EP 116: When You Don’t Know What Kind of Business to Start with Mariko Briley

Today’s show is all about a topic that is important to everyone: EARNING. If you are familiar with Episode 77, then you know Earning is one of the 7 Steps to Wealth covered there. We start off by discussing the wage gap for women and then get into a great conversation about finding success in the world of online business.

Mariko Briley grew up living in the great outdoors of Alaska and became a pilot who flew tourists around Mt. McKinley. She and her husband now run a multi-million dollar business teaching entrepreneurs how to find success. Mariko and Dustin are passionate about inspiring emerging entrepreneurs to reach their goals. After making expensive mistakes in the birth and growth of their own business, Mariko is now choosing to control her quality of life and helping others do the same. She is currently working on a book with her husband about how to attract the right clients. 

 

What you’ll learn in this episode:

 

• From a recent Rice University study: 5 Myths about the Wage Gap:
• • Women are not doing equal work
  • Women leave the workplace to have and raise children
  • Women choose less lucrative professions
  • Women don’t ask for what they want
  • Women don’t have as much education or experience as men

 

• From my conversation with Mariko:
• • How she started out flying planes in Alaska
  • How marriage and a new baby prompted an end to her flying career
  • How their company teaches online marketing through Facebook
  • The benefits of working remotely (NOT strapped to a physical location) vs. a traditional brick-and-mortar business
  • How they began by buying a business on online lead generation
  • Why the business made a great living for them but left them unfulfilled
  • Back to the drawing board: What else can we do with these skills we’ve acquired?
  • The lightbulb moment: the idea to merge their skills with teaching others how to generate online leads, grow, and see success
  • Starting out with a team of 20 employees
  • The big mistake: making big money, but not seeing profit because of the huge overhead
  • Making the changes needed to reduce the team and make their business highly profitable
  • Using automation and software to do as much as possible
  • The lessons learned from the mistake in generating a lot of money but not focusing on the profit side
  • The business debt they incurred and how their focus has changed into a “lean and mean” philosophy
  • The freeing knowledge that they have the resources to get where they want in business and live the life they want for their family
  • How they bought their dream house this year and are merging the business there with a separate building on the property
  • Converging money operating systems and “meeting in the middle:” How she grew up in a frugal household with no credit purchases and how her husband grew up in an entrepreneurial family, where debt was incurred to risk a higher payout later

Resources:

www.yoobly.com

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.