A Conversation with Joseph Warren, AJ Yager, and Meaghan Connell
Before starting Praxis Metrics, a very successful data analytics platform, AJ and Meaghan ran their own marketing business. As CEO, AJ was the best employee in the company. He had the most expertise. That meant he was irreplaceable.
But one night while AJ and Meaghan were vacationing in Spain, AJ’s phone rang. It was a client emergency. No one else could solve this problem, so at 10pm - instead of spending the evening sampling tapas with his wonderful fiancé - AJ was trapped on a business call.
“I really didn’t want to be on these calls this late,” AJ says. “I wanted to enjoy this time with my fiancé.”
Because AJ was irreplaceable, they couldn’t scale the business without adding extra hours to AJ’s work schedule. Therefore, business growth stalled and AJ and Meaghan were burning out.
Startup Nation, this is NOT why entrepreneurs start businesses. We do it because we’re passionate about the product, we do it to give us freedom to do the things we love, we do it to spend more time with loved ones.
How did AJ and Meaghan escape running a business that was dragging them down?
Create a life blueprint
Meaghan shares key questions that gave her a new perspective. “What are the things that got us here, and what are the things keeping us from being there? And really defining what we wanted instead. And then reverse engineering that back to, ‘What would that really take?’”
These are hard truths to confront! It means admitting mistakes. It means leaving behind activities you enjoy but are holding you back. It means hoping in a better future.
It also means more than a quick daydream. AJ and Meaghan had to write down a thorough life blueprint that covered both their personal lives and professional lives. If you want to do the same, answer these three questions.
AJ also mentions that he read a few helpful books. Check them out!
Make your business work for you
To achieve their personal goals, AJ and Meaghan had to put their professional blueprint into practice. The first step was taking stock of their business data. Sounds boring, but it’s one of the most important things you can do.
Get to know your business data
At one point, AJ and Meaghan weren’t paying themselves. Startup Nation, if you aren’t paying yourself, then your business isn’t working. No excuses.
They had to look at their own data and understand their margins, revenue, and expenses. This allowed them to cut out areas of wasted time, effort, and money.
Then the paychecks started coming.
Find financial multipliers
After cutting out the waste, AJ and Meaghan started growing the areas that created more value than either one of them could create on their own. These are called multipliers. An example might be hiring people who are smarter and more skilled than you, people who can help you work while you sleep. It also means adopting technology that leverages exponential growth.
Develop MRR (Monthly Recurring Revenue)
AJ asks the question, “How do we put in one initial effort and let that keep stacking up for exponential growth?”
Products or systems that create exponential growth might look like:
Creating passive revenue streams is a great way to grow your business and free up time to spend on things that matter.
Startup Nation, AJ and Meaghan have shared a goldmine with you. Take this advice and apply it to your business. Then send me an email letting me know how your business has grown.
Define the lifestyle you want for you and your family. Then make your business work for you instead of the other way around.
Do you want help with your life blueprint? Are you stuck trying to come up with steps you can take to create the lifestyle you want? Let’s jump on a Spiritual Clarity Call. Reclaim your life by pursuing the things that truly matter.
For more practical tips for cutting down on wasted time, delivering great value to clients and making your business work for you, listen to AJ and Meaghan’s episode on Your First 100K Podcast.
About Joseph Warren
Joseph Warren is a Christian Speaker, Podcast Host and Spiritual Coach. Joseph Warren offers Spiritual Coaching to Christian Business Owners who somehow find themselves in a spiritual rut. In just 90 days, he helps them avoid expensive divorces, break free from addiction, restore broken family relationships, and start living their Higher Purpose!