1 00:00:01,360 --> 00:00:03,640 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:04,000 --> 00:00:06,760 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:07,000 --> 00:00:10,840 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,920 --> 00:00:14,160 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,560 --> 00:00:18,200 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,680 --> 00:00:21,480 Speaker 1: It might seem boring to safe plan and make calculated 7 00:00:21,480 --> 00:00:24,599 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,640 --> 00:00:27,960 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:28,080 --> 00:00:32,879 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,960 --> 00:00:35,600 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,600 --> 00:00:38,840 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,280 --> 00:00:45,920 Speaker 1: National Association Member FDIC erness What's Up? You ever walk 13 00:00:45,920 --> 00:00:49,000 Speaker 1: into a small business and everything just works like the 14 00:00:49,080 --> 00:00:53,200 Speaker 1: checkout is fast, the receipts are digital, tipping is a breeze, 15 00:00:53,479 --> 00:00:55,640 Speaker 1: and you're out the door before the line even builds. 16 00:00:55,960 --> 00:01:00,240 Speaker 1: Odds are they're using Square? We love supporting business that 17 00:01:00,320 --> 00:01:02,959 Speaker 1: run on Square because it just feels seamless. Whether it's 18 00:01:03,000 --> 00:01:06,000 Speaker 1: a local coffee shop, a vendor at a pop up market, 19 00:01:06,200 --> 00:01:09,040 Speaker 1: or even one of our merch partners. Square makes it 20 00:01:09,200 --> 00:01:12,559 Speaker 1: easy for them to take payments, manage inventory, and run 21 00:01:12,600 --> 00:01:16,600 Speaker 1: their business with confidence, all from one simple system. If 22 00:01:16,640 --> 00:01:19,480 Speaker 1: you're a business owner or even just thinking about launching 23 00:01:19,520 --> 00:01:22,520 Speaker 1: something soon, Square is hands down one of the best 24 00:01:22,520 --> 00:01:25,680 Speaker 1: tools out there to help you start, run, and grow. 25 00:01:25,959 --> 00:01:28,959 Speaker 1: It's not just about payments, it's about giving you time 26 00:01:29,080 --> 00:01:32,000 Speaker 1: back so you can focus on what matters most ready. 27 00:01:32,040 --> 00:01:35,399 Speaker 1: To see how Square can transform your business, visit Square 28 00:01:35,480 --> 00:01:40,000 Speaker 1: dot com, backslash, go backslash eyl to learn more that 29 00:01:40,200 --> 00:01:45,640 Speaker 1: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate. 30 00:01:45,760 --> 00:01:48,160 Speaker 1: Let's Square handle the back end so you can keep 31 00:01:48,160 --> 00:01:49,400 Speaker 1: pushing your vision forward. 32 00:01:51,600 --> 00:01:55,000 Speaker 2: I always use the restaurant because that's a business that 33 00:01:55,040 --> 00:01:57,200 Speaker 2: people can relate to, right. A lot of people are 34 00:01:57,200 --> 00:02:00,680 Speaker 2: passionate about cooking their good cooks, at least in their minds, 35 00:02:01,080 --> 00:02:03,520 Speaker 2: and that's something that people want to start. 36 00:02:03,640 --> 00:02:07,880 Speaker 3: Right. It's a very difficult business to be successful. 37 00:02:07,920 --> 00:02:10,120 Speaker 2: It's very difficult to be a restaurant tour to be 38 00:02:10,120 --> 00:02:12,760 Speaker 2: successful for a variety of different reasons, but one of 39 00:02:12,760 --> 00:02:15,120 Speaker 2: the main reasons why it's difficult to be a restaurant 40 00:02:15,400 --> 00:02:23,600 Speaker 2: owner is that restaurant business really is like a good 41 00:02:23,720 --> 00:02:31,320 Speaker 2: microcosm of why businesses fail because it's high capital that 42 00:02:31,360 --> 00:02:33,320 Speaker 2: you have to put out, right, Like when you open 43 00:02:33,360 --> 00:02:35,640 Speaker 2: a restaurant, you have to you have to get a 44 00:02:35,720 --> 00:02:38,400 Speaker 2: retail space, right. You got to pay first in month, 45 00:02:38,840 --> 00:02:41,160 Speaker 2: first and last month rent. You got to pay rent 46 00:02:41,200 --> 00:02:43,920 Speaker 2: every single month. You got to bring industrial machines in 47 00:02:44,080 --> 00:02:46,239 Speaker 2: to actually, you know, cook. You got to make sure 48 00:02:46,280 --> 00:02:49,959 Speaker 2: that you have it sanitized, clean properly. You got to 49 00:02:50,000 --> 00:02:51,840 Speaker 2: have chefs that come in and cook it, or if 50 00:02:51,840 --> 00:02:53,160 Speaker 2: you're going to be the chef, then you got to 51 00:02:53,200 --> 00:02:56,679 Speaker 2: cook and run the business. You got to have somebody 52 00:02:56,760 --> 00:03:01,040 Speaker 2: that is knowledgeable as far as how to buy the food, 53 00:03:01,160 --> 00:03:05,280 Speaker 2: get the food source it, a waiter, waitress. You gotta 54 00:03:05,320 --> 00:03:08,240 Speaker 2: have electricity, you gotta put TVs in the restaurant. You 55 00:03:08,240 --> 00:03:10,560 Speaker 2: gotta paint. There's a lot of money that you spend 56 00:03:10,560 --> 00:03:13,720 Speaker 2: as a restaurant own it. The problem is that the 57 00:03:13,760 --> 00:03:17,480 Speaker 2: amount of money that comes in usually is up and downs. 58 00:03:17,600 --> 00:03:21,720 Speaker 2: It fluctuates, right, because nobody goes to a restaurant that 59 00:03:21,800 --> 00:03:24,400 Speaker 2: same restaurant every single day. Right, I might go I 60 00:03:24,480 --> 00:03:26,720 Speaker 2: might love that restaurant, and I might go there six 61 00:03:26,760 --> 00:03:29,240 Speaker 2: times a year. My favorite restaurant I might go to 62 00:03:30,160 --> 00:03:33,840 Speaker 2: six times a year. That's not a sustainable business model 63 00:03:33,840 --> 00:03:35,720 Speaker 2: if you don't live in a place that has high 64 00:03:35,760 --> 00:03:38,560 Speaker 2: foot traffic. Right, So what ends up happening is like 65 00:03:38,640 --> 00:03:41,400 Speaker 2: and this is a good microcosm for all businesses because 66 00:03:41,440 --> 00:03:44,240 Speaker 2: this is why a lot of businesses fail. Your expenses 67 00:03:44,320 --> 00:03:48,280 Speaker 2: stay the same or they go up, but your income fluctuates. 68 00:03:48,680 --> 00:03:51,520 Speaker 2: So now if your expenses are ten thousand dollars a month, 69 00:03:52,000 --> 00:03:55,200 Speaker 2: but one month you're making fifteen, then for two months 70 00:03:55,240 --> 00:03:58,080 Speaker 2: you're making seven, and then you make two thousand, then 71 00:03:58,280 --> 00:04:02,119 Speaker 2: that's not sustainable. Right before you know it, you've run 72 00:04:02,160 --> 00:04:06,320 Speaker 2: out of your savings and you got to close the 73 00:04:06,360 --> 00:04:07,720 Speaker 2: doors because you don't have. 74 00:04:07,800 --> 00:04:10,760 Speaker 3: Enough money to actually run the business. Right. 75 00:04:10,880 --> 00:04:13,960 Speaker 2: So, if I was getting into the restaurant business, I 76 00:04:13,960 --> 00:04:16,800 Speaker 2: would start with the MVP, and I would start with 77 00:04:16,880 --> 00:04:20,440 Speaker 2: something that's workable today without a high cost, even though 78 00:04:20,480 --> 00:04:23,719 Speaker 2: this is a business that is a brick and mortar business. 79 00:04:24,120 --> 00:04:26,680 Speaker 3: I would start with a ghost kitchen. Right. 80 00:04:27,160 --> 00:04:29,360 Speaker 2: So if people aren't familiar with ghost kitchens, or they 81 00:04:29,360 --> 00:04:32,920 Speaker 2: became very popular during COVID where you have cities like 82 00:04:33,600 --> 00:04:38,480 Speaker 2: New York, Boston, you know, high traffic cities, right, and 83 00:04:38,560 --> 00:04:41,320 Speaker 2: people started to really order Uber eats a lot. Now, 84 00:04:41,560 --> 00:04:45,200 Speaker 2: the thing about uber eats is that unless you really 85 00:04:45,360 --> 00:04:47,680 Speaker 2: know the restaurant that you're ordering from. There's two ways 86 00:04:47,680 --> 00:04:49,760 Speaker 2: that you order uber eats. You order from a restaurant 87 00:04:49,800 --> 00:04:52,200 Speaker 2: that you know and you patronage, or you're just hungry 88 00:04:52,200 --> 00:04:53,920 Speaker 2: and you want Indian food and you just look to 89 00:04:53,960 --> 00:04:56,159 Speaker 2: see what Indian food is available on uber eats. 90 00:04:56,240 --> 00:04:57,280 Speaker 3: Right, that was all time. 91 00:04:58,120 --> 00:05:01,000 Speaker 2: You don't necessarily know where. You don't know where that 92 00:05:01,000 --> 00:05:03,680 Speaker 2: Indian food is coming from. You just look it looks good, 93 00:05:04,040 --> 00:05:06,000 Speaker 2: you know it has a nice menu. 94 00:05:06,320 --> 00:05:10,560 Speaker 3: Whatever. Now with the ghost kitchen, you can get an 95 00:05:10,600 --> 00:05:17,080 Speaker 3: industrial kit You can rent industrial kitchen space, right, and. 96 00:05:16,960 --> 00:05:19,640 Speaker 2: You have a restaurant. They come, they expect it, they 97 00:05:19,640 --> 00:05:22,719 Speaker 2: make sure that it's clean. But it's not an actual restaurant. 98 00:05:22,760 --> 00:05:25,680 Speaker 2: It's just a kitchen that you're cooking out of. But 99 00:05:26,120 --> 00:05:30,080 Speaker 2: that's not important because now the cost of you renting 100 00:05:30,120 --> 00:05:33,320 Speaker 2: that is a lot cheaper than you actually renting a restaurant, right, 101 00:05:34,040 --> 00:05:36,440 Speaker 2: and you're making the food yourself. But what you're doing 102 00:05:36,480 --> 00:05:38,640 Speaker 2: is that now you're developing. And you talk about promotion, 103 00:05:38,760 --> 00:05:41,480 Speaker 2: you promoted on social media, you're developing a following at 104 00:05:41,480 --> 00:05:43,320 Speaker 2: a low cost. We got a great episode years ago 105 00:05:43,360 --> 00:05:46,159 Speaker 2: with Nacho banging shot out to him. But this is 106 00:05:46,160 --> 00:05:49,600 Speaker 2: a way to kind of get up and running, building notoriety, 107 00:05:49,640 --> 00:05:53,280 Speaker 2: building the name, and most importantly, making money in real 108 00:05:53,360 --> 00:05:56,000 Speaker 2: time before you actually go and open a restaurant. 109 00:05:56,080 --> 00:05:56,840 Speaker 3: Right now. 110 00:05:56,960 --> 00:05:59,960 Speaker 2: The next part about this is this is vitally import 111 00:06:00,839 --> 00:06:03,520 Speaker 2: So they always say you need seven streams of income 112 00:06:03,960 --> 00:06:07,800 Speaker 2: to become a millionaire. Right now, this is this is 113 00:06:07,839 --> 00:06:09,760 Speaker 2: frustrating for most people because they look at it like 114 00:06:09,800 --> 00:06:12,560 Speaker 2: you need seven jobs, or if you're a business owner, 115 00:06:12,600 --> 00:06:15,840 Speaker 2: you need seven different businesses. This is another reason why 116 00:06:15,920 --> 00:06:19,000 Speaker 2: businesses fail because they don't have multiple streams of income 117 00:06:19,040 --> 00:06:21,600 Speaker 2: from their own one business. So most of the time, 118 00:06:21,640 --> 00:06:23,160 Speaker 2: so let's say you, let's say you made it past 119 00:06:23,160 --> 00:06:26,960 Speaker 2: the ghost kitchen phase and you opened up a restaurant. Now, 120 00:06:27,080 --> 00:06:29,400 Speaker 2: most people and this, like I said, this can be 121 00:06:29,440 --> 00:06:32,040 Speaker 2: applied to any business. It's just a restaurant is an 122 00:06:32,040 --> 00:06:34,720 Speaker 2: easy business to give an explanation to. So most people 123 00:06:34,760 --> 00:06:37,520 Speaker 2: think that when you think of a restaurant, you're thinking 124 00:06:37,560 --> 00:06:40,640 Speaker 2: that you're gonna make money from people coming into your 125 00:06:40,680 --> 00:06:43,520 Speaker 2: restaurant and buying food. That's that's easy, right, But like 126 00:06:43,520 --> 00:06:47,239 Speaker 2: I said, there's problems with that because if if there's COVID, 127 00:06:47,360 --> 00:06:50,520 Speaker 2: if there's anything like that's that's not a sustainable business 128 00:06:50,520 --> 00:06:54,240 Speaker 2: model because you only have one stream of income right now. 129 00:06:54,600 --> 00:06:58,480 Speaker 2: You don't have to have seven different crazy ideas. You 130 00:06:58,600 --> 00:07:00,520 Speaker 2: have to have seven streams of inn come off of 131 00:07:00,560 --> 00:07:04,200 Speaker 2: that one business. So as a restaurant owner, you can 132 00:07:04,240 --> 00:07:07,359 Speaker 2: sell food, that's the obvious way, but you can also 133 00:07:07,480 --> 00:07:10,160 Speaker 2: do what I just said, Uber eats delivery. Everybody does that, right, 134 00:07:10,160 --> 00:07:12,360 Speaker 2: that's another stream of income for people that I order 135 00:07:12,480 --> 00:07:14,040 Speaker 2: Uber Eats more than I actually go to the restaurants. 136 00:07:14,040 --> 00:07:15,720 Speaker 2: So now that's now you're actually working on two streams 137 00:07:15,720 --> 00:07:16,120 Speaker 2: of income. 138 00:07:16,200 --> 00:07:16,400 Speaker 3: Right. 139 00:07:16,520 --> 00:07:19,240 Speaker 2: But that's still pretty understandable. But we live in a 140 00:07:19,280 --> 00:07:22,840 Speaker 2: society where a lot of people can't cook, right, Well, 141 00:07:23,280 --> 00:07:27,840 Speaker 2: that's an opportunity. So maybe on a Saturday morning or 142 00:07:27,880 --> 00:07:32,280 Speaker 2: an off day whatever. Now you have cooking classes. Right now, 143 00:07:32,280 --> 00:07:36,600 Speaker 2: you offer in person experience. You can make it every week, 144 00:07:36,720 --> 00:07:39,120 Speaker 2: or you can make it a group thing, but you 145 00:07:39,520 --> 00:07:41,920 Speaker 2: actually are teaching people. Now you're actually a teacher, right, 146 00:07:42,160 --> 00:07:44,400 Speaker 2: So that's another stream of income because now people are 147 00:07:44,400 --> 00:07:46,680 Speaker 2: actually coming in and they're paying to learn how to 148 00:07:46,680 --> 00:07:48,840 Speaker 2: cook typhoo, or they're paying how to learn how to 149 00:07:48,880 --> 00:07:51,080 Speaker 2: cook Jamaican. You can make it date night, you can 150 00:07:51,160 --> 00:07:54,760 Speaker 2: a variety of different things. Right, But now you're already 151 00:07:54,800 --> 00:07:57,640 Speaker 2: teaching people how to cook. So now you've become a teacher. 152 00:07:58,000 --> 00:08:01,520 Speaker 2: So now you can reach it even larger audience on 153 00:08:01,760 --> 00:08:03,640 Speaker 2: what we're currently on right now, which. 154 00:08:03,480 --> 00:08:06,600 Speaker 3: Is called YouTube. Right, So now you have a cooking. 155 00:08:06,400 --> 00:08:09,720 Speaker 2: Podcast because that's there's millions of people that will be 156 00:08:09,800 --> 00:08:12,600 Speaker 2: interested in learning how to cook it, but they might 157 00:08:12,640 --> 00:08:15,760 Speaker 2: not live where you live. Right, So now you actually 158 00:08:15,760 --> 00:08:17,960 Speaker 2: are a content creator. You never looked at yourself as 159 00:08:17,960 --> 00:08:20,360 Speaker 2: a content creator, but now you're a content creator because 160 00:08:20,360 --> 00:08:23,240 Speaker 2: you're you're offering a product and if you get enough 161 00:08:23,240 --> 00:08:25,720 Speaker 2: stream then you can actually make money from YouTube. 162 00:08:25,960 --> 00:08:26,120 Speaker 3: Right. 163 00:08:26,600 --> 00:08:30,120 Speaker 2: And then if you can do it from an audio perspective, 164 00:08:30,480 --> 00:08:32,880 Speaker 2: then you can actually put that same content on audio 165 00:08:33,400 --> 00:08:36,480 Speaker 2: and repurpose it and now people can listen to it 166 00:08:36,600 --> 00:08:37,600 Speaker 2: as a podcast. 167 00:08:37,600 --> 00:08:39,120 Speaker 3: And now you're actually a podcaster. Right. 168 00:08:39,840 --> 00:08:42,720 Speaker 2: But when you're actually cooking in front of a camera, 169 00:08:42,800 --> 00:08:45,560 Speaker 2: you have to wear something. So now you can actually 170 00:08:45,559 --> 00:08:49,120 Speaker 2: wear aprons that you actually make, or chef's hat or whatever, 171 00:08:49,280 --> 00:08:51,079 Speaker 2: and you know, you put some like we had ass 172 00:08:51,200 --> 00:08:53,840 Speaker 2: of aliability as a slogan that we that we've done. 173 00:08:54,120 --> 00:08:56,040 Speaker 2: We're in front of a camera, so we wear our 174 00:08:56,040 --> 00:08:58,920 Speaker 2: merch and people buy it. You have your merch on 175 00:08:59,080 --> 00:09:01,600 Speaker 2: and people buy it. Right, So you come up with 176 00:09:01,640 --> 00:09:05,400 Speaker 2: some cool idea and now you become you're selling merch 177 00:09:05,600 --> 00:09:06,480 Speaker 2: off of it as well. 178 00:09:06,559 --> 00:09:06,760 Speaker 3: Right. 179 00:09:07,320 --> 00:09:10,200 Speaker 2: And the restaurant business is so difficult to be successful, 180 00:09:10,200 --> 00:09:14,120 Speaker 2: and that's a good thing because now if you are successful, 181 00:09:14,160 --> 00:09:17,760 Speaker 2: then you become an authority in the space. So there's 182 00:09:17,800 --> 00:09:20,839 Speaker 2: really there's no school a lot of times to actually 183 00:09:20,920 --> 00:09:22,960 Speaker 2: learn a lot of this. It's culinary school, but it's 184 00:09:22,960 --> 00:09:24,480 Speaker 2: not a school to be learned how to become a 185 00:09:24,520 --> 00:09:27,120 Speaker 2: restaurant tour. You got to learn as you go most 186 00:09:27,160 --> 00:09:30,400 Speaker 2: of the time. That's why second and third generation. A 187 00:09:30,400 --> 00:09:32,439 Speaker 2: lot of restaurant ownly that are successful a second and 188 00:09:32,480 --> 00:09:35,320 Speaker 2: third generation because they've been taught from their parents. So 189 00:09:36,600 --> 00:09:39,680 Speaker 2: if you pay me, I'm going to save you the 190 00:09:39,760 --> 00:09:42,679 Speaker 2: headaches because you're going to fast track your learning everything 191 00:09:42,720 --> 00:09:45,040 Speaker 2: that I went through. In order for me to survive it, 192 00:09:45,120 --> 00:09:47,360 Speaker 2: I have to learn these things, right, So now you 193 00:09:47,480 --> 00:09:49,240 Speaker 2: pay me, that's going to be a higher ticket item. 194 00:09:49,720 --> 00:09:52,439 Speaker 2: Then somebody coming in just learn from cooking classes, right, 195 00:09:53,240 --> 00:09:57,280 Speaker 2: and then you can also sell items like you can 196 00:09:57,320 --> 00:09:59,480 Speaker 2: sell spice that you can actually put online. 197 00:09:59,800 --> 00:10:00,000 Speaker 3: Right. 198 00:10:00,240 --> 00:10:02,440 Speaker 2: Let's say you really make a jerk chicken. Now, there's 199 00:10:02,440 --> 00:10:04,720 Speaker 2: a thing called jerk chicken sauce that you put on 200 00:10:04,840 --> 00:10:07,360 Speaker 2: jerk chicken, right, and then once you build a follower, 201 00:10:07,360 --> 00:10:10,560 Speaker 2: now you can actually label that jerk chicken sauce and 202 00:10:10,600 --> 00:10:12,840 Speaker 2: put it on YouTube and sell it. And then if 203 00:10:12,840 --> 00:10:15,000 Speaker 2: you really get up and running, then you can potentially 204 00:10:15,080 --> 00:10:18,880 Speaker 2: have it in supermarkets. But I wanted to say that 205 00:10:18,960 --> 00:10:21,160 Speaker 2: because that's seven streams of income that I just named. 206 00:10:21,440 --> 00:10:26,040 Speaker 2: None of those streams take you away from your business, right, 207 00:10:26,160 --> 00:10:28,040 Speaker 2: that's still within your will. I didn't tell you to 208 00:10:28,040 --> 00:10:30,800 Speaker 2: buy a truck. I didn't tell you. You know what 209 00:10:30,800 --> 00:10:32,360 Speaker 2: I'm saying, do anything crazy? 210 00:10:32,440 --> 00:10:32,640 Speaker 3: Right. 211 00:10:32,880 --> 00:10:34,880 Speaker 2: These are all things that but most of the time, 212 00:10:34,960 --> 00:10:36,800 Speaker 2: as an entrepreneur, you're not thinking about that. 213 00:10:36,960 --> 00:10:40,600 Speaker 4: An illegal alien from Guatemala charged with raping a child 214 00:10:40,640 --> 00:10:44,439 Speaker 4: in Massachusetts. An MS thirteen gang member from El Salvador 215 00:10:44,679 --> 00:10:48,800 Speaker 4: accused of murdering a Texas man of Venezuelan charged with 216 00:10:48,880 --> 00:10:52,760 Speaker 4: filming and selling child pornography in Michigan. These are just 217 00:10:52,880 --> 00:10:56,640 Speaker 4: some of the heinous migrant criminals caught because of President 218 00:10:56,679 --> 00:11:00,839 Speaker 4: Donald J. Trump's leadership. I'm christineom the United State Secretary 219 00:11:00,880 --> 00:11:05,640 Speaker 4: of Homeland Security. Under President Trump, attempted illegal border crossings 220 00:11:05,679 --> 00:11:08,880 Speaker 4: are at the lowest levels ever recorded, and over one 221 00:11:08,920 --> 00:11:12,160 Speaker 4: hundred thousand illegal aliens have been arrested. If you are 222 00:11:12,200 --> 00:11:16,120 Speaker 4: here illegally, your next you will be fined nearly one 223 00:11:16,160 --> 00:11:20,720 Speaker 4: thousand dollars a day, imprisoned, and deported. You will never return. 224 00:11:21,040 --> 00:11:24,080 Speaker 4: But if you register using our CBP home app and 225 00:11:24,160 --> 00:11:27,480 Speaker 4: leave now, you could be allowed to return legally. Do 226 00:11:27,640 --> 00:11:32,720 Speaker 4: what's right. Leave now. Under President Trump, America's laws, border 227 00:11:32,960 --> 00:11:34,760 Speaker 4: and families will be protected. 228 00:11:34,880 --> 00:11:37,000 Speaker 3: Sponsored by the United States Department of Homeland Security.