Latest / Imagine If with Doone Roisin | Health, Wealth & Wisdom for Women (formerly Female Startup Club Podcast) / GEMS: The Art of Delegation with Leila Hormozi

Transcript

GEMS: The Art of Delegation with Leila Hormozi · Imagine If with Doone Roisin | Health, Wealth & Wisdom for Women (formerly Female Startup Club Podcast)

• 0:09
  When you think back in hindsight to like your life before these businesses, did you envision this is where you would build a business to? Like, was your goal to get to this level or what was your goals as a younger woman?
• 0:23
  It wasn't as clear of like what level to get to. But like I remember from a very young age, like in high school and then in college, like, you know, I went to school for exercise science. And the moment that someone told me that as a physical therapist, I could make $80,000 a year. I was like, oh, F this. God, that sounds terrible.
• 0:42
  You know, they're like, yeah, you only work 40 hours, you make 80 grand a year within like three years. And I was like, ew, what? That sounds terrible. Why is this something that you're celebrating? Like, there's so many limitations around this. And that was when I was like, oh, gosh, I'm going to have to start my own business because I can't do that. That just sounds terrible. And as soon as I kind of knew that, I was like, okay, well, I'm going to make my own route. I don't know what I'm going to do, but I moved out to California. I didn't know anybody. I didn't have a job. I didn't have much money. And yeah.
• 1:09
  I went to like every gym I could find and try to get a job and got into basically selling memberships and then went from selling memberships to selling personal training and then also doing personal training. And then I was like, I think I need to start a gym. That's the next level. And then I'll learn how to run a gym. And then from there I can learn how to do a bigger company. And that was how my mind worked. And then when I met my now husband, I got to skip a lot of those steps because we just actually ended up starting gym launch. And I didn't,
• 1:34
  predict it would happen as fast as it did, but I didn't have any limiting beliefs. Like I was like, I think if my belief has always just been, if one person in the world can achieve something, then there's absolutely no reason I cannot. We are literally made of the same material. Like that, why wouldn't I be able to be? I think the only reason that we're not, or that we would think anything else is that we put these limitations on ourselves and we almost, it's like gravity is a fact, right? Like gravity affects all of us. There's no arguing it.
• 2:02
  But a lot of us have our own forms of gravity in our minds that are limiting beliefs. And we're like, I just can't because of X. And I just feel like I don't have that. I don't have much of that. And when I do find it, I can go in there and rip it out because I don't want it. Totally. I love that. And I think the limiting beliefs and the negative self-talk can be such a deal breaker if you're trying to go out and do big things in the world and, you know.
• 2:29
  achieve things that you want to achieve. That's really cool. I love that for you. I want to talk a little bit about your team because I am always interested to know, like, who are the early hires? Like, who do you bring on in the beginning to help you grow these kinds of businesses? My personal opinion, because I've tried different ways, because we've had a few times to try, is always hire for the, what is taking the most time from
• 2:58
  When Jim Launchper started, what took the most time that cost the least amount of money to hire was customer support and tech support. The second was billing and finance. And so I didn't think to myself, what do I hate doing? That's not the question. It's the wrong way to look at it, right? It's what takes the most of my time that I can get with the biggest arbitrage, right? Like I can get a big return on my time by hiring this person.
• 3:23
  because they cost this much compared to if I were to say, well, let me outsource and hire a marketer right away. It's like, well, no, or a sales manager right away. Well, no, you know, both myself and my husband partner have those skills and it takes less time from us. And so it's just looking at continuously saying what takes the most of my time is the least amount of money to hire for until it just continues to go up. I don't believe in hiring ahead of demand. That's one thing that I see a lot of people do is they say, well,
• 3:53
  you know, in six months. And a lot of people coach this way. I don't know how the F they make it work. Because one, bringing someone on who doesn't have enough work sucks. And two, a lot of people make this mistake. They think that they're going to have a big increase. They're projecting that they will, but you have no control over that. You only have control over the things you're doing, but you don't have control over the outcome.
• 4:13
  And so I think it's kind of, it's like this invincible mentality when people do that, they overhire. And I did that once and I regret it very much so because it was, I had to lay off like half a team because we hired in anticipation of a launch we were going to do. And that launch didn't go nearly as well as we anticipated. And so what I've learned now is that it's much healthier for the team that you stretch people a little bit for a short amount of time to see if that hire is really,
• 4:38
  an actual hire that you need. So I hope those two pieces make sense. That's interesting. Yeah. And I liked the first point as well. I think as, you know, for me, I always think about what can you delegate in terms of just those daily repetitive tasks that someone else could be doing that, like you say, it could be like a VA or could be an assistant or something like that. And,
• 4:57
  I was listening to a show recently and this guy was talking about he's built a really successful business and he was talking about for every two new hires that he brings into the company, they onboard one VA to assist those two people. And the VAs are tasked with just taking off all of the repetitive things that those two hires are doing, which are obviously kind of key hires, to make sure that they're not being stuck in those situations.
• 5:21
  daily tasks and they're able to keep thinking big and keep doing the big moves in the business, which I thought was really interesting. And yeah, I thought that was cool. I hadn't heard that before. Well, that's interesting.
• 5:33
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• 5:58
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• 6:20
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