BiggerPockets Business Podcast

107 Episodes

Reverse

105: The MOST Profitable Skill to Learn (From a $200M+ VC Investor) with Codie Sanchez

2021-04-2701:09:10

Successful business owners are addicted to building businesses, sometimes to their folly. For someone like Codie Sanchez, this isn’t a problem, but a superpower. Codie is a journalist, a venture capital partner, an angel investor, and an entrepreneur. She loves, as she puts it, “building herself out of a job”, which means creating businesses with huge potential, getting a team in place, and heading on to better things. Now, managing many millions of dollars, she has to look into which businesses are worth capital investments. Codie often advises business owners to act out of confidence, not fear, and consistently hire people that are better at their jobs than them. She places a very high value on having employees and workers who are competent and can help the team grow (as any smart business owner should). Codie mentions the most profitable skill of today and how she’s using that specific skill to grow her newsletter, Contrarian Thinking. She argues that in today’s society, the top level of hierarchies for time freedom and ideological freedom is financial freedom. If you can decide what you do, where you do it from, what you can and can’t say, and how to live your life, you have the ultimate freedom available. This episode delves not only into the life of a VC, but how small businesses can keep their loyal customers, grow their audiences, and repel those who aren’t a good fit for them. Regardless of the size of business you have, Codie presents great arguments for everyone about developing yourself, your business, and your mindset. In This Episode We Cover Laying the foundation of businesses and “building yourself out of a job” How to extract yourself from your business and empower long-term success Contrarian thinking and why it’s a crucial skill in today’s society How to start a “high margin, low people” business The one skill you should start building upon today How to make your audience loyal and push away those who won’t like your offering And So Much More! Links from the Show BiggerPockets Forums Entourage Effect Capital Contrarian Thinking Playbook Check the full show notes here: https://www.biggerpockets.com/bizshow105 Learn more about your ad choices. Visit megaphone.fm/adchoices

104: How Anyone, Anywhere, Can Start Buying Profitable Real Estate with Andrew Luong

2021-04-2056:18

It’s hard for real estate investors to get started, especially without a mentor, a background in real estate, or an existing network. Many of those interested in buying profitable, cash-flowing real estate are busy with their 9-5 job or even running their own business. This was at least the case for landlord and founder of Doorvest, Andrew Luong, when he talked to his friends about buying rental properties. Andrew had a passion for real estate and knew that it was one of the best ways to make residual side-income. When he chatted up friends about real estate, they were interested too. Andrew would send them to agents, property managers, show them profit margins, and more. After a few months when Andrew would ask his friends how their real estate was going, they would reply “I didn’t have time to do any of it, will you just do it for me?” Just like that, Doorvest was born. Doorvest allows aspiring investors, regardless of where they’re at in the world, to purchase renovated, cash-flowing properties with management fully built-in. Not only does this help make a potential landlord’s life much, much easier, it also lowers the barrier of entry for anyone trying to get into real estate! In This Episode We Cover Resisting lifestyle creep so you can invest in your assets and businesses Letting your day job subsidize the other business opportunities around you Why most people won’t pursue real estate investing Capitalizing on the leads you get, and making it as easy as possible for them to purchase/invest Building systems and processes so you can be fully remote when running your business Using existing data to make your real estate search more profitable And So Much More! Links from the Show BiggerPockets Forums Turo GetAround Ebay BiggerPockets Forums BiggerPockets Events and Happenings Check the full show notes here: http://biggerpockets.com/bizshow104 Learn more about your ad choices. Visit megaphone.fm/adchoices

103: Are You Seen as Credible in A Customer’s Eye? with Mitchell Levy

2021-04-1301:05:471

What does it mean to be credible? Are you showing up and providing for your customers, your partners, and the world as a whole? These are questions that today’s guest, Mitchell Levy has been asking. Mitchell is an expert on credibility and is trying to make not only business, but the world a more credible place to live and work. Mitchell has been working in Silicon Valley for over 30 years. When he left his last job at Sun Microsystems, he did right at the cusp of the dot com and ecommerce era. He became an e-commerce consultant and started selling SEO packages. Then he created executive business programs for top colleges, ran multiple CEO groups, started a publishing company, and wrote over 60 books! To find clarity and credibility, Mitchell says that you need to find a customer's CPoP, the customer’s point of pain. When you can accurately find your customer’s CPoP, you can change the way you speak to them, you can see what they want, and most importantly, you can tailor your business to fit their needs. This type of credibility goes beyond just your business. You should also be known as credible within your circle of influence and online, Mitch shows you how to get there! In This Episode We Cover Why credibility is so important in today’s day and age Knowing who your audience is so you can solve their problems Finding your customer’s point of pain Making the world a better place through credible business How to make your online presence and LinkedIn stand out And So Much More! Links from the Show BiggerPockets Forums Clubhouse BEing Seen & BEing Heard as a Thought Leader! Ted TalkX EZNow Thinkific Linkedin J's Linkedin Profile Check the full show notes here: https://www.biggerpockets.com/bizshow103 Learn more about your ad choices. Visit megaphone.fm/adchoices

102: Are You Ready to Take the Entrepreneurial Leap? with Gino Wickman

2021-04-0658:25

Many business owners and entrepreneurs have read books like Traction and Rocket Fuel, both of which talk about how to build a successful business, partnership, and how to use the EOS (entrepreneurial operating system). Today we have on the author of both those books, and a new book Entrepreneurial Leap, Gino Wickman. Gino always had the entrepreneurial drive in him, but wasn’t able to label it for a long period of time. He went to work out of high school and found himself transforming his family business into something that was not only profitable, but would sell for a high price. Gino learned that his “gift” was helping entrepreneurs make their businesses more lean, efficient, and profitable. We walk through many different components of being an entrepreneur, such as the six key traits of successful business builders, the eight critical mistakes entrepreneurs make, and how to know where you’re at on the “entrepreneurial range”. Gino argues that although many people want to be entrepreneurs, it may not be the most logical decision for them. Likewise, many of those who are successful at corporate jobs may be better served leading their own teams. There’s only one way to find out, get Gino’s new book! In This Episode We Cover What the EOS - Entrepreneurial Operating System is How to know whether or not you’re a natural entrepreneur The entrepreneurial range and where you may stand on it The 8 most critical mistakes of entrepreneurs How getting sidetracked can derail a successful business Whether or not you’re a “partner person” And So Much More! Links from the Show BiggerPockets Forums Entrepreneurial Leap Assessment Elon Musk Ray Kroc Jeff Bezos Steve Jobs Entrepreneurial Leap Biz Match Tool Entrepreneurial Leap Cheat Sheet Check the full show notes here: https://www.biggerpockets.com/bizshow102 Learn more about your ad choices. Visit megaphone.fm/adchoices

101: Acquiring a $1.5M Business with Only $10k Out of Pocket with Nigel Guisinger & Sean Ade

2021-03-3001:06:01

We buy and sell a lot of different assets like houses, stocks, and even bitcoin (sometimes). But what about buying and selling businesses? Business acquisitions can seem like an entirely different world, but they aren’t too different from the regular buying and selling of assets we do every day. Today’s show features Nigel Guisinger, who you may remember from the wildly popular episode that aired almost exactly a year ago. Last time Nigel talked about buying businesses using seller financing, and now he’s brought a real-world example! With Nigel is his partner and mentee, Sean Ade. Earlier in 2020, Sean was looking for a business he could buy and take over. Sean had been getting into house plants during the early COVID-19 lockdowns and looked to see if nurseries were worth buying. After sending some lackluster deals to his partner, Nigel, he was notified that a terrarium shop was closing. Sean consulted with the owner and sent the profit and loss statement to Nigel who confirmed that it was a winner Sean and Nigel used some very creative financing to get a $1,500,000 business under contract for just $10,000 out of pocket. This episode isn’t just an eye-opener for those who overlook buying businesses as assets, but also for those who don’t know what's possible in financing a business purchase! In This Episode We Cover The opportunity of the “business crash” happening right now Looking for businesses that fit with your interests The importance of having cash flow from day one of ownership Profit and loss statements, equity, and valuations of businesses Small Business Administration (SBA) loans When and how to hire your first employee after you buy an existing business And So Much More! Links from the Show BiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel Guisinger GoBundance BizBuySell Venmo Paypal Square Instagram Check the full show notes here: http://biggerpockets.com/bizshow101 Learn more about your ad choices. Visit megaphone.fm/adchoices

100: You Can't Fear Failure: Scott Trench on the Evolution of BiggerPockets

2021-03-2301:07:49

How does a 27 year old become the CEO of a major online brand? Not only that, how does a 27 year old take an online brand, build upon it, and create something better? Well, if your name is Scott Trench, the answer is: a lot of hard work, some tough decisions, and looking out for the customer whenever possible. Before he was head honcho at BiggerPockets, Scott was a financial analyst in the corporate world. He wasn’t too happy, and spent all his free time finding the best (and quickest) ways to reach financial freedom so he didn’t have to go to a 9-5 for the next 40 years of his life. Without many investments or rental properties, Scott was introduced to the founder of BiggerPockets, Josh Dorkin. Josh saw something in Scott, and hired him as the third employee of BiggerPockets. Scott was given the title “Director of Operations” which really meant taking care of the finances for the business and making sure everyone had their coffee. Scott started acquiring more properties as he worked with Josh and later became such a crucial part of the BiggerPockets family, he was promoted to president. When Josh decided to step away to be with his family, Scott became CEO. In the 2 years he’s been CEO, he’s had to make some tough decisions such as changing the overall management structure of the company. This has helped BiggerPockets grow into a website and business that over 2,000,000 people use and love. When Scott isn’t running BiggerPockets, he’s playing rugby, gaming on his PC, or having a beer with a fellow investor! In This Episode We Cover How Scott used the principles outlined in Set for Life to reach financial freedom Taking a chance and joining a very early stage startup The importance of having very low expenses when making hard decisions How to work with a private equity firm when they acquire part of your business NPS (net promoter scores) and why they’re crucial for continual business improvement Driving value for shareholders, without tarnishing your brand for customers Scott’s new book First Time Home Buyer And So Much More! Links from the Show Mr Money Mustache BiggerPockets Business Podcast 01: How to Turn a Hobby Into a Booming Business (Then Get Your Life Back)—The BiggerPockets Story With Joshua Dorkin BiggerPockets Business Podcast 18: How to “Have It All” by Living with Intention with Brandon Turner BiggerPockets Real Estate Podcast BiggerPockets Money Podcast McCarthy Capital BiggerPockets Publishing BiggerPockets Podcast 297: Mastering the Decision-Making Process with Business (and World Series of Poker) Champion Annie Duke BiggerPockets Real Estate Rookie Podcast BiggerPockets Marketplace Pier 1 Check the full show notes here: http://biggerpockets.com/bizshow100 Learn more about your ad choices. Visit megaphone.fm/adchoices

99: Finding Profitable Opportunities Using “Deliberate Data” with Dr. John Johnson

2021-03-1649:01

Data can be a confusing topic for most people, but what about when it has to do with your business? How is your business using data? Are you even using data at all? Dr. John Johnson, expert witness, professor, and founder of Edgeworth Economics and Edgeworth Analytics argues for businesses using data to grow. Dr. Johnson understands why so many people fall victim to studies and findings that may not be entirely accurate. He talks through confirmation bias and how we, as consumers, can find the red flags when listening to interpretations of data. We are urged to take time to think before we accept statistics and data as fact. He also dives into how he started his own firms, Edgeworth Economics and Edgeworth Analytics, and how he himself uses data to track his firm’s growth, recruiting, and revenue. Often, his firm is hired to find why a product or group of products is or isn’t selling, which strategies make the most profitable sense, and how a business can change to ensure more sales. Aside from that, Dr. Johnson also acts as an expert witness in corporate lawsuits, sifting through the data to find out what is really true, and what has been inflated. There’s no mistaking that data is important for modern businesses, but what’s more important is how you use and interpret this data to come up with accurate conclusions. His book, Everydata: The Misinformation Hidden in the Little Data You Consume Every Day goes into the data all around us, and how we can sift through it to find truth. In This Episode We Cover The expert witness and testimony field Checking your own bias and making sure your decisions are based on accurate data Understanding the context around the data that is being recorded Tracking growth and recruiting so you know where you’re succeeding Using common sense when looking at different data points And So Much More! Links from the Show Edgeworth Economics Edgeworth Analytics The Data Blueprint For the Business Podcast Listeners Check the full show notes here: http://biggerpockets.com/bizshow99 Learn more about your ad choices. Visit megaphone.fm/adchoices

98: Build a Big Life, Not Just a Big Business: Advice from The Hosts of The Empire Building Podcast

2021-03-0901:11:12

How do you build a business that ties in healthily with your life? While you’re trying to bring in millions in revenue, are you there for your children, your spouse, your loved ones, or even yourself? If not, why are you building the business at all? This was a main topic of discussion for the hosts of the Empire Building Podcast, Wendy Papasan, Sarah Reynolds, Seychelle Van Poole, and Vija Williams. Wendy, Sarah, Seychelle, and Vija have all grown massive real estate empires throughout their own respective markets. Now, they teach others to do the same through their podcast and their live event, Amplify. We talk through some key topics like how all these successful women juggle their business/personal lives, when the right time to say “no” is, how to grow your business, how to hire successfully, and knowing your numbers. All agree that a big part of being successful is saying “no”. That doesn’t mean turning down everything, but it does mean saying no to things that will interrupt your time with family and friends. Sarah, specifically, talks about how she was unable to put her kids to bed most nights of the week, since she was coming home at 10PM from the office. What did she do? She made it a rule to leave by 5PM. This not only helped her be there for her daughter, but allowed her team to take bigger roles. These four women all personify what it means to be successful in business and in life. Not only that, they can help you too find the best way to build a “big life” not just a big business. In This Episode We Cover Answering the classic “how do you do it all?” question Running 7-figure real estate empires Being super selective with what you say “yes” to Defining your personal mission and looking at it daily Learning the power of hiring so your business can build sustainably Figuring out the profit/loss ratio of your life And So Much More! Links from the Show Keller Williams BKCO Escrow AMPLIFY Event BiggerPockets Business Podcast 06: How to Manage Your Time Like a Millionaire With Jay Papasan Papasan Properties KWKC Check the full show notes here: https://www.biggerpockets.com/bizshow98 Learn more about your ad choices. Visit megaphone.fm/adchoices

97: Put Profit First: How to Compound Your Business and Personal Income with Rocky Lalvani

2021-03-0252:42

Rocky Lalvani came to the United States as a small child. Like many immigrants, Rocky’s parents arrived with a small amount of money, around $25. As hard workers, they were consistently talking to their friends and relatives about how to make more money so they could have the coveted “American Dream”. This is how Rocky started his education in money and finances, and what pushed him to become wealthy. Now, Rocky teaches businesses and entrepreneurs the Profit First system, which is exactly what it sounds like. A business usually calculates profits as sales - expenses = profits. Rocky argues that this is an inefficient way to see your true profit, and what the actual calculation should be is sales - profit = expenses. You may be asking how to minimize expenses so the above formula can work. The solution to this isn’t that you need to manipulate the numbers so your expenses equal the difference between your sales and your profit, but that you need to minimize your expenses when possible. But what about fixed costs? What about startup costs? As Rocky puts it, you need to have a customer before you start having expenses, something businesses rarely realize is not only possible, but profitable. Rocky also goes into his #1 tip for accumulating wealth and dives deep into why the phrase “the rich get richer” tends to be true. He also goes into how businesses can allocate their profits correctly, have the accurate amount for taxes, and pay themselves first so they’re making money while their money makes money! In This Episode We Cover: How Rocky became a millionaire through compound interest What the Profit First system does for businesses and entrepreneurs Harnessing the 40% of your work that creates most of your profit Dismissing the notion that you need to spend more to grow How real estate investors can use Profit First in their businesses Setting up separate bank accounts and allocating your money And So Much More! Links from the Show Dave Ramsey Home Depot BiggerPockets Business Podcast 06: How to Manage Your Time Like a Millionaire With Jay Papasan BiggerPockets Business Podcast 30: How to Guarantee Profit From Day 1 with Mike Michalowicz Check the full show notes here: http://biggerpockets.com/bizshow97 Learn more about your ad choices. Visit megaphone.fm/adchoices

96: Starting Successful Businesses with NO Industry Experience with Jeff Fenster

2021-02-2357:53

There are often standard prerequisites for starting a company. First, you need to go get a degree for a certain field, then you need to find a job that is in that field, then you need to stay in that job for 10 years to gain connections, and finally, you can start a business. Jeff Fenster, serial entrepreneur and founder of Everbowl thought this linear path was a bit outdated. If anything, Jeff thought it was slightly backwards! Jeff planned on becoming a lawyer in college, but once he had his first child, realized that being away from home wasn’t for him. He got a sales job and became the top sales rep in his company. When the company started dangling bonuses over his head, he felt uncomfortable and knew that he needed to start his own thing. He ended up founding a company that directly competed with his former employer, then sold that company, started another, sold that one, started a few more, sold those companies, and many companies later, he started Everbowl, a craft acai bowl and superfood company based out of San Diego. If variety is the spice of life, then Jeff is doing things right! He argues that the best thing you can do is go into a completely new industry, focus on a problem that competitors are overlooking, build systems to make the industry better, and carve out a portion of the market. This strategy has worked well for him as he’s profitably sold and started many different companies. If you want his breakdown on his formula to success, you’ll have to tune in to this episode! In This Episode We Cover: Why industry experience isn’t necessarily a prerequisite for success How “fresh eyes” disrupt stagnant markets and industries What to do before you try and solve a business’s problem Developing systems that beat competitors for you Addressing the not-so-obvious needs of customers Focusing on company culture and core values when building a business Leveraging your “relationship capital” for future opportunities And So Much More! Links from the Show Amazon Alexa Blockbuster Netflix Blackberry iPhone Best Buy Amazon Ikea We Build Stuff Neil Patel Udemy Etsy Fiverr Freelancer.com Check the full show notes here: http://biggerpockets.com/bizshow96 Learn more about your ad choices. Visit megaphone.fm/adchoices

95: Developing Unstoppable Partnerships with Elliot Smith and Tucker Merrihew

2021-02-1601:18:19

Building businesses from the ground up isn’t easy. It requires patience, hard work, and most importantly, a solid team. Without trust in that team, the product, the company, and the vision can completely disintegrate. When a team flourishes, you can create a massive success, where everybody wins. Tucker Merrihew and Elliot Smith have been working throughout the past year on Call Magic, a service that helps uncover leads for real estate agents, wholesalers, flippers, and other real estate professionals. Elliot originally teamed up with Cole Ruud-Johnson (who you’ll hear on our Real Estate Podcast, very soon), and everything was running well, but they realized they needed a leader. After Elliot talked to Tucker about the project, Tucker was in. There was just one contingency: the product and the company had to be the best of the best. The three partners agreed to put their all into it, and respect each other’s work. Cole already had experience running an outsourced cold calling team, Elliot had years and years worth of real estate experience under his belt, and Tucker had the Real Dealz Podcast audience at his disposal. Elliot and Tucker walk through setting up your business and your team for success, what to worry about and what to hold off on, hiring team members from overseas, and growing a business to scale, not fail. In This Episode We Cover: What to look for in a business partner/what to look for in an existing partnership How to “dummy proof” your business Managing, paying, and hiring workers that are overseas How to have better cold call conversations that secure leads Setting out to become the best of the best in your industry Trusting your partners and letting them show their strengths when working together And So Much More! Links from the Show BiggerPockets Real Estate Show BiggerPockets Podcast 381: 5 Rules for Investing in a Down Market with Tucker Merrihew Marketing Machines, Spec Houses, Flipping & Wholesaling | Podcast BiggerPockets Podcast 255: Six-Figure Real Estate Investing in Just 20 Hours a Week with Elliot Smith BiggerPockets Podcast 394: Making a 25 Deal/Year Business (and Marriage) Work… Together! with Elliot and Chrissy Smith Apple Tesla Check the full show notes here: https://www.biggerpockets.com/bizshow95 Learn more about your ad choices. Visit megaphone.fm/adchoices

94: How the Science of Humor Can Turn You Into a Better Businessperson with Peter McGraw

2021-02-0901:11:39

What does humor and business have in common? At first glance, not much, but after digging a little deeper, there’s quite a lot that humor can teach us about business. Peter McGraw, behavioral scientist, author of Shtick To Business and The Humor Code, and host of the Solo Podcast kept wondering why we find certain things funny. He decided to put it to the test in his lab, HRL, the Humor Research Lab. Peter discovered that we often find things funny when they’re wrong, but okay. Threatening, yet safe. Things that make no sense, yet make perfect sense. Most importantly, you don’t want to be the person who thinks they’re funny, but actually isn't it. You have to think funny, not just be funny. You have to fight the status quo constantly, to make material that people will find outlandish, but true enough to laugh at. But how does that relate to business? Peter brings some great business examples that followed the same flow of most comedy writing routines. Take AirBnB for example, when they first launched the idea, most people thought they were crazy. I mean, who would want to sleep in someone’s spare bedroom or mother-in-law suite for a weekend? It turns out, almost everyone in the world would. These kind of outlandish but great ideas come through a process that Peter calls “Sh*t-storming”. Contrary to regular brainstorming, sh*t-storming is when you throw out crazy ideas, and sometimes, something will come out that is so crazy, it actually works. Besides AirBnB, Peter relates this to Tim Ferris’s cold calling method and the P90x workout system as just a few examples. Comedy and business aren’t that far apart in the idea creation stage. Follow Peter’s advice and your business won’t get laughed out of your next meeting! In This Episode We Cover: The underlying theme of humor and why we find things funny How writing jokes and creating businesses overlap Fighting the status quo to create something that is great How to create a “chasm” so your customers love you and you’re haters don’t The importance of keeping an idea journal to write in Saying yes to happiness, regardless of the financial outcome And So Much More! Links from the Show Peter McGraw's TEDx Speech Joel Osteen's Church Tony Horton's Website Jerry Seinfeld: 23 Hours to Kill Airbnb Tim Ferriss's Blog Barry's Bootcamp Check the full show notes here: https://www.biggerpockets.com/bizshow94 Learn more about your ad choices. Visit megaphone.fm/adchoices

93: Creating a Plan for Your Business, Career and Life with MIT Teacher Mark Herschberg

2021-02-0201:05:54

An author, a CTO, and a champion ballroom dancer walk into a podcast...it’s Mark Herschberg! Mark is a man of many talents, graduating from MIT, becoming a champion in ballroom dancing, and later becoming a COO and CTO for multiple startups. How does someone do it all, and do it all so well? After college, Mark was working in computer science and began having to hire new team members on board for the companies he worked at. He realized that many new hires had technical skills, but didn’t have skills that correlated to becoming better leaders or teammates. Mark saw that there was a whole realm of soft skills that weren’t being taught to graduates coming into the workforce. So he partnered up with MIT to develop a course on acquiring these skills and became a lecturer. He’s been teaching this material for the past two decades! As the classes went on, Mark decided to write some notes that every student would be able to use throughout the class. After writing close to 100 pages, Mark realized that this wasn’t just a set of notes, this was a full-on book. This became The Career Toolkit and taught Mark not only how to write, but the challenges of publishing and marketing a book. If you’re a solo entrepreneur, a CEO of a startup, regular employee, or still looking for career opportunities, Mark advises that you create a career plan, outlining what your life, career, and future will look like. How can you accomplish the goals you’ve set and what do you have to do to put yourself in a beneficial position? Maybe you’re shy or introverted and find it hard to talk to partners, maybe you want to know how to network in a post-COVID world, or maybe you want to know how to manage teams and lead a company to optimum efficiency and employee satisfaction. Mark does a fantastic job of answering these questions and more in a succinct and relatable way. In This Episode We Cover: Developing your soft skills like leadership and teamwork The skills all entrepreneurial endeavors require Why you need to stop treating your 1000th customer like your 1st customer Creating a career plan (regardless of if you work in corporate or work for yourself) Building your network and creating reciprocal benefits Networking in a digital age and why you should always have business cards on you And So Much More! Links from the Show Cognosco Media Resources LinkedIn Check the full show notes here: http://biggerpockets.com/bizshow93 Learn more about your ad choices. Visit megaphone.fm/adchoices

92: The 3 Biggest Mistakes People Make During Negotiations with Kwame Christian M.A. Esquire

2021-01-2601:02:21

Negotiation is all around us, whether we see it or not. Whether it’s a business negotiation, an argument in a relationship, or convincing your child to eat their greens, you’re always negotiating. With us on today’s episode is Kwame Christian M.A. Esquire, host of the Negotiate Everything podcast and author of Finding Confidence in Conflict. Most people think you have to be a lawyer to be an expert negotiator. Kwame argues that this isn’t true. Since we are constantly negotiating every day, we have the ability to level up our skills to become experts in debating and negotiating. He stresses that winning a negotiation doesn’t mean beating your opponent so they’re embarrassed at the end. It means giving you AND the opponent the ability to walk away from the situation with a win. Kwame preaches “compassionate curiosity” as one of the best ways to research how an opponent may answer questions you present to them. Tie this with some creative problem solving, and you’ll come out of the debate a winner. As real estate investors, this is especially key to our line of business. We’re constantly debating with sellers, buyers, appraisers and more to get outcomes that benefit us. But how can we suggest an outcome that makes the negotiating partner feel good and presents us with future opportunities? You’ll have to listen to find out! In This Episode We Cover: Why negotiating isn’t just arguing and how to find wins for both parties Using “The Empathy Loop” as a tactic to have the other party feel heard The 3 pillars of negotiation, and keeping them in mind when we debate The biggest mistakes people make when negotiating Research vs. preparation (when to use which for what) Compassionate curiosity and seeing your opponents point of view Maintaining your “form” throughout negotiation And So Much More! Links from the Show Previous BiggerPockets Business Episodes Finding Confidence in Conflict | Kwame Christian | TEDxDayton American Negotiation Institute Guides (Gift) Virtual Negotiation and Conflict Resolution Handbook (Gift) Check the full show notes here: http://biggerpockets.com/bizshow92 Learn more about your ad choices. Visit megaphone.fm/adchoices

91: How Businesses Get Sold for Millions with Chris Younger

2021-01-1901:00:18

If you’re a new entrepreneur, it may seem like a dream to sell a business for millions of dollars. People like Chris Younger, make that dream a reality. Chris founded Class VI Partners, an investment bank that helps entrepreneurs plan and prepare businesses for sale. Chris will be the first to admit that selling isn’t an easy process, it takes time, patience, and a lot of documentation. Chris compares selling your business to running a marathon: you need to be in it for the long haul to finish strong. He helps owners reach a price point that works for their future, and helps create the processes around selling that enable a new owner to carry the business to new heights. For many owners, success in selling comes from doing the hard work upfront, not putting it off for your future self (and employees) to deal with. So why would an entrepreneur want to sell? Maybe it's personal timing and they feel like they’ve given the business as much as they possibly can. It also could be business timing, the business may be seeking a new change in direction. Or it could be buying timing, a buyer comes in with the right offer, the right ability, and makes the sale. Whatever a reason for selling a business, a business owner needs to be prepared for their business to sell at some point. So even if you’re just starting out, hearing words of wisdom from Chris may net you a few more million dollars! Check the full show notes here: http://biggerpockets.com/bizshow91 Learn more about your ad choices. Visit megaphone.fm/adchoices

90: How Solo Entrepreneurs Can Improve Their Products and Businesses with Ben Foster

2021-01-1201:15:271

You may own a small business, some rental properties, or are just tinkering with a new idea. Regardless of where you’re at in your entrepreneurial journey, you’re most likely trying to make something that will not only resonate with customers, but allow them to solve a problem in their life. So how do you make a product that accomplishes this to the fullest extent? Today we talk to Ben Foster, founder of Prodify and Chief Product Officer at WHOOP. Ben has been in this space for a long time, working with big names like eBay and Opower. After his initial success at corporate he founded his consulting firm, Prodify and has since then worked with 70+ different companies all tackling a common goal: make a great product. If you’re just starting out in your business, you may think the best course of action is to tack on as many useful features as possible into one product, but Ben warns against this. Companies that tend to do well with products are the companies that have a core competency and then build out from it. Great products also take market input from the customers that matter most. That doesn’t mean only the top 10% of users for an app, that means the bulk majority of customers who use the app. This is where many product teams get it wrong, and as you’ll see in the interview, there are a lot more caveats in product management than originally meets the eye. If you’re interested in product marketing, engineering, management or anything else related to building a great product, check out Ben’s book Build What Matters and of course, listen to this episode! In This Episode We Cover: What product management really is (and what the goal should be for teams) The difference between products for sale and product management What makes a great product team How to achieve (and go after) product market fit When to release the initial version of your product Which opinions matter most when collecting customer data Building an infrastructure so products can succeed from the start Bad product traits to avoid when building out your product And So Much More! Links from the Show Opower E-bay Dropbox Mint.com Intuit WealthFront Microsoft Amazon Hello Polar Watch Garmin LinkedIn Tesla LeapFrog Check the full show notes here: https://www.biggerpockets.com/bizshow90 Learn more about your ad choices. Visit megaphone.fm/adchoices

89: How David Greene Plans to Sell $150 Million of Real Estate in 2021

2021-01-0501:17:30

For the first episode of 2021 we have David Greene from the BiggerPockets Real Estate Podcast! We’ve heard from David before on a couple of past episodes, but today he goes over something a bit different: how he successfully scaled his real estate business from being a sole agent to a team doing $90,000,000+ in transactions a year! This didn’t happen overnight. It took David years of trial and error to find out what really works in real estate, why most agents fizzle out in the first 5 years, and how to bounce his team members off of each other to generate more sales and higher commissions. David has strategies and advice not only for real estate agents, but also for business owners that want to build a business that has the ability to scale. In 2019 David’s team did $26,000,000 in transactions, in 2020 they did $90,000,000 and in 2021 they’re planning to hit $150,000,000. We’re sure David will fly past that milestone as well! You’ll hear why David became an agent in the first place, why marketing is key to real estate (and almost every other business), how to gauge motivation from clients and prioritize accordingly, and some lead generation strategies David’s team uses. Real estate agent or not, this is some great information that big and small businesses can take to heart and put into practice right away! In This Episode We Cover: Why you should read David’s new book, Sold! The difference between an average agent and a great agent Why 87% of agents are out of the business within 5 years How to market your products and services Top lead generation strategies for real estate agents Understanding your skills/weaknesses so you can build a team to compensate for them The importance of “baseline adjustments” when talking to clients Why a W2 mindset doesn’t work in a 1099 career And So Much More! Links from the Show BiggerPockets Business Podcast 20: The Questions You MUST Ask Every Potential Hire with David Greene BiggerPockets Business Podcast 88: What’s Your Special “Cut”? Why Brandon Turner and David Greene Doubled Down on Theirs in 2020 BiggerPockets Podcast BiggerPockets New Books GoBundance Keller Williams Coldwell Banker BiggerPockets Forums Check the full show notes here: http://biggerpockets.com/bizshow89 Learn more about your ad choices. Visit megaphone.fm/adchoices

88: What’s Your Special “Cut”? Why Brandon Turner and David Greene Doubled Down on Theirs in 2020

2020-12-2901:10:39

If you’re a fan of the BiggerPockets Business Podcast, you’re probably also a fan of the BiggerPockets Real Estate Podcast. Lucky for you, we’ve got a combo of these two shows on today’s episode! Joining us from Maui are the co-hosts of the BiggerPockets Real Estate Podcast, Brandon Turner and David Greene. Both Brandon and David are known for their persistence and ingenuity in business, this is cemented in the fact that both of them made huge leaps forward in 2020, while many other businesses fell by the wayside Both Brandon and David realized earlier this year what their “special cut” was, and how to use it to scale their businesses faster, and with less effort from themselves. Both of them started adjacent businesses to what they were currently doing, only to find that their success grew even faster when they bounced businesses off of one another. They also got more comfortable with hiring, making executive decisions, and as Brandon likes to put it “being the general of your own life”. But how do business owners persist to strive for success, even when the odds are stacked against them? Brand and David also have an answer for this as well, and it comes in the form of morning rituals, community, coaching, and perseverance. This isn’t an episode about real estate. This is an episode about how you can take the losses or wins from 2020, and turn them into something bigger and better than you ever imagined... In This Episode We Cover: What Brandon and David have been working on this year Finding your “Dr.Ozd Cut” and how that enables you to grow your team How to provide value to a mentor or business professional you’d like to work with The top trends of successful real estate investors and businesspeople How adjacent businesses allow you to expand your reach and use your existing resources How to “be the general of your life”, specifically with business Brandon’s morning ritual for success How to find the right business and performance coach (and why it’s worth the investment) And So Much More! Links from the Show BiggerPockets BiggerPockets New Books BiggerPockets Podcast 423: Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan GoBundance BiggerPockets Business Podcast BiggerPockets Podcast 398: 22 BRRRR Properties in Under 10 Hours Per Week with Tarl Yarber BiggerPockets Podcast 427: The 12 Week Year and The Danger of Long-Term Goal Setting with Brian Moran BiggerPockets Podcast 425: Focusing On Your $10,000/Hour Tasks (And How to Outsource the Rest!) with Benjamin Hardy BiggerPockets Business Podcast 06: How to Manage Your Time Like a Millionaire With Jay Papasan BiggerPockets Podcast 362: Big Goals? Here’s How to Get Your Spouse or Partner on Board with Jay and Wendy Papasan BiggerPockets Podcast 113: Becoming a Millionaire Real Estate Investor Using The One Thing with Jay Papasan BiggerPockets Podcast 403: Developing a Millionaire’s Mindset and Overcoming Limiting Beliefs with Performance Coach Jason Drees Check the full show notes here: http://biggerpockets.com/bizshow88 Learn more about your ad choices. Visit megaphone.fm/adchoices

87: The Benefits of Franchising vs. Starting a Business from Scratch with Jon Ostenson

2020-12-2259:531

You hear the word “franchising”, what’s the first thing you think of? For many people, they think of selling hamburgers, sandwiches, or opening up convenient stores. To franchise matchmaker and consultant Jon Ostenson, that’s just the surface level. There is a whole world of franchising that many entrepreneurs and business professionals don’t know about. Jon started out working in consulting for Fortune 1000 companies and was slowly introduced to the concept of franchising. Jon found franchising incredibly interesting, as a cross between new business ownership and existing systems/infrastructure. The business model purely made sense. Now as the CEO of Franbridge Capital, he works with entrepreneurs and franchise owners as a matchmaker, seeing who would work best with which franchise, and vice versa. Jon walks through some of the key benefits of franchising that other business models don’t have, and some of the dangers for interested entrepreneurs. He also goes through the different franchise business models and some franchise examples that you may have never thought of. How much risk is in franchising? Does franchising produce better ROI than other businesses (even real estate)? What are the opportunities in 2021 for franchising? Hearing Jon’s answers may present a whole new world you never knew about, and might even get the ball rolling for you to become a partner in a franchise yourself! In This Episode We Cover: The different types of franchising businesses The key benefits of running a franchise The dangers of franchising that entrepreneurs should know What type of profit margins you can make with franchising How territories work when buying into a franchise Taking over an existing franchise or starting a new one yourself How to fund franchises (even with retirement accounts!) The industries where franchises could be taking off in 2021 And So Much More! Links from the Show BiggerPockets Subway Entrepreneur's Organization Check the full show notes here: https://www.biggerpockets.com/bizshow87 Learn more about your ad choices. Visit megaphone.fm/adchoices

86: Becoming a Real Estate Angel Investor with Jonathan Wasserstrum

2020-12-1501:11:43

Jonathan Wasserstrum, founder of SquareFoot likes to say that he was working in PropTech before PropTech was a thing, and he’s right! For the past few decades, many industries were seeing expansive growth, new ideas, and upgraded technology. One of the industries that didn’t see that tech growth was real estate. Jonathan found that many commercial real estate customers were looking for a consumer-facing option to view commercial spaces from the comfort of their own homes. Why were there so many residential real estate sites, but no commercial real estate sites? That’s where Jonathan’s company SquareFoot came in! SquareFoot took off and over time was becoming a staple product for those looking for commercial real estate spaces. Due to its success, Jonathan was in a great position, which allowed him to become an angel investor for real estate deals and different startups, passing on his knowledge and capital to other new businesses! Jonathan talks syndications, funds, and investing as a whole. For any investor who wants to see their industry grow and advance forward, Jonathan is a great success story showing you have the power to change your industry for the better! In This Episode We Cover: How to start a self-funded venture, even at a young age Why real estate is such a great industry (residential and commercial!) Why startups have such a high mortality rate Why PropTech is so important to investors, tenants, and all real estate professionals Why “flexibility is the future” The difference between syndications, funds, and more Why investing can make you a better business owner How angel investors think when investing in a new business And So Much More! Links from the Show BiggerPockets Redfin Uber Zillow AngelList Sequoia Airbnb Check the full show notes here: http://biggerpockets.com/bizshow86 Learn more about your ad choices. Visit megaphone.fm/adchoices

85: Building More Income Streams During COVID-19 Shutdowns with Ralphie Martinez

2020-12-0801:02:48

No business has had a tougher time this year than physical-based businesses, and that is certainly the case for our guest, Ralphie Martinez. Ralphie owns Martinez Elite Fitness in Northern California, and was just reaching his business’s peak when COVID-19 started to spread, rendering his business closed until further notice. Ralphie is the definition of someone with an entrepreneur’s mentality. He was working a 9-5 job when he opened up his garage gym for friends to work out in. Friends would invite other friends, and before he knew it, he was teaching a class before going to his full time job, then coming home and teaching two more classes. Like so many entrepreneurs, Ralphie turned his passion into something that not only helped other people, but made money. For the past 6 years, Martinez Elite Fitness has been a local success, gaining more and more members every year. Even in an unprecedented time like 2020, Ralphie has found ways to keep his business going, regardless of shutdowns, curfews, and other roadblocks. Having a positive attitude, the support of his partner and family, and a strong community has helped him and his business stay fighting. In This Episode We Cover: How to harness your passion and turn it into a business The importance of having a partner who will push you to follow your dreams Why referral and word-of-mouth marketing is a very powerful tool Knowing the “why” behind running your business (outside of making money) Why you’ll need to think creatively when reality is working against you Finding other streams of income even when your business may be slow The importance of quality time with family, especially during high-stress and uncertainty And So Much More! Links from the Show BiggerPockets Taco Daddy's Concept 2 Deuce Gym Eric Thomas Gary Vaynerchuk Not Not Tacos Sam the Cooking Guy Check the full show notes here: https://www.biggerpockets.com/bizshow85 Learn more about your ad choices. Visit megaphone.fm/adchoices

84: Becoming the Most Successful Version of You With Dre Baldwin

2020-12-0101:19:48

Are you lacking in motivation? Don’t have the focus on you want/need to succeed? Not sure how to define who you want to be and how to get there? If so, today’s episode is for you! Dre Baldwin -- former professional basketball player and current motivational entrepreneur -- has worked hard to get where he is today. He went from sitting on his high school basketball team’s bench to walking on at an NCAA D3 school to building a 9-year professional basketball career AND building a brand online at the same time in 2005. This all led to the foundation for the Work On Your Game business Dre runs today, having reached over 73 million people over the last 15 years through 27 books, 4 TEDxTalks and more content than any human on earth. In this episode, Dre gives us his strategies for building motivation and taking yourself to the next level through discipline, confidence, mental toughness and mental conditioning. Dre talks about his entrepreneurial growth -- including the consistency to have created over 7,000 educational videos in past 15 years, generating over 73 million views! And he provides a framework for how we can do it to… Make sure you listen all the way into the Four More segment for Dre’s amazing tip on how you can be more successful at building an audience from scratch the first time you try! Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Ted Talks Dre's Video Sent to J and Carol Free E-book from Dre: Mirror of Motivation Books by Dre Check the full show notes here: http://biggerpockets.com/bizshow84 Learn more about your ad choices. Visit megaphone.fm/adchoices

83: Build Your 7 Figure Amazon Business Step-by-Step With Mike Begg

2020-11-2401:08:07

Did you know that over 200,000 entrepreneurs currently sell over $100K per year on Amazon? Sales continue to skyrocket with no indication of slowing down anytime soon… and this week, our guest is here to help you get in on the action! Mike Begg -- co-founder of AMZ Advisers -- started a side-hustle business selling on Amazon with three buddies while they all worked corporate jobs. Making mistakes and learning lessons the hard way in the early days, the team never gave up, continuing to learn and tweak their business model until they achieved massive success on the platform. Fast forward five years and tens of millions of dollars in sales, Mike and the team now run their business from the sandy white beaches of sunny Mexico, also helping other business owners generate over $1M in sales each while carving out their piece of the Amazon pie. Mike lays out a step-by-step roadmap for identifying product needs on the platform, sourcing inventory, and building a stellar brand that speaks to buyers and generates sales. He talks about the right way to work with vendors overseas, achieving the right mix of pricing and volume, and determining when it makes sense to create additional sales funnels across multiple channels. And most importantly, he reminds us that anyone-- with focus, dedication and a bit of expert assistance-- has the opportunity to generate significant additional streams of income online. Make sure you listen all the way to the end, when Mike gives us some excellent resources to learn more, right NOW. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Deloitte Sears Real Estate Helium 10 Fiverr 99designs Alibaba Amazon's Early Reviewer Program Upwork Shopify Scott Voelker's Podcast AMZ Advisers Blog Jungle Scout Check the full show notes here: https://www.biggerpockets.com/bizshow83 Learn more about your ad choices. Visit megaphone.fm/adchoices

82: Putting Your Business on Auto-Pilot With Justin Silverio

2020-11-1759:56

Do you want to get your business to the point where you can simply leave for several months without worrying about things continuing to operate and grow? Do you want to get there quickly and with little risk? If so, today’s episode is for you! Justin Silverio - real estate investor and founder/owner of the real estate marketing company, Open Letter Marketing -- is here to tell us how he he was able to position his company to run on its own in just a couple years. Justin talks to us about key hiring, setting up processes and organizing operations in a way that will allow you, the CEO, to put your team in charge and free you up to focus on other pursuits. In this episode, we talk about pricing strategy (and mistakes), how to massively reduce your expenses, and how to hire the perfect employees who you can trust to manage and run your business. And, for you real estate investors, Justin provides his expertise on how to best handle acquisition marketing for your deals in today’s crazy real estate world! Make sure you listen for Justin’s tip on how to ensure you hire the right person THE FIRST TIME, and don’t end up making a bad hire because you didn’t have all the information you needed about the candidate. This may be one of the best hiring tips we’ve ever heard! Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show: BiggerPockets Indeed.com BiggerPockets Business Podcast 78: Building and Scaling a Massive Real Estate Business With Nathan Brooks Scrum Zoom Check the full show notes here: http://biggerpockets.com/bizshow82 Learn more about your ad choices. Visit megaphone.fm/adchoices

81: Using Your Strengths to Find Opportunity With Dustin Reichman

2020-11-1001:22:16

Do you have strengths that can help other business owners? Do you have skills that can be used to help elevate someone else’s business to new heights? Do you have expertise that makes you the perfect partner for someone else’s business? If so, starting a business isn’t the only way to become a successful business owner! Dustin Reichmann -- partner and co-owner of FireCreek Snacks -- was able to take his marketing expertise and turn it into an opportunity that has propelled his and his partner’s business to new heights. In this episode, Dustin provides us a blueprint for using your strengths and expertise to find opportunities to help other business owners, and ultimately create new opportunities for yourself as well. Dustin talks about how to analyze your abilities and use them to start generating income for you TODAY. And also use them to generate opportunity for tomorrow. Specifically, Dustin provides us two great ways to turn anything that you’re good at into a potential new income stream! We also dig into the nitty-gritty of product marketing, including how Dustin was able to get his product into some of the largest retailers in the world, including Walmart. Make sure you listen til the end to hear Dustin’s amazing piece of wisdom for those scared to take massive action. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Ace Hardware Do It Best True Value Walmart Costco Groupon BiggerPockets Money Podcast Check the full show notes here: http://biggerpockets.com/bizshow81 Learn more about your ad choices. Visit megaphone.fm/adchoices

80: Turning Problems Into New Income Streams With Stephanie Betters

2020-11-0301:14:27

Being a business owner is exceptionally rewarding in so many ways… but as all successful entrepreneurs know, it’s certainly not all glitz and glamour! We ALL experience problems, and the way we navigate those problems can make or break our business. But what happens when we take it a step further, creating new opportunities by choosing to not only navigate, but instead TACKLE complex problems head on? Check out Stephanie Betters, founder and owner/operator of SocialMediaREI, Left Main Real Estate Investment Lifeline and Better Path Homes. Mastering the skills of managing it all, Stephanie talks with us about how she started two new income streams that originated from complex problems she solved to help her own business. Realizing many other business owners faced the same challenges, she began offering her product solutions on a broader scale -- all while raising three young children and continuing to practice medicine full-time as a cardiac surgery nurse practitioner. Stephanie tells us about her creative approach to self-solving a problem that would have otherwise cost nearly $100K to outsource, which ultimately led the world’s #1 CRM, Salesforce.com, to come knocking at her door. She serves up a valuable roadmap of the right way to go about finding help (including that first daunting hire of a personal assistant); the critical importance of creating measurable, time-sensitive goals to move your business forward, and avoiding the all-too-common entrepreneurial trap of “starting to drive the bus without knowing where you’re going.” And make sure you listen for Stephanie’s tips on working with your spouse, significant other, or partner… a challenge we all face when growing a business while keeping family front and center. Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Salesforce BiggerPockets Sharper Business Solutions Check the full show notes here: http://biggerpockets.com/bizshow80 Learn more about your ad choices. Visit megaphone.fm/adchoices

79: Originating $500m in Real Estate Loans With Matt Rodak

2020-10-2701:19:57

Growing a business isn’t easy. But, it gets much easier when you understand the growth process and how you should be navigating that growth as your company’s CEO. Matt Rodak -- founder of Fund That Flip, a real estate crowdfunding company and #647 on this year’s Inc 5000 list -- is with us to talk about how he both started his company and then grew it, with over $500M in total investor loans originated since 2015. Fund That Flip both lends to real estate investors and provides opportunities for lenders looking for passive returns -- Matt discusses his strategy serving two very different customers in your business. Then, in the second half of the episode, Matt walks us through his roadmap for company founders, including the 5 distinct phases of growth every successful founder must follow to take their business from concept to world domination. When should you “go to war?” When should you “focus on peace?” And how to traverse the point in many business owners lives when they start to find themselves getting complacent. Make sure you listen for Matt’s absolutely best tip for how you can stay focused on your business and not get sidetracked by others who don’t necessarily have your best interests at heart! Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Zillow Blog Post: Dogfooding Founder Institute (New York) Check the full show notes here: http://biggerpockets.com/bizshow79 Learn more about your ad choices. Visit megaphone.fm/adchoices

78: Building and Scaling a Massive Real Estate Business With Nathan Brooks

2020-10-2001:27:22

We have a very special episode for all of you real estate investors this week. But, even if you’re not a real estate investor, you’re going to get a TON of great tips out of this show! Nathan Brooks -- founder of Bridge Turnkey Investments and #1304 on this years INC 5000 list -- has built a turn-key real estate investment firm that has bought, renovated and sold over 500 houses in the past 5 years. While we talk a lot about real estate in this episode, we focus on growing and scaling a business, whatever industry it might be in. Just some of topics we cover in this jam-packed episode: Using Key Performance Indicators (KPIs) in your business to track and optimize. Creating processes to scale your business, including when NOT to create processes. Building an amazing culture within your organization, whether you have one employee or 100 employees. And don’t miss the part of the episode where Nathan gives some absolutely fantastic tips on how to find employees, how to interview them, and how to make successful hiring decisions. Make sure you listen for Nathan’s unconventional -- but absolutely spot-on -- tip about that one things we tend to avoid when hiring, but that we should instead be focused on! Plus, Nathan gives nearly a dozen of his favorite book recommendations, many that I promise you’ve never even heard of. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets BiggerPockets Podcast 319: Avoid These Common Newbie Mistakes! Hard-Earned Lessons from Nathan Brooks BiggerPockets Podcast 232: The Four Lead Sources Nathan Brooks is Using to Flip 120 Houses a Year BiggerPockets Podcast 159: How to Build a Real Estate Business That Buys 60 Deals a Year with Nathan Brooks BiggerPockets Podcast 087: How to Thrive After The Collapse of a Real Estate Empire with Nathan Brooks Podio Quickbooks Predictive Index Glory MMA The Social Dilemma Check the full show notes here: https://www.biggerpockets.com/bizshow78 Learn more about your ad choices. Visit megaphone.fm/adchoices

77: Buying 7-Figure Businesses With Minimal Risk With Elliott Holland

2020-10-1301:15:32

Thinking about buying a business, but worried about getting taken advantage of by the seller? Not sure how to finance the business and purchase with the least amount of your own cash? Want some assurances that the seller will stick around to help in the case where you have an issue or problem? If so, this episode is for you! Elliott Holland -- Harvard MBA and founder of Guardian Due Diligence -- spends his life helping entrepreneurs select businesses, underwrite them, and then perform the due diligence process that will keep those entrepreneurs from getting taken advantage of by sellers. And he is here this week to walk us through how we should be approaching due diligence, how long it really takes, what’s involved, and how it’s different than the DD process we might be accustomed to as real estate investors. In this episode, we also talk about getting seller financing when buying a business, and how we can get a whole lot more seller financing than we might expect. In fact, combined with bank or SBA financing, seller financing a deal may allow us to put little -- if any -- of our own cash in the purchase. Make sure you listen for Elliott’s explanation of why the typical seller has a 4 times greater incentive to lie about the income being generated by the business than you might think. At the same time, he also provides an amazing tip on what we can do upfront during the purchase process to ensure that the seller picks up the phone and helps us when we run into a question or issue after the purchase! Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Watermill Group KKR Portfolio TPG International Business Broker's Association BiggerPockets Business Podcast 68: “Buy Then Build” Your Business With Best-Selling Author Walker Deibel Check the full show notes here: https://www.biggerpockets.com/bizshow77 Learn more about your ad choices. Visit megaphone.fm/adchoices

76: Using Intellectual Property in Your Business to Protect and Profit With Devin Miller

2020-10-0601:17:31

Ever wondered what it took to get a patent? A trademark? A copyright? Or even the difference between the three of these things? Ever wondered how they could be used to protect your business, as well as be used as an income stream for your business? If so, this episode is for you! Devin Miller -- engineer, MBA and attorney, and founder of Miller IP Law -- is an expert on both intellectual property (IP) and business. And he is here with us this week to dispel a ton of myths about IP, as well as provide the information you need to start using IP to protect and enhance your business. In this episode, Devin tells us how each of these different forms of intellectual property can -- and should be used -- how much it costs to register each of them, how long it takes, and when we should (and shouldn’t) consider doing it. And make sure you listen to the end, when Devin tells us about two books that have changed his perspective on entrepreneurship, and will likely do the same for you! Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Kickstarter AOL Play-doh UPS LBC Target Netflix Check the full show notes here: http://biggerpockets.com/bizshow76 Learn more about your ad choices. Visit megaphone.fm/adchoices

75: Acquiring Businesses Using Other People’s Money With Shawn McCoy, Tom Szold & Charlie Szold

2020-09-2901:08:42

Are you interested in entrepreneurship through acquisition (basically, buying existing businesses), but aren’t sure where to start? Want to buy a business but don’t know where the money will come from? Always wondered whether it was possible to buy a business with no money down? If so, this episode is for you! Sean McCoy, Tom Szold & Charlie Szold -- co-owners of Precision Safe Sidewalks -- walk us step-by-step through the acquisition of their company. From the acquisition channels they use to find potential purchase targets, through underwriting, due diligence, purchase and transition -- they detail each piece of the process, both in terms of how it worked for their purchase and how you should be approaching it for yours. Most interestingly, they walk us through the “capital stack” of the business -- how they used a combination of an SBA loan, private money from outside investors and seller financing from the owner of the business to essentially purchase with no money out of their own pockets. They even detail how they connected with outside investors, and how they structured the investments. Make sure you listen to our discussion about how it’s not only possible to get the seller of the business to provide part of the financing for the purchase, but why it’s often in the seller’s best interest to do so! Check them out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets BizBuySell Intralink DealNexus George Arapage Check the full show notes here: http://biggerpockets.com/bizshow75 Learn more about your ad choices. Visit megaphone.fm/adchoices

74: Using a Real Estate Business to Grow a Real Estate Portfolio With Steve Strauss

2020-09-2201:17:38

Are you looking for an awesome business opportunity in the real estate space and need some motivation to find it? Have you wondered how you can use your interest in real estate to generate additional income that you can then use to buy real estate? Or are you just looking for some motivation to start and grow a business that can generate millions of dollars per year? Whatever your motivation, this episode is for you! Steve Strauss -- founder of Sign Central -- figured out how he could build a 7-figure business helping real estate developers, agents and investors market their products. And at the same time, start building his own real estate portfolio. With nothing more than determination, dedication and LOTS of hard work, Steve was able to take a part-time side-hustle working for someone else, and grow a multi-faceted business that now serves some of the largest real estate developers in the country. In this episode, Steve tells us how it took him a decade to go out on his own, but then how he went from side-hustle to big business over the course of just a few years. He tells us how building relationships has propelled his business success, and has helped him nab some of his largest clients. And how effective networking can be the difference between a stagnant business and one that starts to grow -- and keeps growing -- quickly! Steve then talks about how he was able to take his company from 2 employees to 12 employees, virtually overnight. While it may seem like a daunting task, Steve provides the single biggest key to achieving this growth with minimal headache and minimum financial risk. And make sure you listen to the end, where Steve talks about how he helped his community during Covid, but did so in a way that has brought him additional business and is likely to benefit him long into the future. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets BiggerPockets Bookstore JPMorgan Chase and Co. Logo Link to the full show notes here: http://biggerpockets.com/bizshow74 Learn more about your ad choices. Visit megaphone.fm/adchoices

73: Building an 8-Figure Game Company in 3 Years With Chris Meade

2020-09-1501:00:34

Think you can’t come up with a million dollar (or TEN MILLION DOLLAR) idea sitting around with your buddies? Think you can’t build an 8-figure business and have a ton of fun doing it? Think you can’t build a business like this in less than three years? Then this episode is for you! Chris Meade -- twenty-something co-founder of the 8-figure game company Crossnet -- was a kid with a dream when he, his brother and a friend conceived of a new take on beach volleyball. With nothing more than a fun idea and some determination, they got prototypes designed, started selling individual games through viral marketing and are now on track to do over $15 MILLION in revenue in 2020. In this advice-filled episode, Chris breaks down many of his companies processes in detail. He starts by giving a step-by-step plan for finding overseas manufacturers to prototype, build and package your product -- incredibly inexpensively! He tells us how to do it, how much it costs, how long it takes, and then provides some pro-tips to keep you from making some big mistakes -- and not getting taken advantage of -- in the process. Chris then talks about how he and his partners were able to start selling the game using viral marketing techniques, social media, and their own sales funnels. From there, he goes on to provide some great advice for how to keep your product and marketing expenses low (including some tips on things that can be negotiated that you probably don’t realize). Make sure you listen for the single most important skill an entrepreneur needs to be successful. Chris discusses how he used that skill to get sales, to get his product on the shelves of the national retail chain, Dick’s Sporting Goods, to get a partnership with one of the largest sporting manufacturers in the world, and ultimately to get a partnership with a professional volleyball league that will allow his company to grow and expand beyond imagination. Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Girls (HBO) Uber Alibaba Aliexpress ShipMonk Shipdaddy ShipBob Shopify BiggerPockets Business Podcast 01: How to Turn a Hobby Into a Booming Business (Then Get Your Life Back)—The BiggerPockets Story With Joshua Dorkin DICK's Sporting Goods SCHEELS Academy Sports Nationwide LinkedIn Okendo Wilson FreeUp BiggerPockets Business Podcast 41: Outsourcing Your Way to Millions with Nathan Hirsch of Outsource School Check the full show notes here: https://www.biggerpockets.com/bizshow73 Learn more about your ad choices. Visit megaphone.fm/adchoices

72: Finding the Opportunity Through Business - Crushing COVID With Michelle Oppelt and Samantha Mooney

2020-09-0801:09:42

Ready for some solid motivation on moving forward and pushing through? Need a reminder of the passion that led you to start your business in the first place? Could you use a dose of inspiration from two business partners who clearly share the same goals and are committed to succeed together, no matter what obstacles they face? This episode delivers all that and more! Michelle Oppelt and Samantha Mooney -- co-owners of Smartycat Kids and SmartyCatTV, have had a great run. Pouring tremendous amounts of faith into each other with a symbiotic relationship based on trust and tenacity, this dynamic duo spent over a decade developing, nurturing, and growing an engaging child education enrichment company serving hundreds of families. Operating like a well-oiled machine and with a plan in place for extreme expansion, timing wasn’t exactly on their side. Simply stated, Covid brought business to a screeching halt. Faced with a seriously tough situation, Michelle and Samantha took a big step back, assessed the situation, then faced the harsh reality. Their brainchild couldn’t just pivot--it was time to completely reinvent. In this episode, Michelle and Samantha give us great tips on using resources wisely, reaching out far and wide to find like-minded thinkers who can help us view things through a different lens. They give heartfelt advice on keeping your mission front and center to guide you through difficult choices. And they encourage us to not only accept change, but to fully embrace it, finding new opportunities to propel your entity to an entirely new place. Check them out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets CNBC Zoom Youtube TikTok Bill Nye Dean Graziosi BiggerPockets Podcast 157: A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod BiggerPockets Podcast 284: The “Miracle” Behind Becoming a Millionaire with Hal Elrod and David Osborn Masterclass Check the full show notes here: https://www.biggerpockets.com/bizshow72 Learn more about your ad choices. Visit megaphone.fm/adchoices

71: Mastering Business Without Business School With Josh Kaufman

2020-09-0101:08:43

Have you ever wanted to get a business school education, but didn’t want to spend the tens of thousands of dollars -- and many years of your life -- going to business school? Josh Kaufman -- author of the best-selling and foundational business book, “The Personal MBA” -- is here to talk about getting a business school education without having to ever set foot in college. Josh has just released his 10th Anniversary edition of his book, and provides a wealth of knowledge for entrepreneurs at any stage of their journey. On today’s episode, we talk about everything from how to learn business to measuring the success of your business to creating the systems and processes necessary to keep your business humming along. In addition, Josh provides actionable tips on how to overcome some of the biggest struggles facing entrepreneurs and biggest owners. Make sure you listen for Josh’s discussion of “akrasia” -- the idea that you know what you should be doing, and what is theoretically best for you, but often, you just can’t get yourself to do it. And then listen to Josh tell us exactly how we can overcome that roadblock and keep pushing forward. And make sure you listen to the end, where Josh recommends the top 99 business books you should have on your reading list to really propel you and business to success. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Procter & Gamble Company Mr. Clean Swiffer Dawn Cascade Febreze Y Combinator BiggerPockets Business Podcast 67: Thinking BIG and Raising $70 Million with Jay Reno Kickstarter Check the full show notes here: https://www.biggerpockets.com/bizshow71 Learn more about your ad choices. Visit megaphone.fm/adchoices

70: Turning a Hobby Side Hustle Into a Full Fledged Family Business With Sabrina Rosenberg

2020-08-2501:03:45

Is family front and center in your life? Do you dream of the day you can truly put family first while generating income and creating a lasting legacy? Would working alongside your loved ones, building together, be the icing on the cake? With all the uncertainty we are all currently facing, there’s no better time than now! Sabrina Rosenberg -- new owner/operator of A Childhood Store, a kid-focused company in its early stages of growth -- spent 15 years building other people’s businesses. Although a hefty salary, impressive awards for her accomplishments, and strong influence among staff members kept her going, the 16 hours a day, 7 days a week schedule left her missing out on what really mattered. In early 2020, enough was enough. She didn’t have a solid plan for what to do next, but was confident that her depth of experience in building systems and processes, utilizing her resources wisely, and digging deep to research, push forward, and problem solve would serve her well. In this episode, Sabrina tells us about the steps she took to join forces with her incredibly creative sister, who started a kid-focused product company several years prior. Its eco-friendly, sustainable offerings drew the attention of Whole Foods -- and Sabrina’s knack for building businesses was exactly what was needed to take the company to the next level. Sabrina provides us insight to a roadmap of steps she has taken, and that you can take as well, to start operating a side hustle like a real business. She shares incredibly valuable tips on entering into key distribution and wholesale channels. And best of all, she gives us some heartwarming inspiration about involving the entire family every step of the way. Make sure you listen all the way through to the end for Sabrina’s simple yet powerful 3 words of advice for anyone in the early stages of building a business. Follow this advice and it’s impossible to NOT make progress. Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets Whole Foods Amazon Faire The Product Boss Etsy Check the Full Show Notes here: http://biggerpockets.com/bizshow70 Learn more about your ad choices. Visit megaphone.fm/adchoices

69: Accomplishing It All With Editor-In-Chief of Entrepreneur Magazine Jason Feifer

2020-08-1850:01

Were you simply born with a never-ending desire to do more and more? In spite of this, do you sometimes get in your own way, questioning your ability to make a real impact and get things done? Ever think, “Everyone else has this all figured out, why don’t I?,” overanalyzing and second-guessing yourself when presented with a new challenge? NEWSFLASH: You’re Not Alone! For years, Jason Feifer -- Editor-in-Chief of Entrepreneur Magazine, has been an influencer with leading entrepreneurs crushing it in their respective industries. And Jason is clearly crushing it himself as well. Programmed with nonstop motivation and ambition to move forward, make progress, and teach others, Jason also hosts THREE leading podcasts, writes for prominent media outlets, and inspires individuals, business owners and companies as a highly sought-after international keynote speaker. In this episode, Jason talks about the power of solving unexpected problems, the importance of focus, dealing with “Imposter Syndrome,” and tells us the single best podcast (besides this one, of course!) that we should all be listening to in order to motivate us and jump-start our entrepreneurial dreams. Make sure you listen to the end, where Jason reveals his unique take on when and how to create a personal brand. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Check the full show notes here: http://biggerpockets.com/bizshow69 Learn more about your ad choices. Visit megaphone.fm/adchoices

68: "Buy Then Build" Your Business With Best-Selling Author Walker Deibel

2020-08-1101:23:21

Have you ever thought about buying a business? If so, today’s episode is for YOU! Walker Deibel -- author of the best-selling “Buy Then Build” -- is here to talk about buying businesses. Not only was Walker’s book recognized as one of the top 7 books all entrepreneurs must read, but it’s currently being used in university MBA programs around the country. In this episode, Walker walks us through why buying a business is better than building one from scratch (did you know that only 4% of companies ever exceed $1M in revenue?), why now is the perfect time to be looking for the right business to purchase and what type of businesses we should be considering buying. We then jump into the process of buying a business, how to ensure that you’re adequately represented on your side of the deal, and what you should be doing TODAY to make progress towards buying your first -- or next -- business. Make sure you listen to the end where Walker tells us the biggest mistake he sees entrepreneurs making, and the most important thing you should be doing the day you close on the purchase of your new business. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show BiggerPockets BiggerPockets Business Podcast 17: Using Fear as Fuel with Alejandro Velez and Nikhil Arora, Co-Founders of Back to the Roots Back to the Roots Costco Forbes Magazine LinkedIn Square Check the full show notes here: https://www.biggerpockets.com/bizshow68 Learn more about your ad choices. Visit megaphone.fm/adchoices

67: Thinking BIG and Raising $70 Million with Jay Reno

2020-08-0401:05:27

Have you ever thought about starting a BIG business? Ever wondered what the first steps were to raising tens of millions of dollars? Do you unintentionally impose limitations on what you think you can accomplish? Have you ever thought, “If I just had more money, I could take my idea to the next level!”? If so, this episode is for you! Jay Reno, founder of Feather, has thought BIG from the start. His entrepreneurial journey began with an idea a bit ahead of its time. When that venture didn’t work out so well, he took the lessons he learned to bootstrap a whole new concept. Living in New York City and identifying with the trend of a new generation of people defining success through life experiences rather than being tied down to meaningless material possessions, Jay recognized an opportunity to put his degree in Climate & Environmental Sciences to work. With just a few thousand dollars and a ton of hard work and diligence, Jay quickly achieved proof of concept for Feather, a furniture rental company providing a flexible and sustainable alternative to ownership. In this episode, Jay tells us about his amazing experience at Y Combinator, an incubator program where other leading companies like DoorDash, AirBNB, and Dropbox also got their start. He offers insight on the pros and cons of raising money vs. bootstrapping your way to success. (Yes, there actually IS heartache involved, even when investors have pumped 70 MILLION DOLLARS into your company.) And he provides awesome examples of taking risks, making bets, and positioning yourself to be lucky when the time is right. Make sure you pay attention to Jay’s reminders about the common excuses potential entrepreneurs make that hold them back, to make sure you overcome and avoid standing in your own way of greatness. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! Links from the Show: Zoho CRM Act CRM Salesforce CRM BiggerPockets Pro Memberships Check the full show notes here: http://biggerpockets.com/bizshow67 Learn more about your ad choices. Visit megaphone.fm/adchoices

66: Leveraging COVID and Other Timely Trends to Build Wealth With John Berlingieri

2020-07-2801:16:10

Are you looking for some motivation on how to make money during this pandemic? If so, this episode is for you! John Berlingieri -- serial entrepreneur and creator of The Sanitizing Station -- tells us about how he was able to go from idea to getting sales in two months on a $20,000 product aimed at helping to protect people from Covid infection. And how he was able to overcome all the complexities of doing so during the pandemic, while supply chains were shut down and in-person workers were scarce. In this episode, John provides tons of great tips on everything from naming your business and products to getting publicity for your business to “faking it until you make it” when working on BIG ideas. John also discusses how to design, prototype and build FAST when getting to market quickly is the one of the most important aspects of success. Make sure you listen for John’s amazing tip on what you should be reading to find lucrative business ideas, to keep up on business trends and to ensure that you beat your competition to market. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: How John started a manufacturing company at age 21 Adapting and finding opportunities right away How he works with local companies and gives discounts to get sales How he hires multiple virtual assistants for fast deployment Why he reads lots of news How he markets his products From idea to a working product in less than two months How they got their first customer Cost for manufacturing machines How they crafted the name of the company How he pivoted and made quick decisions How he obtained publicity And SO much more! Links from the Show BiggerPockets E-bay Entrepreneurs' Organization Amazon Fiverr Upwork Aljazeera News12 CBS ABC Univision Drudge Report RT BBC Reuters CNN Fox Check the full show notes here: http://biggerpockets.com/bizshow66 Learn more about your ad choices. Visit megaphone.fm/adchoices

65: From 14-Year-Old Entrepreneur to National Brand With Sean Pour

2020-07-2156:13

Do you think you’re too inexperienced to start a business? Do you think you don’t have the required education to be an entrepreneur? Do you think you don’t have the marketing chops to create a successful venture? Do you think you don’t have enough money to launch a million-dollar idea? If so, this is the episode for you… Sean Pour—founder of SellMax.com, a national used-car buying service—tells us about how he started his business at 14 years old, in attempt to help his parents keep their business afloat. What started out as an effort to help his family has, over the past 10 years, turned into a big business. Sean buys and sells thousands of cars per month all across the United States. In this episode, Sean talks about getting started even before he had a high school education, how he taught himself the coding and marketing skills necessary to get the business off the ground, and how he was able to bootstrap the company without any capital. He also discusses how to build your network and find a great mentor without spending any money... and even potentially MAKING money in the process! Listen for Sean’s amazing explanation about why too much education can actually hamper your likelihood for massive success and why those without a formal education often achieve much more. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: How Sean started a business in uncertain times How he learned a lot more from running a business than from school Sean's focus on affordability and starting on a budget How he started this business at 14 years old His #1 pieces of advice for those starting a business at a young age How their business model achieves a 10-20% profit margin Why he thinks marketing is the most important thing to a business And SO much more! Links from the Show BiggerPockets Wordpress Carvana Shift CarMax Upwork Link to the full show notes here: http://biggerpockets.com/bizshow65 Learn more about your ad choices. Visit megaphone.fm/adchoices

64: Building Your Brand and Getting to the Front of the Room with Erik Cabral

2020-07-1401:09:56

Do you long for the day you can leave your full-time job working for someone else? Ever think to yourself, “What if I take all this time and energy to build something for myself?!” Or are you exhausted just thinking about building a brand from scratch, starting at the bottom of the ladder and working your way up all over again? If so, this is the episode for you… Erik Cabral -- founder of creative agency On Air Brands and the entrepreneur experience PodMAX -- tells us all about his “a-ha moment” that led him to leave a stable, high-paying corporate career to begin his entrepreneurial adventure. He walks us through the early days reaching out to literally everyone he knew to get invited to networking events; and his journey to “the front of the room” as an influencer and revered expert in brand building. By adding value helping like-minded people build their own unique brands, he now has global reach working with clients to enhance their marketing, online presence, podcasts, and live streaming strategies. In this episode, Erik talks about the importance of putting your ego aside, remaining consistent, and simply showing up to gain traction. He reminds us that the relationships we nurture through networking are front and center in any business. And he teaches his key principles in building a powerful brand, which he calls “The 4C’s” : Clarity, Community, Connection, and Collaboration. Make sure you listen to the end, where Erik shares a great personal story that went viral around the globe. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: The power of networking How he found mentors Working with Gary Vee's team for a live event Why "Why?" is the most important question His 4 C's: Clarity, Community, Connection, & Collaboration How his podcast company works How their business evolved by catering to the needs of the community And SO much more! Links from the Show BiggerPockets BiggerPockets Podcast Matt Faircloth Stitcher SiriusXM Gary Vee Zoom H6 Recorder Tim Ferriss'Podcast Equipment The Sasha Group Vayner Media Check the full show notes here: https://www.biggerpockets.com/bizshow64 Learn more about your ad choices. Visit megaphone.fm/adchoices

63: Full-Time Firefighting While Building a Million-Dollar Business With Lance Korhorn

2020-07-0753:33

Do you feel like you don’t have the knowledge and experience to start your own business? Perhaps you're looking for a way to leverage your full-time job to find the right business opportunity? Or maybe you’re looking for ideas on how to create a grassroots marketing and branding effort without a lot of out-of-pocket costs? If so, this is the episode for you… Lance Korhorn—full-time firefighter and entrepreneur—walks us through how he was able to start Ladder 34, a business focused on recycling old fire hoses that were destined for the dump. Not only was he able to save tons of waste from the landfill, but he has recycled that “trash” into financial and philanthropic treasure. In this episode, Lance talks about how every fire hose is a story and how he has been able to build a business around preserving those stories—turning old hoses into belts, wallets, mats, and other items that delight customers and carry on the legacy of the lifesaving equipment. And not only is this a business supporting Lance and his family, but it's also supporting firehouses and firefighters around the country who are putting their lives on the line every day. Lance tells us how he came up with the idea for the business, how he struggled to create his first prototypes, and how he’s had to learn how to start, build, and grow a business every step of the way through trial and error. Make sure you listen to the end, where Lance reveals the power of storytelling, and how it’s helped grow Ladder $34 million-dollar business. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: How he built a store with a simple step-by-step process How he threw out products just to see how they're received How he built his team and started outsourcing advertising How he gets 80-90% profit on many products How to work with family members How they financed their business How he segments his time And SO much more! Links from the Show BiggerPockets Shopify Check the full show notes here: http://biggerpockets.com/bizshow63 Learn more about your ad choices. Visit megaphone.fm/adchoices

62: Building a Massively Profitable Business Around Your Passions With Alex French

2020-06-3001:16:54

Are you looking to build a business around something you love and are passionate about? Do you want to ensure that the business you’re working on has massive profit potential? Are you concerned that you don’t know how to do both of these things simultaneously? Today’s guest tells us how he was able to blend his passion with massive profits... and how we can, as well! Alex French—co-founder of Bizzy Coffee, the most popular cold-brew coffee brand sold through Amazon and retailers—knows firsthand how important it is to do something you love while also ensuring that there is market demand for your business. On this episode, he teaches us how we can identify which of our passions can be scaled into a profitable enterprise and how to validate our ideas quickly and inexpensively using Google. Alex also tells us how we can use influencers to get feedback on our business ideas and how they can spread the word to potential customers, too. Finally, he walks us through the basics of selling on Amazon, including how to use the platform to dominate in your product category. Make sure you listen for Alex’s powerful tip—one that cost his investors over $1M to learn—on what to do when you find your business veering off-course. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: How he used Google Trends to find a great product idea How he does market research What led to choosing cold brew coffee How he tests his ideas very inexpensively and very quickly How he got big influencers to promote his brand new product Develop their product step by step How a rejection led him to selling on Amazon Learn about where they are now and what's next for their company And SO much more! Links from the Show BiggerPockets Google Adwords Smart Passive Income Podcast Entrepreneur on Fire Podcast Indiegogo Check the full show notes here: http://biggerpockets.com/bizshow62 Learn more about your ad choices. Visit megaphone.fm/adchoices

61: Launching a Hands-Off 'Cash Cow' Business With Less Than $100K, Step by Step With Ashley Kehr

2020-06-2301:08:27

Have you ever thought about creating a brick-and-mortar retail operation from scratch? Ever wonder what hoops you have to jump through to get a liquor license and launch a business selling alcohol? Ever wonder how to do consumer research before opening a local store? Ashley Kehr—real estate investor, entrepreneur, and co-host of BiggerPockets' Real Estate Rookie Podcast—is in the process of building and launching a local liquor store, and she shares with us her step-by-step plan. In this episode, Ashley tells us how she found and hired an expert consultant, how she applied for and got a state liquor license, and how she was able to purchase the real estate and design it for her business. And she did it with a whole lot less cash than you might expect! Ashley provides a ton of great tips for any budding entrepreneurs looking to take that next step toward creating their own business. She talks about the value of networking, asking the right people the right questions, and the biggest roadblock that many of us need to overcome to get started. And make sure you listen for Ashley’s amazing tips on how to advertise your local business, as well. Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: Using an industry expert to navigate licensing Leveraging your network to market through word of mouth Buying the real estate your business will use How Ashley's setting up her network of alcohol distributors How to succeed in a new industry by "asking the right people the right questions" Setting up a business that will run on autopilot! And SO much more! Links from the Show BiggerPockets BiggerPockets Rookie Podcast Rookie Podcast 12: What Works (and Doesn’t) in a Recession & the Untold Story of J Scott’s Messy First Flip BiggerPockets Real Estate Show Indeed.com BiggerPockets Business Podcast 56: From Poverty to Millions Through Laundromats with Dave Menz BiggerPockets Rookie Facebook Group Check the full show notes here: http://biggerpockets.com/bizshow61 Learn more about your ad choices. Visit megaphone.fm/adchoices

60: Turning Your Passion Into a Scalable Business With Tammeca Rochester

2020-06-1601:03:39

On today's show, learn how to identify a personal passion and/or need, combine it with your professional skillset, and launch a business that energizes you and your community. Tammeca Rochester sits down with J and Carol to reveal the story behind Harlem's first and only indoor cycling studio, Harlem Cycle. From the genesis of her idea, to hiring contractors and renting space, to her pricing strategy focused on "packages and commitments," Tammeca shares a ton of great tips for anyone looking to bootstrap any type of business today. Download this one, and be sure to subscribe to the BiggerPockets Business Podcast so you won't miss us next week! In This Episode We Cover: Tammeca's concise "elevator pitch" for her business Launching a side business as a parent with a full-time job Writing down her business plan right at the start Negotiating a commercial lease Working with designers to shape the look and feel of her studio Putting the consumer's desires front and center from the beginning Getting rejected for a business loan Why free giveaways don't convert into paying customers Connecting entrepreneurship with family ("It's OK to bring your kids to work!") And SO much more! Links from the Show BiggerPockets SoulCycle Flywheel Sports Check the full show notes here: http://biggerpockets.com/bizshow60 Learn more about your ad choices. Visit megaphone.fm/adchoices

59: A Sweet Deal: Buying a Chocolate Company With No Money Out of Pocket With Ryan Novak

2020-06-0951:00

Have you ever thought about taking over an existing business? Would you like to purchase a business with no money out of your pocket? Have you ever considered what it would take to expand a local business nationally? All these questions—and more—are answered on this week’s podcast. Ryan Novak, owner of ChocolatePizza.com, graduated college and then went back to buy the small, local chocolate shop that he had worked in since he was 14 years old. He negotiated a no-money-down deal that left him as the sole owner of the shop—and an opportunity to grow the brand nationally. Using the power of the internet, Ryan has grown ChocolatePizza.com to a seven-figure company, shipping chocolate treats and gifts all around the United States. And at the same time, he has grown that local shop into a successful business in and of itself. On this episode, Ryan talks about how he acquired Chocolate Pizza, how he used what he learned in business school to grow and expand with over a dozen employees, and how he is now using the circumstances of the coronavirus pandemic to extend his brand even further. He tells us how he’s evolved his product offering to surprise and delight his customers and get people talking about the company to expand his reach. In addition, Ryan tells us how he’s giving back to his community. And specifically how he is using a local mentorship program he’s created to build a win/win for his business—hiring local high-school students to train them in business, while at the same time getting the benefit of low-cost employees, who are excited to learn and work. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: The unique real estate strategy of lending and pitching to developers How the recession helped him become an entrepreneur How he developed a plan for a hotel restoration How he focused on building a franchise prototype How he coined the company's core values How he communicates the core values during the hiring process How he created a syndication that is more than just about real estate And SO much more! Links from the Show BiggerPockets Hallmark CMT CNBC How The Young Founder Of Chocolate Pizza Factory Shares Success Secrets And Supports Youth Check the full show notes here: http://biggerpockets.com/bizshow59 Learn more about your ad choices. Visit megaphone.fm/adchoices

58: Elevating Your Business & Investments in 3 Words With Josh McCallen

2020-06-0201:15:08

What differentiates good businesses from great businesses? What is that thing that keeps your customers coming back time after time? How do you ensure that your product or service really stands out from your competitors? More times than not, it’s providing an amazing customer experience. In fact, today’s guest has built his eight-figure business on this principle alone. And he tells us how we can do the same in our business. Josh McCallen—entrepreneur, investor, and business owner—has built his reputation as a luxury resort developer. Over the past decade, he and his investment team have bought, renovated, and turned around several high-end resorts. His key to success is always the same: implementing a customer experience that is second to none. On this episode, Josh tells us how he got started in both business and real estate, as well as when he first recognized the value—and necessity—of defining a world-class experience brand for his resorts. He also shares the three core values that rule over the experience he creates, how he implements those values in his business, and how you can do the same in yours. And make sure you listen through the "Four More" segment at the end to learn about the biggest mistake Josh made (and many people make) when buying a business and how it led him to failure in his first business purchase. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: His unique real estate strategy of lending and pitching to developers How the recession helped him become an entrepreneur How he developed a plan for a hotel restoration How he focused on building a franchise prototype How he coined the company's core values How he communicates their core values during the hiring process How he created a syndication that is more than just about real estate And SO much more! Links from the Show BiggerPockets How to Approach Real Estate Investing Like a Business, With BiggerPockets Contributor J Scott Check the full show notes here: http://biggerpockets.com/bizshow58 Learn more about your ad choices. Visit megaphone.fm/adchoices

57: Negotiating with Joe Exotic and Buying "Tiger King" Merchandising Rights with Tim Shiner

2020-05-2601:19:15

We've all heard the adage about the importance of multiple streams of income. Today's guest takes that idea to a whole new level... From patents to books to real estate to businesses to licensing royalties, Tim Shiner is truly an investing and business Renaissance Man. And his most recent project is his biggest yet! On this episode, Tim tells us about how—as a "professional opportunist"—he has created dozens of income streams, how he manages his time to juggle all these projects, and most importantly, how you can start identifying opportunities in your life to do the same. Then we delve into Tim's latest project: He has purchased the exclusive rights to license dozens of products related to the "Tiger King" and Joe Exotic brands, sensationalized by the Netflix mini-series over the past several months. Tim tells us about how he hooked up with Joe Exotic's lawyers to negotiate the deal and how he's working with some of the biggest marketing companies in the world to monetize it. Make sure you listen to Tim's story about how he acquired the largest bus in the world, wrapped it in a controversial design, and drove it from Texas to Washington, D.C., to promote the brand! Are you looking for some inspiration for tackling big projects that might be a little bit out of your comfort zone? If so, this episode is for you! Check it out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! In This Episode We Cover: How Tim came to own the marketing rights to the hit Neflix show "Tiger King" and its star Joe Exotic Building dozens of revenue streams Becoming a "professional opportunist" Why Tim believes money equals freedom His unique real estate investing strategy The tax advantages of having a side business Inventing a beer koozie and making royalties The struggles—and benefits—of working with partners And SO much more! Links from the Show BiggerPockets Tiger King Sam Zell BiggerPockets Podcast 221: Buy and Hold Real Estate—What Works and What Doesn’t with Tim Shiner Check the full show notes here: http://biggerpockets.com/bizshow57 Learn more about your ad choices. Visit megaphone.fm/adchoices

56: From Poverty to Millions Through Laundromats with Dave Menz

2020-05-1901:06:03

If you've found this show, you probably have that entrepreneurial itch... and you've probably wrestled with just how to turn that impulse into action. Well, that transition is exactly what today's show is about... so don't miss it. Our guest Dave Menz shares his journey from poverty, to a corporate career, to taking the plunge into business and turning a struggling laundromat into a cash-flowing asset producing generational wealth (then scaling up). And Dave pulled this off with no formal business training! As he says in the episode, "If you want to see me accomplish something, tell me I can't do it." Tell us what you think in a rating or review on Apple Podcasts (it takes just 30 seconds), and subscribe to the BiggerPockets Business Podcast in your favorite podcast app so you won't miss the next one. In This Episode We Cover: Overcoming "programming" from parents and school and choosing a different path Why Dave left his corporate career to start a business Why "the process" is more important than "the product" How he decided on laundromats How he negotiated the purchase of his first laundromat Writing a business plan and getting an SBA loan Starting a business while working full-time How he improved laundromat operations to become profitable Scaling up and acquiring additional laundromats Creating synergy among his businesses Relentlessly focusing on serving his community And SO much more! Links from the Show BiggerPockets BiggerPockets Podcast Guest BiggerPockets Podcast Check the full show notes here: http://biggerpockets.com/bizshow56 Learn more about your ad choices. Visit megaphone.fm/adchoices

Comments (7)

Elle Equip

This is great thank you for sharing

Dec 1st

Sean Sante

Awesome podcast! I just started my first business on Feb 1st of this year, talk about poor timing. Guess I need to pivot quickly.

Mar 18th

Justin Weeter

What an amazing podcast. Keep it up J & Carol!

Jan 2nd

Reply (1)

Jamie Hanks

I love BP Business podcast. It is extremely educational for a budding entrepreneur or a seasoned one, because the guests they interview have so many insights from industries across the spectrum. Thank you for the content!

Oct 21st

Jon Penton

Loved this Interview! Employ a governor on your time commitments: “my business partner is my spouse, let me run this by her before I commit” or you can use your calendar: “I’ll need to consult my calendar to make sure I’m available”

Aug 21st

Adrian North

love this episode!!!!!

Jul 28th

#box-pro-ellipsis-17433277804407{-webkit-line-clamp:2;}BiggerPockets Business Podcast