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How to Build the Business of Your Dreams with Cheryl Mauldin

Cheryl Mauldin is an entrepreneur, keynote speaker and business success coach. She is the founder of Elite Women in Business helping women leave their burned-out careers to start a business. She has built the business and life of her dreams, and helps her coaching clients do the same.

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Resources Mentioned:

  • Your Big Idea: Successful Entrepreneurs have One Big Idea. Follow JLD’s FREE training & you’ll discover Your Big Idea in less than an hour!
  • Audible – Get a FREE Audiobook & 30 day trial if you’re not currently a member!
  • Trello – Cheryl’s small business resource.
  • The Compound Effect by Darren Hardy – Cheryl’s Top Business Book.
  • Elite Women in Business – Cheryl’s website.
  • How to Finally Win – Create your dream life one step at a time!
  • The Freedom Journal – Set and Accomplish your #1 goal in 100 days!

3 Key Points:

  1. Make small actionable goals that you can do today that will serve your greater goals for the future.
  2. Have a profit plan for your business as early as possible.
  3. Invest in a business coach and mentoring to accelerate your learning and progress.

Sponsor

  • Billy Gene is Marketing: ​My friend Billy Gene is hosting a free training where he’s going to build an entire Facebook advertising campaign from scratch – the ad copy, the landing pages, and everything in between!​ ​Why struggle trying to figure out​ Facebook ads on your own when you can just copy Billy Gene? Claim your spot today at INeedThisTraining.com!

Time Stamped Show Notes

(click the time stamp to jump directly to that point in the episode.)

  • [01:08] – Cheryl has been an entrepreneur since she was 18, but has only done it as a side business until it was sold in 2015. She then started her consultancy and coaching business.
    • Cheryl’s “why” is her three daughters
  • [01:57] – One BIG and Unique Value Bomb: Being able to reverse engineer goals. Cheryl is able to help her clients achieve their target goals by breaking them into smaller actionable steps
  • [02:33] – People make big goals and get either overwhelmed by them or find it hard to achieve the goals and give up
  • [02:56] – Goals can be broken down into what needs to be done today so one does not get overwhelmed
  • [03:14] – JLD says the Freedom Journal is effective because it focuses on what needs to be done in a day
  • [03:32] – “People overestimate what they can accomplish in a year and greatly underestimate what they can achieve in a decade”
  • [04:01] – Cheryl breaks her goals down into 100 days, making the Freedom Journal perfect for her!
  • [04:31] – Worst Entrepreneurial Moment: In 2015, Cheryl’s youngest daughter was about to graduate high school and the company she was working for was sold and reorganized. Her side business was already 10 years old, and from the outside it looked successful. Cheryl felt she did not put the right boundaries in place. She was working 16-20 hours a day, 7 days a week and contacts could call her anytime of the day – but she did not earn from it
    • [06:14] – Cheryl felt it was the business that was running her – she was exhausted, in debt and realized that her business was not sustainable
  • [07:26] – Cheryl learned that businesses have to be designed according to the life you want to live, and also that everyone should have a profit plan from the start
  • [08:24] – Business owners either start with the wrong plan or the lack of a plan
  • [09:27] – Cheryl now has an 80% profit margin
  • [10:10] – JLD recommends Mike Michalowicz’s book Profit First
  • [11:03] – Greatest AH-HA Moment: During Cheryl’s worst entrepreneurial moment, she had options regarding what she could do: she could stay at her current job and that would downgrade her position and salary, start over in a new company, or try to work on her photography business. Cheryl decided to create another option for herself and that was to take charge of her own life
    • [12:53] – Cheryl started her consulting business and within 12 months became debt free
    • [13:24] – Having a coach really helped Cheryl
  • [14:09]: For those who are starting a business, there are four keys:
    • [14:14] – (1) Have a solid business idea
    • [14:32] – (2) Serve the right people
    • [15:06] – (3) Have a vision for your business that is bigger than just making money
    • [15:40] – (4) Invest early in a business coach and mentor
  • [16:14] – Mentors provide subject matter expertise, accountability and guidance
  • [17:49] – The Lightning Round
    • What was holding you back from becoming an entrepreneur? –“Fear of failing my daughters”
    • What’s the best piece of advice you’ve ever received? – “Invest 10% of your income back to yourself for personal development”
    • What’s a personal habit that contributes to your success? – “Focus on output before input”
    • Share an internet resource, like Evernote, with Fire Nation – Trello
    • If you could recommend one book to our listeners, what would it be and why? – The Compound Effect by Darren Hardy
  • [23:46] – It really is never too late to pursue your dreams; hire a coach early and invest in them every year
  • [24:20] – Cheryl has a free course for Fire Nation at Elite Women in Business
  • [25:07] – Connect with Cheryl at Facebook

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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