Nikonomics - The Economics of Small Business

In this conversation with Kirk Newcombe, founder of TorchPX and former Search Fund Operator of a successful swimming pool business, he shares insights on the vital role of data management. Kirk discusses how he harnessed AI and automation to optimize workflows and enhance real-time KPI tracking. He highlights the unique challenges faced by 'sweaty' industries like construction and service, and explains how small business owners can implement technology to boost efficiency. His journey from a pool mogul to a tech consultant is both inspiring and informative!

Lauren Rothlisberger, a successful entrepreneur managing 350 self-storage units, shares her journey from residential to commercial real estate. She reveals how she secured seller financing for her first deal and explains the value-add strategy that boosts her operations. Lauren emphasizes the importance of focusing on local markets for a competitive edge and discusses the financial intricacies of self-storage management, including occupancy rates and customer acquisition costs. Join her as she navigates challenges while planning future expansions!

Justin Donald, bestselling author and founder of The Lifestyle Investor, discusses his remarkable journey from employee to real estate mogul. He reveals how he built a nine-figure portfolio, including mobile home parks and a stake in Orange Theory. The conversation covers his lifestyle investment philosophy and the mindset shifts required for financial freedom. Justin shares why he spends $500K annually on masterminds, emphasizing their immense value in networking and growth, and how turning frustration into motivation can drive entrepreneurial success.

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Matty McLain (https://x.com/MattyMcLain), the founder of Boost Patients. Boost Patients helps elective surgery clinics generate more leads and improve patient follow-ups, and in this episode, we talk about how Matty identified this niche and built a company that now generates $1.7 million in recurring revenue. We also discuss the key strategies Matty used to scale his business, the challenges of managing lead generation in a medical field, and the importance of building the right team to support growth. Matty shares the decision-making process behind going all-in on his side hustle and how he’s created long-term success in an industry many entrepreneurs overlook.Questions this episode answers:How did Matty McLain grow Boost Patients to $1.7 million in recurring revenue?What are the unique challenges of managing lead generation for elective surgery clinics?How do you know when it's time to fully commit to your side hustle?What strategies can help scale a business in a niche industry like healthcare?How do you build a strong team that supports long-term growth and scalability?___________________________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.___________________________Spotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT___________________________This week we covered:01:05 Introduction to Nikonomics and Today's Guest02:20 Sponsor Message: Win a $100 Amazon Gift Card03:01 Deep Dive: Boost Patients' Services and Strategies10:36 The Journey of Boost Patients: From Side Hustle to Success12:52 Building a Sales Flywheel: Strategies and Challenges14:51 The Startup Phase: Curiosity and Problem-Solving20:19 Validating the Business Idea21:01 Tracking and Engagement Strategies24:28 Challenges and Milestones26:01 Transitioning from Side Hustle to Full-Time31:29 Scaling and Leadership Changes33:43 Final Thoughts and Advice39:00 Conclusion and Next Steps

Cathryn Lavery, founder of BestSelf Co. and former architect, shares her inspiring journey of transforming a personal project into a multi-million-dollar e-commerce business. She reveals how managing her ADHD fueled her entrepreneurial spirit and the importance of analog tools in a digital age. Cathryn discusses the rollercoaster of selling her company to private equity and buying it back, offering insights on customer loyalty and team dynamics. She also explores how AI can streamline operations and enhance business efficiency.

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Patrick Dichter ( https://x.com/patrickdichter ), the owner of Appletree, an accounting and tax firm he acquired just two and a half years ago. Despite not being a formally trained accountant, Patrick managed to grow Appletree from $1.2 million to $3.5 million in revenue in just two years. In this episode, we dive into the unique challenges and opportunities of buying and growing a business, particularly in the service-based industry. Patrick shares his insights on the benefits of owning an accounting firm, including its recession-resistant nature, high profit margins, and the "sticky" nature of client relationships. We also explore his strategies for scaling through acquisitions, the importance of clean bookkeeping, and why having a "chip on your shoulder" can be a powerful motivator in business. Questions this Episode Answers:How did Patrick grow Appletree from $1.2 million to $3.5 million in revenue in just two years?What are the advantages of owning an accounting firm, even without a background in accounting?What challenges did Patrick face in managing a team and integrating new acquisitions?How can you successfully scale a service-based business?What should entrepreneurs consider when buying a business?___________________________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.___________________________Spotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT___________________________This week we covered:01:30 Sponsor Message: Win $10002:12 Interview with Patrick Dichter Begins02:18 Patrick's Journey into Accounting03:16 Understanding Bookkeeping and Accounting03:46 Why Accounting Firms are Attractive05:23 Acquiring and Growing the Business08:47 Financing the Business Purchase12:40 Transitioning the Business15:52 Managing and Growing the Firm16:34 The Demand for Accounting Services17:06 Challenges in the Accounting Industry17:35 Connecting with the Accounting Team18:38 Growth and Expansion Strategies21:07 Acquiring and Managing New Practices23:13 Customer Acquisition and Retention26:17 Rapid Fire Questions29:46 Podcast and Final Thoughts

In this insightful discussion, Donald Spann, a savvy entrepreneur managing 14 companies, reveals how his frustration with a cleaning service sparked a booming call center business. He shares the secrets behind the virtual receptionist industry's profitability and emphasizes the importance of focusing on inbound calls over chasing new leads. Spann also explores identifying hidden opportunities and the critical metrics driving success in the call center realm. With his wealth of experience, he provides invaluable lessons for aspiring entrepreneurs.

Mouyyad Abdulhadi, CEO and co-founder of Pax & Beneficia Coffee, shares his journey of transforming a coffee passion into a thriving business with six locations in the competitive Dallas-Fort Worth market. He discusses creating a unique coffee experience that emphasizes quality and community. Mouyyad highlights the importance of focusing on the 5% of appreciative customers, maintaining brand integrity while scaling, and nurturing a loyal customer base. His insights on navigating a saturated market and the evolving coffee culture make for an inspiring listen.

Elizabeth Knopf, a venture capitalist and operator with experience scaling startups across Latin America, joins to share her investment journey. She reflects on the lessons learned from passing on Shopify and emphasizes critical metrics for evaluating SaaS companies. The conversation reveals how AI is reshaping small businesses and offers insights on identifying potential billion-dollar ideas. Elizabeth also shares her unique perspective on navigating the tech investment landscape, combining financial knowledge with operational expertise.

Ryan Sneddon, founder of a successful local email newsletter in Annapolis, shares his journey from mechanical engineer to media entrepreneur. He reveals how he grew his subscriber base to 19,000 and generated over $240,000 in revenue through targeted ads. Ryan discusses effective strategies for newsletter monetization, the power of community-focused content, and his plans to expand this model to other cities. He emphasizes that despite social media's rise, email newsletters remain a potent tool for local engagement and profitability.