04 - FREE Business Advice - Body Brokering, Scaling a Franchise & How to Identify Your First Business with Chris Koerner!
Apr 16, 2024
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Body brokering expert and entrepreneur, Chris Koerner, joins the host to discuss balancing entrepreneurship with a job, scaling multiple franchises, high advertising costs on Google, and identifying the right business opportunity. The session offers insights on competitive advantages, time management, addiction treatment marketing, and the dark side of the rehab industry.
Balancing a job with entrepreneurship is challenging; Nick provides advice on managing both paths effectively.
Scaling a franchise business involves streamlining operations and delegating tasks; Nick shares insights on maintaining growth.
Identifying competitive advantages in business opportunities involves evaluating personal strengths and industry niches; strategic alignment is key for success.
Deep dives
Balancing Job and Entrepreneurship Aspirations
Wanting to pursue entrepreneurship while having a job is a common theme. Brandon sought advice on balancing his job as a product manager with his entrepreneurial dreams. Nick highlighted the challenge of having both and provided insights on managing this dual path.
Scaling Operations and Entrepreneurial Growth Challenges
Mark, a franchise owner looking to grow further, raised concerns about scaling himself. Nick advised on strategies to streamline operations and shared experiences on managing multiple business aspects efficiently.
Identifying Business Opportunities and Delegating Tasks
Sergey, the owner of addiction recovery centers, discussed his strategies for business growth. He mentioned his focus on creating supportive and high-quality facilities over profit-driven motives. The conversation delved into the importance of delegating tasks and approaching entrepreneurship with a human-centric ethos.
Customer Acquisition and Click Fraud
One of the main points discussed in the podcast episode relates to the challenges of customer acquisition and click fraud in the addiction treatment industry. The speaker explains how their facility was targeted by click fraud attackers who interfered with their Google ads, leading to significant daily expenses without a proportionate increase in client calls. This scenario highlighted the risks and costs associated with digital advertising and the impact of fraudulent activities on business outcomes.
Business Evaluation Framework
Another key aspect covered in the podcast is the development of a business evaluation framework centered around identifying competitive advantages in various categories. The speaker emphasizes the importance of assessing skills, capital, time, and distribution capabilities to determine where one holds a unique edge in pursuing business opportunities. By strategically aligning personal strengths with potential industry niches, individuals can make informed decisions on where to focus their entrepreneurial efforts for optimal success.
Every Thursday, I host live consulting sessions where I offer free advice to listeners. It's an engaging and enjoyable experience. Here's what we discussed in this session:
___________________________ Love it or hate it, I'd love your feedback. Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts. ___________________________
01:46 - Brandon's question: "How can I balance having a job with pursuing entrepreneurship?"
14:00 - Mark's question: "How do I scale myself while continuing to grow my nine franchises across three different states?"
36:19 - Sergei's point is about the high cost of advertising on Google for his addiction recovery center.
59:55 - The last part is about explaining how to determine the right type of business, sharing a personal methodology for identifying opportunities.
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