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- How I'll Make 2024 "The Best Year Ever"
2024 will be the best year ever.
How do I know that?
Because I'm going to make it the best year ever.
2024 Theme of the Year
I like to have a theme of the year.
A word or slogan that provides a guiding light for the entire year.
My theme is "10X > 2X", inspired by the book 10X Is Easier Than 2X.
The idea is to focus on 20% of the actions that get you 80% of the results. Less is more. Go all-in on your best stuff & cut out all the noise.
I’ve got three categories: operational businesses, franchise education & investments. I've got a 10X plan for each one.
1) Operational Businesses
Midas
In 2023 we did $42M in revenue. Three shops broke $2M. The highest-volume shop did $2.7M.
For 2024 we will focus on same-store growth, setting a target of $60M, a +40% increase from 2023.
We've grown by 9-12% in previous years, so how will we do 40%?!?
The 10X > 2X mindset. We will focus on less, then obsess. In previous years, we've had a flavor of the month. Now, we're going to sound like a broken record.
As a business owner, it's easy to focus on fixing the dumpster fires while ignoring your best performers. They are stable & self-sufficient. We're flipping the script by doubling down on our best shops. They will get 80% of our attention to take them to the next level.
I'll be writing a full breakdown of our plan in the near future.
That 1 Painter
As most of you know we signed a massive area development agreement with That 1 Painter franchise. We now own all of Greater Philadelphia.
The first 3 territories launch in February, then 3-4 more in the summer. In 2025, we'll launch the remaining 6 to 7 territories.
I have two big goals for 2024:
1) Cash flow positive by May 1st. I'm okay with putting cash in to launch new territories, but I want the business to be self-sufficient from an operational standpoint.
2) $3M in total revenue by Dec 31st. This assumes 10.5 months of operations for 3 territories and 7 months for the other 3.
We plan to accelerate the launch of additional territories if sales & profits grow quicker than expected.
That 1 Painter has sold out a ton of the country already. Shoot me an email if you're interested in seeing if your market is still open.
I'll write a full That 1 Painter update in a few weeks.
2) Franchise Education
Franchising is the best business model in the world. It allows ordinary people, like me & you, to build amazing cash-flowing businesses.
You don't need an MBA or industry experience. The franchisor will teach you, turning decades into days.
Most people have a negative association with owning a franchise. They think it's unattainable or buying yourself a job.
They don't know about this whole world that lives in the middle. I bringing franchise education to the masses
3 Big Goals
Audience from 28k to 150k
Become a best-selling author
I'll be asking for your help to achieve these goals.
3) Investments
How do I invest my money once I make it?
My investment philosophy has changed over the years.
Younger me traded stocks, options, currency, commodities, & crypto. I was chasing a quick return but ultimately just losing money & time.
Then I got into real estate since that's what you're supposed to do, right? I bought single-family & & small multi-units.
"Passive" cash flow right? Wrong. Constant problems & no cash flow after all the capex. Dealing with those issues was a distraction from building the cash-flow businesses.
Today, I want no operational involvement in my investments. I don't need cash flow from my investments since I get that from my business. I want equity growth.
I primarily invest as a minority partner in private deals with great operators and let them deal with the headaches. I dollar-cost-average into three Vanguard funds. If I buy real estate directly, it'll be commercial properties where the tenant pays everything.
What's Your Plan?
Me, you, Elon Musk, Richard Branson, and every other person have the same 8,784 hours in 2024.
I plan to make the best of each one by getting clear on what I want, having a plan & taking action.
How are you going to make 2024 the best year ever?
Cheers
Brian Beers