Misfit Entrepreneur November 2024 - 429: From $0 to $120M, Dominic Rubino’s Secrets to Entrepreneurial Success

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Dave Lukas Chats with Dominic Rubino

429: From $0 to $120M, Dominic Rubino’s Secrets to Entrepreneurial Success

This week’s Misfit Entrepreneur is Dominic Rubino. Dominic is an interesting Misfit. He is a serial entrepreneur who’s had businesses in Construction Trades, Contracting, Mail Order, Pharmaceuticals, Real Estate, & Business Coaching. But it took a long time for Dominic to feel like he could call himself an entrepreneur and the turning point came AFTER he took his business from zero to over 120 million in sales (with, as he says, some serious internal dysfunctions!).

You may have heard of him, not so much from what I I’ve shared, but as the host of two very popular podcasts, “Profit Tool Belt” and “Cabinet Maker Profit System.” He’s also the author of the book Construction Millionaire Secrets.

Domini is a true misfit and Swiss army knife of entrepreneurship, so we’re going to hit on all kinds of topics in this episode.

https://www.profittoolbelt.com/

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Show Notes

Dominic's journey into entrepreneurship and business coaching began with significant struggles. He initially found himself running a trades company and facing severe challenges, feeling overwhelmed and financially stagnant despite working tirelessly. This low point led him to seek advice from his uncle's accountant, who advised him to start reading business books and stop pretending he knew everything. With this newfound guidance, Dominic immersed himself in learning through books, courses, and even cassettes, which were popular at the time. Over time, this commitment to learning helped him transform his business acumen, eventually leading him to success and a career as a business coach.

What was the turning point after taking a business from zero to $120 million in sales?

Dominic built a mail-order pharmacy from a simple idea on a spreadsheet to a $120 million business, shipping 500,000 packages a year.
Managed a large team, including 120 inbound call center agents and 40 pharmacists and technicians.
The turning point was embracing the daily challenges, learning to face problems head-on, and understanding that each obstacle was an opportunity to grow.
Key lesson: Problems are like bullies on a schoolyard—if you confront them directly, they often become more manageable.

What are the consistent principles in business coaching that Dominic teaches?

The owner’s mindset is critical: being coachable and open to change is essential for growth.
Simplicity over complexity: breaking down complicated problems into simple, actionable steps.
Focus on the owner's primary goal—whether it’s gaining more time, increasing revenue, or building a stronger team.
Leverages systems like EOS (Entrepreneurial Operating System) to provide structure, clarity, and a roadmap for business operations.

How do you identify and fix profit leaks in a business?

Profit leaks are consistent across industries and are like hidden issues under the surface of operations.
Start by identifying specific areas where the business consistently loses money—be it in sales processes, inefficient systems, or personnel issues.
Address one problem at a time, ensuring a thorough fix before moving to the next.
Key areas to examine include operational inefficiencies, uncollected accounts receivable, and mismatched staff roles.

How can entrepreneurs improve their execution and time management?

Time management is an ongoing discipline, not a one-time event, similar to continuously brushing a shedding dog.
Set clear boundaries for meetings by establishing start and end times to manage expectations.
Block specific times for focused work, avoiding distractions like email and Slack during these periods.
Proactive time management allows entrepreneurs to align their schedules with business priorities, ensuring they focus on high-impact tasks.

How can a podcast be used to build a business?

While direct monetization of a podcast can be challenging, it serves as a powerful tool to attract the right audience and potential clients.
By aligning podcast content with personal and business values, Dominic filters for clients who resonate with his approach and philosophy.
The podcast builds credibility, trust, and relationships, allowing potential clients to self-select based on shared values.
This method leads to better client matches and fosters deeper, value-aligned business relationships.

What lessons has fly fishing taught about life and business?

Fly fishing offers profound lessons in patience, experimentation, and the art of finding peace amidst complexity.
It serves as a mental reset, helping Dominic recharge and find clarity.
The quiet and solitude of fly fishing provide a contrast to the hustle of business life, offering moments of reflection and grounding.
Dominic also uses fly fishing trips to strengthen friendships, creating shared experiences that blend relaxation and connection.

Best Quote

Problems are like bullies on a schoolyard. Face that bully and walk towards them, and they suddenly back down.

Be the best dad and husband. Your family legacy is your most important contribution. Focus on being present, supportive, and a role model for your children.

Leave success clues. Teach by example, whether through small, impactful lessons like financial literacy or creating meaningful traditions like annual fishing trips.

Find opportunities in scarcity. In challenging times, creativity and clever problem-solving are more valuable than financial resources. Seeing opportunity where others see obstacles is a defining trait of successful entrepreneurs.

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