There were many lessons I learned building a financial services business that brings in $30 million in annual revenue. I also learned that if I can do it, so can you.
The five main lessons I learned are:
- Give up to go up
- Be real
- Stay focused
- Empower others
- Brand, brand, brand
The first lesson of give up to go up means this to me: Years ago, I heard a speaker talk about climbing Mount Everest. They said when they started at base camp, they would have everything they needed to survive the treacherous climb. At each summit, they stayed a few days and had to leave some things behind. They could not go to the very top with everything they started the climb with.
Our business — and life — is much the same. So, then, what are you willing to give up to go up? For example, if your client base is segmented into three categories, such as A, B and C clients, how much time do you spend with A clients compared to B clients compared to C clients?
You also have to look at how you spend your time and delegate. Ask yourself if you should take every phone call or email that comes into the office or if someone else can screen those. I can go on and on with all of the different tasks we do as financial advisors. Can you give some of those tasks to other people so they can help you go up?
Remember, if you don’t run your life, others will do it for you. If you don’t run your business, your business will run you. Believe that you have the knowledge you need to make $30 million a year or more.
Join me in my 2025 MDRT Annual Meeting Focus Session, “How to build a business that generates $30 million income annually,” to learn how you can reach your goals. Register today for the 2025 MDRT Annual Meeting in Miami Beach, Florida, June 22–25. You will hear from many more speakers to add to your success.
Shane Westhoelter is a 14-year MDRT member and Top of the Table member.
