Money and Mind Drama

Hello , my friend , welcome back to another episode of the EntremD podcast and , as always four years in counting I am super pumped to be in your ears , and I did have a number of conversations over the last week or so and so many people who listen to the podcast have been so kind to share .

They're like oh , I met this person and this is what they're going through in their business , and I was like this is exactly what you need .

You need the EntremD podcast , and so I want to tell you thank you , thank you for sharing the message , as , in EntremD , we understand that we are the Calvary right , and so not only are we going to build these great businesses dream businesses , dream lives , all of that but we're also taking up that call , if you will , that mandate , that mission of helping the

entire physician community See that there's an alternative to reality , see that there's a way out . We're not stuck . We can build these great businesses , and a time is coming when you look for the great entrepreneurs in the healthcare

space or the great entrepreneurs who are doing great things in the world , you will see a disproportionate amount of physicians . That time is coming , and so thank you for being an early adopter and sharing the message . Now I want us to look at something that I feel is really important and is really fascinating , and that's this whole mind drama around money .

Now , typically , I've talked about this a lot on the podcast , but from the standpoint of pricing right . So when people they'll start off , they start off with really low prices . Most entrepreneurs undercharge most .

The vast majority , 99% of the entrepreneurs I've spoken to under price right , and so some of the first things I'll tell them is okay , we need to look at this pricing , and there are a whole lot of thoughts that come up that means I'm greedy , like how much is ? How much is enough ? When am I going to stop ? Am I manipulating people ?

Am I taking advantage of people ? There's so many things that come up right , even though they're providing such a great service and this is almost universal , right , I dealt with the exact same thing . So it's something that comes up , but the thing is , fixing the pricing alone does so much for the profitability of the business .

And remember , it's not about what I want . I want to have a profitable business . No , like a profitable business is . Making profit in your business is what gives you the right to serve . If you can't figure out the money , you can serve the end right . So one of the best things you can do for your clients is be profitable so you can continue All right .

So it does so much for the profitability , does so much for the sustainability and the stability of the business , like fixing that one thing , okay , but mind drama keeps people from doing this . Mind drama keeps them from doing it and ultimately , they don't make their businesses work and they have to shut their doors down .

I want you to think about the power of mind drama . Right , it literally cripples the entrepreneur . So this service that they've decided they're going to give , this huge impact they're going to have in the world , this dream business they're going to build , this dream life , that's going to be a consequence of that .

They give it all up because mind drama stopped them from raising their prices , right , and so it's a really powerful thing that can work against us and have real consequences . But today we're not going to be looking at it from the lens of pricing .

We're going to be looking at it from the lens of business investments , okay , and this is really , really important .

And this whole conversation was triggered because I was talking to a mentee of mine she's not a doctor and I was talking to her about my decision to start going to the gym , to start working out four days a week and my commitment to do it , for my commitment to doing it for 50 weeks straight .

And I started talking about the fact that I knew I couldn't pull it off my own on my own , so I got a personal trainer and in the beginning I was like , oh , my goodness , this is how much I'm going to need to pay the personal trainer .

And then I told her , I said but this is the deal , right , like now , it looks like it's a significant amount of money and it's not really that significant in the grand scheme of events , right , but it looks like a significant amount of money . I said , but this is what I said to her .

I said the reason why I'm doing this is because I want to be strong at 90 . I'm like I'm 44 now and so 90 is still 46 years away , and so if I don't do anything to prepare for it now . At 90 it'll be too late .

There's nothing I will do at 90 to be strong at 90 , right , whatever I'm going to do needs to start way before 90 , okay , and the earlier the better . And so I told her .

I said my 90 year old self would be fine if I paid three times the amount I'm paying my personal trainer now , because that means at 90 I'll be strong , I'll be healthy , maybe I won't be on any prescription medicine , I'll be able to dance on my 90th birthday party , carry my grandkids , enjoy the later part of my life , enjoy that . That is priceless .

And so what I will need to pay now looks like a lot , but when I look from the longterm perspective , it is nothing . Like my 90 year old self will say are you kidding me ? That's all you're gonna pay him Like , pay him three times that . I'm cool with that right . And so it's this concept of a longterm perspective .

And so when I said that , I actually said that to her and I stopped and I said , wow , that that's . I've never really articulated it that way , but that is really powerful . And that longterm perspective has helped me so much in business is one of the reasons that the temptation to quit has just not been there . And it's the same thing I did with the gym .

I was like I committed for 50 weeks . And I committed for 50 weeks because I knew , I knew at 50 weeks I won't be able to stop and at 50 weeks I would have seen enough results . So now my goal is not to lose weight or be stronger or anything , right ?

My real goal is to go to the gym four days a week , four an hour , work out and do this for 50 weeks . That's my goal , right , and so , because I shifted , that , I don't really quit because I can go to the gym four days a week . Right , that's within my power , okay , anyway . So it brought me to this concept , which is true , and it's this .

Average entrepreneurs think about money paid for services , as when I say services services that could be investments in the business , okay , and I'll give you some examples . But they think about investments in terms of costs . They think of them as costs . Right , this is how much it costs me for my personal training . This is that's what I would have said , right ?

But the ultra successful entrepreneur thinks about money , investments in terms of ROI . They're not thinking about what they pay now they think about what the payoff is . On the other end , because they think about that , it is easy for them to make the investment .

Now the average entrepreneur thinks about it what I'm paying now and so , because of that , what I have to give up . Oh , this vacation I would have gone on Now I can't spend this particular money on that because I have to spend this on things . They're so in the short term . They're not thinking about the payoff at all .

They're thinking about what I have to pay now . I don't think I can pay that now . It's not in my budget now , okay . So average entrepreneur is thinking now , is thinking cost , is thinking what I have to give up for that . The seasoned , ultra successful entrepreneur is not thinking about the cost now .

They're thinking about if I can plug this in , what does this look like in the future ? So they're two completely different ways of thinking and I want you to start adopting the way the ultra successful think . All right , so let's talk about a few investments here . So I wanna give you examples so we can bring this all the way home .

So let's think about in your business , like infrastructure , investment in your infrastructure . If you are in private practice , that may look like an EHR , okay , when I started off , I could not bring myself to pay like what I thought was exorbitant , right amounts of money for an EHR . And I picked an EHR that was free , okay .

But you know the way it works if it's free , or the product , and if it's free , you get what you get . Okay , you get exactly what you pay for . And then what I realized a few years into the practice is that , oh my goodness , it's really hard to track data . Their tracking is very poor . It's really hard to have data port over right , like .

So , for instance , I would give vaccines but I have to manually put the vaccines in a super bill , which , okay , that may be great , I may catch it because I'm paying the bill , so I'm not going to miss it . But then when I hire other people , they're forgetting to put all these things in and that's costing me literal dollars . You see what I mean ?

I'm not able . The reporting is so poor , right ? Well , it's free , and so , as an average entrepreneur , I'm thinking the cost is zero , so this is great . But at this point , a few years into my practice , I was a very savvy entrepreneur and I'm going like wait a minute . The opportunity cost

of not having the reporting , of not having the data port over , is so high that I will pay thousands of dollars a month to get the right EHR . Okay , so I switched EHRs , which has a cost to it . Right , this is , I was thinking free , I'm doing the smart thing . There's a cost to change the EHR . I acquired the new EHR , but this is the deal .

It is the best money I've ever spent . And I'm not even going to talk about all the features , but just one thing . The one thing is this reporting capability , and what it did is I could pull out , I could go into the EHR .

I could pull out a list of all the people with a particular insurance , the kids of particular age were overdue for an appointment handed over to my MAS . They called these people and bring them into the office . I had control over my schedule because I had better reporting right , and so I want to give you a scenario .

So let's say I gave them a list and my Emmy was able to make 10 appointments after she called all the people and from those 10 appointments , for the sake of math , let's say it's $150 per visit , and so $150 times 10 is $1,500 . And so she came to work . She paid for herself , she paid her overhead and she made me a profit .

That's the capability of an EHR . Now , does it cost me money ? Yes , thousands every month , but the return on investment is so high that it's worth it , and I've paid it for over a decade , happily . Okay . So that's an example of infrastructure . You may be here .

Your business is more like an online business or a cash-based business and you've been thinking about getting a CRM so you can really track the leads coming to your business . You can track where your clients are on their journey . You can maintain the experience they have betters . We have text messages going out to them .

You have emails that are tagged and your list is segmented , so you're not just sending the same thing to everybody and you may say , oh , my goodness , but this is how much it costs every month , like I can't afford to do that . But this is the deal .

The easiest money you're making your business is not from the person you acquire , that you've has a completely new client .

The easiest business will be the people you already have , who either decide to continue working with you , consider , decide to upsell , decide to refer other people with you and if you do not have a system in place , you are throwing away more money than you're making right now , and so when you say , oh , this is too expensive , I can't do that , that's average

thinking . When you say , oh , my goodness , but if I did this , then my renewal rate will go up , my retention rate will go up , the people referring to me will go up , my clients will have a better experience , they'll have better results , so they'll stay longer .

All of this , when you think of it that way , when you think of the return on investment , it becomes crystal clear that it is too expensive not to invest in that right Okay . So that's one example I want you to think about . Second example is team .

Right Now , usually if it's a virtual assistant , things like that , I think if you're in the on-term day community a little , of course we need that right . One is too small a number , okay .

But when you start talking about higher capacity team members who can drive outcomes so I'm not talking of people who can do tasks where you tell them do this , they do it , do that , they do it but I'm talking about somebody who , like your private practice , you tell them okay , we're going at 80% of our capability based on our scheduling and what our schedule

to be at . 100% , that's your job and this person can think about the strategies to pull it off . They can go and they can execute and they can bring you the results .

So , talking about like a practice administrator , office manager , that kind of person If you're an online business , again it's the same thing , like a manager , or maybe it's another coach or whatever it is right the mind drama shows up again .

Oh , I can't afford to pay this person , okay , but you can make your payroll a cost , an expense , but that is average thinking . Or you can make it an investment , which means this person is going to come in , they're going to do the job .

They have strengths where I have weaknesses , so this brings more stability to the business and they're going to get so many things off my plate that I will be free to do higher level things that are even more profitable . I'm bringing in more profit , they're bringing in more profit .

The business is better , we're able to serve our clients better , we're able to get them bigger results . I have somebody in my practice who can build out systems , build out processes so that the patients have a much better experience , and on and on and on .

When you think in terms of the return on investment , it becomes crystal clear that it is too expensive not to do it . Do you see what I'm saying ? So this is all about cost versus investment , thinking now versus future thinking .

The more you think in the now , the more average decisions you make and I say this in the most respectful way , like I'm not trying to speak bad of anybody , but that's what that is . So you want to think future , future . Now I'm saying you don't pay attention to where you are right now in the business , like what your bank account can .

No , I'm not saying ignore that , but a lot of times we have the revenue to do it . We just think we'd rather use it for something else , or we'd rather keep it , or whatever it is , or we don't even make a decision because our mind just goes bunkers Like I can't do that Okay .

The third area is coaching , and sometimes here people say things like coaching is a scam . But you're listening to the on Trendy podcast , so chances are that that's not something that you're saying . You understand the value of your personal development and I'll tell you what I told my mentee that I was talking to today . I said that you , you are like Play-Doh .

You are not fixed , you are not static , you are not just what you are , you are Play-Doh . You are Play-Doh . You could be molded into a circle and you're like I don't like it . You can mold into a square . You can , I don't like it . You can change , okay , but it requires things to be done differently . It requires that you have a different mindset .

It requires you to acquire new skills . It requires you to be in a midst of a new kind of people who just expose you to different things . But if you stay the same , everything stays the same . The you you are has created the life you can create . I want you to understand this .

The you you are has created the life you can create , has created the business you can create . There is a quantum leap in business , for instance , waiting for you , but that quantum leap is waiting on the new version of you , on the next iteration of you . The you you are now can't create it , you just can't Right . And so , for instance , no-transcript .

At the time of this recording , I'm literally getting ready to sign a $75,000 check to continue to work in the container that I'm in with the coach , with the program that I'm in , and I , happily , I do not cry when I sign that check . I smile , I am excited . And I'm excited because I know the ROI .

I have never thought twice about paying that because I understand the ROI . You guys hear me talk about the $43,000 . I said I don't think about this . Oh my goodness , how could I Now ? Did I have mind drama at the time ? Of course , right , that was mind drama . But then I started thinking what will this do to me ? Who will this make me ?

What transformation will I experience ? What can I then go on to create because of that ? And so , for me , their goals that I have in my business and the container I'm in is the vehicle to get me there . I know what I know and the version of me that exists right now has created everything that I see .

And for me to experience difference , I must change , and a coach is a person who helps me do that . And the thing about this is , it's so strange . People say , well , maybe it's because of the numbers , and a lot

of times it's not the numbers . People say , oh , it's money . I'm like it's almost never money , because the same person who will tell you I can't invest in myself is the same person who will pay $20,000 for a vacation . It's not money , it is cost versus investment thinking . It is cost versus return on investment thinking . That's what this is .

For instance , why will somebody pay $20,000 for a vacation but not pay $20,000 for coaching ? Because they understand the return on investment on the vacation . They're like my kids . They are younger , they are with me , they're like I'm going to spend another seven years , they'll be out of the home . These memories are priceless . It is future thinking .

They're not doing it just because of the now , but they're like it's future thinking . It's the investment I'm making , the relationships with my family , it is the memories we're creating together . These are things we're going to look back on and all of that is future thinking . But when it comes to coaching , it's just this thing I'm going to do .

They don't see that the return on investment is that you become a different person who can create different kinds of results . I mean I have doctors in the Entremity Business School who came into the school , started a business and hit a million in a year .

So if they paid $25,000 to be in the Entremity Business School and they hit a million in a year , I mean , like Crimean River , you pay the $25,000 every year and twice every five years , because you can see that . And then you say but what if the person doesn't make a million ? I have a question for you , and this is a question I ask .

The question is what if you don't make a million ? What if you don't make $100,000 ? What if you just come in and you spend the first year building your brand , but at the end of that year you have gone from physician to physician entrepreneur . You will reap the benefit of that for years and years and years and years and years to come .

I met a doctor who was in the Entremity Business School . She's an alumni now and I met her at an alumni event that we just hosted and she said I hit it , I'm like what she's like this day today . I hit my first six figures in my coaching business . And so here we are . So she pays $25,000 to be in the school , and she's in the school for a year .

A year of four months later she hits her first $100,000 in 12 months . Now guess what ? She has the ability . So even if she caps it and , oh my goodness , if you're listening , of course you won't cap right , we keep growing . But even if we're , and all she does is $100,000 every year . In five years she's made half a million , a $25,000 investment .

I just want you to think about it . I mean , think about how crazy that is right . And so , again , it comes to average entrepreneur ultra successful entrepreneur . Average entrepreneur thinking about costs , so makes no investments . Ultra successful entrepreneur thinks in terms of return on investment , so makes ton and ton of investments .

I am looking for where can I plug this money in and get a return on my investment , right ? Why ? Because I've adopted the thinking of the ultra successful . Okay , and again , doesn't matter about price , right ? I have a workshop that I do . Actually , if you're listening to this at the time , it just went live .

The workshop is today , and it is a workshop where I'll be showing people how they can set their not showing them we're gonna be doing it set their 90 day goals right .

So they're gonna have 90 day goals and they're gonna have the roadmap to accomplish the goals and they're gonna have the support system , because a lot of times , people have the goals and they have the plans , but they cannot , for the life of them , execute the plan right .

And so we're gonna have all three and what is gonna happen is at the end of 90 days , they would have created the most magical experience in their businesses , because they're going to lead them like bosses , they're going to have clarity , they're gonna do the few things that matter right Now , at the time of this recording , the investment for this is 3,500 , which

is absolutely bonkers . But let me tell you what average thinking versus ultra successful , right , because I know what I'm doing . I know that that is easily a $15,000 to $20,000 product . I know , right , okay , what Average is . Oh man , I have to spend 3,500 , it's gonna cost me 3,500 . The savvy persons are you kidding me ?

What is Dr Una doing Let me legit sign up for this before she realizes that she's lost her mind , right ?

So the money doesn't matter , whether it's that , whether it's the 2,500 to be in the on-term to business school grow , whether it's the $40,000 to be in scale , whether doctors who are in hyper growth mode doing over a million in revenue are like whatever stage . The drama shows up . It shows up and I wanna invite you today to reframe the way you think .

I want you to choose to think . I am not an average entrepreneur . I'm an ultra successful entrepreneur . I don't think primarily about the now and the cost . I think about the future and the return investment . I want you to think like I am a savvy entrepreneur and I invest in my business .

Not investing in your business at minimum will keep you from quantum leaps . It will keep you playing small . It will keep in the status quo . It will keep you from all of that and , even more commonly , it will lead to the death of a business .

And please don't you know me , I'm probably one of the most positive people , but I see businesses going out of business every single day . Every single day . And this their people tell me oh , I shut down my practice . I still have $100,000 in on paid bills . What do I do ? And I'm like , oh , my goodness , I wish I got to you before you close your business .

$25,000 can save you from all this trouble , right ? I just want you to think about that . It could lead to the death of it . So I want to challenge you . You're already here . You listen to the On-Trendy podcast . Like we attract a certain kind of people . You're the person who's going to build an ultra successful business .

You're going to create a dream business , a dream life . I am inviting you to be a person who invests in your business . Okay . Now there are multiple ways we can work with you .

If you've listened to the podcast and you've created lots of wins and you're like you're absolutely right and I want to invest myself , like I'm ready to do this , I'm committed to my goals , then my team is here to support you and I want you to go schedule a call , okay , on-trendycom forward slash call .

And if you've interacted with us , nobody's doing high pressure sales , nobody's doing any of that . The call is just to see we have ways to serve you and we want to hear about what's going on with you and with your business . So we can say , okay , this is the absolute best thing for you , Right ? So it's a matching process , if you will , that's what it is .

There's no high pressure sales . We just don't do that because we want the right people in the right containers . So go schedule your call on-trendycom forward slash call .

If you're listening to this right at the time it's released , and even though we've closed registration for the live workshop and don't tell Makita I'm doing this , okay , but even though we've closed it , if you are like , oh my goodness , I totally missed it , I want to come join you guys , then I want you again .

Just go , fill out the form on-trendycom forward slash call right , schedule that call , we'll figure out how to get you in . Okay , all right . So thank you so much for listening . But most importantly , I want you to change the way you think about yourself as an entrepreneur . I want you to go from average entrepreneur to ultra successful .

I want you to see yourself as an investor . You're investing in your business so it can make your business a category of one . You can make your business sustainable , stable , profitable here for the long run , a business you can build as a business asset .

You can exit from Anything you want to do with it , and it is a business that becomes a vehicle that allows you to live your dream life . Okay , so that's what I want from you .

One of the best things you can do for the physicians in your world is to take this episode , take it on social media , tag us on it and say guys , don't pass , go , don't collect 200 , go listen to this podcast episode . It will change your life .

Okay , as always , I am so honored that you come back to listen to the podcast and I can't wait to see you on the next episode of the Entremdee Podcast . If you enjoy listening to the Entremdee Podcast . You have to check out the Entremdee Business School .

It's the number one business school for physicians who want to build six , seven and multiple seven figure businesses . You get the coaching , the accountability and the community . You need to do the work so you can thrive To find out if this is your best . Next step book a call with my team Entremdeecom forward slash call . That's Entremdeecom forward slash call .

I can't wait to celebrate all the wins we can create together . This has been the Hope job of the espotac landscape .