Going into business for yourself can be a rewarding endeavor, both financially and for your soul. Unfortunately, the reality is roughly 96% of businesses don’t make it past 10 years. Why is this? Profitability. They just aren’t profitable enough. Join WTR as we interview https://thorconklin.com/ (Thor Conklin), a profitability coach and host of http://www.peakperformerspodcast.com/ (Peak Performers Podcast.) We discuss how to make your business more profitable, with great tactics. Sometimes the tactics can even apply to your personal life. If you want success in business and life, you must become profitable. This conversation could open the door to saving your business before it’s too late.
Ingenious tactics to accumulate wealth, for people who see things differently.
https://thorconklin.com/ (Thor Conklin)
thor@thorconklin.com http://www.peakperformerspodcast.com/ (Peak Performer Podcast) https://www.facebook.com/ThorConklin/ (FaceBook) https://www.linkedin.com/in/thor-conklin-9b2b087/ (LinkedIn) https://twitter.com/thorconklin (Twitter)
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Transcript [0:01] Wealth Tactic Rebels, the podcast for people who see things differently. [0:12] Welcome to another entrepreneurial interview with wealth tactic Rebels the podcast for people who see things differently. Post Kevin Dumont I've been seeing things differently the well fill for well over 10 years today I'm joined by a guest Thor Conklin Heath or how are you today. I'm doing well man thanks for having me on. Fantastic! Glad to have you here looks like the season is warming up finally, for us. I'm sure it's warmer Where You Are. It is. Atlanta, Georgia. Excellent! So Thor Conklin is an entrepreneur, maybe a serial entrepreneur. I don't know, should I say? Yeah, recovering serial. excellent profitability consultant host of his daily podcast Peak Performers Podcast. Thor would you mind sharing a little bit of your backstory for our listeners you know where you got started I kind of got to where you are what things, play shake your philosophies along the way. [1:15] Yeah absolutely you know I've been an entrepreneur for the last 20 years either started or purchased businesses this is my sixth and seventh business, and the first one I just got a filling and it was interesting because play came to me and said hey would you set up your own company and manager portfolio is a private Equity Firm on a worldwide basis so is a great opportunity not many entrepreneurs got to get their start that way so I was very fortunate. I'm one of the things that I was focused on from the very beginning is the notion that profitability is really what drives an organization without profit she don't have the excess Capital needed to grow the business the higher the team that you need to, she's so often that I was going to get wrapped up in this ego of okay. I've got this one revenue and I'm buying a bunch of do dads and at the end of the month the end of the year there's really nothing left over so, really on a mission to help individuals North really understand finances, and that what it really means to drive a profit and then take that profit invest that and grow it. Right right so profitability that's where you're probably Consulting comes in right direct from what I know from talking with you 96% of businesses will fail within the first 10 years right and then. Really the big reason all that failure is lack of prophets so I'll before that do survive. [2:44] Made them are producing a prophets even break even. Maybe pay a little bit of a wage to the owner right shareholders below-market Valley returns so this sounds like this is the problem here right. [2:58] You know it is highly profitable organizations that are an issue with that organization, but if you're in the right Market in you're producing the right profits that's really what it's all about you. Sometimes I get a lot of flack on social media it's like all you know there's more to life than just Prophets yes