1
00:00:00,080 --> 00:00:02,720
Speaker 1: Welcome to How the Money. I'm Joel and I am

2
00:00:02,840 --> 00:00:05,320
Speaker 1: that and today we are telling you why starting a

3
00:00:05,400 --> 00:00:27,600
Speaker 1: business is easier than you think. That is right, man.

4
00:00:27,640 --> 00:00:31,320
Speaker 1: This episode we're talking about starting your very own small business,

5
00:00:31,800 --> 00:00:34,000
Speaker 1: and by the end of this episode, you are going

6
00:00:34,040 --> 00:00:35,920
Speaker 1: to be convinced that this is in fact something that

7
00:00:36,000 --> 00:00:38,080
Speaker 1: you can do. It is way easier than you think.

8
00:00:38,400 --> 00:00:41,080
Speaker 1: There's a lot of folks who started small businesses over

9
00:00:41,080 --> 00:00:43,199
Speaker 1: the past couple of years. But if that wasn't you,

10
00:00:43,360 --> 00:00:45,280
Speaker 1: if you didn't fall into that camp, we think that

11
00:00:45,360 --> 00:00:47,440
Speaker 1: it's something that you're going to consider by the end

12
00:00:47,440 --> 00:00:49,280
Speaker 1: of this episode, and they will be convinced because we

13
00:00:49,320 --> 00:00:51,720
Speaker 1: are podcast hypnotists and we can actually, by the sound

14
00:00:51,760 --> 00:00:54,280
Speaker 1: of our voices, make you think something that you don't

15
00:00:54,280 --> 00:00:57,040
Speaker 1: currently think. Do you believe in hYP hypnotists? So my

16
00:00:57,160 --> 00:00:59,840
Speaker 1: grandpa actually hypnotized me when I was because she was

17
00:00:59,880 --> 00:01:02,640
Speaker 1: a psychologist. He did what he did, Yeah, except for

18
00:01:02,720 --> 00:01:05,280
Speaker 1: it didn't really work. Like I felt like I was.

19
00:01:05,400 --> 00:01:07,399
Speaker 1: My eyes were kind of I kept like looking up

20
00:01:07,920 --> 00:01:10,160
Speaker 1: as he is this is this what supposedly happening? Because

21
00:01:10,160 --> 00:01:11,600
Speaker 1: I feel like I was supposed to be clucking like

22
00:01:11,600 --> 00:01:13,560
Speaker 1: a chicken or something like that and it felt like

23
00:01:13,600 --> 00:01:15,480
Speaker 1: it had no effect on me. But but I think

24
00:01:15,640 --> 00:01:18,720
Speaker 1: actually some people are more susuffable to hypnotism than we've read.

25
00:01:18,760 --> 00:01:20,320
Speaker 1: We've talked about that, we read about that how there's

26
00:01:20,319 --> 00:01:23,440
Speaker 1: some scammers and it would get folks on the line

27
00:01:23,560 --> 00:01:25,839
Speaker 1: and kind of get them into this trains and before

28
00:01:25,840 --> 00:01:28,000
Speaker 1: they knew it, they were you know, emptying out the

29
00:01:28,040 --> 00:01:30,440
Speaker 1: contents of their their bank account, giving the you know,

30
00:01:30,440 --> 00:01:32,480
Speaker 1: sharing their bank account numbers, all that kind of information.

31
00:01:32,880 --> 00:01:35,920
Speaker 1: I find it incredibly fascinating. An actually my mind, my

32
00:01:35,959 --> 00:01:39,319
Speaker 1: brain is like Fort Knox, It's impenetrable, so strong, there's

33
00:01:39,319 --> 00:01:41,280
Speaker 1: no way that was gonna happen. But no, we are

34
00:01:41,280 --> 00:01:44,720
Speaker 1: going to talk about small businesses this episode real quick though,

35
00:01:44,760 --> 00:01:47,040
Speaker 1: a quick follow up. So last week we talked about

36
00:01:47,440 --> 00:01:50,080
Speaker 1: how low flow shower heads they obviously save you money,

37
00:01:50,160 --> 00:01:52,960
Speaker 1: they save you water, but how I had taken my

38
00:01:53,080 --> 00:01:55,920
Speaker 1: restrictor off of my shower head, and I'm thinking that

39
00:01:55,960 --> 00:01:58,800
Speaker 1: it's going to allow me to maybe spend just as

40
00:01:58,840 --> 00:02:02,360
Speaker 1: much money, but how they more enjoyable experience just a

41
00:02:02,360 --> 00:02:07,080
Speaker 1: shorter shower. And but listener arseny I reached out and

42
00:02:07,080 --> 00:02:09,600
Speaker 1: he was like, hey, guys, why don't you a solution

43
00:02:09,680 --> 00:02:13,560
Speaker 1: scientific method guys like check it out and measure your progress,

44
00:02:13,600 --> 00:02:16,280
Speaker 1: like like put a plug in the bathtub and then

45
00:02:16,880 --> 00:02:19,839
Speaker 1: see how much water is standing in the bathtub after

46
00:02:19,840 --> 00:02:22,320
Speaker 1: you're done with your shower, both with and without the

47
00:02:22,320 --> 00:02:25,000
Speaker 1: flow restrict which I loved that little bit of advice.

48
00:02:25,080 --> 00:02:27,519
Speaker 1: Definitely going to try that out. It's a sure fireway

49
00:02:27,560 --> 00:02:30,200
Speaker 1: to figure out how much water are you're actually using

50
00:02:30,280 --> 00:02:32,960
Speaker 1: unless you have a sense a shower like mine, which

51
00:02:33,120 --> 00:02:35,240
Speaker 1: has no tub, it's one just one of those walking showers,

52
00:02:35,280 --> 00:02:36,760
Speaker 1: I mean, same with mine. That I mean it's it's

53
00:02:36,760 --> 00:02:38,840
Speaker 1: in the shower where it's not a tub without a stopper.

54
00:02:38,840 --> 00:02:41,000
Speaker 1: But I'm gonna lay down like a piece of like

55
00:02:41,040 --> 00:02:43,040
Speaker 1: seran wrap or like a zip blog bag just to

56
00:02:43,080 --> 00:02:45,400
Speaker 1: actually stop the water up. Okay, alright, good luck with that.

57
00:02:45,600 --> 00:02:49,079
Speaker 1: I might instead do some sort of test where I

58
00:02:49,120 --> 00:02:52,400
Speaker 1: hold up a gallon jug and I see how much

59
00:02:52,680 --> 00:02:55,520
Speaker 1: water gets filled up after a minute of using the

60
00:02:55,520 --> 00:02:57,920
Speaker 1: flow restricter and then a minute of not using it,

61
00:02:58,040 --> 00:03:00,320
Speaker 1: just kind of see the difference just so I don't

62
00:03:00,400 --> 00:03:02,440
Speaker 1: and then do some math flood my bathroom. Okay, there

63
00:03:02,520 --> 00:03:03,880
Speaker 1: go and yeah, I'm seeing you. That's a that's just

64
00:03:03,919 --> 00:03:06,720
Speaker 1: a great suggestion doing some testing to see whether we're

65
00:03:06,760 --> 00:03:10,120
Speaker 1: actually able to save money or whether we're just spending

66
00:03:10,160 --> 00:03:13,239
Speaker 1: more in water. We're wasting water because of our desire

67
00:03:13,320 --> 00:03:16,080
Speaker 1: to have a nicer shower, which you know, what it

68
00:03:16,120 --> 00:03:17,760
Speaker 1: might be worth the trade off, Matt, it might be

69
00:03:17,760 --> 00:03:19,720
Speaker 1: worth it, But I think it's a good idea to

70
00:03:19,760 --> 00:03:21,720
Speaker 1: at least run the numbers and to say, oh, wait,

71
00:03:21,760 --> 00:03:23,280
Speaker 1: now I know I can either take an eight minute

72
00:03:23,280 --> 00:03:26,200
Speaker 1: shower without the restrictor or ten minute shower with it,

73
00:03:26,320 --> 00:03:28,320
Speaker 1: and then make a decision based on that knowledge, as

74
00:03:28,360 --> 00:03:30,480
Speaker 1: opposed to just winging it, which is what you and

75
00:03:30,480 --> 00:03:33,200
Speaker 1: I were doing, which, honestly, it points to the fact

76
00:03:33,240 --> 00:03:37,320
Speaker 1: that maybe we're not interested in the truth. Maybe in

77
00:03:37,320 --> 00:03:40,840
Speaker 1: our case, we have both decided, oh it's it's totally

78
00:03:40,840 --> 00:03:43,040
Speaker 1: gonna be worth it in order to have a slightly

79
00:03:43,200 --> 00:03:46,720
Speaker 1: more luxurious shower experience. But I'm willing to commit and

80
00:03:46,960 --> 00:03:50,920
Speaker 1: see how much it's actually costing me. Yeah, this might

81
00:03:50,920 --> 00:03:54,280
Speaker 1: be a saga that but let's introduced the beer that

82
00:03:54,280 --> 00:03:57,080
Speaker 1: we're enjoying this episode. It is let's get some f

83
00:03:57,240 --> 00:04:00,920
Speaker 1: and French toast and that's a movie out and let's

84
00:04:00,920 --> 00:04:03,000
Speaker 1: see if you remember we will tell you what movie

85
00:04:03,000 --> 00:04:04,680
Speaker 1: this is from at the end of the episode. But

86
00:04:04,720 --> 00:04:07,000
Speaker 1: this is a beer. This is an Imperial Stout with

87
00:04:07,040 --> 00:04:09,800
Speaker 1: French toast, maple syrup, cinnamon, and this is by Bramari

88
00:04:10,080 --> 00:04:12,720
Speaker 1: Brewing Company. We will share our thoughts on this one

89
00:04:12,920 --> 00:04:14,680
Speaker 1: at the end of the episode. And it makes me

90
00:04:14,720 --> 00:04:16,680
Speaker 1: wonder bad. I think that movie is probably twenty years

91
00:04:16,680 --> 00:04:20,880
Speaker 1: old now, so if somebody right off the bat, I'm impressed.

92
00:04:21,360 --> 00:04:23,039
Speaker 1: But yeah, let's get to it. Let's get the topic

93
00:04:23,080 --> 00:04:25,400
Speaker 1: of hand. We are talking about why starting a business

94
00:04:25,480 --> 00:04:29,080
Speaker 1: is easier than you think, and Matt, there are I

95
00:04:29,080 --> 00:04:30,440
Speaker 1: think a lot of things that we build up in

96
00:04:30,480 --> 00:04:34,600
Speaker 1: our mind to be it's really difficult, even though in

97
00:04:34,680 --> 00:04:37,760
Speaker 1: reality doing that thing isn't all that tough. And I

98
00:04:37,800 --> 00:04:40,120
Speaker 1: know for myself it makes it easier to sit on

99
00:04:40,120 --> 00:04:42,120
Speaker 1: the couch. If I'm like, but that thing is really hard,

100
00:04:42,240 --> 00:04:43,920
Speaker 1: I don't want I don't want to give it a try.

101
00:04:44,640 --> 00:04:47,839
Speaker 1: It's just not possible. It's obviously really difficult, and I

102
00:04:47,839 --> 00:04:49,760
Speaker 1: don't have the time if it's that hard to do it,

103
00:04:49,839 --> 00:04:52,040
Speaker 1: So I'm just gonna sit here and do nothing. And

104
00:04:52,520 --> 00:04:55,200
Speaker 1: I think I probably used that excuse a lot when

105
00:04:55,200 --> 00:04:59,720
Speaker 1: it comes to learning how to cook, and it's something

106
00:04:59,720 --> 00:05:01,479
Speaker 1: I need to get better in every field. Yeah, I

107
00:05:01,480 --> 00:05:03,240
Speaker 1: need to participate in the kitchen more in our house,

108
00:05:03,320 --> 00:05:05,760
Speaker 1: be more helpful, and cook more meals for our family.

109
00:05:05,960 --> 00:05:07,960
Speaker 1: And so it's something I'm kind of starting to come

110
00:05:07,960 --> 00:05:10,000
Speaker 1: around on. But I think I'm not alone in that.

111
00:05:10,120 --> 00:05:12,320
Speaker 1: I think there's a lot of folks who have said,

112
00:05:12,800 --> 00:05:15,000
Speaker 1: you know what, cooking dinner is really difficult. I'm just

113
00:05:15,040 --> 00:05:18,000
Speaker 1: gonna order out more. We're gonna get take out, We're

114
00:05:18,000 --> 00:05:21,159
Speaker 1: gonna order pizza and pop that pre made lasagna into

115
00:05:21,200 --> 00:05:23,719
Speaker 1: the oven. Exactly what is it like an hour later?

116
00:05:24,160 --> 00:05:26,520
Speaker 1: That's yeah, that's just sto first cheesy goodness. That's right.

117
00:05:26,560 --> 00:05:29,640
Speaker 1: But when it comes down to it, so many wonderful

118
00:05:29,680 --> 00:05:32,520
Speaker 1: meals can be created in just a few steps with

119
00:05:32,600 --> 00:05:34,640
Speaker 1: just a few ingredients. You don't you don't have to

120
00:05:34,640 --> 00:05:36,960
Speaker 1: go over the top of it, And something like having

121
00:05:37,200 --> 00:05:40,160
Speaker 1: a recipe can make can make it so much easier

122
00:05:40,440 --> 00:05:43,040
Speaker 1: to actually then follow through and do it, and and

123
00:05:43,080 --> 00:05:45,240
Speaker 1: just a little bit bit of meal planning. So yeah,

124
00:05:45,279 --> 00:05:48,359
Speaker 1: when we're talking about starting a business, it certainly sounds

125
00:05:48,680 --> 00:05:50,880
Speaker 1: on its face like it's gonna be really really hard.

126
00:05:50,920 --> 00:05:52,960
Speaker 1: It's gonna be a slog and so I might as not, well,

127
00:05:53,000 --> 00:05:56,000
Speaker 1: try same thing with cooking, but we think that both

128
00:05:56,000 --> 00:05:58,160
Speaker 1: are actually easier than you think. Although we're not gonna

129
00:05:58,160 --> 00:06:00,719
Speaker 1: talk about cooking anymore in today, well I will say

130
00:06:00,800 --> 00:06:02,600
Speaker 1: it does remind me in middle school it was like

131
00:06:02,640 --> 00:06:05,440
Speaker 1: home met class and you do some cooking, and I

132
00:06:05,480 --> 00:06:09,120
Speaker 1: remember making biscuits in class and a thought, what is

133
00:06:09,160 --> 00:06:12,560
Speaker 1: this alchemy that we are participating because we just combined

134
00:06:12,640 --> 00:06:15,400
Speaker 1: these three it's like three or four ingredients to make biscuits,

135
00:06:15,440 --> 00:06:17,279
Speaker 1: and I swear that they were like the best biscuits

136
00:06:17,320 --> 00:06:19,360
Speaker 1: I had ever had in my entire life. But if

137
00:06:19,440 --> 00:06:21,359
Speaker 1: it does feel like that where you think, oh no,

138
00:06:21,520 --> 00:06:24,279
Speaker 1: it's a it's an impossibility to make biscuits, that you

139
00:06:24,320 --> 00:06:26,760
Speaker 1: have to be a magician to do that, but in

140
00:06:26,839 --> 00:06:28,680
Speaker 1: fact it is a lot easier than you think. I

141
00:06:28,720 --> 00:06:30,360
Speaker 1: totally agree that you have to take like a baby

142
00:06:30,400 --> 00:06:32,680
Speaker 1: home for the weekend too. Oh you know, I don't

143
00:06:32,680 --> 00:06:34,040
Speaker 1: know if we ever did that. I don't remember doing that.

144
00:06:34,080 --> 00:06:36,240
Speaker 1: I remember selling a football. That was one of the things,

145
00:06:37,160 --> 00:06:40,279
Speaker 1: like we all got to pick a kit different colors.

146
00:06:40,640 --> 00:06:44,120
Speaker 1: But enough of my home met escapades. We're talking about

147
00:06:44,160 --> 00:06:47,200
Speaker 1: starting businesses, and we have seen an uptick in folks

148
00:06:47,240 --> 00:06:50,039
Speaker 1: who are interested in starting businesses over the past couple

149
00:06:50,080 --> 00:06:52,880
Speaker 1: of years. It certainly seems to be appetizing to a

150
00:06:52,920 --> 00:06:55,000
Speaker 1: wider range of folks, and I think the reason for

151
00:06:55,040 --> 00:06:56,640
Speaker 1: this is that it can be hard to know just

152
00:06:56,760 --> 00:06:59,880
Speaker 1: how to go about the process properly. The reason for this,

153
00:07:00,000 --> 00:07:02,240
Speaker 1: I think is because entrepreneurship it just seems to be

154
00:07:02,320 --> 00:07:05,240
Speaker 1: this career path that is rarely taught these days. Of course,

155
00:07:05,279 --> 00:07:06,680
Speaker 1: you can go and you can go get your m

156
00:07:06,760 --> 00:07:09,560
Speaker 1: b A. But I'm just talking about this more like

157
00:07:09,600 --> 00:07:12,200
Speaker 1: the encouragement, more of the mindset that it takes the

158
00:07:12,280 --> 00:07:15,720
Speaker 1: belief that if you can creatively solve a problem that

159
00:07:15,800 --> 00:07:18,640
Speaker 1: brings value to the lives of individuals, then they will

160
00:07:18,680 --> 00:07:21,680
Speaker 1: reward you with another type of value, that being money.

161
00:07:22,120 --> 00:07:24,480
Speaker 1: So simply put, I mean that is all a businesses.

162
00:07:24,880 --> 00:07:27,880
Speaker 1: But because a few schools or teaching kids how to

163
00:07:27,920 --> 00:07:29,240
Speaker 1: do that, well, I think we see a lot of

164
00:07:29,280 --> 00:07:32,640
Speaker 1: businesses fail. The stats they bear that out. Roughly twenty

165
00:07:33,000 --> 00:07:35,800
Speaker 1: of businesses fail within the first year, and just about

166
00:07:35,840 --> 00:07:38,080
Speaker 1: half of them go bust within the first five years.

167
00:07:38,400 --> 00:07:40,520
Speaker 1: So how is it that you can start a business

168
00:07:40,560 --> 00:07:43,560
Speaker 1: without failing in short order? That's a really good question.

169
00:07:43,800 --> 00:07:46,239
Speaker 1: We're gonna try to offer a wide variety of thoughts

170
00:07:46,400 --> 00:07:48,520
Speaker 1: during this episode and just to help make sure that

171
00:07:48,560 --> 00:07:52,680
Speaker 1: your business doesn't end up in this category of grim statistics.

172
00:07:52,920 --> 00:07:55,520
Speaker 1: And some people, honestly, some of the most successful business

173
00:07:55,640 --> 00:07:58,880
Speaker 1: owners have had one or two or three small businesses

174
00:07:58,920 --> 00:08:01,640
Speaker 1: fail before where they struck gold. And so even that

175
00:08:01,960 --> 00:08:04,160
Speaker 1: should not be a turn off from I don't think

176
00:08:04,240 --> 00:08:09,360
Speaker 1: starting a small business because sometimes that first uh, misadventure

177
00:08:09,720 --> 00:08:13,640
Speaker 1: actually leads you to success in the end and ownership

178
00:08:13,640 --> 00:08:16,000
Speaker 1: of your own business and and and making more money

179
00:08:16,040 --> 00:08:18,840
Speaker 1: and creating more value out in the world than you're

180
00:08:18,880 --> 00:08:20,920
Speaker 1: able to otherwise. And when you when you look at

181
00:08:20,920 --> 00:08:23,920
Speaker 1: the graph of new business applications that the Census Bureau

182
00:08:24,040 --> 00:08:27,680
Speaker 1: puts out, it's startling. Because small business formation was up

183
00:08:29,840 --> 00:08:33,679
Speaker 1: and was an even better year for small business formation,

184
00:08:34,360 --> 00:08:36,880
Speaker 1: we're already seeing an even larger uptake this year. It

185
00:08:36,880 --> 00:08:40,360
Speaker 1: looks like so COVID has clearly created both the need

186
00:08:40,840 --> 00:08:43,840
Speaker 1: and the desire to start your own thing. Plus stats

187
00:08:43,840 --> 00:08:48,160
Speaker 1: show that only of traditional workers are engaged in their

188
00:08:48,200 --> 00:08:53,520
Speaker 1: current roles at their current job say they are actively disengaged,

189
00:08:53,640 --> 00:08:55,640
Speaker 1: which is just such a fast I don't even know

190
00:08:55,679 --> 00:08:58,240
Speaker 1: what that means, except for I hate everything and I

191
00:08:58,280 --> 00:09:00,440
Speaker 1: spend half of my time in the bath room. Like

192
00:09:00,440 --> 00:09:02,920
Speaker 1: I'm not I'm not sure. It's just it just an

193
00:09:02,960 --> 00:09:05,160
Speaker 1: attempt to avoid work. I think that's probably correct, right.

194
00:09:05,160 --> 00:09:07,520
Speaker 1: So if you consider yourself in the ladder camp, that

195
00:09:07,600 --> 00:09:11,120
Speaker 1: actively disengaged portion of the work population, you're just not

196
00:09:11,240 --> 00:09:14,120
Speaker 1: into your work at all. You're starting your own business

197
00:09:14,160 --> 00:09:16,520
Speaker 1: could be the perfect solution. If you hate your job,

198
00:09:16,800 --> 00:09:19,000
Speaker 1: why in the world would you not consider this? And

199
00:09:19,000 --> 00:09:20,760
Speaker 1: even if you like your job, you probably want to

200
00:09:20,800 --> 00:09:23,280
Speaker 1: consider it too. And something that starting a business it

201
00:09:23,320 --> 00:09:27,160
Speaker 1: doesn't have to involve finding millions of customers to serve

202
00:09:27,679 --> 00:09:30,720
Speaker 1: seth Godin He talks about building a minimum viable audience.

203
00:09:31,200 --> 00:09:33,720
Speaker 1: Sometimes your business can be supported just by a couple

204
00:09:33,800 --> 00:09:36,560
Speaker 1: hundred folks, or maybe even fear folks. Maybe it doesn't

205
00:09:36,600 --> 00:09:39,600
Speaker 1: even take hundreds of people. Maybe your business can succeed

206
00:09:39,640 --> 00:09:43,200
Speaker 1: on a hundred great customers, or like ten really good customers.

207
00:09:43,240 --> 00:09:45,440
Speaker 1: But this is important to mention though, because in the

208
00:09:45,480 --> 00:09:49,240
Speaker 1: same way that we attempt to demystify personal finances, we

209
00:09:49,520 --> 00:09:51,719
Speaker 1: want you to understand that the same is true when

210
00:09:51,760 --> 00:09:54,360
Speaker 1: it comes to starting your own business. It doesn't have

211
00:09:54,400 --> 00:09:57,560
Speaker 1: to be this overly complicated path that you have to take.

212
00:09:58,000 --> 00:10:01,280
Speaker 1: It doesn't have to require magic, or it doesn't require

213
00:10:01,440 --> 00:10:04,600
Speaker 1: a special type of person. Uh, it is available to all.

214
00:10:05,080 --> 00:10:07,160
Speaker 1: You don't need to have a pitch deck. You don't

215
00:10:07,200 --> 00:10:09,000
Speaker 1: need to have the ability to go on Shark Tank

216
00:10:09,160 --> 00:10:12,360
Speaker 1: to convince investors to back your idea. You simply need

217
00:10:12,440 --> 00:10:14,480
Speaker 1: the right product in front of the right audience. I

218
00:10:14,480 --> 00:10:17,000
Speaker 1: think Shark Tank has both good and bad effects, right

219
00:10:17,000 --> 00:10:19,480
Speaker 1: because the Shark Tank effectively agree it's cool because you

220
00:10:19,520 --> 00:10:21,360
Speaker 1: get to see people who have succeeded, who have come

221
00:10:21,440 --> 00:10:23,040
Speaker 1: with a cool idea, and they are at the point

222
00:10:23,160 --> 00:10:25,679
Speaker 1: in their business building where they need the help of

223
00:10:25,880 --> 00:10:28,920
Speaker 1: some capital, capital investment. They have chosen yeah, types of

224
00:10:29,000 --> 00:10:32,760
Speaker 1: businesses that involve backing, but yes, that's that's something that

225
00:10:32,760 --> 00:10:34,840
Speaker 1: they can just you know, shoestring together. So on the

226
00:10:34,880 --> 00:10:36,240
Speaker 1: on the positive side, I think it helps a lot

227
00:10:36,240 --> 00:10:37,880
Speaker 1: of people see like, oh, the cool things that can

228
00:10:37,920 --> 00:10:40,520
Speaker 1: be done by a couple of smart entrepreneurs working their

229
00:10:40,559 --> 00:10:42,839
Speaker 1: butts off. But on the flip side, there are so

230
00:10:42,880 --> 00:10:46,320
Speaker 1: many much easier to start small businesses that never require

231
00:10:46,440 --> 00:10:49,680
Speaker 1: some sort of massive influx of capital, and those businesses

232
00:10:49,720 --> 00:10:53,240
Speaker 1: never get shown the people who have for their entire

233
00:10:53,280 --> 00:10:56,800
Speaker 1: lives a small business of where they're completely just a

234
00:10:56,840 --> 00:10:59,240
Speaker 1: solo preneurs, they work alone, where they have a really

235
00:10:59,280 --> 00:11:01,840
Speaker 1: small team and they never have to and they never

236
00:11:01,880 --> 00:11:04,360
Speaker 1: feel the pressure nor the desire to grow into some

237
00:11:04,400 --> 00:11:07,440
Speaker 1: sort of behemoth monster. Um that that is the downside,

238
00:11:07,440 --> 00:11:09,640
Speaker 1: maybe a shark tank where people don't get that. Totally agree. Well,

239
00:11:09,679 --> 00:11:12,440
Speaker 1: let's talk about the the personal benefits first, Matt, of

240
00:11:12,480 --> 00:11:15,959
Speaker 1: starting a small business, because maybe it's smart to take

241
00:11:15,960 --> 00:11:18,320
Speaker 1: a minute to convince you why you should at least

242
00:11:18,360 --> 00:11:22,960
Speaker 1: consider starting your own business, because the benefits are so wonderful. Matt.

243
00:11:22,960 --> 00:11:26,080
Speaker 1: You want to start maybe talking about what maybe one

244
00:11:26,080 --> 00:11:29,000
Speaker 1: of your favorite things about us being business owners and

245
00:11:29,040 --> 00:11:32,360
Speaker 1: not having the answer to any other boss besides ourselves. Well,

246
00:11:32,360 --> 00:11:34,360
Speaker 1: I mean obviously the flexibility, right, Like we were just

247
00:11:34,400 --> 00:11:37,600
Speaker 1: talking about the summer beach trip that we are planning

248
00:11:37,600 --> 00:11:39,640
Speaker 1: for coming up here in a couple of weeks. But

249
00:11:39,720 --> 00:11:41,640
Speaker 1: this is one of the main key things that that

250
00:11:41,679 --> 00:11:45,559
Speaker 1: makes working for yourself incredibly legit, Like forget working from home.

251
00:11:45,600 --> 00:11:48,920
Speaker 1: You can do whatever it is that you want. Uh,

252
00:11:49,080 --> 00:11:50,720
Speaker 1: of course, you still gotta get your work done. You

253
00:11:50,720 --> 00:11:52,679
Speaker 1: still got to pay the bills. But you know, if

254
00:11:52,760 --> 00:11:55,400
Speaker 1: if you want some long, slow breakfast with your family,

255
00:11:55,480 --> 00:11:57,760
Speaker 1: like that is something that you can do. Nobody's checking

256
00:11:57,760 --> 00:11:59,600
Speaker 1: into it to see that you're at your desk or

257
00:11:59,640 --> 00:12:02,040
Speaker 1: on your putter by nine am. Or maybe you're looking

258
00:12:02,040 --> 00:12:03,920
Speaker 1: to take some three day weekends. You don't have to

259
00:12:04,040 --> 00:12:06,640
Speaker 1: necessarily ask permission or make sure that your shift is

260
00:12:06,640 --> 00:12:09,640
Speaker 1: going to be covered by someone else. If you and

261
00:12:09,679 --> 00:12:11,600
Speaker 1: your own business, I think this is a top not

262
00:12:11,800 --> 00:12:13,640
Speaker 1: reason to to go start your own thing. Yeah, it

263
00:12:13,679 --> 00:12:15,640
Speaker 1: makes me think. A while back, we were talking about

264
00:12:15,640 --> 00:12:20,120
Speaker 1: tattle tattleware, which employers were checking in via the camera

265
00:12:20,360 --> 00:12:24,440
Speaker 1: on computers from their employees of their employees working from home,

266
00:12:24,720 --> 00:12:28,760
Speaker 1: and they were taking screenshots, are taking pictures to evidence

267
00:12:28,800 --> 00:12:32,160
Speaker 1: to see whether those employees were actively working, were actively

268
00:12:32,160 --> 00:12:34,600
Speaker 1: engaged on the job. They weren't taking their word for it,

269
00:12:34,760 --> 00:12:37,280
Speaker 1: and they weren't necessarily judging by the results. They were

270
00:12:37,360 --> 00:12:41,080
Speaker 1: judging based on stupid tattleware. And if that's the kind

271
00:12:41,080 --> 00:12:42,560
Speaker 1: of thing, whether or not you were sitting in front

272
00:12:42,600 --> 00:12:46,079
Speaker 1: of your computer when it took the picture, yes, not sleeping, right,

273
00:12:46,480 --> 00:12:48,320
Speaker 1: And so that's the kind of thing where if that

274
00:12:48,400 --> 00:12:50,400
Speaker 1: doesn't make you want to get out of your job.

275
00:12:50,400 --> 00:12:52,120
Speaker 1: I don't know what does. Because if I was working

276
00:12:52,160 --> 00:12:54,319
Speaker 1: for an employer who felt the need to check in

277
00:12:54,360 --> 00:12:56,440
Speaker 1: ont me like that, that they didn't trust me enough

278
00:12:56,520 --> 00:12:58,680
Speaker 1: and trust the results that I was producing enough, but

279
00:12:58,760 --> 00:13:01,880
Speaker 1: they had to actually, you know, checking on physically what

280
00:13:01,960 --> 00:13:04,680
Speaker 1: I'm up to every minute of the day, that would

281
00:13:04,679 --> 00:13:07,679
Speaker 1: be frustrating enough for me to say I'm out. But yeah,

282
00:13:07,760 --> 00:13:11,440
Speaker 1: So flexibility is one key thing one key personal benefit

283
00:13:11,480 --> 00:13:14,560
Speaker 1: of starting your own business. Another the other just like

284
00:13:14,760 --> 00:13:17,559
Speaker 1: major biggest thing is personal fulfillment. One of the main

285
00:13:17,600 --> 00:13:20,640
Speaker 1: reasons folks start their own business is because they see

286
00:13:20,679 --> 00:13:23,160
Speaker 1: a gap in the market that they can fill, which

287
00:13:23,200 --> 00:13:25,400
Speaker 1: is great. That's a perfect reason to start a business.

288
00:13:25,880 --> 00:13:28,160
Speaker 1: Or maybe I think another reason to talk about tattle

289
00:13:28,160 --> 00:13:31,600
Speaker 1: where is is the bureaucracy. Maybe that they feel at

290
00:13:31,640 --> 00:13:34,120
Speaker 1: their place of work where it's just a fun Yeah,

291
00:13:34,200 --> 00:13:36,000
Speaker 1: it sucks, not fun, and they're not able to have

292
00:13:36,040 --> 00:13:38,080
Speaker 1: the impact that they know they can have because of

293
00:13:38,120 --> 00:13:39,720
Speaker 1: the layers they have to go through to try to

294
00:13:39,720 --> 00:13:42,440
Speaker 1: get anything done. And so yeah, both of those things

295
00:13:42,440 --> 00:13:45,040
Speaker 1: are great reasons to piece out and starts your own thing.

296
00:13:45,640 --> 00:13:47,320
Speaker 1: Both were true of me, Matt when it came to

297
00:13:47,360 --> 00:13:50,920
Speaker 1: starting how the Money. Sure, there are loads of personal

298
00:13:50,960 --> 00:13:53,600
Speaker 1: finance podcasts out there, but it's still like, it still

299
00:13:53,640 --> 00:13:56,120
Speaker 1: felt like it was important to add our voices into

300
00:13:56,120 --> 00:13:58,120
Speaker 1: the mix. And then I also kind of got tired

301
00:13:58,160 --> 00:14:01,720
Speaker 1: of seeing my creative ideas stymied in an atmosphere that

302
00:14:01,840 --> 00:14:03,840
Speaker 1: just didn't value them very much. And it's not like

303
00:14:03,920 --> 00:14:06,560
Speaker 1: I wasn't valued. I felt very valued, but it was

304
00:14:06,600 --> 00:14:08,840
Speaker 1: like all these creative ways that I wanted to see

305
00:14:08,920 --> 00:14:11,880
Speaker 1: improvements happen, those are kind of brushed aside. And I

306
00:14:11,960 --> 00:14:15,839
Speaker 1: wanted more creative influence over the finished product. And so

307
00:14:16,000 --> 00:14:18,320
Speaker 1: it seemed like the only way to do that, The

308
00:14:18,320 --> 00:14:21,000
Speaker 1: only way to have total control was to be my

309
00:14:21,040 --> 00:14:23,200
Speaker 1: own boss, was to start my own thing. And so

310
00:14:23,680 --> 00:14:26,200
Speaker 1: that's part of why we're here today doing what we do.

311
00:14:26,440 --> 00:14:29,480
Speaker 1: Is is both of those reasons were equally important, I

312
00:14:29,480 --> 00:14:32,280
Speaker 1: think in leading us to this point. And I mean,

313
00:14:32,320 --> 00:14:34,200
Speaker 1: on the one hand, you could probably argue that maybe

314
00:14:34,360 --> 00:14:36,440
Speaker 1: you truly did feel that you weren't being valued enough,

315
00:14:36,480 --> 00:14:38,200
Speaker 1: otherwise you would have gotten paid more. So there's a

316
00:14:38,240 --> 00:14:40,760
Speaker 1: there's a legit art argument there, But aside from that,

317
00:14:41,120 --> 00:14:43,160
Speaker 1: it's the ability to decide what it is that you

318
00:14:43,200 --> 00:14:45,280
Speaker 1: want to work on. It's not necessarily the extent to

319
00:14:45,320 --> 00:14:48,480
Speaker 1: what you're being valued, but just the ability for you

320
00:14:48,480 --> 00:14:50,040
Speaker 1: to work on whatever it is that you want to

321
00:14:50,080 --> 00:14:51,600
Speaker 1: work on. Like to me, like, that's kind of the

322
00:14:51,680 --> 00:14:54,800
Speaker 1: key to the personal fulfillment is like, yes, this is

323
00:14:55,240 --> 00:14:57,200
Speaker 1: a personal finance show that that you you know that

324
00:14:57,240 --> 00:14:59,520
Speaker 1: you were working on, but now you're able to do

325
00:14:59,560 --> 00:15:02,480
Speaker 1: it in a way that on paper seems very very similar,

326
00:15:02,640 --> 00:15:05,400
Speaker 1: but in reality is a whole lot different. So I agree, Yeah,

327
00:15:05,400 --> 00:15:07,200
Speaker 1: deciding what it is that you want to work on

328
00:15:07,320 --> 00:15:10,040
Speaker 1: is a huge benefit. But simultaneously, we've got to mention

329
00:15:10,080 --> 00:15:12,240
Speaker 1: that starting your own business that it may not be

330
00:15:12,360 --> 00:15:15,400
Speaker 1: for everyone. I think it takes a certain mindset shift,

331
00:15:15,480 --> 00:15:19,120
Speaker 1: It takes, it takes a disposition towards independence in order

332
00:15:19,160 --> 00:15:22,800
Speaker 1: to succeed. We've got friends who were very successful and

333
00:15:22,800 --> 00:15:25,720
Speaker 1: we're really good at what they did, but that doesn't

334
00:15:25,720 --> 00:15:29,000
Speaker 1: always translate into doing the same excellent work when you're

335
00:15:29,000 --> 00:15:31,280
Speaker 1: out on your own. I think some folks just need

336
00:15:31,320 --> 00:15:34,680
Speaker 1: that structure that often comes with a business that's already established,

337
00:15:35,280 --> 00:15:37,760
Speaker 1: with maybe a little bit of that bureaucracy, a little

338
00:15:37,760 --> 00:15:41,120
Speaker 1: bit of that corporate culture, in order to actually do

339
00:15:41,200 --> 00:15:44,320
Speaker 1: their best work. I think it's easy to overly romanticize

340
00:15:44,360 --> 00:15:46,640
Speaker 1: owning your own business, but let's let's be honest, it

341
00:15:46,680 --> 00:15:50,680
Speaker 1: may not be for everyone. That being said, given that

342
00:15:50,760 --> 00:15:52,520
Speaker 1: most folks who listen to how the money that they're

343
00:15:52,520 --> 00:15:55,680
Speaker 1: looking to proactively make changes in their lives, I think

344
00:15:55,680 --> 00:15:58,640
Speaker 1: there's a good chance that you have what it takes

345
00:15:58,680 --> 00:16:01,600
Speaker 1: to successfully start your a business, and that is why

346
00:16:01,640 --> 00:16:03,680
Speaker 1: we're talking about this today. Yeah, I think you're right, man.

347
00:16:03,680 --> 00:16:06,600
Speaker 1: I think it definitely takes a certain mindset and and

348
00:16:06,680 --> 00:16:08,440
Speaker 1: you have to have I think you have to feel

349
00:16:08,440 --> 00:16:11,200
Speaker 1: some of that discontent, not just that office based level

350
00:16:11,280 --> 00:16:14,000
Speaker 1: discontent where where like the look and just to bust

351
00:16:14,040 --> 00:16:16,600
Speaker 1: up some computers. Yeah, yeah, we're the word. You do

352
00:16:16,640 --> 00:16:18,920
Speaker 1: feel that, maybe maybe you feel that rage inside, but

353
00:16:18,920 --> 00:16:20,920
Speaker 1: but I think it's a different kind of discontent that

354
00:16:21,040 --> 00:16:23,280
Speaker 1: makes for a great small business owner, where you're like, man,

355
00:16:23,640 --> 00:16:25,760
Speaker 1: the business is fine, the I love the people, whatever

356
00:16:25,800 --> 00:16:28,240
Speaker 1: it is, but there is just something that's missing, and

357
00:16:28,400 --> 00:16:30,840
Speaker 1: I on my own could do a better job. Like

358
00:16:31,000 --> 00:16:33,840
Speaker 1: I I'm stymy creatively. And if you're feeling some of

359
00:16:33,840 --> 00:16:36,160
Speaker 1: those things, I think then I think it makes you

360
00:16:36,160 --> 00:16:39,320
Speaker 1: the perfect candidate to consider leaving and starting your own thing.

361
00:16:39,720 --> 00:16:41,600
Speaker 1: But we've actually got to talk about that because you

362
00:16:41,600 --> 00:16:43,560
Speaker 1: probably don't want to just like quit tomorrow and start

363
00:16:43,720 --> 00:16:45,760
Speaker 1: right and we need to talk about some of the

364
00:16:45,800 --> 00:16:49,160
Speaker 1: financial necessities and the financial benefits that come along with

365
00:16:49,280 --> 00:16:51,920
Speaker 1: starting your own business. We'll talk more about that right

366
00:16:51,960 --> 00:17:04,200
Speaker 1: after this. We're talking about why starting a small business

367
00:17:04,280 --> 00:17:07,280
Speaker 1: is easier than you think, Joel. This is how the money,

368
00:17:07,280 --> 00:17:10,040
Speaker 1: of course, So we're gonna talk about the financial benefits

369
00:17:10,280 --> 00:17:12,560
Speaker 1: of starting your own business. And I think the biggest

370
00:17:12,600 --> 00:17:16,600
Speaker 1: thing is that when you lose one client or just

371
00:17:16,680 --> 00:17:18,960
Speaker 1: one customer, you haven't lost all your income, right you

372
00:17:19,000 --> 00:17:21,199
Speaker 1: don't have all your eggs one basket. But if you

373
00:17:21,280 --> 00:17:24,560
Speaker 1: lose your job, you're going from one d to zero

374
00:17:24,680 --> 00:17:27,520
Speaker 1: pretty quickly over night. So I believe that there is

375
00:17:27,560 --> 00:17:31,600
Speaker 1: actually a significantly higher level of financial stability when you

376
00:17:31,640 --> 00:17:33,800
Speaker 1: own and when you run your own small business. I

377
00:17:33,800 --> 00:17:35,960
Speaker 1: think there's a lot of folks who felt that being

378
00:17:36,040 --> 00:17:38,360
Speaker 1: a W two employee, that that was the best position

379
00:17:38,400 --> 00:17:42,480
Speaker 1: to be in. It felt secure and warm and cozy.

380
00:17:42,920 --> 00:17:45,600
Speaker 1: But I think a lot of folks are realizing, especially

381
00:17:45,640 --> 00:17:47,960
Speaker 1: after the past two years, that I don't think that

382
00:17:48,000 --> 00:17:50,920
Speaker 1: there's anything further from the truth. You can get fired,

383
00:17:50,920 --> 00:17:54,040
Speaker 1: you can get let go. When you own your own business,

384
00:17:54,040 --> 00:17:56,159
Speaker 1: you can't get fired. You're not gonna get like like,

385
00:17:56,240 --> 00:17:58,240
Speaker 1: oh you can. You're not gonna get downsized when you

386
00:17:58,240 --> 00:18:01,720
Speaker 1: work for yourself, which means it's not an all or

387
00:18:01,760 --> 00:18:05,480
Speaker 1: nothing venture. Like like I previously mentioned those statistics about

388
00:18:05,880 --> 00:18:10,320
Speaker 1: businesses failing, I will say they're they're sobering. There's a

389
00:18:10,320 --> 00:18:13,080
Speaker 1: lot of businesses that do fail. But it is important

390
00:18:13,119 --> 00:18:15,520
Speaker 1: to remember that's staying at your current job. It's not

391
00:18:15,880 --> 00:18:18,439
Speaker 1: nearly as safe of a proposition as you think it

392
00:18:18,520 --> 00:18:20,720
Speaker 1: might be. Yeah, that's really important to mention, Matt. I

393
00:18:20,920 --> 00:18:22,960
Speaker 1: think I was one of those people who were starting

394
00:18:23,000 --> 00:18:25,560
Speaker 1: your own businesses is highly risky. That's how I thought

395
00:18:25,560 --> 00:18:28,480
Speaker 1: of it. And working for having that nine having that

396
00:18:28,600 --> 00:18:32,560
Speaker 1: W two income, that's a cake. That's not like stability,

397
00:18:32,640 --> 00:18:36,520
Speaker 1: that sounds stable and foundations. I've completely revolutionized the way

398
00:18:36,560 --> 00:18:38,960
Speaker 1: I think about that, and I think that's actually that's

399
00:18:38,960 --> 00:18:41,159
Speaker 1: the opposite view of what I have now. And it

400
00:18:41,280 --> 00:18:42,720
Speaker 1: was interesting, like you and I are kind of opposite

401
00:18:42,720 --> 00:18:44,520
Speaker 1: in that way because like I feel like very early

402
00:18:44,560 --> 00:18:47,280
Speaker 1: on I kind of you know, hud my own shingle

403
00:18:47,880 --> 00:18:50,280
Speaker 1: and didn't work for myself for a while. But then

404
00:18:50,320 --> 00:18:52,639
Speaker 1: after I don't know, eight nine, ten years, I started

405
00:18:52,640 --> 00:18:55,760
Speaker 1: thinking maybe maybe I just moved back to corporate America.

406
00:18:56,160 --> 00:18:58,600
Speaker 1: But for me, it was the thought of what life

407
00:18:58,640 --> 00:19:00,520
Speaker 1: would look like having to go in to an office

408
00:19:00,560 --> 00:19:04,040
Speaker 1: every day having that flexibility, not just the flexibility, but again,

409
00:19:04,080 --> 00:19:05,879
Speaker 1: it kind of comes down to autonomy. It's not like

410
00:19:05,920 --> 00:19:09,760
Speaker 1: when I think when when we talk about flexibility, people think, oh,

411
00:19:09,920 --> 00:19:12,359
Speaker 1: I work from home, I've got flexibility, I've got control

412
00:19:12,359 --> 00:19:14,240
Speaker 1: over my own hours. But it's more than that. It's

413
00:19:14,280 --> 00:19:16,159
Speaker 1: it's the type of work you're doing. It's what it

414
00:19:16,200 --> 00:19:17,760
Speaker 1: is that you're doing. It's it's how you have to

415
00:19:17,800 --> 00:19:20,679
Speaker 1: interact with your coworkers, or your customers, or or just

416
00:19:20,720 --> 00:19:22,840
Speaker 1: whoever it is that you're serving within your line of work.

417
00:19:23,200 --> 00:19:27,879
Speaker 1: There's something additional that that's more like soul crushing for

418
00:19:28,000 --> 00:19:29,720
Speaker 1: me when I start to think through what life would

419
00:19:29,720 --> 00:19:31,879
Speaker 1: look like if I was not living life on my

420
00:19:31,880 --> 00:19:33,800
Speaker 1: own terms. Yeah, well, I think it's important to mention

421
00:19:33,880 --> 00:19:36,359
Speaker 1: that as a small business owner, oftentimes you can be

422
00:19:36,359 --> 00:19:37,960
Speaker 1: a jack of all trades and you might have to

423
00:19:37,960 --> 00:19:39,720
Speaker 1: do things that you don't want to do, but you

424
00:19:39,760 --> 00:19:43,120
Speaker 1: actually find more joy in doing those things because it's

425
00:19:43,200 --> 00:19:45,760
Speaker 1: your business and because you're doing if you respects your

426
00:19:45,760 --> 00:19:47,280
Speaker 1: bottom line. And also, and we'll get to this in

427
00:19:47,359 --> 00:19:50,520
Speaker 1: a little bit, there are software, there are other places

428
00:19:50,520 --> 00:19:52,399
Speaker 1: you can turn for some of that help to do

429
00:19:52,440 --> 00:19:54,680
Speaker 1: maybe some of those tasks that you don't like. It's

430
00:19:54,720 --> 00:19:56,600
Speaker 1: not like it was back like back in nineteen sixty.

431
00:19:56,640 --> 00:19:58,400
Speaker 1: I think like one like a quarter of all people

432
00:19:58,440 --> 00:20:01,320
Speaker 1: work from themselves, like back the fifties and sixties. But

433
00:20:01,359 --> 00:20:04,960
Speaker 1: the world's change a whole lot since the fifties and sixties.

434
00:20:05,119 --> 00:20:08,600
Speaker 1: There's a tremendous amount of technologies. Yes, yeah, absolutely, there's

435
00:20:08,600 --> 00:20:11,200
Speaker 1: a tremendous amount of of tech and software and just

436
00:20:11,240 --> 00:20:14,280
Speaker 1: different things out there that allow us to truly focus

437
00:20:14,320 --> 00:20:16,399
Speaker 1: on what it is that we want to focus on. Well,

438
00:20:16,440 --> 00:20:18,440
Speaker 1: let's keep talking about financial benefits, because yeah, one of

439
00:20:18,480 --> 00:20:20,000
Speaker 1: those things that you mentioned, it's not zero to one.

440
00:20:20,359 --> 00:20:22,080
Speaker 1: You lose one client, you don't lose it all. You

441
00:20:22,119 --> 00:20:25,000
Speaker 1: can keep pushing through and find more, find more clients,

442
00:20:25,000 --> 00:20:27,880
Speaker 1: find more customers. Well, there are also tax benefits when

443
00:20:27,880 --> 00:20:30,200
Speaker 1: you own your own business. And you know this is

444
00:20:30,240 --> 00:20:32,520
Speaker 1: something where Matt and I were not tax experts, but

445
00:20:32,600 --> 00:20:34,440
Speaker 1: we will recommend that you go back and listen to

446
00:20:34,480 --> 00:20:38,800
Speaker 1: episode seven with small business tax experts Shannon Weinstein. But

447
00:20:38,840 --> 00:20:41,359
Speaker 1: there are so many deductions that you can take as

448
00:20:41,359 --> 00:20:43,520
Speaker 1: a small business startup, and of course you're going to

449
00:20:43,640 --> 00:20:45,840
Speaker 1: follow the law, the guidance of the I R. S. Course,

450
00:20:45,880 --> 00:20:47,280
Speaker 1: but I won't only to say that if you can

451
00:20:47,400 --> 00:20:50,040
Speaker 1: even think of an expense related to your business, then

452
00:20:50,080 --> 00:20:53,120
Speaker 1: there's a good chance that it's tax deductible. So that's true.

453
00:20:53,160 --> 00:20:55,919
Speaker 1: Car expenses related to the business, right, the cost of

454
00:20:55,960 --> 00:20:59,240
Speaker 1: hosting and other software, even the cost of meals that

455
00:20:59,320 --> 00:21:02,359
Speaker 1: you can only deduct what the cost there. You know

456
00:21:02,400 --> 00:21:04,840
Speaker 1: you'll pay the FICA and peril taxes of course, but

457
00:21:04,880 --> 00:21:06,919
Speaker 1: then there are other ways that you can break out

458
00:21:07,000 --> 00:21:09,960
Speaker 1: your income that actually minimize some of that. So it's

459
00:21:09,960 --> 00:21:13,560
Speaker 1: worth looking into all of the tax details the tax

460
00:21:13,600 --> 00:21:16,359
Speaker 1: benefits you can derive from starting a small business. But

461
00:21:16,400 --> 00:21:19,000
Speaker 1: I think sometimes that is the reason they say er

462
00:21:19,080 --> 00:21:21,240
Speaker 1: say no, I'm I'm cool, I'm gonna stay where I'm at.

463
00:21:21,400 --> 00:21:24,040
Speaker 1: It's better from a tax standpoint. But that's actually not

464
00:21:24,119 --> 00:21:27,239
Speaker 1: the case, and small business owners can there's a lot

465
00:21:27,240 --> 00:21:29,840
Speaker 1: of flexibility inside of the tax code for small business

466
00:21:29,840 --> 00:21:33,040
Speaker 1: owners to do better. Ultimately, when it comes to their

467
00:21:33,080 --> 00:21:36,640
Speaker 1: tax burden than W two employees. That's rights. Let's let's

468
00:21:36,680 --> 00:21:39,280
Speaker 1: mention too, how small business retirement plans are going to

469
00:21:39,359 --> 00:21:41,280
Speaker 1: be better than the ones that you often get from

470
00:21:41,320 --> 00:21:43,919
Speaker 1: an employer. Of course, if you're self employed, you're not

471
00:21:43,920 --> 00:21:46,359
Speaker 1: gonna have a retirement plan that comes with a match

472
00:21:46,400 --> 00:21:48,720
Speaker 1: where it feels like you're getting free money. But when

473
00:21:48,760 --> 00:21:51,000
Speaker 1: you set up your own retirement plan, they are going

474
00:21:51,040 --> 00:21:53,119
Speaker 1: to come with higher limits. And so while it might

475
00:21:53,160 --> 00:21:55,679
Speaker 1: definitely seem like a downside that you're not getting those

476
00:21:55,680 --> 00:21:58,879
Speaker 1: employer contributions to a four one K, you ultimately have

477
00:21:59,040 --> 00:22:01,879
Speaker 1: the ability to saw away a lot more money in

478
00:22:02,040 --> 00:22:04,520
Speaker 1: vehicles like the Solo four one K. That's what we

479
00:22:04,800 --> 00:22:06,159
Speaker 1: joel what you and I what we've got set up

480
00:22:06,200 --> 00:22:08,920
Speaker 1: here at how the Money or accept IRA, which is

481
00:22:08,920 --> 00:22:12,240
Speaker 1: a simplified employee pension. But if you have a really

482
00:22:12,240 --> 00:22:14,520
Speaker 1: successful business, this means that you have the potential to

483
00:22:14,560 --> 00:22:17,840
Speaker 1: stash up to sixty one dollars this year into attack

484
00:22:17,920 --> 00:22:21,679
Speaker 1: sheltered account, which ultimately is only going to speed you

485
00:22:21,720 --> 00:22:25,119
Speaker 1: along to different goals of financial freedom or financial independence.

486
00:22:25,440 --> 00:22:27,720
Speaker 1: The downside is that it's all down to you, but

487
00:22:27,840 --> 00:22:30,639
Speaker 1: the upside is that there is the ability to save

488
00:22:30,760 --> 00:22:32,840
Speaker 1: a ton more over the years. Yeah, and it makes

489
00:22:32,840 --> 00:22:35,960
Speaker 1: me think too, Matt. Another financial benefit is is you

490
00:22:35,960 --> 00:22:38,159
Speaker 1: can make a lot more money. That the upside is

491
00:22:38,200 --> 00:22:40,560
Speaker 1: basically unlimited. So when you talk about how much money

492
00:22:40,600 --> 00:22:42,680
Speaker 1: you can stash away, well, if you get that cost

493
00:22:42,720 --> 00:22:45,840
Speaker 1: of living raise with your current employer, and then and

494
00:22:45,880 --> 00:22:49,199
Speaker 1: you're still contributing up to the match, well, the the

495
00:22:49,240 --> 00:22:51,399
Speaker 1: extra amount you're gonna abill see in your retirement account

496
00:22:51,400 --> 00:22:54,360
Speaker 1: that year, um, and your in your traditional job, it's

497
00:22:54,400 --> 00:22:55,760
Speaker 1: just a little bit more, right, is it. It's a

498
00:22:55,760 --> 00:22:57,840
Speaker 1: tiny bit extra, which is which is great. Like that

499
00:22:58,000 --> 00:22:59,919
Speaker 1: there's a little bit, a little bit, just just go,

500
00:23:00,240 --> 00:23:02,199
Speaker 1: nothing wrong with it. And I was in that position

501
00:23:02,200 --> 00:23:04,120
Speaker 1: for a lot of years where it's like every every

502
00:23:04,200 --> 00:23:06,199
Speaker 1: year you're you're puting a little bit more aside your

503
00:23:06,200 --> 00:23:09,160
Speaker 1: employers helping you out a little bit too. But yeah,

504
00:23:09,600 --> 00:23:12,520
Speaker 1: even for right now, in this inflationary environment, our listeners

505
00:23:12,560 --> 00:23:15,480
Speaker 1: might be able to negotiate something like a ten percent raise.

506
00:23:15,840 --> 00:23:17,920
Speaker 1: And that's not even the average, I'd be above average,

507
00:23:18,000 --> 00:23:20,120
Speaker 1: but you might be able to negotiate that. That would

508
00:23:20,160 --> 00:23:22,600
Speaker 1: likely be a pretty massive win in your book, to

509
00:23:22,720 --> 00:23:26,400
Speaker 1: negotiate a ten percent raise overnight. But you might even

510
00:23:26,440 --> 00:23:29,720
Speaker 1: be able to get let's say raise by switching jobs.

511
00:23:29,920 --> 00:23:32,800
Speaker 1: That would be killer too, right, that's a lot more money,

512
00:23:32,840 --> 00:23:34,960
Speaker 1: but it's much much harder to pull off something like

513
00:23:35,000 --> 00:23:39,439
Speaker 1: a fifty two increasing your income. Here's the thing you

514
00:23:39,440 --> 00:23:41,840
Speaker 1: can do that though, when starting your own small business.

515
00:23:41,840 --> 00:23:44,199
Speaker 1: This guy is kind of the limit. And it's not

516
00:23:44,400 --> 00:23:46,840
Speaker 1: likely that your new business is going to become this

517
00:23:47,000 --> 00:23:50,280
Speaker 1: highly valued publicly traded company where you become this CEO

518
00:23:50,400 --> 00:23:54,440
Speaker 1: who's well known and your compensation package reaches the stratus here,

519
00:23:54,440 --> 00:23:56,359
Speaker 1: that's not what we're talking about. But here's the thing.

520
00:23:56,359 --> 00:23:58,439
Speaker 1: You're you're also not going to be limited by the

521
00:23:58,480 --> 00:24:01,480
Speaker 1: industry average salary of someone who's in a similar role.

522
00:24:01,760 --> 00:24:03,800
Speaker 1: This is your business. And like a bunch of HR

523
00:24:03,840 --> 00:24:06,199
Speaker 1: talk right right, yeah, exactly, Yeah, it's like, well, the

524
00:24:06,200 --> 00:24:08,080
Speaker 1: industry average says that we can only give you a

525
00:24:08,080 --> 00:24:11,040
Speaker 1: three point two percent raise because you're near the cap already.

526
00:24:11,240 --> 00:24:13,000
Speaker 1: And those are the kind of conversations you don't have

527
00:24:13,040 --> 00:24:15,080
Speaker 1: to have because it really is and eat what you

528
00:24:15,200 --> 00:24:18,000
Speaker 1: kill environment when you run your own small business. And

529
00:24:18,320 --> 00:24:20,560
Speaker 1: this guy is a limit because you can work longer

530
00:24:20,560 --> 00:24:22,960
Speaker 1: hours if you want to, because you can find more

531
00:24:23,000 --> 00:24:26,320
Speaker 1: lucrative clients because you can pivot on a time when

532
00:24:26,440 --> 00:24:29,240
Speaker 1: you are running your own business, and at your current employer,

533
00:24:29,320 --> 00:24:32,080
Speaker 1: there are just a lot more limitations, that's right. So

534
00:24:32,280 --> 00:24:35,520
Speaker 1: you've got almost unlimited potential a limited upside when it

535
00:24:35,520 --> 00:24:37,960
Speaker 1: comes to investing within your retirement accounts. Also when it

536
00:24:38,000 --> 00:24:40,520
Speaker 1: comes to what you're earning every single year. But dude,

537
00:24:40,560 --> 00:24:43,159
Speaker 1: it's it's worth mentioning that if you are starting your

538
00:24:43,160 --> 00:24:45,960
Speaker 1: own business, that you're not guaranteed to make a ton

539
00:24:46,000 --> 00:24:48,800
Speaker 1: more um and in fact, like I mean, you might

540
00:24:48,840 --> 00:24:52,080
Speaker 1: even earn less, especially when you're just getting started. And

541
00:24:52,160 --> 00:24:53,919
Speaker 1: this is going to fall outside of the realm of

542
00:24:53,920 --> 00:24:56,560
Speaker 1: a financial benefit. But you know, can you adjust your

543
00:24:56,560 --> 00:24:58,680
Speaker 1: lifestyle to a smaller income if it means that you're

544
00:24:58,680 --> 00:25:01,240
Speaker 1: going to be enjoying your work a lot more. This

545
00:25:01,320 --> 00:25:04,040
Speaker 1: comes back to the personal fulfillment uh side of things.

546
00:25:04,119 --> 00:25:07,479
Speaker 1: The ability to spend the most precious, the most valuable

547
00:25:07,520 --> 00:25:09,840
Speaker 1: resource that you have, your time, and to spend your

548
00:25:09,880 --> 00:25:12,280
Speaker 1: days doing work that you're excited about. Man, that's some

549
00:25:12,440 --> 00:25:15,399
Speaker 1: fuel that could really get you through not only like

550
00:25:15,440 --> 00:25:17,639
Speaker 1: a few hard days at work, but like years and

551
00:25:17,960 --> 00:25:20,639
Speaker 1: even decades of hard work. Is that the Nietzche quote

552
00:25:20,800 --> 00:25:23,520
Speaker 1: where he says that a man who has a y

553
00:25:23,760 --> 00:25:26,919
Speaker 1: can endure anyhow or something along trying I think I'm

554
00:25:26,920 --> 00:25:29,320
Speaker 1: watching it. But basically, if you know what your goal is,

555
00:25:29,400 --> 00:25:31,119
Speaker 1: you know what it is that you're striving after, you

556
00:25:31,160 --> 00:25:33,679
Speaker 1: know how it is that this work is feeling this

557
00:25:33,960 --> 00:25:37,399
Speaker 1: deeper desire within you, then those longer hours and the

558
00:25:37,520 --> 00:25:40,200
Speaker 1: harder work isn't going to get between you and your happiness. Yeah.

559
00:25:40,240 --> 00:25:41,840
Speaker 1: I like that mat to balance You're thrown in there

560
00:25:41,840 --> 00:25:44,800
Speaker 1: because it's certainly possible to earn a whole lot more

561
00:25:44,800 --> 00:25:46,879
Speaker 1: than you're currently making in your day job by starting

562
00:25:46,880 --> 00:25:48,920
Speaker 1: your own business, but it's also not guaranteed, and there

563
00:25:49,520 --> 00:25:52,480
Speaker 1: it often takes a lot of hard work and diligence

564
00:25:52,640 --> 00:25:55,119
Speaker 1: and time in order to get to that place. But

565
00:25:55,680 --> 00:25:58,680
Speaker 1: and I think another thing on the finance side of

566
00:25:58,720 --> 00:26:01,000
Speaker 1: starting a small business, it's really the important to mention

567
00:26:01,560 --> 00:26:04,400
Speaker 1: is that for the most part, it's cheap to start

568
00:26:04,440 --> 00:26:06,159
Speaker 1: your own small business. And you know, one of the

569
00:26:06,200 --> 00:26:09,679
Speaker 1: popular missings starting your own airline right or in a

570
00:26:09,680 --> 00:26:12,359
Speaker 1: new car company like I'm gonna I'm gonna start the

571
00:26:12,400 --> 00:26:15,160
Speaker 1: next Rivian or Tesla, and it's like, well, that's probably

572
00:26:15,200 --> 00:26:17,760
Speaker 1: not gonna go over very well and more new restaurant

573
00:26:18,400 --> 00:26:21,359
Speaker 1: that's true. Like, yeah, I feel like those, like the

574
00:26:21,440 --> 00:26:23,639
Speaker 1: different restaurants stats that are out there probably skew the

575
00:26:24,119 --> 00:26:28,639
Speaker 1: small business failures. Uh two more failures the nut because

576
00:26:28,680 --> 00:26:33,360
Speaker 1: restaurants are notorious for failing quickly and they're just it's

577
00:26:33,400 --> 00:26:35,560
Speaker 1: a labor of love oftentimes for many people. But it's

578
00:26:35,560 --> 00:26:38,680
Speaker 1: hard to make a sustainable restaurant that sticks around for

579
00:26:38,720 --> 00:26:40,920
Speaker 1: a long period of time. But just when it comes

580
00:26:40,960 --> 00:26:44,199
Speaker 1: to misconceptions about starting a business that you that you

581
00:26:44,240 --> 00:26:46,480
Speaker 1: have to have some some big chunk of change to

582
00:26:46,480 --> 00:26:47,719
Speaker 1: get things off the gre and you have to have

583
00:26:48,000 --> 00:26:50,280
Speaker 1: tens of thousands of dollars like seed money. Back to

584
00:26:50,320 --> 00:26:53,719
Speaker 1: that Shark tank. Yeah, mentality, that's just not true, especially

585
00:26:53,800 --> 00:26:57,560
Speaker 1: these days, right because stats show that six of new

586
00:26:57,560 --> 00:27:00,600
Speaker 1: businesses that get started need less than five thousand dollars

587
00:27:00,640 --> 00:27:02,640
Speaker 1: to get off the ground. Not a big deal. Yeah,

588
00:27:02,680 --> 00:27:06,560
Speaker 1: that's approachable. It's real multainable for lots of folks, and

589
00:27:06,600 --> 00:27:09,159
Speaker 1: with a little creativity, you can even barter for some

590
00:27:09,200 --> 00:27:10,959
Speaker 1: of the things that you need. You know, we'd encourage

591
00:27:10,960 --> 00:27:13,480
Speaker 1: you to go back and listen to episode to forty

592
00:27:13,520 --> 00:27:16,399
Speaker 1: seven where we talked with Alan Donnigan about starting a

593
00:27:16,440 --> 00:27:20,080
Speaker 1: business for zero dollars, and he had some great tips

594
00:27:20,119 --> 00:27:23,480
Speaker 1: like pre selling your product in order to help fund

595
00:27:23,560 --> 00:27:27,160
Speaker 1: your business. You don't necessarily have to have the working product,

596
00:27:27,440 --> 00:27:30,840
Speaker 1: uh from the get go in order to start making sales.

597
00:27:31,080 --> 00:27:33,040
Speaker 1: I thought that was brilliant, and he gave other great

598
00:27:33,040 --> 00:27:36,000
Speaker 1: tips like bartering, how you can uh in exchange for

599
00:27:36,119 --> 00:27:39,440
Speaker 1: maybe some of your wisdom or coaching abilities, maybe barter

600
00:27:39,520 --> 00:27:41,840
Speaker 1: for for some office space. You know, it might seem

601
00:27:41,880 --> 00:27:44,400
Speaker 1: impossible to start a business without a giant nest egg,

602
00:27:44,560 --> 00:27:48,080
Speaker 1: but that's just a mental roadblock because contrary to popular belief,

603
00:27:48,119 --> 00:27:49,960
Speaker 1: you don't have to go into debt in order to

604
00:27:50,000 --> 00:27:52,080
Speaker 1: start a small business, and you don't have to have

605
00:27:52,400 --> 00:27:54,600
Speaker 1: just tons of cash in the bank for most of

606
00:27:54,600 --> 00:27:57,080
Speaker 1: the kinds of businesses we're talking about totally Yeah. You

607
00:27:57,119 --> 00:27:59,040
Speaker 1: also you don't have to go big or go home

608
00:27:59,160 --> 00:28:00,720
Speaker 1: that you know that. Again, this is kind of going

609
00:28:00,760 --> 00:28:04,320
Speaker 1: back to that mindset of of creating something that's viable

610
00:28:04,359 --> 00:28:06,639
Speaker 1: to a small audience. But there's sometimes this belief that

611
00:28:06,680 --> 00:28:10,200
Speaker 1: you need just this massive team of folks around you

612
00:28:10,400 --> 00:28:12,880
Speaker 1: in order to get started, or that a business has

613
00:28:12,920 --> 00:28:16,240
Speaker 1: to have like a quote unquote growth minded mindset or

614
00:28:16,720 --> 00:28:19,280
Speaker 1: whatever in order to succeed. Like you, you don't want

615
00:28:19,320 --> 00:28:21,880
Speaker 1: to start a business that doesn't experience any growth, of course,

616
00:28:21,880 --> 00:28:24,480
Speaker 1: but it's also important to realize that you don't have

617
00:28:24,560 --> 00:28:28,320
Speaker 1: to create a business that has just this incredible moonshop potential.

618
00:28:28,680 --> 00:28:30,879
Speaker 1: You can be the proud owner of just a simple

619
00:28:30,960 --> 00:28:33,840
Speaker 1: micro business. Uh, those are are really flourishing right now. Yeah,

620
00:28:33,880 --> 00:28:36,119
Speaker 1: micro businesses are. I think we should talk about that

621
00:28:36,160 --> 00:28:38,640
Speaker 1: because that is one of those terms that most people

622
00:28:38,680 --> 00:28:42,280
Speaker 1: don't hear, and it's it's a solution really to this

623
00:28:42,400 --> 00:28:44,719
Speaker 1: small business thing because usually when you give the term

624
00:28:44,760 --> 00:28:47,560
Speaker 1: small business, we're lumping all these different kinds of businesses together,

625
00:28:48,040 --> 00:28:51,520
Speaker 1: basically from one employee to five, and that's a big

626
00:28:51,560 --> 00:28:54,160
Speaker 1: gap in in the kinds of businesses that are getting started.

627
00:28:54,480 --> 00:28:56,800
Speaker 1: So when we talk about micro businesses, those are those

628
00:28:56,800 --> 00:28:59,360
Speaker 1: are typically businesses that have no more than five employees

629
00:28:59,560 --> 00:29:01,960
Speaker 1: include the owner. So hey, guess what, how the money

630
00:29:02,160 --> 00:29:04,080
Speaker 1: is a micro business? You know, we're not even a

631
00:29:04,120 --> 00:29:06,400
Speaker 1: small business like we should be micro. I feel like

632
00:29:06,440 --> 00:29:09,000
Speaker 1: if we were a brewery, we'd also be a micro course.

633
00:29:09,000 --> 00:29:11,600
Speaker 1: Who would be exactly because they make the best beers typically,

634
00:29:11,800 --> 00:29:13,200
Speaker 1: But Matt, it kind of makes me think of my

635
00:29:13,240 --> 00:29:17,080
Speaker 1: neighbor who is a baker. She's she's a micro baker. Yes,

636
00:29:17,840 --> 00:29:20,440
Speaker 1: you can put micro in front of any word, so

637
00:29:20,560 --> 00:29:23,480
Speaker 1: micro Okay, time out. Micro machines. Did you ever play

638
00:29:23,520 --> 00:29:25,920
Speaker 1: with those as a kid. I did, but I'm trying

639
00:29:25,960 --> 00:29:29,880
Speaker 1: to remember the teeny They're like like miniature teeny tiny

640
00:29:30,000 --> 00:29:32,520
Speaker 1: little cars and you can collect them, and I think

641
00:29:32,520 --> 00:29:35,520
Speaker 1: they rolled. I don't think that anything special. My two

642
00:29:35,560 --> 00:29:37,320
Speaker 1: year olds playing with my old hot wheels these days,

643
00:29:37,360 --> 00:29:39,080
Speaker 1: so I see, But I don't think I had any

644
00:29:39,120 --> 00:29:41,160
Speaker 1: micro machines left over at least, but I know I

645
00:29:41,160 --> 00:29:43,040
Speaker 1: played with them. I don't think I know I played

646
00:29:43,040 --> 00:29:44,600
Speaker 1: with them, but I think I just always went over

647
00:29:44,640 --> 00:29:46,800
Speaker 1: to my friend's house and played with his hot wheels,

648
00:29:46,960 --> 00:29:49,840
Speaker 1: his micro machines. I was always into like constructs and

649
00:29:49,960 --> 00:29:52,600
Speaker 1: connects and all of the different things where you build stuff.

650
00:29:53,120 --> 00:29:57,200
Speaker 1: Engineering mindset. Perhaps geared to start my own business, but

651
00:29:57,280 --> 00:30:00,640
Speaker 1: I think so. But okay, micro baker. Does she make

652
00:30:00,680 --> 00:30:03,560
Speaker 1: tiny little cookies? No, no, normal sized bread cookies and

653
00:30:03,560 --> 00:30:06,360
Speaker 1: they're actually delicious. But it's cool because this is kind

654
00:30:06,360 --> 00:30:08,120
Speaker 1: of something that she could if she wanted to, She

655
00:30:08,120 --> 00:30:10,720
Speaker 1: could scale it into something bigger. Take out a giant loan,

656
00:30:11,040 --> 00:30:14,040
Speaker 1: yeah yeah, get a get an actual physical bakery space

657
00:30:14,080 --> 00:30:17,000
Speaker 1: in some sort of cool part of town. But having

658
00:30:17,200 --> 00:30:21,479
Speaker 1: macro baker, Yeah, But she's got this great tiny business

659
00:30:21,520 --> 00:30:24,160
Speaker 1: and it works for her lifestyle and it works for

660
00:30:24,240 --> 00:30:27,320
Speaker 1: kind of what she's offering. So I think it's important

661
00:30:27,360 --> 00:30:32,200
Speaker 1: to note that having a successful small business or micro business,

662
00:30:32,400 --> 00:30:34,280
Speaker 1: it doesn't mean you don't have to rent some sort

663
00:30:34,280 --> 00:30:36,240
Speaker 1: of office building, you don't have to manage a slew

664
00:30:36,240 --> 00:30:39,200
Speaker 1: of employees. And by some estimates, I think micro businesses

665
00:30:39,200 --> 00:30:43,120
Speaker 1: are something like nine overall of small businesses. So most

666
00:30:43,600 --> 00:30:46,960
Speaker 1: small businesses in our country are incredibly tiny, Like they're

667
00:30:46,960 --> 00:30:49,120
Speaker 1: not getting huge, and they don't have a desire to

668
00:30:49,160 --> 00:30:51,160
Speaker 1: get huge. And I think that's okay, Like, you don't

669
00:30:51,160 --> 00:30:53,560
Speaker 1: have to get massive in order to be successful. You

670
00:30:53,600 --> 00:30:55,520
Speaker 1: can choose to grow if that's a part of your

671
00:30:55,560 --> 00:30:57,040
Speaker 1: model and if that's something that you want to do,

672
00:30:57,200 --> 00:30:59,640
Speaker 1: if you want to do more managing versus say the

673
00:30:59,640 --> 00:31:02,280
Speaker 1: actual baking. But I doubt I think I'm guessing the

674
00:31:02,320 --> 00:31:05,400
Speaker 1: reason she likes to bake is because she enjoys actually baking, right,

675
00:31:05,760 --> 00:31:08,880
Speaker 1: She's experienced some of that magic of mixing ingredients together

676
00:31:08,920 --> 00:31:10,840
Speaker 1: and making people really happy with the smells and the

677
00:31:10,880 --> 00:31:12,840
Speaker 1: flavors that I wonder if purpose gates are better than

678
00:31:12,880 --> 00:31:15,920
Speaker 1: your middle school home biscuits, I'm pretty sure nobody could

679
00:31:15,920 --> 00:31:19,400
Speaker 1: top the first time that's a six sixth rader gets

680
00:31:19,400 --> 00:31:21,240
Speaker 1: to taste something that they've made for the first time.

681
00:31:21,640 --> 00:31:24,120
Speaker 1: It truly is an impressionable moment. But I'm guessing she

682
00:31:24,240 --> 00:31:27,680
Speaker 1: probably is really good, much better than me. But something

683
00:31:27,800 --> 00:31:29,960
Speaker 1: that a question that's worth asking to I wanted to

684
00:31:29,960 --> 00:31:32,280
Speaker 1: bring up is make sure that you're asking yourself what

685
00:31:32,560 --> 00:31:35,640
Speaker 1: makes a good business idea. It's really important to have

686
00:31:35,640 --> 00:31:39,080
Speaker 1: that answer before you launch a website, a product, or

687
00:31:39,120 --> 00:31:42,240
Speaker 1: a service. Starting with a business that has a crappy

688
00:31:42,280 --> 00:31:45,280
Speaker 1: idea is going to be pretty dumb. It helps to

689
00:31:45,400 --> 00:31:48,840
Speaker 1: know what's going on in the market before you make

690
00:31:48,880 --> 00:31:51,920
Speaker 1: a split second decision to start, say, selling your homemade

691
00:31:52,360 --> 00:31:55,840
Speaker 1: knit witter caps door to door in Florida right now

692
00:31:56,600 --> 00:31:59,320
Speaker 1: in the month of May. The demand is probably incredibly low.

693
00:31:59,520 --> 00:32:01,440
Speaker 1: It's gonna be that that that market is going to

694
00:32:01,520 --> 00:32:05,040
Speaker 1: be essentially non existent, and so knowing how much potential

695
00:32:05,120 --> 00:32:07,520
Speaker 1: your idea has after you launch it, it's going to

696
00:32:07,600 --> 00:32:11,080
Speaker 1: be crucial information you need to gather before you go

697
00:32:11,120 --> 00:32:13,240
Speaker 1: and get the ball rolling, and certainly before you take

698
00:32:13,520 --> 00:32:17,280
Speaker 1: larger steps in procuring a loan or something like that,

699
00:32:17,400 --> 00:32:20,040
Speaker 1: things that most people think are necessary steps in order

700
00:32:20,160 --> 00:32:22,920
Speaker 1: to run a legitimate business. Yeah, knowing the market potential

701
00:32:23,000 --> 00:32:25,160
Speaker 1: of your business and how you can meet the market

702
00:32:25,240 --> 00:32:28,200
Speaker 1: need is a really important factor in this equation. So

703
00:32:28,280 --> 00:32:31,840
Speaker 1: it's also important to yeah, look for opportunities in the market.

704
00:32:32,320 --> 00:32:36,120
Speaker 1: Businesses that solve people's problems will almost always succeed. It

705
00:32:36,120 --> 00:32:38,280
Speaker 1: makes me think of Scott's Cheap Flights. Matt he he

706
00:32:38,320 --> 00:32:42,160
Speaker 1: didn't start out necessarily with this idea to have a

707
00:32:42,280 --> 00:32:45,400
Speaker 1: thriving small business, and he started out as a micro business.

708
00:32:45,400 --> 00:32:48,360
Speaker 1: He didn't think he was going to employ sixty plus folks,

709
00:32:48,400 --> 00:32:51,280
Speaker 1: you know, sending out flight deals regularly. What started out

710
00:32:51,320 --> 00:32:54,239
Speaker 1: as just kind of an interest, it developed into an

711
00:32:54,280 --> 00:32:56,640
Speaker 1: opportunity that was right for the picking because his coworkers

712
00:32:56,640 --> 00:32:58,840
Speaker 1: were like, hey, Ca, you start sending me deals. I

713
00:32:59,800 --> 00:33:01,480
Speaker 1: even pay for him if you find me a great

714
00:33:01,520 --> 00:33:04,680
Speaker 1: flight deal, like you found the Milan And so, Yeah,

715
00:33:05,000 --> 00:33:07,760
Speaker 1: going back to the winter cap example, maybe you live

716
00:33:07,840 --> 00:33:10,080
Speaker 1: in Minnesota and you've been knitting hats for your friends,

717
00:33:10,120 --> 00:33:13,760
Speaker 1: and better, better spots uh knitting exactly. They rave about them,

718
00:33:13,880 --> 00:33:15,200
Speaker 1: and then their friends start reaching out to you to

719
00:33:15,200 --> 00:33:17,440
Speaker 1: see if you'll make one for them. Well, that sounds

720
00:33:17,480 --> 00:33:19,600
Speaker 1: like the start of a business to me, because people

721
00:33:19,640 --> 00:33:22,000
Speaker 1: are already knocking on your door asking for more of

722
00:33:22,040 --> 00:33:24,800
Speaker 1: what you're already creating. That sounds like the idea of

723
00:33:24,840 --> 00:33:27,600
Speaker 1: taking just like a hobby and maybe like turning the

724
00:33:27,680 --> 00:33:29,680
Speaker 1: knob a couple of dials and now you've got a

725
00:33:29,720 --> 00:33:32,920
Speaker 1: full fledged small business that is bringing in income. Totally. Yeah,

726
00:33:32,960 --> 00:33:35,680
Speaker 1: that there there's a legitimate opportunity there. And essentially what

727
00:33:35,720 --> 00:33:37,640
Speaker 1: we're talking about here is getting inspiration from what you're

728
00:33:37,640 --> 00:33:40,960
Speaker 1: currently interested in doing. And you know, it does not

729
00:33:41,120 --> 00:33:43,600
Speaker 1: have to be related to what, say you got your

730
00:33:43,600 --> 00:33:46,760
Speaker 1: degree in. Uh, you don't necessarily need prior experience working

731
00:33:46,760 --> 00:33:49,880
Speaker 1: for a company in that same space. Those things don't hurt,

732
00:33:50,280 --> 00:33:52,280
Speaker 1: but it might be even more helpful to look at

733
00:33:52,320 --> 00:33:55,440
Speaker 1: your interests as opposed to your experiences. And you know,

734
00:33:55,520 --> 00:33:58,240
Speaker 1: I say all this while simultaneously saying that I'm not

735
00:33:58,240 --> 00:34:00,720
Speaker 1: saying that you should just follow your path and uh,

736
00:34:00,800 --> 00:34:03,440
Speaker 1: don't just focus on stuff that you have funding, but

737
00:34:03,480 --> 00:34:05,960
Speaker 1: we want you to just think instead about the things

738
00:34:05,960 --> 00:34:07,960
Speaker 1: that you care about. We want you to dig a

739
00:34:08,040 --> 00:34:10,680
Speaker 1: level deeper than just focusing on something that you enjoy doing.

740
00:34:11,160 --> 00:34:13,320
Speaker 1: And there's a lot of talk around the term passion,

741
00:34:13,520 --> 00:34:16,440
Speaker 1: like follow your passion, but it is not necessarily a

742
00:34:16,480 --> 00:34:20,000
Speaker 1: well that you can continually draw from. And simultaneously, we

743
00:34:20,000 --> 00:34:22,040
Speaker 1: think that passion can always be developed. It's something that

744
00:34:22,080 --> 00:34:24,040
Speaker 1: you can learn, is something that you can realize not

745
00:34:24,080 --> 00:34:28,120
Speaker 1: only about yourself, but about the world around you. The

746
00:34:28,120 --> 00:34:30,239
Speaker 1: things that we love in our twenties, like, they may

747
00:34:30,280 --> 00:34:32,080
Speaker 1: not necessarily be what we love in our thirties or

748
00:34:32,120 --> 00:34:35,839
Speaker 1: in our forties. We humans, like we tend to live

749
00:34:35,880 --> 00:34:38,680
Speaker 1: a few different lives in the course of our decades

750
00:34:38,719 --> 00:34:40,799
Speaker 1: here on earth, and so we want you to kind

751
00:34:40,800 --> 00:34:43,360
Speaker 1: of pay attention, like we're we're trying to marry some

752
00:34:43,440 --> 00:34:46,520
Speaker 1: of these deeper desires and motives that you might have

753
00:34:47,040 --> 00:34:49,279
Speaker 1: and find a way to kind of link some of

754
00:34:49,280 --> 00:34:51,319
Speaker 1: those desires to what it is that you can do

755
00:34:51,480 --> 00:34:53,560
Speaker 1: as a career, you know, to the things that you

756
00:34:53,560 --> 00:34:55,680
Speaker 1: can make a business out of. There's almost like this

757
00:34:55,719 --> 00:34:58,400
Speaker 1: middle ground that people call their passion. It's like a

758
00:34:58,400 --> 00:35:00,799
Speaker 1: little bit more than an interest, but is not necessarily

759
00:35:00,840 --> 00:35:04,240
Speaker 1: tied to sort of the things that matter the most

760
00:35:04,400 --> 00:35:06,840
Speaker 1: to them. So I say that because I want you

761
00:35:06,880 --> 00:35:10,279
Speaker 1: to do more than just the trope follow your passions. Yeah, yeah,

762
00:35:10,360 --> 00:35:12,799
Speaker 1: for sure. I think when you boil it down, Matt,

763
00:35:12,880 --> 00:35:15,560
Speaker 1: you want to marry an interest with an opportunity in

764
00:35:15,600 --> 00:35:18,240
Speaker 1: a market. If you have all three of those things combine,

765
00:35:18,680 --> 00:35:22,319
Speaker 1: it kind of makes for a potentially great business. And

766
00:35:23,000 --> 00:35:24,680
Speaker 1: that's the kind of thing that a whole lot of

767
00:35:24,680 --> 00:35:27,359
Speaker 1: our listeners can find. And it doesn't have to be

768
00:35:27,400 --> 00:35:29,760
Speaker 1: that old trope of follow your passion. You can follow

769
00:35:29,800 --> 00:35:32,920
Speaker 1: that interest, opportunity and market all those three things together.

770
00:35:32,960 --> 00:35:35,640
Speaker 1: If you have them, you've got a recipe for success,

771
00:35:35,680 --> 00:35:38,719
Speaker 1: and then simultaneously figure out what it is about that

772
00:35:38,719 --> 00:35:41,680
Speaker 1: that resonates with you at a very deep level. That

773
00:35:41,719 --> 00:35:44,000
Speaker 1: will always be true, Yes, and and and even if

774
00:35:44,000 --> 00:35:47,040
Speaker 1: you do something that you love and enjoy, it doesn't

775
00:35:47,080 --> 00:35:50,080
Speaker 1: mean that every single part, every single facet of that

776
00:35:50,200 --> 00:35:52,920
Speaker 1: job that you're going to absolutely be thrilled with every

777
00:35:52,920 --> 00:35:55,080
Speaker 1: single day of the week or or of the year.

778
00:35:55,400 --> 00:35:56,920
Speaker 1: And the same is true of what we do. We

779
00:35:57,000 --> 00:35:59,120
Speaker 1: love what we do. It doesn't mean that every day

780
00:35:59,280 --> 00:36:02,080
Speaker 1: is easy or that there are no headaches involved, that

781
00:36:02,280 --> 00:36:04,799
Speaker 1: every day we feel deeply connected to our mission. I

782
00:36:04,800 --> 00:36:07,080
Speaker 1: think overall we do and we get to talk about

783
00:36:07,080 --> 00:36:09,440
Speaker 1: it a whole lot, and it is very fulfilling. But

784
00:36:09,480 --> 00:36:12,040
Speaker 1: it doesn't mean that every single day, every single minute,

785
00:36:12,320 --> 00:36:14,520
Speaker 1: has elements of that. Sure, yeah, I love it. I

786
00:36:14,680 --> 00:36:16,160
Speaker 1: feel like with what we do here at the show,

787
00:36:16,520 --> 00:36:18,799
Speaker 1: like the core level of what it is that we

788
00:36:18,840 --> 00:36:21,359
Speaker 1: talked about here, Like, yes, we talk about craft beer

789
00:36:21,440 --> 00:36:23,520
Speaker 1: a lot of episodes, Yes we talk about finances and

790
00:36:23,600 --> 00:36:25,920
Speaker 1: the news, but at a very deep core level, what

791
00:36:25,960 --> 00:36:28,680
Speaker 1: we're talking about doing here is helping people, and that,

792
00:36:29,000 --> 00:36:30,640
Speaker 1: like that is a core mission. I think that you

793
00:36:30,640 --> 00:36:34,120
Speaker 1: can take to almost almost any profession, almost any product

794
00:36:34,160 --> 00:36:36,880
Speaker 1: out there. Does this help the individual? That is what

795
00:36:36,880 --> 00:36:39,319
Speaker 1: we're trying to do here through the application of your

796
00:36:39,360 --> 00:36:42,200
Speaker 1: personal finances. But we we I feel like we've made

797
00:36:42,239 --> 00:36:44,160
Speaker 1: a really good case for starting your own business. We've

798
00:36:44,160 --> 00:36:48,160
Speaker 1: got several practical takeaways steps that we think you should

799
00:36:48,160 --> 00:36:51,000
Speaker 1: take to help you to launch a successful business, and

800
00:36:51,040 --> 00:37:01,600
Speaker 1: so we'll get to those right after the break. All right,

801
00:37:01,760 --> 00:37:04,280
Speaker 1: let's keep going, Let's keep talking about small business creation.

802
00:37:05,160 --> 00:37:07,880
Speaker 1: We really do think that it is a reality, a

803
00:37:07,920 --> 00:37:11,840
Speaker 1: possibility for a whole lot more people than maybe currently

804
00:37:11,840 --> 00:37:14,600
Speaker 1: think it's possible, and it's good to see. Actually, this

805
00:37:14,680 --> 00:37:18,960
Speaker 1: transformation in the economy towards more micro business is happening

806
00:37:19,280 --> 00:37:20,759
Speaker 1: right as we speak, and we think more how the

807
00:37:20,800 --> 00:37:23,479
Speaker 1: money listeners can and should get involved in that. Well,

808
00:37:24,520 --> 00:37:27,160
Speaker 1: maybe one of the easiest ways to get started is

809
00:37:27,360 --> 00:37:29,840
Speaker 1: to do it with a side hustle, right to to

810
00:37:29,840 --> 00:37:33,440
Speaker 1: to start your small business, really small, and to do

811
00:37:33,480 --> 00:37:35,399
Speaker 1: it just on the side while you have a day job.

812
00:37:35,600 --> 00:37:37,600
Speaker 1: Because it's important to note that this can be a

813
00:37:37,600 --> 00:37:40,200
Speaker 1: really gradual process. You don't even have to quit your

814
00:37:40,239 --> 00:37:43,440
Speaker 1: day job in order to get started. Side hustling is

815
00:37:43,440 --> 00:37:45,200
Speaker 1: is just a great way to kind of get the

816
00:37:45,200 --> 00:37:48,359
Speaker 1: ball rolling and money from your main gig cannot only

817
00:37:48,440 --> 00:37:50,320
Speaker 1: pay your bills, but it can also help you fund

818
00:37:50,320 --> 00:37:52,480
Speaker 1: the business you're trying to get off the ground if

819
00:37:52,480 --> 00:37:55,239
Speaker 1: it requires some seed funds. And it's important to mention

820
00:37:55,280 --> 00:37:57,879
Speaker 1: that you know, side hustle is different from gig work

821
00:37:58,040 --> 00:38:01,040
Speaker 1: in our minds. Gig work is a way to trade

822
00:38:01,200 --> 00:38:04,359
Speaker 1: some of your time for money. Right, you can drive

823
00:38:04,480 --> 00:38:06,000
Speaker 1: uber you can make some cash on the side, but

824
00:38:06,120 --> 00:38:09,960
Speaker 1: specifically via an app access that access that intermediary. Yeah,

825
00:38:10,000 --> 00:38:13,759
Speaker 1: and and maybe it could be that through an app

826
00:38:13,840 --> 00:38:15,960
Speaker 1: you you're able to start your own small business if

827
00:38:16,000 --> 00:38:19,399
Speaker 1: you through fiber or through Etsy or something like that,

828
00:38:19,719 --> 00:38:22,080
Speaker 1: get your business off the ground. But that's slightly different

829
00:38:22,120 --> 00:38:24,319
Speaker 1: than gig work in my mind. And and so yeah,

830
00:38:24,560 --> 00:38:26,400
Speaker 1: the side hustle, it's important to note it might not

831
00:38:26,440 --> 00:38:28,160
Speaker 1: even make you money out of the gate. What you're

832
00:38:28,160 --> 00:38:31,480
Speaker 1: doing is you're kind of testing to see whether this

833
00:38:31,600 --> 00:38:35,400
Speaker 1: business is viable, whether you can turn it into something great. Basically,

834
00:38:35,440 --> 00:38:37,000
Speaker 1: you want to know whether it has the potential to

835
00:38:37,040 --> 00:38:40,480
Speaker 1: turn into something that you can pursue full time. And

836
00:38:40,520 --> 00:38:43,120
Speaker 1: that's why, Yeah, side hustling something is kind of the

837
00:38:43,120 --> 00:38:45,520
Speaker 1: perfect way to give it a to give it a chance,

838
00:38:45,719 --> 00:38:48,960
Speaker 1: and to see what happens. Yeah, but simultaneously, you want

839
00:38:49,000 --> 00:38:51,440
Speaker 1: to be careful that you're not to behold into a

840
00:38:51,440 --> 00:38:54,680
Speaker 1: specific platform where you have virtually no sway like it

841
00:38:54,719 --> 00:38:56,920
Speaker 1: makes me think of Airbnb and how certain cities of

842
00:38:57,120 --> 00:39:00,600
Speaker 1: banned short term occupancy rentals, or it makes me think

843
00:39:00,600 --> 00:39:03,800
Speaker 1: about how people have built their businesses solely around Instagram

844
00:39:03,920 --> 00:39:06,640
Speaker 1: or some of the other social media platforms. Essentially, you're

845
00:39:06,680 --> 00:39:10,080
Speaker 1: renting digital space from another company who can change the

846
00:39:10,200 --> 00:39:13,480
Speaker 1: rules of the game or the algorithm at any time.

847
00:39:13,960 --> 00:39:16,440
Speaker 1: And so this is not a good plan if you

848
00:39:16,480 --> 00:39:19,160
Speaker 1: are solely dependent on a specific company for the success

849
00:39:19,239 --> 00:39:22,920
Speaker 1: of your business. We like that there are different businesses

850
00:39:22,920 --> 00:39:25,279
Speaker 1: and different providers who we can partner with, but it

851
00:39:25,280 --> 00:39:27,200
Speaker 1: puts you in a really weak position if they have

852
00:39:27,280 --> 00:39:29,719
Speaker 1: the upper hand, if they have all the say uh,

853
00:39:29,719 --> 00:39:31,640
Speaker 1: and you don't have uh, you know, a seat at

854
00:39:31,680 --> 00:39:33,520
Speaker 1: the table at all. Yeah. It makes me think of Etsy,

855
00:39:33,640 --> 00:39:36,960
Speaker 1: who recently said they were going to raise the fees

856
00:39:37,040 --> 00:39:39,040
Speaker 1: of what they charge sellers on the site. And there

857
00:39:39,040 --> 00:39:43,080
Speaker 1: are people who have made their living through by selling

858
00:39:43,080 --> 00:39:45,760
Speaker 1: things on Etsy and they just got a notice that, hey,

859
00:39:46,000 --> 00:39:47,760
Speaker 1: guess what what you make is going to be cut

860
00:39:48,280 --> 00:39:51,759
Speaker 1: in a meaningful way in short in short order. And

861
00:39:51,800 --> 00:39:53,879
Speaker 1: so those are the kind of things where Etsy is great.

862
00:39:53,920 --> 00:39:56,440
Speaker 1: It's a great platform to find customers and to reach

863
00:39:56,480 --> 00:39:59,759
Speaker 1: people with your product, but it doesn't mean that that

864
00:40:00,080 --> 00:40:02,680
Speaker 1: is the only avenue you should use, because if you're

865
00:40:02,880 --> 00:40:08,279
Speaker 1: literally dependent on one website or one social media algorithm,

866
00:40:08,400 --> 00:40:09,719
Speaker 1: it can give you a whole lot, and then it

867
00:40:09,760 --> 00:40:12,840
Speaker 1: can take away uh just as much very quickly. And

868
00:40:12,880 --> 00:40:15,960
Speaker 1: Matt Let's mention another another tip that we have for

869
00:40:16,040 --> 00:40:19,680
Speaker 1: getting started with a small business. It's it's getting outside help.

870
00:40:19,880 --> 00:40:23,680
Speaker 1: It's so crucial when it comes to getting started. And

871
00:40:24,080 --> 00:40:27,120
Speaker 1: one thing we would suggest is consider getting a mentor, because, yeah,

872
00:40:27,160 --> 00:40:29,600
Speaker 1: going this alone it can make your journey into small

873
00:40:29,640 --> 00:40:33,279
Speaker 1: business ownership more difficult. It's always helpful to have someone

874
00:40:33,280 --> 00:40:36,799
Speaker 1: who can encourage you, who also has more knowledge than

875
00:40:36,840 --> 00:40:39,000
Speaker 1: you when it comes to being a successful business owner.

876
00:40:39,320 --> 00:40:42,440
Speaker 1: And SCORE is an excellent place to turn. It stands

877
00:40:42,480 --> 00:40:45,960
Speaker 1: for Service Core of Retired Executives and there are more

878
00:40:45,960 --> 00:40:48,760
Speaker 1: than two hundred and fifty local chapters across the nation.

879
00:40:49,239 --> 00:40:52,279
Speaker 1: And mentorship is a free service that they offer, So yeah,

880
00:40:52,320 --> 00:40:56,200
Speaker 1: we suggest turning their. Score offers other free resources too,

881
00:40:56,400 --> 00:41:00,239
Speaker 1: But this is an organization that lots of helpful smallusiness

882
00:41:00,280 --> 00:41:03,160
Speaker 1: owners are gonna want to consider taking advantage of The

883
00:41:03,200 --> 00:41:05,080
Speaker 1: website is score dot org. Will link to it in

884
00:41:05,080 --> 00:41:08,320
Speaker 1: our show notes. But yeah, having that help from someone

885
00:41:08,560 --> 00:41:11,319
Speaker 1: who's been down the road aways. Let's say, like Matt

886
00:41:11,520 --> 00:41:14,200
Speaker 1: equated to marriage trouble. Right if you're having difficulty with

887
00:41:14,200 --> 00:41:18,040
Speaker 1: your partner right now, talking to someone who knows, whether

888
00:41:18,080 --> 00:41:20,279
Speaker 1: it's a couple in your neighborhood or at your church

889
00:41:20,560 --> 00:41:23,280
Speaker 1: who's been married twenty years longer than you, how helpful.

890
00:41:23,320 --> 00:41:25,759
Speaker 1: Can that be in navigating those waters or going to

891
00:41:25,800 --> 00:41:28,319
Speaker 1: see you know, a license therapist like those those are

892
00:41:28,320 --> 00:41:30,040
Speaker 1: great routes to take. I think the same thing can

893
00:41:30,080 --> 00:41:33,000
Speaker 1: be true if you're daunted by the idea of starting

894
00:41:33,000 --> 00:41:35,279
Speaker 1: your small business. You you have a passion, you want

895
00:41:35,280 --> 00:41:37,160
Speaker 1: to do it, but you're like, I don't even know

896
00:41:37,200 --> 00:41:39,200
Speaker 1: how to get the ball rolling and I don't even

897
00:41:39,239 --> 00:41:42,359
Speaker 1: know whether to know if my idea has legs. Well,

898
00:41:42,400 --> 00:41:45,200
Speaker 1: I think talking to a mentor finding someone at score

899
00:41:45,320 --> 00:41:48,160
Speaker 1: can be like the best way to get started. Yeah,

900
00:41:48,360 --> 00:41:51,440
Speaker 1: and generally speaking, I'll say too as far as ways

901
00:41:51,480 --> 00:41:54,880
Speaker 1: that uh, starting a small business has become less daunting

902
00:41:54,920 --> 00:41:58,120
Speaker 1: than ever is just the general advancement of technology. Just

903
00:41:58,160 --> 00:42:01,400
Speaker 1: think about all the businesses that exist now that couldn't

904
00:42:01,400 --> 00:42:03,799
Speaker 1: have existed just even twenty years ago. One of my

905
00:42:03,840 --> 00:42:06,000
Speaker 1: favorite podcasters was just saying the other day that he

906
00:42:06,080 --> 00:42:09,480
Speaker 1: hasn't had a real job that wasn't Internet based, Like,

907
00:42:09,560 --> 00:42:12,640
Speaker 1: just the Internet alone has allowed for so many industries

908
00:42:13,320 --> 00:42:15,680
Speaker 1: to exist, And I don't think he's alone that that

909
00:42:15,680 --> 00:42:18,560
Speaker 1: experience is becoming more and more common. It is so

910
00:42:18,640 --> 00:42:20,840
Speaker 1: much easier to to find your niche than ever before.

911
00:42:21,040 --> 00:42:24,640
Speaker 1: Whether you're talking about reselling thrift store goods within your

912
00:42:24,920 --> 00:42:28,480
Speaker 1: vintage eBay store, or writing a blog or writing a

913
00:42:28,520 --> 00:42:31,480
Speaker 1: sub stack that helps people. The barriers to getting that

914
00:42:31,520 --> 00:42:35,080
Speaker 1: business started have been almost completely removed. Not that it's

915
00:42:35,080 --> 00:42:37,479
Speaker 1: a complete walk in the park, because starting a small

916
00:42:37,520 --> 00:42:40,400
Speaker 1: business it's not as easy as social media and you know,

917
00:42:40,440 --> 00:42:43,839
Speaker 1: the hashtags make it seem, but technology has has made

918
00:42:43,840 --> 00:42:45,880
Speaker 1: it far less difficult to do the things that we

919
00:42:45,920 --> 00:42:48,400
Speaker 1: want to do. Yeah. Man, I'm always amazed at the

920
00:42:48,440 --> 00:42:51,919
Speaker 1: ways my friends make money on the Internet. I feel

921
00:42:51,920 --> 00:42:54,279
Speaker 1: like every every couple of weeks, I'm finding out a

922
00:42:54,280 --> 00:42:57,120
Speaker 1: different way that someone makes money and I'm just like,

923
00:42:57,239 --> 00:43:01,160
Speaker 1: I didn't know that was possible. Inspiration, It is like congratulations,

924
00:43:01,239 --> 00:43:03,239
Speaker 1: And it just makes me think that there are so

925
00:43:03,280 --> 00:43:05,799
Speaker 1: many opportunities out there for people who desperately want to

926
00:43:05,800 --> 00:43:09,359
Speaker 1: get out of the five um by side us link

927
00:43:09,400 --> 00:43:11,480
Speaker 1: to start to get started, to get the ball rolling

928
00:43:11,520 --> 00:43:15,000
Speaker 1: and find your Internet niche and pursue it with reckless

929
00:43:15,000 --> 00:43:17,400
Speaker 1: abandoned because that could easily turn out to be a

930
00:43:17,480 --> 00:43:20,319
Speaker 1: lucrative day job. And uh yeah, when you're talking about

931
00:43:20,360 --> 00:43:25,200
Speaker 1: technology advancements, Matt, those have clearly help facilitate the creation

932
00:43:25,200 --> 00:43:28,360
Speaker 1: of new businesses. Let's talk about maybe some specific ones

933
00:43:28,480 --> 00:43:31,840
Speaker 1: that are changing the game. And even just something as

934
00:43:31,880 --> 00:43:35,080
Speaker 1: simple as website creation has gotten a million times easier

935
00:43:35,160 --> 00:43:38,040
Speaker 1: in the last ten years, like Wicks, Squarespace, and WordPress

936
00:43:38,280 --> 00:43:40,200
Speaker 1: have made that a whole lot easier and cheaper in

937
00:43:40,239 --> 00:43:42,880
Speaker 1: recent years. And then when you're talking about something like accounting,

938
00:43:43,120 --> 00:43:45,799
Speaker 1: well that's got a lot easier thanks to software improvements

939
00:43:45,840 --> 00:43:48,279
Speaker 1: to like quick Books and zero are two that we

940
00:43:48,320 --> 00:43:50,480
Speaker 1: would mention and mentioned And in zero is x c R.

941
00:43:50,480 --> 00:43:54,000
Speaker 1: Oh by the way, like like xerox, but zero right away. Yeah,

942
00:43:54,080 --> 00:43:55,880
Speaker 1: you don't have to be an accountant or have an

943
00:43:55,920 --> 00:43:58,399
Speaker 1: accountant on board in order to run your books. Yeah,

944
00:43:58,440 --> 00:44:00,680
Speaker 1: and you Matt handle a lot of that stuff on

945
00:44:00,680 --> 00:44:03,160
Speaker 1: our behalf. We don't use one of those software programs.

946
00:44:03,160 --> 00:44:06,000
Speaker 1: But I'm also a total nerd. You are a complete nerd,

947
00:44:06,040 --> 00:44:09,759
Speaker 1: and most people would and easy I can myself, and

948
00:44:09,760 --> 00:44:11,759
Speaker 1: most people should chill out a little bit and just

949
00:44:11,760 --> 00:44:13,520
Speaker 1: get the software to do it on their behalf. Um,

950
00:44:13,520 --> 00:44:17,080
Speaker 1: there's like a great uh site and platform called Gusto

951
00:44:17,200 --> 00:44:19,799
Speaker 1: that makes it easier to manage the benefits for employees.

952
00:44:19,840 --> 00:44:22,960
Speaker 1: If you get to that point. There's calendarly for scheduling

953
00:44:23,000 --> 00:44:26,279
Speaker 1: stuff easily, something as simple as newsletters to stay in

954
00:44:26,280 --> 00:44:29,439
Speaker 1: touch with customers. That's never been easier thanks to mail

955
00:44:29,560 --> 00:44:32,560
Speaker 1: Champ and be Hive and companies like that Asano and

956
00:44:32,640 --> 00:44:35,120
Speaker 1: trell Oh to help you manage projects. And then you know,

957
00:44:35,120 --> 00:44:38,160
Speaker 1: we talked about contributing to your retirement accounts earlier, that's

958
00:44:38,200 --> 00:44:42,360
Speaker 1: never been easier than ever before either like Fidelity, Schwab, Bangard,

959
00:44:42,360 --> 00:44:44,200
Speaker 1: they're all there to help you do that as well.

960
00:44:44,280 --> 00:44:46,120
Speaker 1: Like in all these ways, you don't have to have

961
00:44:46,280 --> 00:44:48,799
Speaker 1: a guy or a girl like somebody who you go

962
00:44:48,880 --> 00:44:52,239
Speaker 1: to and have relationship. These are simple platforms where you

963
00:44:52,280 --> 00:44:55,040
Speaker 1: can log in literally right now as you're listening to this,

964
00:44:55,360 --> 00:44:57,239
Speaker 1: or create an account and get started. And it does

965
00:44:57,320 --> 00:45:00,360
Speaker 1: not have to be this overly time consuming thing or

966
00:45:00,440 --> 00:45:03,360
Speaker 1: this this thing that requires this massive team of folks

967
00:45:03,520 --> 00:45:05,759
Speaker 1: who actually are sitting there in the office with you.

968
00:45:06,000 --> 00:45:08,719
Speaker 1: Right it's like having five or six folks, but not

969
00:45:08,760 --> 00:45:10,680
Speaker 1: actually haven't been paying those five or six folks. It's

970
00:45:10,760 --> 00:45:15,040
Speaker 1: so much cheaper, and they're running the ship on some

971
00:45:15,160 --> 00:45:17,759
Speaker 1: of these more technical things on your behalf. There's just

972
00:45:17,800 --> 00:45:20,520
Speaker 1: so much technology that's in your corner now to help

973
00:45:20,560 --> 00:45:22,200
Speaker 1: you kick butt at whatever it is that you want

974
00:45:22,239 --> 00:45:24,680
Speaker 1: to do, spend less time on the stuff that's maybe

975
00:45:25,000 --> 00:45:27,400
Speaker 1: boring or that you feel like you know nothing or

976
00:45:27,719 --> 00:45:31,239
Speaker 1: little to nothing about, and being able to focus more

977
00:45:31,600 --> 00:45:33,520
Speaker 1: on the stuff that you're actually passionate about. And not

978
00:45:33,560 --> 00:45:35,120
Speaker 1: only is there a lot of technology, but there are

979
00:45:35,280 --> 00:45:38,759
Speaker 1: specific banks out there who are on our side as well.

980
00:45:39,080 --> 00:45:40,480
Speaker 1: Like it makes me think back to when we first

981
00:45:40,480 --> 00:45:43,040
Speaker 1: started had money, there were only a couple of free

982
00:45:43,080 --> 00:45:46,919
Speaker 1: online checking account options available to us, one of which

983
00:45:46,960 --> 00:45:48,799
Speaker 1: we we still use today, and I've got to say

984
00:45:49,040 --> 00:45:51,400
Speaker 1: they leave a lot to be desired. Not only is

985
00:45:51,440 --> 00:45:54,960
Speaker 1: the unit user interface pretty terrible, but we're not earning

986
00:45:55,040 --> 00:45:57,640
Speaker 1: any interest. Can you believe that this is something where

987
00:45:57,640 --> 00:45:59,400
Speaker 1: we've gotten used to the days when we thought that

988
00:45:59,440 --> 00:46:03,520
Speaker 1: being able to avoid paying any fees that that was

989
00:46:03,600 --> 00:46:06,319
Speaker 1: what said a great online business checking account apart from

990
00:46:06,320 --> 00:46:08,400
Speaker 1: the others. But now banks are paying around one and

991
00:46:08,400 --> 00:46:11,560
Speaker 1: a half percent, and that's amazing. So we would recommend

992
00:46:12,120 --> 00:46:15,120
Speaker 1: the checkouts and folks like Blue Vine or Novo, even

993
00:46:15,160 --> 00:46:18,879
Speaker 1: American Express. These are all different options available to us

994
00:46:19,160 --> 00:46:22,160
Speaker 1: that literally weren't even available a few years ago. Uh.

995
00:46:22,239 --> 00:46:25,080
Speaker 1: The small business space is constantly evolving and the same

996
00:46:25,160 --> 00:46:27,560
Speaker 1: is true when it comes to the financial services that

997
00:46:27,560 --> 00:46:30,160
Speaker 1: are being offered to small businesses as well. Yeah, how

998
00:46:30,200 --> 00:46:32,319
Speaker 1: in the world did bank accounts go from being worse

999
00:46:32,440 --> 00:46:34,759
Speaker 1: on the small business side to better? Like literally you

1000
00:46:34,840 --> 00:46:36,920
Speaker 1: used to have to pay so like show up and

1001
00:46:36,960 --> 00:46:39,800
Speaker 1: now they're paying you to show. It's impressive. It's incredible

1002
00:46:39,840 --> 00:46:42,200
Speaker 1: that some of these offerings have gotten just superior to

1003
00:46:42,400 --> 00:46:46,160
Speaker 1: everyday consumer checking and saving these accounts business side, right,

1004
00:46:46,239 --> 00:46:50,800
Speaker 1: that's so legit, that's impressive in today's today's given today

1005
00:46:50,920 --> 00:46:52,880
Speaker 1: Uh huh. Well, I just want to mention to one

1006
00:46:52,920 --> 00:46:55,279
Speaker 1: thing that you don't need is fancy business cards. I

1007
00:46:55,280 --> 00:46:57,440
Speaker 1: think sometimes that's I think that people want most of

1008
00:46:57,480 --> 00:47:00,120
Speaker 1: all is to go get like a dope low go

1009
00:47:00,520 --> 00:47:02,600
Speaker 1: and they wanted on something physical that they can hand

1010
00:47:02,600 --> 00:47:06,279
Speaker 1: out to people. And that's fine, Like you can do

1011
00:47:06,320 --> 00:47:10,160
Speaker 1: that if you want to get the desire, especially in

1012
00:47:10,160 --> 00:47:12,200
Speaker 1: the digital age that we live, and sometimes folks want

1013
00:47:12,200 --> 00:47:14,520
Speaker 1: to have something that feels tangible exactly, but it's mostly

1014
00:47:14,600 --> 00:47:17,360
Speaker 1: unnecessary depending on what business you're in. And then and

1015
00:47:17,360 --> 00:47:19,480
Speaker 1: then even when we're talking about some sort of fancy website,

1016
00:47:19,520 --> 00:47:21,520
Speaker 1: sometimes that's what you want, is you're you're like, I

1017
00:47:21,600 --> 00:47:26,080
Speaker 1: want this slick, delightful website that's gonna cost me maybe

1018
00:47:26,080 --> 00:47:28,719
Speaker 1: thousands of dollars to create from scratch. But we would say, like,

1019
00:47:28,760 --> 00:47:31,479
Speaker 1: at least not in the beginning when we're talking about

1020
00:47:31,480 --> 00:47:33,399
Speaker 1: how much money you have to put down to start

1021
00:47:33,440 --> 00:47:35,719
Speaker 1: a small business. We want you to wait for some

1022
00:47:35,760 --> 00:47:38,600
Speaker 1: of those newer, shinier objects until you've gotten some of

1023
00:47:38,640 --> 00:47:41,560
Speaker 1: those base fundamentals down, until you've kind of worked out

1024
00:47:41,560 --> 00:47:44,279
Speaker 1: the fact that you have a formula that can lead

1025
00:47:44,320 --> 00:47:46,520
Speaker 1: to profit. And if that's the case, if you get

1026
00:47:46,560 --> 00:47:48,319
Speaker 1: to that point, then you can kind of start to

1027
00:47:48,320 --> 00:47:50,560
Speaker 1: dial in some of those specifics. But there's no reason

1028
00:47:50,640 --> 00:47:53,680
Speaker 1: to start spending money on some of these ancillary items

1029
00:47:53,920 --> 00:47:56,720
Speaker 1: until you've kind of figured that out. That's right and short.

1030
00:47:56,880 --> 00:47:58,680
Speaker 1: What we're saying here is that starting your own small

1031
00:47:58,719 --> 00:48:01,319
Speaker 1: business is way easier than you think it's going to be,

1032
00:48:02,040 --> 00:48:06,880
Speaker 1: while simultaneously it could be much more laborious than you're expecting.

1033
00:48:07,160 --> 00:48:10,000
Speaker 1: There's this old saying that entrepreneurs are willing to work

1034
00:48:10,080 --> 00:48:13,240
Speaker 1: eighty hours a week in order to avoid working forty.

1035
00:48:13,680 --> 00:48:16,520
Speaker 1: That definitely has some truth to it. Especially in the

1036
00:48:16,600 --> 00:48:19,520
Speaker 1: beginning getting your idea off the ground, it might require

1037
00:48:19,640 --> 00:48:23,520
Speaker 1: some long nights, uh, some weekends working. This isn't gonna

1038
00:48:23,520 --> 00:48:26,560
Speaker 1: be for everyone. And some folks do have a natural

1039
00:48:26,560 --> 00:48:30,080
Speaker 1: propensity for doing their own thing. Uh. Some personalities are

1040
00:48:30,160 --> 00:48:33,160
Speaker 1: just more suited to the higher risk, the higher reward

1041
00:48:33,360 --> 00:48:36,040
Speaker 1: life of business ownership. But keep that in mind. Not

1042
00:48:36,080 --> 00:48:39,320
Speaker 1: only is it a higher reward from the standpoint of

1043
00:48:39,360 --> 00:48:41,880
Speaker 1: the money that you could potentially make, but also just

1044
00:48:42,000 --> 00:48:44,359
Speaker 1: the personal fulfillments and the joy that you would get

1045
00:48:44,400 --> 00:48:47,040
Speaker 1: from doing work that aligns uh, and that you're able

1046
00:48:47,080 --> 00:48:49,160
Speaker 1: to link to some of the core things that you

1047
00:48:49,200 --> 00:48:52,120
Speaker 1: care about. Yeah, Matt, it's so encouraging. I would say

1048
00:48:52,160 --> 00:48:55,520
Speaker 1: to see a small business renaissance of sorts like small

1049
00:48:55,560 --> 00:48:58,120
Speaker 1: business formation had kind of plateaued to a certain extent,

1050
00:48:58,360 --> 00:49:01,040
Speaker 1: and the pandemic gave it this nut, and so many

1051
00:49:01,040 --> 00:49:04,319
Speaker 1: folks are deciding to push themselves towards work that they

1052
00:49:04,360 --> 00:49:07,680
Speaker 1: have more control over, working for themselves. And we think

1053
00:49:07,680 --> 00:49:10,320
Speaker 1: that starting a small business or a micro business is

1054
00:49:10,360 --> 00:49:12,520
Speaker 1: a great idea for lots of people. Like you said,

1055
00:49:12,520 --> 00:49:15,239
Speaker 1: it's not necessarily for everyone, but more people should at

1056
00:49:15,280 --> 00:49:17,640
Speaker 1: least consider it. And you know, one of the things

1057
00:49:17,640 --> 00:49:20,960
Speaker 1: that we love is that small businesses actually lead to

1058
00:49:21,120 --> 00:49:25,279
Speaker 1: a more resilient economy overall, because new businesses lead to

1059
00:49:25,320 --> 00:49:27,800
Speaker 1: more job growth, they create more a more dynamic and

1060
00:49:27,840 --> 00:49:32,040
Speaker 1: responsive economy, because we we all know this from doing

1061
00:49:32,080 --> 00:49:34,680
Speaker 1: business with some of the biggest companies. The larger they get,

1062
00:49:34,719 --> 00:49:37,719
Speaker 1: the less nimble they become, the less responsive they are

1063
00:49:37,760 --> 00:49:40,040
Speaker 1: to their customers needs. Most of the time, you know

1064
00:49:40,160 --> 00:49:43,000
Speaker 1: your small business can adapt to the changing work environment

1065
00:49:43,040 --> 00:49:45,520
Speaker 1: a whole lot faster than the big the big guys can.

1066
00:49:45,800 --> 00:49:48,600
Speaker 1: It's like turning a speedboat versus turning a giant cruise ship.

1067
00:49:48,960 --> 00:49:51,479
Speaker 1: You you obviously you don't have to and you likely

1068
00:49:51,480 --> 00:49:54,719
Speaker 1: shouldn't quit your day job tomorrow unless you're already weigh

1069
00:49:54,719 --> 00:49:58,160
Speaker 1: down this path. But hopefully you'll start legitimately considering the

1070
00:49:58,200 --> 00:50:00,360
Speaker 1: idea of starting your own small business. You'll start to

1071
00:50:00,680 --> 00:50:03,440
Speaker 1: maybe u daydream about the things that you could create.

1072
00:50:03,560 --> 00:50:06,160
Speaker 1: You'll start to pursue some of those interests, maybe with

1073
00:50:06,200 --> 00:50:08,640
Speaker 1: a little more vigor, realizing that it could lead to

1074
00:50:08,719 --> 00:50:11,799
Speaker 1: something successful in the long term. And hopefully just this

1075
00:50:11,880 --> 00:50:15,719
Speaker 1: episode helps you realize that it's it's not as difficult

1076
00:50:16,000 --> 00:50:18,440
Speaker 1: as maybe it might seem on its face. There's a

1077
00:50:18,440 --> 00:50:20,560
Speaker 1: good chance that it's easier than you think. It's going

1078
00:50:20,600 --> 00:50:23,400
Speaker 1: to be, but sometimes you just gotta get started in

1079
00:50:23,480 --> 00:50:25,520
Speaker 1: order to realize that that's right. All right, let's go

1080
00:50:25,520 --> 00:50:28,080
Speaker 1: ahead and get back to the beer that we enjoyed

1081
00:50:28,080 --> 00:50:31,320
Speaker 1: this episode, and this one is I'll say it's a

1082
00:50:31,360 --> 00:50:35,279
Speaker 1: Leslie Man quote another hint, but it's let's get some

1083
00:50:35,360 --> 00:50:39,600
Speaker 1: effing French toast, uh, and you pronounce it French toast.

1084
00:50:40,120 --> 00:50:42,360
Speaker 1: But like I said, this was an Imperial style with

1085
00:50:42,400 --> 00:50:46,200
Speaker 1: French toast, maple syrup, cinnamon actually, and with lactose in vanilla.

1086
00:50:46,560 --> 00:50:48,320
Speaker 1: What were your thoughts on this one? This is actually

1087
00:50:48,480 --> 00:50:51,960
Speaker 1: not too terribly dissimilar from the beer from Bramari that

1088
00:50:52,000 --> 00:50:54,160
Speaker 1: we had last Wednesday. No, it's not. Was that one

1089
00:50:54,600 --> 00:50:57,879
Speaker 1: bumble stick it was like a cinnamon cinnamon brown ale,

1090
00:50:58,200 --> 00:50:59,960
Speaker 1: and this is like that. It's like a cinnamon style.

1091
00:51:00,120 --> 00:51:02,960
Speaker 1: This one is definitely packing more of a punch. It's bigger,

1092
00:51:03,080 --> 00:51:06,520
Speaker 1: it's beastlier because it's this giant stout. And while the

1093
00:51:06,560 --> 00:51:08,920
Speaker 1: cinnamon stands out in this one, it's not kind of

1094
00:51:08,920 --> 00:51:10,799
Speaker 1: the main note. It's just kind of one in the

1095
00:51:10,840 --> 00:51:13,799
Speaker 1: symphony of notes. Yeah, that's a great way of putting it.

1096
00:51:13,800 --> 00:51:17,440
Speaker 1: It's it's less of a cinnamon solo more of a

1097
00:51:17,600 --> 00:51:20,320
Speaker 1: choir that the cinnamon happens to be a part of exactly.

1098
00:51:20,440 --> 00:51:23,200
Speaker 1: And so this I really like this one because I

1099
00:51:23,239 --> 00:51:26,400
Speaker 1: like French toast, and so like every every time my

1100
00:51:26,440 --> 00:51:27,880
Speaker 1: kids stay the night at my parents house, my dad

1101
00:51:27,920 --> 00:51:30,960
Speaker 1: always makes French toast one and it's it's uh all,

1102
00:51:31,000 --> 00:51:33,120
Speaker 1: French toast is delicious. It's something I don't I don't

1103
00:51:33,160 --> 00:51:35,080
Speaker 1: cook enough, but he doesn't at home, but doesn't do

1104
00:51:35,120 --> 00:51:37,160
Speaker 1: it for you, doesn't the kids get to enjoy it,

1105
00:51:37,200 --> 00:51:39,400
Speaker 1: but you're stuck at home. Just what it tells me

1106
00:51:39,400 --> 00:51:41,359
Speaker 1: all about it the next day or whatever, and then

1107
00:51:41,400 --> 00:51:43,799
Speaker 1: I just salivate in jealousy. That's so funny. I wonder

1108
00:51:43,840 --> 00:51:46,280
Speaker 1: if that's just one of those meals that so as

1109
00:51:46,320 --> 00:51:49,839
Speaker 1: a father, that is a go to breakfast that when

1110
00:51:49,840 --> 00:51:51,359
Speaker 1: I'm in charge, that I like to go to. It's

1111
00:51:51,400 --> 00:51:53,600
Speaker 1: something that Kate, So Kate handles almost all of the cooking,

1112
00:51:53,600 --> 00:51:55,080
Speaker 1: but it's like, you know, I like to get in

1113
00:51:55,080 --> 00:51:56,719
Speaker 1: the kitchen a little bit too. It's funny because we're

1114
00:51:56,719 --> 00:51:59,000
Speaker 1: talking about cooking at the beginning of this episode, but

1115
00:51:59,080 --> 00:52:00,920
Speaker 1: French toast is something that whenever I make, it's a

1116
00:52:00,920 --> 00:52:02,799
Speaker 1: special kind of occasion. It's like one of those dad

1117
00:52:02,840 --> 00:52:04,560
Speaker 1: things where you get to kind of step in a

1118
00:52:04,600 --> 00:52:06,799
Speaker 1: little bit, do something a little extra special. I just

1119
00:52:06,800 --> 00:52:10,080
Speaker 1: don't think Kate enjoys French toast. I love it. What's

1120
00:52:10,120 --> 00:52:15,000
Speaker 1: not to love about beautifully brown French toast. That's this

1121
00:52:15,120 --> 00:52:18,080
Speaker 1: like egg, kind of fluffy, yokie syrup on it, some

1122
00:52:18,160 --> 00:52:21,160
Speaker 1: maple syrup on top. I love French toast, um, So

1123
00:52:21,400 --> 00:52:23,279
Speaker 1: it shouldn't be any surprise that I love this beer.

1124
00:52:23,760 --> 00:52:26,959
Speaker 1: Certainly had a higher degree of sweetness than the brown ale,

1125
00:52:27,719 --> 00:52:31,000
Speaker 1: a lot more of those Saturday morning breakfast flavors going

1126
00:52:31,040 --> 00:52:32,960
Speaker 1: on in this beer. But I'm glad that you were

1127
00:52:32,960 --> 00:52:34,760
Speaker 1: able to pick this one up, that we enjoyed it today.

1128
00:52:34,880 --> 00:52:36,560
Speaker 1: It makes me wish I had a cup of coffee

1129
00:52:36,640 --> 00:52:38,759
Speaker 1: right next to it while I'm drinking this. Oh my gosh,

1130
00:52:39,680 --> 00:52:42,560
Speaker 1: being perfect pairing. Really, you want a cup of coffee

1131
00:52:42,560 --> 00:52:44,239
Speaker 1: with your actual French toast. You don't want to have

1132
00:52:44,440 --> 00:52:46,920
Speaker 1: coffee next to this beer and a cold liquid at

1133
00:52:46,920 --> 00:52:48,799
Speaker 1: the same time. By the way, the movie quote this

1134
00:52:48,880 --> 00:52:50,880
Speaker 1: is from fourty year Old Virgin, which is one of

1135
00:52:50,920 --> 00:52:53,440
Speaker 1: those classics with Steve Carrell. They don't make comedies like

1136
00:52:53,440 --> 00:52:58,040
Speaker 1: they used to. There was like a Golden era of Yeah,

1137
00:52:58,360 --> 00:53:00,880
Speaker 1: some of those Turn of the Center three comedies that

1138
00:53:00,920 --> 00:53:03,960
Speaker 1: were amazing, but if you haven't watched that one, it

1139
00:53:04,000 --> 00:53:06,520
Speaker 1: might be worth checking out in addition to this beer,

1140
00:53:06,760 --> 00:53:09,200
Speaker 1: Yeah exactly, all right, that's gonna do it for this episode.

1141
00:53:09,400 --> 00:53:11,880
Speaker 1: Best of lux. Starting your small business and let us

1142
00:53:11,880 --> 00:53:13,960
Speaker 1: know how it goes for real, let us know. We'd

1143
00:53:13,960 --> 00:53:16,240
Speaker 1: love to hear from you. Yes, if you've created something

1144
00:53:16,280 --> 00:53:19,640
Speaker 1: from scratch that's amazing and wowing your community, or you've

1145
00:53:19,640 --> 00:53:23,600
Speaker 1: created some sort of internet business that is incredible and

1146
00:53:23,800 --> 00:53:26,399
Speaker 1: has led you away from your day job, like, drop

1147
00:53:26,480 --> 00:53:29,000
Speaker 1: us a line How the Money Pod at gmail dot com.

1148
00:53:29,040 --> 00:53:30,880
Speaker 1: We would love to kind of hear what you've been

1149
00:53:30,920 --> 00:53:33,840
Speaker 1: up to, how you made it happen, and yeah, your successes,

1150
00:53:33,920 --> 00:53:35,560
Speaker 1: those are fun to hear from or posted in our

1151
00:53:35,600 --> 00:53:38,239
Speaker 1: Facebook group. Just go to Facebook dot com type and

1152
00:53:38,239 --> 00:53:40,320
Speaker 1: how the Money. You'll find our group and there's a

1153
00:53:40,320 --> 00:53:43,440
Speaker 1: bunch of people there that love to hear great ideas

1154
00:53:43,719 --> 00:53:45,960
Speaker 1: so they can replicate in their own lives. That's right,

1155
00:53:46,080 --> 00:53:48,520
Speaker 1: And if you have not yet sign up for our newsletter,

1156
00:53:48,560 --> 00:53:51,040
Speaker 1: head to How the Money dot com forward slash newsletter.

1157
00:53:51,080 --> 00:53:52,759
Speaker 1: You can sign up there or just scroll down to

1158
00:53:52,800 --> 00:53:55,359
Speaker 1: the bottom of the homepage. You'll see the sign up there.

1159
00:53:55,760 --> 00:53:59,040
Speaker 1: You will receive some encouraging financial goodness every Tuesday morning.

1160
00:53:59,120 --> 00:54:01,200
Speaker 1: But Joel, that's gonna be at this episode, Buddy, until

1161
00:54:01,280 --> 00:54:04,080
Speaker 1: next time. Best Friends Out, Best Friends Out,