In this episode, James shares with Phoebe and listeners how he shifted his mindset to generate over $1 million in annual sales! The massive breakthroughs he discusses include creating the capacity to think bigger, learning to redefine your relationship with criticism, and the importance of working smarter - not harder, or longer!
2014 was the first year that James generated 7-figures in total annual sales. He had a goal to do this by the age of 30, and achieved the goal 4 days after this birthday.
He started his business 6 years prior, and his revenue was doubling every year up until that point (starting at about $20,000 per year).
In September 2013, he achieved $50,000 that month, for the first time, and says he literally felt “unstoppable”. His goal for 2015 is $2.5 million.
“It’s baby steps; you’ve got to get here before you can get there. What got you here, won’t get you there.”
Three Massive Breakthroughs To Get To The Next Level
1) Creating The Capacity To Think Bigger
It’s not just about thinking bigger; it’s about creating the space to think bigger.
James gives the analogy of a potted plant. The very thing that helped it grow, the pot that holds the soil, will eventually be the thing that limit’s its growth. With this analogy, the pot is your brain, and way of thinking. If you want the “tree” to grow, it’s not about watering it more or putting it in the sun more. It’s about getting a big pot, giving it the room to expand.
“I have fear of complacency. I’ve always had that”
He recommends listeners read the book “The Magic of Thinking Big” by David Schwartz.
James explains that people have limiting beliefs, and often don’t know that they are there.
“The same thing that got you to where you are could be the very thing that’s limiting you from that next step.”
2) Redefining Your Relationship With Criticism
It’s important to spend time with friends that support you, and get rid of those that don’t support you.
Criticism from random strangers can sting, but James realized if he wanted to think bigger and expand, he couldn’t allow the fear of criticism and judgment from others to stop him.
Identifying the fear is the first step to stopping it. Realize that if you’re putting yourself out there, it’s inevitable that people will try to put you down. However, it’s also a great signal that you’re on the right track.
Anybody that criticizes others, it’s about their own “stuff” that they have going on. People that are happy, successful and fulfilled aren’t criticizing others and wasting their time.
It’s a skill to be able to tell the difference between hate and constructive feedback.
3) To Increase Revenue, It’s Not About Working Harder, Longer or Faster
James recommends entrepreneurs outsource, to the right people. To do so, stop focusing on the $10 -$100 per hour tasks and focus on the $1,000 - $10,000 per hour ones. In his case, he switched his focus to strategy, being on camera, being the brand and anything to do with selling.
An exercise that he challenges listeners to do is to write down your goals (for example, revenue), then ask yourself what number it would be for your friends and family, to think you’re “absolutely crazy.” This exercise will help expand your limits and help identify your own limiting beliefs.