BiggerPockets Business Podcast

Are you looking for ways to increase your profitability while spending less on marketing and customer acquisition? Are you running a business where differentiating yourself from the competition is downright difficult? Do you feel like the only way to build your brand and business is to spend ridiculous sums of money on marketing and advertising?If so, this episode is for you!Ryan Welch—of Breezy Moving—is not a professional marketer or advertising guru. But he has used his expertise in creating relationships and focusing on his customers' needs (and their customers' needs) to generate more business than he can handle in the ultra-competitive moving industry. And he's done it all without spending a penny on marketing or advertising!Ryan shares his business secrets—including a deep dive into the financials and tips to become more competitive without spending a fortune on marketing. He tells us how he researches competitors and prices his services for maximum profit.He goes on to explain that no matter what your business is, expanding and fostering relationships is going to be one of the best ways to lower your customer acquisition costs, expand your customer reach, and grow your margins and bottom line.And make sure you listen to Ryan’s thoughts on how to hire and manage employees in an industry where there is a lot of turnover, as well as where first impressions matter most.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover: How Breezy Moving was born How they've managed to get Realtor referrals How Ryan markets by building relationships Why logistics and delivery services are not going away How they price their services Calling competitors as market research How their margins are better because they don’t spend a lot on marketing His thoughts on expanding How he keeps good employees Moving horror stories And SO much more! Links from the Show BiggerPockets BiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel Guisinger Larry Bates Check the full show notes here: http://biggerpockets.com/bizshow55 Learn more about your ad choices. Visit megaphone.fm/adchoices

Have you figured out a good business model that is consistently making money but don’t know how to expand? Itching to take your local business national? Ready to put your business on auto-pilot, generating recurring income while others do the work? If so, this episode is for you!Brennan Tolman and Nik Krohn—founders of Tolman Media—were in that same boat just a couple years ago. They had grown their local wedding photography business in Salt Lake City and were ready to expand. But they quickly decided that owning locations around the country or franchising the business wasn’t for them—too much work, too much red tape.So, they figured out an even better plan, creating an online marketplace and licensing the business to dozens of other entrepreneurs.On this episode, Brennan and Nik walk us through the process they used to scale their business and then license it all around the country—and around the world. The two were able to generate over $4M in revenue in just six months by letting others do the bulk of the work—while they simply collected the royalties.Whether you’ve already explored the idea of licensing your product or business, or you’re looking for a new tool to add to your business toolbag, Brennan and Nik walk you step by step through the process of taking your business to the next level. And making LOTS of money in the process!Make sure you stick around to the end, where Brennan and Nik tell us the single most important metric to the success of your business.Check them out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover: How Brennan and Nik met and started their business How they solved a problem for photographers How they solved scheduling, improved earning, and added scores in their booking app How they made changes in their system The hard decision they had to make How they managed to expand internationally How they brought in entrepreneurs and went the licensing route Franchising versus licensing How they've set partner expectations How business comes down to one metric: cost per acquisition And SO much more! Links from the Show BiggerPockets Venmo Expedia BiggerPockets Business Podcast 52: Murder Scenes, Meth Labs, and 27 Franchises with Laura Spaulding BiggerPockets Real Estate Podcast You can check the full show notes here: http://biggerpockets.com/bizshow54 Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you overwhelmed with all the things you’re falling behind on in your business? Not sure what to do next? Have you been taught to believe that as business owners, we need to tackle all of our business issues at once?Well, it doesn’t have to be that way!Michael Michalowicz—author six books, including the newly released Fix This Next—knows firsthand what it’s like to struggle with too much to do and not enough time to do it. And on this episode, he teaches how we can evaluate and prioritize the issues in our business—and also how to FIX THEM!Mike starts with an overview of why identifying the biggest obstacles in your business is important and why so many entrepreneurs make the mistake of trying to solve too many issues at once. From there, he reveals the business hierarchy of needs—the five parts of our business that we must in order to truly put our business on autopilot and create a legacy that can be handed down. Then, he tells us how to identify the biggest obstacle in our business, and the methodology of how we can solve that problem before moving on to the next.The formula is simple, even if it’s not obvious. But Mike breaks it down step by step so that even the most frantic among us will be able to use it to get our business under control and relieve our daily headaches. He helps us realize that the biggest challenge that most of us face as entrepreneurs is figuring out what our biggest challenge is—and then helps us do that!And make sure you listen for Mike’s explanation of “the double helix” while helping business owner Carol solve the biggest business challenge she’s facing today.Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover: The biggest challenge entrepreneurs have Maslow’s Hierarchy of Needs for business What Survival Trap is OMEN (Objective, Measurement, Evaluation Frequency and Nurture) Why sale is not complete until delivery of the service. Actual Case Studies Two stages of Business: Get Stage and Give Stage How to make employees act like owners And SO much more! Links from the Show BiggerPockets BiggerPockets Business Podcast 30: How to Guarantee Profit From Day 1 with Mike Michalowicz Check the full show notes: http://biggerpockets.com/bizshow53 Learn more about your ad choices. Visit megaphone.fm/adchoices

Not happy in your current career? Looking to do something entrepreneurial but don’t know where to start? Well, maybe this is the inspiration you need to build something HUGE!Laura Spaulding is a former police officer who was ready to forge her own future. Using the experience, knowledge, and insight she got working undercover, she decided to start her own business focused on cleaning up crime scenes, meth houses, and a host of other environmental hazards that many of us don’t have the stomach for.Laura walks us through how she decided on her business path, how she financed it, and how she came to realize that the real opportunity was in expanding it through franchising. But it hasn’t all been rainbows and teddy bears—franchising created a whole host of challenges that Laura had to tackle in order to continue to grow and expand her business.And grow her business she's done! Entrepreneur Magazine recently ranked Laura's company as one of the top 10 new franchises, and Spaulding Decon has been at the forefront of the coronavirus cleanup across the U.S. over the past six weeks.If you’ve ever thought about creating your own franchise system from the ground up, this is the episode for you. Laura tells us how it’s done, how NOT to do it, how much to expect to pay, and all the good and bad that come with expanding your business nationwide.If you have a strong stomach, make sure you listen to the end, when Laura tells us some of her favorite crime scene cleanup stories...Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover: How she went from being a beat cop to cleaning crime scenes How she funded and started her business How she drives house to house to get leads How her first hires were stay-at-home moms How she got into franchising The lesson she learned from hiring a consultant Entrepreneur vs. franpreneur Why brand culture matters The common misconception in franchising The biggest reason franchisees fail And SO much more! Links from the Show BiggerPockets Crime Scene Cleaning Youtube Channel Chick-fil-A Check the full show notes here: http://biggerpockets.com/bizshow52 Learn more about your ad choices. Visit megaphone.fm/adchoices

This show is a wake-up call for young and hungry entrepreneurs.The main message: there is a massive wealth transfer underway in this country. An entire generation of business owners is reaching retirement age, and most don't have a clear succession plan in place.So... who takes over these successful businesses?Why not YOU?That's the topic of today's show with Nigel Guisinger, an Oregon-based real estate investor who's also owned an appliance store, a glass company, and a laundromat among other ventures.In this episode, you'll learn how to identify business owners who are part of this big shift (think "Millionaire Next Door" types). You'll learn how to approach them and open a conversation about succession plans. AND you'll hear Nigel's tips for buying businesses using seller financing—an effective strategy he's personally used to great effect.You'll love how passionate Nigel is when it comes to the opportunities available to hungry investors—and the real-world stories he tells to bring these concepts to life. So listen to this episode, then identify a local business you could see yourself taking over someday soon.Don't forget to subscribe to the BiggerPockets Business Podcast so you won't miss the next episode... and we'll see you next Tuesday!In This Episode We Cover: How to buy a business Nigel's "the weak zebra" business strategy The 3 things you can negotiate Why he thinks there is so much opportunity right now The first thing to check when buying a business What it means to have a succession plan in your business What he means by not leaving behind a single business How to make sellers become partners And SO much more! Links from the Show BiggerPockets BiggerPockets Conference BizBuySell AARP Magazine All The Leads Check the full show notes here: http://biggerpockets.com/bizshow51 Learn more about your ad choices. Visit megaphone.fm/adchoices

Today: Everything you need to know to get YOUR slice of $349B in emergency small business loans.You'll learn which SBA disaster loans are available now, what the terms are, and -- most importantly -- how to apply ASAP.Yes, there's a lot of money out there for businesses hurt by coronavirus. But the rollout of these programs has been messy and chaotic. Banks aren't used to lending so much money, so fast... with such little due diligence.So it's crucial to know what you're doing when you apply.Our guest Angela Venti is Director of Practice Growth at the accounting firm Alloy Silverstein. Toward the end of the episode we also speak to one of Angela's clients, Mike Regina, the co-owner of a construction management firm that has applied for these loans.NOTE: This show was recorded on Friday, April 3. We're doing our best to make sure it's up-to-date but guidelines are changing in real-time. As always, work with a professional who can give you professional advice for your situation.Let us know if enjoyed this episode of the BiggerPockets Business Podcast, and be sure to check out the rest of the podcasts on the BiggerPockets network. Just search "BiggerPockets" on your favorite podcast app. Learn more about your ad choices. Visit megaphone.fm/adchoices

During this unprecedented, uncertain time, here's a CHALLENGE for us all to collaborate for social good TOGETHER. What are others doing during this difficult time to help their communities? What can YOU be doing to make a difference today?On this episode, Stephanie Howard—owner of How and Why—joins us today from her industrial design studio. As an international award-winning designer of wearables for companies such as Nike, New Balance, and Reebok, Stephanie started her own firm nearly a decade ago. She previously led the innovation team at Seventh Generation, a company lauded for its focus on sustainability. Her work taps into connecting a large network to design mission-based products—and the current global health crisis is no exception.Stephanie tells us how a family health scare thrust her into the world of caring for a loved one at home. These days, in the midst of COVID-19, her work has been reprioritized to lead a design challenge that each and every one of us can participate in to help others in the unfortunate event that we are faced with a similar circumstance.Huge corporations such as 3M, Nike, Tesla, and many more are making headlines for retooling and repurposing their operations to provide PPEs (personal protective equipment) to hospitals—but each of us individually, as family members, as community leaders, has the power to make an impact. As entrepreneurs and small business owners, we are innovative, resourceful problem solvers. Learn how YOU can put your expertise to use during this time of uncertainty.In This Episode We Cover: The triad of product design How she helps companies with their innovation planning How macro trends differ from seasonal or fashion trends How design has the power to move people How to keep long-term relationships with clients How she started a DIY face shield design movement How anyone can help And SO much more! Links from the Show BiggerPockets New Balance Reebok Nike Timberland Northface Vans Instagram - #DIYFaceShield Link for the sewing patterns for face masks to be used in combination with face shields Check the full show notes here: http://biggerpockets.com/bizshow49 Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode -- a "bad business decision" that simply had to be made... and a microcosm of what's happening to small businesses across the country right now.Bret Oliverio—owner of Sup Dogs, voted the #1 college bar in the country in a Barstool Sports poll, had a bittersweet start in the restaurant business, committed to carrying on his brother’s legacy.With absolutely no experience in the space, he and his wife worked tirelessly to build a thriving business employing 120 people, encompassing two locations, and generating millions in annual revenue.Leading into the busiest season of the year, Sup Dogs was thriving. And it continued to thrive leading right up into St. Patrick’s Day weekend.Then the coronavirus health crisis hit... and although it was a tough decision from a business standpoint, Bret was proactive in closing his two locations, using his influence in the community to encourage college students to stay put -- all while providing paychecks for his large team.It hasn’t been easy, but he’s doing everything he can to maintain relationships, continue building his brand, and encourage others that with each passing day, we’re one day closer to this crisis ending.Make sure you listen to the end, when Bret shares hope and optimism around the opportunities that these difficult times will inevitably bring.In this very raw, real episode, he shares what we as family members, as business owners, as community leaders, need to be doing right now as we make our way day to day and look toward the future.In This Episode We Cover: How Bret started to operate a restaurant business with zero knowledge How asking dumb questions made him better in his business How to separate your brand from other businesses How the COVID-19 pandemic has affected their business How they're managing closing for two weeks How putting aside ego can help you make ends meet And SO much more! Links from the ShowBiggerPockets Check the full show notes here: https://www.biggerpockets.com/bizshow48 Learn more about your ad choices. Visit megaphone.fm/adchoices

COVID-19 has presented challenges for all of us—not the least of whom are those who own a business or are in the process of starting, growing, or scaling a business.In order to provide as much support and insight to our listeners as possible, we recorded this episode yesterday with Andrew Sherman, a prominent Washington, D.C. attorney, business school professor, and author of 26 books on every aspect of business.Andrew shares his thoughts on where the economy goes next (will this economic event be "V-shaped" or "U-shaped"?), what business owners can do TODAY to best navigate the crises, and the crucial importance of risk management and emergency preparedness.Don't own a business quite yet? There's still value here: Andrew outlines questions to think through if you plan to start a new venture this year AND shares what he believes to be the opportunities that are likely to arise over the next several months and years.We hope you enjoy this episode of the BiggerPockets Business Podcast. If you do, we encourage you to share it with a friend or family member. Stay safe, and we'll see you next week.In This Episode We Cover: Where the economy might head next Potential government interventions How Andrew's clients are grappling with cash flow problems Creative solutions in times of low customer demand Where to turn for financing during an economic downturn Which companies and industries have the most cash to deploy today Creating an emergency fund to prepare for "black swan" events Why this event is likely to create many entrepreneurs And SO much more! Links from the Show BiggerPockets ‘Widespread panic is setting in among small business owners nationwide,’ banking expert cautions (CNBC) Zoom.us Andrew's Amazon Page Check the full show notes here: http://biggerpockets.com/bizshow47 Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you feel like you’re too young to take on huge business challenges? Are you trying to figure out the best way to break into entrepreneurship but want the support of a big team behind you? Have you considered franchising but are looking for something a little bit bigger—that also won’t break the bank?After this episode, you will find that you have a whole new perspective on what’s possible with scaling up a built-for-you system.Logan Hand—master franchise developer for the new restaurant concept Mahana Fresh—learned at a young age that not only was it possible to break into franchising in a big way, but it could be done without a ton of cash in his bank account. In this episode, he teaches us how he went from real estate wholesaler and house flipper to running a four-county, 30-franchise development for an up-and-coming restaurant brand. And he explains the ins and outs of this little-known franchising concept called master franchising or area franchise development.Logan recounts his days of hustling to generate sales commissions and wholesaling fees. He came to realize, at the young age of 27, that building a business that could generate passive income—and eventually be sold—was the better path. He talks about how he decided to go the franchise route, buying a franchise that he could own and operate himself. Then, he realized that he could do the exact same thing—but on a much bigger scale. If you’ve heard of franchising and want to learn more, or if you’ve considered franchising but want to learn how to do it bigger and better, this is the episode for you. Logan tells us how we should be evaluating franchises, how we can get money to buy one (or 30), and who that one person is who can provide you the support you need to make the right decision when it comes to buying into a franchise.Make sure you listen to the end, when Logan provides some amazing tips for all the young entrepreneurs out there looking to get—and stay—motivated!Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!In This Episode We Cover: How he got into franchising The parallels between real estate and franchising Signing a franchise disclosure document How he recruits new franchisees Why location is important How investment cost is based on a price per person in the area How to work with franchise brokers Why there's more risk in franchising than real estate His tips for underwriting Why you shouldn't buy into a fad or trend Why he keeps close proximity to great people And SO much more! Links from the ShowBiggerPocketsCheck the full show notes here: http://biggerpockets.com/bizshow46 Learn more about your ad choices. Visit megaphone.fm/adchoices