Today’s guest is Richelle Shaw. Richelle is the founder of multi-million dollar businesses and author of the books “Million Dollar Equation”. Richelle is on a mission to help black women change the world by teaching them to build million dollar businesses. She believes that mentoring black women will have a ripple effect and can eventually change the world. Richelle has seen much success on her journey – building several million-dollar businesses of her own. Today, she focuses on inspiring others to overcome fear and take risks as entrepreneurs. In this chat with Rosetta, Richelle shares tips and strategies you can implement to take your business to the next level. If you’re ready to build your million-dollar business, this is an episode you don’t want to miss.
Building a million-dollar business in 4 steps.
Richelle has seen success and setbacks on her journey. Because of her own experience, she is able to convey straightforward tips you can put into place in order to set the stage for success. Richelle shares the “4 S’s” of building a million dollar business. As simple as it may sound, Richelle is clear that it takes a great deal of hard work and persistence to truly see results. In her own journey, Richelle saw early success with a long distance telephone business. She lost her business after 9/11, but Richelle decided to press on and build a new business. Her goal was to have the freedom to raise her daughter and spend quality time with her. After 2 family tragedies, Richelle was inspired to dedicate herself to creating the life she dreamed of with her daughter.
Figuring out what problem you solve and building your business around that.
As Richelle explains, step 1 of building a million dollar business is figuring out what problem you solve. In her own businesses, she quickly realized her niche was helping others build successful businesses. It became even clearer when she helped a doctor who approached Richelle in search of help building his practice. After seeing the practice grow 3-fold in less than a year, Richelle found her calling. This laid the foundation for her book, “Million Dollar Equation” and allowed her to connect with a broader audience than ever before. Richelle was seeing the possibilities of her mission and dedicated herself to working with entrepreneurs who were ready to take it to the next level.
Working hard and creating freedom in your life.
When Richelle started the journey of building businesses, her main goal was to create a life of freedom with her daughter. She wanted to be able to take her to school and spend quality time with her. Richelle shares what her typical day looks like and dives into some useful tips to apply to your own life. She explains how she is able to run such a successful business in just 6 hours a day and gives us her million dollar tip. Rosetta goes on to discuss her “Green List” and how she prioritizes her day and stays focused.
Why you need to see the possibilities in order to succeed.
Before you can build a million-dollar business, you have to see the possibilities. Richelle explains the value of knowing what it costs to get a customer so you are able to scale and why it’s okay to get help with things that don’t make you money (like housework). Her conversation with Rosetta is frank and straightforward, which provides much inspiration for entrepreneurs on the cusp of breaking through to the next level. As they close out their chat, Richelle shares some books that have inspired her along her journey and a few final tips to help you get started. Taking things to the next level certainly takes a lot of work, but Richelle makes it clear that anything is possible if you’re willing to do whatever it takes.
Outline of this great episode
- [0:44] Rosetta’s introduction of her guest, Richelle Shaw.
- [1:33] Richelle and Rosetta discuss how they first met.
- [3:12] Richelle explains what she does and her mission.
- [4:54] The details of what Richelle does.
- [9:00] Michelle breaks down the steps to building a million-dollar business.
- [12:55] The basis for Richelle’s million-dollar business.
- [20:52] How Richelle organizes her day to stay focused and productive.
- [25:04] Focusing on what’s really important.
- [28:21] A book that has inspired Richelle along her journey.
- [31:54] Seeing the possibilities.
- [36:10] How to connect with Richelle.
Resources & Links mentioned in this episode
BOOK: “Million Dollar Equation”
Richelle Shaw’s website: www.RichelleShaw.com
About Richelle Shaw
Richelle Shaw is the leading expert and authority in building successful million dollar businesses. Richelle’s experience comes from building her first business from $300,000 to $36 million, generating more than $100 million in sales in less than 3 years, then losing it all after the 9/11 World Trade Center Tragedies.
Richelle successfully rebuilt her million dollar company in approximately 5 months as reported in USA Today, Smart Money, Entrepreneur Magazine, Black Enterprise and many others.
As the only female African American public utility owner in the nation, Richelle has won local and national awards including
• Top Woman Entrepreneur of the Year 2010
• Woman Marketer of the Year 2010 from Glazer-Kennedy Insider’s Circle of 20,000 members
• Unstoppable Woman from the Women’s Leadership Counsel
• Top 25 People to Follow on Twitter from Become Your Own Boss Network
• Top 10 African Americans to Follow on Twitter 2011 from Black Enterprise Magazine.
• Nominated for the GreenLeaf Award
• Top 40 Under 40 when she was 27
Best Selling Author
Richelle documented her $36 million dollar utility company success by writing the book, How to Build A Million Dollar Business in Las Vegas- Without the Casinos which became a best seller and catapulted her to an in-demand consultant. Richelle’s latest book, The Million Dollar Equation for Doctors breaks down her 4 money-making core principles of building any medical practice.
Richelle’s first consulting client, was an OB/GYN. When approached to help this physician grow his practice, Richelle resisted by saying, who wakes up and says, I can’t wait to go to the gynecologist? BUT, as an outsider Richelle was able to see things others didn’t. She created over 38 systems in his business to increase revenue from $384k to $1.2 million in 9 months.
There’s no industry that Richelle can’t walk into and see money just laying there ready to take to the bank. Businesses like Sport Court in Las Vegas. Their belief limitation had them stuck at sales of $80,000 per year. But after being coached by Richelle they grew to $1.2 million in 3 years with the owners being able to take more time off with the family.
Since 2007, Richelle has successfully mentored over 12,140 men and women in her international coaching program designed to help take business ideas and make them a business reality.
Her keen understanding of business and systems is the magic behind her coaching and implementation success. She is a sought after marketing consultant for medical practices – working with them to find untapped gold in their practices to take them from insurance-pay to cash-pay and increase their profits by multiple six figures.
Guest Content Writer
Richelle is also an expert content contributor on multiple banking, and authority internet sites such as Citibank Small Business, Wells Fargo Online and featured in over 30 publications including Inc, Entrepreneur, Black Enterprise, Smart Money, plus the covers of Collection Advisor, Mom’s In Business and MOMEO Magazines.
TV Personality in Las Vegas
From June, 2012 – October 2013, Richelle served as the President of the National Association for Moms In Business representing 15 million Moms in Business and is now the featured Money expert – aka The Money Honey for the #1 Morning TV Show Fox local affiliate MORE Show. The Celebrity Finance Expert for Yahoo.com and AOL.com
High Demand Speaker
Booked often to speak to audiences of business owners as large as 3,000. There’ never a dull moment when Richelle takes the stage. Her unique sense of humor has them laughing and writing as fast as possible to take back easy-to-implement money-making ideas in their own businesses. It doesn’t matter the business or industry – Richelle always delivers.