3min chapter

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99 - How To Start A Business With No Money: College Tuition Negotiation, Local Concierge & More with Chris Koerner

Nikonomics - The Economics of Small Business

CHAPTER

Strategies for College Tuition Negotiation and Business Insights

This chapter delves into innovative methods for negotiating college tuition and securing scholarships by collaborating with test prep and admissions coaching companies. It also highlights a newsletter initiative that offers insights for entrepreneurs and reviews of business opportunities.

00:00
Speaker 1
Oh,
Speaker 2
cause I made me think of the Lori Loughlin situation again, where they're paying people for, you know, scholarships to the road team. I would, I think I love this framework that we've came up with. I mean, obviously it's an existing framework, but something that was a light bulb moment for us a couple of months ago, I would look at the piggybacking. It's like, okay, who's already working with these individuals? So it could be the test prep companies. It could be the admissions prep companies. Cause there, you know, there are companies that help you write your personal statement that gets your, to just do an audit of like, well, what do your extracurriculars look like? And how is your application going to be? And I would probably target a specific, I'm going to use USC as an example. I went to USC. I would see if there's anybody in my network who works at USC, first of all, and I would contact the admissions office and see if they could give me a recommendation for the companies that they've seen students work with, most likely to get a scholarship at USC. I know that's like a very specific question, but I think USC would know like, oh man, Kaplan does a really good job preparing students for the admission process. And we've seen their students come through here or, or whoever it is, right? All right. Now's the part of the show where I feel the most uncomfortable, but my therapist says I need to face my fears. So here we are. I've started a newsletter and I want you to subscribe. And what you're going to get every single week are the aggregated conversations from that week that I have on this podcast with an overview of what their business actually looks like. I'm also going to throw in a review of one or two businesses that are listed for sale. I'll give you my opinion on whether or not the EBITDA multiple is good or there's customer concentration or there's red flags or green flags. And then lastly, I'm going to give you one piece of actionable advice every single week on how to buy your first business. So click the link below, subscribe to my newsletter, and let's get back into the shelf. Those admission departments are going to have relationships with these companies because that is very relational as well. It's like, oh, I talked to Laura at Cascade Test Prep. She's helping you? Oh, she's great. She's going to do a really good job of prepping whatever your application. So I asked them who they work with. And then I would go to those companies and say, Hey, look, free service. I eat what I kill, but I want to negotiate on behalf of these families because they're already a qualified student. They've gotten in, they're paying something. So now there's a negotiation process. I think that's probably where I would start is by piggybacking off of those.
Speaker 1
I like that because like university admission coaching, that's like a well-established industry, how to get into Harvard, how to get into the school or how to get scholarships. That industry has been around forever, right? We'll help you apply for scholarships. We'll help you with your essay writing. We'll develop your skills. We'll help you with your SAT or your ACT score. That's been around. So just piggyback on one of those guys and say, Hey, you're not doing negotiations as a service. I'm really, really good at this. You don't pay me anything. But for every person you refer to me, I'll give you a third of my cut. What do you have to lose?

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