Download: MP3 (72.6 MB)
I’m joined once again by good friend, Matt Lopez who you might remember from a recent episode (Related: e059 Why Competitors Are Not a Threat & The Reason You Should Be Announcing Your Product Launch Ahead of Time). Matt is a serial entrepreneur who maintains an intense pace (I think this is why we get along so well). He shares insight into how he started his many businesses, the struggles of being taken seriously as a young entrepreneur, what he calls “business goldmines,” removing yourself from the things you shouldn’t be doing in your business, and why he offers $500 to his employees to quit.
We discuss the application of The Overlap Technique with multiple businesses and using capital from one business to fuel another. You’ll always leave a discussion with Matt inspired, and this episode is no exception.
Stop thinking you’re too old to start something and be successful at it—you’re too old to do something that sucks for the rest of your life.
— Sean McCabe (@seanwes) June 18, 2014
- 1:21 Matt gives a bit of introductory background.
- 2:30 Talking about the difficulties of explaining what you do as an entrepreneur.
- 4:03 Matt lets us in on his many businesses.
- 9:11 The challenges of being a young business owner and being taken seriously.
- 12:46 The carpet cleaning business.
- 14:05 Buying new equipment to handle larger jobs and higher volume.
- 14:29 Sharing equity instead of hiring an employee.
- 15:42 It’s important to retain primary ownership.
- 17:29 Speaking of capital: you are either the master or the slave—you own your life or you owe your life. Build up capital. Bootstrap it.
- 18:59 You’re not going into debt, you’re using The Overlap Technique with your businesses.
- 19:40 Repay the funding business with interest.
- 23:06 Loaning money between your two businesses is ok: it’s still your money. It’s still your assets. It’s The Overlap Technique.
- 24:12 Think of your business as a person and save money, don’t spend it just because you can.
- 25:11 The bootstrapping mentality.
- 26:40 The danger of growing too quickly.
- 27:33 A level 1 business: Matt’s “gold mine.”
- 28:15 If you are starting a new business and are thinking about going into debt, use The Overlap Technique instead. You’ll save yourself a massive headache.
Investment is good, but you can’t invest money you don’t have. That’s called “going into debt.”
- 30:56 You put in the hard work up front, and use that income to grow your new business.
- 32:56 Why I’m giving away The Overlap Technique book for free.
- 33:50 Using lead magnets for email newsletters.
- 34:15 Removing yourself from the Scarcity Mindset.
- 35:29 It’s easy to get caught up in thinking your time is worth what you are making now. It’s not.
The value of your time currently is determined by the return on investment you get in the future if you spend that time wisely.
- 36:21 Matt’s plans for the future of his businesses.
- 38:30 Hard work pays off.
- 39:34 Bring on help, and ensure the business can operate without your direct input. Be able to remove yourself from your business.
- 40:28 Find your employees gifts and enable them to do their best work.
- 42:10 It doesn’t matter what school you come from, or your education level; you can succeed if you have dedication and persistence.
- 44:54 Dealing with the fear of starting a business.
- 47:05 The inevitable failures, and how to protect yourself and your business.
- 47:25 Don’t get caught up with trying every single path. Figure out the thing you want to do, and don’t let school, or age, or anything else stop you.
- 48:18 Staying detached from your business and the money it generates may not be such a bad thing.
- 48:59 Why Matt offers $500 to his employees to quit.
- 51:16 On being “too old”:
Stop thinking you’re too old to start something and be successful at it.
You’re too old to do something that sucks for the rest of your life.