Hey guys, before we get started today, we wanted to take a minute to thank you. The listener for tuning in and proving you have a growth mindset. Our mission is to curate information from the top influencers around the world. We provide you with real actionable steps on how to improve in all areas of your life.
Whether you own a business or a C-suite exec, have an entrepreneurial mindset, or you’re just starting your journey of self-development. Brofessional Development is all about growth. And if you’re not growing, you’re dying. If you enjoy this content, please help us help others by liking, sharing, and subscribing.
Hey guys. Welcome to the professional development podcast. Today is Wednesday, September 1st. And Brad reminded me. It’s it’s the start of Q4. That’s it? Q4 starts October 1st. So was, and I failed on fact-checking. I didn’t get a chance to say anything.
good thing. It didn’t make sense that on the internet
it started the third, third.
Um, it is the third, third of the third quarter. I told you that I told you the fair you weren’t listening to the third. Third. Yeah. You did not hear that. No. Um, so today we’re going to talk about how to start a business. We got a lot to go through. I figured Bobby, shut that thing up, dude. First rule
of podcasts, turn off all that shit.
I usually, I mean,
We’ve actually got, um, and we’re going to shoot the shit for a little bit. We’ve actually got Dan’s out. He had a shit ton going on with work, but we’ve got something new. That’s going to happen every time that Rich’s here. Rich has got a microphone. Rich say what’s up to him.
What’s up everybody.
So rich, the man britches, the guy that cuts our shit up that makes us, uh, basically takes us from like shitty sounding and like no, nothing, nothing to like mediocre at best. Right. Which is a video. It’s a big leap.
Like those sounds that you just heard in the background that I have to take out later. Now I get to yell about basically,
are you talking about the squeaking sound?
I’m talking about the phone’s going off the computer.
You actually take that out?
so, uh, so yeah, we’re happy to have rich. What, uh, what is going on? What’s up with you guys?
I mean, let’s go ahead. No, you’re good.
Crazy. First day of I sent my daughter to preschool, sent her off into the real world today. So she turns five tomorrow. And man, I tell you what kids like, like my kids make me emotional. Like seen my little,
such a pussy when it comes to your kids.
But man, like I, so I was like, you took off this morning, which is a freedom of starting your own business and, you know, sent her off, down the hallway and she’s crying and I’m just like, This sucks. I don’t want you to die. You don’t have to go into the real world. Just come back to dad. We’ll go to Chuck E Cheese or something.
But yeah. So big day for us in the family sent the first kid off into the real world
awesome. You look, I mean, rarely do I ever see, like you smiling and just like, look, look super happy and just like,
like what was a genuine
smile? Like a genuine smile. Yes. Uh, and you look, I don’t know what the word is to describe it, but you look like you have.
If you were
a chick, you’d totally fuck me right now. Yeah. Right.
We know, uh, what Matt’s looking
for. There we go. You’re vulnerable. He’s down. Exactly. Bobby, you got anything?
Uh, I mean, nothing crazy, man. Uh, just, I’ve just been working a ton. Uh, Shelby got washed washed up here from, uh, hurricane Ida.
So she’s been here bunker down since Saturday. So, so she’s here, she’s here and yeah. She’s here, man. Yeah. I mean, lots of sexy time, indeed. Um, so she came up here Saturday, uh, and got washed out there. They’ve been without power there, uh, for a while now for, I mean, since Sunday, whenever that hit. So, um, she’s in town, man.
She’ll be here until, uh, we leave for California.
Yeah. Very cool. Very cool. Um, so did you, I started phase one. So of 7,500, sorry. Yeah. 70. Yeah, the next phase of 75 transitional one. So, um, it’s been a hectic day, woke up a little earlier, but everything’s been smooth, but I’m also like I’m always questioning my priorities when I go through this.
But the three critical tasks that I add are all for the most part focused on the same area around business and finances. So that’s going well. Um,
you’re getting some Snapchat ads, booty shaking,
so, okay. So yeah, I guess. Uh, random Snapchat ads. And, and I was talking to,
first of all, first, a guy doesn’t have Snapchat.
Okay. When you’re saying ads, you don’t mean like an advertisement. You mean like a chick, adding you,
a person, adding you to like their list of just to make sure that they can send Snapchats back and forth too. And so it’s like, I’ll get them randomly. And it’s just like, I feel like it, it’s usually people from my phone book or whatever, and it’s like, I’ve been getting.
A good amount of just like weird random ads. And like, one of them was just, I accepted before I started playing volleyball and then played volleyball for two hours and then came back to my car and it was like, I’d say a good six minutes of Snapchat, straight of her, just like shaking her ass. And like,
did you watch the full six minutes?
No, no, it was, I was in public
like three minutes.
He only needed three minutes
just jetted through it after 30 seconds. Yeah. Uh, and then some are just like, people that’ll just say, Hey, like that’s and then like straight, just try to strike up a conversation. I’m like, do I know you they’re like, no, not really.
Or some there’s been one person that acted like they did know. And then,
and then asked you to send them money
and then they’ll, uh, and then they’ll randomly start sending me pictures and then the pictures look like they have a phone in front of a computer, like super pixelated, like it just like, so yeah, I’ve got this theory that it, you know, not that there’s, I’m not, I’m not saying there’s anything wrong with this, but like, I have a theory that it’s just gay guys that are like trying to crop some Dick pics from some random,
have you thought about like calling their bluff?
Me? Yeah. Like sending.
Just send a Dick pic. Yeah.
Maybe you could look up pictures of Dick pics and then send them the pixelated picture of a Dick. So what, and then you’ll find that then you’ll find out if your theory is true.
Maybe they’ll really appreciate it.
Well, I’m not going to send them my Dick. Um,
we’ll send them somewhere else.
No, no, no. I just, I’ve just got to stop accepting these people. I think that’s the goal. That’s that’s going to be a good thing.
Yeah. Oh, but one turndowns, one never had met.
Yep. I’m also off of dating apps.
Uh, during phase one. Oh, during phase one,
I was like in a relationship. I thought maybe. Yeah. That’s what I was thinking. There’s a little special. Somebody, no notice, no distract.
Just no distractions. Like we’re just going gung-ho on the business on
that would be so hard for me. If I was saying. Yeah. I mean, you got a big week next week though.
I feel like, like doing phase one will be in California. Yeah.
Do like that’s a lot. It would be sick in California. Chicks are so hot in California. It’s it’s stupid. Maybe you could just like walk around and actually add it to my, maybe I’ll re download it. I mean, next month.
And like, we’re going to get a picture of the blue and stuff.
Like, that’d be like a solid profile. Yep.
Good call. All right.
Especially after we win that doubles tournament, you’re going to
want a good ad pick a I’m for that. That’s gonna be a lot of fun. Um, so that’s it. That’s all I got. You guys got anything? No. Okay. So, um, I think the goal of today is we’re going to talk from like Brad Maya’s perspective.
It’s going to be, why did you start a business? And we know Bobby, uh, is going to be starting a business, like a side business at some point down the road that he’s kind of been talking about. So it’s um, why do we start it, Bobby? Why are you looking to start a business? Uh, we’ll talk about as entrepreneurs. Uh, like the entrepreneurship bug innate, or can it be developed? And then what are some of the most important things that you need to consider when thinking about starting a business? So what quotes do we have?
I got one here from, uh, I got a couple from Gary V that I liked, uh, some simple ones. Right? One of his is everything takes longer than you think a lot of people want that instant gratification. Now, especially with social media, click a button, get alike, um, check it constantly. And then the other one that I like as a followup to that is the, his, his other one is the quotes are simple. The execution is hard. So you can talk about quotes all day. But it’s just going out and making it happen.
That’s a good one. Actually. Uh, the one I got is from somebody very strange. It’s from Dave Thomas, the founder of Wendy’s. Okay. And his was, what do you need to start a business? Three simple things. Know your product better than anyone know your customer and have a burning desire to succeed. So little something different off the
that’s good. I love it. Dave Thomas. Huh? So you can eat her baby. Was that the Baconator? The Baconator? Yeah. So mine is a pretty straight forward. And I, I typically, I think I avoid Gary V quotes for the most part, but this one is pretty spot on. There’s never been a better time in the history of time than right now to start a business. And it is so fucking true. It’s like, there’s so many resources out there. There’s so many opportunities. There’s so many up and coming industry. That it’s like, you can literally start a business doing anything if you just decide to do it and put time and effort.
And so this is related, not related. I always compare like people who are like, oh, it’s not the right time for me to start a business to having kids.
Like it’s never, ever the right time to have a kid, because first of all, you don’t know what the fuck you’re going to do. And this little alien comes out, but you figure it out. And it’s the same thing with a business. Once you start it, you’re kind of, you got to fucking figure it out, admit it, you know, or you’re fucked.
So it’s like, you either want to do it
or you don’t. Yeah. But it’s that feeling of being fucked that usually motivates you into figuring it out. Exactly. That’s how you
get to it.
Bobby might be a dead nine months hurricane Idaho. Call her items. Yeah, I hope not. That’d be great. Not yet.
I’m not ready.
So you all say D do you guys have, uh, any books or podcasts or anything suggest for people thinking about starting their own business?
I have one just from, uh, and I, I read most of this. I honestly didn’t finish it. But, uh, Gary V once again, a lot of Gary V stuff, he talks to all the time about starting your own business.
And it’s his, uh, I think it’s his most recent one still is the crushing it book. I mean, talking a lot about all the different re like you said, bad, all the different resources that we have nowadays to, to start one, there’s a need for just about everything. It’s a matter of being solution-focused where where’s there a need, where’s there a problem.
And is there a, is there an opportunity for a price. Yep.
I actually didn’t have any, just because I figured if you want to start a business and you follow any sort of influencers, they’re going to tell you, they’ll tell you about a business. Yeah.
So I had the four-hour work week, which is one of my favorites.
I always reference. And then I literally just put, listen to Gary V yeah. Like all the shit that he says. There’s a lot of truth to it also. Um, even though. I’m on and off with Gary V it’s like sometimes I would just go back to him whenever I was thinking about starting a business and just listen to him.
Like he’s a lot, some helped me to stop being a bitch. Yeah. Yeah. No, he’s so much sometimes that’s why it’s like, you can only take, I can only take him in a certain amount of doses, but. But, yeah. I mean, if you’re looking for motivation, go to Gary V and some practical shit too.
I think that’s the same way for a lot of influencers. I know I’ve, I’ve gone on some really big for sella cakes and then I’m like, I can’t just can’t handle, I can’t handle them right now. Like he’s, every single podcast is political. Um, and I want, I want some content around business. Right. So I think it’s a matter of picking, like you go on ebbs and flows, like pick different podcasts.
You don’t need to absorb all the different content out there.
Yep. So. Why did you decide to start your own business?
So I was born into, you know, uh, entrepreneurial family essentially. So I kind of always knew that I wanted to start a business or, um, that I would take over my dad’s company. And so in the process, you know, part of the deal of when I was racing, as I had to go to college, so in college I’m like, okay, well, I’m gonna take business though. But at Webster, they actually had an entrepreneurship certificate. So I’m like, okay, well, this is what I want to do. Like I knew early on, not early on, that was 10 years ago that I wanted to be an entrepreneur. I wanted to own my own business, whether that was taking over his or do my own.
And. You know, my, my deal I’m doing now kind of started out as a side hustle, which I think most businesses probably do. And it got to the point where I’m like, Hey, I’m making some money here. You know, what do we have to do to make this a real business? And, um, me and my dad kind of had a discussion. It was like, you know, Do you want to take over my business or do you want to chase this?
And I’m like, well, what do you think? And he’s basically said, do you like what you’re doing? Right. Like this is a passion and the answer was yes. And that’s kind of like the fork in the road for me that, you know, I didn’t go cut grass. I kind of went and started building parts.
So that’s kind of why I did it.
It was pretty awesome. So, Bobby, um, Why are you considering starting a side business when things are going so well at Aflac?
Yeah. So, uh, I think like the control is a big thing and I, I have a lot of that right now and within my organization with Aflac and at the end of the day, There still are people that I report into, like, I’m going to hop off here to go do a reporting call at five 15, because it’s the, it’s the third month of the third quarter busiest
time of year.
Right. We’re talking about him. Yeah.
That’s what Brad said from the busiest time of the year.
And it really is the busiest time I’m in the year for us. And we, we do a lot of daily reporting. Um, and I think not that I want to get away from that because it is something that. Um, I’ve built up quite a bit of success there.
I have a lot of renewals that pay me, which is awesome, but at the same time, uh, if I can get to a point where I ultimately really do have no one to report into except for clients, um, and just controlling that customer experience, I think that would be. That sounds a lot more ideal where right now I have people that I report into and customers.
So, um, by all means, anyone who’s, uh, with Aflac listening to this, this isn’t me saying, Hey, I’m, I’m stopping anytime soon, but, uh, like a side hustle is something that I’ve been thinking about here for honestly since I’ve been doing the podcast with you guys. Yeah. Yeah.
nothing like set in stone. I know that um, I’d, I’d love to do some speaking engagements around just my story with sobriety. Um, I want to help people, um, and I don’t know if there’s a big money-making opportunity with that. However, I want to be able to give back and I think that’d be a really cool place to start. Um, and from there.
I mean, as far as like a product goes, I don’t know what I would put out, but I think that I do have some good knowledge whenever it comes to on the sales side of things, um, training people, training leaders, and how to, um, basically transfer that skill set. So I think there’s some opportunities there. It’s just a matter of, are I, what am I really good at? And then go all in. Yeah. Yeah, exactly. Yeah.
How about you, Matt, since you decided to start your business?
So, um, I guess, I guess I’ll start with like, Pretty much, always good at any job, but I was never a big boy. I was like, oh, sorry. No, not any job. There’s one job I got fired from. And I was, God awful. I did, I got fired within a month.
But like, for the most part, I was pretty good at jobs, but I was always not the greatest employee. Um, and I realized later that it’s like, I don’t know, I tried finding this quote and I can’t find who it was, but it just resonated with me. It was, I’ll never work harder for anyone than I will for myself.
Exactly. And it is just the truth. It’s like, I like what I’m doing now. The hours that I’m putting in now, it’s like, I would’ve never fucking done it. Um,
no, you saw the clock at five. You were, you were out,
I was checking the clock every fucking couple of hours to like, see how many, how much time till lunch.
Right. How much time do I go home? Like every fucking time. And now I never do that. Um, so I, um, Let’s see. So one of the things that happened was I worked at a firm and I found out that, like I was doing all the work, bringing in all the sales, selling, like matching clients with candidates, creating the relationship, building relationships, maintaining all of that shit.
Uh, and they were taking 75% of the money. And that’s when I like, definitely, it was just like, huh, this is kind of seems like. And all they were doing was providing me with like a desk and an upgraded LinkedIn account. And then, um, I was fired from, I was fired from like half of my corporate jobs actually, but like, I was fired from one, uh, that left me in a really shitty financial, I left myself in a shitty financial position, but put me even further into that.
And then I remember I had to move back. It’s when I had to move back into my mom. And I was just like, that’s when I finally put pen to paper. What do I need to do to actually start a recruitment company? Like, what are the things that I need? And I was just like, okay, laptop. Yeah. A phone LinkedIn. And I was like, wait, that’s it.
All right. Yeah,
go the gym, they all. And so I thought about it, then I got the job at Nestle Purina, and then real realistically, I was, I was hoping Dan was here. Um, Dan was the first conversation that started this snowball of me having like 30 to 40 other conversations around people that started their own deal.
Um, and me eventually branching out. So, uh, money was a motivator, um, realizing that I’m not going to work harder for anyone, myself also freedom, you know, especially that first year, I was like, I want to be able to do what I want and not have to fucking report to anybody because that’s what always got me in true.
I feel like if you don’t have to ask somebody for time off for vacation, that means you’re doing okay. Yes. You know, a hundred percent. Cause I mean, there’s employees that work really good jobs that they can just go on fucking vacation if they want. But that’s not everybody.
Yeah. If you’ve got actual freedom.
Yeah. Yeah. There’s people there. Well, there was at one, uh, video on Instagram that was like, uh, like asking like requesting PTO, like PTO denied. And then he was like, It looks like I’m taking a sick day then like I didn’t have a fucking backup plan. Yeah.
Um, so what were the biggest struggles? What you went through from the get-go Brad?
Like what, like, what were the biggest hurdles and, uh, I guess biggest points that you had to get over.
I mean, for me, I’ve been super fortunate that I’ve had my dad in my corner the whole time. That’s like already a super successful guy. That’s literally. Learn the hard way. And like, every time that I’ve veered from his advice has been a learning lesson because he already knew it was going to fail, but he let me go through that process.
Yeah. So for me, the biggest thing that I deal with that is still an issue today is probably employment of taking that risk of hiring another person. And then also. Just like scheduling, like I’m horrible at it. Like, I mean, I’ve got jobs that come in and I’ll like, write it on a piece of paper. And then I go run a machine and I come walking back and like that paper fell off the desk.
And then I don’t know about it again for another week until they emailed me like, oh, how’s our shit looking. And I’m like, fuck. So those are the things that I deal with that are my biggest hurdles along the way. Bookkeeping, which my wife has now officially taken over as of last week. There’s been a lot of talking about it, but now it’s officially like she’s in charge of the QuickBooks, like it’s yours dire.
So that’s a good feeling. Yeah. I just started like really, really getting into QuickBooks, like, you know, and having to do everything and it’s gonna save me a fuck so much time in tax season. But Bob, what? Uh, right now, obviously you’re super busy with work, but what are the biggest things holding you back?
Man. I mean, that’s probably one of the biggest things is, is time. I, I think, eh, but I think it also comes down to being intentional with your time too. We talk a lot about that. Um, just with people right now that are working with Aflac is, um, being intentional. So that’s probably the biggest thing is, um, some of the restrictions on time.
What are you spending that time doing? In that free time after, after work, are you going to exercise? Are you spending that time with family? Are you taking that time to say, all right, I’m going to develop that side hustle. So it just a matter of figuring out what you should be spending your time doing. And then, um, working on that.
So right now it’s been a lot of, I mean, my physical health, it’s not taken a back seat, but it’s not been worked on as hard as it has been in the past. Um, and a lot of it’s been poured into this new position with Aflac. So I think that’s the biggest thing that holds a lot of people back is that.
Perceived amount of time, but it’s also people auditing their time and figuring out, okay, what am I spending my time actually doing? Yeah. And we actually have for the third quarter of the third month, what we have right now is we have a time block sheet of 30 minutes from 6:00 AM to 6:00 PM. And having people fill out what they’re doing in those 30 minutes, pretty tight, even 30 minutes, dude.
And it’s like, all right, what did you do that? And where are you on fucking Facebook? Where are you scrolling on Instagram? Where you swipe it? On dudes swiping on checks, um, air boosts. What are you going to do this there’s girls in our office about you and mad? I’m like, whoa, I’m not swiping anymore. Rich.
I just, I just swipe on QuickBooks now. Personal business, personal,
because you never know, you never know nowadays, like try it. There’s uh, uh, one of the, in one of the states, I forget one, which one? It was the miss, whatever that state was. Oh, it was a training. It was a straight up, uh,
I mean, what’d, you.
No, if it was post-op no.
What if you didn’t know till afterward, would you be pissed though?
Fucking livid? Yes.
That’d be pretty good
fucking story that would make for an awful shit.
This is why like you guys like Brad, you and Dan are kind of like banned dude. Like what a time to be single. It’s like also what a fucking time to be single true.
Like you don’t know. You
don’t know you might’ve already.
So, no you don’t. No, no.
He’ll never know.
You might need to audit that.
All right. Rich, cut that out. Thanks.
Now, keep it. I think you can say everything you’re saying you just can’t say it as sternly as you’re saying it, right? No, it hasn’t happened.
Yeah. No, I don’t know what you’re talking about. Um, very defensive anyway, trainees. Um, so what, uh, what were we even talking about? Struggles, struggles, trainees,
trainees, time constraints. No same thing.
So, um, biggest struggles for me. One was just pulling the trigger. I was super hesitant to you. I needed to talk to like 40 different people.
Um, I struggled to find my first real client, um, Because, and it was ultimately because I didn’t set an end date. Like I knew everybody knew that eventually I was going to leave and do my own thing and I never set an end date or really, I guess, a start date for when I was going to do my shit. And, um, and then I just, like, I remember coming in one Monday and I was like, I cannot fucking believe I’m here.
Like reporting to working for somebody else. Just like reporting to anybody. Right. I loved my manager. Um, and everybody was awesome and Purina, but I was, yeah. I literally walked into her office. I was like, Hey, like putting in my notice like, uh, two months. Right. Or whatever it is. And she was like, well, when’s your, when’s your end date going to be?
I was like, I, I have no idea. So we like sat there, like I just gave it. And then it was like two months out or whatever it was. And then it forced me to start really looking for clients because it became real. And then like two weeks before, probably three weeks before my last date, I brought on a client, brought in a retained client.
More money than I was making at my corporate job. You know, like this is cool. Yes. Yeah. And then that, that first day I just sat there and like the home office and I was like, this is so fucking weird. Yeah. Yeah. That’s awesome though. It was, it was super cool. So, uh, that being said would have been the most fulfilling things about owning a business that you’ve gotten to do.
For me, this one’s easy just because I build products that are used on race cars, that race all over the United States, Canada, New Zealand, Australia. So for me, I used to be like, so excited, like, I’d get an email or not an email, but I get an order saying, oh, somebody bought something and I’d look and see what state it was.
And that’s how it started off. I’d be like, oh, cool. So I sold something. Fucking Wisconsin today. And now it’s like, I’ve probably sold to like almost every state except for Alaska and Hawaii, let alone to other countries that are halfway across the world. And then when you see some of my clients are racing at literally the highest form of NASCAR, they go and they use my parts and they went to race and I’m like, I pretty much had nothing to do with you winning that, just because you’re that fucking good, but my parts were on your car.
And like, to me, like I get a picture and it’s like them standing in victory lane and I’m like, I was a very small percentage of that and believe it or not, they wouldn’t have been there without that part on my, on, on their car. So to me, that’s, what’s super easy for me. That’s bad, but I’m also trying to transition away from that right now.
So like, that’s going to be like a tricky spot of like, am I going to work too far away from my passion that I won’t have. Burning desire anymore, but money’s usually always number one.
That’s always a good one. Yeah. First thing was when I realized that my first year out, I made two times what I made in my corporate gig.
Like that’s when I was like, why the fuck did it take me this long? Like this is so fucking stupid. Um, and then it was hiring my first employee. And then actually I had, I had to think about this, this came up getting my first employee or her first like, oh, shit check. Um, because she was a commission recruiter and it was like, I remember we were going to, like, we had a little like Christmas party deal.
And she’s just like 23, 24. So her literally her first job out of college and I handed her a check for over $10,000. Yeah. And she was like, she was like, yeah. And she was like, really like, uh, Appreciative, but she also wasn’t super motivated by money. She was just like a really good employee and liked getting her shit done.
Even if you’re not motivated by money. When you get a big check here and you get happy,
yes. Your first job out of college, like what it was, was probably like five months, six months into it. You get a $10,000 check. That’s pretty fucking massive. You’re happy, no matter what. And that was really cool.
That was a cool feeling. Cause like you could tell, even though she wasn’t money motivated that she was. She was super pumped about that. And then building a team and seeing the culture started to form. We had an outing not too long ago, and it was myself Dan, and everybody else in our office. And it was cool to see how well everyone was clicking and getting along.
And like, you could tell that they were friends outside of work. So being able to build that, even though it’s a small team, That’s a fulfilling part to me, like building that type of culture where people want to come into work and people like who they work with. That’s fun to me because I’ve had jobs where I did like the people I work with and I’ve had jobs where I fucking hated everybody walking in there.
It’s a big difference. It is huge. Yeah. Um, so now we’re going to, um, the ultimate goal with companies, Bobby, like we’ll talk. Uh, we’ll talk about this a little bit. Right. But in like a perfect world, have you given much thought to. If I could start a business, like I could have Aflac going, I could have these businesses, like, what would you want to do?
Like, would it just be like the non-profit side of things and just making the impact, and then you just make a boatload of money off of Aflac, or would it be like multiple streams of income?
I think I see it being something where there are some investment opportunities. I think real estate is something that’s really smart to get into.
Have someone almost manage that for you. Um, I can also get to a point where with Aflac, I, I mean, I have a goal to hire, uh, an employee by October 1st to basically help manage or. Starting the fourth quarter, correct? The first month of the fourth quarter. Um, and, uh, I have someone that’s helping manage our existing book cause I actually pulled it up, uh, the other day.
And we have, we have 1500 accounts that we work with. Um, and we have $2.1 million of accounts that have not been touched in over two years. There’s not been a new application written there, so I’m like, I need to hire someone to manage this book. Um, so. That’ll be, it that’ll be a nice win, um, there, and I think I kind of, um, went a little bit off the beaten path there, but I would like to do something that’s impactful on the nonprofit side of things that helps a lot of different people and would also love to be able to have something that I can invest in and hire it out.
Um, outsource that too, for someone else to manage. So that ultimately would be my goal. Okay.
So Brad, what’s the ultimate goal for your account?
Um, so I sent a message to my mom about a week ago. And uh, I said, you guys need to go on some trips and enjoy it. And she’s like, oh, but I’m going to miss my kids and grandkids. And she goes, would you want to come? And I said, no, because I’m too busy building my fucking empire.
And I don’t know if that came across as like rude to my own mom, but it’s like, man, I’m dedicated right now to like, I want it. Fucking fuck you money. Like, I want, I want that. I want that yacht. I want like if I want a plane like probably I’ll never buy a plane, but I want to like, be able to buy one if I wanted to.
Yeah. You know like that’s what I want. And, you know, we had that mastermind deal out in Colorado. You know, my goal, my goal was to start another business and this year, so, you know, we’re closing in. Last quarter, almost quarter. And, uh, I haven’t done anything yet. So I’m like, I’m kind of, I’m kind of pissed at myself that I haven’t pulled the trigger on anything yet, but it’s also an, and I’m the type of guy that pushes everybody starts a business, start a business.
And these people are like, oh, why, why haven’t you started another business? And it’s because it still has to be right. And I haven’t found the right situation. Is going to make sense, like, I’ve been close on a couple of things, but it just, it didn’t work out and I’m not going to like push it because I want my, my business, I have currently to be able to run on its own to where I could step away and then focus on building something else.
Yeah. So long-term goal is I’d like to own multiple businesses, three or four different types, whatever it may be, hopefully, recession-proof businesses. Are going to be something that’s always needed. I mean, I understand COVID happened, which kind of doesn’t really apply to any business, but, you know, I’d like to have, I’d like to have enough options where if one of my businesses has a slow year, another one’s had a good year and it kind of levels off and I want to have generational wealth.
I want like, I want my kids to almost just walk into uh, something that’s running itself that they can take over that’s, that’s, that’s kinda where I’m at.
Yep. Um, so I, yeah, the goal is to remove myself from one day for my company and scale the fuck out. Uh, I would like to own multiple companies. I do want to build a lot on the real estate side.
I think it’s the fastest way to build income. You know, if you have the capital for it, it’s the fastest way, to start building up super, super passive income. Um, they’re not making any
more land, right? I mean, exactly.
People are always going to need places to live, even in the worst times where your rent has to go back.
You’re still going to have money cash flow. Um, I’d like to sit on a board of directors and I’d like to invest in some companies as well. Um, That’s you know, the ultimate goals, right? Definitely multiple, definitely build like, but also build like an empire. Like I want to build a fucking, just massive company.
like I want to be that guy that’s like on the business journal, like a picture of me like, oh, Brad Loyet sold this business for a hundred million dollars to an acquisition company. Like that’s what I want.
I was just checking out the, uh, the worldwide technology guy who was a former professional soccer player.
And now he’s a billionaire because he founded,
is it a worldwide technology cow hit. Oh, cause there are partners there. I’m thinking of the other one. They, uh,
what’s this guy’s fish. Jim Kavanaugh. Okay. CEO founder. And he’s the guy that also helped, uh, bring the city SA uh, football club.
Yeah, that sounds
right. Yeah. So like that, a lot of enterprises were there too on that. Yeah, for
sure. So those are, that’s my ultimate goal with my company. Um,
And it’s totally doable. Like it is like, I, I saw a quote or not a quote, a video from John Travolta and his kid was asking him, Hey, what’s it feel like to be 60?
And he was like, what do you mean? And he’s like, you’re 60 today dad what’s it feel like? And he’s like, well, you know, I’m getting older and you know, he’s like, no dad, like, what does it feel like to be 60. You’re not that old, like look at, do you remember when you were 30? Like pretty much what we are now and like, it made me think, like, when you really think about it, your first 15 to 16 years of your life are stuck in a school where you really don’t have that opportunity to really build a business in 10 years, essentially from 20 to 30, I feel like I’ve built something.
That’s pretty cool. That’s in 10 years, like by the time we’re 60, literally. Could have almost anything. Oh
yeah. And people, I think that’s in terms of entrepreneurship, I was just listening to Bedros Keuilian a book and he says this and a bunch of other people say it as people really underestimate, um, they overestimate what they can do in a year and underestimate what they can do in five years, for sure.
And then 10 years, right. Uh, if we’re just scratching the surface on like entrepreneurship. Yeah. It’s like, and it’s the, you look at it in terms of the compound effect, right. Unless you like build a business and you’re like, I’m set with this amount of money for the rest of my life and like incrementally grow, like yeah.
If your goal is to grow massively year over year. Maybe won’t grow massively year over year, but it’s still your goal compound effect is going to say that it’s like, okay, maybe it’s like little increments, but you’re going to have huge leaps and jumps. As long as your goal is to continue to grow. We’re going to be trending up the whole time.
Yes. A hundred percent. So do you believe that the entrepreneurship bug is innate or can it be built?
So I think, I think it can be part of you. I mean, I think also think it’s part of your surroundings. Like I think that’s why. I have what I have, but then I also have a sister who has no desire to own a business.
So it’s like, okay, how’d that happen? But I also think, which is another reason I kind of wish Dan was here. Cause he’s talked about it before is I think the people who are honestly, some of the most successful entrepreneurs are the ones that had it the hardest, like just in the bay DROS book like that dude, like they came to America, his dad had like $21 in his pocket.
Like the people who have the hardest work, the hardest to get what they
want from it.
Part of like the communist party.
Yeah. Like literally they snuck away from communism to get here, you know? So it’s like, I, I think that it is built into you by the situations you’re around, whether that’s good or bad.
And I also think that like rich dad, poor dad type stuff, which is probably honestly one of my favorite books right now is that you kind of see the like, you can see this when you’re out with friends or, you know, couples, like you can see, like, that person is an employee. Like they are happy working from eight to five, getting them, their insurance, collecting their healthy paycheck, and going.
Right. But then there’s also the people who are like, I want more and I want a little bit more, and those are the people that end up starting a side hustle and then turning that into a business or they’re fucking Gary V in it flipping shit at the fucking yard.
Yeah. It’s a little bit of greediness. And then who was the guy that we were supposed to have on, but didn’t end up coming on.
It was like a Navy seal. Oh, what was his name? Uh, w he was like, he was like a trainer for the Navy seals or something crazy, like. He was on, he was on Rogan. Um, he came out with a book, but, um, he talks about like, it’s a little bit of narcissism, but not necessarily in a bad way. Like the idea of like building a business, building an empire, it’s like, I want more.
I want to do something like this idea of, I want to do something that other people haven’t done.
Exactly. Yeah. That’s how I live my life right now. Like I want to do things at 1% of the world’s done, just because like, when somebody is like, oh, what’d you do this weekend? Like, you mean, you fucking did that.
Like, yeah. That’s what I fucking did. Whether that’s, whether that’s something like running an iron man or it’s like, fucking like, Hey, I just bought a business worth fucking $10 million just because. Sounded like a cool idea this weekend. Like stuff like that. Like that’s what I want to do in life. Yeah.
It’s badass. It was like I said, it’s a little bit of narcissism, but it’s if they talk about how it’s not necessarily a bad thing. So I, uh, I would obviously be on the side of Lauren. Um, I never thought I would actually start a company until, like I said, I got fired from my other job and that’s when you know, all that should happen.
Um, but it definitely helped being my, for having my first job. In a small company that was building. And I learned that I learned and develop the edge, like more and more when I got into that company and kind of helping them develop like structures and processes and procedures. And then. Also just reading, you know what I mean?
Like once I got the edge for reading and learning about people that are killing it, it was like, you know, the people writing books, weren’t like the VP of sales of XYZ company, right. The people that are fucking like Tony Robbins, right. He wasn’t. You know, HR manager over at this organization, it’s like they ended up branching off and doing their own thing.
Uh, and then through, I believe through entrepreneurship, everybody goes through stroke struggles, trials, tribulations. Like they, you go through shit, no matter what type of entrepreneur you are, learn. To like, articulate that and put it into books and trainings and resources.
And honestly, like I didn’t read a book until we started this book club two years ago and the books are like the cheapest knowledge you can get like 10 bucks, you can learn about somebody who’s super successful. You can hear about all the shitty stuff. They went through, how they got out of it. And you, if you pick up one thing from a book, you’re going to have success from that. Oh yeah.
So a hundred percent. Dan’s actually calling, oh, I’ll wait on this.
Actually, what up
I was upon
or you’re actually live on the pod right now. Yeah. I just put you on speakerphone. What do you got to say? Hey, while you’re on the wire on here, can you tell us what are the main things people need? What are the biggest things people should consider before starting their own business?
All right, this is a phone a friend. Yes. I can tell you all about what you need to consider.
Let’s hear it.
So if I’m actually on the pod right now, you are, what you need to
consider is the vehicle, like look at the business as a vehicle. And how far is that vehicle going to get you? So if I want to, if I want to start a business and it’s making bows for girls’ hair and you want to do it as a side hustle.
Yeah. What does that vehicle get you, right? Like, can you make $3 about how many photos are you going to have to do to make the amount of money that you want to make or scale your business to where you want to get? Right. So every, every business that you get into, I think you should consider the long, the long term and, and what you can gain out of it.
Before you get into that business. I do think that you should do something that you were fairly passionate about, but you gotta be smart about it. There’s a lot of people that start businesses with their passion, but they don’t actually make any money in the long run. And then also you need to figure out what you can charge, um, to scale.
So you can, you can come in with a price point. That makes sense if you’re going to be an independent business owner. Um, but if you’re charging a price that only pays for you. That’s not going to cover a sales team one day. That’s not going to cover, um, customer success team. It’s not going to cover a lot of different people that you’re going to need once you start to scale.
So you’ve got to look at your price point. Um, but I do. I’m also a believer in eating shit for those first couple of years. I mean, working for a little bit cheaper to build a name, build a brand, build a. Really? Yeah. Build up your name. And from there, um, start to raise your price to a scalable price point and that’s it
damn well, we, uh, we, uh, we definitely are happy.
We answered we got some fire, from DG over here. We, Hey, uh, for all of our listeners, we appreciate you calling in Dan, um, and keep listing,
no matter what. I never managed if I, if I didn’t have any
control over it.
Okay. I’ll call you after. Um, so the last question that we have is, and this is what I asked Dan, Brad, what do you think is the most important things people should consider before starting their own business?
And I’m sure a lot of ours are gonna overlap. So, um, let’s just get through it. Cause I feel like this is going to be, uh, probably the most like tangible shit that people can take away from it. Right.
Yeah. So I’m actually going to go a little bit against what Dan just said, and I think it should be something you have a passion for.
Um, I mean, obviously you need to audit and see if it’s going to make you money, which, I mean, there’s some things that people have a passion for that just aren’t going to make money, but if it’s something you have a passion for, it’s a whole lot easier to get up every morning and, and work. Because it’s something you love doing.
Um, I also think one of the important things that you need to do, which is kind of more nuts and bolts is get legal, like get ahold of attorney, set up an LLC, get your, all your documents in order, um, get your tax ID, all that stuff. Yep. And I also think that you need to find a really good CPA because I think, um, your accountant can be one of your biggest saving graces come tax season. I mean, he clears up my computer every single month and he also steers me in the direction of, Hey, this is what it’s looking like. This is how much you should probably spend. This is how much money you need to send into, um, the financial advisor. So we can, you know, Max out all your contributions.
And, um, so those are, those are kinda my nuts and bolts things. And what’s your
ultimate goal with your companies? So
I think what’s important for setting goals is this is something that, um, like a new to me mentor actually just told me about, I messaged you guys about, and it’s actually pretty cool. It’s called a personal financial statement.
Then, I started that before. No. So it’s basically like you kind of calculate your net worth you basically, you make an Excel spreadsheet, you have assets, you have liabilities new, literally write down every single asset you have, whether that’s. Your house, your car that you have paid off, whatever it may be, your equipment that’s in your building, your investments, everything, that’s an asset you put in one line.
And then on the other side, you have your liabilities, you have your mortgage, your car payment, whatever those things are, they’re your constant payments that you’re making. And then you look at that once a year or once a quarter or whatever it is. And you kind of, you can look and see like, okay, well, where am I.
This year versus where I was last year. And you can see if, if you’re growing or if you’re, you know, shrinking in your size, because you literally can just subtract your liabilities from your assets and you get what your net worth is.
Yeah. I like that. I like that a lot. Yeah. Uh, there’s a, there’s an app and I haven’t used it in a while, but there’s an app, a free app that does it.
If I can, I think it’s called personal capital. It sounds like something that would be that personal capital. Yeah, same thing. But it’s like automatically, like you, like, it’s an app instead of a, an Excel sheet. Yeah. And it just, you link your bank accounts all in there, your student loans, car payments, all that stuff.
Um, and it’ll calculate that. I need to get back to using that. Um, in terms of most important things, it’s most of what Brad said. So the biggest takeaways I got is first, you got to get your LLC, um, or if you’re escorted mercy Corp or whatever the other things are. And with that, you basically file for articles of organization in St. Louis or in Missouri, you go to mo.gov. Um, It’s you go there it’s like $50, right? They walk you through, it takes 15 minutes to set up. Uh, and then you have to get yourself an EIN number. Yep. Uh, you secure a legal name for your business. Determine, uh, you know, me, this is all within the same deal. You secure legal name, determine like member.
Managed or manager-managed, which most solo entrepreneurs don’t have to worry about that your member managed. It all sounds like a lot, but it’s really, really easy to go through. And also if you have somebody that started their own business, have them walk you through it because it’s going to make it fly by a lot faster.
Actually paid an attorney to do mine. Did you? Yeah.
Yeah. So that’s probably what I should have done. Cause I was like, what the fuck is all this stuff mean? Yeah. I had no idea, but you just got to decide your legal name basically, and then pay the $50 and you can have somebody else do everything else for you and then money, um, get a bank account for your business.
Um, and then, um, if you don’t have a CPA, which you probably should get one, uh, get a bank account and a savings account. And then put at least 30% away because you’re not going to know what the fuck you owe at the end of the year. And it’s always better to overshoot or undershoot, depending on how you’re going to, how much you’re going to make.
Um, QuickBooks. So it’s like $25 a month for the first year to start off. So it’ll link you directly to your bank accounts and you can go in every day. And just classify, like, was this a personal spend or was this a business expense? If it’s a business expense, what kind of business expense at the end of the year, you give it to your CPA, you know exactly what you’re doing.
Um, it’s going to make your life a billion times easier. Lastly, uh, for those that, uh, for me, for a long time, like I was we’re bad at saving and managing money. Make sure you have a minimum of three to six months of reserves. Put away before you break away from that corporate gig, because we all know in entrepreneurship, sometimes we just don’t know what our next paycheck is.
And that’s a big takeaway from the Josh sample podcasts. We did. He said they only had one month of reserves for payroll and I was blown away by it. That drive.
That was super surprising to me too.
I could not believe it I’m like one month, but it’s nothing right. I mean, But Hey, it worked, I guess. Yeah.
And luckily, Matt, James made those contracts so tight, so no one could get out of their deals that they had. So that’s why they were able to afford it legally binding.
Yep. It’s crazy. Yeah. So, uh, that’s that’s all I got. Do we have anything else? Anybody?
So next week we had to California interview bay DROS yes. And then the following week, we’re actually off from the pod because we’re hosting our first in-person event.
So we actually, we’ve been meaning to say something on the podcast about it. So it’s going to be September 15th, Brad, go ahead and give him a little bit of information.
Um, so it’s going to be a, a tech Artista it’s going to be a central west end. We’re going to have some, some food, some drinks it’s going to be pretty low-key.
I think 12 people are we’re going to have them.
Yeah. So for the first one, um, it’s going to start at seven. Uh, the idea for this, uh, from my understanding and, and Brad and Dan kind of put a lot of thought behind this, but it’s, we want it to be small enough to where we can help people out. Uh, so the first one is beside us, uh, there’s going to be 12 other seats there.
And the goal is to everybody, introduce themselves, understand that we’re all, like-minded, we’re all either entrepreneur aspiring entrepreneurs or have been in the game for a fuck ton of time. And we want to walk through what we do and where our biggest issues are, uh, from where we’re at and just see if we can help each other out.
We’re going to put a lot of structure to this down the road, but this is the first. Of many towards building a group of professionals or Brofessionals , if you will.
Yeah. I think, uh, a lot of people are, might look at it as like a networking event, but to me, I’m looking at it more as like a, like a counseling event maybe or something like we’re learning event.
This is a brotherhood guys,
a cult. It’s a cult. Like basically you do have an initiation. There’s initiation. There’s the elephant walk. There’s a handful of things. Listen, it’s going to get weird for a while, but it’s going to make it worth it. Yeah. Once you’re officially initiated, then you have to get it.
If anyone hands you a business card soon, we’re just going to kick them out. Yeah, exactly. It’s not a sales event or something like that. It’s literally just like a, it’s almost like behind closed doors. Like how are we going to take over the world type deal? Yes. Sorry. Styles.
Yeah. Again, it’s it’s Jim Jones.
We can’t emphasize enough. It, yes. In a sense, I guess you are networking, but it’s like, we want to bring together a group of like-minded men and women, uh, that just want to kill it. And don’t want to be part of like these super cliche networking events where it’s just like Brad and Bobby were saying like, nothing but card passing.
And then you get people calling on you for whatever the fuck it is. So. We have no idea what it’s going to be like. We’re not going to sit here and say, we’ve got all the structure in the world, but the first event that I ever tried to make turned into this podcast, it turned into, it was six people and then a turndown to four guys.
Well, we did have those two fat chicks.
We kicked them out pretty quick.
Well, we didn’t kick them out. They just didn’t show back up. Yeah, probably. Cause they saw Dan and it was like, this guy cannot run anything.
Literally can’t run.
Oh, what up? September 15. 7:00 PM tech, Artista at St. Louis, uh, we’ll post, uh, we’ll call post a couple of other things on Instagram.
Hit us up. Uh, if you want to attend, let us know. Otherwise we’ll talk to you next week and we’ll be in California,
Sonnen, deuces lady. Yeah.