Welcome to a real-world MBA, where entrepreneurs guide you through what it really takes to start, scale, and sell your own business.
Your hosts: J and Carol Scott, who left careers in corporate management to launch their own house-flipping business. Every Tuesday, you'll meet a new guest and learn actionable tips for hiring, firing, marketing, raising capital and more.
So whether you're looking to boost profits or bring a new idea to life, you'll come away informed and inspired. Tune in, and learn how to treat your business like a business!
How Anyone, Anywhere, Can Start Buying Profitable Real Estate with Andrew Luong
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 CoverResisting lifestyle creep so you can invest in your assets and businesses Letting your day job subsidize the other business opportunities around youWhy 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/investBuilding systems and processes so you can be fully remote when running your businessUsing existing data to make your real estate search more profitableAnd So Much More!Links from the ShowBiggerPockets ForumsTuroGetAroundEbayBiggerPockets ForumsBiggerPockets Events and HappeningsCheck the full show notes here: http://biggerpockets.com/bizshow104
Are You Seen as Credible in A Customer’s Eye? with Mitchell Levy
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 CoverWhy credibility is so important in today’s day and ageKnowing who your audience is so you can solve their problemsFinding your customer’s point of pain Making the world a better place through credible businessHow to make your online presence and LinkedIn stand outAnd So Much More!Links from the ShowBiggerPockets ForumsClubhouseBEing Seen & BEing Heard as a Thought Leader! Ted TalkXEZNowThinkificLinkedinJ's Linkedin ProfileCheck the full show notes here: https://www.biggerpockets.com/bizshow103
Are You Ready to Take the Entrepreneurial Leap? with Gino Wickman
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 CoverWhat the EOS - Entrepreneurial Operating System isHow to know whether or not you’re a natural entrepreneurThe entrepreneurial range and where you may stand on itThe 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 ShowBiggerPockets ForumsEntrepreneurial Leap AssessmentElon MuskRay KrocJeff BezosSteve JobsEntrepreneurial Leap Biz Match ToolEntrepreneurial Leap Cheat SheetCheck the full show notes here: https://www.biggerpockets.com/bizshow102
Acquiring a $1.5M Business with Only $10k Out of Pocket with Nigel Guisinger & Sean Ade
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 CoverThe opportunity of the “business crash” happening right nowLooking for businesses that fit with your interests The importance of having cash flow from day one of ownershipProfit and loss statements, equity, and valuations of businessesSmall Business Administration (SBA) loans When and how to hire your first employee after you buy an existing businessAnd So Much More!Links from the ShowBiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel GuisingerGoBundanceBizBuySellVenmoPaypalSquareInstagram
Check the full show notes here: http://biggerpockets.com/bizshow101
You Can't Fear Failure: Scott Trench on the Evolution of BiggerPockets
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 CoverHow Scott used the principles outlined in Set for Life to reach financial freedomTaking a chance and joining a very early stage startup The importance of having very low expenses when making hard decisionsHow to work with a private equity firm when they acquire part of your businessNPS (net promoter scores) and why they’re crucial for continual business improvement Driving value for shareholders, without tarnishing your brand for customersScott’s new book First Time Home BuyerAnd So Much More!Links from the ShowMr Money MustacheBiggerPockets Business Podcast 01: How to Turn a Hobby Into a Booming Business (Then Get Your Life Back)—The BiggerPockets Story With Joshua DorkinBiggerPockets Business Podcast 18: How to “Have It All” by Living with Intention with Brandon TurnerBiggerPockets Real Estate PodcastBiggerPockets Money PodcastMcCarthy CapitalBiggerPockets PublishingBiggerPockets Podcast 297: Mastering the Decision-Making Process with Business (and World Series of Poker) Champion Annie DukeBiggerPockets Real Estate Rookie PodcastBiggerPockets MarketplacePier 1Check the full show notes here: http://biggerpockets.com/bizshow100
Finding Profitable Opportunities Using “Deliberate Data” with Dr. John Johnson
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 CoverThe expert witness and testimony field Checking your own bias and making sure your decisions are based on accurate dataUnderstanding the context around the data that is being recordedTracking growth and recruiting so you know where you’re succeedingUsing common sense when looking at different data pointsAnd So Much More!Links from the ShowEdgeworth EconomicsEdgeworth AnalyticsThe Data BlueprintFor the Business Podcast ListenersCheck the full show notes here: http://biggerpockets.com/bizshow99
Create a platform for this
I’m envisioning a platform like bigger pockets but for business. I’d put it together but I got other goals I need to focus. May be a sweet idea if you could make it happen!