Read These 5 Books Before You Start Your Business
If you're a business leader, chances are you read a lot. As Harry Truman says, "Not all readers are leaders, but all leaders are readers." And that couldn't be more true.
Before I jumped out there in the world of owning my own business, I read a LOT of books. If someone had a book recommendation on business, I read it. I wanted to know it all - how to do finances, how to be a leader, how to deal with imposter syndrome, etc.
Here's a list of the 5 books I've found to be most helpful (and actually implemented myself). Whether you're just starting out or if you've been at this entrepreneur thing for a while, these books are guaranteed to propel your business in the right direction.
1. PROFIT FIRST by MIKE MICHALOWICZ
If you run a business, read. this. book. You are doing yourself a disservice as a business owner if you don’t bring home a profit every month. You're the business owner! You can and should be making a profit!
There are too many entrepreneurs that work 60+ hours a week and have nothing to show for it. I'm guessing part of the reason you started your own business was so you could make more money....right? This book will show you how to do it.
We’ve always been taught "Revenue - Expenses = Profit.” But Michalowicz turns the formula on its head and says "Revenue - Profits = Expenses.” Why? Because you're guaranteed to make a profit every single time.
"But! I'm barely making it as it is!"... Then you are the ideal person who needs this book. When we have a surplus, we live as if we're a king spending money left and right. When we have little? Amazingly, we can be very creative to find ways to make our money last.
Michalowicz has a knack for making a rather dry topic (“numbers”...blah) very entertaining and informative. His humor is woven through the book and he gives plenty of testimonies from real entrepreneurs that have implemented his plan and profited from it. Don't skip this book. And if you need help implementing it, I'm also a financial coach and would love to walk you through it.
2. ATOMIC HABITS by JAMES CLEAR
A lot of people think that big success requires doing something big. But that's actually not true. Tiny changes over time equal big results. Whether it's stocking away a little money here and there or cutting calories a little at a time, do it consistently and over time you'll see big results.
Clear uses the example of two airplanes that leave LAX headed for NYC. One pilot adjusts his route by 3.5° south. That's a very small shift in direction. Probably won't make much of a difference, right? Wrong. The second pilot ends up in Washington D.C. while the first one lands in New York. A very small difference done consistently over time (flying across the US) had a huge effect in where that pilot ended up.
Want to make a change? Focus on the identity, not the outcome. The goal is not what you will become (the outcome), instead the identity you take on to achieve the outcome. For example, the goal isn't to run a marathon. The goal is to become a runner. What daily habit will you adopt to create a transformation?
3. BUILDING A STORYBRAND by DONALD MILLER
This book has shaped every aspect of marketing my business. From the emails I write, to the copy on my website, to the words in my blog posts. Most websites have huge paragraphs of text about things no one is interested in. And if no one is reading your website, then no one is buying your product/service. That's a problem!
Miller (great last name, btw) says that if you confuse, you lose. He says your website should be able to pass the grunt test. What's the grunt test, you ask? If a caveman came to your website, he should be able to know what you do just by quickly looking at your site.
When someone lands on your website, you have 5 seconds to answer these three questions:
What do you offer?
How will it make my life better?
What do I need to buy?
Make it clear and simple. If you're a builder, you wouldn’t want to say "We create affordable, award-winning living spaces." Instead, say "We build quality homes without the stress." Much more clear and to the point.
4. BUSINESS MADE SIMPLE by DONALD MILLER
Can you tell I like Donald Miller? This book is similar to Storybrand, in that it touches on the marketing component, but it goes a step further to talk about leadership, personal productivity, and business strategies (to name a few).
This book is 60 bite-sized lessons in business with a short, daily video to accompany each lesson. He talks about how a lead generator will grow your business, why you need a drip campaign, and how to write a one-liner that generates sales.
There's also a corresponding podcast which is great (and one for Marketing Made Simple, too).
Miller himself makes the claim that this book is more valuable than a business degree. I don't disagree.
5. ENTRELEADERSHIP by DAVE RAMSEY
Want to learn about business? Why not learn it from the guy who's built a multi-million dollar company completely debt free from a card table in his living room. You probably know Dave Ramsey as the guy that writes books on how to get out of debt, but this book is all about how to be a leader in your company.
Have employees? Then this book is especially for you. How to hire employees, train them, encourage them, and even fire them (if necessary). Entreleadership is all about how to inspire your team to take ownership, unify your team, and eliminate all gossip (yes, please).
After reading this book you'll understand why Ramsey Solutions has been voted one of the best places to work in Nashville over 10 times.