Diversified Income Experiment | Passive Income: Recent Episodes
LaunchPod Media
A meat and potatoes podcast dedicated to cutting out the BS in passive income and actually helping you achieve financial success. Learn how to set up the right income streams, grow business, promote capital, and actually apply useful knowledge.
Yes, you read it. I survived a plane crash. I still can’t believe that has just happened. And with your life flashing before your eyes, I’ve come to realize what are the most important, what my priorities are and how I would live my life going forward. Tune in today as I share my experience that could hopefully help and inspire you.
[00:01 - 10:04 ] My Plane Crash Story and Why I Decided to Be On Podcast Hiatus
[10:05 - 12:55 ] Things I learned From My Aircraft Accident
[12:57 - 18:55 ] My Challenge for You: Create the Great Version of You
Key Quotes
“You don't have to have something happen to you to wait for you to define what it is that makes a great version of you, one that makes you feel awesome about the life you're living.” - Keith Leimbach
“We're given a chance. only thing stopping you from doing, man is you. So take a risk. Do it today. And then share it broadly.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Ever wonder how some people are killing it in the real estate industry? Or probably you have attended masterclasses but is taken over by analysis-paralysis? This episode is definitely right for you! We talk about how how to sustain your business ideas and make it a reality, different ways to create an income stream plus, the coolest real estate business model that could help you get started!
[00:01 - 05:25 ] Your Job Security Is a Myth! Do Not Rely on One Income Stream
[05:26 - 10:16 ] Avoid Overanalyzing and Put Your Ideas to Work
[12:32 - 16:58 ] The Business Model I Love on Real Estate Revealed
Key Quotes
“In the process of figuring out what that's gonna be, it also needs to come to conclusions at some point, as opposed to just kind of shopping around ideas and you think it's really cool.” - Keith Leimbach
“You can totally do it. Anybody can do it! You can you can buy a business, you can start a business, you can flip real estate, you can flip land, you can get into all these different things. And once you start making a little money from it, then you just realize, if I made a buck out of you'll make 10 bucks. If I made 10 bucks out to be able to make 100 If I made 100 I'll make 100,000. It's just about scale and doing it at a bigger bigger level.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of Diversified Income Experiment! This is a follow up to our previous episode Laundromat $$ Revealed - 2022 Budget Details. We will revisit our budget projection, go over the breakdown and determine what are worth investing in terms of equipment, software and people. Tune in!
[00:01 - 05:11 ] Revisiting the revenue and expenses flow plan for 2022
[05:12 - 05:17 ] The Difference in Revenue Of The Three Laundromat Stores
[06:13 - 19:40 ] My Biggest Expense (guess what?) And Where To Cut Down on Expenses
[19:41 - 21:05 ] Caveat when leasing a building for your laundromat
Key Quotes
“Interest is the power of leverage.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
From being a hospitalist doctor with a negative net worth to being a successful real estate investor and entrepreneur. Dr. Steve experienced the highs and lows of being a professional career and entrepreneurship. His business acumen and being able to identify the right people that to support himself with helped him be one of the successful entrepreneurs we have today.
[00:01 - 06:47 ] Dr. Steve on how he was able to put up a business as a doctor with negative net worth
[16:06 - 20:21 ] Drain Jetting and how it is different from other plumbing products
[20:48 - 21:59 ] The advantage of catering to residential
[22:03 - 25:17 ] How much capital will you need?
Key Quotes
“They're not really in the school system. Like you tell somebody could be a plumber. No one goes, Oh, high five man! Tells them you can be a doctor and they want to give you a hug, and they think you're saving the world, right? But you know, we also need plumbers and electricians and carpenters. And it's tough.” - Keith Leimbach
“ You had this whole lifestyle that looks great, and there's not a whole lot behind it. And so I decided that wasn't going to be me and you know, started with one house and roll that into the next house and roll that into a four Plex and a six Plex and a 15 unit and you know, just just grinding for a couple of years..” - Dr. Steve
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Jon Ostenson is a consultant, investor, author, and international speaker specializing in the area of non-food franchising. He draws on his experience as both the President of Inc. 500 franchise system and as a multi-brand franchisee in serving clients across these capacities. Jon is the author of ‘The Franchise Path’ and is a frequent contributor and thought leader for publications on the topic of franchising and franchise investments. Prior to FranBridge, Jon was the President of ShelfGenie, a national franchise system with 200 locations. Prior to ShelfGenie, Jon was the Vice President of Sales for Carter’s Inc., responsible for over $350M in annual sales. Jon began his career as a Consultant with Accenture, often working internationally on behalf of clients.
In this episode, based on popular demand, Jon goes back on the show to talk more about franchising! He dives deep into the capital needed in order to start, he expounds on all the possible opportunities in this industry, and how to ensure that you are in this for the long term. All this and more in this episode so let’s dive in!
[00:01 - 11:26 ] Capital Needed to Start Franchising
[11:27 - 21:52 ] What are the Opportunities in Franchising?
[21:53 - 32:40 ] Looking at this Business in the Long Term
[32:41 - 17:37 ] Final Takeaways
Connect with Jon on his website!
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Armed with only $3,000, gut-wrenching fear, and absolutely no real estate experience, Mark bought his first few parcels of raw land in 2001.Today, Mark is the author of Dirt Rich, the ultimate guide to helping you build a passive income. and owner of Frontier Properties, a very reputable and successful land investing company, and has been buying and selling land full time since 2001. By focusing on working smart, not hard, he has completed over 5,500 land deals with an average ROI of over 300% on cash flips, and over 1,000% on the deals he sells with financing terms. Even though Mark invests a lot of his time helping others, he stays actively involved in running his land investing business, and is dedicated to teaching the most current and relevant “real world” land investing methods to his students.
In this episode, Mark dives into the world of raw land investing, how he got into it, what are the opportunities in the industry, and how you can start if you want to get into this kind of business. All this and more on the episode, listen in!
[00:01 - 06:47 ] Raw land investing with Mark and how got into the industry
[06:47 - 10:32 ] What are the steps when you want to buy some land
[10:33 - 17:37 ] Let’s talk about the numbers in this industry
[17:38 - 17:37 ] Helping other people to earn from this industry
[10:33 - 26:51 ] Let’s talk about the numbers in raw land investing
Resource mentioned:
Checkout the free course at www.thelandgeek.com
Key Quotes
“It’s about getting wealthy slowly. And the whole idea is to have your passive income exceed your fixed expenses. So you're working because you want to, and not because you have to.” - Mark Podolsky
“I mean, I would say if you do for the next three to five years what other people won't do, you'll be able to do for the rest of your life, what other people can't do.” - Mark Podolsky quoting Zig Ziglar
Connect with Mark on Facebook, Instagram, and YouTube!
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! In today’s episode I’ll be talking about maintenance, utility bills, and timelines if you want to start your own laundromat business so you have an idea of how this type of business performs. Based on my experience, I learned that knowing about these key information and details are very important to consider prior to investing. So make sure to tune in until the end!
Laundromats for the 2022 Model
-Let’s talk about the maintenance in the laundromats
-Importance of diving into the layouts and plumbing
-Prepare and plan for your utility bills and other costs
-Let’s get into the numbers of the laundromats
-How long it takes to build a laundromat
-Where we’re at in the business
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! In today’s episode I’ll be giving a quick update on my trucking business and talk about how there’s a shortage of truck drivers in the country. And so I would love to see someone from the administration help create a program where we could bring drivers and teach this skill in schools because this is actually a good gig!
Bringing in More Drivers
-What you need to start a trucking business
-Updates on my trucking business
-Having a driver shortage in the country
-Encouraging people to learn how to drive and be a great driver
-Setting rules and regulations in place
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! In today’s episode we're going to be talking about some successes from a policy perspective coming out of our great government and sharing how those are affecting all of us. I get a lot of grief every now and then about having some political rants and so I appreciate that feedback, and I thought today, I would try to provide a balanced perspective and share my thoughts on successes. Listen in!
Successful Policies
-Policies and political rants
-How a lot of things are driven by the economy
-The crisis in our schools
-Successful correlation with Russia and China
-Mandating vaccines
Join the Van Special in Northern Baja, Mexico!
-Our friends at the www.flarespace.com invites us to the event
-Anybody can go on April 21 - 24
-Checkout www.flarespace.com/baja for more details
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! In today’s episode I’ll be sharing another platform that you guys should definitely check out especially if one of your resolutions for this year is losing weight. This platform might just be the one you’re looking for because it will definitely motivate you through the cash prizes! Listen in!
Losing Weight on 2022
-Making money while losing weight through www.healthywage.com/
-Lose weight, hit your target, and make money
-Online company uses cash prizes to make weight loss and fitness more fun and effective
-How it works
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! In this episode, I’m going to share a really cool platform that you can check out to earn extra money on the side! Listen in!
Make Money Through Research Interviews
-Researchers allow studies to make things available to you
-Create an account in www.userinterviews.com
-They pay you to do the study!
-Perfect if you have a smartphone, computer, or tablet.
Join the Van Special in Northern Baja, Mexico!
-Our friends at the www.flarespace.com invites us to the event
-Anybody can go on April 21 - 24
-Checkout www.flarespace.com/baja for more details
Send this podcast to 2 of your buddies, leave a 5-star review, and Venmo me a $100!
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! In this episode, I will be giving you guys a quick update on how my laundromat business has been going and share with this new project that you might be interested in. I will be also talking about some thing that you should watch out for if you decide to be serious about investing in laundromats this year. Let's dive in!
Laundromat Project for Sale!
-Managing 4 laundromats and earning a ton of money
-New project in Hobbs, New Mexico
-Building a chain of laundromats
-Things to watchout for when you buy a building for a laundromat
-Features of the laundromat I’m selling
Join the Van Special in Northern Baja, Mexico!
-Our friends at the www.flarespace.com invites us to the event
-Anybody can go on April 21 - 24
-Checkout www.flarespace.com/baja for more details
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! This episode is very special because I have one of my listeners join me on the show today. Carlos and I have been talking about real estate and laundromats and now I invited him to share his experience with you. Listen in!
Introducing Carlo on the show
Juggling his full time job and his side hustle
Being passionate about real estate and having 42 units
Carlo talks about his first move in real estate
Learning from Real Estate
The challenges of having side hustles
Gaining experience and knowledge as you grow your portfolio
Finding the right property manager is very important
What’s Next for Carlo
Desire to expand his side hustle
Looking into AirBnBs and Laundromats
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! This episode is going to be a quick one and I’m going to be sharing a story about my friend who influenced me and others to finally buy a bidet. And I wanted to share this story with you because it blows my mind that you can actually earn a lot from selling a device that cleans your tushy! Still not sure how that can happen? Make sure to listen in and I will explain how you can make money with Poop Jokes.
Let’s Make Money from Poop Jokes
Can you really make money out of Poop Jokes?
Telling people that they should buy a bidet
Why isn’t anyone promoting or talking about bidets?
How you can earn from selling bidets in Amazon
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to another episode of the Diversified Income Experiment podcast! Today is another Trucking Business update where I will be sharing with you how I lost a ton of money mostly because it was so difficult to find the right driver. All this and more insights from the trucking business, so make sure to listen in!
The Trucking Business as a Fabulous Experiment
Quick update: you need a truck and you need a driver
Did not expect this business to be difficult
My experience with finding the right driver
It’s a good gig, but not good enough
Do a full inspection before buying a truck
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Jon is a consultant, investor, author, and international speaker specializing in the area of non-food franchising. He draws on his experience as both the President of Inc. 500 franchise system and as a multi-brand franchisee in serving clients across these capacities. Jon serves as CEO of FranBridge Consulting where he helps clients understand all aspects of franchising in the process of introducing them to opportunities from the over 300 high growth brands that he represents. Additionally, Jon oversees FranBridge Capital where he and his partners own 14 territories across 3 property service franchises. Jon is the author of ‘The Franchise Path’ and is a frequent contributor and thought leader for publications on the topic of franchising and franchise investments. Prior to FranBridge, Jon was the President of ShelfGenie, a national franchise system with 200 locations.
In this episode, Jon gives us a quick tour on the world of franchising. We talk about the business that people are buying, how much they are making, and which types of business you should invest in. If you have been looking for a way out of your corporate job, then this might just be the type of business that you have been looking for. Listen in!
Introducing Jon Ostenson on the show
Who’s buying?
Everybody wants to make more money
Having money gives freedom and independence
How to stop trading time for money
So what are people buying?
Invest on business on health and wellness
How to let people understand the franchise process
Importance of having a streamlined process
How much do people pay?
How much do people make?
Connect with Jon
Check out the links below
Tweetable Quotes:
“I never set out to become wealthy, I set out to gain independence.” - Jon Ostenson
“So it's really a streamlined process that helps cut through the clutter and the noise to get those right opportunities in front of you.” - Jon Ostenson
Connect with Jon through LinkedIn or through his website!
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Happy New Year! In this episode I will be sharing with you some quick updates about learning Spanish, the laundromat business, and some advice if you are the type who does New Year’s resolutions. This is going to be a really quick episode so you guys can go celebrate New Year along with everybody, let’s dive in!
[00:01 – 02:21] Opening Segment
What we’re going to talk about in this episode
Reading some reviews from the podcast’s listeners
[02:22 – 09:53] Quick Updates
Learning Spanish
Sharing a story about business
Share your crazy ideas with me at harry@dincpie.com
Update on the laundromat business
[09:53 – 12:19] Closing Segment
New Year’s resolutions
Pick a word that defines you
Create a list!
Leave me some notes!
Final words
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
In this episode I will be sharing with you some of my thoughts and insights about a growing and profitable niche that you probably have not thought about yet – importing tequila! Listen in as I share with you my experience from a tequila and mezcal tasting, the potential in importing tequila, and why you should look into this if you want to earn some extra money. Listen in!
[00:01 – 07:00] Opening Segment
What we’re going to talk about in this episode
Thanks for helping the podcast be on the 1% top podcasts in the United States
Reading some reviews from the podcast’s listeners
[07:01 – 11:34] Let’s Talk About Tequila
If you like tequila, you’re going to like mezcal
What mezcal tastes like
It’s a growing and profitable niche
[11:34 – 12:38] Closing Segment
Leave me some notes!
Final words
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
In this episode I will be sharing with you a funny story with my mother, my mother in-law, and my son where we bonded over trimming buds of a pot plant, I will also be sharing with you my takeaways from that experience, and some insights in buying your own business and scaling it so that you can earn more and be financially stable. All these and more on this episode, so make sure to tune in until the end!
[00:01 – 04:18] Opening Segment
Thanks for helping the podcast be on the 1% top podcasts in the United States
Thank you to everyone who left a review on the podcast
How to leave a review
Reading some reviews from the podcast’s fans
[04:19 – 17:45] Let’s Talk About Making Money with Mary Jane
Growing a pot plant
What is the plant worth?
I share a story with my mother in law, my son, and my mother trimming pot plant
Consider buying a business and grow it
Opportunity to achieve financial stability and freedom
[17:46 – 18:54] Closing Segment
Quick updates on my business
Final words
Tweetable Quotes:
“And you can do business at a micro scale and buy your own business and run it and then all of a sudden, you know, it doesn't take long to grow some of these things.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
In this episode we will be talking about all the reasons why I will be closing down my Amazon business aside from losing almost $100,000. I will also be talking about the answer on how to stop school shootings because that is just super wrong in so many ways. Lasty, I will also share some data on what's been happening to your utility bills, and you should pay attention to why it is actually going up. All these and more on this episode, so make sure to tune in until the end!
[00:01 – 09:39] Opening Segment
Thanks for helping the podcast be on the 1% top podcasts in the United States
Thank you to everyone who left a review on the podcast
Reading some reviews from the podcast’s fans
Figure out how you spend the first hour of your day
Reveals what is truly important to you
[09:40 – 18:12] Let’s Talk About Amazon
I don’t like the Amazon business
No buyer-customer relationship
Amazon favors those who put in more ads
Checkout Olillo industrial pipe shelves
[18:13 – 26:24] Closing Segment
Sourcing a new driver for my truck driving business
A 38% increase for my gas bill
Transitioning out of fossil fuels
How we stop school shootings
Tweetable Quotes:
“Don't pick some audacious goal if you don't want to do something audacious right now,” - Keith Leimbach
“how you spend your time is really what is important to you, as opposed to what you convince yourself and go tell your friends.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com
Welcome back to the Diversified Income Experiment Podcast! In this episode, I will talk about some cool business ideas you can start right now to earn tons of dough. First, we’ll talk about the photo booth business and how this particular gal built a 6-figure photo booth business. I will also share how you can learn about setting up a portable hot tub business and the things you need to know if you’re planning to run your own trucking business. There are literally a thousand ideas for your side hustle, all you need to do is get started. Learn more and listen in!
[00:01 – 03:38] Opening Segment
- Share this podcast with your friends!
- Thinking of shutting the whole thing down, but...
- Reading some reviews from the podcast’s fans-
[03:39 – 09:24] Photo Booth Business
- How this gal built her photo booth business into a 6-figure revenue business
- How you can learn more about the photo booth business
- Your possible earnings per year
[09:25 – 19:29] Other Great Business Ideas
- Learn how to set up your portable hot tubs business
- Running a trucking business: What you need to know
- I bought myself a racecar!
- Think of ways to be better than you are today
Tweetable Quotes:
“Here’s something I've learned, man. If you're in the corporate world, you've got some money, you got no time. There's a lot of entrepreneurial folks out there that have lots of time and no money. And that makes a great marriage between the two of you because you can put up some money and provide a little bit of direction and oversight, and get a resource that's going to go run this thing and be a partner with you.” - Keith Leimbach
“If you do anything today, do this – take a little bit of time for yourself and think about what makes you 2% better than you were yesterday. Listen, if you did that 50 days in a row you’d be 100% better. 50-day plan to be 100% better than you are now, why wouldn't you do that?” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast and Happy Thanksgiving! In this episode, we will put some context on being thankful. Join me in taking a step back and just be thankful for being around the people that we love. I will also talk about why it’s important to slow down a bit once in a while, especially during the holiday season. Later in this episode, I will also share my thoughts on current national issues and why we all should still be thankful despite these problems we’re facing. Listen in, folks, and Happy Thanksgiving!
[00:01 – 08:26] Being Thankful, but with Context
- Happy Thanksgiving!
- The importance of having context in being thankful
- The low lights are inevitable
- Find some time for your loved ones
- Why don’t you slow down a little bit?
[08:27 – 18:35] Tackling Issues… and Reasons to be Thankful
- My thoughts on mask mandates
- Issues on border control
- Spiking gas prices
- We’re in the greatest country in the world
Tweetable Quotes:
“The low lights are inevitable. It's just a matter of how we manage those and how we think about ourselves during those times and what tools we use to be able to navigate our way through them.” - Keith Leimbach
“Every once a while you got to slow down and smell the roses. That's another great thing for you to all be conscious of. We all pedal so fast, man. We run so hard. Even when we don't think we're running hard, we're running hard. And it's okay to just slow down for a little bit and go have a beer with your buddy or go fly home to see your mom. Why don't you just go do that and go enjoy the roses?” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I will talk about how you can make lots of money with a franchise! First, I will give my thoughts on why many businessmen love franchises, then I’ll share the most important lessons I learned after evaluating a bunch of franchise opportunities. I will also talk about how I make money with my franchise, “Smash My Trash”, from the revenue to the challenges I encountered. Ready? Listen in!
[00:01 – 09:42] Lessons Learned from Evaluating Franchise Opportunities
- Why people love franchises
- My current franchise, “Smash My Trash”
- Important lessons that I learned evaluating franchise opportunities
- Write down what your strengths are
- Do you want to be an owner-operator?
[09:43 – 19:53] Making Money with a Franchise
- Doing the math for “Smash My Trash”
- Why it’s important to find great sales guys
- Adding a hauling business to “Smash My Trash”
- Closing words
Tweetable Quotes:
“When you think of franchises, think of any business, are you trying to get an incremental dollar out of someone's pocket, or are you trying to just redistribute the dollars that they're already spending, and then they spend less? The value proposition of ‘Smash My Trash’ is, with our service, you will pay less in managing your waste.” - Keith Leimbach
“Go do something awesome today. It's just another day, man. It's beautiful. It's sunny. Even if it's not sunny, it's raining, it doesn't matter. It's a beautiful day, and it's one that you can take advantage of. Go figure out what you can do with your life.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I will walk you through how much money my laundromats make! I will share how much it cost me to put up this business and how I was able to finance it. Also, I will break down the expected revenue per month, all the expenses, and the net profits made from running my three laundromats. I will also share how I make it possible to generate passive income out of my laundromat business. Listen in and learn how you can also make a lot of money out of laundromats!
[00:01 – 05:20] Opening Segment
- What I love about the laundromat business
- An overview of my laundromats
- The advantages of building nice laundromats
[05:21 – 25:15] How Much Money My Laundromats Make
- The net profit my laundromats make
- Why laundromats are expensive to open
- Expected revenue per month
- Cash-on-cash return
- Equipment lease
- Why I built three laundromats instead of one
- How this business generates passive income
- Breaking down our monthly expenses
Tweetable Quotes:
“When something goes wrong, I will have to get involved. My manager will eventually find a better opportunity or her family's gonna want to move out of the area or whatever the case may be, and that's gonna be a big ripple effect. But to have the freedom for the last year and a half to have not had to go at all [to the laundromats] is something for you to consider. When you hear people talking about laundromats and they say, ‘Hey, can you really run them passively or not?’ This is my exact story.” - Keith Leimbach
“Do something awesome today. It is just another day for you. You get an option and an opportunity every day. Go do it for yourself.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I talk about this great idea you can execute next year to make a million dollars! Clue: The US has such a high demand for drivers. I will also give you guys an update on our trucking business. I will share how much revenue we made in the last few weeks, as well as our recorded expenses. By listening to our experience with the trucking business, you can have a glimpse of what to do to avoid so many expenses and maximize your profits.
Ready to know the million-dollar idea? Listen in!
[00:01 – 05:01] Opening Segment
- Reading some reviews from the show’s fans
- Introducing today’s topics
- A few shoutouts
- A preview of the next episodes
[05:02 – 16:23] Trucking Business Update: Revenues and Expenses
- The US’ high demand for drivers
- How much revenue we got in the past few weeks
- Our driver is teaming up with another driver
- How to keep your truckloads safe and secure
- Recorded expenses
- Do your due diligence on checking your trucks
- Consider buying a brand new truck
[16:24 – 24:37] Make $1M in 2022 with this Idea
- The idea: sourcing and training drivers
- How you can make a lot of money through this business
- A quick calculation of your possible revenues
- Closing words
Tweetable Quotes:
“What I would recommend for folks that are looking at trucks is you can never do enough due diligence on these trucks. Before you buy it, take the time, get it to a diesel mechanic, and have a full inspection done and have someone drive it 100 miles, so you know what the heck is going on with this vehicle.” - Keith Leimbach
“Today is a day, man. You can do anything, you can sit on the couch, it's your day, do anything you want. You can complain about your job, you can spend all day complaining about all kinds of stuff, or you can approach life with a great big smile and be grateful for everything you got going on.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Heidi Pozzo works with C-Suite leaders to shape growth and change strategies to dramatically increase the value of their business. She has worked with more than twenty industries across the globe. Typical results include increased earnings, clarity of business drivers, alignment around key business drivers, and enhanced understanding of risk factors.
In this episode, Heidi talks about everything that you would need to create your own consulting business. She talks about her experience building her consulting business from the ground up, and she’s going to share 4 steps you can take to turn your consulting business idea into a reality. Join us and listen in!
[00:01 – 03:56] Opening Segment
- Welcoming Heidi to the show
- She shares her background
- She talks about high-performance igniters
[03:57 – 18:44] How to Start Your Own Consulting Business
- Identify where your networks are
- The importance of being a part of a consulting community
- How much funds you would need
- Why you don’t have to focus so much on marketing
- How Heidi found her clients
- Different types of consultancy
- Heidi talks about referrals
- What does it actually take?
[18:55 – 24:14] Closing segment
- Heidi on writing her own book
- How you can connect with Heidi
- Closing words
Tweetable Quotes:
“You really got to have that external network, not only for getting business, but also for keeping your ideas fresh and being motivated and having a peer group that can support you.” - Heidi Pozzo
“If you have a strong network, the marketing isn't as important. I think a lot of people will spend a lot of time on a name of a business, but it's really you as a person. That is what people are looking at. Your name is your brand at the beginning.” - Heidi Pozzo
“If you don't have a strong external network, you need somebody who has a recognized brand in the market that you want to serve. If you want to make a leap from corporate to consulting right away and you don't have the network, the firm's probably the best way to go.” - Heidi Pozzo
Check out Heidi\s website:
https://heidipozzo.com/blog/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I’m giving you an update on the status of our trucking business. I’m happy to tell you that we are now live with our first load! I’ll be talking about the preparations we made for our first load and some challenges we encountered along the way. From hiring our driver to fixing a broken speedometer, to all the legal fees and gas costs, we’re going to cover the nitty-gritty of this business as we are starting out. Join me and listen in!
[00:01 – 15:09] Trucking Business Update: We're Driving Our First Load!
- An update on our trucking business
- How SHR Logistics helped me get this thing going
- Hiring firms for drivers: Worth it?
- The speedometer is not working again!
- How we’re paying our driver per mile
- How much we pay for gas
- Legal fees
- Buying the right rig
Tweetable Quotes:
“I'm super thankful for all the support that we've had to get this thing live because as I just described, it's a heck of a lot of work, and you know who's doing all that? Yours truly, man. So to all of my investor friends that listen to this podcast, how about a high five?” - Keith Leimbach
“Do something awesome today. Seriously, I don't know what time of day you're listening to this thing, but take the time to do something great because you deserve it.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment! Today, I am pleased to have a conversation with Nick Loper! Nick is an entrepreneur and the author of the book “$1,000 100 Ways: How Real People Make Real Money on the Side”. Nick’s entrepreneurial journey began at an early age — selling candy to his fellow Boy Scouts at summer camp, and eventually painting houses in college at the University of Washington. After graduation, he did what he was “supposed” to do: get a full-time for a giant corporation. However, he was able to build his biz nights and weekends. His book has literally hundreds of side hustle ideas. It showcases his successes and failures, as well as the actionable lessons from hundreds of fellow side hustle entrepreneurs.
In this episode, Nick talks about the biggest lessons from his book $1000 100 Ways. We talk about some of the coolest and most successful businesses featured in his book and how the entrepreneurs who made them possible were able to crush their side hustles. Nick also shares his thoughts on overcoming the fear of starting a business and how you can grow your podcast today. Listen in!
[00:01 – 09:04] Writing the Book $1000 100 Ways
- Welcoming Nick to the show
- Nick talks about writing his book “$1000 100 Ways”
- Organizing information from many entrepreneurs
- Success stories of entrepreneurs featured in the book
- Nick talks about the success of the insurance content business
[09:05 – 18:29] Overcoming the Fear of Starting Your Own Business
- Nick on making an impact on his readers
- Nick talks about the mobile notary business
- Modeling as a side hustle
- What to do if you feel stuck
- Why it’s important to find something you enjoy doing
[18:30 – 29:06] How You Can Take Your Podcast to the Next Level
- Nick on how he grew his podcast
- The listener pyramid
- What’s your hook?
- Driving traffic from SEO
- Nick on growing his audience
Tweetable Quotes:
“You have to put yourself in the mindset of a scientist or an experimenter and give yourself permission to try something out, not knowing maybe step 2 through 10, maybe not knowing if it's gonna work out, and then, recognizing that choosing what's next doesn't have to mean choosing what's forever.” - Nick Loper
“If you can turn one listener into two, you have solved all your podcast marketing problems.” - Nick Loper
Connect with Nick:
https://www.facebook.com/groups/sidehustlenation
https://www.pinterest.com/sidehustle
https://www.youtube.com/nickloper
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I am going to ask you why you keep listening to this podcast. Seriously, why do you keep listening to my dumb show? Whatever the reason is, I would like to give you my heartfelt thanks! In this episode, I will give you some stats about this podcast’s ranking in different counties around the globe. As always, please leave a review or send me some feedback. Listen in!
[00:01 – 10:28] Why Do You Keep Listening To My Dumb Show? And Thanks!
- I share some stats about my podcast’s ranking in various countries
- Thank you for listening to this podcast!
- What can I talk about? Leave some feedback!
- Seriously, why are you listening to this podcast?
- I talk about other super successful podcasts
Tweetable Quotes:
“There's like 80 trillion podcasts out there and we're in the top one and a half percent. So good for you guys. I'd like to take all the credit for it, but it's you guys who are listening to it.” - Keith Leimbach
“I try to be as offensive as I can. I hate your boss, I think your job is stupid, I think the fact that you're still in corporate America makes you a total loser. I try to disparage everything as much as I can, I talk politics, I can't shake you free. I don't know why you keep listening. Tell your friends about it, though. Let's do this, man!” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I am going to review a solar business that you can buy right now! I will share my experience using solar systems and how they benefited my businesses in the long run. As I review this solar business, we will take a look at its massive potential and its few downsides. Also, we will discuss the huge opportunity buying this business can give you today. Listen in!
[00:01 – 08:20] My Experience with a Solar System
- A look back at “Solar City” installing my solar system
- How I was able to purchase a solar system in just a few minutes
- Was installing a solar system worth it for me?
- How much it cost me to have a solar system
[08:21 – 17:14] Reviewing a Solar Business That You Can Buy!
- How this company makes tons of money selling solar systems
- The benefits of using solar energy
- How much traffic they’re generating on their website
- My thoughts on the company having to rely on subcontractors
- The opportunity this business provides
[17:15 – 21:05] Closing Segment
- Why this business is “Amazon-proof”
- Go do something nice today!
- Final thoughts
Tweetable Quotes:
“If the whole Diversified Income nation, for one month, did something nice every day for someone else, I'll tell you what, a lot of people listen to this show and it would make this place a hell of a lot nicer to live in.” - Keith Leimbach
“Do something great. Do it for yourself, do it for family, do it for the great God that we have.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Joe Valley is an author, guest speaker, EXITpreneur, advisor, and partner at Quiet Light. Joe Valley has also built, bought, or sold over half a dozen of his own companies. Over the last nine years, Joe has mentored thousands of entrepreneurs whose goal is to achieve their own eventual exit. He is a Certified Mergers & Acquisitions Professional, and a frequent guest expert in mastermind groups, on podcasts, and at events for entrepreneurs worldwide. Joe has written a book (coming May 2021), The EXITpreneur’s Playbook – How to Sell your Online Business for Top Dollar. The book shares real-life stories of successful and failed exits, and teaches you how to reverse engineer a pathway to your own incredible exit.
In this episode, Joe talks about how to sell your business the right way, so you can get the maximum value out of it. He takes us through some of the tips and advice on exiting businesses, which you can also find in his new book, The EXITpreneur’s Playbook. Listen in!
[00:01 – 07:26] How Experience Helped Joe Write ‘EXITpreneur’
- Welcoming Joe to the show
- Joe talks about writing his book, ‘The EXITpreneur’s Playbook’
- His experience building and selling businesses
- How much it cost him to publish the book
[07:27 – 23:39] How to Get the Maximum Value Out of Selling Your Business
- The importance of having a clear set of goals
- Why figuring out where you are today is pivotal to your desired exit
- Dollars, date, and feeling
- Joe on helping entrepreneurs exit their businesses
- Understanding your financials
- Clean financials vs. clear financials
- Doing the math
[23:40 – 30:31] Closing segment
- Learn more about ‘The EXITpreneur’s Playbook’
- What you can learn from the book
- Closing words
Tweetable Quotes:
“In order to achieve the exit they want in one or two years, [they have to] set that goal and figure out where they are today.” - Joe Valley
“By paying attention to the numbers, you can really see how close or how far you are to that goal, but also make sure that you're clearing up any issues and mistakes.” - Joe Valley
“It's just a matter of, ‘I know that I need to trust and respect my buyer that they're going to do a good job with the business’, and so I might be open to that if it's the right buyer. I think understanding deal structures is critically important for sellers as well as buyers.” - Joe Valley
Check out The EXITpreneur’s Playbook: https://exitpreneur.io/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I am going to talk about how you can flip sneakers for $10,000 per month! I am going to share some stories of folks who made tons of money buying and selling sneakers online. I will also share some resources where you can learn how to flip sneakers and make lots of dough. Listen in!
[00:01 – 03:48] Opening Segment
- Sharing the backgrounds of two of our next guests
- Thanks for your reviews!
- Are you getting value out of your boss?
[03:49 – 13:39] How to Flip Sneakers for $10,000 Per Month
- How my son’s buddy was able to buy a Tesla by selling shoes
- A lot of people are willing to spend tons of money on shoes
- How you can learn to buy and resell limited sneakers
- Utilizing eBay
- Buying from company websites
- Everything you want is on the other side of hard
Tweetable Quotes:
“One of the reasons we stopped doing things is because it takes time, and we all want things that are fast. That's why I keep telling you – everything you want is on the other side of hard, so just stick with it.” - Keith Leimbach
“If your boss is mentoring you and helping you to be a better person or a better professional, then you're getting value out of your boss. If your boss is not doing those two things, then you're totally wasting your time.” - Keith Leimbach
“Who the hell has spends $15,000 on shoes? Well, the answer is tons and tons of people. If you know how to buy them, you can then turn around and sell them, make some dough, buy yourself a Tesla, quit your job, and punch your boss in the nose.” - Keith Leimbach
Resources Mentioned:
https://sixfiguresneakerhead.com/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, we are going to talk about how commercial developers make tons of dough! I am going to tell you the step-by-step process of how these developers make massive amounts of money through commercial real estate. I am also going to walk you through a sample computation, so you can have a solid grasp of how big this can be for you. Ready? Listen in!
[00:01 – 06:39] How Commercial Developers Make Tons of $$
- What is a commercial developer?
- How commercial development works
- How much money commercial developers make
- Capitalization rate: What is it?
[06:40 – 22:19] Doing the Math
- The three variables
- Value of the building
- Annual amount of lease payments
- Cap rate
- A sample computation
- Making a million dollars through commercial development
- How this model can be related to a carwash project
Tweetable Quotes:
“This is how giant enterprises are created through real estate. When you hear people [say that] you’ve got to own the real estate if you're going to own one of these franchise deals or going to own one of these little businesses, that you’ve got to own the land, this is why. Because you can sign yourself up to be the tenant for that as opposed to the owner, and then sell the building, raise a sh*tload of capital, pay off the debt, and lots of cases after you pay off the debt, you still have lots of capital left to go to the next project.” - Keith Leimbach
“I hope you go do something awesome because you should, because if you let the day expire without doing something great, you just lost a day. So come on now, go get something done.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! Today, I had the pleasure of speaking with the one and only John Lee Dumas! JLD is the founder and host of the award-winning podcast, Entrepreneurs On Fire. With over 100 million listens of his 3000+ episodes, JLD has turned Entrepreneurs On Fire into a media empire that generates over a million listens every month and 7-figures of NET annual revenue 8-years in a row. His first traditionally published book, The Common Path to Uncommon Success is the modern-day version of Think and Grow Rich with a revolutionary 17-step roadmap to financial freedom and fulfillment. Learn more at UncommonSuccessBook.com.
In this episode, JLD talks about finding the similarities between people’s paths to success after having conversations with them more than a thousand times. He talks about why following your own path and stepping out of your comfort zone are crucial to your journey to financial freedom and fulfillment. Join us and listen in!
[00:01 – 03:53] Opening Segment
- Welcoming JLD to the show
- He talks about writing his new book
[03:54 – 12:53] The Common Path to Uncommon Success
- Finding the similarities between people’s paths to success
- JLD on following your own path
- Taking risks and stepping out of your comfort zone
- Getting out of the rut that you created for yourself
- The combination of financial freedom AND fulfillment
[12:54 – 13:51] Closing segment
- How you can find out more about JLD’s podcast and new book
- Closing words
Tweetable Quotes:
“I do love the quote ‘History does not repeat itself, but it surely does rhyme’. And it's so true. You are going to hear similar things from every single person that has success. You're going to hear rhymes from people who have achieved their level of financial freedom and fulfillment, and when you start really putting down all the things that people are doing to find their version of success, everything starts to look the same, everything starts to sound the same.” - John Lee Dumas
“You need to find those people who you really do admire, who you really do aspire to live the type of life that they've crafted and they've carved out for themselves. That's where you're really going to find your version of uncommon success.” - John Lee Dumas
“It's more clear now than ever that you can get out of whatever ruts you may have created for yourself because we all get into it. We've all done it. I've done it multiple times in the past. But it's easier now than ever to rip yourself out of that and really start getting out there and taking a few swings.” - John Lee Dumas
Resources Mentioned:
The Common Path to Uncommon Success by John Lee Dumas:
https://uncommonsuccessbook.com/
Connect with John Lee Dumas on his website: eofire.com
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I talk about my buddy Jack’s path to $100 Million. From being a firefighter to being a CEO of a tech company, Jack told me about his journey to success, and I am going to share what I learned with you today. I am also going to talk about why I’ve been traveling around the country recently. Join me and listen in!
[00:01 – 11:50] My Buddy’s Path to $100 Million
- From being a firefighter to being a CEO
- I talk about Jack’s company
- How technology companies raise money
- What he said when I asked him if he’s ready to make $100 Million
- Interesting ways to exit and sell your shares in a company
[11:51 – 21:11] The Reasons I’ve Been Traveling Around Recently
- My thoughts on sports teams changing names
- I talk about the trash smashing business
- Dumpster waste volume reduction
- I talk about forest fires
- Why I’ve been traveling around the country recently
Tweetable Quotes:
“When you're growing revenue, they want you to spend it all and they want you to spend that plus all the money that the investors are pouring in to scale the company. That's the whole point. So you’re measuring the companies on multiples of revenue, not multiples of earning.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I am going to give you an update on my trucking business. I will talk about how we are looking for a driver and the process I’m going through to get my commercial driver’s license. I will also talk about why it’s important to ask knowledgeable people about the fit of your truck and trailer. We’ll also cover truck insurance, job posting, and how much we have spent on the business so far. Join me and listen in!
[00:01 – 09:23] Trucking Update: I Need a Driver
- I’m in process of getting my commercial driver’s license
- My other businesses that can benefit from my CDL
- An update on our trucking business
- How much I have spent so far
- I need a driver
[09:24 – 18:00] CDL Online Training, Job Posting, and Truck Insurance
- Why it’s important to ask if your truck and trailer fit
- How much posting jobs online costs
- Taking my commercial driver’s training online
- I talk about the truck’s insurance
- Let me know if there's something that you're interested in talking about
- Closing words
Tweetable Quotes:
“Call people who know what the F is going on and ask them if you're doing the right thing.” - Keith Leimbach
“Do something awesome today. If you're not doing something awesome, what the hell are you doing all day? You’re just going to a dumb job and then getting drunk at night? Neither of those is going to get you very far ahead.” - Keith Leimbach
Resources Mentioned:
SHR Logistics
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I talk about some really cool business ideas I got from Nick Loper’s Book, $1000 100 Ways. From pressure washers to dog waste removal, we are going to cover a wide range of businesses that have worked for people and made them some great profits. I’ll also give an update on how this podcast is doing in other countries! Plus, I am going to talk about why you should take advantage of each day that you have and why should be nice to people. Join me and listen in!
[00:01 – 13:26] Some Really Cool Business Ideas (from Nick Loper’s book)
- I talk about Nick Loper’s book, $1000 100 Ways (link below)
- A quick story on how someone made money out of pressure washers
- Deck and patio cleaning business
- Dog waste removal business
- Breaking down a content business
- Freelance editing and editor training
- How you can make money telling your own stories
[13:27 – 18:33] Closing Segment
- I read a review of the show
- How the podcast is doing in other countries
- Thank you for listening!
- Do something great today
- Closing words
Tweetable Quotes:
“If you're going to let the sunset on another day and you didn't do something great, what the hell are you doing? Why did you let that day go? Because I'm telling you, at some point your life, you're gonna start counting down the days, not counting up the days.” - Keith Leimbach
“Be nice to someone. If they're not nice to you, that's on them.” - Keith Leimbach
Resources Mentioned:
$1000 100 Ways: https://www.amazon.com/1000-100-Ways-People-Money-ebook/dp/B099YLZ8R9
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I talk about how you can make money out of a portable hot tub rental business! We’ll take a look at the basics of the business and how it runs. I’ll also share a success story I read about this business and why it’s such a cool idea to consider as a side hustle. At the end of this episode, I’ll give the details on how you can check out this portable hot tub rental business from Long Island. Join me and listen in!
[00:01 – 05:03] The Basics of the Business
- Introducing today’s topic
- Portable hot tubs rental
- How they’re different from traditional hot tubs
- There are infinite ways to market this business
- It requires no maintenance
[05:04 – 13:04] Making Money Out of a Hot Tubs Rental Business
- I share a success story of this business
- Where he ran the business
- The profits he made
- The best locations to start this side hustle
- How you can find out more about Long Island Hot Tub Rentals
Tweetable Quotes:
“He's earning five to 8000 bucks... Maybe I'm gonna go start rent some hot tubs because why wouldn't you? I think it's something that you all ought to be considering because there are plenty of ways to make dough out there, and this is one of them.” - Keith Leimbach
Send an email to Long Island Hot Tub Rentals at lihottubrentals@gmail.com
Resources Mentioned:
- Long Island Hot Tub Rentals: https://www.lihottubrentals.com/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I am going to talk about a business idea that can make you a lot of money on the side: the knife and tool sharpening business. I will tell the story of how I stumbled upon the idea and why it’s such a great business to have. I will also share a professional sharpening community you can join, so you can start sharpening those knives and make some good profit. Join me and listen in!
[00:01 – 05:00] My Preferences in Business
- Introducing Nick Loper’s book, $1000 100 Ways (link below)
- I know what kind of businesses I like
- Retail vs. non-retail
- Why I don’t like businesses with a lot of staff
- My thoughts on marketing
[05:01 – 13:24] Knife and Tool Sharpening Business as a Side Hustle
- Knife and tool sharpening business
- Why the idea caught my attention
- How much you can make with this business
- How someone made a lot of money through this business
- There’s no reason you can’t do this
- I share Matt’s knife and tool sharpening community
Tweetable Quotes:
“I think about my kids in school and what they could be doing to make money on the side. You don't need a Ph.D., you don't have to be 50 years old., you just gotta want to have a side hustle.” - Keith Leimbach
Resources Mentioned:
American Edge Sharpening: https://www.americanedgesharpening.com/
The Guild of Professional Sharpeners: http://members.guildofsharpeners.org/
Listen to Matt Rowell’s story: https://www.sidehustlenation.com/start-a-knife-sharpening-business/
Matthew Rowell’s YouTube Channel: https://www.youtube.com/user/capnmatt41
The American Edge on Facebook: https://www.youtube.com/user/capnmatt41
$1000 100 Ways: https://www.amazon.com/1000-100-Ways-People-Money-ebook/dp/B099YLZ8R9
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Welcome back to the Diversified Income Experiment Podcast! In this episode, I am going to give you an update about our trucking business. I’m going to share the improvements we made on the truck and the trailer, as well as the steps I took to hire a driver. I am also going to talk about the long process of regulatory work for the business and why you need people who know what needs to be done to finish the process. I’ll also share what we named the trucking business and tell the story behind the name. Join me and listen in!
[00:01 – 03:03] Opening Segment
- Today’s topic
- Leave a review!
- A quick overview about our trucking business
[01:27 – 15:24] Updates on Our Trucking Business
- Hiring a driver
- The importance of knowing what type of trailer to get
- Regulatory work
- Adding a dunnage rack
- Flatbed and suspension
- What we named the business
- The story behind ‘Axle Roads Heavy Haul’
[15:25 – 16:42] Closing segment
- Send me a note!
- Closing words
Tweetable Quotes:
“It's overwhelming in the paperwork process. Trust me, it is because the government, they're there to eat your brain and chew your face off, so you need to make sure you have someone that knows exactly what needs to be done.” - Keith Leimbach
“Do something great today because today's gonna be over and then you got tomorrow. Just do something awesome tomorrow, too.” - Keith Leimbach
Resources Mentioned:
- SHR Logistics
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
How can your business become remarkable? This is what Rich Brooks will talk about in this episode. Rich is the President of flyte new media, a company that works with SMBs and non-profits to help them increase their online visibility, drive more qualified traffic to their sites, and convert that traffic into leads and business. Rich speaks in front of both local and national audiences on web design and Internet marketing. He founded The Agents of Change Podcast, a weekly Internet radio show where he interviews marketing experts from around the world. He also started The Agents of Change Digital Marketing Conference, an annual conference that takes place in Portland, Maine, and is streamed worldwide. Rich is also the “tech expert” on 207, an evening news program on the NBC affiliates in Maine.
In this episode, Rich talks about how your business can become more remarkable through the “four lenses of remarkability”. He shares with us today how applying them in your business and marketing strategy can help you reach greater heights. Join us and listen in!
[00:01 – 04:44] Opening Segment
- I introduce Rich to the show
- Rich shares his background
- How he ended up in marketing
- Starting his own firm
- What he loves about Maine
[04:45 – 30:53] How to Identify What Will Make Your Business Remarkable
- Why ‘remarkable’ is not as intimidating as you thought
- The four lenses of remarkable marketing
- How to generate more revenue using the four lenses
- The significance of asking your customers why they chose you
- Why clients pay more for specialists than they do for generalists
- Rich shares some marketing ideas for my laundromat
- Identifying your mission
[30:54 – 34:23] Closing segment
- Rich talks about his agency and their clients
- How you can connect with Rich
- Closing words
Tweetable Quotes:
“What I have always been trying to tell people is that you first figure out how you're going to stand out. Why are you valuable to your customers?” - Rich Brooks
“Find out from your customers why they choose you because your remarkability might be there.” - Rich Brooks
“Niche down until it hurts. You maybe serve a smaller audience, maybe you deliver to a smaller area, maybe you reduce the number of ingredients that you have until you are the best and only person serving that audience in with your specific solution, maybe within a specific geographic area or any other type of restrictions you can put on yourself because those restrictions actually lead to remarkability.” - Rich Brooks
“I think it works best long term if you're doing something that is in alignment with either your mission or your values.” - Rich Brooks
Connect with Rich on Instagram and Twitter at @therichbrooks
Rich’s LinkedIn: https://www.linkedin.com/in/therichbrooks/
Resources Mentioned:
flyte new media: https://www.takeflyte.com/
Agents of Change Podcast: https://www.theagentsofchange.com/podcasts/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Want to make a quick $10,000? Flip a vehicle! This is what I am going to talk about in this episode. I’ll share with you how I made a quick huge profit by upgrading a van and selling it. We’ll go through the specifics, from the changes I made to the costs and the profit. I’ll also talk about selling my sprinter van and why the current situation of the car industry makes flipping used cars such a great idea. Join me and listen in!
[00:01 – 02:44] Opening Segment
- Happy Fourth of July!
- Today’s topic
- Leave a review!
[02:45 – 11:37] How You Can Make $10,000 Flipping a Vehicle
- What type of Van I flipped
- Doing the math
- Cost of the van and other expenses
- Taking the back windows out
- Putting in new wheels
- Installation costs
- Having it wrapped
- Tax and registration
- Flip it!
- Why this is a great idea
[11:38 – 14:42] Selling My Sprinter Van
- Putting flares
- Doing the electrical stuff
- Buying a fridge
- Lifted suspension
- Rhino wheels
- Selling it
- The profit I made
[14:43 – 16:19] Closing Segment
- You can do it!
- Final words
Tweetable Quotes:
“I’ll tell you what, you take a van and put good-looking wheels on it, you know, wheels that kind of jack it up a little bit, and then you tint the windows, it already looks 50,000 times better.” - Keith Leimbach
“Listen, those two things, the demand in the recreational vehicles and the shortage of new vehicles are creating a unique opportunity right now.” - Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
In running a business, sometimes having a great visual brand is more important than we think. This is what Randy Herbertson will talk about in this episode. Randy is the president of The Visual Brand, a company that provides branding strategies to other companies. Randy shares how he gets attention from different types of audiences and why it is important to keep a balance between form and function. Listen in!
[00:01 – 08:13] Opening Segment
- I introduce Randy to the show
- Randy’s background
- Starting a blog
- Posting in Pinterest
[08:14 – 22:44] Creativity and Visual Branding in Business
- Randy talks about The Visual Brand
- Running a business in a pandemic
- Randy’s blog site
- How gets a lot of viewers
- Why LinkedIn is an important tool
- Working with various brands
- Keeping the balance between form and function
[22:45 – 24:09] Closing segment
- How you can connect with Randy
- Final thoughts
Tweetable Quotes:
\
“Audiences certainly aren't just defined demographically, because there's always a demographic element, that’s just like anything else. How old somebody is or where they live doesn't take much about them, so there's always a psychographic element. The psychographic element isn't just that they love to play tennis and they drink beer. We always look for that other angle. It's something that will be relevant to the brand but will give us a differentiator.” - Randy Herbertson
Connect with Randy via randy@thevisualbrand.com
Randy's LinkedIn: https://www.linkedin.com/in/rherbertson/
Resources Mentioned:
What is Your Creative Thinking DNA?:
https://www.forbes.com/sites/forbesagencycouncil/2018/04/19/what-is-your-creative-thinking-dna/?sh=ba40521efce8
The Visual Brand: https://www.thevisualbrand.com/
My Moving Forward: https://www.mymovingforward.com/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Being an entrepreneur comes with facing challenges every day. In this episode, let me take you through a day in the life of an entrepreneur. I’ll share the interesting turn of events on a particular day in my life as a businessman - from very early morning to late afternoon!
Listen in!
[00:01 – 03:27] Opening Segment
- I introduce today’s topic
- Leave a review!
- Check out Winsmith Tax
[03:28 – 11:57] A Day in the Life of an Entrepreneur
- 1:50 am: A call from the alarm company
- 7:00 am: Morning routine
- Late morning: Trailer truck is bent!
- Mid-afternoon: Hydraulic fluid leakage
- Later in the day: An employee quits
[11:58 – 13:05] Closing segment
- Final words
Tweetable Quotes:
“Every downside has got an upside.” - Keith Leimbach
“Hang in there, peeps. Do something great today because what’s the point of living if you’re not going to do something great? Get off the couch!” - Keith Leimbach
Resources Mentioned:
- Winsmith Tax
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
In this episode, I talk about my laundromat business inside a military base. I share my whole experience, from getting into the base to running the business. I also do the math of the business and talk about the expenses, revenue, and net profit. Putting up a laundromat on a military base has its own advantages. It sure is one of the best models out there.
Check it out and listen in!
[00:01 – 04:28] Opening Segment
- I introduce today’s topic
- A quick take on today’s stock market
- Set your business up the right way
- Check out Winsmith Tax
- Hit me up for a Super73 code
[04:29 – 15:21] My Laundromat on a Military Base
- How I got into the military base
- I describe the existing laundromat inside
- Setting up the laundromat
- Doing the math
- I talk about the expenses
- Calculating the net profit
[15:22 – 16:09] Closing segment
- Why this is a great model
- Final words
Tweetable Quotes:
“Really cool model. Check out the laundromat opportunities at military bases near you. That is a winner. I’ve done it, and this is a thumbs up in the experiment, my friends.” - Keith Leimbach
“Go do something awesome, man! Make sure today is better than yesterday, because what the hell is the point of today if it’s not?” - Keith Leimbach
Resources Mentioned:
- Winsmith Tax: 917-480-1576
- Super73.com
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
In this episode, I talk to Mark Pierce, an LLC attorney from Wyoming and the owner of Cloud Peak Law Group. Mark shares the things about corporate law you have to know before starting your own business or company. He also talks about the law differences between Wyoming and Delaware and the importance of separating your personal and business bank accounts. Mark will also discuss estate planning and why it is a significant process for people with businesses and other assets.
You don’t get to learn about business law every day, so have a listen!
[00:01 – 06:24] Opening Segment
- I introduce Mark to the show
- Mark shares his background
- Being an LLC lawyer
- Services Mark’s company provides
- Helping business owners in starting and asset protection
[06:25 – 19:30] Talking Business Law and Estate Planning
- Law differences between Wyoming and Delaware
- Separating your personal and business bank accounts
- Where does your money go?
- Using company credit cards
- Mark talks about estate planning
[19:31 – 21:37] Closing segment
- How you can get in touch with Mark
- Final words
Tweetable Quotes:
“As a practicing litigating attorney against LLCs and corporations from time to time on the creditor side, I can tell you that the first thing you look to is ‘Where did the money go?’. You take a look at where your money went, and you can see that individuals are using it to pay their kids’ tuition, to buy their soccer camps, to pay for nights out on the town when it just benefits them and their spouse. It just doesn’t respect the efficacy of that LLC to do that, so the court won’t respect the efficacy of the LLC to prevent the creditors from the LLC coming after you or your creditors going after the LLC." - Mark Pierce
Connect with Mark Pierce on LinkedIn: https://www.linkedin.com/in/mark-pierce-70185725/
Resources Mentioned:
Wyoming Trust and LLC Attorney: https://wyomingllcattorney.com/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Today, I will give you an update on my sprinter van rental business. I’ll share the improvements on its interior design, from the seats to the beds. I’ll also talk about my experience using the platform Outdoorsy and how I deal with the instances when my listings get turned off. If you want to invest in a sprinter van, I will also share some tips.
I still think this business is a great idea. Let me tell you why. Listen in!
[00:01 – 03:25] Opening Segment
- I introduce today’s topic
- Maximize your profits by paying less tax with Winsmith Tax
[03:26 – 11:13] Updates on my Sprinter Van Rental Business
- The sprinter van’s interior design
- Camper top
- Bed sizes
- Captain seats
- Hit me up if you want to rent my sprinter van!
- Doing the math
- When my listings get turned off
- Outdoorsy is still a smart platform
- Other great platforms
- My advice if you want to invest in a sprinter van
- Why the rental market is flooded
[11:14 – 13:25] Closing segment
- You can totally do this business!
- Final words
Tweetable Quotes:
“If you want to go invest in a sprinter van, make sure you keep everything totally above board, you won’t get kicked out of these platforms [like Outdoorsy], and you will be able to rent the thing and make some money and defray the cost of your sprinter van investment. I still think it’s a great idea.” - Keith Leimbach
“I think the math is so compelling. I think you can totally do it. There’s no reason you can't. If you’re really just trying to buy it and use it for your family, and for the weekends that you’re not, you want to go hop in it and let somebody else use it, then I think this platform is great.” - Keith Leimbach
Resources Mentioned:
Winsmith Tax’s website
Winsmith Tax: 917-480-1576
Send an email to harry@dincpie.com for the sprinter van rental
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
In today’s episode, I’ll tell you about the truck and the trailer that we just bought. We’ll look at the truck’s specs and our plans of buying more trucks in the future. I’ll also give you some updates on the paperwork we’ve been working on for this business.
Join me as I take you through the process of establishing our trucking business - step by step. Listen in!
[00:01 – 04:14] We Took a Trip to Baja, Mexico
[04:15 – 12:20] Updates on Paperworks
[12:21 – 19:07] We Bought a Truck and a Trailer
Tweetable Quotes:
“You’ve got potential to do all kinds of stuff, and the only reason you’re not is you think you’re too damn busy.” - Keith Leimbach
Resources Mentioned:
Super73.com
Send an email to harry@dincpie.com for a discount code
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Your brain is super awesome. Inside it lies your superpowers, all you have to do is unlock it and release your true potential. But what happens when you don’t understand how it works?
Our thoughts, feelings, beliefs, and attitudes can positively or negatively affect our bodily functions. Also, our body and mind have a complex interrelationship. What we eat, our posture, even our physical health can have a significant impact on our mental state.
In simple terms, if we feed ourselves unhealthy food, thoughts, habits, feelings, or beliefs. It results in our inevitable demise. But if we do the opposite, we will reach the right path towards a successful life.
[00:01 – 04:07] What is the mind-body connection?
[04:08 – 11:42] How the brain works
[11:43 – 17:45] How all of these relates to you being able to live the life you want
Tweetable Quotes:
“Don’t you think that you need to know how your brain and your body are connected to create the best version of you? That’s why the mind-body connection is real, and that’s why I think it’s important.” – Keith Leimbach
Resources Mentioned:
The Molecule of More by Daniel Lieberman
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
We all want to live the life that we want—living in the moment, having fun, and enjoying what life has to offer, but having the life that we want is not easy. You have to put the work in, and for some, have to go through some struggles.
We all talk big about how we’ll be achieving our dreams, but in the end, don’t take action towards it then we end up slowly falling into unfavorable situations. Some say it’s inevitable, but what I do know is we can stop it. Let’s not wait for a crisis before taking action. Let’s take the initiative so that we can prevent it from happening.
[00:01 – 09:16] Turn crisis into your favor
[09:17 – 16:31] Diversify your income!
[16:32 – 24:04] The Power of Curiosity
Tweetable Quotes:
“Everything you want is in the other side of hard.” – Keith Leimbach
Resources Mentioned:
63: Keith Leimbach - A Public Firing, The Corporate Ladder, Diversifying Income, and Scratching Your Itch
How to Win Friends and Influence People by Dale Carnegie
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Let’s be honest, has there always been an “easy” way to success? No, right? Every one of us went through struggles, faced countless challenges, and experienced setbacks, but what makes successful people different from those who aren’t is that they don’t give up in the face of hardships.
So, if you want to reach or have the things you want, you better get your ass out there, take action, and don’t succumb to the challenges that life throws at you because once you break through it, the life you desire awaits.
[00:01 – 10:42] What is holding you back?
[10:43 – 22:04] Is it hard or is it uncomfortable? Know the difference.
Tweetable Quotes:
“Make sure you know how you’re spending your time before you say you don’t have time.” – Keith Leimbach
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Have you ever met someone that doesn’t want to live a happy life? I sure don’t. As far as I know, everyone wants to live a happy, meaningful, and the best possible life they can have. Some may have a simple definition of this, but others have ludicrous views on the ideal lifestyle. But many people don’t know where to start or how they will reach the life they want, and they end up giving up and settling for what they currently have.
So, tune in, and let’s discuss how we can start living the life we desire in this four-part series of How to Live Your Best Life Now.
[00:01 – 07:08] Something was missing in my life
[07:09 – 19:05] I started living my best life! You can do it too.
[19:06 – 24:10] Final thoughts and call to action
Tweetable Quotes:
“I know that you can start living the best version of you, and you can start doing it anytime you want.” – Keith Leimbach
“You can have a breakthrough, man. And it’s gonna change your life.” – Keith Leimbach
Resources Mentioned:
Finding Founders Podcast
63: Keith Leimbach - A Public Firing, The Corporate Ladder, Diversifying Income, and Scratching Your Itch
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Now that the results of the quarterly evaluation of two of my businesses are done, I am here to give an update on their performance. The two businesses are my laundromats and the auto parts business that I bought. These businesses have been performing way better than what I expected, and you probably will be surprised with the results too, and you'll end up wanting to open one yourself.
[00:01 – 02:56] Opening Segment
Join me in the Bahamas!
[02:57 – 19:57] Quarterly Updates
Laundromats – how my 4 locations have been performing
Head over to www.winsmithtax.com and apply for their service on Tax Strategies for Entrepreneurs.
You can also reach out to Sharon Winsmith by sending her an email at sharon@winsmithtax.com.
The Automotive Parts Business – the math is unbelievable!
[19:58 – 22:14] Closing Segment
Final thoughts and words of advice
Tweetable Quotes:
"How do you want to be living your life? That's more important, and once you determine how you want to be living your life, what type of money do you need to support that lifestyle, and then think about how you're going to make it." – Keith Leimbach
Resources Mentioned:
Tax Panning with Sharon Winsmith - https://apple.co/3n84dlt
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn /in/keithleimbach, send me an email at harry@dincpie.com, or visit https://dincpie.com/
Today we’ll be talking about what’s been up to with our trucking business. It’s been a few months since we started, and let’s get in on a quick update on how it’s coming along. Are you interested in getting in on the fun? Send me a message, and let’s discuss how you can join the Dincpie Trucking Business.
[00:01 – 02:31] Quick plug to our previous episodes about the trucking business
When starting a business, make sure you have the right plan laid out. Head over to www.winsmithtax.com and apply for their service on Tax Strategies for Entrepreneurs.
[02:32 – 07:54] How the Dincpie Trucking Business is coming along
[07:55 – 12:28] Let’s do the math!
[12:29 – 13:44] Final thoughts. Don’t forget to review and reach out to me!
Tweetable Quotes:
“I’m just trying to do it right. I don’t want anybody getting in trouble. I want to make sure that it is all put together in a very legit structure, and you know, that’s why we are following the path that we are.” – Keith Leimbach
Resources Mentioned:
You and I are starting a TRUCKING business TOGETHER! | Get in on the fun
How to Get into the Trucking Business | With Ericka Williams
Tax Planning with Sharon Winsmith
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn: /in/keithleimbach or visit https://dincpie.com/
A quick update on our Sprinter Van Rental, Outdoorsy kicked me out! But fear not as I was able to get it re-listed, Listing Number: 217358.
So, if you’re curious about why I got kicked out, tune in so you can avoid the mistake I made and keep a smooth relationship with Outdoorsy.
If you’re interested in booking the Sprinter Van, this time, let’s make sure we do it on Outdoorsy!
00:01 – 01:27] Quick Plug to Our Sponsor
Are you getting ready to start a business or in the process of starting one? You better make sure to do it the right way! Head on over to Winsmith Tax’s website for more information.
[01:28 – 03:31] We took the van to Big Sky Resort, Montana
Are you interested in owning a sprinter van? Then you’re in the right place. Get caught up with our Sprinter Van series. Links are available below.
[03:32 – 11:32] My Experience with Outdoorsy
I share why I got banned on Outdoorsy
I re-listed the van! Listing number: 217358
Why renting on Outdoorsy is the way to go!
Resources Mentioned:
Tax Planning with Sharon Winsmith
Sprinter Van as a Short Term Rental | A Business Idea with Potential
My Sprinter Van | Here’s the Math
Sprinter Van Update During My Build Out | This Thing is Looking Good
Sprinter Van Update | Dang This Takes a Long Time
Sprinter Van is Now Live on Outdoorsy, Check it Out!
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn or visit https://dincpie.com/
Brian is the owner of Hamrick Investment Group. He is the host of the Rental Property Owner & Real Estate Investor Podcast, where they discuss topics, tips, and techniques designed to make rental property owners and real estate investors more confident and successful.
In this episode, we incorporate what Brian talks about in his podcast—sharing tips, strategies, techniques, and resources that will help us become successful in real estate investing.
[00:01 – 01:32] Opening Segment
I introduce our guest and topic for today
[01:33 – 12:06] Real Estate Investing
Are you new to the real estate investing scene? Listen to Brian’s advice for first-time real estate investors!
What should you be investing in? Single-family? Multifamily? Find out what fits you!
Factors you should consider when finding the right property.
[12:07 – 24:37] Let’s Do the Math
Brian discusses how the math works in a real estate investment
How much you can make in a $250,000 rental property
Brian explains “appreciation.”
Expense Ratio – operating cost, maintenance cost, and other expenses.
[24:38 – 31:03] Building Your Empire
What it takes to become a real estate mogul
[31:04 – 36:23] Self-Storage Facilities
Brian talks about why you should invest in Self-Storage Units
[36:24 – 38:37] Closing Segment
Final thoughts from Brian
Connect with Brian. Links available below
Tweetable Quotes:
“Buy for cash flow. Cash flow is king.” – Brian Hamrick
“If you’re gonna invest in real estate, treat it as a business and understand how the math works when it applies to your business. Because the more you understand the math, the more you can increase your net worth and the value of your assets.” – Brian Hamrick
Resources Mentioned:
BiggerPockets
You can connect with Brian on www.higinvestor.com
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn (/in/keithleimbach) or visit https://dincpie.com/
Joshua Lisec is an award-winning, celebrity recommended, #1 international best-selling certified professional ghostwriter. He has ghostwritten over 50 books for celebrities, founders, executives, supermodels, and more. He also teaches and mentors authors.
[00:01 – 03:01] Opening Segment
I introduce the topic and our guest for today
[03:02 – 12:44] The #1 Ghostwriter
Joshua talks about how he assesses if ideas are commercially viable
He talks about the programs they offer
[12:45 – 24:54] The Process
Working with the customers – Joshua discusses their process
Joshua shares his view on “The Diversified Income Experiment.”
He shares a story about one of his clients
[24:55 – 29:44] Free Consultation from the #1 Ghostwriter
Joshua talks about the free consultation that he offers.
Get in touch with Joshua! Links available below.
[29:45 – 35:02] Closing Segment
Joshua’s final words of wisdom for the listeners
Tweetable Quotes:
“You must connect benefits to features otherwise, you look like a scam.” – Joshua Lisec
“You want to overpromise and overdeliver.” – Joshua Lisec
You can get in touch with Joshua on www.entrepreneurswordsmith.com/book, YouTube (/joshualisec), or Twitter (@JoshuaLisec).
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn or visit https://dincpie.com/
Sharon is the owner of Winsmith Tax, and she is also a Tax Attorney. In this episode, we talk about taxes. Tax is essential in wealth building, and so we must fully understand how it works so we can use it to its full potential. Sharon breaks down how taxes work for different company structures, shares tax strategies, and gives tips that will help you lessen your taxes every year.
[00:01 – 02:40] Opening Segment
I introduce our guest, Sharon Winsmith
[02:41 – 11:29] Different Company Structures
Sharon talks about the different company structures you can choose from
LLC vs. Partnership vs. Corporation
[11:30 – 18:52] Tax Strategies
How to choose the right structure and form the appropriate tax strategies
[18:53 – 22:10] Buying a New Business
Sharon talks about the new business she is going to buy
[22:11 – 25:03] Personal Development
Sharen discusses her self-care routine
Self-improvement practices for all aspects of her life
[25:04 – 28:11] Closing Segment
Final thoughts and call to action from Sharon
Connect with Sharon. Links below
Tweetable Quotes:
“It doesn’t matter how small or big the business is. I think it should be run the same way and the same types of tasks should be delegated to the extent they can be and that you as a CEO should really only be focusing on what matters.” – Sharon Winsmith
Book a free consultation with Sharon on http://winsmithtax.com/
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn or visit https://dincpie.com/
In this episode, I will be giving you an update on my Sprinter Van Rental. Are you curious about what it looks like? Head on over now to Outdoorsy and check it out! Listing number 208808.
Interested in the process of how I built this Sprinter Van? Check out our previous episodes for the Sprinter Van Rental Series. Links available below.
[00:01 – 02:45] We took the van for its maiden voyage across Baja, Mexico
[02:46 – 05:07] How much it costed me
[05:08 – 07:36] I’ll keep you updated on how it turned out in the next episode of this series
Resources:
Sprinter Van as a Short Term Rental: https://bit.ly/3rIiaYV
My Sprinter Van: https://bit.ly/3eFlksN
Sprinter Van Update During My Build Out: https://bit.ly/3vmVq2y
Sprinter Van Update: https://bit.ly/3vmRf6U
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn or visit https://dincpie.com/
Not many people from the corporate world know that buying businesses is one way to switch careers or start a new one. So, in this episode, I bring in Mark Daoust, Founder, and Owner of Quiet Light Brokerage, and today, we discuss the process involved in acquiring a business, and Mark shares the story behind Quiet Light Brokerage.
[00:01 – 07:23] Opening Segment
- I introduce our guest, Mark Daoust
- Mark shares why he started Quiet Light Brokerage
- Mark talks about the businesses he started before Quiet Light
[07:24 – 11:43] What is an E-Commerce business?
- E-Commerce businesses vs. Physical Businesses that produce physical products that utilize the internet to sell their products
- What’s the difference?
- Mark shares why he sold his prior businesses before finding Quiet Light
[11:44 – 26:56] Opportunities in Buying Businesses
- We discuss why buying a business is a tremendous opportunity to switch or start a new career
- Mark talks about the process
- Mark compares the “startup artist,” “entrepreneur,” and “corporate people”
- Mark shares who their most common buyers are
[26:57 – 37:09] Buy Yours Now!
- We talk about how YOU can get started!
- Visit Quiet Light Brokerage to learn more
[37:10 – 39:51] Closing Segment
- Final words of wisdom from Mark
Tweetable Quotes:
“I think buying businesses is a tremendous opportunity to switch careers or to start a new career.” – Keith Leimbach
“Know your strengths.” – Mark Daoust
“Unlike a job, you can’t sell your job. You can sell a business. And so, really, if I’m gonna oversimplify this to a point of being ludicrous. This is like buying a really nice dividend stock, but you just have to manage it.” – Mark Daoust
Learn more about Mark:
Email: mark@quietlight.com
Website: https://quietlight.com/
Podcast: https://quietlight.com/podcasts
I WOULD LOVE TO HEAR FROM YOU! If you have questions, comments, or want to talk about life-changing opportunities, reach out to me through LinkedIn or visit https://dincpie.com/
In today’s episode I interview Robert Farrington, personal finance expert who focuses on helping millennials get out of debt and gain financial independence. We talk about where younger people are getting all their information these days, which is typically online on sites and apps such as Tik Tok. There are many different ways to plan and budget out there that people can adopt, but the main thing people need to do is find the budget and tracker that is going to work best for them. We discuss the importance of investing and getting into it when you’re young, and then we go into side hustling and the type of revenue that can bring in for you in addition to your job.
Where Robert started 1:46
Where to find The College Investor 8:00
What you should do if now is not the best time 14:56
Robert’s side hustle 23:55
“I get it, you can have a lot of social arguments. Maybe people should get paid more, maybe this and that, and the other thing. But at the end of the day you gotta take care of yourself and you gotta make choices that impact you and your life in the here and now, and earning more money is a game changer for your own personal life situation.” 17:22
Thecollegeinvestor.com
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today is about making EASY money and I’m going to be covering a business that I think has a really easy entry point, meaning it’s not super expensive to get started, it’s easy to get customers, and it’s easy to grow. There is something I’ve come across called a dump trailer, which can be bought for between $2,000-7,000, and then rented out to people for a few days who are going to need something large in which to put their trash. $5,000 per month is the potential this type of business can be making you.
Dump trailer rentals 1:38
Cost of dump trailer 5:03
How much it can be making 8:54
Acquiring customers 12:10
“You’re gonna be into this for $14,000, you bought a truck and a trailer and you’re making $5,000 a month off the thing net. You’re gonna pay it back in 3 MONTHS. I’m trying to pay back my investments in 3 YEARS. You just paid yours back in 3 months, so come on! It’s easy to get, it’s easy to scale.” 11:50
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today we’re gonna take things to the next level. I’ve got an interesting opportunity I want to share with you guys because you guys have made this podcast such a success. I’m starting a trucking business and want you to be involved. I’m going to spend about fifty grand on a truck and am giving you guys an opportunity to buy in to get equity in my business. If you put in five thousand dollars, you will own 10% of the business.
Let’s do something together 1:29
What I’m looking for 2:24
Total buy-in price 4:22
“Let’s go start one of these. Let’s do it, man. Let’s go start one of these, a truck costs forty thousand bucks. Let’s go buy a nice one. Fifty thousand dollars. I’ll put some money into this, I’d like to have some other folks invest in this thing so that we got something to talk about and do together, and we’ll put together a little LLC.” 3:04
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode I tell you about the franchise I bought into about a year ago, and I’m gonna fill you in on the things I’ve been doing, the things that I’ve learned, and many interesting things about franchising. I bought into a company I’ve mentioned before called “Smash My Trash,” and tell you about how it’s been going. A lot of people hate their day job and would love to be able to quit to do their own thing and sometimes they do that by starting their own business, which can prove to be a great option, but buying into a franchise saves you from all the headache of testing an idea and having to set everything up because the idea is already proven to work.
My franchise 3:05
An alternate option to your current job 5:35
What I’m trying to tell you 13:11
“If you decide to shortcut that process, you can buy a business and immediately shortcut it. You just enter into the revenue stream and the earning stream. That’s what you start cramming into your pocket. Or maybe you decide you wanna open a franchise because it’s a proven idea. There’s a lot less risk involved. You’re not trying to test out your own deal, and you should have a really clear timeline to –like what is the timeline to cash?” 5:50
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I interview Ericka Williams, who has started a trucking business, and we go into how she got into this business and details about how she has diversified her income. She tells us about her YouTube business along with what YouTubers have been doing to grow their income, and then how big her email list is compared to her subscriber count. She makes a lot of her income from affiliate marketing and deals she has made with businesses that she promotes through her videos. Ericka goes over her trucking business, what she hauls, team drivers, and lets us know how the numbers work.
Ericka 2:58
Her primary business 6:56
Ericka’s email list 10:13
How she got into trucking 15:12
What to haul 22:24
Selling/where to find gigs 27:39
Things to prepare for 43:31
“Right now I know a guy who has –he broke his leg. He was a driver, so he couldn’t drive. And he dispatched eleven refer trucks, and refer are refrigerator trucks. Refrigerator trucks usually make 7-8 grand per week because usually they’re dealing with food. So he’s doing that, 10% times 11 trucks, he doesn't have to do anything else.” 42:13
https://www.linkedin.com/in/erickaswilliams512/
https://www.youtube.com/channel/UCxaf18Olr8YRgKcTt7mVuJw
@erickasclassyclimb
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode I tell about my 4th laundromat, where I’m placing it, and what my plan is going forward. The heads of a military base approached me, told me they like my laundromat model, and wanted me to take over their laundromat space on the base. Because it’s government property, there are a lot of differences between this one and the other 3. The space for the machines is pretty small and the amount it brings in is smaller as well, but my only expenses are sharing a portion of the revenue with the base. I can make 50% of my original cost back within a year on this baby, which is amazing compared to the kind of returns you’d typically see in the stock market.
My 4th laundromat 3:07
What it makes every month 9:06
My expense structure 11:20
What it cost to get into this 15:51
“‘So Keith what did it cost you to get into this? What was your total spend on equipment and getting the place built out and turned back into a laundromat?’ You’re making $36,000 a year at plan. Let’s assume that’s the way it really works. $36,000 a year, my capital investment: $77,000.” 15:52
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode I go over how the year 2020 went, and then give you my plan and what I’m expecting for the new year going forward. I talk about business depreciation and expenses you will face as a business owner, which will provide you with tax breaks and help you stay afloat. I’m also going to be opening a 4th laundromat here soon and I tell you about what’s going on there. For this year, I plan to make 1.1 million in revenue for the low end of my plan, and the high end of my plan is 1.3 million. I also go over the top 5 expenses I face for this business and what percentage they each take.
Depreciation 2:25
How did the laundromats do? 7:52
2021 plan 16:13
Top 5 expenses 22:14
“If you’re 40 years old, when you’re 43 you could have 3 laundromants. And when you’re 50, those laundromats could be paid off and that $556,000 that is the high end of my plan for 2020, with no debt, that’s what would be going into your pocket.” 21:28
Harry@dincpie.com
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I update you on my Sprinter Van, which I am modifying and turning into an “adventure van.” I tell about what this thing has cost me so far and what the timeline looks like, and then what it looks like in terms of getting it on the rental boards (Outdoorsy). All in all, I will have spent about 100 grand, and then I’ll have it ready to go for $300 per night.
What I’m doing 1:18
The idea 1:57
Flarespace system 6:30
“Now it looks like a finished van and it’s got this super awesome flarespace bed system in it, and a super awesome camper top that’s a finished looking deal in it as well with the two additional really, really nice captain’s chairs. So travel in comfort and they’re leather seats. Beautiful looking deal.” 11:02
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode I explain what tools and resources I use, and then what I think about them. I hate social media and do not particularly enjoy marketing, so I do all my marketing through firms. One firm I use is just with a neighbor down the street, and another one I use for my laundry business is called Marketing 360. I go over marketing firms I’ve used, and then bookkeepers that have either been great to work with or terrible. I use a tool called Gusto and it takes care of all the payroll crap you get from the government, such as forms and filing, and then a scheduling app I use called Homebase.
If you don’t like marketing, but need it 2:53
Godaddy 6:00
Bookkeepers 8:25
CPA and taxes 15:35
Tools I use 16:47
Homebase for scheduling 18:47
Clickfunnels 21:38
“If you can make Clickfunnels work, I think it’s a pretty powerful tool. I think there are lots of ways to make money and there are certainly many people making lots of money through Clickfunnels. Clickfunnels is a way to create a mini website focused on how to navigate people through the buying process, and that’s ultimately what you’re trying to do.” 21:45
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I start off telling you about how you can get started on finding a business to buy and get on lists where companies will send you listings of businesses for sale. I have a friend who wants a TBM 700 airplane, but has done nothing to diversify his income. He wouldn’t believe me when I told him he can purchase a business for 2 times its yearly earnings, but now I send him listings all the time just to torture him. I talk about a business for sale I found that sells chicken coops and brought in 4.3 million dollars last year and is for sale right now for 11.5 million dollars.
Transworld, tworld.com 2:13
Service businesses/product businesses 6:37
The listing I bought 21:47
“This is in the listing, this is in the email they sent to me. ‘This company is growing rapidly year over year at a 100% year on year sales growth, and 376% year on year profit growth.’ So what is goin on, man, that the profits are growing at a faster pace than the revenue? That would tell me that they’re discontinuing stuff that doesn’t really work very well and putting tremendous emphasis on the high earning stuff likely with the vision a year ago that they were gonna sell this thing.” 14:37
www.websiteclosers.com
www.tworld.com
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode I’m here to share with you more insights on my short term rentals, specifically my Mercedes Benz Sprinter Van. I look up a Sprinter Van during the show and find a 2012 van going for $220 per night. If I can rent it out for 10 nights a month, I can get 3 grand per month, and then I can use it with my wife the rest of the time during the year to take skiing or camping. I talk about what I’ve done to get the van ready and how I’ve done it, telling you which companies I’ve used to renovate this vehicle.
The Sprinter Van 2:03
If I had 10 7:46
What I’ve spent so far, and my Amazon business for sale 10:51
“Now I’ve got the interior walls, I’ve got a cool floor, my bed, and everything laid out in there. Now all I need are some cabinets and there are a couple options for cabinets. I bought some from TouRig and they make some DIY stuff available… Anyway that’s what I’m doing with my Sprinter Van.” 22:35
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I speak with Art Director of Sun-Staches, David Levich, who has been building the company from the beginning. They have focused on selling sunglasses, which have a little mustache hanging down from a chain and have become popular, even being worn by celebrities such as Justin Bieber. They see themselves as designers rather than retailers or sellers to give a competitive edge and be unique. This has been a less profitable year because of Covid, but they haven’t had to let any employees go and have really just focused on design and preparing for better months. He started selling jewelry in high school and even ended up later going on Shark Tank, getting one of the investors, Daymond John, to invest in his product. Most deals made on the show tend not to go through, but they were fortunate enough to complete their deal with Daymond and they still have a relationship today.
Background 1:41
How do they adapt to Covid? 7:14
Shark Tank 16:53
Having to pivot the business to not have to rely on Amazon 24:56
“And eventually we realized that our suppliers, the ones we had downtown, are not good suppliers. So what we did was we started importing goods from China and we learned the intricacies of importing from China, manufacturing goods, and over the years we’ve seen how China has increased in quality. When we started off it was just whatever quality wise. Now you cannot beat it. They’re so good at making things. It’s amazing.” 21:53
https://sunstaches.com/
@sunstaches
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode I will be talking about accountability, which you feel the impact of more with your customers when you’re a business owner as opposed to a corporate resource. When a customer gives you a complaint, the thing they say to do, which is typically the right thing, is to ask the customer how they would prefer you to fix the situation, and then you do that thing. I give a couple instances of when I didn’t follow this rule and why.
Some instances where I didn’t do exactly what the customer wanted 2:05
When I said no 9:44
Story #2 14:18
“You can get caught up in these scenarios talking about right or wrong and you can decide whether you’re going to try to fight the right or wrong battle, or whether you’re going to just gonna opt toward great service and as a result probably take it on the chin a few times and just do what the customer wants. That’s what I’m advocating, that’s what I’m going to do, but in the process you’re gonna feel the sting of people’s lack of accountability.” 18:11
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I tell you about a new business for sale and give you all the details about how it works and what you could gain from it. I begin by updating you on my businesses I have running right now and how that’s going. Then I give my take of the benefits of being an entrepreneur vs being a CEO from my own experiences doing both. I then talk about a business I found called saunas.com that went up for sale recently, and then another motorcycle parts company and I break down the math on how much this business is making and how much you could be making in the future if you acquired this business.
Entrepreneur vs CEO 3:12
What you should be doing 10:32
Business for sale 12:26
“Be thinking about ten years because ten years is going to come exactly ten years from now and when that does show up you want to be in a much, much better spot and if you diversified your income and you started that process now, you can build quite an empire over the next ten years. That my friend is where you should be focusing your energy today. 9:36
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
I start off today talking about how I’ve moved to Mexico for a month with my family and where my businesses are at, being ventures that can be run remotely. Then I talk about Turo, the rental car company I use to rent my own vehicles. I tell a story about a funny experience I had while trying to rent a car from a company that tried to rip me off versus a great experience I had while renting from another business, and then I get into the details of my Turo business.
Turo 3:19
Car rental story 5:35
About Turo 10:24
“I entered my 2015 GMC Yukon XL Denali out of my city and it says I should expect earnings per month of $1200. 93 dollars per day, 13 days of the month and I would make 1200 dollars.” 11:41
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode I tell about an opportunity that I’m providing where I will help you develop and refine your entrepreneurial pursuits. The plan is for you to speak with your superiors/HR department at your work and have them help support and launch you into these endeavors. I tell how this is going to work and what you will be able to benefit from with this program.
What you should do 1:07
Cost 3:13
“Companies have an obligation to help you fulfill your own potential in your own career and you’ve given your amount of time to that company and you’ve done what you can for that company for whatever period of time that you’ve worked there. Maybe that’s 5 years and maybe that’s 20 years, maybe it’s longer than that. Companies are generally super willing and generous in being able to help you launch into new career endeavors. 3:44
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
I have been through the franchise process 7 times and finally I found one that is a good fit called Smash My Trash. This business takes the trash in large dumpsters and condenses it so that construction companies can save on hauling large amounts of garbage. I tell about how much it cost me to get into the business, how it works and what I’ve been able to do so far, and then where I’m planning on going with it.
How it works 0:54
Entry fee 4:10
My plan 10:38
Total expense vs. total revenue 18:28
“It’s selling out fast. I think it’s like the fastest growing franchise in America right now. Somebody told me this stat recently, and I believe it. I was franchisee number 19 and I think there are 400 now.” 13:44
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode, I talk of a more positive experience I’ve had with long term rentals, namely a duplex I bought in Idaho. When looking for a property, you want to find an area where you have a large pool of potential renter candidates and you want it to be in a neighborhood that has low crime rates. I give advice on what to look for in your long term rental, and then things I was able to do and things you can do to help increase your rental income.
What I was able to make 3:10
What to look for when finding a property 4:10
Appreciation amount 7:15
Increasing the rent 9:36
“Make sure you’re buying in the right neighborhoods. Make sure you’re buying in an area that you think is likely to appreciate. I’m not talking about California appreciation of 20% plus a year, I’m just talking about, is this thing going to be worth 3% more next year than it is this year? And over time, remember the rule of 72 is the numbers double, like if you have a place that does 7% interest, in ten years that thing is going to double the value.” 14:20
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I tell more about the lessons I’ve learned from long term rentals and what NOT to do. Don’t get me wrong, I have had my share of successes in long term rentals that have been quite beneficial to me, but that’s not what I’m touching on today. I found a duplex in Cincinnati for about $400,000 that caught my attention and decided to go ahead and buy it. There was an inspection done on the house, but what I should have done was get someone else, in addition to the original inspector, to redo the inspection. There was another buyer who didn’t end up buying the place and I didn’t look into the reasons why he didn’t end up going through with it. Turns out even though there was an inspection, which said there was work that had to be done, it didn’t mean that the work had actually been done or that it had been done correctly. This ended up costing me around $100,000 extra.
Successes I’ve had with long term rentals 1:04
I found a rental 4:47
The Lesson I learned 10:32
“You want to learn a tough lesson? Go buy a property and don’t verify that the stuff has been fixed that was in the inspection report. And go spend a hundred grand in cash out of your own pocket to fix this sh*t in a house that isn’t even your primary residence. It’s just a place that you could live 5 days a week while you’re there doing your job.” 16:41
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode I talk about what’s been going on with the 6-plex I bought in Missouri. I bought this thing for $125,000 from a man that claimed he had the rental history and that it was making a great income. There was an issue he mentioned which was that the furnace needed to be replaced, but I made him an offer of 125, and he didn’t even negotiate. I never saw the property and had someone else go look at the property for me, but he didn’t even have keys so he was only able to see it from the outside. The previous owner was very shady and kept avoiding showing the property, all of these being red flags. There are 4 things you should do when buying a property: 1) Go see the property. 2) Get keys to all of the units and schedule appointments through the current owner to see them. 3) Make sure you get bank statements. 4) Get tax returns from the seller.
The story 1:14
Why I thought this was OK 3:22
Utility bills 10:03
Closing day 11:22
Finding Tenants 14:41
“Talk to some property managers about the ability to rent, like how long do units stay vacant? What would I expect in terms of a vacancy rate? And what are the rates that I can expect to charge now and in a year from now? Is the market growing if I’m charging 300 this month this year, can I charge three and a quarter next year?” 8:52
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I talk about long term rentals, which are very different from short term in that it takes a bit longer to bring in revenue. I talk about a guy I know who, through a trick he used with the bank, was able to acquire 10 homes in one year and rent them all out and begin building his real estate empire. I discuss the time I bought some cheaper houses to rent them out and the difficulties that came with that, such as terrible tenants and being unable to sell the home due to buyers not having the qualifications for them.
If you need 20 grand a month 1:48
The direction you may end up going with long term rentals 5:22
Avoid these mistakes 7:03
“Work with a property manager in the neighborhood where you think you’re going to go, and do this kind of project. And make sure this is a neighborhood where people really respect their homes. Maybe a really great blue collar neighborhood that people are maybe buying their houses, maybe they’re renting their houses, but there is true pride of ownership. Like you drive down the street and you see people taking care of their lawns. You see that people have their houses painted and you see that they generally have a level of upkeep that you would expect in a nicer neighborhood.” 11:32
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
I give an update on the progress I have made on this path of creating this side business for short term rentals. It’s a simple business, but has a whole lot of potential for growing your income, much of it being passive. I tell about my personal Sprinter Van and what I’ve done to make the thing ready for rent, and then how much this has cost me as well as how much revenue I will be able to bring in. I discuss the potential capital you could make with this business and how lucrative this could actually become.
Story of the Sprinter Van specialist 2:30
My Sprinter Van 5:28
The math on cost versus revenue 9:10
“$245 a night. We just looked for the next year and 6 nights are available out of the 365. That’s 359 nights that it’s booked. That my friends is $87,955. For simple math that’s 88,000 dollars. Now you’re gonna have some insurance on this thing and you’re probably going to have some repairs, but you can charge that back to the customer… In two years you could pay for this vehicle. You could pay it off!” 14:00
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I tell a funny little story that happened to my laundromat. A stranger called my team member, telling her I was upset and owed the stranger a lot of money. She was told to go and open the safe and bring the money to the stranger. Unable to open the safe, she had to go to drastic measures to access the contents within this safe.
Start of laundromat story 0:54
When Betty realized it was a scam 10:36
“First of all, I don’t keep any money in the safe. So, it’s got a couple keys, like a flashlight, and some paperwork that I left behind, resumes--I
https://dincpie.com/
In this episode I interview John Lee Dumas, also known as JLD, the host of the very successful podcast Entrepreneurs On Fire. John interviews successful and even famous entrepreneurs who give great advice on life and how to be successful. JLD started his career in the military, and then went into the financial sector of business, but felt unfulfilled in this field of work until he heard interviews being done with entrepreneurs and realized that’s what he wanted to do. One thing JLD always says, which is also a quote from Jim Rohn, is “You are the average of the five people you spend the most time with.” We start off talking about people John has interviewed on his podcast including Tony Robbins, Tim Ferriss, and a large number of others, and those people’s different personalities. John tells us about the people he spends his time with and how that group will change and evolve over time.
About John 0:16
Welcome to JLD 3:44
How often he changes the five people he spends his time with 9:44
Yourbigidea.io 12:23
“You need to come up with a unique, specific to you, big idea, and once you have that big idea that’s your zone of fire that excites you, that you’re passionate about, but you’re also giving value to the world. Then you can go off and conquer your specific niche.” 12:01
https://www.eofire.com/
@johnleedumas
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today I talk about renting out a Mercedes Benz Sprinter Van, another small business idea I have had. These are typically used to haul people around, such as executives or small business field trips. The other use for these is to turn them into recreational vehicles and up fitting them so they have a bed, a kitchen, and a bathroom, all packed into the space of the Sprinter Van. I got myself a Sprinter 2500 and am going to fit it out as a sleeper van and will hopefully be able to make $6,000 per month with this thing. I talk about how much some guys are making with this business and the amount of success this business sees, and then the potential you or I would be able to make in the future.
Another use for these vans 1:43
The math for my business 2:42
My cost and earning potential 4:38
“When I look on Outdoorsy, and I look at Sprinter Van and what it’s rented out for, it’s rented out for the next 30 or 40, 50, 60 days. The next two months. And I’ve talked to some guys that have rental fleets of these deals and they’ve told me ‘Listen I just can’t get enough of them.’ They’re capital intensive.” 7:28
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
We begin today by talking about school and the way it has changed throughout the years. There are vocational schools that teach you in the trades, such as how to be a welder, carpenter, plumber, beautician, butcher, auto mechanic, and so on. Unfortunately, college education has become oversold while vocational training is now undersold. I then tell a story about when I received a phone call from Washington asking if I could participate in helping them identify folks who could define what the workforce of the future looks like. After spending some time in the Oval Office, I discovered many things didn’t happen in The White House as they are reported. I met with many workers while there, who were very skilled in their vocations that are getting paid 200,000+ per year. These were people who went into the trades rather than to college. I give options of what people can do after high school that can lead to great success or failure, depending on which path you take for the career that’s right for you. I mention the fact that there needs to be an apprenticeship program for high school graduates and kids that would do much better in a vocational career as opposed to a career that requires a college education.
Call from The White House 3:36
What to do if the President of the United States calls you 5:48
3 options of what you can do after high school 9:39
The main point 13:34
“College education is the primary path today. I know it has been for a long time, but I think we’re at a point where college education is almost being oversold and vocational education is being undersold. And the demands in the workplace are being heavily dominated by the needs for folks with vocational educations and a skilled trade.” 2:56
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
I start off today talking about Entrepreneurs On Fire, a great podcast to get you fired up about your business. I give some tips on how you can create a clear picture of what path you should be taking to realize your goals and ambitions. I suggest setting up an hour for yourself when you can set a goal, and then write down and visualize what your life will actually look like when you have accomplished this goal. Set up intervals of smaller goals that will help you reach your goals so you can have successes in quick succession.
Entrepreneurs On Fire 1:33
Start with this step 3:52
Step two 5:20
Step three 7:28
“Define your goal, man. Define what it is that you really wanna do. Take it seriously. Carve out an hour where you’re just gonna sit down and actually write down the thing that you want to accomplish. And then I want you to actually write or draw what that looks like in your life because the brain is about visualization. And visualization is what can help you realize the things that you want to accomplish.” 3:01
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
I have an Amazon business, but due to my other business ventures that have been booming as of late, I have not found the time to tend to this business. From January 1st, 2019 until July 2020, I’ve been selling on Amazon and learning how the market works, finding suppliers that cut costs on my end by half and making my business profitable from the product I sell. I let you guys know how much I’m asking for this business and that this is a first come first serve deal. If you are interested, contact me at harry@dincpie.com. Amazon businesses can do really well and many make millions of dollars just from selling online. This business has a lot of potential and for someone who has the time, which isn’t a lot, to run the business, there is a lot of success to be had here.
What I sell on Amazon 1:10
The volume of product that I sell 5:14
How much I’m asking for my business 9:46
Get a hold of me 10:45
“If you can sell an average of 100 of these to 111 a month, and you’re making $28 a piece, you’re making nearly $3,000 call $2,500 a month. That’s a pretty good gig. And let’s just say you’re making $2,000 a month net, that’s how much you’re putting in your pocket, you’re going to make $24,000 a year.” 9:12
Reach me at: harry@dincpie.com
https://www.linkedin.com/in/keithleimbach/
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
We start with special guest Mike Heroux, retired at age 35 and creator of thedividendguyblog.com, who tells us about his business and what he does. He tells us his investment journey and where he went from college to day trading, and then his struggles with that. He bought The Dividend Guy Blog for about $20,000, which was making about $15,000 per year. We discuss what happened to his blog as time went on and Google changed, and then how Mike advises people on investing in dividend stocks. We talk about some of the dividend stocks that he likes, such as Microsoft. He tells us it’s important to look at the growth of a dividend rather than the size of the dividend because a high dividend often means more volatility in equity. The growth of the yield rate is a greater indicator of the strength of the company rather than the growth of the stock. Mike tells us about the dividend triangle, which is 1) revenue growth, 2) earning growth, and 3) dividend growth. He explains that the percentage of money paid out to investors is the percentage of value that will be coming out of the company. So unless the company is growing at a significant rate higher than they are paying out, the value of said company will decrease. Mike tells us he’s not in it for the dividend yield, but is helping to identify great stocks to buy.
Mike’s background 2:18
What Google did to his blog 8:52
How Mike advises people on investing in dividend stocks 10:48
Dividend stocks that Mike likes 14:50
The dividend triangle 19:06
How The Dividend Guy Blog works 26:14
“Regardless of how you invest your portfolio, clear all the noise. Don’t listen to the media, don’t listen to all those pros telling you the market is going to crash and then you put 50% of your money into gold and stuff like that. Stick to your plan. So many people have a hard time sticking to their plan.” 33:50
Thedividendguyblog.com
Twitter:
@thedividendguyblog
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Income is definitely affected by what’s going on in our economy right now and many businesses in our own community are closing up shop. They shut down because it just wasn’t making any money. We applied here for a PPP loan and that has helped, but there was only enough money to pay for a couple months of down time. Things with the virus are picking up again, so it’s looking like the economy might have to shut down again. In terms of our auto parts business, everyone kind of took a hiatus, so they stopped doing everything and stopped doing projects. The kind of businesses that are thriving now are the RV and boat suppliers because of all the people who are doing these safer vacations as opposed to traveling abroad. Our Amazon business has been affected by Covid quite a bit. We were getting 100 sales at the beginning of the economic shut down, but now we’re only getting about 1 per week. Right now you can buy property with cheap interest rates. It might be a good opportunity to buy a house. Owning your own business may be smart right now, depending on the type of business you start or acquire.
Our Amazon business 7:07
Ajnaliving.com - cheap furniture 7:58
Quiet Light Brokerage 9:46
“When you’re out of money and you have a family, you get desperate. And times will get ugly. All we needed was one little spark to flash this idea. That happened in the George Floyd incident which of course is just horrific. And so are lots of other things that are horrific. That sparked this fire that is now burning--people were on edge of rioting and looting anyway over the fact that they’re out of money… this tinder box was ready to burn.” 3:03
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In this episode, we update you on the franchise, Smash My Trash, that Keith brought in January of 2020. It’s been live for a week, and we share the revenue growth we’ve seen. We explain the main advantages of franchising, including lowering risk by having proven business models available for you to follow. We also talk about the advantages of a major franchise’s brand, patented technology, and value around process and industry awareness. We refer you to our previous episode, Franchising | Aaron Bakken, and recommend you find him on LinkedIn to find out more about franchising. We share what Keith has learned about being honest with yourself and your own compatibility with the franchises you consider. We tell you more about Smash My Trash, it’s model and value proposition. It’s value proposition is to save money on a necessary service, and it’s entire employee force consists of a salesperson, drivers, and yourself. If you set it up right, it also has the potential to be a very hands-off endeavor. We discuss how owning a business always has a hard, labor-intensive stage, and how right now we are in that stage with Smash My Trash, as well as our other businesses. We talk about what has and hasn’t worked for us in terms of selling this service to businesses. We finish with an overview of the advantages of franchising.
Finding the Right Franchise -- Lower Your Risk 0:52
What Keith Has Learned About Franchises 6:05
Smash My Trash -- Why It’s a Good Fit For Keith 7:46
Challenges With Sales 13:31
“The process of evaluating franchises is important...I think franchising can provide an opportunity to create wealth -- they’re real businesses that are proven, and have track records, and you can be able to replicate those. That’s the whole model.” 18:58
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today, we update you on the status in its first 2 months of the third laundromat we’ve opened. We begin by sharing the process of obtaining the property. We purchased the building in May of 2018, closed the deal in the following December, and we just got it up and running in April of 2020. We then encourage the listener to consider this an example of how long this process can take and prepare accordingly. We share the details and delays in getting the building ready to run the laundromat, including the structural and extensive plumbing renovations to get the building ready. We talk about our plan and its ramp rate to revenue, and how we did in month 1 compared to this plan. We share the statistics of our earnings by day and by month. We also share the progress of the other two laundromats according to the model. We share the growth of our wash, dry, fold operation. We attribute that growth to switching our website to the service offered by CurbSide Laundries (https://www.curbsidelaundries.com/), using their advertising. In addition to this, we are advertising on https://nextdoor.com/. We talk about the growth of Laundromat #3, discussing adding security measures like bars on windows and bollards in front of the store to adapt to the local circumstances. We talk about our efforts providing a good experience for customers and then asking them to leave a Google review. We talk about adapting our delivery service communications protocol to customer needs. We talk about the best way to handle customer complaints, including giving refunds in credit for the store when possible.
Purchasing and Preparing the Property, Payment System 0:41
Revenue in Month 1 5:34
Wash, Dry, Fold Earnings; Website and Advertising 10:04
Other Details About #3; Google Ratings 13:48
“We build a plan that has a ramp rate to revenue...month 1, that’s where it starts. Month 1 is 10% of the target where we will ultimately end up when we get to a production run rate.” 6:03
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode, we give you an update on our passive income experiment, as discussed on our previous episode, the The PIE Episode | How To Source and Sell Products Online. We give you a summary of what our experiment is. We share that the product we chose to do our experiment with is a 10” acacia wood kitchen turntable (https://www.amazon.com/Lipper-International-1301-Kitchen-Turntable/dp/B073SBDZSH?th=1). We created our Facebook ad, and found that over the course of a few days, 500 people clicked on the ad. We explain how with that click rate, if 10 people buy the product, it fits within our model as a promising customer acquisition cost. However, we found that out of those 500 clicks, we didn’t have a single sale. Even after adjusting our click funnel -- including the images and price of the product, and the design of the page -- we couldn’t get a single sale. Using the eye-tracking tools on Crazy Egg (https://www.crazyegg.com/), which helps you track a website’s operation, we found that no one even entered their name in the first field. We then determined that we weren’t selling to the right demographic, considering that we had a high-selling product on Amazon, and that our sales funnel looked great. We talk about how we’re going to double check that our product is priced right as an impulse buy, and target our ads to the right demographic, and structure our funnel differently and involve discount codes and email address collection.
Recap of Product Launch Idea 0:31
Update on Our Experiment 2:05
Tuning Our Website for the Right Demographic 7:27
Our Strategy Moving Forward 10:45
“If you’d like to know exactly how much those products generate in revenue, you can just go to Viral Launch, or Helium 10 -- get a one month subscription for like 60 bucks -- and you can enter the product number, which is called the ASIN, and it will tell you exactly how much the product sells for. And the idea was to be able to locate a product that sells really well on Amazon -- to verify that there is demand -- and then create Facebook ads to drive people to your own little one or two page website where you are selling that product.” 0:45
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today, we talk about marketing with Melissa Forziat, marketing speaker, consultant, and author (https://melissaforziatevents.com/). We discuss winning strategies in marketing, pointing out that every business and every audience is different. We also talk about the need to constantly adapt to change and continually invest in marketing. We compare different methods like personal networking, partnership marketing, and brand awareness, emphasizing the importance of identifying exactly how your are attracting customers. Melissa also shares that the key to marketing is always having a next step in your marketing plan for every move you make, in order to build relationships and make them last as long as possible. We discuss the importance of both strategy and market testing. We list examples of both Melissa and Keith’s efforts to expand their businesses, sharing the ways they illustrate important principles of strategy, creativity, and relationship building.
Marketing: Winning a Game When the Rules Are Always Changing 2:28
Melissa’s Process When Working with Clients 11:04
How to Build a Career in Speaking 23:14
The Importance of “Now What?” 26:04
“If you think it would become a full-time business, try to give some thought not just to what products are hot, but what makes sense for you to sell. What makes sense for you to have affiliate links for, and is there an overarching message around the types of products that you’re choosing.” 30:29
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode, we interview Nathan Hirsch, Co-founder of Free Up, an online service that “gives business owners fast access to a hand-picked network of top freelancers in eCommerce, digital marketing, web development,” and other services (https://freeup.net/), and Outsource School, a resource for learning “how to interview, onboard, train, and manage virtual assistants.” (https://www.outsourceschool.com/). We talk about the conception and development of both businesses, as well as the several unique and useful advantages they offer to business owners. We discuss the systems that should be in place before integrating VA’s, as well as the ideal role they play in your business structure. We share the courses and resources offered by Outsource School. We finish by sharing ideas about what makes a successful business, focusing on the win-win, using podcasts, and living a positive lifestyle.
Origin of Free Up and Outsource School 1:04
Bookkeeping and Other Applications 10:00
How to Use VA’s; Topics Covered by Outsource School 16:28
What Drives Nathan Hirsch; The Podcast Outreach Formula 25:16
“If you don’t have systems and processes, you’re not gonna be able to hire a virtual assistant. And that could be an executive assistant to do your scheduling, that could be someone to do customer service, it could be lead generation, it could be research to get you on a podcast -- that’s where the VA falls in.” 17:41
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today, we discuss different passive income streams, including those that have become Keith’s favorites over time. We talk about effective money-making strategies in real estate with short-term rentals, long-term residential, and commercial real estate. We recommend looking up our previous episode with Antioine Martel (“Turnkey Real Estate”), as well as listening to his podcast for more tips on residential real estate. We give you a proven model for a profitable commercial property flip. We finish by giving you a new idea for an Amazon Alexa programming service for smart homes.
Passive After Outsourcing; Writing Covered Calls in the Stock Market 0:28
Residential Real Estate: Short-term and Long-term 4:19
Commercial Real Estate: A Successful, Repeatable Model 13:14
Be Creative, Use Your Skills, Fill Needs 17:29
“Things become more passive, sometimes, with scale, so in anything that you start, there’s a little bit of effort up front to get them running. And then, they become more passive over time as you can outsource the various components of them.” 1:20
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today’s episode is all about our passive income experiment (P.I.E.), selling a home decor product exclusively through a website. We give an example of how this same model was wildly successful for another seller. We take you through how to determine which product will sell using a chrome extension like Viral Launch (https://viral-launch.com/), as well as how we created our funnel (https://www.clickfunnels.com/, with help from Marsha from https://www.onlinejobs.ph/) or website for this product. We explain how we are calculating profit based on customer acquisition cost, cost of product (find out how much it costs to source a product on https://www.alibaba.com/), and the cost of the other tools and resources mentioned above. We then recommend that before you buy all your inventory, you source your product through Amazon until you see your experiment works.
Origin of Our Experiment -- Success Story 1:27
How to Use Amazon to Research a Product 6:50
Creating Your Website; Developing Facebook Ads; Upselling 11:25
Source Through Amazon Until You Prove It Sells 16:24
“In a prior episode, I talked about finding a product that is a relatively low price point (like maybe 30-50 bucks), and then, if you can confirm that there is demand for that -- and we’ll talk about how to do that in a minute -- then maybe you can just put that product on its own website and direct traffic there from Facebook ads and see if it will sell.” 1:42
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode, we explain exactly what we mean by diversified income, within the context of active vs. passive income. We give examples of passive income (such as investing in the stock market or real estate, or E-commerce) and active income (such as providing and selling a service). For ideas on passive and active income streams, we recommend listening to previous episodes of this podcast, as well as “Side Hustle Nation” with Nick Loper, and “A Millennial’s Guide to Real Estate Investing With Antoine Martel,” both of whom have been interviewed on our podcast.
Why Diversify Your Income? 0:50
Active vs. Passive Income 1:33
Find Ideas for Diversifying Your Income 4:14
“When I talk about diversified income, I’m just saying diversify it however you need to, because your primary income stream will end. Maybe it just did with COVID-19.” 3:48
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today, we talk about the best ways to use your time during this coronavirus pandemic. We give the example of how Keith bought a business and got it up and running in less than 3 months -- the time it takes to plant and harvest tomatoes. We also give other examples of how you can use your time to make significant improvements in your life, especially in your business. We invite you to share your accomplishments (reach out to Keith at https://dincpie.com/) and we’ll share it on the show.
Buy a Business By The Time Keith Harvests His Tomatoes 2:24
Being Purposeful To Get Things Done 5:37
Making and Reaching Business Goals: E-commerce and Amazon 13:14
“I bought my E-commerce business -- from finding it, to vetting it, to paying for it and closing on it, and transitioning it all to me -- in 3 months. In fact, I did it in 2 months!” 4:12
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode, we fill you in on the details of Keith’s purchased franchise, Smash My Trash. We cover what the business does, what it costs to buy, what the operating model is, and where Keith is at in the process of getting it up and running. We also give tips on how to market this service to businesses. We finish by sharing the total earnings that Keith is projected to make from all his diversified income streams combined, and encourage you to look for and begin similar projects for yourself.
What Is Smash My Trash? Business Model, Entry Fee, Net Margin 1:28
What Keith’s Doing To Sell To Businesses 5:18
Potential Earnings; The Advantage of Diversified Income 8:48
Heads Up! Here’s a New Product Opportunity 12:27
“The entry fee is reasonable, the value proposition is about cost savings as opposed to trying to extract dollars that you’re going to spend somewhere else, and number 3, is that this thing is designed to operate at about a 40 percent net margin.” 4:52
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today, we talk about Keith’s third laundromat which just opened. We walk through the timeline, the financials, including the cost to build the facility, the operating math, equipment, and growth in the wash, dry, fold business. We share what we would have done differently with machine selection and distribution, give you the profit margins and how much is going to debt service, utilities, payroll, and other professional fees. We talk about growth in the wash, dry, fold business -- especially during the coronavirus pandemic. We finish by summarizing what makes the laundromat business promising and what your priorities should be when opening one.
Subscribe, Send Feedback, Share Ideas, Get On The Podcast: Go to dincpie.com 1:47
Timeline, Goals, Financials and Operating Model 3:08
Wash, Dry, Fold and The Commercial Laundry Business During The Pandemic 16:18
Summary: The How And Why of Laundromats 21:56
“You’re trying to create a diversified income stream so that 10 years down the road when you do have the debt paid off, this thing’s gonna make a lot of money!” 23:43
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode, Keith shares his advice and ideas for preparing for the future to continue to generate income. He uses an online business up for sale that he found recently as a model to example how to buy, build, and advertise a business. We also give you advice for starting your own business, and recommend businesses like Laundromats and Shared Space. We also share how to launch a product to sell online, and invite you to listen to a previous episode, “Let’s Launch a Product” for more details. We finish by talking about a new, timely approach to short term rentals.
The Next 4 Steps You Need To Take 1:40
Buying and Building A Business 4:37
Plan For Starting Business; Laundromat and Shared Space 12:10
Launching Products; New Spin On Short Term Rentals 18:04
“If you want to put yourself in a position where you can earn money and survive your way up to the next pandemic -- and if that pandemic shuts down the country and they aren’t buying saunas -- make sure you’re stashing some money away along the way. And this is a business that’s gonna generate enough money to allow you to do that.” 8:41
https://www.alibaba.com/?spm=a2700.8073605.scGlobalHeader.65.679837addnx6OI
https://www.clickfunnels.com/
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today we talk with Chuck Mullins from Quiet Light Brokerage (https://www.quietlightbrokerage.com/). He tells us about his background in business and website development. He then talks about how he started his career with Quiet Light. We then discuss the advantages of buying businesses, and strongly recommend it for those with more time on their hands or who have lost their jobs due to the COVID-19 crisis. We talk about the variety of businesses that Chuck has seen with his work at Quiet Light, and discuss how to determine which business would be best for you.
Chuck’s Background; About Quiet Light Brokerage 1:06
Am I Qualified To Buy A Business? Advantages of Buying a Business 15:53
What Kind of Business Should I Buy? 22:16
Growth Opportunity; Importance of Stability; How Can Your Skills Add Value? 27:10
“The average multiple for a brick and mortar is only in the mid 2’s -- like, 2.38 or something. That’s kind of been over the history of the last 40 or 50 years. Now, that’s for sub-million dollar businesses. Once you get over the million dollars, it’s a different world; you’ve got private equities, you got this, you got that -- the numbers change. But just for a small mom and pop shop, they’re not that expensive.” 18:36
Reach Out To Chuck: chuck@quietlightbrokerage.com
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode, we talk with Henry Lopez, who runs the podcast, “The How of Business.” Henry is also a managing partner and co-founder of the Levante Business Group. He talks about his experience owning businesses and managing diversified income streams, and shares how he now focuses his time and energy on his coaching and podcast. We discuss the factors surrounding the decision to sell your business. Henry then talks about his franchise of releasing office space in suburban settings, including time to profitability and capital cost. We finish by talking about great books on entrepreneurship, and time management strategies.
Henry’s Entrepreneurial Journey 1:16
Should I Sell or Keep My Business? 9:10
Releasing Office Space 23:59
Henry’s Top Recommended Reads; Time Management 32:36
“My takeaway from all that is to get stuff to a reasonable scale that you can hire the right management infrastructure, and then you can continue to take money out of it; someone else is dealing with the lion’s share of the headaches.” 16:38
https://thehowofbusiness.com/
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today we talk about short term rentals and car washes. We cover the advantages of short term rentals, giving the example of a cabin that Keith bought. We discuss the ideal price for a property, as well as other expenses in getting the property ready, and how to determine a profitable rental price. We invite you to see the P&L for Keith’s cabin project on https://dincpie.com/. We compare the cabin to a condo Keith bought in Mexico. We also discuss a new project with a lot of promise that involves financing RV’s and finding farmers/landowners who are willing to rent a small part of their land. We then summarize Keith’s experiences with his car wash projects and what he learned from each, inviting you to check out his models on dincpie.com. We then give pointers for finding an ideal area for car wash and short term rental projects.
Short Term Rentals; Keith’s Cabin; Appreciation 1:03
Prospective Project: RV’s and Farmland 13:47
Keith’s Advice On Car Washes 19:27
Area for Car Washes and Short Term Rentals 25:25
“Short term rentals are brilliant, man. They are really great, but they’re getting tougher, because these different municipalities have all kinds of rules, and different permit structures, and all that kind of stuff, and it’s really easy to find you if you’re violating, because all those county people do is go into Vrbo, and Airbnb and look to see what properties are listed in their communities, and whether they have permits on file for that. So you gotta play by the rules, and I suggest that you do, but listen man, these are great investments, and a great, great return on your money.” 8:50
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
In today’s episode we review the P&L statement for 2019 for Keith’s Laundromat business and talk about the business plan and results. We talk about our ramp plan for launching the business over the first year. We invite you to look at our ramp plan model and watch a video overview at https://dincpie.com/. We break down how we calculate and measure our revenue. We walk through our sales figures by line item, and compare it to our targets. We talk about what we did to meet or exceed our target sales, and also discuss where we could have improved when we didn’t meet our quotas. We recommend Curbside Laundry’s template for your website, and then we walk through our expenses for the year, particularly on advertising. We finish by giving additional tips for running your business.
-Background, Breakdown of Our Ramp Plan 0:55
-Walk Through of Sales By Line Item; Struggle With Wash and Fold 6:00
-Replacing Website; Breakdown of Expenses 14:57
“So until you rank through your SEO work and you rank organically, if you want to show up, you gotta buy ads, and that’s just the way it goes, man. And ads are expensive, and so some of that spend -- probably $5000 of that overspend -- is on Google ads.” 18:38
https://www.curbsidelaundries.com/
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today we talk with Chris Gronkowski, former NFL fullback and owner and inventor of the Ice Shaker ™ . He shares his story, life lessons, and how he started his football and business careers. He talks about his business ideas and successes, including developing and marketing his Ice Shaker ™ cup. He also talks about the unique features of his product and how he was able to build his sales before and after his experience going on Shark Tank. We talk about how he benefited from partnering with his wife, as well as how a unique, quality product and great customer service is the real key to being competitive. We also discuss key business strategies such as email lists, Social Media, Storytelling, and being adaptable and agile as you build your business.
-Chris’s Background, Life Lessons 1:34
-Knowing His Options, Starting and Developing His Business 15:26
-Building Sales; Working With Your Spouse 31:03
-Patents; Email Lists; Social Media; Being Adaptable 40:06
“Just look back to 2 decades ago: the biggest companies in the world, those aren’t even the biggest companies in the world today. And that means there’s a lot of change going on all the time, and if people are relying on a single source of income without diversifying, they’re eventually gonna get caught, unless they’re part of the lucky 10% that rides the thing out all the way out to retirement.” 16:30
https://www.iceshaker.com/
Chris's Podcast: https://podcasts.apple.com/us/podcast/gronkd-up/id1480877215
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today we break down Keith’s unsuccessful Amazon private label business, and explain what he should have done to generate a greater profit. We break down the costs of sourcing and selling a product through Amazon, including fulfillment by Amazon fees (FBA) and Pay-Per-Click (PPC). We explain how to get your product to rank against keywords, including doing giveaways through 3rd party services. We also talk about Keith’s product and what he has to do to get it to his 5X requirement. We talk about some of the disadvantages of building a business on Amazon, including the lack of end-buyer interaction and customer feedback, inhibiting the expansion of your product lineup. We advise that you need unique and niche ideas to make it on Amazon.
-Costs, Amazon Fees (FBA, PPC)1:39
-More About Sourcing and Pricing; FBM; Using Facebook 11:38
-Making Money vs. Building a Business; Disadvantages of Amazon 15:02
“If you’re going to sell something on Amazon, make sure you can source it for 20 percent of your cost. Or, said differently, make sure that you can charge 5X of what you’re going to buy the product for. Not including shipping, just for what you can get it for in China, or U.S., or Mexico, or wherever you’re gonna have it made. Because that’s what it’s gonna take to actually make a decent margin -- I’m talking about maybe a 20 percent net margin -- by the time you pay for all these fees.” 3:31
In today’s episode, we look at 3 prospective diversified income streams that Keith had to let go due to the market crash and COVID-19 shutdown. We begin by talking about the current state of the market. We share that Keith’s online product-based business and other businesses are still generating income. However, because of problems negotiating leases and other obstacles, he has had to back out of 3 prospective projects in light of current circumstances.
-Current State of Stocks 0:58
-Letting Go of Indoor Family Entertainment Center, Furniture Business, Amazon Private Label Business 3:21
-Keith’s Takeaways From Current Circumstances 13:57
“They were looking for a full-price cash offer, and this is a deal that I was working through some private equity groups to get funded, and it didn’t get funded. So, a lot of that equipment was sourced through China. And if it wasn’t through China it was offshore. But lots of factories are being shut down around the world.” 8:58
Reach Out To Keith, Get Help and Resources: https://dincpie.com/
Today we talk with Nick Loper, creator of Side Hustle Nation (https://www.sidehustlenation.com/), which is a website with resources to help you create new income streams, build your business, and escape the corporate world. We talk about how Nick decided to start his largely successful podcast, and his process of gaining a following. We discuss busybudgeter.com’s (featured on Nick’s podcast) advertising and affiliate model for audience and product-based business. We also give examples and dissect the approaches of successful service-based businesses. We talk about Nick’s current side hustles, as well as the mechanics of Nick’s podcast’s growth. Other topics include more about affiliate relationships and links, and user-friendly URL’s with Pretty Links (https://prettylinks.com/).
-Gaining a Following For Your Podcast 1:18
-Success Stories of Audience, Product, and Service-Based Businesses 8:44
-Nick’s Side Hustles, Podcast 27:04
-Affiliate Links 39:59
“None of these businesses are necessarily curve-jumping, or extremely innovative. Like the question to ask might be, ‘How many dry cleaners are in your town?’ Right? If they’ve been in business for more than a year, they’re probably profitable, and it’s not some crazy, innovative business model -- they do the same thing as the guy in the next strip mall over-- but, there’s enough business to go around. And I think in the case of the blue collar services -- the yard care and stuff -- there’s a growing demand, so you’re not necessarily taking market share from somebody else. It’s just a growing pie in general.” 23:40
In today’s episode we talk with LL, owner of Living Limitless Clothing Co. (https://www.etsy.com/shop/LivingLimitless) and host of the Etsy Entrepreneur Podcast (https://www.etsyentrepreneur.com/). We discuss some of the principles that led to his success selling on Etsy, as well as some of the advantages of Etsy. We talk about some of the particulars of managing a clothing line, including keeping expenses low with made-to-order inventory and better packaging and shipping methods. We recommend https://www.craftcount.com/ as a good resource to use for product selection and deciding what to sell. We discuss the importance of barrier to entry and unique designs/approaches to your product. Other topics covered include sourcing with wholesale brands and creating and ranking listings/SEO. We invite you to use the resources available to you on https://www.etsyentrepreneur.com/.
-LL’s Experience With Etsy 1:19
-Making a Side-Hustle Full-time; Particulars of Managing a Clothing Company 9:09
-Product Selection and Figuring Out What to Sell 18:09
-Sourcing With Wholesale; Creating Your Listing; Using LL's website 22:33
“What my mindset really became was, you know, you have the same amount of hours in the day as Oprah Winfrey and Elon Musk and all these very successful people, and they managed to get it done. And, you know, for me I didn’t want to sit back and be like ‘Well, I can’t do it because I have a regular job.’ Well, if I want to do it, I’ll find that time.” 10:26
Today we are joined by Aaron Bakken, a franchise consultant with the Franchise Consulting Company and expert at diversified income. He explains his history with entrepreneurship and diversified income, as well as how fulfilling that lifestyle can be. We discuss everything involved in choosing and buying a franchise, and how to evaluate different opportunities based on what’s best for you. We then talk about the timeline of going into franchising. We also discuss the advantages of franchise ownership, as well as how franchises have a more significant potential for resell-ability.
Aaron’s Background in Entrepreneurship 1:20
Getting Started In The Franchise Process 5:50
Timeline of Going Into Franchise 19:01
“You think about the real value of that, knowing that you step into it with existing contracts that are recurring and long-term. You’re not trying to figure out how to sell the same widget to the next guy every single month. Right? That’s super, super powerful.” 25:05
TheFranchiseConsultingCompany.com
Aaron@TheFranchiseConsultingCompany.com
608-576-4592
Today we share some updates on how our E-commerce business is performing. We share how we’ve been able to triple the business in 5 months. We talk about financing for buying a business, as well as discuss why the returns on your investment from owning a business makes it a desirable venture for anyone looking to diversify their income sources. We talk about the costs associated with getting our business started and discuss subjects such as patents, search engine optimization, advertising, and website design. We then review what we have done to drive the growth of this business, including product distribution and marketing. We talk about the importance of analytics for regaining lost customers. We finish by sharing our target for yearly earnings and discussing how we will move towards it.
-What We’re Covering in This Episode; What We Offer at dincpie.com 0:16
-Financing; Returns on Your Investment; Investing in and Growing Your Business 3:41
-Important Principles for Growing Your Business Fast 16:21
-Our Target for Yearly Earnings; Outsourcing 21:40
“We’re going to continue to work hard to provide really exceptional service, and a really, really exceptional, high quality product at a great price, and continue to grow the product range a little bit, but increase distribution and continue our marketing efforts to create awareness. And that’s how we’re doing it! That’s how that business has performed.” 22:15
Today, we give you all the details about the opening and first month of the new laundromat we opened on December 2nd. We give you a run-down of the size of our space and what we could have done better with the mix of our machines. We talk about how we measure headcount through the total daily turns of the machines. We describe our promotions for month 1 and how we advertised. We then define a ‘turn’ as how many times per day each of your machines run a cycle of laundry, and explain why this is a useful statistic. We share that we had 93 5-star reviews on Google after our first month, and compare this to the other laundromats in the area. We then explain how we use the DexterLive app to track revenue. We then discuss the glitches in getting our laundromat started, and how we dealt with them, as well as the importance of hiring/training quality employees.
-Summary of Details Covered in This Episode 0:16
-Ideal Machine Mix; Measuring Headcount; Month 1 Revenue; Promotions 1:33
-Measuring Business Through Turns; 1st Month Google Reviews; Financial Plan 10:48
-Using DexterLive; Glitches in Month 1; Employees 20:19
“Listen, these guys are weeping; because some pros showed up and built a laundromat, and now we’re kicking their ass. And they deserve to have their ass kicked, because they’ve been in these places and they’re dirty, and they’re not maintained well, and the machines are down, and that means the guy that owns it is stuffing all the money in his pocket instead of keeping the machines updated, and keeping the place clean, and spending the money the way he should be.” 15:01
Today we talk about an E-commerce business that we bought, with the intention of giving you a real life look at the details and the process. We tell you what the net earnings were when we bought it, and what multiple of net earnings we bought it for. We compare the current worth of the business to what it was when we bought it, showing that so far we have created $800k in equity by increasing the value of the company, in addition to the earnings from the business. We talk about what we did to make that growth happen. Some of these things include investing in marketing, introducing new, easy up-sale products, and expanding our distribution. We conclude by talking about the advantages of buying and growing businesses, and how your breakthrough opportunity is within your grasp.
-Background on E-commerce Business 1:22
-Breakdown of the Math -- How Much The Company Has Grown 7:00
-How To Make That Growth Happen 11:07
-Finding Greater Fulfillment and Profit Through Owning Business 18:32
“You could literally find a business for sale in the next month, and you could close on it two months after that. Three months from now, you could be out of the corporate thing that’s unfulfilling to you, in a business that YOU OWN, that I promise you, by definition, then becomes fulfilling, and you reap all the rewards.” 18:50
In this episode, we summarize the potential transaction that has been discussed over a series of four episodes entitled, “Where do Dead Deals Go?” We talk about its going back and forth between “no” and “yes” throughout the negotiation process and for what reasons. We then tell you at what point the deal finally died. Finally, we mention that the death of this deal has made way for other opportunities including our entering into a new franchise agreement, which we may discuss in future episodes.
-Recap of Potential Deal 1:02
-When the Deal Finally Died 5:21
-A New Opportunity 5:48
“So it would have made 6 million dollars, for something that probably would have taken me 24 months to solve. So, that’s why it’s disappointing, but that just means that God’s got a different plan for me, and I’m down with that.” 6:48
On today’s episode, we interview Antoine Martel, real estate entrepreneur and owner of Martel TurnKey. Antoine explains how he got started in real estate, including how he was able to purchase, renovate, and sell 10 houses in his first year. His business now does 10 houses a month, buying the properties, renovating them, renting them out, putting a property management company in place, and then reselling them to their clients, who buy those properties for cash-flow with just $20,000 out of pocket. We talk about the details of the refinancing process, including loan payments and cash flow from rental. We discuss finding buyers/renters, as well as how to deal with/prevent the difficulties that renters might bring. We talk about diversifying to other markets when competition grows, as well as how the business grew by starting to sell properties before refinancing. Antoine then gives some strategies for getting into real estate and shares the tools that he uses to manage his business.
-Antoine’s Background 1:17
-Sticking With It, Pivoting, and Growing the Business 5:33
-Screening Renters, Marketing, Renovating in the Right Way; Diversifying 16:01
-Antoine’s Advice For Getting Started; Tools to Use 27:47
“After thinking about it for a while, it was like, ‘Hey, let’s just sell them the properties before refinancing.’ So we would buy a house, rehab it, rent it out, put the property manager in place, and then we would just sell it to them at $55k, and now I don’t need it to go through the refinance -- I just sell it to them, give them the same lender I’ve been using, they do the appraisal, we make our profit.” 26:18
https://martelturnkey.com/
http://martelantoine.com/
https://free.martelantoine.com/
In today’s episode, we discuss the long process of finally getting our second laundromat open. We talk about balancing this opening with other current projects, such as filing a patent, finalizing our website, figuring out financing for a new franchise, Facebook advertising, and getting our product of wood-shelf kits back on Amazon. We cover the importance of having a soft opening for at least 3 weeks, and different strategies (like discounts, quality guest service, presentation, and advertising) for exciting the customer during this time. We discuss our model of employee training which prioritizes customer service, as well as advertising strategies and tying up loose ends for opening days. We talk about details such as point of sales systems, security systems, audio/video systems, payment systems, vending machines, and re-circulators for hot water, among others. We then take a look at the growth rate of our monthly revenue in our business plan.
-Balancing With Other Current Projects 1:16
-Soft Opening of Laundromat #2: Guest Services and Bringing Customers Back 6:39
-Configuring Pricing and Advertising 15:48
-Anticipating and Resolving Problems During Soft Open Period 18:56
-Monthly Growth Rates and Ramping up Reviews 25:50
“So, first week revenue, day no. 1 that we opened: $3.75. That’s right. Get the party started. Got that thing going. Day 2: $60. Day 3: $53. Day 4: $67. I don’t really care...we’re open, right? and now you build from here. Here’s what our model says: So, our revenue--I call this month 0, so month 1 will be January--and we should do a total for the whole store $7000. And of that, $6000 is coming from the laundry equipment.” 25:50
In today’s episode, we talk about what challenges may arise in your journey to build income. We follow through with the business discussed in the episode, “Delays, Delays, Delays.” We discuss the difficulties of financing new franchises through lenders with government-based parameters. We also talk about waiting on contractors and utilities companies with the laundromat, and how the city lost the plans for the carwash. We consider how, even with all these setbacks, contributing value through diversified income projects is still preferable to the corporate lifestyle.
-Challenges With Financing New Franchise 2:15
-Challenges With Getting Laundromat Live 8:56
-City Lost Our Plans For the Carwash: Still Better Than Living Corporate! 11:26
-Talking With Your Bosses Instead of Hiding Behind Glassdoor 20:11
“When you’re on this journey, listen, you’re leaving that stuff behind. And you’re taking on all these new challenges. New challenges have complexities, and complications, and all kinds of things are going to frustrate you as well. So take some time to enjoy your life, enjoy your family, enjoy your friends; that’s why we’re really here.” 23:14
In today’s episode, we talk about the importance of knowing your timing if you’re going to build a business as opposed to buying a business. As part of this discussion, we review some of the processes and delays that have been a part of our own projects. These include lease reviews and approval, letters of intent, and slow contractors. We advise that you build smart contracts and make sure someone else is on the hook when projects run long. We also discuss the importance of anticipating problems during the first days of operation.
-Intro: Timeline for Building vs. Buying and Keith’s Status With His Businesses 0:17
-Delays in the Salon Suites Project 6:47
-Delays in the Laundromats Project 8:39
-Problems in The First Days of Operation 14:34
“It’s so frustrating but it also is something that you just absolutely need to anticipate when you’re in this process so that you don’t end up getting yourself in a position where you’re three quarters of the way through a project and you run out of money.” 8:55
In today’s episode, we discuss online tools that are useful for research and scheduling for E Commerce business. We break down the model for selling on Amazon, and how much one actually makes from the products they sell there. We discuss software subscriptions to services such as Helium 10, Viral Launch, and Keepa which tell you how much each product sells on Amazon, and talk about some of the differences of each. We also discuss an extension called How Many, which tells you how much inventory anyone is carrying. We talk about the benefits of using Live Plan for putting business plans together, as well as using Gusto and Homebase to simplify payroll and employee scheduling.
-Intro, Fulfillment by Amazon, and Helpful Chrome Extensions 0:52
-Tools for Business Plans: Live Plan 8:23
-Warnings About Google 9:51
-Using Gusto and Homebase Together for Payroll and Employee Scheduling 12:13
-Finding Customers Within Any Market Or industry Using nextmark.com 17:10
“Growing your business is about finding new customers, making your employees awesome, contributing to their livelihood and their professional development, their personal development, right? Go spend your time on that! And where you’re spending your time chasing your tail trying to figure out how to do payroll, go use technology, don’t be dumb!” 19:33
In today’s episode, we talk about what a car wash can make, what it costs, to build, as well as some examples of successes and failures with finding a good location. We walk through a good business model for the type of car wash discussed here, including where you can find a good brand and guidance for your investment. We define the ideal parameters behind a good location, as well as how to deal with competition.
-Intro: What Type of Car Wash Are We Talking About? 0:57
-How Much This Car Wash Costs 4:56
-How Much This Car Wash Can Make 10:15
-Finding A Good Location In a Crowded Marketplace 17:17
“We’ve 4 of these projects going on: 2 that are totally dead, one that I’m going to sell the plans on, and the fourth one that we’re actually going to do. So, you gotta be prepared for this kind of timeline, which has been a couple years, and this kind of failure rate, which can cost you money, but that’s the game to be played for car washes.” 24:11
In this episode, we follow up with the Deal from “Where do Dead Deals Go?”, and also talk about the timeline to going live with a business as discussed in the Build vs. Buy Episode. Using our two laundromats as examples, we take you through the timeline and expenses for opening a deal step-by-step, including architecture and engineering, following a ramping plan for the first year, and finally getting it to its income-generating stage. We talk about the causes of some delays in the process and how to anticipate and deal with them.
Wrapping up “Where do Dead Deals Go?” 1:20
Timeline for First Laundromat 4:37
36 Month Process For Generating Income 13:19
Timeline for Second Laundromat 15:36
“And so keep this in mind, because I keep talking about this magic 36 month thing -- It’s a couple years to get stuff built and a year to get it to the point then where it’s operating and generating cash for you, and then you’re into year 4.” 14:14
In this episode, we take you through the process of finding, sourcing, and selling a product. While explaining the process, I take the steps myself live on the podcast. Listening to this episode will set you up with all the tools you need to try this attractive source of passive income for yourself.
Intro 0:22
Sourcing Online in China: 3 Easy Ways 1:14
Finding, Sourcing, and Selling Products 8:39
Finding Products on Amazon and Alibaba.com 9:13
Selling--Build a Website, Use Facebook to Traffic 13:58
After Finding Product That Sells, Go Source Through Alibaba 17:50
Other Tools to Find Bestsellers 21:02
“So listen, there’s lots of ways to make money; that is not a super active business; that’s fun to set up, and once you get it rolling, you’re not doing anything, man, except checking inventory and going to order some more from your beach chair with your umbrella drink.” 22:15
Episode 13 - Update on Deal from Ep.12, “Where Do Dead Deals Go?”
This episode is a quick update on the deal on an e-commerce business that was discussed in the previous episode, “Where Do Dead Deals Go?”. Keith talks about the processes he has been involved with during the week that has passed since he was able to turn the deal around.
Introduction (summary of transaction) 0:25
What Happened Since 0:52
Financing’s Reasons for Passing/Keith’s Solutions 2:25
Possibilities Moving Forward 4:12
What You Can Gain From This Podcast 5:27
“We had this chance to talk about his issues, and I think if he was going to say no, that he could have already said that.” 4:23
In this episode of The Diversified Income Experiment, we cover what can happen when a deal goes down. A recent transaction illustrates how, if you make informed decisions and handle the situation well, the same people who retract a deal may come back to work something out. This episode illustrates and explains good techniques in choosing promising ventures, how to react when things don’t go as planned, and how to read a situation to negotiate for the best possible outcomes.
-Introduction 0:25
-Landing on a Good Deal 2:20
-What to Do When a Deal Goes Down 5:19
-Facing Disappointment/Going Back to the Hunt 7:30
-Deals Can Come Back 8:40
-Win-Win Situation: Where Dead Deals Can Go 10:56
-Pursue the Diversified Income Experiment 12:00
11:40: “LIke my great buddy always told me, ‘Man, don’t ever burn any bridges, and when something doesn’t go your way, and you’re having a follow-up discussion, be gracious, and keep that bridge intact, and you never know when it might turn around.’”
In this episode of The Diversified Income Experiment, we talk about the difference between passive, active, and diversified incomes. Some of the topics we cover are the stock market, a case study on my laundromat, and other business ventures.
Introduction 0:25
Passive Income 2:14
Passive or Active Depends on how you React 7:09
What is Worth your Time? 15:01
In this episode of Diversified Income, we talk about who it is that is qualified to create a diversified income. When buying or starting a business, it’s easy to think, “am I qualified to do this?” Maybe you don’t have official education in business or maybe you don’t have huge lenders. Todays episode is meant to encourage you and state that you are qualified for success.
- Categories of Life 2:25
- Example of Retirement 3:47
- Example of Early in Career 5:45
- Scenarios of when to diversify Income 9:03
“All these folks that are owning these businesses that you see as you’re driving down the street…they didn’t get lucky and someone handed them a business. That’s why I say you can do it too: coming from any walk of life in any point in your career, you can do this!” 13:50
In this episode of the Diversified Income Experiment, we talk about the resources and tools that I used in the acquisitions that I made. I made a list of companies including firms, brokerages and other financial resources that I used, so I'll discuss how I used them, how effective they were, and what kind of impact each of these has had on the acquisitions process.
- Brokerages 1:18
- Listings to Subscribe to 4:13
- Due Diligence 10:23
- SBA Financing 12:15
- Mezzanine Financing 16:20
“One of the things that’s really important to me is having a broker who really understands business. As apposed to someone who is really young in their career and is able to digest the numbers, but doesn’t really have a perspective on what those numbers mean.” 3:36
On this episode of diversified Income, we discuss whether it is best to build or to buy a business. Some questions we consider together are whether it is the right business, how to not let comparison get in the way, letters of intent, and the timeline you need to build or buy your business.
- Keith’s Story 1:23
- Case study example 7:57
- Timeline required to build a business 9:43
- What to do after you buy a business 20:54
“You might be thinking to yourself, “‘ Holy smokes, how do I buy a business?”’ And I can tell you, it’s way simpler than what you might think.”
In this episode, Keith discusses the next two laundromat projects that he has undertaken, including the financial details of each project. Both of the next two laundromats that he has started are quite a bit larger than the previous project, which costs more initially but allows for a larger profit later on. Keith also goes into what it takes to build a laundromat, including the budget, the costs that are involved, and the actual process of building the project as well. Listen in to learn about the ways in which these larger laundromats can bring in revenue and provide for additional streams of income.
How does someone start diversifying their income streams? Keith discusses one of the businesses he has had experience with that has brought in a lot of revenue. After leaving corporate America, Keith started a laundromat business and he is sharing what he has learned, including how to look at location, demographics, accessibility, and a handful of other factors that will help you decide how to situate the business. Listen in to learn more about how to diversify your income streams.
In this episode, Keith covers some basic concepts before he dives deep in upcoming episodes. The concepts he covers in this episode are the capital cost model and profit loss statement. He breaks down how you would evaluate revenue, liabilities, monthly expenses, variable costs, and much more. Listen in to this episode to learn some of the basics of diversified income streams.