I'm sure you, you probably have seen some similar things to what I'm talking about. There there's a right way to do it and a wrong way to do it. And when I left corporate world in 2008, I left on my terms. And right now there's a lot of people that are not starting on their own terms. And that's scary.

Wally Carmichael:

Yeah, no, you're absolutely right. I do agree with that. And there's many different scenarios and in different cases and examples of what you're talking about that I've personally seen because. Business, as we know it a month ago, two months ago it has changed forever in some industries and for others, it's just going to be business as usual, but to start a new business, it is a different, completely different time, a different from 2008 timeframe. So one of the conversations I like to have, and in talking about this, there's a lot of kick in the gut moments going on right now that people would have never considered, but along the way, you must have had at least a couple kick in the gut moments. If not several, as many of us have, I'd like for you to share with us one of those kick in the gut moments and really make us feel that. And then we're going to get into what you learned from that and what you're doing with that information.

Tim Meuchel:

So for me, the biggest one is what led me to, to the 10 factor, which is really what I do. And that was, I had this business that took off and as it took off, we grew and I did the same thing, a bunch of other entrepreneurs do. I eventually became the bottleneck in my own business. And as a result, we, we grew exponentially and then we kind of leveled and we, we stayed at a. At a fairly even keel for several years, which isn't always a bad thing. Cause I always tell business owners that you're, you're going to grow to a point and there's really no right or wrong with how big your business gets or, or how far it goes. Or you kind of have to look at the whole big picture is as to life and where you want to be. But we grew to a point where, where I was in a, in a pretty good place, but. In order to stay in that pretty good place. I had to really bust my butt. And as a result over time, you get tired and you get burnt out and you get worn down. And when you do that, you, you start to make mistakes. And sometimes you, you don't, we'll do things for the right reasons. Not, not, I'm not talking about illegal or unethically. I'm just talking about, you may not be at your best self. For performance wise, where maybe you're doing something yourself that you could hire somebody else as a, as a subcontractor, as a, as an outsource partner that might be able to do a better job than you and free up some of your time to concentrate on running your business and what you should be doing as a, as an entrepreneur to keep things running like they should. So anyway, I got myself into a little bit of a, of a nasty business deal, where I was trying to help somebody out and took on a pretty risky project. With a, with a promise okay. Of payment on the back end. So we fronted a whole bunch of money, devoted a whole bunch of resources to it a whole bunch of time. And then that promise never came through on the backside. So when that happened, it took my company from, stable, good cash position, tight company to upside down almost overnight. And that led me to. Go back and go into, I guess, what a lot of people are in with their businesses right now, which is like that disaster mode and, and figure out what I was doing wrong and what I was doing. Right. And I didn't have a whole lot of time or money at that point to, to make a wrong decision. So I, I cut the fat and went back to the basics and changed a lot made a bunch of drastic changes very quickly. And when that happened the, the business grew back up quickly and got back on its feet and didn't end up like a statistic, like most do 90 some percent that eventually fail. We didn't end up like that. We, we recovered. But, but through that process, what happened was I realized that a decade before that, when I had been setting my business up from ground zero, There was a lot that I had learned from the a hundred year old company that I had worked for, that I took for granted. So I set up redundancies that allowed me to weather the storm where otherwise I wouldn't have had a chance. And then I had this epiphany and I said, gosh, there's a lot of business owners out there. Cause then I started listening and talking to more people and, and learning and realizing that so many business owners really don't understand the business side of business. They just know that. They know how to do something and somebody is going to buy what they're going to produce it, whether it be a product or a service, and they go out there and they just take all this risk and they, they start out and that's, that's the American dream. Right. And that's great. But look, how many people fail doing that? So I realized that, Hey, if, if somebody can quantify this and it kind of give somebody a recipe or a playbook of the steps that, that I went through, kind of recreate history or reverse engineer, it. That that could help some people. So that, that was what led me to turning, my own problem or, that, that bad point in business into it positive and spinning it to help other people. And that's, that's what led me to create an a 10 month program and, and author in a book and getting into the coaching realm to help other small businesses. So that's kinda what I, what I do now.

Wally Carmichael:

That's wonderful. And thank you for doing that because that's everything you just said is exactly what I've found over the last couple of years of specifically doing what I do in business and marketing strategies. Because a lot of these folks, man, they're just absolutely amazing chiropractors and attorneys and yeah. HVAC techs and you name it dog walkers. But they, they, they know very, very little about business strategies and marketing and even less about the managing of the books. When I ask, I don't know about you, but when I asked certain business owners they'll, they'll come to me and go, well, Wally, why is it that I made $400,000 last year in revenue, according to my tax records, but where's the money I'm broke. All right. Well, let me see your financials. And they give me their credit card statements and their tax records. And I'm like, well, here's part of your problem. They don't know how to read PNLs. They don't know anything about cashflow. Then know nothing about accounts receivable, accounts payable. They just don't understand that stuff. So they're losing big time.

Tim Meuchel:

Yeah. And, and it's, it's very difficult to make money on paper and. And not have money. Because most, a lot of successful business owners may tell you we're not making money on paper, but we have money. It's almost flipped around it. So the whole, the whole perception of, taking all your receipts and putting them in a shoe box and giving them to your accountant at the end of the year to do your personal taxes. Well, that's all well and good, but when you're running a business at that, doesn't. It doesn't work very well. And that's fortunate what a lot of people do. You're right. Yeah, for

Wally Carmichael:

sure. It is unfortunate, but you know, as soon as I sit down with somebody like, like you, then it's, kind of easy to figure out, if you got somebody to even just a simple bookkeeper that you pay 50 bucks an hour for, to do your books once a week or something like that.

Tim Meuchel:

Yeah. Most people that are going to come to, to me are the people that tend to. I guess that I tend to attract generally have a, a good business already in the sense that they they're they're, they're usually not a brand new business owner. They've been doing it a while. And, and they've, they've kind of hit that point where, where they are the bottleneck in their business, or they're, they're just burnt out or tired, or they just can't get over that hump. And they, they can't, they know that they got a good thing. They just can't figure out how to get to that next level. And. I tell people all the time, it's usually, well, number one, you have to be coachable. So if you, if you're bullheaded and not going to listen, then don't give me your money because you're just going to be, you're just going to be piddling it away. You have to be receptable to, to making the tweaks and the adjustments to your business. But, but a lot of times these businesses are one or two. Minor changes away from really changing the game. And that could be hiring a bookkeeper or hiring an accountant or teaming up with somebody to, to help you, take some of the load off for a virtual assistant. I mean, there's so many different avenues you can go to. What I like to term is shedding the load where you're, you're taking the, the load off of yourself and. And this is counterintuitive to a lot of people, but people will tell you that you need to work on your weaknesses while as a successful business owner. A lot of times you want to work on your strengths and you want to hire out your weaknesses and people don't really get that.

Wally Carmichael:

Oh, I absolutely agree with that. I was, I spent no time working on my, I wrote a check. I don't, if it's an area that either I'm weakened or just don't care to do I'll hire somebody. And I, and I suggest the same to anybody else, specifically in business, because it's going to take away from your zone when you're in the zone and you're just doing what you should do, what you're good at. I totally agree with that. And thanks for clarifying that too, because it's very important. That was one of my questions I was going to ask you coming up. Is who specifically do you work with? Who is your, who are your ideal clients and that pretty much clarified it. Do you have anything else specific?

Tim Meuchel:

Well, I, I mean, my, my sweet spot is, is going to be a, not as a small business, but a very small business. So typically, like 10 employees or less is generally going to be the people that I. I work with, I mean, it fluctuates a little bit on a, on a need basis, but that's generally what I go after a lot of businesses in the construction side, come to me just because I've got, 20 plus years experience in that. So, I, I still do some expert witness work and things like that. So, on the consulting. And so, so those, those, those type of clients for me we can really, really get into some of the minutiae on a niche down basis of, of what they're doing. And then there, then in other realms of business, they come to me for general business. Like we, we talked about figuring out how to get their marketing straight and this and that, or their bookkeeping, stuff like that. So that that's the two people that I serve the most.

Wally Carmichael:

Got it. Okay. Yeah. Again, again, thanks for clarifying that. That's important for me to know. So, as far as give us some advice that that you've kind of changed up, cause I've had to change up some of the things that I do for what's going on right now. Have you changed anything up as far as what you're teaching business owners that you're working with that are going through this whole process that we're going through right now with the COVID-19 and the lockdown and everything else involved.

Tim Meuchel:

Well, don't do anything crazy. Is, is the first thing you don't, you can't predict the future. You, we've never had a crystal ball, but right now it's, it's even, it's even more slated than before against you to, to know what's going to happen in the future. So I've been spending my time behind the scenes, reinforcing some of the things that we already do to be better coming out of the gate. Like for example, contractors that are now trying to figure out how to do more contact lists, interactions with clients, how does somebody who is normally in and out of a business or in and out of somebody's house several times a day, still maintain that, that level of cleanliness and. Take the fear factor of transmitting, a potential deadly virus in and out every time where you have these exposures, how do you take, existing systems and replace them with something that's, using technology, like for example, are you still handing somebody, a physical paper invoice and they're writing you a check or are you sending them an online invoice that they're paying online so that everything has happened? Offline. Are you still doing paper contracts? Is there a project management system where you can walk around with an iPad or a mobile device and upload information that the homeowner can, can see real time from their own device that you weren't using before? Or can you have virtual meetings like we're meeting virtually right now? Can you have virtual meetings with. With clients to do your, your progress meetings. Those are things that a lot of businesses have flirted with and talked about doing, but they've never really implemented it because what they were doing was working and it's the old, if it's not broken, don't fix it. Or right now, a lot of what worked before is broken and has to be fixed. So that's, that's kind of where we're going. So that the biggest challenge for businesses is that. Is to take all of those things, almost like you have to brainstorm, and then you have, you can't do everything at once. So you have to, and that's where a coach can really help you to, to develop like an onboarding process to implement these different processes so that your business continues to do what it did before in the way of deliver the same quality of product or service. But yeah, it does it slightly different way.

Wally Carmichael:

Yeah. Very good point. Thanks for sharing that that's really important. So what are you doing to pay it forward? What are you doing to pay it forward within your community or just in general?

Tim Meuchel:

Well, well, the biggest way that, that I pay it forward is, is just by being the keeper of information. I mean, people will generally come to me all the time with. With questions and there's that there there's that piece. And then there's the continuing to spread the message. So most of what, people like you and I do through putting out our own information as we're is we're providing contact at other people are, are learning from, and at a relatively low price point. And then they, they figure out where they can know. Can decide to double down and actually start paying for that to get to that next level. But we, we do provide a lot of, a lot of stuff out there for, for people to make their early business decisions, figure out where they want to go.

Wally Carmichael:

Excellent. Well, speaking of sharing that information and being the keeper of information and sharing it out we are going to pay it forward right now. You ready to do that? Sure. Excellent. All right, listen up abundant leaders. If you want to take full control of your personal economy, put your leadership and business skills to work. You absolutely can start your own business coaching business. The fact is business owners need professional coaching more now than ever. And as a business coach, you get the opportunity to put your skills to work, provide a critical service and get duly compensated. Now, if you're saying to yourself, I would like to change careers. I would like to enhance my current career, or I would actually like to be a profitable business coach. That then brings up the question. How do you structure a coaching business? How do you get paid? How do you get clients? These seem to be the biggest questions that I hear when I'm talking to people who want to start a coaching business, specifically, a business coaching business. How do you do one-on-one coaching and group coaching and how do you set up a member site to create continuity within my coaching business? And then of course, even if you can't figure all of that out, what's the investment. Well, I'm going to answer all of those questions for you and much more. All you have to do is go to B C B Bravo, Charlie, Bravo dot AP business mastery.com. That's where I will be sharing with you. How to give yourself a raise whenever you like gain more leads than you can handle. So you can be very selective about who you choose to work with. You'll find out how we get clients fast results. So they stay and pay for years. Not just months. I will share with you how we literally show the prospects, the money. So you don't have to sell. And more importantly to me anyways, you will potentially be saving lives and marriages possibly even yours. It really is that serious. Now, if you're ready to take full control of your personal economy, put your leadership and business skills to work, and you believe that starting your own business coaching business might be the solution. Then head over to bcb@apbusinessmastery.com. And don't worry about trying to write that down. You'll find the link in the show notes. Now let's get back to the conversation. So share one to three actionable steps that men of abundance can take today.

Tim Meuchel:

Okay. So the first actionable step is going to be understanding where the, where the money is in, in the sense of this is a good time to go back and look at. Where your, where your financials are, where your bottom line needs to be, what is your break even point, and then figure out coming out of this where your offerings need to be in order to hit that point. So that your cashflow, like we talked about earlier in the episode, your cashflow is in the red is in the black and not in the red. So you have to know what that break even point is. So that's, that's the first one.

Wally Carmichael:

Yeah, definitely. And explain to those who don't may not know even some business owners, what is the breakeven point?

Tim Meuchel:

So you had mentioned earlier about, somebody that you were talking with that like say they have $400,000 in revenue, but at the end of the day, they don't have any, any money. So a lot of people that are out there. Bragging or talking about how much money they make or talking about making five figures a week or six figures a month, or what have you, but how that's projected is not always reality of what, what they're seeing, because depending on how your business is set up and what, what it takes to run your business, you have money in and you have money out. So the break even point was going to be to where the money in is enough to cover the money that has to go out so that you're not dipping into reserves in order to cover your expenses over a given period of time. And that would include obviously as a business owner, compensating yourself as well.

Wally Carmichael:

Yeah, definitely. For sure. So basically all the expenses and then what you're making, and I have this saying that revenue feeds your ego profits feeds your family. Cause like you said, absolutely. It's you hear it all the time. I made six figures. I was like, okay. So how much did you, a lot of these guys are paying, several hundreds of thousands of dollars just in marketing alone? Not, no, not even including rent utilities, cost of goods sold and. Employees and so on and so forth at that all that is a factor, but they don't want to share the the bottom line, that net profit.

Tim Meuchel:

Yeah. That that's definitely the truth. That's the second thing is you have to be really careful during these times too, to not compare yourself to, to other people, because there's a lots and lots of people and exorbitant amount of people that were not struggling. A month or two ago that now are struggling. And when people struggle, they tend to not want people, other people to know they're struggling. So they will talk around their struggle and you could be taken advice from people that really aren't the right people to take taken advice from. So be really, really careful who you take your advice from. And one of the things that, that I would really suggest during this period is, is look at the character integrity of these people. And that, that is really that, because that's, that's, what's going to the strong are going to survive this for sure.

Wally Carmichael:

Right? Yeah, absolutely. So what are some of the rituals that make the biggest impact in your life, Tim?

Tim Meuchel:

Well, one of the biggest ones is, is just keeping, keeping a consistency, keeping a consistent schedule. So I've, I find that when, when I, am at my best is when I'm. I'm staying in shape, I'm eating right. Doing the things, the journaling, the stuff like that, that I know helps me to get my, my thoughts in order, but writing it down and listing out goals and tasks and things like that. Not, not at a very, very complicated process, but simplify that so that you have a direction every day. And, and understanding that you may not win every day. You may not win every week. It may not win every month, but you have to look at the whole big picture. So we talked about that a little bit with implementing changes, going through this is a, you're not going to do it all at once. So you have to look at it more like a marathon and not a sprint because you will burn yourself out. And once you're burned out, then everything goes downhill.

Wally Carmichael:

Right. Yeah, definitely got to take care of yourself. And I liked the fact that you talked about trying to keep some sort of schedule with everything going on. I think I've done a pretty good job at that. What are you reading or listening to that you would recommend to our abundant leaders and why?

Tim Meuchel:

It it's funny. Cause I've been reading this book and I'm going to grab it here. So bear with me one second, but it's I started reading it and I've been reading it kind of in my spare time, but it's the A world without work, I believe is what it's called. And it's interesting because nobody's working right now. So it, it, it talks about the indoctrination of the AI. And however, the years it's going to transition and, and a lot of businesses are going to be on fast forwarding. Some of these, these processes, I'm also reading some fiction as well. I've taken this time to get a little Dave Baldacci is one of my favorite authors. So I've been reading some of his. Fiction stuff as well, catching up because I've spent the last few years reading almost all nonfiction and said, you know what? This is a time to, because reading is reading and I, and I think there's, there's a certain amount of entertainment to it as well. So those are, those are two big ones that I I've been reading. I like to do is I like to go back and I like to. Pull up old books that I've read in the past and reread them from time to time, at least parts and pieces of them. There's one of them six months to six figures by Peter Buccs. One that I pull out periodically where I, I wrote some stuff down in that. So, so that, that's another thing that I would recommend to your listeners is, mastery and gaining expert expertise doesn't necessarily mean you read it once you put it away. You never look at it again. So everything you read as a resource, and if something makes sense to you and you can learn from it, don't be afraid to pull it back out and read it again.

Wally Carmichael:

Yeah, that's a good book to six months to six figures. I have that one on audio, but I, I used to lend out my physical books and then I would never get them back. So if, if I ever want to recommend a book to somebody or I want to get, I'll just buy the book for him and have it sent to them because I have my books for references. I like to keep my oldest tool is books that I have on my shelf or thinking grow rich. And how to win friends and influence people. And they're wore out I've got notes and all kinds of stuff written inside. I write a lot in my books to my physical books.

Tim Meuchel:

Yeah. I, I just I read, think and grow rich again. About a year ago I went back and I re-read it. So yeah. That's, that's a good

Wally Carmichael:

one. Yeah. Oh, for sure. So what do you feel holds most people back from living a life of true abundance?

Tim Meuchel:

I'll probably fear.

Wally Carmichael:

And that fear comes from fear of what.

Tim Meuchel:

Well, I think, I think the fear is, is person to person, but and, and fear is such a broad brush term, but, but in general, it it's, it's a scarcity mindset. It's people in general, there's very few people that really go out and push the envelope and, and people get into this. Like an easy going comfort type mindset where they, they get a little bit complacent. And unfortunately, when you, when you do that, and, and this is something that took me some years to really understand this, but as a, as a business owner, versus being an employee, there, it's a completely different mindset. And as an employee, Somebody in that business. If the business is successful is going to be figuring out like, Hey, you need to get trained on this. You need to update this certification. Hey, there's this new technology coming out. We should maybe hire a consultant to help us get started on that or on boardroom employees, or maybe we should send. These two or three key employees to a conference, or maybe we need to update our insurance or whatever that's going to be. Somebody in that business is, is taking care of those things. And the employee at a lot of levels will, will come to work and do their job every day, somewhat taken for granted that, that those things are taken care of. And once you become a business owner, a lot of people out of the Gates are, are they're full of Gusto and they're all excited. And they're going out in their sponges and they're learning all this stuff. And then they go out and they make a little bit of money and then they get complacent and they say, okay, now I'm done. Now. I've, I've mastered my business. And I think right now, what we're seeing in the, any economy is your business is constantly going to be changing right now. We're going through one of the most drastic changes that a lot of people may ever go through, but. That doesn't mean that last year and two years ago, and three years ago, your business wasn't changing. So the people that are adapting as, as business changes and constantly learning, or the people that are, are going to survive through the, past us statistics of the, the one and the three and the seven and the 10 years in business.

Wally Carmichael:

Yeah, definitely very good point. Thanks for breaking that down like that. So what does being a man of abundance mean to you, Tim?

Tim Meuchel:

Well, I it's, boy, that's such a deep question. So, so number one, it's, it's bigger than you. And if you think of the hero's journey, where, where you go through the, you leave your, your normal, your comfort stage, and you go through life's trials and tribulations, and everybody goes through them on some level. And then when you come out on the backside of that, And whatever that direction takes you into you, you do it, it becomes bigger than you, and you're doing it for somebody else. Like you talked earlier about paying it forward and that's, that's really what I think it's all about. So that's that's with your family and your legacy for your family and teaching you, teaching your children how to teach their children and so on and so forth and people that you impact on a day-to-day basis and, and like, like you and I, when you're out there, Spreading a message. I feel like you have a, an obligation, if you will, a responsibility to, to give it to people the way they need to hear it so that they can they're, they're taking what you say seriously, and they're, they're running with it and they're making big decisions based on it. So, living within your abilities but also not being scared of what your abilities can. Can do or can accomplish and not letting people talk you out of where you really want to be and where you feel like your, your niche in this world is

Wally Carmichael:

well wonderful answer. I love it. So listen, man, we're definitely going to have the 10 factor.com. That's the number 10, the 10 factor.com linked up in the show notes. But before I let you go, what did we not talk about? You want to ensure that our abundant leaders get out of our conversation today.

Tim Meuchel:

Boy, we covered so much. I mean, you did a good job asking me a lot of questions that I think we, we really, we really did cover a lot of different stuff. I would just tell your listeners that, Hey, know that life is hard. You're going to hit roadblocks. You're going to stumble. You're going to fail your way forward and fail your way to success. And just just don't give up on what you believe in.

Wally Carmichael:

Yeah, absolutely. Thanks for that, man. Well, listen, man. It was a great conversation. I absolutely knew it would be go out, live your life of abundance. Keep paying it forward like yard because it's making a huge difference. I really appreciate it.

Tim Meuchel:

Thanks so much, Wally.

Wally Carmichael:

My pleasure. All right. The Abundant leaders, your action step for today is to continue growing your mindset, to continue building the abundance muscle and take focused action. On the action steps that are going to get you to where you want to go. Just one quick note on this taking action parts on people are not taking focused action. I hear it all the time from various coaches and business owners that I coach because they're constantly saying, well, I'm doing this, I'm doing that. I'm doing this. And then when we break down what they're actually doing, they're not doing any actionable steps and not being focused or messing around on social media. They're reading the same book over and over and over again, but not taking action on it. Or they're reading multiple authors and getting confused on a topic. You have to get focused and listen, if you need coaching, if you need mentorship, then reach out to me to be completely Frank with you. I may not have the capacity to take on another client or to mentor somebody rather it's a pro bono or it's a paid relationship. I only take on as much as I'm willing to handle because get this. I enjoy my lifestyle, but I won't leave you hanging. I will introduce you to a coach or mentor that I know and trust possibly even somebody that I've personally trained. So consider that if you're struggling and you're getting frustrated with the results, remember progress equals happiness and you can't progress without focused action. Now go out, live your life of abundance and make sure to pay for it.

Narrator:

That's all for today. Abundance leaders for more about our guests and the powerful information we shared with you today. Be sure to sign up for our mailing list@menofabundance.com. We appreciate your time and look forward to hanging out with you on our next episode. So until then be sure to pay it forward and live your life of abundance.

About the author, Wally

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