BiggerPockets Business Podcast

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 CoverLaying the foundation of businesses and “building yourself out of a job”How to extract yourself from your business and empower long-term successContrarian thinking and why it’s a crucial skill in today’s societyHow to start a “high margin, low people” businessThe one skill you should start building upon todayHow to make your audience loyal and push away those who won’t like your offeringAnd So Much More!Links from the ShowBiggerPockets ForumsEntourage Effect CapitalContrarian Thinking PlaybookCheck the full show notes here: https://www.biggerpockets.com/bizshow105

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

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

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

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