Failure Is Your Trampoline to Success with Rich Moyer

0:02Who's ready to rock today, Fire Nation? JLD here and welcome to Entrepreneurs on Fire, brought to you by the HubSpot Podcast Network, the audio destination for business professionals with great shows like Creator Science. Today, we'll be breaking down why failure is your trampoline to success. To drop these value bombs, I am brought to Rich Moyer and to EO Fire Studios. Rich is a PGA professional turned serial entrepreneur who started his first company at 25. Since then, he has owned, operated, exited, and acquired companies and is currently franchising one across the country. And today, Fire Nation, we'll talk about daily motivation.

0:39We'll talk about how failure helps you succeed. We'll talk about not being a micromanager. And we'll talk about building great foundations and so much more. And a big thank you for sponsoring today's episode goes to Rich and our sponsors. Artificial intelligence has made a splash in the headlines and for good reason. The digital landscape is changing quickly and AI is a huge part of that. If you're feeling behind the curve, don't worry. HubSpot has got your back. HubSpot's AI power tools, including their content assistant and chat spot, are a perfect place to start learning the power of AI. Here's how they work.

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1:53Factor is America's number one ready-to-eat meal kit delivered straight to your door. Treat yourself to more than 34 weekly restaurant quality options ready in just two minutes. Head to factormeals.com slash EOFire50 and use code EOFire50 to get 50 % off. That's code EOFire50 at factormeals.com slash EOFire50 to get 50 % off. Rich, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with? What's up, Fire Nation? Really two things. I think a lot of people think that entrepreneurship's for everybody. I've come to realize that it is not for everyone and it takes a very unique personality and perspective to be a successful entrepreneur.

2:43Second is definitely being people believe that it's all about the money. In reality, there's always a bigger purpose behind every entrepreneur. They have a why. What gets them out of bed every morning. Some people's whys are different, but it really comes down to what their true purpose is. And I guarantee you the money is just a way to keep count. It's not their main purpose. Rich, you've led quite the life, which we talked about in the introduction. And as Fire Nation knows, we're talking about how failure is your trampoline to success. And the reality is being able to maintain daily motivation every day.

3:19It's really hard to do, but you subscribe to that philosophy. You're a big believer in it. You practice that. So I want to talk about why perspective is so important to our daily motivation. For sure. For me, my perspective on life really changed about when I was seven years old. I lost my baby brother to brain cancer. Actually, today would have been his 31st birthday, but But to watch a two-and-a-half-year-old wake up every single day in a hospital fighting the worst disease in the world, I started to really realize, like, you know, your perspective on life has to change because we are fortunate enough to get up every single day in our own bed next to our wife or next to our family and go do the things that we love to do.

4:02He taught me more about life in two-and-a-half years than anyone ever could in 35 years. So the motivation of just being able to wake up in your own bed, and if you have the right perspective, you really start to realize that 99 % of Americans are super fortunate to be able to wake up healthy with their family, get out of their own bed, and do what they wish to do every single day. We don't wake up saying, well, this be the last day that I get to see my family or see my parents. And in today's world, I don't think people really know what stress is. I don't think people really know what true problems are.

4:37when you realize that there are kids and adults who are battling for their life every single day in the hospital, your perspective really does change and you begin to appreciate how special life is. So my perspective motivates me just because it keeps me positive. And at the end of the day, when I wake up, I know that I'm fortunate enough to wake up and help people that are around me, build people that are around me and drive positivity into every single brand that I own and into the employees. So my bad days, everybody has them. My bad days really, really get to be really good days when I start to look at the perspective and understand that one day I watched my brother with a smile every single day on his face, but he never left the hospital.

5:21So that really, really is the reason that perspective is important to my motivation. I lived a pretty privileged life myself, and I really didn't gain anywhere near the kind of perspective you're talking about until I was 23 years old. And that's when I was actually deployed to Iraq for a 13-month tour of duty and got to see a lot of things that were really traumatizing and were really difficult and gave me, you know, finally, after all those years, perspective on just how lucky most of us are most every single day. And I go back to those days in Iraq when I'm having a bad day here in Puerto Rico.

6:01And I'm like, man, perspective, like let's keep things in perspective here because, geez, I mean, you know, the best day in Iraq, you know, is still worse than the worst day that I've experienced in a long time here in Puerto Rico. So that's huge. Fire Nation, a lot of us, you know, can draw from somewhere in our past having something like that. But keeping that, you know, front of mind when you need it is super valuable to have. And I want to kind of shift to failure now, Rich, because you failed in big ways throughout your life. And I want to talk about how failures actually helped you succeed.

6:36Failure to me is really giving me all the success that I've ever gotten and will continue to have. I'm a big believer that if you're not failing, you're not learning. And if you're not learning, you're not going to be growing. And as an individual and as a business, I think you as an individual have to fail. Your business has to fail. Your employees have to be comfortable with failing and you have to feel comfortable giving them the ownership in their position to be able to go make mistakes and learn from them. So I truly believe that your trampoline to success is failing. If we're not failing, we're definitely not learning and we're just staying stagnant.

7:14And I think that's the biggest fear for most people when they want to start their own business or start their own thing is they fear to fail. And if I was to ever fear failing, there's no chance that I would be where I am today. And every time that I failed, I learned more than I could ever imagine. So failing is the most important thing to be successful. And I think if people can get over the fear of failing, they will give themselves a lot more opportunity and a lot more growth. And it's a pretty simple thing to be able to just put in your mind, like, I need to fail to grow. If not, I'm really not living.

7:52You mentioned that your employees need to understand that failure is part of it and not be afraid of failure. And I want to talk about that because so many entrepreneurs are micromanagers. I mean, they suffocate their employees, giving them the wrong form of motivation. You actually give your team ownership in their position, and it's really helped you grow exponentially. So let's talk about how you've implemented this. Given my managers, my director of marketing, his team, and really just giving them ownership in their position, not necessarily equity in the company, but ownership in their position to say, I want you to go do everything that you know how to do, try things that you normally think wouldn't work.

8:33Because especially on the marketing side, what we one or two people believe will be really, really good for our brand, the masses of people that come into our doors every single day may not agree with that. So throw spaghetti at the cabinet and see if it sticks. If it sticks, let's keep doing it. If it doesn't, that minimal failure or that minimal loss is only going to allow us to learn from it and grow from it. So giving them ownership in their position, one, takes away all the micromanaging that you would ever not want in any owner or manager. Two, it gives them the ability to feel like they have something of their own.

9:10Even though it's just a position in the company, they feel like this is my baby and I'm going to run this the best that I can run it. And then three, if they do fail, it's, you know, it's never, why'd you do that is, Hey, what'd you learn from it? What can we do better next time? And let's go ahead and move forward because that's just, you know, one out of a hundred things that we did that week or that day, 99 % of them were successful. We're, we're batting, you know, we're batting pretty good. So I just think given the employees, the ability to take ownership in their position, let them run free with it, and then just be there to support them, whether if things are going good or things are going bad.

9:45and that has allowed me to retain employees from day one when I opened my business seven years ago and having other employees with my ice cream shops that I opened in 2016 that have been with us since day one. And Fire Nation, isn't that the kind of business that you want to run? Don't you want to run a business where your employees are passionate, are motivated to succeed, are feeling a sense of responsibility because you've given them ownership, because you've given them freedom to operate, to be proud of their accomplishments and to really, you know, feel bad on their failures because the failures are on them.

10:20They can't just turn around and be like, well, I just have only been doing what you've told me to do. So like, that's why I'm failing. Like it's not my fault. No, they have to take ownership for their failures. Just like they can take pride in their successes because you're giving them the opportunity to do those things. And we have some really cool things around this topic to talk about when we get back from thanking our sponsors. Success story hosted by Scott D. Clary is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Success Story features Q &A sessions with successful business leaders, keynote presentations, and conversations on sales, marketing, business startups, and entrepreneurship.

10:56One of Scott's recent episodes was with none other than Jack Canfield, where they discuss adapting to life's twists and turns. Listen to Success Story wherever you get your podcasts. We're all experiencing some economic uncertainty right now. And if you're hiring, this is extra apparent now more than ever. It's important to hire the right people from the start. And thankfully, there's a hiring partner who is focused on you and your needs, ZipRecruiter. From pricing to technology, everything that ZipRecruiter does is for you and what works best for you. And right now, you can try them for free at ziprecruiter.com slash fire.

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13:17That's code EOFire50 at factormeals.com slash EOFire50 to get 50 % off. Rich, we're back, and you believe that it's critical to have a great foundation in business in order to have a thriving business, which of course is what we all want as entrepreneurs. We want our business to thrive. So how can we establish this foundation of rock? Yeah, I think it's very simple. Just without a strong foundation, you're always going to be picking up the pieces and taking four or five, six steps backwards. So if you can plan from day one to create a very strong foundation and a strong team, you won't be stuck in the day-to-day operations.

14:03Obviously, you need to learn the ins and outs early on in your business and do everything you can and you wear a lot of hats. But if you can build the foundation early from day one, you have that foundation to just build blocks on top of that. If you don't build it super early, then yes, you are going to be falling backwards. There's going to be cracks in the foundation. There's things that are going to happen that slow you down, slow down your growth. Now, there's always going to be things, no matter how strong your foundation is, because business is just not predictable. But the stronger you build it from day one.

14:33I've always tried to build my companies as if they were multi-million dollar companies or companies with 50 plus locations from day one so that the systems and policies are in place and the foundation is strong. It's easy to just fly from the seat of your pants and start a business and just trying to figure out as you go, which there's some people out there that push that, you know, just go do it and figure it out. But I think that it's very important to try and have that foundation as strong as possible. And the ability to have a team that also fits that foundation is super important. That's just how we started our self-serve taproom, which is a high-tech taproom called Hoppin.

15:16We started all corporate locations, but I built a strong foundation, put the policies and procedures in place, which has allowed me to easily transition into franchising across the country. Now, I want to talk about what you think people make mistakes on the most when they're looking to build that great foundation. You just shared a lot of things that people are doing right, but what's one thing you see over and over again that people do wrong when it comes to building that foundation? Don't plan accordingly in the beginning. Just taking a little bit of time, extra time in the beginning to really focus on the structure of the company, the foundation of what do I need in place to actually to grow this company?

15:59And think instead of thinking small of one location, what do I what does my foundation need to look like if I have 50 locations? Or what does my foundation need to look like if I'm doing 5 million or 10 million dollars a year? If you can envision that early on, you can start to build a bigger, stronger foundation than as if you just say, what is it going to look like if there's just one location? So I think just having a better vision early on of what your goals are and where you need to be, and then building backwards from that. Let's talk about franchising, because a lot of people misunderstand the process of franchising completely.

16:35So, I want to talk about why someone would choose the franchise route over growing corporately. Absolutely. I mean, most people that are getting into the franchise world have either been in corporate America for a long, long time, or they sold a business and they don't want to start from scratch again. The reason that Hopin started as a corporate-owned business is because it was originally just focused on a Charlotte location, a very smaller regional location with a couple locations. But as we grew, we realized that the opportunity to franchise across the country was there. And the franchising model that we have is very simple, but the upfront cost is$750 to a million to open up the door.

17:21So to expand corporately across the U.S. would be very expensive and we'd have to raise a lot of capital, give up a lot of equity. Whereas if we franchise, we can expand quickly with multiple franchisees and give the ability for people across the country to, say, leave corporate America or start their first business or whatever it may be to kind of have their own freedom. And franchising gives individuals the freedom to jump into a business, but have a support, a proven model, and the ability to start a business, but have so much people behind you and teams behind you and support and policies and procedures in place that it should be pretty easy to run.

18:03But it is still owning your own business. So you still got to wake up and be very passionate about it. Rich, you shared a lot of really cool things, especially when it's talking about failure and how that is your trampoline to success. What is the one key takeaway that you really want to make sure Fire Nation gets from our entire conversation today? As anybody that's out there that's listening and they're getting to a point where they want to jump from corporate America or want to start their own business, I'm a big, big believer that you just, you have to get up and take action. take action start making a plan and go do it I've been a big believer that if I'm going to sit here and read books or look back and ask you know how do I do it how do I do it I'm never going to actually go do it and having an idea is great but if you don't go execute and actually take action you're going to be stuck in the same position today as you were two years ago five years ago and you will be in that position for the next 20 years so just feel comfortable to fail and go do it How can Fire Nation connect with you?

19:12What is your call to action for our listeners today? Feel free to follow me on LinkedIn. It's just my name, Rich Moyer. I'm located in Charlotte, North Carolina. You can follow us on social media. My Instagram is rich underscore Moyer. And then if you want to follow any of my companies, all of them are listed in my bio on my Instagram. As far as business-wise hopping, we are franchising across the country. would love to showcase our brand and what we're doing. If anybody has interest in franchising or in a city that they think it is a good concept, we're expanding very, very rapidly across the US right now.

19:51Fire Nation, you're the average of the five people you spend the most time with. And you've been hanging out with RM and JLD today, so keep up the heat. And for links to everything we talked about, visit eofire.com. Type rich in the search bar. the show notes page will pop right up. And Rich, thank you for sharing your truth, knowledge, value with Fire Nation today. For that, we salute you and we'll catch you on the flip side. Thanks for having me. Hey, Fire Nation, a huge thank you to our sponsors and Rich for sponsoring today's episode and Fire Nation. Successful entrepreneurs are great at three things, productivity, discipline, and focus.

20:28That's why I created the Mastery Journal so that you can master productivity, discipline, and focus in 100 days. and we're talking step-by-step. Visit themasteryjournal.com and I'll catch you there or I'll catch you on the flip side. Success Story, hosted by Scott D. Clary, is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Success Story features Q &A sessions with successful business leaders, keynote presentations, and conversations on sales, marketing, business startups, and entrepreneurship. One of Scott's recent episodes was with none other than Jack Canfield, where they discuss adapting to life's twists and turns.

21:04Listen to Success Story wherever you get your podcasts. Factor is America's number one ready-to-eat meal kit delivered straight to your door. Treat yourself to more than 34 weekly restaurant-quality options ready in just two minutes. Head to factormeals.com slash EOFire50 and use code EOFire50 to get 50 % off. That's code EOFire50 at factormeals.com slash EOFire50 to get 50 % off.