Kevin Moyer, co-founder of Golden Home Access and former Smash My Trash franchisee, discusses his journey from wanting to buy a business to starting his own. He shares insights on the value of reversible decisions and why simplicity can often be a strategic advantage. Moyer emphasizes the emotional connection between a business and its owner, and reflects on the benefits of partnering in entrepreneurship. He also critiques recurring revenue models, advocating for the potential of project-based businesses in today's market.
Kevin Moyer chose to start his own business rather than buy one to maintain control and avoid complex pitfalls associated with acquisitions.
His success with Smash My Trash illustrates the benefits of a franchise model, which offers structure while allowing entrepreneurial flexibility and rapid scaling.
Embracing complexity in business can create competitive differentiation and growth opportunities, as Moyer notes about engaging with intricate operations for optimized outcomes.
Deep dives
Choosing to Start Instead of Buy
The decision to start a business rather than buy one often stems from various personal motivations and risk assessments. Kevin Moyer, having been exposed to the idea of entrepreneurship through small business ownership, recognized his own uncertainties when considering purchasing existing businesses. He found comfort in the idea of creating something from scratch, which allowed him to avoid the complexities and potential pitfalls of acquiring another person's operations. By starting his own venture, Kevin felt that he could exert greater control over his business outcomes and align his efforts more closely with tangible results.
Successful Franchise Experience
Kevin's foray into entrepreneurship began with the Smash My Trash franchise, where he successfully established multiple territories. He leveraged an efficient business model that focused on providing cost-saving services to clients, which enabled him to scale quickly and generate substantial revenue. The franchise model provided a structured approach, giving him operational guidelines while still allowing for autonomy in executing the business plan. This experience not only validated his entrepreneurial capabilities but also provided a reliable cash flow that boosted his confidence for future ventures.
Finding Passion in Physical Businesses
Kevin emphasized the fulfilling nature of engaging in a physical business, noting the satisfaction he derives from seeing tangible results from his work. Unlike digital or abstract industries, the direct impact of his efforts in providing home accessibility solutions offers a sense of accomplishment and intrinsic motivation. By being involved in projects that visibly improve customers' lives, he finds meaning in the labor and has experienced a significant emotional reward, particularly in a sector focused on aiding seniors. This alignment of passion with business objectives reinforces his commitment and enthusiasm for his new venture.
Embracing Complexity as a Business Advantage
While simple businesses often appeal to entrepreneurs for their ease of management, Kevin has grown to appreciate the advantages of complexity in business models. Engaging with more intricate operations allows for greater optimization opportunities and competitive differentiation. He recognizes that navigating complexity can reveal multiple pathways for growth and success, forming a strategic advantage against competitors. By embracing these challenges, Kevin aims to build a robust and resilient business that capitalizes on various operational layers and customer needs.
The Power of Reversibility in Business Decisions
Kevin's approach to entrepreneurship reflects a strong preference for reversible decisions, which he associates with starting a business from scratch as opposed to acquiring one. He believes that beginning with a startup allows for flexibility in learning and adapting without the high stakes associated with business acquisitions, particularly those involving significant debt. This strategy preserves optionality and mitigates risks, as it does not lock him into a binding agreement or financial obligation. By prioritizing reversible choices, he positions himself to pivot or recalculate his strategy, fostering a more agile approach to entrepreneurship.
Opportunities in Growing Markets
Recognizing the dynamics of demographics and market trends, Kevin has strategically focused on the home accessibility sector, where there is a consistently growing demand due to an aging population. This market presents opportunities for services that facilitate aging in place, catering to seniors who wish to remain in their homes comfortably. By identifying a niche within this expanding market, Kevin aims to develop a sustainable revenue model while fulfilling a significant social need. This focus on market-driven demand enhances his business's potential for long-term success and stability.
