Season 2 Episode 6: Re-release: Develop An Abundance Mindset For Business Success

Aug 18, 2022

In this exciting episode, I’ll talk about why Abundance Mindset is essential to your success.

Have you ever felt that your mindset was holding you back in business?

If you’re running your business with a scarcity mindset, hard work isn’t enough to succeed because you’ll pour all that effort into the wrong things.

Develop an abundance mindset, and with a commitment to constant learning.

It lets you see the value you have to offer. Which in turn, can create incredible opportunities to grow your business – and the income that comes with them.

Tune in to this podcast to get the strategy you need to leverage yourself, create multiple streams of income, and build your wealth portfolio…and then you can decide whether you want to work forever (I probably will!) or turn your career into a lucrative hobby.

Are you a busy physician looking to build additional income streams ? Get my 9 Business Ideas for Busy Physicians here —>
Hi, I'm Dr. Melva you're board certified radiation oncologist, and serial entrepreneur and investor. Welcome to the 1% code podcast. I help top income earners create multiple streams of income to support the career they love or the one they want to love. Again, learn more on the 1% code podcast. Hello.

Hello. Hello, and welcome back to another episode of the 1% code podcast. I'm your host, Dr. Melva board certified radiation oncology, physician, serial entrepreneur, and investor, and I help physicians and other healthcare professionals create multiple meaningful income streams so that you can work because you want to not because you have to.

So. How are you doing today? I'm so excited to be back on, live with you. I really do hope that you have enjoyed the guests that we have recently had on the podcast since launching and I wanted to kind of fill you in. I always like to update you with the entrepreneurial pursuits that I am doing along with my husband right now, as many of you know, we are multi franchise owners.

We own a cold stone Creamery location. We are doing a lease improvement build out of a second cold stone Creamery location. We are also subway franchise owners. So what have we been up to lately? Well, we have been working on syndications in real estate, so I'm super excited. If anyone has been looking to do passive income streams of investing in real estate and you haven't.

Started you'd like to learn more, especially about an opportunity to work with us. I love for you to reach out to me. The link to reach me will be below this podcast. And you can also find me on all social media accounts at Dr. Melva D O C T O R M E L V A. So we're really excited about that process, taking it to the next step and with the franchise.

We are currently working on construction and SBA loan funding. So it's been a lot of fun. It's been a learning process, but I really wanted to focus this episode on franchising. Okay. And it's, it's one specific access, you know, it's one specific aspect of the franchising that brought to mind this podcast episode that I want to share with you.

And what that is is that. I was reading this post in a physician group and all physician group. And another physician said, Hey, I'm thinking about getting into a franchise. And they named a couple that they considered really, really cool franchises. And I promise you, within 30 minutes to an hour, there had to be at least 50 to a hundred comments over 300 post engagements.

And the majority of them were just outright negative. Okay. So let me tell you why I want to talk about this little 1% code podcast. The reason I want to bring this up is because not only was I tagged once I was tagged multiple times to say, Hey, Dr. Melva or husband owned three franchises, they can chime in.

And my old self would have not chimed in because of a couple of things. Intimidation. Imposter syndrome and some self-sabotage have any of you experienced that. And let me tell you why, when you see a negative response to something, even if you know, there's another way to do it, even if you've had success yourself, it's your first block is to say, oh my gosh, everyone thinks this is bad or.

Maybe I shouldn't be doing this, or maybe I couldn't coach on this. Like people ask me all the time, like Dr. Melva, do you have a course on franchising? And I'm like, no. And there, and you know, these same people or physicians or other people are like, do you realize how much you can teach people? And I'm like, yeah, I know, but we do it differently.

And so when I was tagged on this post, I responded, I responded that, Hey, we do franchising differently. For example, We have very strict criteria in buying franchises. We have criteria to buy existing franchises. We're not always doing a startup. Now, our second Coldstone location as a startup, we also believe in a district manager type of management model.

We're not owner-operators my husband and I are now. The scoop and ice cream every day during the week and taking out door dash delivery orders, right. I'm not making cakes on the weekends. Have I done it before we first started? Absolutely. Was it fun when we first started? Absolutely. But that is not our model of success.

So we did things differently. And the other thing that I pointed out is. Everyone's in goal when you're getting into an income stream or a business opportunity or collaboration is not simply to make a lot of money. You know, one of the negative things are negative comments that someone said as well. You know, one, it takes a while.

Locations franchise locations to make money to the income from each location isn't as high and three. It's super hard to find employees. Okay. Let's talk about that. All right. So if you've ever considered franchising, yes, money's in the multiples. But my response to that is that it's not only the money that you're achieving from this franchise business opportunity.

There are other assets to owning a business. Okay. One. There are benefits even last year. And I think I've shared this on one of the episodes before. If you had an SBA loan, you got an additional six months of SBA payments, six months, and some people's SBA loans, their monthly payment, which is like a mortgage can be $3,000.

Multiply that by six months and tell me that's not a huge savings. Right. And then in 2021, the SBA came back and gave an additional two to three months depending on the business. And they ask VA loan. So there are benefits outside of yes. What can I make for profit per store? There are also benefits as far as leveraging and positioning.

We always talk about proximity is power. So who is in your inner circle? Who are you around when you're considering these different streams of income? And there's something to say that, Hey, I'm Dr. Melva, my husband and I are multi franchise owners that gets us into doors that we wouldn't get into. If we said, you know, my name is Dr.

Melva. I'm a full-time radiation oncology physician. I'm a mom. And occasionally I sell. You know, $10 worth of KRAS on the weekend. I mean, and not to knock, give yourself $10 worth of crafts. I will support you because I'm not in the crafty net, but it's a different conversation. So let me ask you, are you elevating your conversation?

Are you putting yourself into conversations? Are you having that mindset of abundance and growth or are you one of the people who are probably the group saying, oh yeah, one of my friends owned a franchise and they didn't make as much money as they wanted. So I wouldn't do that. Let me tell you about the people who wouldn't do it or the people who've never done it, or the people who couldn't do it.

Those are the people. That you have to be very careful from because some of them look like you, some of them sound like you, you have some things in common with those people, but what they don't have are the results that you hope to achieve. So the people that you should have in your network, the people that you should be listening to, whether we're talking about franchise success or any other.

Income success or people who have been before you they've been successful in what it is that you want to do. So, yes. If someone is looking to learn about franchises, I am more than happy to talk to you. Yes. If you want to coach with me, one-on-one about getting into the franchise business. I can do that.

But did I seek back into that imposter syndrome of saying, Hey, I can't do it. Hey, I'm not good enough. Even though we've had massive success as multi franchise owners, our first one in the pandemic, we increased sales over $100,000 in a single year. This does not have. Yes. Even me, Dr. Melva, with this much success, I had a moment, but I got over it.

Why did I get over it? Because I do personal development because I work on my mindset because I have a powerful network. Proximity is power because I am around other entrepreneurs. I am around other physicians that understand, and the reason for my tag or saying, Hey, Dr. Melva is here because they've seen my success.

And they understand that I do franchises differently than I do business dreams differently. So why did I want to share this with you today? I wanted to share this with you for a few things as physicians or other healthcare professionals or top income earners, you have achieved a lot. We all measure our success very, very differently, and there are different pathways to success.

So I don't really care. What way, what business idea you have to create an additional income while you're still working. You can have success in that, right? Every idea is not a good idea. But don't knock it until you've been with someone who has accomplished that goal in that particular pathway to success.

Right. And then two, you have to check your network, maybe you're in the wrong circles. Maybe you're allowing people into your mind into your thoughts that really aren't sophisticated enough or qualified enough to discuss these things with you. Right? So like for example, you wouldn't come to me to get advice on how to like.

I don't know, be like a bodybuilder. I am still working on like a six pack abs at 41. So you don't go to people for things that they're not, it's not their lane. Okay. And you have to step back sometimes and really think about who are you listening to, who has influence over your life. And then if the people that have influence over your life, aren't the right people.

You get to change. And I feel like I'm saying this all the time, nothing is permanent. We get to change everything. We can change our work situations to make them more flexible and fit our family needs. We can change our entrepreneurial, you know, path. So if you are an entrepreneur or you're a physician entrepreneur, and you are stuck, it is possible to get unstuck.

So anyway, I hope this brief episode was helpful. What I really wanted you to understand is that. There are going to be naysayers, regardless of where you are in your entrepreneur journey, there are going to be roadblocks. You are sometimes going to question who you are, what you've done, why it's worked for you, and if it can work for others and that's okay.

I want to release you from that guilt of feeling that way. Just like for me, I read it and I'm like, ah, I don't really know if I want to come. I can't tell you how much feedback I got. I can't tell you the response that was like, wow, Dr. Melva. That's an awesome story. I'd love to chat with you. That could help me.

Right. And other people who, you know, reached out in different ways to say, Hey, I saw the post that you did. I was actually thinking about this. And what you mentioned is how I was thinking about doing it. So there's someone out there who you can touch, you can help. So continue to serve, continue to work on what it is that you want to be doing.

And where does you want to be going? And just. You know, keep an eye out for those, those kinds of negative Nancys that may be in your inbox or maybe in your community that aren't serving you. So was that helpful? I would love to talk to you, reach out to me on any social media channels so we can chat and connect.

I'm always looking for new guests on the podcast. So if you are a top income earner, high net worth individual position, I would love to have you on. I see how you are following the 1% code and changing your life, elevating your financial stance so that you can work because you want to not because you have to.

All right, we'll see you on the next episode. Thanks so much for listening. Thanks for listening. If you enjoyed this episode and you'd like to help support the 1% code pod. Please share with others post about it on social media or leave a rating. And I would love your five-star review to get all the latest for me.

You can follow me on all social media channels at doctor spelled out D O C T O R M E L V a at Dr. Melva. And. I wanted to make sure that you and anyone else, you know, that would benefit from the 1% code podcast is a member of my private community on Facebook. The 1% code collective I would love for you to join me there, link in the bio.

Nine business ideas. For busy physicians to get your hands on it. Just go to again, that's, M E V a S F R E E O F F E R. Dot com. If you enjoyed this episode and you like to help support the 1% code podcast, please share with others post about it on social media, leave a rating, and I would love your five star review.

Thanks again. And I'll see you next time.
Are you a busy physician looking to build additional income streams?
Get my 9 Business Ideas for Busy Physicians here —>

Recent Episodes