54. Unlocking the Power of Branding: How it Can Supercharge Your Business or Real Estate Investments featuring Bill Faeth

Do you want to achieve success in your business or real estate investments? Are you searching for the solution to effectively brand and market your venture? Look no further, because in this discussion, our guest, Bill Faeth, will be sharing the key to attaining your desired outcome. He will provide insights on how to establish a strong brand presence and implement effective marketing strategies, ultimately leading to triumph in your business or real estate endeavours.

To achieve our goals, we have to set specific, measurable targets and keep score. Like watching a football game without keeping score, we won't be motivated to reach our North Stars. - Bill Faeth

My special guest is Bill Faeth

Bill Faeth is a seasoned entrepreneur with an impressive track record of success. With 34 years of entrepreneurship under his belt, he has bootstrapped 27 businesses and currently runs four active businesses generating 2.5 million in annual revenue through short-term luxury single-family home rentals. Bill's expertise and experience make him a wealth of knowledge when it comes to branding and marketing strategies for business success. His unique approach to building a business and life plan has revolutionized his own success, allowing him to achieve financial freedom and a balanced lifestyle. Bill's insights and practical advice will inspire entrepreneurs and real estate investors alike to hustle less and profit more. Get ready to dive deep into the world of entrepreneurship with the one and only Bill Faeth.

Bill Faeth, a seasoned entrepreneur and expert in branding and marketing, shares his personal journey and the importance of branding and marketing when starting a business or investing in real estate. Bill's story begins with his involvement in the Entrepreneurs Organization (EO), where he realized the significance of surrounding himself with like-minded individuals who shared his drive for success. Feeling frustrated with underachievers in his group, Bill took matters into his own hands and formed his own Mastermind called Spark. Through this experience, he learned the transformative power of sparking inspiration in others, which led him to hire a chairman named John Bairdon to guide and mentor the group. John helped Bill and his peers focus not just on professional success, but also on building a fulfilling personal life. This shift in mindset allowed Bill to create a life plan that aligned his goals with his values, leading to a well-rounded and prosperous existence. By setting specific and measurable goals, grading his daily progress, and fostering open communication with his family, Bill was able to achieve financial freedom and create a harmonious work-life balance. Through his journey, Bill emphasizes the importance of effective branding and marketing in building a successful business or real estate portfolio.

In this episode, you will be able to:

• Learn how to build a strong community and surround yourself with like-minded individuals for increased success in entrepreneurship and real estate investing.

• Discover the importance of being present in all aspects of life, including business, family, and personal development, and how it can positively impact your entrepreneurial journey.

• Find out how having a mentor or coach can accelerate your goals, ignite personal growth, and help you overcome obstacles on the path to success.

• Understand the power of staying in your genius zone and focusing on your strengths when starting a business or investing in real estate.

• Learn the significance of effective branding and marketing strategies in creating a strong foundation for your business or real estate ventures.

Setting the stage for success in any entrepreneurial venture starts with effective branding and marketing strategies. This isn’t just about having a catchy logo or a slick website, it’s about creating a unique identity that resonates with your target audience and differentiates you in the market. This process involves deeply understanding who your ideal customers are, what their needs and pain points are, and then positioning your product or service in a way that appeals to them and offers a unique solution. It’s also about consistently communicating your brand's message through different channels to reach and engage your audience.

Bill Faeth, with his astuteness in business development, shared his own experience in these areas. According to Bill, the first step in any business venture, particularly real estate investment, should be to understand who your ideal buyer or guest is. It's about tailoring your offering to meet the needs of your target audience. Only then can you position your property or product in a way that appeals to them. This strategic approach simplifies the marketing and sales process and sets the stage for a thriving business.

Success in entrepreneurship requires clear goals and effective record-keeping. These elements serve as a roadmap, guiding the business towards its desired destination. By establishing specific, measurable, and time-bound goals, entrepreneurs can chart a clear path towards achieving their aspirations. Coupled with diligent record-keeping, these goals allow for effective tracking of progress and performance over time. Such transparency helps identify shortcomings, plan for improvements, and measure success against predetermined standards.

Bill Faeth's take on this nuanced aspect of entrepreneurship echoes its importance. He used an apt analogy of landing a plane to illustrate the need for specific goal setting, emphasizing the value of concrete targets. Bill also presented his own objectives, like his cash flow and property acquisition goals, painting a vivid picture of this theory in action. His meticulous approach embodies the significance of setting definitive goals and keeping score, acting as a handbook for achieving entrepreneurial success.

In the entrepreneurial journey, it's often tempting to sacrifice personal life at the altar of business growth. However, maintaining a balanced perspective is crucial for sustainable success. After all, a thriving business doesn't guarantee fulfillment if personal relationships are strained, health is neglected, or leisure is deprecated. Thus, a harmonious work-life balance paves the way for comprehensive success, simultaneously enriching personal life and fostering business growth.

Reflecting upon this principle, Bill Faeth shared his approach of consciously carving out more space for his family life. His priorities revolve around reducing his work load to be more present with his loved ones. He believes in taking frequent breaks for travel and leisure, valuing his personal wellbeing equally to his professional success. This focus on cultivating a balanced life, where success is not defined solely by economic gains but is balanced by personal happiness, emphasizes the essence of true entrepreneurial success.

Recognizing opportunities in real estate investing is more than just buying property and renting it out. It requires an in-depth understanding of the market, a keen ability to track trends and consumer behavior, an eye for unique properties, and a readiness to seize opportunities. Further, it's about being present in every transaction and endeavor, physically and mentally, to make informed decisions.

During the podcast, Bill voiced this tenet through his unique approach. Contrary to some real estate norms, he aims to own the least amount of property, shedding light on the importance of tactical investing focused on appreciation and cash flow instead of mere acquisition. In addition, he illuminated the significance of standing out, hinting at the middle ground disappearing in a polarized industry. His insights underscore the prowess of seizing the right opportunities and being fully present in real estate investing, distinguishing him as a thought leader.

The resources mentioned in this episode are:

• Visit the Hustle Less, Profit More podcast with Mickey Anderson to listen to more episodes and gain insights on revolutionizing success in business and life.

• Check out Bill Faeth's 27 businesses and learn more about his experience and expertise in bootstrapping and generating revenue in short-term luxury single-family home rentals. Learn More.

• Join the Entrepreneurs Organization (EO) to connect with like-minded individuals and participate in forums and retreats that can help you grow personally and professionally.

• Consider starting your own Mastermind group, like Bill did, to surround yourself with motivated and successful individuals who can inspire and support you on your entrepreneurial journey.

• Create a life plan to align your work and personal life goals, defining your retirement, desired work schedule, and other important aspects of your life.

• Develop a weekly planning routine that ties into your five-year plan and retirement goals, ensuring that you are making progress towards them.

• Use a planner like Bill's, which includes daily grading of discipline, commitment, goal rating, and productivity, to keep track of your progress and stay accountable.

• Schedule regular meetings with your spouse or partner to audit your decision-making and execution, discussing everything from family matters to financial goals

Timestamped summary of this episode:

00:00:00 - Architecting Our Outcome,
Bill emphasizes the importance of surrounding ourselves with the right people and intentionally shaping our desired outcomes in various areas of life, including finances and personal relationships.

00:02:05 - Finding Work-Life Cohesion,
Bill shares his experience of struggling to balance work and life as an entrepreneur. He highlights the significance of integrating work and personal life cohesively, rather than trying to separate them, and explains how he learned to do so through a structured life planning process.

00:05:16 - Setting Goals and Keeping Score,
Bill discusses the importance of setting specific goals and measuring progress towards them. He emphasizes the need to keep score and evaluate decision-making and execution regularly. By doing so, he has been able to achieve financial readiness for retirement and align his personal and professional life effectively.

00:07:23 - The Power of Intentional Planning,
Bill reflects on his entrepreneurial journey spanning 34 years and how restructuring his life in 2015 brought him more financial success and free time. He highlights the importance of intentional planning for both business and personal life to achieve desired outcomes.

00:09:01 - Open Communication and Feedback,
Bill emphasizes the role of open communication and seeking feedback from loved ones in assessing personal performance. By asking for grades and feedback from his wife and children, he gains insights into areas where he can improve as a father, husband, and partner.

00:12:33 - The Importance of a Supportive Mentor,
Bill Faeth shares how meeting John Bairdon, a mentor who saw his relapses and helped him avoid regrets, became like family to him. He emphasizes the importance of having a coach or mentor in achieving success.

00:13:23 - Teaching Kids Clear Communication,
Bill admires how Mickey teaches his kids to clearly communicate their expectations and experiences. He believes this skill creates great communicators and plans to implement it with his own children.

00:14:30 - The Need to Turn Off Work,
Bill discusses the importance of being able to turn off work and have a work-life balance. He compares it to the concept of flow state in entrepreneurship, where one can only be effective if they can also turn it off.

00:15:35 - Learning to Turn On and Off Focus,
Bill shares his experience working with a sports psychologist and learning to turn on and off his focus while playing professional golf. He emphasizes the importance of finding strategies to switch between work and personal life.

00:17:33 - All Successful People Start Somewhere,
Bill discusses the misconception that successful people know everything from the start. He highlights that everyone learns through experience and from others, and successful individuals also face struggles and challenges. He emphasizes the importance of surrounding oneself with overachievers and creating a strong team.

00:25:08 - Recognizing Opportunities and Being Present
Bill Faeth emphasizes the importance of recognizing opportunities in life and taking hold of them, regardless of one's background or circumstances. He also discusses the significance of being fully present and engaged in the moment, both in personal and professional aspects of life.

00:26:54 - The Power of Being Present
The host points out Bill's exceptional presence and focus during their conversation, highlighting its role in his entrepreneurial success. Bill agrees, stating that being fully present is not only important for business but also crucial as a father and a husband.

00:28:57 - The Impact of Being Present at Home
Bill shares his personal experiences, including the absence of his father and the realization that he was not fully present for his family while engulfed in his previous business. This realization prompted him to prioritize presence at home, which later extended to his professional life.

00:31:57 - Architecting Your Future
Bill discusses the process of designing one's future and setting specific goals. He emphasizes the importance of being precise and avoiding vague aspirations. By visualizing and planning for the future, individuals can make intentional decisions and work towards their desired outcomes.

00:34:39 - Balancing Business and Personal Life
Bill reflects on the need to find a balance between work and personal life. He shares a personal anecdote about neglecting vacations and realizing the importance of taking time off with family. Balancing financial goals, personal fulfillment, and spending quality time with loved

00:37:44 - Creating Experiential Experiences for Employees,
Bill discusses the importance of creating intentional and experiential experiences for employees, using his own example of planning a trip to Glacier National Park with his photographer. He emphasizes the need to be intentional and specific in building relationships with employees, just as we do with our children.

00:38:36 - Standing Out in the Real Estate Space,
Bill shares his perspective on the real estate industry, highlighting the importance of standing out in a crowded market. He suggests that real estate investors should either focus on super luxury properties or bare bones, high-volume properties, as the middle ground is becoming less relevant in today's society.

00:39:58 - Adapting to a Changing World,
Bill acknowledges the need to adapt to a changing world and shares his experience of purchasing a townhouse condo near Glacier National Park, despite previously preaching against it. He emphasizes the importance of being intentional and flexible in decision-making.

00:43:20 - The Importance of a Seat at the Table,
Bill emphasizes the importance of giving employees a seat at the table and valuing their opinions. He shares his own growth as a manager, realizing that employees don't always have ownership mentalities and that the best employees are those who feel heard and valued.

00:45:14 - The Value of Coaching,
Bill emphasizes the value of coaching and having someone to guide and challenge you. He shares his own experience with a coach who helped him transform from a bad manager to

00:49:23 - Unexpected Encounter with Mike Michalowicz at the Wild Horse,
Bill recounts his surprising encounter with Mike Michalowicz at the Wild Horse. They chat briefly before Mike goes on stage for his gig.

00:50:04 - Unplanned Jam Session with Luke,
Bill's friend Avery Carl introduces her husband Luke, who turns out to be a DJ and short-term rental owner. They start jamming on guitars backstage and even play Metallica's "Enter Sandman."

00:50:22 - Mike's VIP Session on Mnemonic Memory,
Mike surprises Bill and his VIP guests by offering a 45-minute session on Mnemonic Memory. He stays with them for three hours, connecting and teaching them the technique.

00:51:40 - Building an Inner Circle of Rock Stars,
Bill emphasizes the importance of surrounding himself with high-caliber individuals. He values connecting with giants in the industry and shares his desire to bring them into his community.

00:54:22 - Focusing on Your Genius Zone,
Bill discusses the importance of focusing on your strengths and finding support for areas outside your genius zone. He shares his expertise in marketing, sales, and coaching, while outsourcing other tasks to specialists.

01:01:56 - Connecting with Bill Faeth,
Bill Faeth shares that he can be easily found online by Googling his name. He encourages listeners to join his Mastermind group, which he considers the best in the short-term rental and investing space. Building a tribe of like-minded individuals is essential, especially during challenging times like COVID-19.

01:02:30 - Importance of the Mastermind Group,
Bill emphasizes the value of being part of a Mastermind group and the support it provides. He suggests connecting with him on Instagram, but recommends joining the group for a strong community of individuals who share the same passion and can offer guidance and answers to questions.

01:03:01 - A Passion Beyond Short-Term Rentals,
Bill expresses his gratitude for the conversation that went beyond discussing short-term rentals. He believes that personal growth and mindset are essential for entrepreneurs and emphasizes the importance of finding your passion and surrounding yourself with a supportive community.

01:03:33 - Closing Remarks and Gratitude,
Mickey thanks Bill for his generosity and inspiring conversation. Bill reflects on the length of the conversation and his appreciation for discussing topics beyond short-term rentals. Both express gratitude for the opportunity to connect and share their insights.

01:04:18 - Closing and Call to Action,
The episode concludes with a thank you to listeners and a reminder to rate and review the podcast. The host invites listeners to join them in future episodes as they explore more keys to defining and achieving success on their own terms.

Connect with Bill Faeth here:

• Bill Faeth

• The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508

• Build STR Wealth: https://buildstrwealth.com/