Stacy is a Business Performance Strategist. She started her first business in her parents backyard at the age of 18 and turned that company into a 7-figure business. Author of Is Your Business Worth Saving?, she reveals proven strategies for pulling entrepreneurs out of a rut and launching them toward business success and is the host of the top rated podcast Business Rescue Road Map.
Click to tweet: Fire Nation, Stacy shares her incredible journey on EOFire today!
Time Stamped Show Notes:
(click the time stamp to jump directly to that point in the episode.)
- [01:15] – Stacy has 3 small kids
- [01:59] – Stacy runs several businesses. She has a 7-figure business, income from real estate, and runs online coaching courses as well as writing and speaking.
- [02:54] – Worst Entrepreneurial Moment: Opening a second location for her first business – and losing money.
- [04:33] – “I didn’t know how to go back and tell people that I was losing money… I was scared and embarrassed.”
- [05:15] – “Keep your partner in the loop. Have a monthly check-in”
- [06:27] – Entrepreneurial AH-HA moment: Realizing that she needed to stop being the star student and go to events where she knew less than everyone else in order to level up.
- [08:16] – Don’t accept being bad at something – you’re always on a journey.
- [09:11] – If you’re the smartest person in the room, you’re in the wrong room.
- [09:58] – Don’t keep going to the same events. Get around people you’re not normally around. Get outside your comfort zone.
- [10:40] – Biggest weakness? – “I want to move too quickly”
- [11:17] – Biggest strength? – “I can implement extremely well because I’m great at delegating”
- [11:28] – What has Stacy most fired up today? “My level-up community”
- [13:40] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “Nothing”
- What’s the best piece of advice you’ve ever received? – “Don’t be better, be different”
- What’s a personal habit that contributes to your success? – “Observing. Watch every mentor you can.”
- Share an internet resource, like Evernote, with Fire Nation – gTasks Pro
- If you could recommend one book to our listeners, what would it be and why? – The Compound Effect
- Imagine you woke up tomorrow morning in a brand new world, identical to earth, but you knew no one. You still have all the experiences and knowledge you currently have – your food and shelter taken care of – but all you have is a laptop and $500. What would you do in the next 7 days? – I’d be live broadcasting and building relationships. I’d spend $100 on the online tools that I need to get going, and the other $400 on a virtual assistant to help me with the $10 an hour jobs I don’t need to be wasting time on. I’d survey the community that I’d build immediately to analyze their problems, then build a mini-course to solve their problems.
- [16:56] – Parting piece of guidance? – “Really level up your business”
- 17:12 – Visit Stacy’s website for free goodies
3 Key Points:
- Go to new events. Be around new people. Get out of your comfort zone.
- Communicate often and honestly with your partner and the important people in your life
- Observe people. Watch every mentor you can – not just what they say, but what they do.
- gTasks Pro – Stacy’s small business resource
- The Compound Effect – Stacy’s top business book
- Audible – Get a 30-day free trial of fantastic audiobooks
- The Business Rescue Roadmap – Stacy’s podcast
- Is Your Business Worth Saving? – Stacy’s book
- Stacy’s website
- Gift for Fire Nation
Stacy Tuschl: Hey, JLD. Yes, I am. I’m really excited.
Interviewer: Stacy is a business performance strategist. She started her first business in her parent’s backyard at the age of 18 and turned that company into a seven-figure business. Author of Is Your Business Worth Saving? She reveals proven strategies for pulling entrepreneurs out of a rut and launching them towards business success. And she hosts the Business Rescue Roadmap podcast. Stacy, take a minute and fill in some of gaps in that intro, and give us just a little glimpse of your personal life.
Stacy Tuschl: Yeah, absolutely. And, my voice isn’t normally this raspy, but that’s part of my personal life. I’ve got two little ones at home, two daughters – a 9-month old and a three-year-old and they’re always bringing those germs home from day care. So, I apologize for my voice, but I’m going to get through this.
Interviewer: Or are you just screaming at them all the time?
Stacy Tuschl: Thanks, that’s a great add to my intro.
Interviewer: Right. Love it.
Stacy Tuschl: And then, I’m married to my husband Kent. We’ve been married for eight years this summer, and he’s been with me, though, since the age of 20. So, he has really been here for the ups and downs of business and all that it’s really brought into the entrepreneurial world, I guess you could say.
Interviewer: Well, we’re going to be getting into your entrepreneurial world in a little bit here. But, we love starting the show off, Stacy, with talking about revenue, talking about dollars coming in the doors. How do you generate revenue specifically with your business today?
Stacy Tuschl: Well I have a couple of different businesses. So, the studio that we talked about, or I should say, the business that we talked about that I started in my parents’ backyard, I still have that today. It’s a seven-figure business. And then, I also have rental properties, residential, commercial that bring in money additional each month. And now, I’m doing the online coaching, consulting. So, that business is all about I’ve got one-on-one coaching, many courses, live events, podcasts. So, a little bit of everything, and I always like to keep – or I should say, I don’t like to put all my eggs in one basket. So, I’ve got a lot of different things coming in.
Interviewer: Diversification, multiple streams of revenue, Fire Nation. It’s all critical to build a solid business with a foundation. Now Stacy, let us go back in the journey of your entrepreneurial journey. You’ve had the ups, the downs, but I want you to share with us your worst entrepreneurial moment in time to date. So, tell us that story.
Stacy Tuschl: Well, with my first business, we really experienced this level of success pretty right out of the gate, and people always think, “Well, how is that a problem?” But for me, I was growing so fast and I really didn’t know how to control that. All of a sudden, we had experienced this level of success where I thought, “Let’s open a second location. We’re doing it, we’re doing it well, let’s multiply this.” And that, for me, turned into a very big learning lesson. So, with my second location, you know, I thought I was so prepared. I’m dotting t’s – or I should say, I’m dotting my i’s, crossing my t’s –
Interviewer: I was like, “That’s pretty cool. I’ve never dotted t’s before.”
Stacy Tuschl: So, I’m creating that budget, I’ve got the extra cash, I’m ready to go. I’m not even getting a loan or anything. I’m just really prepared, and even though you’re doing all of that, you’re still not sure what’s going to come about. And especially with construction and a new project with the brick and mortar. So, what happened was, I started to pull money from the first profitable location to help me get through the second location. And, that was a really, really scary time because I was expanding, thinking I was going to be bringing in more money, and all of a sudden, we started to lose it a little bit. And that was a big thing that happened. For me to go, “Okay, I’ve got to take a step back and make sure I’m really doing what I need to be doing.”
Interviewer: So, take us to that actual moment. What was going through your mind when you were going through this experience that you think could really be of value for Fire Nation?
Stacy Tuschl: As an entrepreneur, especially at the head of this company, I am taking all of this knowledge and knowing what’s happening, and I’m almost embarrassed to tell people. I don’t want anybody to know, even my husband. Because, when I’m building this business, especially when we’ve been together the entire time, and I’m always promising, “Okay, next year it’s going to be the big year. Next year.” You know? You’re always saying, “Just wait for this. Just wait for this.” And we finally reached that level where I felt like I really had guaranteed this was the business I was building. And now, I almost felt like, “How am I going to back to him and tell him I might be losing it?” And that was really tough for me. So, I think it was just I was embarrassed, I was scared, I didn’t know if it was going to go through or if we were going to lose everything that we had built up already.
Interviewer: So, looking back, is there anything you would change communication-wise with your husband going forward?
Stacy Tuschl: Absolutely. And I think as a partner in a business or a partner in life, they need to be knowing what’s happening and what it’s going to entail. And little monthly checkups are something to keep them in the loop so that when you don’t come back to them, there’s not this huge story of how did you get here. They should be on that journey with you. And my husband’s not in my business. He has his own thing. He’s actually on a SWAT team from Milwaukee. So, nothing to do with business, but he still needs to be involved because it really relates and it affects him and our family.
Interviewer: I think that monthly check-in, Fire Nation, is something you have to implement with your significant other, with your family member, whoever it is that is your confidant. That monthly check-in so that they have a pulse. Because, like Stacy painted that picture, you don’t want to come back then six months from now and be like, “You won’t even believe what’s been happening these last six months.” Either for good or for bad, just keep them in the loop. And it’s not always easy, but I love that monthly continuous check-in. So, Stacy, let’s talk about another story in your journey. This was one of your greatest aha moments to date, which you’ve had a lot of. But, which one’s going to resonate with Fire Nation? Take us to that moment.
Stacy Tuschl: You know, when you’re growing up, you’re trained and you’re told you want to be that star student. They give these rewards and the stars and you want to be the smartest person in the class. And for me, I really was never the smartest person. I wasn’t a bad student, but I wasn’t the best either, and I never really enjoyed learning. And then, I got into the business world and I started going to seminars and I finally found my passion. I just loved learning about business, and I started to all of a sudden be the star student. I kind of want to say I would go to these seminars, and sometimes the person on stage would call me out and give a story or a testimonial about me, and I really liked that. I started to feel like this was it; this was what I was supposed to be doing. And really, though, in the business world, I think it’s the opposite. You don’t want to be the star student; you want to be one of the lower ones in that group. You want to be leveling up at all times.
And what happened to me was, I all of a sudden realized at about 10 years into my business, I had hit my lifetime goals because I wasn’t leveling up. I was staying comfortable in the same industry, going to the same conferences. I was just very, very comfortable. And what I did was I ended up spending about $10,000 to go Darren Hardy’s high-performance forum. And it was a really, scary big amount of money for me at that time. But, I really leveled up. I met incredible owners that really just brought more generosity in their knowledge and opened up so many doors to me. And I think that was the big thing is, I don’t ever want to be the start student anymore. I want to be somebody that can look up to other people so I can keep stretching myself every day.
Interviewer: So, there’s a lot of things that I want to dive into with this Fire Nation. I mean, number one, you’re not necessarily going to be bad at everything or at something specifically, you’re just maybe bad at that thing. It’s just not your thing. I mean, there are certain things that I am so horrible at and I just say, “Hey. Who can I hire that’s good at that so that I can focus on amplifying my strengths, focus on amplifying my greatness? Areas that I’m actually good at.” I mean, growing up, we’re in a way forced to do a lot of things, and you’re not going to be good at a lot of them because it’s just natural. Especially the first time you do these things, you might just kind of be a little bad, but don’t have that be your story that you’re just not good at stuff. You’re not a good student, a good athlete, a good fill-in-the-blank. That’s just the journey that you’re on right now. And when you find that thing that you were meant to do, then you amplify that. You amplify the greatness within that you can just see yourself going from degree to degree to leveling up to leveling up.
And the last thing I kind of want to focus in on, Stacy, with what you said that I love is, if you look around and you’re the smartest or the most successful person in the room that you’re in, you’re in the wrong room. Yes, we all want to just be comfortable and be looked up at and be applauded and have the accolades and be king or queen of the hill. I get that, but if that’s going to be the ending point of your life, that’s sad. We want to keep pushing ourselves forward and surrounding ourselves with people that are just successful on so many levels, that are just passionate about things that we’re passionate about, that are leveling our games up just by being in contact with them. You hear me refer all the time to you’re the average of the five people you spend the most time with. Never forget that. Stacy, those are my big takeaways from your aha moment. What do want to make sure Fire Nation gets?
Stacy Tuschl: Well, I think with that, the lesson learned there is just get out of your comfort zone, especially when you’re in industry-specific events and things like that. Don’t keep going – not that you shouldn’t go to industry-specific events, but make sure to mix in something completely different. Get that out of the box thinking and get around people you’re not normally around. That is the biggest thing for me was just to diversify in that as well, because you get very, very comfortable and you just kind of go to those specific things. So, for me, absolutely, build those connections and continue to work and meet new people that can help push you and take you where you want to go.
Interviewer: Fire Nation, all the magic happens outside of your comfort zones. So, get your little booties out there. Stacy, what is your biggest weakness as an entrepreneur?
Stacy Tuschl: I move too quickly sometimes. When I’ve got a great idea, I want to do it yesterday, and I think it has to come out immediately tomorrow, and I need to blast my email list. And I need to find a happy medium of not waiting too long for perfection, but really thinking it through and strategizing.
Interviewer: I am literally a bull in a china shop, and it could be a really damaging thing, Fire Nation. I mean, I’m just like, “Yes! This is amazing. I want everybody to know about this now,” and boom! Sometimes, hey, speed of implementation is perfect and amazing, but sometimes you can break a lot of stuff. So, on that end, Stacy, what’s your biggest strength?
Stacy Tuschl: I am really good at listening, implementing and I can implement so well because I’m very good at delegating and I have a staff to be able to do that with.
Interviewer: What are you most fired up about today?
Stacy Tuschl: Well, this kind of goes off of my aha moment, but I recently created, a few months ago, My Level Up Community, because I don’t want people to be in that same rut that I was in. I want to help people level up and get together with like-minded entrepreneurs. So, the community has been so amazing, so supportive and I go in there to give, but they are giving me so much in return. And that’s my number one goal every day is to make sure they’re getting some kind of value to level up their business.
Interviewer: Fire Nation, you’re going to level up your business in the lightning round, so don’t you go anywhere. We’re going to take a quick minute first to thank our sponsors.
Stacy, are you prepared for the lightning rounds?
Stacy Tuschl: I’m ready.
Interviewer: What was holding you back from becoming an entrepreneur?
Stacy Tuschl: For me, fortunately, nothing because I was so young and naïve and thinking I could do it all. So, I jumped head first at 18 and started building my business.
Interviewer: What’s the best advice you’ve ever received?
Stacy Tuschl: Don’t be better, be different, especially because I’m a very competitive person and my instincts are to try to be better.
Interviewer: What’s a personal habit that contributes to your success?
Stacy Tuschl: Observing. And I am all about investing in your business and yourself, but really take and observe everything from every mentor. There is just so much free stuff out there. And don’t just listen to what they’re saying, but watch what they’re doing.
Interviewer: Can you share an internet resource like Evernotes with Fire Nation?
Stacy Tuschl: Yeah, my recent favorite is GTasks Pro. It’s actually an app for your Google calendar. I’m in love with Google calendar, and it helps you be able to edit the actual tasks, because for some reason when you are on your phone, you can’t look at your tasks.
Interviewer: Yeah, that’s annoying.
Stacy Tuschl: Yes. And this one helps you edit and add to it right on your phone.
Interviewer: If you could recommend one book, what would it be and why? And of course, Fire Nation, this better be joining Is Your Business Worth Saving by Stacy on your bookshelves.
Stacy Tuschl: The book I’m going to recommend is another shout out to Darren Hardy. It’s called The Compound Effect, and it’s all about making small, consistent choices to get to the big overall picture. And, it’s just so great for somebody that might feel overwhelmed to get you to where you want to go.
Interviewer: Have you read The Slight Edge?
Stacy Tuschl: I haven’t.
Interviewer: That is Darren Hardy’s mentor Jeff Olson. He wrote the Slight Edge, which inspired The Compound Effect. So, get on it, Stacy.
Stacy Tuschl: I absolutely will.
Interviewer: And this is the last question of the lightning round, but it is a doozy. Imagine you woke up tomorrow morning in a brand new world identical to Earth, but you knew no one. You still have all the experience and knowledge you currently have, your food and shelter is taken care of, but all you have is a laptop and $500. What would you do in the next seven days?
Stacy Tuschl: Well, I teach all about building an online business on a budget. So, this is perfect because what I would break down was my time and my money. My best use of my time is to be live broadcasting, building relationships; get on video in front of an audience. And then, my money, what I’m going to do is I’m going to spend about $100 in the tech tools I need to get going, and then $400 on a site like onlinejobs.ph to have somebody help me with the other little $10/hr jobs that I don’t need to be wasting my time on. So, I’d make sure I’d get somebody on board to help me do that. And as I’m building that community, I’m going to survey them immediately to see where are they struggling, what do they need, create this amazing premium, value packed and then try to sell them a really small mini course just to get some money in the doors and to get that flowing.
Interviewer: Fire Nation, this is a blueprint, a recipe for success. These are why you need to hit rewind a couple of times, listen to this through and through and say, “Hey. I can do this. It’s not so hard.” Let’s take action. Now Stacy, let’s end today on fire with a parting piece of guidance, the best way that we connect with you, and then we’ll say, “Bye-bye.”
Stacy Tuschl: Well, again, thank you for having me, and my parting piece of that advice is just really level up your business and whether that’s not with my community or another group out there, think how can you get out of you comfort zone today? How can you take your business to the next level and who do you need to help you do that? So, one other thing I want to give away, too, for free if you go to StacyTuschl.com/fire, I’ve got a couple different freebies on there for you. My Online Biz on a Budget and my first chapter of my book for free as well.
Interviewer: Fire Nation, you are the average of the five people you spend the most time with, and you’ve been hanging out with ST and JLD today. So, keep up the heat and head over to EOFire.com. Just type Stacy, that’s S-T-A-C-Y in the search bar. Her show notes page will pop up, and we’re talking best show notes in the biz. Time stamps, links to everything we’ve talked about. Check them out, and, of course, you can go directly to StacyTuschl.com. That’s S-T-A-C-Y-T-U-S-C-H-L.com/fire. And there’s a little gift waiting for you. So, take some action there. And Stacy, I just want to say thank you for sharing your journey with Fire Nation today. For that, we salute you, and we’ll catch you on the flip side.
Stacy Tuschl: Thanks, JLD.
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