U13 – More Strategies for Entrepreneurs — Part II
0:00
OK, let’s go, Welcome, everybody, I appreciate your participating.
0:05
I wanted to cover again, just sort of like part two, we started talking about how to create new cash flow. And we had some ideas, and we’re discussing some of the things I’ve done over the years, just to get examples. And we’ll do that some more. Quickly see who’s here.
0:22
Right?
0:24
Well, we get started. Anybody can join us, this will be recorded.
0:28
You’re welcome to interrupt me, and raise your hand, or whatever it is.
0:31
So, let’s see, it looks like Do you wanna, That’s something, OK, how’s that, Can you give us permission to record this Right, go ahead, I’m sorry Can you please give us permission to record John? Yeah, absolutely. Please do.
0:52
OK, OK, you have to approve us now.
0:57
OK, I got to press a button over here.
1:00
Yep. All right, let me find out what that is.
1:02
See?
1:05
We have to ask individually, also may, Kay?
1:10
question?
1:14
Here we go, Got it. OK, that was Tina and who else?
1:19
It says, please request recording permission, where do you request that?
1:25
Bottom line, Marina, bottom, The Recording button?
1:30
Yeah, Requests that he needs, If that’s OK, I see here, Marina, OK.
1:36
Got it, You’re in, OK. Thank you, OK.
1:40
Right. Anybody else, it’s fine. Just let me know. I’m recording this, and this will be in the members area. Maybe it will edit a bit, but anyways.
1:50
Caroline, did we get Caroline?
1:53
Not yet.
1:55
Yes, yes. Or it, she wants to record, OK?
2:00
It doesn’t give me an option yet.
2:03
Um.
2:08
Lana.
2:14
Yep, OK, now we see people putting it in the chat. I’m wondering if they’re not able to unmute themselves. Oh, they’ve gotta just Unmute button right there on the left, bottom corner.
2:32
OK, Caroline’s, the only one who’s not recording, yeah, there’s no option for me to allow her to record, I don’t see it.
2:39
Oh. She must be from the phone, then calling from OK. All right. Well there’s enough recordings going on here.
2:45
So I’m muting now. OK, I appreciate that, OK, great, so let me just recap what we discussed in the previous hour we’re talking about.
2:56
Um.
2:59
There are easy ways to create new cash flow.
3:03
And I’m not saying, I avoid seeing, buy a business, OK?
3:09
Sometimes that’s what it means, but it doesn’t always mean that sometimes it literally can be a handshake, and you start, you adopt a new habit or practice, and all of a sudden, you’re making more money, It’s actually, it could be that simple. Sometimes it is, Sometimes, it’s not. In the beginning, sometimes it’s about, you really gotta work hard.
3:25
Put a lot of effort into it at one time, and then you’re making some money on a regular basis. It could be $2000 a month.
3:33
I use that as my benchmark or my first objective for people. Because I think psychologically, people can accept that, that we can make $2000 a month. And then maybe it’s a little difficult for them to accept that it’s possible to do that 90 days.
3:48
I’ve done that many times, by the way.
3:49
But if I say it, it’s usually enough for people to say, OK, Well, I’ll go for that. Let’s, let’s see what we can do.
3:55
So what we discussed was, if you, well, the first two things I asked you to bring to the call, and what we’ll get into this is what you’re proficient in. So make some notes, you’ve made some notes on that and make some notes on what you love to do.
4:09
And then with that, on the previous call, we were just talking about, let’s say that doesn’t apply, and you just want to have some more money.
4:17
Or you happen to know about a subject. So maybe you’re proficient at something.
4:22
And like I talked to this woman, previously, who had a really interesting, kind of like brief life story. And I thought, well, that would be a nice biography that would be somewhat entertaining.
4:32
Even though it’s somewhat tragic, but it’s also entertaining. It’s kind of funny, but not.
4:37
So that would be interesting if she could write a book on that and market it.
4:40
And so that’s where people kinda stop, because they think, they think in terms of, you know, these novels that make millions of dollars and so forth, and you don’t have to write to do, that.
4:51
You can write to promote something.
4:53
You can write to make a little bit of cashflow and so the example I gave was um, um, Using a service like Mag cloud … or …
5:03
Mag cloud dot com allows you to upload content. So where do you get the content from? Well you can write about it, You can spend a year writing a book. doesn’t take that long, really. You just do a little bit every day literally. If you if, you wrote a really good page every day. I mean, we’ve heard this before. It’s, you’ve got several hundred pages by the end of the year. That’s a, that’s a pretty good book, probably.
5:25
I gave the example of a friend of mine who used someone in another country who does writing for, for us a profession. And because it’s another country, the cost was very low. So he was able to pay her about $400, and she was thrilled to do it.
5:41
It was a small book on Scrapbooking, a book. I’m doing Scrapbooking. And the reason why he chose scrapbooking is because he went ahead and advance to find out what was popular on Google, on the search engines.
5:55
and just like, we’ll talk about that, too.
5:56
How to find out if the product is even worth getting into the product or service or whatever you want to get into.
6:02
If it’s worth it, you can, you can find out.
6:04
So, anyways, he was able to make, I think it was like $35,000, or probably a little bit more than that, in a short period of time, for that year, and that one was happy. He was, he was good and he had the platform to do it.
6:16
That’s why I like this time in history right now because we have all these tools that we can.
6:22
for example, if you want to publish a book, you can literally go to a publisher like it’s not a publisher. It’s called a Vanity Publisher and the website is lulu dot com … dot com. Now I didn’t mentioned this previously but I’m just gonna run down this real quick So writing a book as a way to generate cash flow for yourself. And you can do it in a short time.
6:42
And you can do it by outsourcing the labor. A lot of it. And you can also do it by collecting research that other people have done and then you can modify that research, or it’s always you give credit to them. And you can put in your own commentary, obviously, you’ve gotta write something, you’ve got to come up with some original content, But then it’s a matter of publishing it.
7:00
So let’s say, like I’ve talked to people before that had books, and they just didn’t know how to publish it, and I got him published.
7:06
It’s pretty easy, and I say published publishing is a marketing function.
7:11
It’s not just making your book available on the internet.
7:14
OK, so when I make it available somewhere, the nice thing about Lulu dot com or Mad Cloud For That Matter, is people can order the book and it’ll be printed on demand. And I don’t need to have, I don’t need to come up with thousands of dollars to store the inventory and ship it myself, which I’ve done before.
7:30
It’s expensive to do that.
7:31
So you can actually print and publish a book without even having the book.
7:36
And people will today will take it on PDF or adults. Some of them are ordered on paper and someone else will deliver it to them. So like I was saying, I mentioned my Cloud lulu dot com is another one where for about $50 or nothing, the $50 goes in purchasing an international, standard book number. It’s an ISBN with a barcode, and it goes on the back of the book.
7:57
And that’s what’s used to track the book, and you want that because it’ll you can put it on bookshelves and Barnes and Noble, and things like that. If you set something up at Lulu an Account for free, and you upload your content and you design your book cover, you can do it on Lulu or you can have someone else. Create your book cover can do all the design and production of your book cover.
8:16
And I can talk about how that’s done.
8:18
You can put all that together.
8:20
And the timeline for this is probably, if you have the content, if you already have the content, let’s say, is about, anywhere from a few days to a month, to go through loulou, and I’m sure there are other ways to do this, but Loulou will get your book on Amazon.
8:37
And Loulou will also get your book on the shelf, and the store, where you live at Barnes and Noble. It’s really cool.
8:44
So, you could be an author right there in your neighborhood in a month with your face on the book, if you want, you know, and this sort of thing, and you can promote yourself.
8:50
So, probably, if you’re already professional, like, for example, our pediatrician, she’s written a book on why you don’t need the CDC’s recommended vaccination schedule.
9:01
When, in fact, we hired her, because our other pediatrician quit because we wouldn’t follow the CDC schedule. So, that worked out perfectly.
9:07
But, her book could promote her practice, which I’m sure it does, because, you know, I think we got a copy of it, I’m sure we gave it to somebody, and I’m sure that person said, Oh, well, this pediatrician will do that. OK, I’ll go there. So, a book is almost like everybody should be doing it. and I know it sounds like the market is saturated, but look at exercise equipment.
9:26
I mean, the market is like multi-billion dollar market.
9:29
But every year, some product carves out a $10 million niche for itself.
9:35
So a book, at least as a way to start to make more money, and that’ll just sit out there and sell. And then it comes out, It comes down to you, you marketing it, And I’m gonna leave it at that as far as you marketing it, because let’s talk about that, because I think that that there, again, once I get to that point, people go, Well, then, what do I do now?
9:52
How do I market a book, right? So we can talk about that as well.
9:56
Does anyone want to chime in with some questions? Am I talking too fast?
10:00
Sometimes I get carried away.
10:03
Either, John. I have a quick question. You said in our previous session you discussed all this stuff Did you record that by chance, and that does recorded. Yeah, I’ll send them both out. We’ll do two segments. I’ll do another segment next week I think.
10:15
This is going to be popular Because there’s so many ways we can discuss this So what did you guys come up with as far as like figuring out what you’re proficient at and What you really like?
10:28
Have another question mm, OK. I do have three books right now, that I’ve written. I have one lady who was actually done illustration.
10:37
one as a kid, but she shoulder issues.
10:42
So she thought, I was wondering if you know illustrators didn’t if you know anyone that can actually just go over our book.
10:52
Great question, I will refer you to this one supplier, I call it. it’s fiber dot com. See, if there’s an illustrator on that forum. There’s 12 other forms that are like that, where they charge you by the job.
11:05
And it’s very affordable, I would start there. It probably is likely that you would end up finding someone else, but that may lead to finding someone else. So, looking for an illustrator for children’s books, I would go to fiber dot com.
11:34
Does anyone else? Anyone want to contribute, Marie, did you have anything?
11:38
Did you want to bring up something, You know, something you’re proficient at or you want to?
11:45
Several things. I’m pretty creative.
11:48
My mind does creating things that I never knew.
11:53
I didn’t really put it to work until just now, and I can see already, as you’re talking, you know, my roles are turning, and I’ve already written, and they were written about 3, 4 years ago, one of them actually can possibly become a TV, Exactly.
12:11
Now, there’s the I mean it’s alright.
12:13
great.
12:14
I would probably talk to him private about that.
12:17
And maybe OK Sure, right, there’s some trade secrets. Let’s not discuss trade secrets here. But but generally, yeah, OK, so you already have content.
12:25
So now it’s just a matter of marketing because you could write a book that really, maybe it’s just a great story and someone wants the rights to it to write a script for it, Which is awesome, right?
12:36
And so there’s your marketing right there. Let them market it. And you have a contract. It’s a licensing agreement.
12:41
So there’s another way, You know, like who to contact and how to, how to prevent accidentally making a contract that would not necessarily favor me, you, you have like, OK, if you’re going to do a deal like that and this would be like a deal of the writer for that created Harry Potter, I that’s great example Probably. Or Stephen King, OK.
13:05
Definitely, you want someone who’s, who has experience and attorneys are good for this, copyright attorney would know and you want one that actually will negotiate a licensing agreement.
13:16
So that was it.
13:16
That just takes place in the interview So you would find an attorney that understands copyright and licensing Attorneys are good for things like that, OK, yeah Go down that road out me on what about a cookbook? I also wrote a cookbook. I have a lot of Mediterranean, good, healthy diet, and stuff like that.
13:40
I’ve already, pretty much about 30, 40 pages, that just, I need to have my kitchen, housewares flooded, so I wanna get that done, and get some cooking classes, aren’t do YouTube, and stuff like that, I think, that’d be fantastic for promoting it, but, OK. So where’s your money coming from on the cookbook?
14:02
Thinking of putting it on Kindle books, Nice.
14:06
And what about a phone app?
14:09
I haven’t thought about that, haven’t gone that far yet. My wife uses her phone to make pancakes.
14:17
Yeah, she’ll be there with her for, I mean, we know the recipe. But we always pick a different recipe, but it’s always there on the counter, and she’s like doing this.
14:26
So, you know, there’s that niche there, There’s a phone app.
14:29
It should be free, probably, but, I think, maybe, your money in a cookbook.
14:34
Because there’s many cookbooks. And who cares about a book these days? It should be on the computer, right.
14:40
What if your money comes from the sponsor?
14:43
Who’s going to promote a product in the recipe?
14:47
That, that may be where you can make some money.
14:50
Right. Another friend actually recommend that as well, I have some spices very different.
14:58
I’ve tried several different brands. Different regions have different backgrounds, you know. This particular spice, and they really love like, oh my god, let me just sprinkle some on my orange and they they’ve tried it with oranges but basically we use that as like a garnishment. Either on top of food or you can just dip in oil in and just dip it in that particular space then you can have it as a snack. It’s really very healthy.
15:31
I want to I wanted to know you know, I wanted to back that.
15:35
I also wanted to approach showing the company, showing, yeah, maybe some ingredients to them and see that.
15:44
I have to think about that, too, now, that we’re talking about all these different.
15:48
Yeah, the sponsors may be a good thing, so it’s a matter of just contacting them.
15:53
That sounds pretty yeah, So you’ve got, especially us, certainly it’s a spice that you can make?
16:00
Do you have a brand name for it?
16:03
I have several that I have come up, but nothing really OK?
16:09
And just be aware of all the brands and spices that you see in a grocery store, right, that’s just in your grocery store. So it’s a big market, and so you’d have to have something really cool really slick.
16:20
Right. Just the last thing for someone, you know, someone that have a last name came up with, not just Facebook, but this is a particular space that I would like to maybe sell it to selling or maybe a major company that I would have a piece of the pie. Yep.
16:39
That’s that’s your bigger deal. You’ll make more money.
16:42
You’ll also have the option, maybe in local restaurants it depends on your restaurant.
16:45
Like if it wants a special spice that nobody has, you’d have you probably have to give up, you know exclusivity on it and that let the restaurants.
16:53
So yeah, directly a restaurant, but also like you’re talking about a company that can distribute it and package it and everything for you.
17:01
The one thing, but the restaurants are ever closed down, due to The economy, goes down, or whatever, You know, they can walk run off of that, that would be willing to maybe go somewhere else.
17:14
But what about like ingredients such as like, that particular spies have different kinda nuts, and I know not everybody can have, you know, there are people that are allergic to peanuts or whatever.
17:30
What would you discourage maybe putting stuff in there that Qatar you just have to basically say, what is then there so people can make and you just tell them, you just tell them. Because the niche market will will be there.
17:43
Your niche already excludes those people.
17:45
So you gotta tell them for, you know, liability reasons, I don’t think that’s really a factor.
17:51
Either the markets there, it’s not, so I’ve thought of like recipes to going to Costco and and Trader Joe’s here in California, Trader Joe’s In all 50 states, but we have one here that says basically, healthier.
18:09
They carry healthier stuff and different kinds of foods from different regions, I think I thought of putting some things like that in the supermarkets, which would be really nice.
18:20
Yeah, if you want shelf space, that’s it, that’s the deal you’re, you’re trying to rent shelf space in grocery stores, as you probably already know.
18:27
There’s one here if you all want to check this out. Now, I say y’all. I mean, I’m talking about everybody on the call. Whoever hears this because it’s a great example of what you’re describing here. And I’ll show you.
18:36
I’m already in my town there’s, there’s a woman who I was, the waitress told me this.
18:42
This woman runs this I guess it’s a farm. It’s called heavens to Betsy.
18:48
And she makes these gems. I’m sure she makes other things I haven’t I haven’t gotten to see it.
18:53
But, I was. I was at breakfast the other day, and she gave me this strawberry jam. It was really good and it was really, it was like, it’d be like Your grandma made it. And she has a deal with this restaurant.
19:05
And I think she jars it too, she sells its can, um, but I’ve not seen it in the grocery store, so she must have some sort of deal with only exclusive places.
19:16
But, anyways, heavens to Betsy, if you all want to check it out.
19:19
There’s, There’s another one that I like, which is a, kind of like, I guess they would call it ethnic foods. I don’t know how they like, like foods that are not American foods. But there may be from from Spain, or Mexico, or something like that.
19:29
Well, my wife is from Bulgaria, and there’s this broker, a food broker, that, that sells, um, foods that are made their authentic. They’re made in the country, and then they’re shipped out. It’s called Malinche Show.
19:43
May L I N C H O, malinche, O dot com, and they will actually provide you with the product for a storefront.
19:51
So like if you had Either want to start one or have a If you have a storefront and you want a new product that hardly anybody has, it’s really nice.
20:00
You know, it’s unique and it’s really good food.
20:03
But malinche dot com is one I’m, a friend of our family, had one, and she had constructed a platform in her backyard outside the patio for the pool. They put her husband put up platform on wood creates or something. He made a nice ****.
20:19
He put these freezers and coolers and a little room in, and in it he built himself, and then she had all these products and she would buy it from a lynching by the case. And stockmen all her friends were like, you know 100 friends and they would come over and on a regular basis, we would just buy from her.
20:33
That was our, besides going to Publix, we would go to her place and get all this stuff.
20:37
We’d like, know, so she had her own little business going, and she didn’t really expanded, and I guess he was too busy with her job, So she kinda gave up on it. But I thought it would have been something nice. I think what it was, is, she didn’t know how to handle all the competition.
20:52
That’s all it is, really. She didn’t know how to get into the market.
20:55
But, um, because once you, once you, your customer base is exhausted and you don’t know what to do for marketing, it kind of goes away.
21:02
So, I wanted to share those with you as well, to see what other people are doing.
21:07
And you could actually do what they’re doing like Malinche, so you can actually become a distributor or retailer.
21:15
Thought that again, John, I try to go there. It’s a, it’s M a L I N C H O, malinche dot com.
21:26
You see it.
21:29
And then the other one was heavens to Betsey, which I haven’t even looked at that one.
21:35
Student Loans.
21:44
I think you have to put that, I’m gonna put the Let’s see.
21:48
Winter Park is the location, so she might be Let’s see Yeah, here does heavens to Betsy Gourmet, preserves and spreads.
21:59
Heavens to Betsy.
22:02
Heavens to betsey WP dot com.
22:06
right, Anyways, so I guess, you know, it’s a there’s, there’s another farm here, it’s called our RedHill Farms. It’s up on inter-state 417.
22:16
RedHill Farms, and I go there, once they’re all, because they got fresh eggs.
22:19
That the chicken flame right then, Same day and stuff like that, they make their own butter, and I like getting stuff like that.
22:28
So, you know, they turned their farm into a little retail store.
22:32
Now, the reason I mentioned it, uh, there was, There’s a guy down the street, literally, who, for 40 years, I think he’s like, 70, for like 40 years he’s had the sugarcane farm, and he makes the syrup. And you cannot get it anywhere.
22:45
And what they did is he found a Flint glass bottle, supplier, and he got this pure, clear glass with Corks, and he just extracts the sugarcane. He makes a syrup out of it. He fills these bottles and corks it, and he sells this stuff. It’s like gold.
23:03
And I bought the last bottle, and I think the guy is retiring this year. He’s done. That was like the last bottle ever. So I felt privileged to buy it. Or maybe that was a sales pitch, That’s what he told me.
23:12
But anyways, so there’s people out there that have already, shop’s, running, that you can get shelf space on, right?
23:19
And so, you can, I’m sure you’ve seen this in your neighborhood that you could you’re looking, you go into one of these shops, and you’re looking for the thing. Like, I went over there.
23:26
I was looking for some that he didn’t have, and, in fact, I tried to make a deal with him. I didn’t think he wanted, he wanted to put more things on there, but there was a product. I want it. It was this. It’s called Traffic Jam. It’s really good.
23:38
And I think you already had, he was already filled up.
23:40
But, I was going to work a deal with them to take a piece of that piece of that cut, so cut of it.
23:45
But, anyways, if you have something like you’re talking about, you can go to these places that are already already have foot traffic and work at deal with them, right?
23:53
And so, once that, once that’s working, then all it takes is just either delivering the product or making sure it gets delivered once your contract is in place.
24:11
Sounds good, though, again, every time you just mentioned just you know what those are really good.
24:22
Yeah. And and and you make a good point, Tony, because so what if you already have a way to manage an asset like a crypto coin?
24:31
And then you see an opportunity like if you start thinking like this, I can ask yourself this question. What can I, What can I do to make another 2000? Or even a $500 a month? What can I do?
24:40
And, you know, you will see something, and it’ll come up. I don’t, I can explain it.
24:44
And, yeah, and so, when you’re already ready to go, because you have a company, it can, it can make money in Kryptos. It’s got an asset, it’s managing.
24:51
You can literally put a new cash flow in that same company, and because it’s an LLC, it can handle many types of cash flows.
24:59
So, you’re already suited to do this.
25:04
And let me share some else with the, I don’t think I mentioned this in the last, cause I’ve mentioned this to a few people, but just for fun. I know you guys have heard me on some of these interviews where I talk about fasting and I learned from a guy up in Canada, He has this channel called the Snake Diet.
25:18
It really changed my life, and so I thought, you know, he has such a great brand but he doesn’t promote it and he does it for free, OK. He promotes this whole thing for free. He is a professional. He makes money on the on the backend.
25:30
But upfront when he’s talking about saltwater fasting, he gives out the information for free and he coaches people for free.
25:36
And, and it’s genuine, he’s not trying to, it’s not a gimmick I, just I just like what he does and he’s even said on this channel, I have this brand, here, this logo. You can take it, you can use it, whatever you guys want to do.
25:47
And I thought, Wow, I took his logo.
25:50
I just literally, right, clicked it, and put it on a file.
25:55
And I created an image for a Snakeskin hat, a baseball cap and Apollo style shirt.
26:02
Kinda like this with the snakeskin snake snake diet logo on there, which looks like the medical symbol except it’s a fork with a snake going around.
26:11
It’s black and white, right?
26:13
So, if you go on e-bay, you should be able to find the polo shirt and the snakeskin Capp.
26:19
If you look for snake diet, Snakeskin Capp, an snakeskin or snake diet, polo shirt, it takes awhile, because I have my wife doing this, and we don’t really try to promote it that much. But you can see. I’m going to tell you how I did this, now. I’m in the red on this, I’ve only sold one item from each Batch.
26:37
But here’s the key, I could have bought, I could have put $2000 into it, but I didn’t, I wanted to put the lowest amount of money, so I probably put about three or $400 into it.
26:48
The way I did it was I found a supplier and I really had no choice. I had to find a supplier in China.
26:53
Shenzhen Province makes all these things, but I went through Alibaba, I think, was Alibaba Express.
26:58
And I was able to buy in bulk and what I wanted was a supplier that would sell me just 12 to start out with.
27:04
And I told them, I don’t mind paying you more money than, you know, then, like twice as much, because that was what the price was.
27:12
A lot of them wouldn’t sell me 12, because they didn’t want to, didn’t want to deal with me. They wanted me to buy 300 and commit to a monthly. Anyways, I found this guy to send me, send me 12 Of each, I got the hat, and I got the shirt.
27:25
and I did not order them, I just got him to tell me verbally, yes, we’ll do that for you.
27:31
So then I went and listed him, I took the image, he prepared the image for me. I listed them on e-bay and they sat there for like a month, we didn’t promote him at all, and then someone went and bought the hat.
27:42
So, let me.
27:46
Sure.
27:47
Everyone’s muted here, OK.
27:52
So anyways, I went enlisted them on e-bay, and then I I sold the hat. And then I sold the shirt now. When I sold the hat, I didn’t have the hat, I didn’t have the inventory. So, we just told the customer, It’s on back order, will ship it as soon as we get, And he was very nice, and he waited. It took a few weeks, but I immediately placed the order with the supplier. And then, same thing with the shirt, didn’t have it, got the order, put ’em back order.
28:15
Then, I, so my point in that is, I did that to illustrate this to other people. Ensure we can make money with it. The spread isn’t that good, but this is a volume way, if you’re gonna make some money, I could probably make a couple thousand a month if I, if I did some volume on it.
28:28
But anyways, So yeah, So, I just did that. And that’s how I set it up. So, I’m just trying to demonstrate that you don’t need a lot of money to start.
28:37
And, yeah, I had to come off my own money, but that’s going to be normal, But I really bootstrap the whole thing, It would if I wanted to promote it.
28:46
The next thing I would do, probably, is have somebody that would do it on a per job basis, and I would promote it on Facebook.
28:54
I think that would be an easy thing to do.
28:58
So, um, did anybody want to respond to that or asked me a question? I know I muted y’all. Just unmute.
29:04
So do all the marketing yourself, or you have a team of people who would, say, post on Facebook, Instagram, blah, blah, blah, I will have somebody do it. I would not sit here and do that. So a person who doesn’t normally for other products, I would have them do it because he knows what to do. I’m not going to re-invent the wheel sometimes I’ll do things myself. But in that case, I would just hire somebody in probably.
29:24
It would probably cost me $100 and it would generate a few sales.
29:28
Then I would just figure out what my return is going to be and then figure out where to put the money for advertising and then just go from there.
29:35
Now, I did not this is a unique situation because the guy who’s explaining the saltwater fasting, he’s not interested in. Money says don’t come to me with a DLL. That would have been my first approach. How would have created the product, and said, Look, I’ll cut you and split the net, right.
29:51
But, he, he would have been turned off and able to said, no, so I didn’t bother, so, maybe someday I’ll do that, but for right now, I’m going directly to the people that would want to buy it.
30:00
But, I would recommend, if you can’t, if you do a thing like that, I would go back to the other party where you got the idea from and work out a joint venture. Because this guy has millions of people following him.
30:11
It would be a gold mine. And if I, I know by what he said, endless videos.
30:16
If I told him that, he would hang up on me, He’s just a unique person, so you gotta look with, you know, work with what you have, So it’s gonna be a long, it will be a long haul. but it’s a good demonstration.
30:33
I see. Thanks, OK?
30:39
There’s other products, too. I mean, I could, I could expand.
30:42
I’m not gonna expand yet because I first have to see. There’s a steady trend of sales and again, I’m not trying to put effort into it so I’d have to turn it on and see how it works. But once it got to be steady sales and I had a following and people looking at the products. Then I would start expanding. I would do water bottles and towels and whatever stuff like that Jim stuff.
31:02
But anyway, that’s just a side thing I do and also I use it for demonstration.
31:08
Yeah, the market is huge for the type of thing.
31:12
You’ll even have a hard time finding it, if you go on e-bay and search for it, there’s so many people with snakeskin, caps minds, the only one that’s black, and it has got on the side here, has got the snakeskin snakes.
31:23
It’s not six It’s snake diet logo right here, so Anyways, there’s lots of things you can do do you brainstorm your cell phone to my name and my e-mail like Logo on the marketing collars and all that stuff? How is it, that I run it by people that I like to work with, that Don’t have any interest in the thing?
31:44
Usually, I’ll say, hey, let’s think about this idea.
31:47
What do you think, you know, Just to, just to get people’s commentary.
31:53
But yeah, you gotta brainstorm. You, gotta write some ideas.
31:55
Sometimes, I’ll literally get, um, I’ll literally get a pad of paper, and I’ll go to Panera, I’ll sit over there. That’s down the street. I’ll take my bike over there and August.
32:03
I’ll just sit there one morning until Sunday morning, and I’ll just write my ideas down, and it just starts coming out, right?
32:10
And then, when I get back to my computer, I can isolate the things that make sense, and then I can develop it. And then from the computer, I can maybe find some suppliers too.
32:20
When I was when I was in college, I were also worked at IBM, and I had this weird job where we get all dressed up in A suit and set it up big desk and talked to customers a day. So, we spent eight hours and talked to two customers, and the call time was about a minute each. So I had a huge, free time.
32:39
So, I started another business while I was working at IBM when I was in college.
32:44
And I did it because my professor said I should, I should try, so, because I had written this paper and she said, Why don’t you go and actually do the thing?
32:51
I went, so, I had to go find, and this is back in the day, this is not with the Internet, I had to go to the libraries, how I did stuff. And, I went to, they have different reference manuals, and I found out who the suppliers were for the product I needed.
33:03
And I, and I shipped the product to my house, and I brought it to work, and I would assemble these products.
33:09
And the product happened to be a, had to do with them, Teaching Children Algebra. I was teaching fourth graders, high school algebra. I was demonstrating that you could do that.
33:17
So, I put all this stuff together, and then I would go to the schools and demonstrate it, then it, did, they sold, like hotcakes. I just couldn’t keep up with it.
33:26
So, anyways, That was another, You know, a long time ago, I did that, but, that wasn’t a day where it’s not easy to find suppliers. But, that’s what I had to do. I had to find suppliers. I had to do it myself.
33:36
I couldn’t like Today, I could that same thing.
33:38
I could have someone do it for me because there are enough companies out there that will do that and I could drop ship it and back then, I didn’t even know about dropshipping.
33:47
So slowing, learning process, you know.
33:50
Yes, there are so many software, some updates to do all this to do the research.
33:55
And that’s right, It’s just selling your products on. Amazon just wondering. I know you’re on e-bay.
34:03
What about on Amazon?
34:05
Yeah, I, which I haven’t tried that. Now. I just I’m only on e-bay.
34:09
I mean, what I would like to do is this is have someone else sell it and just make a distributor ship that way. I don’t have to deal with Amazon.
34:18
And that would work perfectly for someone who has a similar product that he could just add that into the product.
34:23
I talked to someone the other day, and she, she was really excited about this one product.
34:28
She had a decent Commission. She wanted to know my opinion. I said, Well, that looks good.
34:31
And so, then I asked her what, um, what successful business do you know, that has one product?
34:37
And she’s like, oh, yeah, not many. I said, Well, it’s good to have the one product, and you probably do well, but you might be do better and I’m going to show you guys this right now.
34:44
You might do better to combine your product with something that’s similar to your product. It’s already making money.
34:53
She did not have the facility to, to distribute the product or process sales.
34:57
She was still at that stage where she liked the thing, but she didn’t have the way to deliver it. And that’s where people fail, is because they don’t know how to get something out the door and collect money.
35:07
So I suggested that she go to exchange marketplace dot com, Which is the broker I share with a lot of people.
35:12
You go to exchange, marketplace dot com And look for a business that’s selling retail items.
35:18
What was it?
35:19
I don’t know, let’s call it Champoux, Right.
35:22
So she found a brand-new shampoo that she liked. And so what I would I suggested as you go there and find someone who’s selling some kind of healthcare product like that. A cosmetic type product.
35:31
And you can find those retailers for like anywhere from one thousand dollars to $15,000. And a lot of times the seller will finance it for you.
35:40
And I said If you got that, what you’re gonna get is you already have customers, you already have a product or products, You already have a website. You already have a way to install a payment processor.
35:52
Well you have a payment processor, but what you are going to you’re going to need is a merchant processor, which is a way to take credit cards.
35:59
And that usually costs like $100 a month.
36:02
And so you, you just take your merchant account, and you plug it into the existing website, that’s already making money, and then you add in your product that you want to sell that you really like.
36:11
And now you’ve got, you’ve got a platform to work from. And the volatility and the new thing you’re doing is going to be manageable.
36:19
In other words, you might make a lot of sales one month, and then not if you just have, when product right.
36:25
So, look at, look around for things that are already out there without re-inventing the wheel that you can use as a tool to finish the project you want to get into the the sales venture you want to get into.
36:36
Did you all look at the exchange marketplace site?
36:39
Oh, yes. Yeah, OK.
36:41
Now, there are more of that. Yeah, there are a list of them.
36:45
I had a question about just buying a business. Like you mentioned looking to get into the roofing industry. And I got three of the guys with me. We’re probably gonna go in in some form or structure yet but I’ve found just happened to run into a gentleman who’s kind of up in the seventies and eighties.
37:00
Yeah, pelt’s going downhill.
37:01
He’s been in business for 30 years and I mentioned buying his business.
37:07
You seem to be very open to it. Even if it’s like 5 or 10 grand, we hadn’t got really deep into it.
37:11
But just, yes, I figured it would be a goldmine to be able to, to take our business and use that leverage of, Hey, we’ve been in business for 30 years, but maybe do business as and rebrand everything in our new name.
37:26
I would, I would, I think that’s a brilliant idea. That really works really well, in many cases, and but I would use his brand, unless he has some kind of problem, like, litigation or something like that, I would use his brand.
37:36
You could, you could develop a new brand, of course, but I would like to look at his brand first, because it takes money to develop a brand, but I think that’s a great idea. And if I were you, I wouldn’t waste time. I would make an offer and see if you can get him to do 1 or 2 things.
37:49
Well, there’s a few things you need his help with.
37:51
You need consulting, even though you probably know everything, you know, we need to know. I would still get me 70 years old. He has a lot of knowledge. There’s a lot of things he figured out that he doesn’t even know, he knows.
38:02
You need to talk to this guy and see if you can sort of package some of the stuff he knows, OK, and see if you can also get financing.
38:13
Questions by him?
38:16
Absolutely, always start with your seller, Always asked the seller, even if you never pay cash for an asset.
38:22
Or if you’re going to pay cash get financing within the first year. It’s a good rule of thumb.
38:27
Use other people’s money. So always start with the seller.
38:29
I don’t care if you have the cash in Pocket, but he’s no longer doing maybe once a month now, but he still has the phone number, you know, some people still call them every now and then from repeat business.
38:40
Name of his is kind of geared towards, we’re strictly going towards strictly repairs because a lot of people don’t want to deal with it, OK. And here’s this more of a full roof replacement. So I didn’t know we had an idea and a new name, and didn’t know if we can do business as this gentleman since he no longer really has anybody get a license from him if he cares. Make sure you have the rights to use his name, if that makes sense.
39:01
And and do the service that you’ll want to do under his name, and I don’t know that that requires rebranding, because he already has a brand.
39:11
All right.
39:12
Can my LLC go by that company instead of me? Absolutely.
39:16
Yep, all it really means is, the LLC would own the property rights, which would be maybe his brand trade name, if that’s has a property value, maybe I don’t know if he’s done a evaluation on his trademark.
39:28
Yeah, and his supplier list is Trade Secrets. Make sure you get those trade secrets, OK? If they’re not in writing, make sure you get them in writing. So that just takes time, and you gotta talk to the guy.
39:38
On the bottom of it, We’ve structured the final deal, yeah.
39:43
I’d love to do that, Absolutely.
39:45
And yeah, and his customer list is, is golden means you could come in there right now and and do something with the customers and as a promo thing, and just generate all kinds of. Good. Yeah. Yeah. I don’t make sense to possibly do a DBA, and kind of slowly, gradually merge, his own image that already established business. That way, you know, he gets known out there talking about. I think that that’s probably would be something that you might want to Absolutely. Absolutely. That’s DBAs, or four.
40:23
Yeah, That way you think you’re not going to change his brand unless you need to. Yeah.
40:28
Then create your own image out there so people will get to know you even if he decides not to do anything with his name or brown or whatever, right now. Look at the KFC logo.
40:42
Colonel Sanders.
40:45
He’s not around anymore, but everybody, everybody knows the product, and they need, They need that image now, so we’re kinda stuck with it.
40:55
I learned this just recently, I’m very intricate process, and then also like to put a lot of words in whatever they say to keep your logo very simple, Very clean, just kind of like McDonald’s. You see the end, like 10 miles away, you know that.
41:13
Absolutely.
41:16
I spoke with someone the other day, and he, he, he needs to retire.
41:22
But he could keep on doing the business. But it’s time to retire and it’s just He can’t even keep up with the orders. He’s make it so much money. And it’s really unique.
41:28
I don’t even know if I’m going to tell you exactly what he was doing, but The more I talk to him, because he invented this whole thing, someone had asked him to do a service. And he goes, Yeah, yeah. Sure. We could do that, and he had no clue, and he figured it out on the fly and did it and it was brilliant.
41:42
And then everybody else wanted it, and it just made so much money, and he’s been doing it for like 30 years or more.
41:48
And so now, there’s all this intellectual property.
41:52
Intellectual capital is a big part of a business.
41:55
It’s, it’s the information you get from doing the jobs, and it’s unique.
42:00
No one else could have done this, and he was asking, like, how do I get out and, like people, people want to buy this thing and they’re gonna pay him, like, basically, he could rightest ticket. There is no way to, to evaluate how much it’s worth.
42:12
I mean, you can even go off, You could go off the last 2 or 3 years of gross income, which is what people do have to evaluate the price to sell on that type of business.
42:23
But, the hidden money is the licensing on all the gadgets that he’s had to develop, on the fly, to solve problems.
42:33
And, and I explained them, OK, it is going to take this guy years, if he wants to do it, too, Create descriptions and schematics and and document all these things so that he can license it back to the company, because it’s one thing to sell to the company because you’ll get X dollars.
42:49
But then you want to license back all the intellectual property and the different designs and mechanisms you created, the products you created to solve problems and provide the service in the company.
43:00
It was really amazing what he did.
43:01
So, so, realize, there’s, there’s a book I mentioned, it’s in my post windfall plan.
43:07
I think it’s in that.
43:08
And it’s Francis, Hughes, Francis Hughes, I think it is.
43:13
And he was talking about intellectual capital in a company.
43:18
So, so keep that in mind because that’s another way to scale things up is by creating or packaging intellectual property and and marketing it in itself either as a license or as a publication.
43:30
So again, you know, with the roofing, There’s a lot of that there.
43:33
I know it’s a very common business, but there, there’s gotta be some, some trade secrets in there. And he’s got to probably have some special deals, too.
43:41
If you pick his brain enough, you’ll find out he’s probably got some special deals with suppliers.
43:49
On how to find someone who wants to buy. Let’s say, OK, I thought, wants to buy or sell. What I would start with. I would start with a broker, and now that’s not always your answer, but I would start with the broker, especially if you’ve never done it before. Because a broker would not just help you with the deal hill.
44:06
He won’t just find you the deal, he will actually walk you through the whole transaction.
44:09
He’ll get you the documents, It’ll help you do the research. He’ll even qualify you. It’s like if you come to, like if, if you went to a broker right now, first thing if you wanted to buy.
44:19
I don’t know. A million dollar item, OK, a business in your town. He would make sure that you’re able to do that. So he would say, well, Who’s buying? He said he’d say, well my company and say, Well, let me see your balance sheet.
44:30
That’s probably the conversation you’ll have.
44:32
And so many works, you know, it won’t be that abrupt.
44:34
But, basically, he want to make sure that you know what you’re doing, because he’s not going to introduce you to his seller over here.
44:42
The seller is going to not want to deal with them anymore. He, he only want serious people. So, he’s going to qualify you.
44:47
So, go to a business broker, get qualified, understand what’s involved in the process.
44:54
Usually they’ll advise you for free, sometimes you get to spend some time with them, sometimes you gotta pay him.
44:59
But that’s what I would start with as a broker.
45:01
In fact, most of the time I would use a broker unless a deal just fell in my lap. Right?
45:08
Millimeter, Thanks, Ashley. Balance Sheets, really, in, some of the things, I’m sure, I’ll do, You always have books for your, for your company.
45:17
I tell people, You know, even if I just start the company out, I would just go get a balance sheet. OK, so my Balance Sheet, it’s going to show my $100 deposit that I use to open my bank account.
45:29
So, you gotta start somewhere, right?
45:32
And they just built from there. Yeah, I would say, from the beginning, you’re having books and records is adding value. And it also shows competence and responsibility.
45:41
You want to have that ready?
45:44
Great, thanks.
45:50
Well, I think we’re on the hour, I’m gonna end this, and we are going to continue, So I hope that’s been helpful.
45:56
Um, let me know, if you would send me comments, please. I appreciate your time and I appreciate your all participating.
46:02
Is there any way I can show this video to someone? You’re welcome to show it. Yeah, I get that.
46:09
Well, I’m not going to I’m not going to distributed Except for my members area.
46:12
So, OK, what we can do is we can do one separately, if you want, OK, We could do another one. Yeah, so, like for your particular project, if that helps.
46:24
All right, OK, sounds great, Thanks, everyone. Have a nice weekend. Thanks for your time. Thank you, everyone.