00:00.00
Preston
Hello and welcome to one other episode of “Freelance to Founder.” It is a special Q&A episode. We do these every Tuesday where we answer questions that you just send in at freelancetofounder.com/ask. Thanks a lot for sending in your questions; we love hearing from you guys. Today’s query, I like to surprise Clay with tough questions, and really, Clay, this one is one that you just answered already in our Facebook group. I pulled this from the Facebook group. And, whoop, I do know that’s what I’m waiting to see in case you do.
00:24.41
Clay:
Nice, I hope I give the identical answer. Yeah.
00:31.79
Preston
But additionally, yeah, we take these questions from the Facebook group every from time to time too, so you may visit that at milow.com/mastermind; that’s our free Facebook group. And this query comes from Sumon. The query is, it’s short: “Can I be a millionaire as an online designer?”
00:47.92
Clay:
Oh yeah, I did answer this a really, very short answer.
00:50.80
Preston
Yeah, you answered it, and I believe, and I believe just in case individuals are listening, they’re like, “I’m not in website design. Whatever.” I believe let’s discuss this concept of mainly becoming wealthy as a freelancer, as a contract service provider. Can I develop into a millionaire or can I develop into wealthy, you realize, offering freelance services? But let’s answer Sumon’s query first: Can I be a millionaire as an online designer? Alright, and that wraps up this. So, thanks a lot for joining today. Yeah.
01:14.33
Clay:
Yes.
01:20.97
Clay:
Ah, that’s the shortest episode ever. Alright, let’s go into it. I assume, ah, yes. I believe it’s. I mean, there are so many alternative ways to do that. Um.
01:27.39
Preston
Yeah, go for it.
01:38.46
Clay:
But I believe the best way to do that is monthly recurring revenue, after which use… and yeah, it’s. After which in case you want to get there even quicker, you sell it.
01:46.56
Preston
That’s definitely the way you got there so quickly, right?
01:56.65
Preston
Um.
01:57.42
Clay:
That’s, for my part, from my experience, that’s the way you do it. 4 years.
02:02.15
Preston
Yeah, that’s true. How old was your first agency whenever you sold it? So, 4 years. And the way long, you guys… You guys cracked the million-dollar-a-year revenue mark. How long did it take to try this? Okay.
02:11.10
Clay:
Yeah, we cracked it, and we cracked it in three and a half, yep.
02:19.36
Preston
So, shortly after cracking the seven-figure mark, top-line revenue, you sold it, and for probably a reasonably nice chunk of change. Yeah, yeah, yeah, good. Um.
02:29.38
Clay:
I’m joyful with the quantity, yeah, ah.
02:37.22
Preston
Okay, so I assume let’s dive a bit of bit more into why an individual may be asking this. Why is Sumon… We’re gonna try to read his mind a bit of bit here, right? He says, “Can I develop into a millionaire as an online designer?” For me, like, what’s not being said within the query is, um, there’s this thing I really like doing, but I’m just unsure I can ever develop into really wealthy doing it. It appears like, you realize, I’m going to be working for pennies and scratching out a living, as they are saying, until the day I die. Um.
03:00.73
Clay:
You yourself, yep.
03:11.85
Clay:
Ah.
03:12.37
Preston
And quite a lot of people feel that way, like, particularly us creatives, if, you realize, web designers, writers, graphic designers. We type of think, well, like, if I need to do something I really like, that’s just the price of doing work that I really like, is, like, I’m not going to get wealthy, right? Or I’m not going to be a millionaire. I’m not going to make tons of cash.
03:24.13
Clay:
E.
03:29.67
Preston
I believe something that’s drilled into people’s minds is, like, you may either become profitable or you may be joyful at work, right? And I disagree with that. I believe you may do each. I’ve seen plenty of individuals do each, particularly in what now we have available to us today with the web and other resources. It’s so possible.
03:41.72
Clay:
Yeah.
03:47.63
Preston
So for me, I believe the primary piece of recommendation for somebody going, like, “Okay, I’m a author. Can I actually develop into actually wealthy as a author?” For me, step one is that mindset, that abundance mindset where it’s like, there may be a lot money on the market to be had. Yeah, yeah.
04:02.40
Clay:
Mindset’s key.
04:05.39
Preston
How has that modified for you through the years, I’m curious? Like, you realize, eating ramen, right? Ah, at the underside shelf, no-name ramen to constructing a seven-figure agency.
04:19.18
Clay:
Yeah, the mindset’s super key because I believe us as human beings, we’re hardwired. Our brains are hardwired to be in survival mode, right? It’s that negative, that negative, ah.
04:28.20
Preston
Yeah.
04:35.46
Clay:
Mindset, right? It’s the instance of, like, you realize, like, if, ah, in case you’re taking a look at investing in, I don’t know, a chunk of kit. Let’s just say that with your enterprise. Um.
04:53.46
Clay:
But let’s just say, like, photography, for instance, right? It’s… you may spend money on a recent camera. In a camera. But like, ah, a negative mindset goes to be, “Well, man, that’s going to cost me, like, $3,000. You already know, I don’t think I can try this,” where an abundance mindset says…
05:13.19
Clay:
I believe this $3,000 goes to make me 110 times that, you realize what I mean? Like, that’s… that’s the difference. Um, and in addition just… it’s just you’ve got to take into consideration money, too. Um, where…
05:18.57
Preston
Yeah, yeah, yeah, yeah.
05:32.30
Clay:
Money is a vehicle that can fuel what you really want. So, I saw a video the opposite day, I don’t remember who it was, but they said, “Have a look at all of the billionaires on the market.”
05:38.57
Preston
Mm.
05:50.88
Clay:
So, the instance he gave was like, if I… if I made enough money to buy a Ferrari automobile, I’m… I’m going to do it, right? I probably will do it. But when I have the funds for to buy Ferrari the corporation…
06:09.44
Preston
Yeah, yeah, I saw this.
06:10.25
Clay:
Ferrari… I’m… I’m probably don’t give a crap about whether I drive a Ferrari or not, does that make sense? Like, so, like… Right away, if I… if I had enough money, but I’m not a billionaire, to buy a Ferrari, I’d buy it because possibly… possibly I’m gonna show it off or whatever. But like, if I could buy Ferrari the corporation, I’ll… I’ll drive whatever I need because who gives a crap? Like, I’m a billionaire.
06:44.48
Preston
Yeah, like how Warren Buffett eats breakfast at McDonald’s and drives… Ah, I don’t remember, like a Volvo or something. I can’t remember; he’s famous. He’s famous for mainly living, you realize, quite modestly for being considered one of the wealthiest people.
06:45.58
Clay:
Ah, you realize.
06:52.27
Clay:
Yeah.
07:02.95
Preston
And smartest, definitely the neatest people in investing.
07:03.59
Clay:
Um, yeah. So, yeah, so, like, the purpose here is, super wealthy people have a much different mindset about money.
07:15.96
Preston
Um, I believe, yeah, what do they actually need, right? Yeah, because I believe what’s not being said here, right, is, is, um, Sumon is asking…
07:17.13
Clay:
You already know, it’s more about, it’s more about, like, what’s it that they’re going to try this makes them joyful.
07:32.46
Preston
Can I be a millionaire? Well, what are you actually asking? Like, if we were to go deeper, right? Why do you wish to be a millionaire? Well, I need to not have to worry about my bills. Okay, well, that definitely you may achieve, right? Why else? I need more flexibility to travel with my family. Okay, well, that definitely you may also do.
07:43.88
Clay:
Yep.
07:48.71
Clay:
Oh.
07:50.97
Preston
On an online designer’s salary or running your personal website design business. So, like, it won’t be that magical one with six zeros behind it that he’s really after. But I just… I assume, yeah, it…
08:06.36
Clay:
It’s all achievable. You already know, it’s like, okay, don’t go buy that $100,000 automobile, you realize what I mean, or don’t go buy that million-dollar house, you realize? It’s… it’s, ah…
08:08.63
Preston
Yeah.
08:15.52
Preston
Um.
08:21.92
Clay:
It’s so funny. We sometimes, like, we buy… I’m guilty of this. We buy things to please people we don’t really like. Ah, yeah, um.
08:28.74
Preston
Oh yeah, total status symbol stuff, right? Like, just to show that we’re doing well.
08:39.39
Clay:
Yeah, so I like that you just brought this up because like what’s the true reason behind that, ah, because greater than likely it’s totally achievable without all that cash. Yeah.
08:51.73
Preston
Yeah, yeah, that’s form of what I’m getting at is like you may do every thing you wish to do and never necessarily be, ah, what we’d call a millionaire. Um, but in addition like in case you… Oh, go ahead? Well, I used to be just gonna say, like, if… in case you care concerning the title.
08:57.86
Clay:
Yeah, should we talk? Oh, no, I used to be… I used to be gonna switch it up, but like finish your thought. And.
09:09.46
Preston
Right? In case you care, for some reason, about having the ability to say you’re a millionaire, the more you investigate that and find out about that, the more you realize how shallow that’s. Like, so many individuals define that so in a different way, right? Is it… is it that my business is making $1,000,000 plus a yr? Is it that I’m personally pocketing 1,000,000 dollars a yr? Is it that I just have 1,000,000 dollars within the bank?
09:22.21
Clay:
Is.
09:28.72
Preston
Is it that I actually have money and assets in the quantity of 1,000,000 dollars? I mean, it’s similar to so… so I believe, I believe, you realize, to associate with what we’ve already said, you’ve gotten to define, like, why that matters to you. The number truly doesn’t matter, and $1,000,000 today is just not what it was even ten years ago, right? And so, like…
09:45.91
Clay:
Back? Yeah.
09:48.31
Preston
Um, I might be a millionaire today, and that’s pretty small compared to a millionaire within the ’70s or the ’50s or 100 years ago.
09:55.98
Clay:
You already know, that’s so true because like in case you take a look at all of the ads and stuff, everybody ten years ago. Everybody was like, “Ah, let me show you the way to make 100 K a yr.” Right away, you see the ads are like, “Let me show you the way to make 100 K a month.”
10:05.65
Preston
Right? Yeah. Ah, yup. Yeah, no, once I began an online business, it was like 2008, 2009, which in web time is like without end ago, right? So, what, fifteen-ish years ago?
10:13.59
Clay:
You already know, it’s totally modified.
10:23.50
Clay:
If…
10:24.95
Preston
And, yeah, that was the goal for all of us. We were all form of hanging out, learning from one another, and the goal was like, can we make 100 grand in a yr? Not profit, can we just usher in a $100,000 in revenue? I wouldn’t give you the chance to survive on just that now.
10:36.19
Clay:
Just fairly. Ah.
10:42.51
Clay:
If…
10:44.30
Preston
With what it costs to run the business after which pay myself, you realize, a $100,000 business wouldn’t support me and my team and my family. So…
10:50.91
Clay:
If I used to be paying myself 100 K, like, and that was my paycheck, my personal paycheck, what I pay my… I couldn’t. No, couldn’t survive, not here in Austin. You already know, it’s crazy. But should we discuss, like, okay?
10:55.71
Preston
Yeah. Yeah, yep, yep.
11:09.70
Clay:
Let’s say he’s got his happiness stuff all locked in, right? And let’s just say 1,000,000 dollars is what it’s going to take. Should we go that route, or should we, like, I don’t know, we’re, like, 11 minutes in? I assume… I mean, I’ll just form of return to my original.
11:10.76
Preston
Okay. Sure. I don’t know. Go for it. Yeah.
11:26.99
Clay:
The unique thought was, as an online designer. Okay, there are other people here. But I assume that is true for any business. Really, you usually want to construct your enterprise up as in case you are going to sell it. You already know what I mean? Because in case you make it super attractive.
11:41.83
Preston
Oh.
11:46.90
Clay:
To a possible buyer. I mean, that’s truthfully the quickest way to achieve that goal. Is to sell a business, and the best way to try this is to construct it up to where it’s attractive for that.
11:57.30
Preston
Um, yeah.
12:04.66
Clay:
Back to my original thought is monthly recurring revenue. Like, that’s a brilliant attractive thing to a possible buyer. Money flow. Money flow is king.
12:11.47
Preston
Ah, because they’ll just step in, and so they’ve got money flow immediately. You already know? Yeah, yeah. And so, we’ve got 1,000,000 episodes on recurring revenue. We even have a 5-day recurring revenue challenge you may take. We now have a lot of content on recurring revenue, obviously. Because, yeah, that is just not only will it set you up for fulfillment at an exit in case you want to sell your organization sooner or later, but it surely’s also the quickest way to predict your money flow, which then frees you up to construct systems and grow your enterprise. Like, we are able to’t say enough good about recurring revenue when it comes to constructing wealth and constructing your enterprise.
12:56.93
Clay:
So, yep, that’s about, I believe that’s about all we are able to sum up in 13 minutes.
13:01.13
Preston
That’s what we got. Okay, 13 minutes. Thanks a lot, Sumon, for submitting such a straightforward query, but I believe it has such deep undertones, you realize. So, hopefully, we’ve been able to answer a bit of little bit of that for you. Really, the reply is yes, after all, you may. You may develop into a millionaire as an online designer. You may develop into a millionaire with any form of freelancer. It’s going to take quite a lot of what we discuss on the show, constructing systems, searching for recurring revenue, and potentially an exit, selling your enterprise sooner or later, which I’d also recommend, right? Or let it generate revenue for you for a very long time. So, anyway, yes, you may. We wish you the most effective of luck as you do. So, hopefully, we are able to enable you along the best way as you proceed to listen to this show. Thanks a lot for writing in your query. Um, Clay Mosley from gettrify.com is what I meant to say. And I’ve been Preston from millow.co. Thanks a lot for joining me, man. We