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Action comes to mind when thinking of Jim Palmer, who has six different businesses that he is currently running. Although he always knew he was entrepreneurial, his journey as an entrepreneur started in October of 2001 and stemmed from one specific skill – writing newsletters. “Every place I work I would end up writing newsletters because they were so effective,” says Palmer, who wrote his first newsletter while working at a bike show when he was 21.
The business he started in 2001 was a general consulting business, and he decided to do newsletters on the side. The newsletters business took off quickly and grew into a six-figure business. While his business had grown significantly, it was originally built to serve as a job – a way for him to earn revenue solely for himself rather than to grow into a bigger business. “When your skill is what you’re selling, there’s a limit to it,” added host Micky Deming. He later started selling newsletter templates and content. His business then began to scale larger without having to trade his time for money.
Jim still ran into challenges, and had a tough decision to make when he had the opportunity to join a mastermind group with a membership fee of $400. Although his checkbook was telling him no, he believed in the ability of the group to help him grow as an entrepreneur. He began gaining value immediately and was “called to the carpet” a few times for the things he was doing wrong, which helped him to quickly correct mistakes.
“When you work with a mastermind or a coach, they can point out something obvious that you can’t see because you are far too close to your business,” says Palmer. Palmer now helps other entrepreneurs benefit from these groups with his “Dream Business” Mastermind & Coaching Program. “Every entrepreneur needs to be working with a coach and be in a mastermind group. When you think you have all the answers or you think you know the plan is when you either are not doing well or your growth is being stunted because you don’t know what you don’t know,” continued Palmer.
From his personal experiences and those of others, Palmer recommends entrepreneurs to only focus on the most vital aspects of their business as they grow. “Entrepreneurs need to focus on high revenue generating activity, and if you are personally writing your blog posts and personally posting them to your website, then that is what you are worth,” says Palmer. To have the ability to pass off tasks, you have to hire employees, which can be hard to do as a business owner focused on keeping expenses low and margins high. Palmer now has 11 people as a part of his team that allow him to focus on the most significant aspects of his business. “My growth happened after I hired people that I wasn’t totally prepared to, because the growth helped pay for that person. Then when that person got busy I would hire someone else and even more growth would happen.”
Our Favorite Quotes from Jim Palmer in TREPX Podcast Episode 63
• “Every place I work I would end up writing newsletters because they were so effective.”
• “If you have a good product and good positioning, you just have to keep hammering away until growth happens.”
• “When you work with a mastermind or a coach, they can point out something obvious that you can’t see because you are far too close to your business.”
About Jim Palmer: Jim Palmer is known internationally as ‘The Newsletter Guru.’ He’s the go-to resource for maximizing customer relationships to increase profits, and host of Newsletter Guru TV and Stick Like Glue Radio. Palmer is the founder and President of Custom Newsletters, Inc., parent company of No Hassle Newsletters, No Hassle Social Media, The Newsletter Guru’s Concierge Print and Mail on Demand, Magnetic Attraction and Retention Training Program (MARS), Success Advantage Publishing, Double My Retention, Stick Like Glue Radio, and Newsletter Guru TV. Find out more about Jim Palmer at Get Jim Palmer. For information on creating amazing newsletters, visit No Hassle Newsletters. Follow Jim on Twitter @getjimpalmer.
About TREPX Podcast: TREPX Podcast provides insight, stories, and tips from entrepreneurs to help strengthen and grow your business. Starting in early 2015, host Micky Deming has interviewed dozens of founders, experts, business professionals and fellow podcasters to understand how they got to where they are now, and share their stories and expertise with others seeking to achieve their desired level of success.
Guests include Peter Shankman, Michael Port, Mike Michalowicz, Aaron Walker, Pam Slim, John Lee Dumas, and Jack Zerby. Discussed topics include marketing, mindset, customer service, business growth, social media, and much more. For audio to every episode, visit TrepXGroup.com/podcasts, or listen to the TREPX Podcast on iTunes or Stitcher.