U18 – Discussion about finding new opportunities for cash flow
0:00
To this website and you buy the actual business, I was curious. How legitimate isn’t Actually does it. really worth to you.
0:09
Yeah, and we’re recording now, so this will, this will help hopefully other people, how, legit well, so.
0:18
And I’m an entrepreneur. So I’m always looking for opportunities.
0:21
So, I’m open to that all the time, and I see this all around me, But I don’t have time to do everything. And so, I’m thinking, OK, if I wanted to share this strategy with people, Let me pick something I can show you on a keyboard and a video conference. Because I’m talking to people all over the place. What better way to do it than a website that is already operating?
0:39
I can show you a website.
0:40
So like for example, like let’s just do this.
0:43
So, I’m showing you, um, A website, which is a business that you can buy, and I’m going to show you how to buy it and how to qualify, what’s good. So I’m just showing you how to buy a business. It’s nothing new.
0:57
I’m just showing you my technique and I just came up with this because it’s easy for people to follow and people get a lot of money doing this, and people don’t make a lot of money doing this. I’ve talked to people before.
1:07
They had a really nice deal, And they just, like this one lady, she had a great deal, and she called me back, and there were some thing that she wasn’t sure about. And I said, You know what? You need to go make a deal. You need to go over there and make an offer. Don’t call me back.
1:24
You already know what to do.
1:26
Then I don’t think she did it I think she talked herself out of it.
1:29
They don’t then another guy, You know He made to cost them $200,000 and it was it was worth millions of dollars.
1:38
Um, and he didn’t spend any of his own money.
1:43
That wasn’t my doing it. He just worked out that way, And that guy, it took him six months and three offers to get to that third offer that actually went through. And he said to me, he was going to call me up to the second offer because he was getting a little frustrated.
1:55
The second offer that didn’t go through, and he said he thought to himself, if I call John, he’s just going to tell me to go look for another deal.
2:04
And said, I’ll just because he did, and then he got it, and that’s when he called me. Yeah. So, so he went back and forth with the seller offering them different?
2:14
Yeah, OK. Yeah, yeah, so and the broker helped him So it helps to not do it by yourself.
2:19
So let me do a share screen here. Yeah, good to know how you’re qualified because there’s so many unknowns.
2:25
No, and then depending on price range.
2:27
you know, How do you tell that which one is actually profitable and will continue to be?
2:32
So let me just You don’t have to do it this way.
2:36
I’m just going to make this up, I’m going to say, Etsy, web sites.
2:40
website businesses.
2:42
You see what I’m doing? Right, it’s Undocked dot go, right?
2:44
mm, hm, OK. I’m typing this in my search engine.
2:49
For sale.
2:53
My teenagers are doing this, guys.
2:56
Say, No, I heard, I remember, you said your tartaric told her to do it.
3:01
They are doing it, and there’s no excuse why you can’t. And it, and it is working. Like, they literally were able to buy it and now, yes, they’re very beginning stages. It took them a year, I’ve been mentioning this for a year to them, and they’re finally doing it. Because, my, my son wants to do it, do its own thing. He’s tired of his dad making the rules. So I said, you know, if you can pay the bills due to what you know.
3:25
So I’m, I’m looking here, and as you can tell, I’ve already looked at something, like, whatever, it’s already like, I did it probably recently. So I’m gonna, I’m gonna.
3:36
Selling an F C C.
3:41
OK, let me just just share with you, now I’m an entrepreneur and I’m looking for an Etsy website. Maybe.
3:48
Maybe I’m looking for the things people on Etsy are selling.
3:51
I don’t know yet, but here’s what I do know: While I am searching for Etsy website businesses for sale, I run into e-commerce websites and businesses for sale, OK.
4:08
This might be a broker Oh, here he goes, it’s this exchange marketplace That’s one of the broker services. I recommend. It’s in my video.
4:15
Let’s do something different.
4:19
Some people are selling business systems. An e-commerce, package’s, I’m going to suggest to you that you don’t need those.
4:25
Yes.
4:26
That’s right. Because that’s you can put those together yourself And you’re going to put that together yourself when you do this if you if you pay for someone else’s turnkey system.
4:35
Let’s call it you’re just paying more money for getting the same thing Yes, I mean, I’ve worked with companies that actually help people start businesses like that. Yeah. They’re good but you don’t need them.
4:48
A lot of them were not successful. So that’s why it was I was like Oh yeah, the spark.
4:54
Yeah.
4:55
So let me pick one like business website now that’s FC Etsy itself. Etsy, businesses it for sale. Let’s just click on this one.
5:06
Business for Sale, Etsy Business for Sale.
5:11
And wow, we got all kinds here.
5:14
So these are Foresail, this is just like looking for a car for sale, except now you’re looking for an asset, cars on liability.
5:21
So what appeals to me? I don’t know who’s selling stuff. They’re selling t-shirts. They’re always selling T-shirts?
5:27
What else are they selling?
5:29
What’s going to give me an idea? Maybe I don’t have an idea. Let’s look at other people’s ideas. That’s what I’m doing now.
5:35
It’s kinda like brainstorming by yourself.
5:37
Yeah.
5:41
Let’s see who’s selling what.
5:43
I can tell you that what’s popular is like women’s, excercise, attire.
5:50
Exercise equipment is popular, baby things are popular, car seats and toys.
6:01
That’s kinda cool.
6:02
Metal business cards, like I got distracted. I don’t need this, I didn’t wanna sell those. So let’s go to page two.
6:09
OK, so these are for sale.
6:12
Um.
6:17
Now, it looks like, Let me see here.
6:22
Let’s look at flower genes.
6:25
Yeah. Because that one looks like you’re the only one that’s a business for sale, because it’s 9000. The other ones were like 20, $30.
6:33
Great domain for a clothing store brand.
6:38
I can add to cart and buy it. So what, what this business is doing, is it selling Distributorships, apparently.
6:46
So, otherwise, it wouldn’t be structured this way.
6:50
Only one available. Maybe it’s not. I don’t know.
6:52
Maybe they say one available, or you think they’re just selling the domain name flower Com for Celebrate Domain for clothing.
7:00
That’s exactly. Could could be L N domains, yes, so that could be there selling domains. But maybe you have a shopping cart in there, and maybe you have brand recognition. And maybe you have customers, I don’t know.
7:11
Millimeter, I would not pay $9500 for a website unless it had turnkey and customers and.
7:19
So just keep that in mind, OK?
7:22
Let’s do, just do this.
7:25
Um, I’m gonna look for most popular.
7:31
Item sold on Etsy.
7:37
Sometimes you can take a few hours doing this, but it’s well worth it.
7:41
13, best-selling now that is worth it because let’s see what’s selling?
7:48
And who cares if you have competition?
7:50
I think it’s a good thing to have competition I want to I want to sell in a market where people are buying it I don’t care people competing with me just like exercise equipment. You would think that nobody would want to sell exercise equipment because the market is saturated.
8:01
It’s not saturated, because nobody sells a product to everybody, You only sell a product to a niche market.
8:09
So It’s great that your niche market is enormous, because that just makes it easier.
8:14
For your niche market, Your home market is enormous.
8:17
So suddenly, the advertising part, if you’re able to market, carve out that niche, exactly, that is, you always do that.
8:25
So here, we have, OK, so with, Oh, so, OK, here are the different products. What are these products?
8:32
Looks like. Those are the shops that sold that many products, OK?
8:37
So wise, Pokers Tabletop Games, that’s going to be popular right now, right?
8:44
Millimeter people are staying at home poker sets. We actually have a black jack.
8:49
Green, what do you call it? This felt tabletops.
8:53
We got we got some of them. We got one of those and we put on the kitchen table and my son is a blackjack dealer for us and we play blackjack my actual, all my children change. They trade do and we do Block Check at home like like you would play monopoly.
9:07
So this looks like a nice kit, actually.
9:10
We kind of put our kit together, so that’s the thing that sells.
9:14
Cup Turner, OK, who would have known? What it means? Believe it or not a cut turned ourselves?
9:22
Like pancakes.
9:26
Great.
9:28
All right.
9:29
Oh, maybe it’s it’s designing a cup.
9:34
OK, there are many people who want personalized mugs, OK. I didn’t know you could do that. So you could probably personalized people’s mugs.
9:42
Interesting.
9:43
It’d be nice to have a display or something that is yeah, OK, So.
9:49
So you’re just looking through here and see you’re looking like for me. This just doesn’t appeal to me for some reason. I don’t know.
9:56
This dust appealed to me at first, I was kind of shocked, but now I’m looking OK, because people like vanity items, they like customized coffee cups. t-shirts, you know.
10:08
Also, that’s a thing that customizes someone’s cups, they already have.
10:12
Probably probably yeah, That’s something.
10:15
So these are these are the top selling items on Etsy.
10:22
Jewelry, of course, is always in there.
10:24
Even numb stuff that’s not jewelry, You know, like wood necklaces or wood pendants and things like that wouldn’t.
10:34
Just steal.
10:36
No, nothing, really. That’s jewelry. It just looks nice, I guess, or costume jewelry, if you want to call it that.
10:43
There see jewelry, accessories that’s always high, That’s always been popular.
10:47
That’s a big market, though. So you see.
10:54
So let’s say we pick this one, buttons in pins, right? So.
11:01
We’re going to take a trip over to Etsy.
11:05
Not working.
11:09
We’re gonna, we’re going to see what’s what Etsy Storefronts are selling buttons and pins.
11:18
Buttons.
11:20
Well, look at this.
11:22
There’s your niche markets, right?
11:26
All kinds of buttons for all kinds of things, right?
11:29
Awesome.
11:31
So these are businesses that are not for sale, I’m just saying these are products being sold right now on Etsy.
11:39
So.
11:43
Now, let’s do this.
11:45
And I’m, I’m just staying with Etsy, just for the sake of this demonstration.
11:50
Etsy, so I’m looking for something that is selling a product that I can sell, that’s already making money.
11:57
OK, and so now that I’ve just picked something, buttons for sale, and, yeah, I see how many there are.
12:06
I’m going to do like this Etsy business.
12:09
Websites for sale.
12:19
I don’t want the website design. I want something that’s already making money.
12:29
This, you may want to look at to, to give you some ideas, Our business ideas.
12:37
10 sites that are like Etsy. Now, that’s also interesting, because you want to get, like, Etsy type sites, and here’s a website that tells you other types of sites there like Etsy.
12:46
That’s kinda cool.
12:53
So, it looks like there are not many that are selling their business on Etsy. Or, maybe they go to an Exchange place and sell it.
13:01
We’ll get there.
13:04
OK, here’s 25 places to sell hand-made things. I just want to find something that’s already been sold websites and e-commerce businesses for sale.
13:11
Here’s Biz buy Sell, that is a broker, just like I’m Exchange marketplace. It’s a listing service at least they usually have brokers there.
13:22
Now, I would just avoid Amazon sellers.
13:24
Um, I don’t want to get into too much detail on that, really, basically, Amazon makes you into an employee, you make less money with Amazon, unless you’re a pro and then you’ve got a high volume. If you have high volume, Amazon might be the way to go.
13:37
All right, Now, look, this is $2.5 million, We don’t need that.
13:44
Don’t, don’t be afraid.
13:47
Here’s 1 for 150. Wau, such a deal. It’s so cheap.
13:50
You’re not shopping on price, by the way, However, what I want to show you is how to get a $2000 business.
13:57
That makes a couple thousand dollars a month and maybe it’s a $6000 business.
14:00
Let’s just keep looking.
14:03
Actually, I can set some criteria here. Let’s do some filters, price range.
14:07
Let’s shop on price.
14:09
And let’s just say, any minimum, let’s just say $6000, Max.
14:16
Let’s not go over 9000 and how about that.
14:20
Let’s see what we do there.
14:22
Maybe it’s going to say, nothing is available. OK, here, Now we are talking now, or talk.
14:28
Now, this doesn’t make any sense, someone’s selling the business for $1100, and it’s cashflows, $665,000.
14:38
Dental, lead generation business. Oh, it’s a cash cow, it looks like it, But, OK, let’s just click on Add a morbid curiosity.
14:46
What the heck is this all about?
14:48
That’s the question. It’s like, Why would they sell that?
14:52
That doesn’t make it.
14:53
Yeah, this doesn’t make any sense, but, um, there’s no inventory because you’re dealing with it’s a marketing service.
15:00
Gross revenue is $95,000. You know what?
15:02
Don’t be, Don’t be thinking that a lot of this stuff is not true, because the people listening here have to prove this and the listing service would likely not want to list somebody who’s just lying. And people just don’t do that in this area.
15:17
Now, they may exaggerate if they can for the value, in whatever, they might hide something, if they can get away with it.
15:24
So that happens But you’ll be able to verify these numbers.
15:28
Are you looking for a business that is not only high in demand, but doesn’t take time away from your life?
15:34
Oh, Invisalign, interesting, this looks more like a, I’m, like, kind of like a license type deal.
15:45
All right, after we contact orthodontist’s, we charge 450 a month.
15:53
Then part of that, we put on advertising. So we’re, so you’re gonna contact businesses and do this.
16:00
Keeping the price low.
16:03
So they’re telling you how this works.
16:06
How do I make money?
16:07
This is how you make money here.
16:10
So, yeah, you would have to work at this, or hire someone to work for you and pay him, And that’s something that is a skill you gotta develop, if you haven’t tried that before, but you see.
16:22
If you want to create some money and do something, you could do it right away with low cost.
16:28
It looks like A, you get Facebook ads. And then you sell it. To the people that are looking for invisalign or whatever. They’re selling to the dentist to contact the scheduler.
16:38
Here’s another idea, let’s say you find a product. And I’m not just saying specifically on Etsy here.
16:44
I’m just saying, Let’s say you have a thing to sell, and you can ship it.
16:48
Or you can cause it to be shipped, but you need customers, well, it costs money to get people interested, It costs money to get your offer in front of people.
16:56
It costs time, at least.
16:58
So what if you, um, had a product like, um?
17:04
A leather shoe that came from a place that your family lives, that no one ever really cares about, like, let’s say your family’s from the Myanmar Republic, OK? Just for example, and there’s this really cool looking product and people like it there, and people in America never heard of it. And so you have an N, you have a way to ship that product, but you don’t have any customers and it costs money and you don’t want to spend too much money.
17:27
And what you want to do is go to someone who’s selling shoes, that already has that market.
17:34
And you make a deal with that person in a joint venture and you place that product. Or you pip place the image of that product on that person’s platform. And you do a pitch, a promotion, a special event.
17:46
And then, all you need to do really is guarantee that the customer, for that person, who has a platform already, will be happy with your sale, because you’ll make sure it gets dropped shipped.
17:57
Maybe the person you’re joint venturing with will say, I want that product, But I don’t trust your supplier, I want you to ship me a pallet of them.
18:06
You have to work out some sort of terms there you see.
18:09
Then you could just, just because you knew a thing to sell, and you connected with a person who had a way to sell it, you just make a deal and bam, there you go, and I’ve done a lot of those.
18:19
You can make a lot of money fast with that in fact, Yeah, Kind of like the middle guy. Then connecting the seller.
18:25
Yeah, with the yeah, it’s a sale or a recruiter.
18:31
Let’s just do this here.
18:32
Let’s look up OK, so you got the idea and now it’s time to move on with the rest of your day because you still have a day job, right?
18:40
So before you do that do this one thing look for a broker um, Let’s call him an online business broker.
18:53
Hmm hmm, hmm, hmm, hmm.
18:56
And, IE, as you can see, I’ve already looked at some of these.
19:01
I’ve looked at this guy, I’m invested … is not really that, that’s gonna give you a list of other brokers so I’m ready to do that.
19:11
How about this one e-commerce and website brokerage?
19:15
Never saw them before.
19:19
What are they doing?
19:24
Only entrepreneurs understand entrepreneurs, OK, great. So they’re saying that they’re entrepreneurs. Great.
19:30
Get your free valuation today, all right.
19:33
So here’s what I want.
19:37
I want them to send me deals.
19:39
I think that’s for businesses already, so maybe click on buy up there. Yeah, right, so I’m gonna buy it.
19:46
They thought it was a seller, OK, you’re right, I gotta read more.
19:51
Alright, Clumsy we can be.
19:53
I mean, you know, you guys think I know everything, I don’t, I just know what I want to get and we’ll get there, all right, so.
20:07
Find your perfect acquisition. Opportunity below.
20:11
Get new listings. Now, here’s what’s going to happen, I know that they’re going to do this.
20:17
Filter, OK, notify me.
20:22
Maybe it’s going to create an account or something. I don’t know.
20:28
There you go. So, now I’ve got a connection.
20:30
Now I can go on with my day.
20:33
I just found a broker who’s going to get me deals, I didn’t yet tell him what I want to look at yet.
20:39
I just, I’m going to come back my next time and I get back from work.
20:42
And I’m gonna go and check my e-mail and I’m going to dial it in.
20:46
Maybe it’s going to be a phone call or maybe they’re going to give me a link to their website, where I go and say, OK, I’m looking for this kind of this kind, and this price, right, they’re gonna send you the new listings that come up. I did one with the one that you sent.
20:59
The other website, exchange marketplace.
21:03
Exactly. So, that is how you make more money, and you decide what you want to do. So that’s just for websites, I mean, you don’t have to do it that way. I could tell you right now, I should just do this just to do it.
21:14
Did you guys see?
21:16
I know. I’ve shown you all this before.
21:20
Well, anyways, I am, I produced a t-shirt and a hat.
21:24
I got a logo produced, a t-shirt, and a hat. Put it on e-bay.
21:28
I did it for a few hundred dollars, and I could have spent $3000.
21:34
But I wanted to demonstrate that you can do this for little money out of pocket.
21:37
And so, the way I worked at is, once I found my supplier, the supplier wants to sell me, like, 3000 shirts a month, and I don’t want that many, I don’t even know if anybody’s gonna buy my shirts, right?
21:52
So, um, let me, can I get out of here? I’m going to end screen sharing.
21:58
I’m not gonna, I’m not gonna do that.
22:00
So I Found my spot.
22:03
And I said, all I really want to do is buy a case, and he’s like, ah, I gotta read two of my machines. And I gotta do this for different run-up, 12 shirts.
22:11
And I tell him, I’ll pay retail.
22:15
He’s like, Oh, well, in that case, yeah.
22:17
So anyways, so I made a deal to pay retail. And so my point was as I, I got him to design the shirt and the hat.
22:25
And then I put those on e-bay so people could see what the product was and then I think on e-bay, it does like a color scheme to stuff so the person can see what kind of colors and I got the supplier to tell me that he’ll do those colors.
22:39
Then I listed for sale now I don’t have the inventory. He doesn’t have the inventory either, it’s Nathan made yet the product is not ready yet. So I got an order, It took a month, or so, I got an order.
22:49
Then I went, I sent, I send a backup order, Notice to the customer.
22:55
And he said, OK, fine.
22:56
So then I place my order, and I said, it’s urgent, Please send it quickly. It’s coming from China, by the way, and then I paid for it.
23:02
I pay the full price, like I was a consumer, and I don’t care.
23:06
All right, so, and so then I paid shipping, I pay the retail price. Then I paid shipping to the customer and whatever he paid me, I’m sure, certainly lost a lot of money.
23:17
I definitely did not make money on that shirt, but I don’t care. I just wanted to sell it.
23:22
And If I wanted to, I could promote it.
23:24
And if I had 12 people asking or 20 people, then, OK, now I’m going to say, I’m gonna go make a deal with the guy and say, oh, here’s what I want to do.
23:31
And he’s gonna start, give me a pricing schedules, and then I’m going to maybe because he’s in China. Maybe I’m going to ship myself 100 at a time or something, right, so then I’ll work that out later, I don’t care about that right now.
23:43
And yeah, it’s still, I’m in the red. You know on that one.
23:47
OK, I didn’t try to sell on that, I was just doing it, to go through the motions.
23:53
OK, you’re trying to see, maybe, if there is, anybody who wants it?
23:58
Exactly, you could do it that way, too. That’s an expensive way to test market something.
24:02
A way to test market would be to see what someone else is doing, that’s what I do first.
24:06
OK, so I don’t have to spend any money. I actually have to act like a shopper, so I go on the internet and I shop, like for example, Shapeways.
24:13
Shapeways is a three-d. printing service, It has three-d. printers.
24:17
If you ever wanted to get into three-d.
24:18
printing and sell products, don’t bother getting a three-d. printer to start it.
24:23
Go use someone else’s three-d. printer. Right? You just need the product and the customer. So, go to Shapeways, here’s what I did now, I didn’t follow through. Again. It was just, you know, I do this to show people. So, I, um, I went on Shapeways, and I asked shapeways there was, like, a helpdesk or something. And there was I think they even had a search thing.
24:40
Or I think I even use Google to verify it.
24:42
And I wanted to find out what the most common thing is that people buy from Shapeways, and I did this about six years ago.
24:48
And it happened to be a figurine of Neo from the matrix.
24:53
Sitting on the end, actually, it wasn’t even Neo it was …. I think it was like, just January, It’s sitting on the end of a counter like this.
25:02
I don’t know why that was popular. It was like a little Plastic figurine.
25:08
So my thinking was, OK, if that’s selling a lot, then I’ll sell it.
25:12
Because I could probably get it on you somewhere on the website, maybe Facebook ads.
25:18
I could do that. I can also create a Shapeways store like Amazon, and create a Shapeways storefront like Etsy.
25:26
OK, OK, Shopify, Amazon, you get Shapeways say like that, Shapeways, three-d. printing, OK, yeah, that’s right! That’s right. I just looked at one yesterday.
25:37
Check this out.
25:38
You can sell cakes in the mail.
25:41
Cake, cake.
25:42
Cake! Cake!
25:49
Well, there’s a service. I mean a person can make it or they can have a factory type setting, you know, mass production, then they just shipping.
25:57
Yeah?
25:58
Yeah. You can actually set up your website, customize it, and sell cakes. So if you don’t think there’s a real or make any sense, I actually had someone working for me years ago. And she made cakes. And she sent them by the mail. That was deliberately what she wanted to do.
26:11
And I thought to myself, that’s impossible. You can’t do that.
26:14
So I ordered one and I got a cake in the mail. I got a chocolate like Double chocolate something, and it came, and 10. It was perfectly made for this cake. This tin was like, really tall.
26:25
It was like maybe a foot.
26:27
And it was round, like a cake was.
26:29
And it was perfectly fitted so that even if you through this thing like a football, I wouldn’t mess up the cake.
26:35
Wow, it’s cool, I opened the whole inside, I’ll tell you this. When I took that kick out and ate it out, I swear, it was the best kick I’ve ever had since then, a ******* outlet cake.
26:48
Yes, I think if it had fudge inside, like fudged Bill here, So I got so, I’m just saying you’d be surprised.
26:56
So that’s, that’s how you look at things.
27:00
Now, if you don’t like that, um, no, you might go into your arm, you might go into your barbershop and have no friendly conversations with the barber and maybe there’s like, you see that Barbara, he has shelving products he’s selling.
27:19
You might be able to sponsor something with a shop, like buy the products, and then you buy the products, you own the products, and then you can sell the products.
27:31
So the way it works, is like, I don’t know. It depends on the contract she’s already working with, so you have to kind of think through, OK. I’m just giving an example of how to think you use his face to display it and sell it out. Space.
27:43
Yeah.
27:44
So what you do is now, most of the time, the barber owner, that’s cutting your hair, and he’s the owner and he runs a shop. And he sweeps up at night, and that’s the guy that locks the door, and he’s going to make those decisions. And you’re talking to him, or not, you got to find this guy, right, or girl, and he’s got the shelf space. He’s already paid for it. And guess what? It’s costing them money.
28:05
The longer that shelf, And he’s used to, that he think that’s OK.
28:09
So you come along, and you say, you know what, I would like to buy all your shelf space, and all the products, as an example. And I’ll say, you’re nuts.
28:18
And he said, well, would you sell it to me, then they’ll say, well, yeah, and the first question you ask is, what do you want for It? You always make you make the other guy give you a price, and he’s gonna say, well, I can give you a 10% discount off my retail price, and I’m gonna say, well, that’s how it’s really generous, but I was thinking more like this: How much did you pay for it? Let’s start there, OK?
28:47
Then, once we figure out that price, that dollar amount, then I’m going to ask them, What is it costing you to keep it there?
28:55
Because now, I’m going to drive that price down.
28:59
I probably should start there.
29:01
Let’s see how I’m doing this.
29:04
Then, he now is going to start thinking, Oh, man, you know? The thing really is an alligator, man.
29:09
I should take half. I should be happy to get half, you know, I’m talkative down off the price. right.
29:15
They’re not, they don’t, they don’t get them to a reasonable price, I’m not trying to you know lowball somebody, and that’ll get them to.
29:21
So then I’ll say, OK, so if I have the right to buy that, I’ll buy it right now, or a bite over time.
29:30
So I do a little contract on a napkin or something, I’m going to buy this for X dollars over the next three months in divided equally divided payments.
29:37
I feel like fine, OK, So it’s an understanding, You don’t have to make it a form a contract.
29:42
You can’t see you come in with that money, and you pay on time and you do what you say, then, how does it benefit you to do that?
29:50
Well, now you have a product to sell, that you just got a really low margin on, I mean, a lower cost, right, and it’s insured.
30:00
My storage facilities insured, you bet, because he has at least a million dollars insurance to cover the products and things in his shop, And so you make sure in the contract that it’s still covered.
30:12
If something happens to it, or to the store, or anything, OK, yeah, it’s still covered. You see it kind of riding his coattails, but you’re helping them out. Not exploiting them.
30:23
But you’re just thinking things through.
30:25
I don’t know that shampoo is your best way to go, but I’m just, you know.
30:28
So I might promote that and sell it in some way. Maybe I have an Etsy store, or maybe there isn’t Etsy store that I don’t own, that he’s doing this thing, and I’ll go to him and say, well, can you sell this product over here? And then he puts it in a shopping cart, and maybe he’s got lots of traffic, and it’s a hot product.
30:46
Then all of a sudden, this guy’s inventory is turning over, and it wasn’t before.
30:53
Maybe it’s not.
30:54
And he would have to ship it, so then that’s, I guess we’ll work that out. We can, Yeah, we can work, Oh, man, just have the, oh my gosh, you can make money on shipping. I’ve sold things before. The only money I made was on shipping.
31:06
I sold things at a loss and still make money on shipping, and notice they do that now too.
31:13
It’s really obvious. Yeah, I don’t like overcharging. I mean what I’m talking about. It’s like a dollar I’m not going to argue over a dollar, but some people go way overboard on shipping, so But anyways, so, So that’s what I’m talking about.
31:23
So if you’re asking, Yeah, John, how can I make some more money?
31:27
That’s how you do it. You just look for where. There’s value that’s not being obtained. You’re not, a person is not getting a value.
31:34
He’s, it’s just locked up value and then you come in there, negotiate out of that, you get it out of there. You free up that value and take it.
31:42
Like, sometimes, people will, they will not see the value of their labor, and I’m not saying people should be exploited, but, if somebody’s happy to make $250 a week, and I can sell his time for $1500 a week, sign me up for that.
31:57
Got it. I can show you that all day long.
32:01
OK, I’ve done that before, before with, um, I had a whole office, OK, that the woman with the cake, she was my, she was the boss.
32:10
I had to run the office, the office, you know, but I needed people, too, do work for her, so she could do the boss work, and they could they could have the other menial tasks that were really important.
32:21
Be done cheaply, let’s say. But it’s kinda like almost skilled labor, and that way I was doing it, so I hired a firm that had six people in India.
32:32
I paid her, my administrative assistant. I paid her $60,000 a year. And I paid the other firm in India, $60,000 a year.
32:41
So I got seven people for two full-time administrative assistants for that price, OK, that allowed me to handle volume, OK.
32:51
And everybody’s happy.
32:52
Yeah, OK. And they manage to the other, or somebody had to manage to six people or the ones in India.
33:00
Yeah, I didn’t even know what was going on. I remember one time I came in the office, and I hardly ever came in. There was in another city.
33:05
I came in the office one day, She goes, hey, she’s over there typing on the computer, and I said, oh God, Yeah, I’m just checking, I’m looking over our shoulder, and they can maybe she’s gonna ask me a question or something In about five minutes. I’m like, and I should even be here. What am I doing here?
33:19
You know, because she handled it she was the best that was interfering? I had to leave OK, I said Well.
33:26
You got it having a good day I see it OK?
33:29
No, so anyways There’s value out there. There’s there’s a guy in my neighborhood I say the slots that he’s got.
33:35
He’s got a truck does landscaping there’s people that come over to do pressure washing I know for sure I can get them jobs in my neighborhood and yeah, that’s a little bit of pennies but that might be enough to pay my light bill mm It would cost me hardly anything to get that guy out here and get my neighbors to you know get pressure washing and I can make $50 on each referral or something whatever And so yeah, OK, I’ll leave you guys with what I’ll give you.
34:00
I’ll give you one more thing Alright, Clickbank is an affiliate program.
34:06
You will see Clickbank Millimeter.
34:08
Hmm, OK, So if you go over there, You’ll see they market it to people that get commissions, selling usually it’s information products, books and packages like you could You could sell videos and audio and whatever. A lot of times you’re going to sell access to a website nowadays because people don’t want things. They want to login and look at their phone and stuff.
34:29
So whatever the thing is So you can up either get someone else’s product that’s not using Clickbank right now an offer to sell it like you can even go to someone who’s trying to market like a Lulu type customer, a vanity publisher type customer. Who’s selling a book.
34:46
that Yeah, maybe He’s OK. He’s got it on the on his own website and stuff like that. You can contact them and ask them for a contract.
34:52
That gives you the right to sell his book, Then you go to Clickbank, and you get an affiliate to sell the book OK, so you click blank you hire pretty much affiliates.
35:05
When they see you Then they get percentage.
35:07
Yeah, right?
35:09
Now, There’s a lot more to it than that. I’m just giving you the front end of something You could do It’s not very exciting if you think about it for a second, but it would be exciting if you have a backend sale or an upsell?
35:21
I?
35:21
Would recommend OK, so either make a product or sell a product mostly.
35:26
It’s going to be an information product, and there are many other Clickbank type services Just Clickbank. I’m just really familiar with it. It’s been around for a long time.
35:36
So I can put it. Here’s another way, so I take a product that I can select Clickbank, and someone gets a commission, and then his, his inventory turns over, or my inventory turns over, or, I have a way to sell it where there’s no inventory. Like, it’s a, if it’s a website access, than I don’t have inventory, but everybody gets what he wants, you know? Video, content, whatever.
35:53
Sometimes, you’ll get into a situation where the affiliate marketer, OK, Lots times, the affiliate marketer, has tens of thousands of people in a group and audience that he’s catering to, and wants to have another product, and is very happy that you brought the product to them.
36:11
But just the same, he might tell you that he wants all the money, which sounds counter-intuitive, like, why would I let you sell my product?
36:20
And then you keep all the money.
36:22
In fact, sometimes, they will want more money, then, they’re collecting. They want to get into a database of their people that bother you go. That’s right. That database is a lot of money, so let’s say that out of his marketing efforts, in the next three months, it generates 783 customers for you.
36:44
They’ve bought that whatever mm 783 people that use their credit card to buy the product that you were selling, then let’s say 8000 more, signed up for free, OK, so you get the list of that. And you pay it.
37:01
Yeah, yeah, everything that you made. And so, yeah. The 700 kilos.
37:07
Yeah.
37:07
The 783 people have demonstrated that they’re willing to go to the trouble of taking in that credit card out and type in the information and buying something, entrusting that that’s a good product.
37:17
And you got that person’s information. How much did it cost you? Well, if you run the numbers, it’s probably going to cost you like 10% of what you would pay to get that person outright.
37:28
And it might take you years to get that person, whereas if you went with a database, an affiliate, and did it that way, it took you a week.
37:37
So yeah, I’ll pay you 110%.
37:41
That’s way cheaper.
37:43
So think like that, and then you have the client tell.
37:46
So it’s good to, if you have other packages to sell, yeah, that’s the other thing, So you have a front end package, and a backend.
37:54
Yeah, an upsell. one item, typically has height when you start out. You have a one item.
37:59
And an upsell.
38:02
If for those of you who know me know the things I do, if somebody calls me with an IRS problem, he’s going to collection problem.
38:09
I will solve that problem for free.
38:13
And I even don’t even pitch them on anything else.
38:16
I will just solve the problem.
38:18
And then they’ll say, how are you able to do this for free? And that’s what I tell them. Well, I usually have this other thing that I do for people.
38:24
In addition to solving the problem, I can actually show you how to do this other thing, because now you have the deals problem anymore.
38:33
And they’re creating value.
38:35
Absolutely, yeah, now I have a relationship with that person, which is, I really prefer that I really prefer to have a relationship with the person, I’m selling something to you because they don’t know me, I’m some guy on the internet, and you know, I know, it sounds like I can meet them in person and stuff, so, So I’ve solved this problem. He trusts me. He says, I’m competent, and then I tell him about this other thing, and then he’d be more than happy to pay me for it. That’s just how my style of how I like doing it.
38:59
And so I use a service as a marketing tool.
39:03
Now, I don’t always do that.
39:05
Sometimes they charge upfront, it depends on what you want, what you need.
39:09
So, um, yeah, that’s great.
39:13
Yeah, so if you don’t have a product or a thing to sell, look, for someone else who does, see where he’s missing out.
39:21
Even a restaurant, I’ll share an idea with you on a restaurant.
39:24
Um, I haven’t tried this yet. I believe I can do this.
39:28
Um, I really don’t like the carousels, the food. I’m sorry, the condiment, carousels at the restaurants. I just think they’re, they’re poorly thought out, that there’s not much attention that’s put into these things.
39:40
I think if you put more attention into them, I think you’ll have more return customers at a restaurant.
39:47
And I think you’ll have a better turnover in sales, and the other thing on training for waitresses and waiters, I think that you can actually use them as salespeople.
39:57
They see themselves as salespeople, as opposed to just waders mm. So there’s that aspect, but the actual product that I would sell, want to sell to a restaurant is something like this.
40:07
It would be a carousel that has high quality salt.
40:11
Several kinds of salt, like there’s like a black powder salt, you know.
40:16
Millimeter hm, and there’s the pink Himalayan salt.
40:20
And there’s potassium chloride.
40:21
There’s some good salts that people just don’t ever use, and they don’t think about them that much, but if you package them a nice way and you have dispensers that are condiments holders that are very nice and they’re matching Not only that, but you can like get rid of the stupid poisons like sugar. The pink sweetener and all that garbage, the blue packs, that’s all poison.
40:40
You want to go and find a sweetener a supplier with a good packaging. And that’s actually good food like sugarcane.
40:48
No, whole food, right.
40:50
And in addition to that, I would even suggest adding things like cayenne, pepper and tumeric, because people are getting more conscious about these things.
40:58
And I think, if you put that in and with the restaurant, you’re gonna, it’s just gonna, people will see, the restaurant is, OK, they care about these types of foods.
41:06
Yes, And also ketchup, like the brand is Heinz. And I don’t really have a problem with Heinz.
41:11
But I would just yeah, I would say gourmet.
41:18
I mean, OK, I don’t think we started that because like it, though, yeah, there’s high fructose corn syrup. But there’s more, There’s more, don’t get me started. When I don’t want to trash heintz. I’m just gonna be nice today. What I would say is create a store brand of ketchup.
41:35
That sounds stupid, but I think it would do really well. I think it would be I think it would be better.
41:40
I same thing for mandates, whatever mustard do different kinds of whatever in a packet Like that just helps. Yeah. And I would create a carousel for the restaurant to put on the tables and I would sell them in the carousel As if like somebody holds everything. Yeah, pick it up and it’s got everything in there. Get it, it doesn’t have to be.
41:58
But yeah, I would create a branded carousel with branded condiments for the restaurant with high quality products.
42:08
And I would promise some higher return on higher return, like conversion, higher conversion, meaning more menu items would be sold.
42:16
That’s what I promised them.
42:18
OK, now I don’t know if that’s true.
42:21
But what I could do is if he wants to pressure me on it I could say I will give you 100 carousels for free, no obligation just to test it, OK?
42:30
Now, that takes some money.
42:31
It might take you a couple thousand dollars, Might take a few hundred dollars. So, but you want to go all out and do it right. So I’m just saying, this would be kind of fun. I mean, you could do this with menus also. You could come into, like right now they because they’re, they’re scared of being killed by an invisible thing that’s floating around the air. They have all these disposable menus, right?
42:50
So play into that an end, print the menu.
42:53
Now some restaurants already have this deal set up, so you have to work this out but print the menu and supply the menu and then be the sponsor of the menu.
43:04
So that would be just a thing that?
43:06
OK, OK, because they’re doing QR Codes.
43:11
There you go, put a QR code in the menu and make it prominent but not, know in your face, but make it prominent and they have to agree to that. And so the person sitting at the desk is waiting at the table. Who’s waiting for his food? These board is looking at the menu, and he’s got a QR Code, gets his phone click.
43:29
Hey, no, yeah, it goes to a product. Right.
43:35
OK, whatever the venues like that to the QR code is on the QR code.
43:40
Yeah. Yeah. So there’s lots of ideas and things.
43:43
But you can work with people that already have something going on.
43:47
Um, really, online is a clean way to do it. And if you look at my video, you know, like, like, you were looking at it.
43:54
You can also see, um, how I, how I look and see what, How much money I’m gonna need to get into something. I wanna get into something that’s already making money.
44:06
So I don’t want to re-invent the wheel, I’m gonna get someone who’s willing to sell, sell, and then also teach you how the whole process works. Even if they don’t offer it, I wanna, I want to keep that person available.
44:17
Like, it may not be a formal agreement.
44:19
But I wanna be polite and say, Hey, can I call you a few times, because I know I’m going to have some questions.
44:24
and take it. Definitely take advantage of that.
44:26
I used your video, I watched it, and I contacted some of the sellers on marketplace exchange and try to figure out how the thing works.
44:37
So, I’ve gotten a little bit of the way, I’m just trying to see, really how legit is, why are you selling it? You know, so, I can ask them. That Lot of times, they’ll tell you in their listing, They’ll tell you why.
44:49
The other thing is, OK, so what will you need to do this? one thing you’re gonna need. Forget, You don’t need a company, you don’t need a corporate bank account. The only thing you really need is a merchant account.
44:59
Probably 90% of the time you need a merchant. If it’s a Shopify account, you still need that, OK? You need your own merchant account, and you can get one even with bad credit.
45:11
It’s easier with good credit, so don’t let that stop you, OK, and, and that’s it.
45:16
And then just enjoy the process, It’s kinda fun, and if it doesn’t work the first time, that the risk OK, is probably the money you paid for the merchant account, which might be 100 bucks.
45:28
Maybe it’s 25 bucks a month.
45:31
Um, but, don’t stop. if it doesn’t work the first time, keep doing it and try something else.
45:38
Because, when you stop, then you failed. And then, yeah, you lost money, and it was too much of a risk, because you stop.
45:46
I’ve talked to so many people. I talk to them off the edge, so to speak, so maybe a smaller business and let’s say $500. It costs you to buy the process to set it up. Yeah, and if it fails, you will lose that much. Or if it makes sense, you know how to do a bigger one here, you could do that. That’s a good idea. It will not be a waste of your time use it as a tutorial to tutorial $500 business. You can find those.
46:09
Um, yeah, $500 business, There are a marketplace exchange.
46:14
The ones that you use may show, they are, Some of them say they’re generating, at least not much a month.
46:22
They are, and that, you can validate all those books, and the broker will help you.
46:25
And the other thing is, what if you’re ready to go, and you want to get a $7000 business, or $2000 business, and you have, you have the money sitting right here on your desk.
46:35
Uh, still ask for credit terms, with a straight face, credit terms, meaning, payment plan or something like that, a payment plan, even if you can’t cash for it, Because it’s just a good way to do business.
46:50
Yeah, the seller, OK.
46:54
To see if he’s confident in it, that you actually, it would make it yeah. Cause I saw his success is dependent upon the business selling.
47:03
Hurray!
47:04
Because some of them have, know, you also have to pay, let’s say, part of their revenue. You know, it shows that they pay extra 3000 a month. They pay just for Facebook ads.
47:14
So that means you have to have extra out of pocket, ready to do what he did.
47:19
You have to pay this much extra extra, that’s not extra, that’ll be considered in part of the price, So he’ll tell you, my net income is 2000, My gross income might be 10000, which goes for marketing, OK, Great.
47:33
So it’s kind of invisible to you.
47:35
You would have to come up with it upfront before the gross comes. You know, That means your money is coming out of your sales revenue.
47:44
But before you get to the sales, you would have to put the money out of your pocket for the Facebook ad, Right.
47:50
Or if you don’t pay for that until it’s converted, you’re gonna, OK out out the gate, you’re going to want to make sure that the the ad’s continue on uninterrupted.
48:03
Correct, so you have to have the money enough to fund it.
48:07
Yeah. And you want to keep it continuous. You don’t want to have it interrupted because most of them are run by Facebook Ads and how they make their money and how they say their revenues came from.
48:18
Yeah, you’re probably going to have to switch over, you’re going to have to switch over.
48:21
He has credit card, if he’s doing it with your credit card, or however you want to do it.
48:27
And then, yeah, you want to plug in your merchant account to his shopping cart, OK, so before you buy the actual store, then you want to have the shop merchant account setup.
48:39
Maybe it would be the first step.
48:41
I would wait until I, I’m talking, I’m gonna, I’m gonna wait till he agrees to my offer.
48:46
Yeah, then, I’ll just call up a merchant account, in fact, I’ll ask him who is merchant processor is? And maybe they could switch it, or, maybe they would be able to switch that allowed. Yeah, they’ll do.
48:56
Yeah, and just know that merchant processors are underwritten just like loans are, but that’s OK, and because you’re new, and if you’ve never done this before, um, it might be difficult, but you’ll get through it.
49:09
And then, once you’ve done it, and it works awhile, it’ll be much, much easier to get a new merchant account, or to get other services with other merchant accounts.
49:17
So yeah, a merchant account, probably bank account is probably the way the thing you need, and then you might need to know a little bit about logging into your website and checking the shopping cart.
49:26
And there’s plenty of tutorials on that, and people to help. So.
49:29
yeah, just in the first month, it’ll be a little heavy trying to get going, but you’ll be fine, but just don’t quit.
49:35
Um, if it fails, go do it again and just do it better.
49:40
Yeah, You would have learned quite a bit.
49:42
Yeah, in that first adventure, So just finding, I guess somebody that’s willing to work with you and teach you How they did everything and how it works, Because someone will say, I’ll give you the first week, and that’s it, and some will say within a month.
49:55
So you gotta work that out.
49:57
OK.
49:58
Yeah, there’s always, there’s always ways, so.
50:01
I hope that helps everybody.
50:03
I know, I would try to far, you go and make an offer. You’ve already looked at some, Make an offer.
50:08
Do that. I made the awesome, and any accepting what would happen?
50:15
The terms I put were quite interesting. I told them, look, because they were asking, let’s say, 10000. I said, How about, I’ll pay you 15,000?
50:24
But I’ll pay you within three months, because it says it makes, let’s say, 5000 a month. So, I said, I’ll just give you, as, I make it, I’ll just give that to you.
50:36
So, I wanted to see, you know, if there is pretty much at no cost to me, if I could do that, OK, that might be a little bit too much to offer. It was some, just played with it up for awhile. I’ll just trying to see.
50:52
Just different options, you know.
50:54
Sure, that’s good. You really can’t mess it up, you’re not wrong. Yeah. Somebody might be, like, Because, I’m like, OK.
51:02
If your business is making 10000 a month, and you’re selling it for 5000, you’re very confident that it does, so you shouldn’t worry about the pain. He already made his money.
51:13
Yeah, He already made his money, That’s why he’s doing that.
51:15
OK, so, I’m just say you already made it.
51:18
Yeah, I’ll pay you at the end of the month, whatever your cost, so let’s send it over. A lot of these guys that are doing that. They bought it within six months to two years ago and they’re flipping it basically. For some reason, they’re able to just generate a business like that and make.
51:32
And so, what they’ll do is, it’ll cost and maybe $2200 to set up, and then, they’ll make like, $80,000 in six months, and they’ll sell it for five, because they want to get rid of it.
51:42
They’re not like, That’s what I’m curious. Why wouldn’t they continue making, no extra 10000 a month, instead, of, just because they have like 27 other ones that are doing the same thing with, I don’t know why they do it that way. Yeah. Somewhere, I have a new venture, And most of them say, out of starting a new venture.
51:58
Yeah, so that’s what does that really an answer? That’s yeah, That’s why I don’t know really why it’s OK. It’s OK.
52:05
if the numbers checkout and the IP addresses are unique and you know Those are legitimate sales, OK, so the IP address and all of that. That’s the broker that checks all of that.
52:16
They make sure it’s legit or It’s like you can ask the broker to do that.
52:21
If a broker does an offer Or you can I don’t know what. There’s probably a log file or something you can check to make sure they’re legit. I don’t know how they do it a lot. a lot of them are Shopify so I think they go through the Shopify to verify the sales.
52:34
Yes, Absolutely, I will.
52:35
Yeah, so I don’t think they edit those. Most of, most of these are Shopify websites on market exchange.
52:41
All right, so do we say enough that was a good thing?
52:46
Gave enough information, OK, we could do another one, but again, I mean we can have completely different conversations for the rest of the year on this, There’s all kinds of thing I’ve called one guy called at one time.
53:01
I gave him some work I had done for free.
53:05
It was genuinely genuinely for free. I wasn’t using it anymore, this product.
53:10
And at the end of the conversation, he says, Man, that’s great. Thanks.
53:14
What do you what do you want? And I said, well, since you asked what I really want, It was a joint venture with them.
53:21
And I didn’t want to make that part of the deal. I just wanted to do the thing. But then he brought that up, and I said, Well, what I really would like to do is promote this thing, and I’ll split the net with you.
53:33
Split the net, like, it didn’t cost them anything.
53:37
It’s going to cost me something, but he has the resource already, So I just partnered with him.
53:42
And, because he had the resource, the, the platform, let’s call it, it was a quick sale, you know amount of sales.
53:50
So, you could do it that way, too. Here’s another idea with that on, let’s say, an auto repair shop.
53:55
Let’s say your cousin, Bob, has an auto repair shop, and so he’s got a database of people that have their cars fixed in this area.
54:02
And let’s say the database’s like 13,000 people.
54:05
So what you do is, you take the last years, where the people, like whoever came in there within the last year or two, you put them on a list, and you could do that with software.
54:15
He probably has a software already to isolate that, those people that came in, and then you promote, let’s call it a special event at the property on the property. If he can do that, sometimes you can’t do this. See, Promote A special event.
54:29
And then, you get sponsors.
54:33
And the sponsors, I don’t know what kind of sponsor. Maybe it’s car parts, maybe it’s antique cars, I don’t know. Maybe it’s some people would be interested in, and then you have, like a bouncy house there and some free hot dogs or something and maybe cauchy a couple of thousand dollars. And then you get five sponsors, and they put some things up.
54:49
And what happens is, more people come to that shop and would normally come.
54:54
He might have more customers, But at the end of the day, the total net on it, you might make $3200.
55:02
Or maybe you make 1300, I don’t know.
55:05
From, from, but just bring in people into his shop, or, yeah, you bring him over there for an event, like a Saturday morning event.
55:13
And, it’s a fun thing, but there’s other thing going on, like, maybe it’s a show of some kind. Or you’re presenting a product of some kind, or you’re, you’re promoting or whatever.
55:22
There’s gotta be something that turns into some money, OK, good, so you gotta sell something. Yeah, OK, yeah, but my point is, is that you have, OK, you have a database of people that have a common interest.
55:33
They had to get their car fixed, OK, so your Board, there would be interested in, Right, So together, they get the car fixed in the last two years, at that location, for whatever reason, What does it cost?
55:47
What would it cost you to get that list yourself?
55:52
A lot of money. I don’t know how much you’d pay for that thousands and thousands of dollars.
55:57
Well, it’s already sitting there.
55:58
All you have to do is make a deal with the guy who has control of that list, the business owner.
56:04
And why would he do that?
56:05
Well, it’s gotta be something that appeals to his business, or is going to put money in his pocket and still make his business look good.
56:13
So it’s gotta be, you know, reputable. That’s, that’s it.
56:16
And so how many those can you do?
56:18
one a month, Does that pay your rent, and is that fun?
56:23
You see, and that matter of finding a service that you want to promote or sell, that could generate money by working well together.
56:35
Once you have a plan for what I just described, you could it. maybe you busted your **** to get there.
56:41
And once it’s done, you could call the next auto repair shop and say, hey, remember charley’s place? Yeah. That was me. We made 3500 bucks that day.
56:51
Or maybe we made 5000 bucks that day and he got five new customers or whatever.
56:57
Man, you want even finish the sentence before the Yeah, whatever. Yeah, and if not, go to the next guy, be Auto repair shops are all over the place and then if you’re dealing with those guys, what else?
57:09
Yeah, so, find out who has list of customers and where you could actually monitor how we could monetize it.
57:15
That’s a strategy, yes?
57:18
Yeah, there’s many avenues gifts to the mind to try to create different things. So, that’s great. Yeah.
57:26
Yeah, So just take your time and make that one off on that one, good deal and close and work on that thing, and, you know, when it starts making money, expand it a little bit. Try to see if you can make it make more money.
57:39
You can then sell it. You can get another one. A lot of times when you get commercial lending involved, they’ll want you to get more lending.
57:45
So it kind of snowballs. That’s when you want to start getting a business in place and then getting credit for the business because there’s a lot of value. When you can build credit for business.
57:54
You can borrow money without being coming personally liable for the debt.
57:59
And this type of loan actually improves your net worth.
58:04
Whereas a consumer loan like your credit card is going to lower your net worth.
58:09
But a business loan is going to increase your net worth.
58:13
It’s the opposite.
58:15
Even the underwriting is different.
58:17
A business loan is based upon the business’s ability to manage debt, based upon how much debt it has.
58:24
So ironically, when a business has more debt, it’s more credit worthy, That’s very anxious.
58:31
When at when, Here’s why.
58:33
When a consumer has more debt, it’s less, He’s less credit worthy because most of that debt is being paid by an hourly, you know, labor type thing, OK, job.
58:44
And how many hours are in the week, 168, OK?
58:48
all right, so now we look at a business.
58:51
Does it depend upon hourly? No, it’s the opposite.
58:55
So a business can make infinite amounts of money.
58:59
It’s limited by its ability to market itself, and its inventory, and its ability to supply the product and the service.
59:07
So that’s why, you know, like if you wrote a book and publish it on a yourself, and you did one of these vanity publishers, like Loulou, or through Amazon, or something, you have infinite inventory.
59:20
You can ship a book on demand.
59:22
It doesn’t exist until the order comes in, OK?
59:25
That’s like the best situation can be in. You ever tried to sell something on Craigslist or at a garage sale?
59:32
And let’s see.
59:34
Let’s say you sell it the same day or that week or something, and you’re like, wow, great. I went fast.
59:38
You know I got what I wanted or almost what I wanted, yeah, and so then the that you should think to yourself, man, if I only had 10 of those. Right? And you wouldn’t have to make all the money, You could just make 10% of the money.
59:51
And if I had 10, I wish I had 100, You know, So once you start seeing how this works, then those are the types of factors you start looking at.
59:59
Can I get into something where I have infinite inventory?
1:00:02
Or, can I get into something that, uh, does not cost me any money?
1:00:08
And I make $5000 in a month, or five months.
1:00:12
If it, if it doesn’t cost you any money, and you make money from it, what kind of returns are those?
1:00:20
You tell me, 100%, if it doesn’t cost you any money, and you make money from it, no.
1:00:27
Now, if it costs me $100, and I made $100, oh, I broke even, right? Yes.
1:00:36
If it cost me 100, and I made 200, I doubled my money, right?
1:00:40
If it costs me nothing, and I made anything, what are my returns?
1:00:48
I guess it’s not 100% because he started with nothing.
1:00:51
So it’s it, right? It’s infinite.
1:00:53
Yes, and it returned.
1:00:55
Have you ever heard of an investment that makes infinite return? Your CPA or attorney, or a broker ever said, Hey, I get a deal for you. It makes infinite return. I will tell you that I’ve done that before.
1:01:11
But infinite could be any number, because it’s, that they don’t put anything in it. There’s that too, OK. So it sounds, it sounds like it’s a nice selling point, but it, but it’s very valuable. Because, OK. my mother-in-law, OK, she won the lottery the other day.
1:01:26
It was $100, OK?
1:01:29
So, same thing with infinite returns, but what else am I ever retards I’m talking about like I just made 50 grand, or $32,000, because I made a phone call.
1:01:40
And those, I’ve done those, I’m not saying I’ve made a million dollars. I don’t think I’ve ever done that.
1:01:47
Those are, I think, in my mind, are a little bit more work. But, isn’t it cool to make.
1:01:52
I mean, if you, if you make with a phone call and maybe a personal visit, you make $12,000, just because you knew what to do, and you can certainly do that.
1:02:05
You know, websites are fine. You can do your own 2 or 3 of them.
1:02:11
But just be open minded about stuff.
1:02:13
Yeah, we’re not limited to one area, just be open to whatever is coming in. The, um, we go to the cell repair shop, it’s an auto repair shop, and it’s ugly.
1:02:24
Oh, my gosh, but They do such a great job, and they’re always so busy and everybody likes them. It’s a horrible looking place, though. Anyways, they have a brand-new car lift right in the middle of it. And my wife is telling me this story, because she was talking to the owner, this owner, the owner is a woman, and she knows cars and everything, it’s great to talk to.
1:02:41
Or, you know, she said her, her dad, I think a kid given her the shop and retired, and the lift broke, and he didn’t want to pay for a lift because it was like $4000.
1:02:55
Now, she’s, his daughter said, No, Dad, we need a lift in the shop.
1:03:00
Definitely, and I will come up with $4000.
1:03:03
She found a way to pay for the lift because that lift, actually it probably keep them in business.
1:03:09
That lift itself probably generates, I’m going to say, about a third of their revenue.
1:03:14
Without that lift, they, they’re not going to make that kind of money, so that lift in itself was a business just like a tow truck as a business.
1:03:22
That lift made, it literally, literally has its own balance sheet If you want it to happen, you gotta look at things like that.
1:03:31
Look at look at everything that’s supposed to make money like really like a tow truck.
1:03:36
That has its own balance sheet there.
1:03:38
There’s laborers.
1:03:39
There’s insurance, there’s taxes, there’s fuel, There’s maintenance and then there’s revenue from the people you’re providing the service to and who’s your customer? Well, maybe it’s a consumer. Maybe it’s the trucking companies that you’re normally working with.
1:03:53
No, But a tow truck is a business because without it you don’t have it That’s right.
1:04:01
So if you want to buy a business, buy a tow truck, It doesn’t mean you have to drive it just be the guy that owns it and gets all the money then he has to pay all the bills, but still and if that works for you by too.
1:04:18
What does that a bunch of paperwork?
1:04:21
You don’t have to get dirty.
1:04:23
Paperwork, sir, It’s not enough, I don’t know. Yeah, that’s a lot of ideas.
1:04:29
You know, kids now, it opens up, the space could, just just think, and, if you can, you look at things differently, and you see different, like, how could I know monetize that, right?
1:04:44
Where’s that guy missing out on? He could be making this kind of money.
1:04:47
Yeah, And then, you just figure out how you can get a piece of the action.
1:04:52
So, as long as you figure out how you can provide more value, or how you could make it better, or do better attendance, I definitely resonate with that more.
1:05:03
That’s the idea. So, we could do some more. But, yeah.
1:05:06
Try that for awhile. And let’s see. I’m curious to see what they do on your offers.
1:05:10
Did they ignore it? Or some did. I’ve had 3 or 4, Some came back. one guy was actually very interesting.
1:05:17
He said, Look.
1:05:19
What I’ll do include in this price this package that I bought from this, because it literally teaches you from agency to do Facebook ads and things like that. Oh, my gosh. OK. You say, I looked it up, it was one thousand dollars value so they give you access to it. That’s a counter-offer, Right? Yeah, so I’m looking at different things.
1:05:44
But no one really said, OK, yeah, let’s do that out, OK.
1:05:48
You can just pay me whenever after a month. Once they made money, the one has clearly, Because that would have been ideal, obviously.
1:05:55
OK, so now I’ll be more proactive with that, I think after this call, if I may, not Canada.
1:06:06
Either way, it won’t fail because I learned a lot from it. So you never fail it, just keep doing it. Yeah. The one thing I’ll leave you with is, don’t be afraid to make a mistake.
1:06:17
A lot of you think that you’ll make a mistake.
1:06:20
Maybe you’re wrong.
1:06:22
Maybe that’s a stake. So just do the thing that you think is going to get it done.
1:06:26
And if there’s a mistake or something, fine, that’s how you learn. If you don’t make mistakes, and you shouldn’t even be here, I mean, we’re here to make mistakes. So Yes.
1:06:36
And Don’t be afraid to lose money. Don’t be afraid to risk some money. It’s OK to take a risk.
1:06:41
It’s OK if you go to Thanksgiving dinner this year and you’re your brother says I told you you should be doing that, OK?
1:06:49
Because there may be that time where know last, the last two months you made $22,000 a month and your brother’s still got his day job.
1:06:58
No, so don’t be afraid of that.
1:07:02
OK, great. Alright, I’m gonna stop the recording here.