Bootstrapping your way to a seven-figure business, with John Vuong
John Vuong shares how he was able to bootstrap his way to becoming his own boss, servicing clients all over North America and Australia with his business, Local SEO Search.
3 outstanding Juicy Bits from the show:
- Bootstrapping your business
- Working on your business rather than in it
- Hiring based on values as opposed to skill sets
In this episode we discuss:
01:05 Introduction to John Vuong
- John’s background [01:19]
- What John’s focusing on right now [01:45]
03:40 When John began to build his team at Local SEO Search
05:03 Why John decided to start an SEO business
07:14 How John built his business by bootstrapping the entire way
- John’s tips on bootstrapping your business [09:26]
- Why John settled on entirely bootstrapping his business [12:25]
14:04 The biggest failure that John experienced on his journey as an entrepreneur
17:17 How John scaled his business
- Discovering how to work on your business rather than in it [18:11]
- Knowing when to grow your team based on revenue [21:43]
22:34 John’s vision for Local SEO Search
- John’s thoughts on selling his business or passing it on to his son [23:41]
24:48 What John had to work on the most in order to grow as a business owner
Quick Juice Questions
27:09 What is your best tip for those thinking about leaving full-time employment?
If you are an expert in your domain and you already have an idea, you could probably go for it. But I always say side hustle it first. Make sure there’s some revenue in place, or you have some potential customers who are willing to pay for your service. But if you’re going to do it, do it full-on. Don’t do it half-heartedly. If you’re going to be serious, let everyone know, especially the people in your circle of influence, and they will share it and spread the love. Really focus on spending 15, 16, 18 hours a day on your business in the early days.
28:19 What are the first steps that aspiring entrepreneurs should take?
Right now, there are tons of resources and people with way more experience and knowledge than yourself. So, if you know a lot of people in your industry or people that you want to be like, reach out to them. Ask them. What’s the worst that could happen? They ignore you, or they don’t respond to you, or they tell you that they don’t have time. But take action. Do something about it. Reach out. While you should read books, there’s a difference between being book smart and street smart. It’s always best if you reach out to your mentor or someone who you want to emulate.
29:04 What has inspired you the most in your journey and where are you most inspired?
My son. He’s so curious and always asking questions. Watching him grow and evolve inspires me. I want to equip him with tools and resources so that he becomes the best human being possible. I look forward to going on family vacations a few times a year, because they make me feel accomplished.
30:42 Which book has inspired you and changed your thinking the most?
Tribe of Mentors by Tim Ferriss and Give and Take by Adam Grant.
32:16 If there’s one last bit of Executive Juice you can share for people who want to get to the top of their property game, what would it be?
Go out and take action. Go do something. Don’t sit back and keep analyzing. You’ll most likely fail a lot in your first couple of rounds of being an entrepreneur; but you’re learning from your mistakes, and those are the best experiences you’ll have in life. Life is a journey.
- Being in sales and marketing all my life, it was all about going out and making things happen. I’m not fearful of rejection. What’s the worst that can really happen to me? For me, cash is king. I didn’t grow up with much, and anything is better than nothing. There’s no risk.
- What you do before work and after work will set you up for success.
- I don’t live on loans or debt. I always am more about making sure I have revenue. I collect the cash. I collect it from my clients.
- If you are always working in your business, you can never be working on