Misfit Entrepreneur July 2023 - 359: Designing Freedom, How Joe Rare Built and Fully Outsourced Multiple 7-Figure Companies

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Dave Lukas Chats with Joe Rare

359: Designing Freedom, How Joe Rare Built and Fully Outsourced Multiple 7-Figure Companies

This week’s Misfit Entrepreneur is Joe Rare. Joe Rare is an “underground” serial entrepreneur, investor, outsourcing expert, father and husband. He has built multiple 7-figure companies and currently owns four digital companies, five wedding venues, and real estate investment properties.

And here’s the kicker. All of his companies are fully being run by his virtual assistants.

Joe has proven that you can build and fully outsource a business that succeeds while enjoying life on your terms and that is what I want to dig in on with him in this episode.

www.Level9Virtual.com

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Show Notes

Joe had a vision of what he wanted his life to be and how he wanted his children to see him as a father and life. He really wanted his children to understand the opportunities in this world and be an example of what is possible.

What does it mean to have true freedom as part of their life vision?

Be able to do your own thing on your own terms.
Time freedom is the most important out of everything.
Without having time, we don’t have much.
Build your business around the lifestyle you desire. Reverse engineer it. If it doesn’t fit, then don’t do it.

You’ve been able to start, grow, and fully outsource a number of businesses – is there a set of steps or formula that you follow to do so?

The biggest hurdle was making a replicable model to outsource a business.
It took a lot of failure.
Joe had a marketing agency with 25+ employees, a big office, etc. He wasn’t making any money and was going into debt – and he had no time for family.
He decided he needed to retool the business and outsource. Over 4 months, they tested and made changes mapping out the best scenario. The result was the business was more profitable without Joe being involved in the day to day.
He’s now done it 6 times with the same back-end processes.

What are the key elements of your model?

SOPs are written down, but also done with video.
The best way to create the SOPs is to use your team to help do so.
You should cover all the ways people can learn: auditory, visual, and kinesthetic. This is what written procedures with step-by-step video are more successful.
Part of Joe’s training process is having VA’s watch a video, pause it during the action steps and then do it. Once they have completed the exercise successfully, their next step is to go teach it to another VA.
Once a team is in place, then they are responsible for creating it.

At the 14 min mark, Joe takes us through one of his businesses, how it is set up, and how he manages it.

He discusses his virtual assistant business, his largest one.
They’ve created division leaders. The leader manages the entire team.
They also have each team broken down into the individual areas they are focused on and have a team leader for each one.
They use one finance team for all their companies.
Each area has a division leader, team leads, and then the team members.
Joe’s job is to look at the KPIs and numbers to ensure things are trending in the right direction.
Joe has found that if he steps into operations, things go slower.
Joe took an entire year off when he moved to Montana. He had less than 10 meetings for the year and the companies grew without him.

If you were advising and entrepreneur, where would you tell them to start when it comes to outsourcing their business?

The first thing is to make sure they have a minimum viable product with a market fit that can sell.
You are going to get bogged down fast. Architect your teams from the start as if you had 100 clients. How would that look? What would you want to be a part of and what should you not be a part of?
Understand the things you don’t want to do in the business.
Next, get a VA that be your utility player – essentially a personal assistant who can do most day-to-day things. Just getting out of your inbox can make a huge difference.
You must free your mind to focus on the most important things that make a difference.
Get all that stuff out of your head that needs to be done and then invest in VA teams to go do it.
As an entrepreneur, you need to focus on selling and growth of your business.

Best practices for finding and using VAs?

There is a lot of opportunities to work with VAs.
Start with a reputable company that has a track record. You will pay a little more, but it is worth and will keep you from wasting time.
You will have some trial and error.
You will have to go through learning how to delegate.
When it comes to managing – figure out a way that you are going to track time. Joe uses Time Doctor. You can also use a project management system to give them tasks, etc.
Giving your VAs structure on how they will get assigned projects and communicate is key.
The #1 thing that creates a bad experience with a virtual assistant is poor communication.
You have to establish clear communication and trust so that they can be open and either ask for help or give feedback. Slack can be a good tool for this.
Joe has a very strict communication policy – it is one major thing a VA can get fired for. You have to follow the rules as well that you set forth.

From $0 to over $100k in 4 months – talk to us more about how you did that.

He had a full-service marketing agency in which 2 big clients were 40% of the business.
Both clients cancelled within a 2-week period.
He closed the company down and decided to restart.
This is when he decided to whiteboard out the business.
He decided first to outsource prospecting. Joe closed the deals. He then put together a fulfillment team to take over when he closed a deal.
This grew quickly because it gave Joe leverage and allowed him to focus on what he did best.

What are the best mistakes you’ve made in business that have helped you be more successful?

Don’t tinker with things that are not broken. Be careful not to try and fix things, especially in areas where you don’t have expertise.
Stay on the lookout for opportunities that don’t need you and can be outsourced. Be careful saying “yes” to too many things.

Best Quote

Build your business around the lifestyle you desire. Reverse engineer it. If it doesn’t fit, then don’t do it.

Build processes to give you the outcome you want. Design your life and work. Visualize your day ahead of time. Use this for all areas of your life.

Go fail fearlessly.

Live your life first, business second.

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