The Small Business Financial Health Scorecard

Aaron Hoos

Your business might be making money, maybe even a lot of money… but that doesn’t mean it’s healthy. But keep reading because I’m sharing a Small Business Financial Health Scorecard that can instantly give you clarity to help you create a strong, profitable, money-making company that grows without stress.

But let’s start with the bad news…

THE BAD NEWS

The entrepreneurial graveyard is littered with companies that looked like they made money but were forced to shut down. To the uninitiated, it doesn’t make sense—how can a money-making company be forced to close its doors?!?

But those who have started businesses can tell you: a money-making business is not necessarily a healthy one. There are other financial factors, too. For example:

  • Maybe a business makes some money but not enough to survive on.
  • Maybe a business generates some revenue but its high expenses keep it from being profitable.
  • Maybe a business generates makes some money but its receivables are too high; it’s just not collecting enough of that money soon enough.
  • Maybe a business grows too fast and can’t get the money needed to buy the raw materials to assemble more of whatever it sells. (That one is surprisingly common, and, when combined with the receivables problem, it’s a business killer.)
  • Maybe a business generates a healthy income but the owner is so central to the income generation that they just can’t grow. (This was a problem in my business for a while.)

There are other financial reasons, too, but those are big problems. And they can be catastrophic.

So, how do you make sure that your company isn’t just making money but is actually healthy?

I’ve created this Small Business Financial Health Scorecard to review against your business. Use it to identify how healthy your company’s financials are and to get clarity on the ways you can create a financially healthier business.

SCORECARD OVERVIEW

Use the Small Business Financial Health Scorecard every quarter. (You may be tempted to use itmore often than quarterly but I think a quarterly effort gives you time to set goals, take action on those goals, and see results; whereas if you try to do it more frequently you’ll end up with a bunch of goals, too many actions to do, no time to do those actions, and no real results).

There are 7 key financial measures on the scorecard, and they describe how money is made, processed, and used in your business:

  1. Producing
  2. Processed
  3. Paid
  4. Propagating
  5. Predictable
  6. Profitable
  7. Passive

… in that order. (The order is important).

Here’s what they mean:

  1. Producing: Your business is generating revenue.
  2. Processed: Your business has systems in place to send invoices, follow up on receivables, process transactions, pay vendors, and pay taxes.
  3. Paid: Your business is actually collecting the money you are invoicing.
  4. Propagating: Your business grows and the money you are making grows as well.
  5. Predictable: Your business is bringing in money in a consistent way, ideally the same amounts on the same day of the week or month.
  6. Profitable: Your business generates more money than needed for all of the previous points of the scorecard, leaving extra money at the end of each month or quarter.
  7. Passive: Your business generates revenue without regular effort (perhaps best explained as a large, single up-front action that creates ongoing income, versus the need to trade hours for dollars).

SCORING

At the end of each quarter, go through each of these 7 points on the scorecard and score yourself. It will take less than five minutes but you’ll get a very clear picture of the financial health of your company, as well as some smart strategies to improve.

Here’s how to score yourself: For each one of the 7 financial health measures, give yourself a score from 0-4, as follows:

0 = “Nope”. (It does not happen at all.)
1 = “Not really”. (It happens some of the but time less than 50% of the time.)
2 = “Not always”. (It happens some of the time but less than 75% of the time.)
3 = “A lot”. (It happens most of the time but less than 100% of the time.)
4 = “Dialed in! (It happens 100% of the time, every single time, without fail.)

This is the other reason I recommend that you do this every quarter: you might have a really good month and score yourself a 4 on something in the month… but over a quarter it’s harder to sustain best practices so you get a better sense of how things are going on an ongoing basis.

So, let’s look at an example from a fictional company, just to see how the scorecard works:

  1. Producing: The company is generating revenue and the business is working at about 90% capacity, so they’d score a 3
  2. Processed: The company has some systems set up and is able to process most transactions, pay most bills easily, and usually pays taxes on time (but admittedly it’s not perfect), so they’d score a 3
  3. Paid: The company gets paid immediately so they don’t really have any receivable issues at all, so they’d score a 4
  4. Propagating: The company is is not growing so they’d score a 0
  5. Predictable: The company is making money but it comes in completely unpredictably so they’d score a 0
  6. Profitable: The company makes a bit of profit, on some things, but not a lot, so they’d score a 2
  7. Passive: The company’s money is completely tied to the amount of time that the owner spends in the company (and if the owner was away, no revenue would be generated, so they’d score a 0

Part of the value of the scorecard is that it balances simplicity with objectivity. In general, multiple people with the same level of awareness about a company should each be able to complete the scorecard and score roughly the same score, while also still keeping the scoring within a reasonable time-frame.

HOW TO ASSESS THE SCORE

When you score your company quarterly, you’ll assign a score to each one on a scale of 0-4. Ideally you’re aiming to have a company that hits 4 on each point (or, a mix of 3-4, which is probably more likely).

However, many companies won’t hit 3s and 4s across the board. Instead, there will be a variance. The scorecard will not only give you an overall picture of where you are weak and where you are strong, it will also help you to know what to work on first: once you’ve scored yourself, the next step is to find the “first lowest score” and work on that one for the quarter.

Here’s what I mean when I say the “first lowest score”: Starting from the top of the list (Producing) look down the list until you get to the financial measure with the lowest score. In the case of a tie, choose the one that comes earlier in the list. Let’s use the scoring example we’ve been running through so far…

  1. Producing = 3
  2. Processed = 3
  3. Paid = 4
  4. Propagating = 0
  5. Predictable = 0
  6. Profitable = 2
  7. Passive = 0

… then you start at Producing and go down the list, and you noticed that Propagating, Predictable, and Passive each share the lowest score (a score of 0). But, since Propagating is earlier in the list than the other two (it’s the first lowest score in the list) that’s the one you need to work on.

The reason is: you can theoretically work on any of the 7 points on the scorecard, whether a great score or a weak score, whether earlier in the list or later in the list, but the scorecard was put together in a strategic way that can help you build a stronger business by focusing on the earlier ones in the list first and dialing those in before moving on to the later ones, thus helping you build a strong foundation and then build a stronger business on that strong foundation.

HOW TO TAKE ACTION

Once you have found the first lowest score for the past quarter, create a simple action plan with a few achievable goals to improve that area. Here are some ideas:

  1. Producing: You need to work on your marketing and sales to get more customers coming through the door.
  2. Processed: You need to work on your systems and processes to make sure you can accept the money and pay your bills.
  3. Paid: You need to work on your invoicing and receivables to ensure that you are getting paid in a timely fashion.
  4. Propagating: You need to build a strong, self-funding growth plan.
  5. Predictable: You need to build marketing programs, promotions, and products, that bring in income regularly; you should also reach out to past customers especially during slow seasons.
  6. Profitable: Review your income and your expenses; look at how income increases and expense decreases will impact your financials.
  7. Passive: Build or invest in income-producing assets that “decouple” your time from your effort so that you can continue making money even if you are not working in your business.

Work on this action plan for the quarter and then score yourself again.

And again the next quarter.

And again the next quarter.

… and so on.

KEEP GOING

You’ll want to score yourself every quarter from now on, and keep those scorecards.

That way, you’ll create a baseline for the health of your company’s financials but you’ll also see how other changes in your business will impact your score. For example, perhaps you grow dramatically one quarter—that growth is great but could also break some of your invoicing systems and processes, so you may notice a higher score in Propagating and Profitability but a lower score in Processed or Paid. Constantly scoring yourself will keep you aware of the financial health of your business while also giving you a clear and simple strategy to growing a financially healthy company.

Consistent reporting on the financial health of your company with a clear plan on how to grow, all while keeping it simple. That’s the power of the Small Business Financial Health Scorecard.

Ascending From Entrepreneur To Leader

Aaron Hoos

For years I wanted to be an entrepreneur. To me, that meant owning my own business and doing my own thing; not having to commute to a company and work for “the man”. (Truth be told, I’m just not wired to thrive in that kind of environment).

But building a business was hard. I struggled, failed, then tried again and figured it out…

… to a point.

Problem was, years down the road, I found myself in a different place: I was successful by some measures but also struggling by other measures: I began to discover that I was the bottleneck in my own business. I was hitting a ceiling because I was trying to do it all.

So I specialized, starting more focused companies like Real Estate Investing Copywriter.

Later, I built systems to help me create better content and serve more clients faster.

Later, I started building replicatable, duplicatable products and commoditized services that allowed me to shorten the timeline between client acquisition and deliverable.

Later, I started building a team—first an assistant and then writers, even going so far as to create what might be considered an agency.

Although my goal has always been to be a business owner and entrepreneur, I realize that I’m ultimately becoming a leader:

  • A leader in the industries I serve: by being a thought leader and influencing brand
  • A leader for my clients: by helping clients elevate their knowledge, make decisions, and see results
  • A leader of people: by building a team and providing them with an income while having an impact
  • A leader of innovation: by leveraging what I know and do to create new opportunities for my clients and team
  • A leader of the future: I lead my industry, my clients, and team, toward a bolder, brighter future

It’s a journey for me. If you’d asked me years ago if I thought I would be a leader, the answer would be a resounding no… simply because the only thing I wanted was to be a self-employed writer.

But I realize now: that “self-employed writer” was just step 1. And since that realization, I’ve been on a path of ascension and am constantly learning to embrace my new role as leader.

Want to make the same ascension yourself? Make this simple change to your thinking to get you moving in this direction: Find more people to rely on you. Whether it’s the industry at large, your clients, or your team; build a business that compels other people need to rely on you for your expertise, skills, compensation, etc. It’s weird; there’s not a “thing” you need first before becoming a leader, just build a business that gets people to rely on you.

SUMMARY

When I was “just” a self-employed writer, my job was to wake up each day, sit down at my computer, and writer. Today, as a leader of my industry, clients, people, innovation, and the future, my job is much different: I must constantly build; growing my knowledge, authority, and business to fulfill my role as a leader.

It’s a higher level and a bigger challenge but if I want to take part in a bigger and more opportunitistic future, being a leader is the only way.

Time Tracking: One Of The Best Strategies For Increased Productivity

Want to give yourself a raise?

I can’t think of a faster, simpler way to get more done and make more money than to do this:

Track your time.

Yeah, that’s it.

It’s one of those no-brainer so-simple-nobody-does-it strategies to get more done in the day. Every single day.

It works because, well, we tell ourselves lies about our productivity. We think we’re being productive but we’re rarely as productive as we think we are. (I’m not suggesting we need to run at 100% capacity, 100% of the time. Actually, I think that’s a recipe for burnout… that said, I think most of us have a lot more capacity than we realize because we convince ourselves that we’re maxed out when we’re really not.)

I love time tracking and I try to do it every week. It’s always valuable.

Let me show you how I do it…

(spoiler alert: I’m old school; I realize there is software or mobile apps for this stuff but I find it too easy to minimize them on my desktop or forget to run them (and some tracking software I’ve used in the past has been an absolute resource hog). I like pen and paper and a couple of highlighters. Keep it simple and it’s always in my face.)

On Sunday I draw out my week in 15 minute increments…

Aaron Hoos - Time Tracking

Whenever I recommend this practice to other people, I always recommend that they do it in 15 minute increments. Believe me, I’ve tried 30… and 60… but they suck. They just aren’t as good at giving you a very clear picture of how you spend your time. It’s far easier to look back at an hour-long segment of time and think “I was productive this hour” when in reality you were productive for just a few minutes. But 15 minutes? It’s a good balance between being laser-focused on a small segment of time while still keeping this system manageable. (Hey, I’m not suggesting that you assess every minute, right?)

You’ll notice that I track from 7:00 AM to 3:00 PM. You can track any time you want but that’s what I like to track.

I prefer to get up early and, ideally, finish all my work before noon. (I used to be a nightowl but you can check out this blog post about how I mastered my sleep to wake up early and become more productive and this series of posts when I challenged myself to wake up at 5:00 AM to get into the habit of waking up early).

My absolute best time for maximum productivity is 7:00 AM through about 10:30 AM. I get a lot of great work done then. I keep tracking past noon because I enjoy the process and the early afternoon is still good productive time to work on my biz.

I measure my time in terms of simple green for revenue-generating work and red for non-revenue-generating work. Yeah, it’s not a perfect system since prospect calls or marketing of my own business might be colored red but still be important to do. But you have to pick something and right now I’m focused on building a business that generates more revenue so that’s what I’ve chosen. In a different situation I may measure in some other way. (There was a time, for example, when I would have colored green only for when I was typing words but now that I also bill for other things like consulting, I needed to adjust what I measured.)

Time Tracking — April 16-20

Monday, April 16


So, on Monday I woke up and jumped into my work. It was a pretty good day! I’d give myself a grade of “A” for Monday’s level of focus and productivity. There were a couple of times when I paused for some fun/mental-break/social diversions but that’s okay because those little breaks were like breathers that could keep me focused the rest of the time. My goal isn’t to get rid of all stuff marked in red; it’s just to be aware of it and make sure it doesn’t take over.

Disclaimer: don’t bother trying to read my handwriting. It’s messy. I basically just jot down a quick note about what I do so I can look back and what I did during various blocks of time.

Tuesday, April 17

Aaron Hoos - Time Tracking
Tuesday was a completely different story than Monday. I’ll give it a grade of “C”. The day was a gong-show right from the very first moment. I was in reactive mode, dealing with challenges and trying to solve problems. There were some technical issues. And on top of that I had a few things I felt that I needed to work on that weren’t revenue-generating but still needed to be done.

Fortunately, I feel like I turned the ship around by 11:00 AM and was able to get in some revenue-generating writing for the last few measured hours of my day.

Wednesday, April 18

Aaron Hoos - Time Tracking
Wednesday was better than Tuesday but not as good as Monday. I’d give it a grade of “B”. I got some work done and although I did have a non-revenue-generating meeting (actually, it was a few short back-to-back calls that were all related) I still got some good work done overall.

Thursday, April 19

Forgot to take a picture after Thursday was done, so you’re seeing a bit of Friday in there too.
Aaron Hoos - Time Tracking
Thursday was decent too. I’d give it the grade of “B-” as it was close to Wednesday but not quite there. I did move a bunch of projects forward although I didn’t get to cross as many off as I would have liked.

Friday, April 20

Aaron Hoos - Time Tracking
Friday was another day I’d grade as “A”; a strong finish to the week. I was focused and productive and got a lot of good work done before a quick lunch, and that meant I could enjoy the afternoon at a local book sale. So, a good day, overall!

Assessment

Tracking tracking is a good practice to do but it’s even better when you pause at the end of the week to learn some lessons.

Here are some lessons I learned this week, along with a few reminders that you might find interesting if this is new to you…

1. There is value in the simplicity of the only-2-colors format. However, some of the red-colored spots are still critical to running my business (such as the meeting on Wednesday morning). So red doesn’t mean bad… I just want to be aware and control it.

2. Planning the night before (especially outlining the content I want to write) helps me stay focused and at a higher level of productivity.

3. It’s all in how I start: If I start strong, I can usually keep going and bounce back from interruptions easily. If I start from a reactive trouble-shooting mode, as was the case on Tuesday, it takes a ton of effort to get on track.

4. It’s hard to predict when things go off the rails. And since I can’t always anticipate when that will happen, I need to become better at deciding what is worth my attention when it does. In retrospect, I could have saved some of that problem-solving stuff for after 3pm (when I stop tracking my time for the day).

5. When my mornings are mostly green (what I’d grade as “A” or “B” days) I can usually finish everything I wanted to do by lunch… and then everything I do after that is extra income (if I choose to work) or free time (if I choose). Therefore, I have more freedom and choice after lunch if I can create stronger starts and maintain more consistent focus in the morning.

6. I try to do this tracking every week, which is a great practice but I’ve observed htat the level of accountability that comes from sharing this on Facebook was remarkably good at keeping me even more focused and productive! Not sure I want to share all these details of my life so publicly every week but I think there is value in sharing this a bit more regularly. Will think more on this!

Summary

If you bill for your time or based on a certain amount or type of productivity (such as word count), time tracking is the most effective way to become more productive (and give yourself a raise). It cuts through the lies that you tell yourself about productivity and reveals what you truly do at any given moment of your day.

There are always ways to become more productive and efficient, and a million books have been written about every method and strategy out there. But I haven’t found anything more effective than simply using time tracking to get a handle on what you do each day…

… and then taking a few moments at the end of the week to assess how you did, to learn some lessons, and to aim for something better next week.

6 Business Lessons I’ve Learned From Climbing

Aaron Hoos

Recently I’ve started learning how to Top Rope Climb! That’s a picture of me (above) at the local climbing center after a couple hours of climbing. That’s my exhausted face! haha

Climbing has always been an interest. Even as a kid I would climb whatever I could; heights never really bothered me.

When I moved to a different city in 2016, I found myself with a ton of free time and looking for an active hobby to pursue… and especially after I rappelled down a 22 storey building (using the same “belaying” method that climbers use to climb)… I decided that I wanted to take up Top Rope Climbing.

As luck would have it, a new climbing center opened in town so I went for a course and have returned to the center to climb now and then. I love it! I love the challenge and the workout.

Basically, you are tied to a rope to protect you from falling and then you climb a vertical surface that has holds for your hands and your feet. The size of holds, and their distance, as well as the angle of the wall, will all determine the difficulty of the climb.

As I climb, I’ve realized that there are a few business lessons to be learned. These are reinforced every time I climb…

Lesson #1

Before you climb, you make the best guess of what your route will be and how you’ll move from one hold to another. But once you’re on that vertical face, you discover what it’s really like and you make changes on the fly based on your up-close inspection of each hold.

The business lesson: Too many entrepreneurs never get off the ground. Many are overwhelmed by all the things you need to do to run a business, and A LOT of aspiring entrepreneurs think they need to have a perfect fool-proof plan before starting. That’s not true. Just like in climbing, you pick a path and make a best guess about how you’ll proceed, and then you get started… with the realization that it’s just a best guess before you start; you need the willingness to make changes as you go.

Lesson #2

When climbing, you’re tied off carefully and you climb with the confidence that if you fall there’s a system of ropes (and someone you’re tied to) to help you have a safe, controlled descent.

The business lesson: Very few businesses succeed right out of the gate. The mark of a successful entrepreneur is not always income and profit from day one. Rather, the mark of a successful entrepreneur is consistent progress in the face of failure. We live in a world where it is SO SIMPLE to start a business. So if one business fails, you just dust yourself off and start another. It’s not always easy but it is often simple. I love the idea that business growth is about getting to failure (and through failure) as rapidly as possible.

Lesson #3

Climbing is problem-solving. When you move from one hold to the next, you’re basically problem solving on the fly. I think that’s what I find so exhausting about it: you’re not just working out your body but you’re constantly working your mind, too: you reach a hold and have to decide “how do I hold it?” and “if I grab this one, what’s the move after that?” You’re trying to think a couple of moves ahead.

The business lesson: Every moment in business is problem solving. They aren’t always catastrophic problems but every moment presents a problem and/or an opportunity that you have to assess and decide and take action on. Do you pursue this client or that one? How do you spend your time? Where do you reinvest your money? How can you refine your brand? Is there a better way of doing something? There are a million moments like this in every business and your job as a business owner is to ask the question and problem-solve the best answer you can as you go.

Lesson #4

Successful climbing involves other people. Yes, you are tied to a belayer and that ensures your safety if you fall. But there’s another person who is invaluable when climbing (especially for a newcomer to the sport, like I am) and it’s easy to overlook these people—other people who climb a climb before you do. Watching them can help you know how to make the same climb.

The business lesson: Ironically, it seems that many aspiring entrepreneurs think they have to have it all figured out ahead of time before they even take the first step in their business; yet, so few will look to mentors and other people who are climbing the same climb ahead of them to learn from them. If you want to build a successful business, choose the type of business you want to build and then find other people who are doing it already and learn from them. Entrepreneurship is not about TOTAL reinvention of the wheel. Rather, it’s about finding other people who are doing it right and modeling their success with your own twist.

Lesson #5

When climbing, there are many different climbs you can do. There are really simple ones where all the holds are straightforward and easy to grip… but the climbs increase in difficulty to more challenging climbs where the holds are quite small and you have pinch them rather than grip, or perhaps the surface isn’t vertical but it’s tilted backwards. You don’t start climbing at the hardest climbs; you start at the simple ones and you perfect your skill on those before moving to the advanced ones.

The business lesson: It’s the same as in business. Even companies that started in someone’s garage and grew into big multi-national corporations didn’t go from one to the other overnight. They started with one customer and a simple product… then a dozen customers and a slightly more complex product… then a hundred customers and a slightly more complex product… etc. Start your business simply and grow organically, working from simple to complex and not trying to skip any steps along the way.

Lesson #6

I’m in pretty good shape but I find climbing to be exhausting. It’s a full body workout using muscles I don’t normally use, and brainpower too! I’ve learned from experience that you can climb for fun but as soon as it starts to hurt, you should stop. But, just like any other exercise, that “pain point” that you hit when climbing can take longer and longer to get to because your muscles develop for the workload. It may have taken an hour for my body to hurt from the exertion the first time, then an hour and a half, then two hours, and so on.

The business lesson: This is a lesson I’m relearning right now in my business! When you build your business you need to stretch yourself (and your business) until there’s pain (maybe until you stretch your budget too much or you push yourself too far or you end up breaking your system or even pissing off a customer) and then you stop, reassess, fix things, take a break, and start over. Each time you stretch to the pain point and then fix it, that pain point becomes farther and farther out.

I’m enjoying my new hobby… and I love seeing the connections between climbing and business! I hope you’ve found these lessons to be useful reminders for you, too!

How To Copy The Celebrity Chef Business Model In Any Industry

Celebrity chefs. Years ago it was a term no one had ever heard of. Today, it’s a phrase that has come to mean a very specific type of chef… and I would argue that, even though it’s an annoying and increasingly-overused term, it’s a business model that other businesses can steal and use to grow your business to a higher level.

What Most People Do (Versus What Celebrity Chefs Do)

Most people get paid to do a thing, whether a real estate investor, a stockbroker, copywriter, an accountant, a dentist, a mechanic, a photographer, etc.

You name it.

Likewise, chefs are known for doing a thing.

They’re known for… well… their “cheffing”. They plan menus and oversee the kitchen staff and they cook. They’re the hardworking staff who make sure that your food comes to your table delicious and just the way you want.

But celebrity chefs? That’s an entirely different animal.

They don’t do as much cheffing (in the strict sense) as they once did.

Compare Gordon Ramsey, Bobby Flay, Guy Fieri, or Anthony Bourdain to… the dude whose name you don’t know but he cooked your meal at Applebee’s yesterday evening.

What’s the difference between the first group mentioned and the poor loser running the Applebee’s grill at minimum wage?

Ultimately, it’s not about talent (the Applebee’s guy is just following company recipes; we don’t really know what he’s like when he cooks without those restrictions… he could be amazing)…

… Ultimately the celebrity chef has moved beyond being paid in dollars for what they do and instead they are being paid in attention for showing others how to do it or how to experience it.

Here’s What I Mean…

A “non-celebrity” chef gets paid to cook and do all the regular cheffery expected of them.

A celebrity chef doesn’t really need to cook anymore. Sure, we see Bobby Flay cooking on Iron Chef America (at least until he quit) but when was the last time you saw Gordon Ramsey, Guy Fieri, or Anthony Bourdain in a kitchen to cook something?

It’s rare.

What are they doing instead?

They’re building media empires that talk about the craft of cooking or even how to enjoy the experience of food.

  • They’re writing cookbooks… and other books
  • They’re starting chains of restaurants and multiple brands
  • They’re creating in and starring in their own shows
  • They’re driving around the country in muscle cars or even wandering around the world sampling food and raving about it

They’re still creating, they’re still presumably doing some cooking, but they’ve scaled beyond that to create a media empire that builds on them and their (often ridiculous) personalities doing something more.

For celebrity chefs, it’s no longer about presenting a plate of food to a customer like they once did when they worked at Applebee’s… rather, it’s about creating a “character” and building an experience for an audience to consume.

And frankly, food just happens to be the main point around which they build everything.

Food is something we all understand and enjoy. And everyone has opinions about what food they love and hate, so there’s a lot of room for people to create emotion around it and to be attracted to some celebrity chefs while being repulsed by others.

But Does It Have To Be About Food?

I don’t think so. I think this same concept can work in other areas and industries.

What if you could become the celebrity chef of your industry?

… of real estate investing?
… of HVAC services?
… of car sales?
… of accounting?
… of dentistry?
… of gym ownership?
… of photography?
… of copywriting?

What kind of personality would you have? What kind of experience would you create?

What would you talk about, to go from getting paid in money for what you DO to getting paid in attention for showing how to do something or how to experience it?

What kind of show(s) would you have? What kind of brands would you create? What kind of books would you write?

The Big Lessons

  1. Guy Fieri is a ridiculous caricature. But he’s a brilliant business person who has created a powerful brand. You don’t have to be yourself to create a brand; you can be a character. (Here’s an old-ish blog post I wrote about building a celebrity brand)
  2. At some point you’ll likely teach people something… either HOW to do what you do or HOW to enjoy or experience the central thing that you do.
  3. Celebrity chefs are not really about cooking; they’re about media empires What can you publish? What shows can you produce? We live in an age where this is so easy.
  4. If someone else is already doing this in your space, that’s okay. There isn’t just ONE celebrity chef. You just need to find your angle. Guy Fieri and Gordon Ramsay are both over-the-top… but in different ways.
  5. This higher level creates “scale” so you can grow bigger, charge more, and build an empire (not just a professional practice).
  6. Of course the benefits of this higher level of business growth brings its own challenges… you need a team; you’ll have haters; you’ll fail more often.
  7. There are also interesting opportunities out there that you might not see right now. Anthony Bourdain was a fry cook; now he basically travels the world and gets filmed eating. There was a point in his life when that was unthinkable.
  8. The secret is to build the “attention machine” and then to keep feeding that machine with new things that support what you talk about. You’re creating sub-brands and shows and content and public relations to elevate your brand.

Celebrity chefs. They give us a template to grow beyond the confines of getting paid for what we do, and they show us how to scale up to something bigger.