A real-world MBA for entrepreneurs

What does it take to start, scale, and sell your own business? Every Tuesday, J and Carol Scott ask this question to entrepreneurs of all stripes and delve into stories that go beyond the launch. From hiring and firing to marketing and raising capital, this podcast takes an honest look at the triumphs and stumbles of entrepreneurship. Whether you’re looking to sustain a startup or bring an idea to life, you’ll come away inspired. Tune in—and learn how to treat your business like a business.

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Previous Episodes

May 26, 2020

BiggerPockets Business Podcast 57: Negotiating with Joe Exotic and Buying the Exclusive Licensing Rights to “Tiger King" with Tim Shiner

We've all heard the adage about the importance of multiple streams of income. Today's guest takes that idea to a whole new level... From patents to books to real estate to businesses to licensing r oyalties, Tim Shiner is truly an investing and business Renaissance Man. And his most recent project is his biggest yet! On this episode, Tim tells us about how—as a "professional opportunist"—he has created dozens of income streams, how he manages his time to juggle all these projects, and most importantly, how you can start identifying opportunities in your life to do the same. Then we delve into Tim's latest project: He has purchased the exclusive rights to license dozens of products related to the "Tiger King" and Joe Exotic brands, sensationalized by the Netflix mini-series over the past several months. Tim tells us about how he hooked up with Joe Exotic's lawyers to negotiate the deal and how he's working with some of the biggest marketing companies in the world to monetize it. Make sure you listen to Tim's story about how he acquired the largest bus in the world, wrapped it in a controversial design, and drove it from Texas to Washington, D.C., to promote the brand! Are you looking for some inspiration for tackling big projects that might be a little bit out of your comfort zone? If so, this episode is for you! Check it out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

May 19, 2020

BiggerPockets Business Podcast 56: From Poverty to Millions Through Laundromats with Dave Menz

If you've found this show, you probably have that entrepreneurial itch... and you've probably wrestled with just how to turn that impulse into action. Well, that transition is exactly what today's show is about... so don't miss it. Our guest Dave Menz shares his journey from poverty, to a corporate career, to taking the plunge into business and turning a struggling laundromat into a cash-flowing asset producing generational wealth (then scaling up). And Dave pulled this off with no formal business training! As he says in the episode, "If you want to see me accomplish something, tell me I can't do it." Tell us what you think in a rating or review on Apple Podcasts (it takes just 30 seconds), and subscribe to the BiggerPockets Business Podcast in your favorite podcast app so you won't miss the next one. ... show more

May 12, 2020

BiggerPockets Business Podcast 55: Moving Your Competition Out of the Way While Spending Nothing on Marketing with Ryan Welch

Are you looking for ways to increase your profitability while spending less on marketing and customer acquisition? Are you running a business where differentiating yourself from the competition is dow nright difficult? Do you feel like the only way to build your brand and business is to spend ridiculous sums of money on marketing and advertising? If so, this episode is for you! Ryan Welch—of Breezy Moving—is not a professional marketer or advertising guru. But he has used his expertise in creating relationships and focusing on his customers' needs (and their customers' needs) to generate more business than he can handle in the ultra-competitive moving industry. And he's done it all without spending a penny on marketing or advertising! Ryan shares his business secrets—including a deep dive into the financials and tips to become more competitive without spending a fortune on marketing. He tells us how he researches competitors and prices his services for maximum profit. He goes on to explain that no matter what your business is, expanding and fostering relationships is going to be one of the best ways to lower your customer acquisition costs, expand your customer reach, and grow your margins and bottom line. And make sure you listen to Ryan’s thoughts on how to hire and manage employees in an industry where there is a lot of turnover, as well as where first impressions matter most. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

May 5, 2020

BiggerPockets Business Podcast 54: $4M in Revenue in 6 Months Through Software & Licensing with Brennan Tolman & Nik Krohn

Have you figured out a good business model that is consistently making money but don’t know how to expand? Itching to take your local business national? Ready to put your business on auto-pilot, gener ating recurring income while others do the work? If so, this episode is for you! Brennan Tolman and Nik Krohn—founders of Tolman Media—were in that same boat just a couple years ago. They had grown their local wedding photography business in Salt Lake City and were ready to expand. But they quickly decided that owning locations around the country or franchising the business wasn’t for them—too much work, too much red tape. So, they figured out an even better plan, creating an online marketplace and licensing the business to dozens of other entrepreneurs. On this episode, Brennan and Nik walk us through the process they used to scale their business and then license it all around the country—and around the world. The two were able to generate over $4M in revenue in just six months by letting others do the bulk of the work—while they simply collected the royalties. Whether you’ve already explored the idea of licensing your product or business, or you’re looking for a new tool to add to your business toolbag, Brennan and Nik walk you step by step through the process of taking your business to the next level. And making LOTS of money in the process! Make sure you stick around to the end, where Brennan and Nik tell us the single most important metric to the success of your business. Check them out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

April 28, 2020

BiggerPockets Business Podcast 53: Fixing All Your Business Problems, One at a Time with Mike Michalowicz

Are you overwhelmed with all the things you’re falling behind on in your business? Not sure what to do next? Have you been taught to believe that as business owners, we need to tackle all of our busin ess issues at once? Well, it doesn’t have to be that way! Michael Michalowicz—author six books, including the newly released Fix This Next—knows firsthand what it’s like to struggle with too much to do and not enough time to do it. And on this episode, he teaches how we can evaluate and prioritize the issues in our business—and also how to FIX THEM! Mike starts with an overview of why identifying the biggest obstacles in your business is important and why so many entrepreneurs make the mistake of trying to solve too many issues at once. From there, he reveals the business hierarchy of needs—the five parts of our business that we must in order to truly put our business on autopilot and create a legacy that can be handed down. Then, he tells us how to identify the biggest obstacle in our business, and the methodology of how we can solve that problem before moving on to the next. The formula is simple, even if it’s not obvious. But Mike breaks it down step by step so that even the most frantic among us will be able to use it to get our business under control and relieve our daily headaches. He helps us realize that the biggest challenge that most of us face as entrepreneurs is figuring out what our biggest challenge is—and then helps us do that! And make sure you listen for Mike’s explanation of “the double helix” while helping business owner Carol solve the biggest business challenge she’s facing today. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

April 21, 2020

BiggerPockets Business Podcast 52: Murder Scenes, Meth Labs, and 27 Franchises with Laura Spaulding

Not happy in your current career? Looking to do something entrepreneurial but don’t know where to start? Well, maybe this is the inspiration you need to build something HUGE! Laura Spaulding is a f ormer police officer who was ready to forge her own future. Using the experience, knowledge, and insight she got working undercover, she decided to start her own business focused on cleaning up crime scenes, meth houses, and a host of other environmental hazards that many of us don’t have the stomach for. Laura walks us through how she decided on her business path, how she financed it, and how she came to realize that the real opportunity was in expanding it through franchising. But it hasn’t all been rainbows and teddy bears—franchising created a whole host of challenges that Laura had to tackle in order to continue to grow and expand her business. And grow her business she's done! Entrepreneur Magazine recently ranked Laura's company as one of the top 10 new franchises, and Spaulding Decon has been at the forefront of the coronavirus cleanup across the U.S. over the past six weeks. If you’ve ever thought about creating your own franchise system from the ground up, this is the episode for you. Laura tells us how it’s done, how NOT to do it, how much to expect to pay, and all the good and bad that come with expanding your business nationwide. If you have a strong stomach, make sure you listen to the end, when Laura tells us some of her favorite crime scene cleanup stories... Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

April 14, 2020

BiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel Guisinger

This show is a wake-up call for young and hungry entrepreneurs. The main message: there is a massive wealth transfer underway in this country. An entire generation of business owners is reaching re tirement age, and most don't have a clear succession plan in place. So... who takes over these successful businesses? Why not YOU? That's the topic of today's show with Nigel Guisinger, an Oregon-based real estate investor who's also owned an appliance store, a glass company, and a laundromat among other ventures. In this episode, you'll learn how to identify business owners who are part of this big shift (think "Millionaire Next Door" types). You'll learn how to approach them and open a conversation about succession plans. AND you'll hear Nigel's tips for buying businesses using seller financing—an effective strategy he's personally used to great effect. You'll love how passionate Nigel is when it comes to the opportunities available to hungry investors—and the real-world stories he tells to bring these concepts to life. So listen to this episode, then identify a local business you could see yourself taking over someday soon. Don't forget to subscribe to the BiggerPockets Business Podcast so you won't miss the next episode... and we'll see you next Tuesday! ... show more

April 7, 2020

BiggerPockets Business Podcast 50: The Disaster Loans That Could Save Your Business -- and Why You Should Apply Now with Angela Venti and Mike Regina

Today: Everything you need to know to get YOUR slice of $349B in emergency small business loans. You'll learn which SBA disaster loans are available now, what the terms are, and -- most importantly -- how to apply ASAP. Yes, there's a lot of money out there for businesses hurt by coronavirus. But the rollout of these programs has been messy and chaotic. Banks aren't used to lending so much money, so fast... with such little due diligence. So it's crucial to know what you're doing when you apply. Our guest Angela Venti is Director of Practice Growth at the accounting firm Alloy Silverstein. Toward the end of the episode we also speak to one of Angela's clients, Mike Regina, the co-owner of a construction management firm that has applied for these loans. NOTE: This show was recorded on Friday, April 3. We're doing our best to make sure it's up-to-date but guidelines are changing in real-time. As always, work with a professional who can give you professional advice for your situation. Let us know if enjoyed this episode of the BiggerPockets Business Podcast, and be sure to check out the rest of the podcasts on the BiggerPockets network. Just search "BiggerPockets" on your favorite podcast app. ... show more

March 31, 2020

BiggerPockets Business Podcast 49: Coronavirus: Rising to the Challenge for Social Good with Stephanie Howard

During this unprecedented, uncertain time, here's a CHALLENGE for us all to collaborate for social good TOGETHER. What are others doing during this difficult time to help their communities? What c an YOU be doing to make a difference today? On this episode, Stephanie Howard—owner of How and Why—joins us today from her industrial design studio. As an international award-winning designer of wearables for companies such as Nike, New Balance, and Reebok, Stephanie started her own firm nearly a decade ago. She previously led the innovation team at Seventh Generation, a company lauded for its focus on sustainability. Her work taps into connecting a large network to design mission-based products—and the current global health crisis is no exception. Stephanie tells us how a family health scare thrust her into the world of caring for a loved one at home. These days, in the midst of COVID-19, her work has been reprioritized to lead a design challenge that each and every one of us can participate in to help others in the unfortunate event that we are faced with a similar circumstance. Huge corporations such as 3M, Nike, Tesla, and many more are making headlines for retooling and repurposing their operations to provide PPEs (personal protective equipment) to hospitals—but each of us individually, as family members, as community leaders, has the power to make an impact. As entrepreneurs and small business owners, we are innovative, resourceful problem solvers. Learn how YOU can put your expertise to use during this time of uncertainty. ... show more

March 24, 2020

BiggerPockets Business Podcast 48: Shuttered, But Still Writing Checks to 100+ Employees: the View from the #1 College Bar with Bret Oliverio

On today's episode -- a "bad business decision" that simply had to be made... and a microcosm of what's happening to small businesses across the country right now. Bret Oliverio—owner of Sup Dogs, voted the #1 college bar in the country in a Barstool Sports poll, had a bittersweet start in the restaurant business, committed to carrying on his brother’s legacy. With absolutely no experience in the space, he and his wife worked tirelessly to build a thriving business employing 120 people, encompassing two locations, and generating millions in annual revenue. Leading into the busiest season of the year, Sup Dogs was thriving. And it continued to thrive leading right up into St. Patrick’s Day weekend. Then the coronavirus health crisis hit... and although it was a tough decision from a business standpoint, Bret was proactive in closing his two locations, using his influence in the community to encourage college students to stay put -- all while providing paychecks for his large team. It hasn’t been easy, but he’s doing everything he can to maintain relationships, continue building his brand, and encourage others that with each passing day, we’re one day closer to this crisis ending. Make sure you listen to the end, when Bret shares hope and optimism around the opportunities that these difficult times will inevitably bring. In this very raw, real episode, he shares what we as family members, as business owners, as community leaders, need to be doing right now as we make our way day to day and look toward the future. ... show more

March 17, 2020

BiggerPockets Business Podcast 47: Coronavirus: Business Strategies to Adapt, Dangers to Heed, and Opportunities to Watch for With Andrew Sherman

COVID-19 has presented challenges for all of us—not the least of whom are those who own a business or are in the process of starting, growing, or scaling a business. In order to provide as much sup port and insight to our listeners as possible, we recorded this episode yesterday with Andrew Sherman, a prominent Washington, D.C. attorney, business school professor, and author of 26 books on every aspect of business. Andrew shares his thoughts on where the economy goes next (will this economic event be "V-shaped" or "U-shaped"?), what business owners can do TODAY to best navigate the crises, and the crucial importance of risk management and emergency preparedness. Don't own a business quite yet? There's still value here: Andrew outlines questions to think through if you plan to start a new venture this year AND shares what he believes to be the opportunities that are likely to arise over the next several months and years. We hope you enjoy this episode of the BiggerPockets Business Podcast. If you do, we encourage you to share it with a friend or family member. Stay safe, and we'll see you next week. ... show more

March 10, 2020

BiggerPockets Business Podcast 46: From Flea Filled Trailer to Flipper to Master Franchiser with Logan Hand

Do you feel like you’re too young to take on huge business challenges? Are you trying to figure out the best way to break into entrepreneurship but want the support of a big team behind you? Have you considered franchising but are looking for something a little bit bigger—that also won’t break the bank? After this episode, you will find that you have a whole new perspective on what’s possible with scaling up a built-for-you system. Logan Hand—master franchise developer for the new restaurant concept Mahana Fresh—learned at a young age that not only was it possible to break into franchising in a big way, but it could be done without a ton of cash in his bank account. In this episode, he teaches us how he went from real estate wholesaler and house flipper to running a four-county, 30-franchise development for an up-and-coming restaurant brand. And he explains the ins and outs of this little-known franchising concept called master franchising or area franchise development. Logan recounts his days of hustling to generate sales commissions and wholesaling fees. He came to realize, at the young age of 27, that building a business that could generate passive income—and eventually be sold—was the better path. He talks about how he decided to go the franchise route, buying a franchise that he could own and operate himself. Then, he realized that he could do the exact same thing—but on a much bigger scale. If you’ve heard of franchising and want to learn more, or if you’ve considered franchising but want to learn how to do it bigger and better, this is the episode for you. Logan tells us how we should be evaluating franchises, how we can get money to buy one (or 30), and who that one person is who can provide you the support you need to make the right decision when it comes to buying into a franchise. Make sure you listen to the end, when Logan provides some amazing tips for all the young entrepreneurs out there looking to get—and stay—motivated! Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

March 3, 2020

BiggerPockets Business Podcast 45: From Scrubbing Toilets to a $4M Business on Autopilot with Michelle Reed-Spitzer

Do you dream of the day you can be your own boss? Wish you could generate full-time income from your side hustle passion project? Or do you have a small business that you want to expand to something B IG, while simultaneously allowing you the time and financial freedom you crave? Becoming a franchise owner can be an effective path to make that happen! Michelle Reed-Spitzer, owner of SIX MaidPro franchises, including the No. 1 MaidPro franchise in existence—runs her team from one central location. Meanwhile she has the freedom to travel, spend time on her boat, and zip around the Gulf Coast of sunny Florida in her shiny red convertible. In this episode, Michelle teaches us what a successful franchise model has done for her in terms of scaling a business to the next level. She tells us the story of her early days working hard cleaning houses, building up a client base, and hiring a few people to help. After "secret shopping" some new competition in town, she ultimately became a franchisee of that company, paying an initial franchise fee of just ONE DOLLAR since she brought an already-successful business to the table. Implementing MaidPro’s training, systems, and processes, she has mastered the formula to grow and expand with the help of an exceptional team. Whether you’ve already explored the concept of franchising or know nothing about it, Michelle shares her expertise with one actionable tip after another. She fills us in on how franchises work, recommends items to think about before making the leap, and discusses the advantages—as well as potential pitfalls to avoid. And perhaps most importantly, Michelle is living proof that with hard work, focus, and determination, ordinary people can do extraordinary things. Check her out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

February 25, 2020

BiggerPockets Business Podcast 44: The Most Effective Marketing Technique You’re Probably Ignoring in Your Business with John Ruhlin

Have you considered that there may be a marketing channel for your business that you’ve never taken advantage of? One that could literally provide dozens—or hundreds—of times return on the cost of it? You may not have put much thought into it before, but after this episode, you will! John Ruhlin—author of the bestselling book Giftology—knows firsthand the value of giving gifts as a way to build both your network and your bottom line. And on this episode, John gives us all the ins and outs of giving gifts in a way that will not only surprise and delight the recipients of those gifts but also catapult the success of your business in the process. John tells us his story of how—by strategically spending $10,000—he was able to create and foster a relationship that has made him and his business well into the seven-figures. And how with much lower amounts than that, you can generate the same value for your business, as well. John tells us why giving gifts in the business world is important; who we should be giving gifts to (hint: it’s not who you think!); which types of gifts we should—and SHOULDN’T—be giving to achieve maximum impact; and how often we should be giving gifts to achieve the best results. Most importantly, John explains why most of the gifts we often give to our clients, vendors, colleagues, and potential partners are not just failing to help us foster those relationships but are actually HURTING our relationships! And make sure you listen for John’s tip on how to give the most impactful gifts for the lowest cost: It’s all about picking the right categories. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

February 18, 2020

BiggerPockets Business Podcast 43: Financial Freedom Through Multiple Streams of Income with Yaro Starak

Do you value freedom and time above all else? Are you craving a lifestyle doing what’s truly most important to you, while financially supporting yourself, your family, your hobbies, and your adventure s? Today’s guest has done just that, paving his own way and achieving freedom on many levels: financial, time, and mental. He’s taught thousands of people how to do the same. Today, he shares how you can do it, too! Yaro Starak—an online entrepreneur earning a full-time income from the internet since 2004—walks us through his evolution of multiple businesses, identifying potential opportunities, and taking steps with minimal risk to start additional ventures. He debunks myths about passive income and digs deeply into the “how” of making a “laptop lifestyle” work. Yaro gives actionable tips to identify areas in which you’re an expert, then use that expertise to earn income by sharing that information with others. He tells us the lessons he’s learned along the way: from early goals of simply making money to intentional, conscious decisions to do something you love to working with people you really enjoy. And make sure you listen for Yaro’s recommendation on how to fast-track learning the ins and outs of a business you’re passionate about, closing your gaps in knowledge, and increasing awareness of how everything works before wasting time and energy charging full-speed ahead. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

February 11, 2020

BiggerPockets Business Podcast 42: Building a Business You Can Sell for Top Dollar with David Barnett

Have you ever wondered how businesses are bought and sold? Or have you considered buying a business but don’t know where to start? Or maybe you've considered selling a business—or are starting a busin ess that you’re hoping to sell at some point in the future. Buying and selling a business seems complicated... but it doesn’t have to be that way! David Barnett, business broker and author of six books including How to Sell My Own Business, knows firsthand how important it is that you build, structure, and manage a business in a way that will allow you to eventually sell it—even if that’s not your plan A. In this episode, he tells us why sometimes we have to sell even if we don’t expect to and how we can be certain to get top dollar if and when that time comes. In addition, David helps us understand how businesses are valued, the most common reasons why business owners sell, the types of terms that can be negotiated when buying or selling a business, and why most businesses sell for less than you’d think. And make sure you listen for David’s advice on how to handle situations where a seller is telling you one thing, but his financial statements are telling you another. Check him out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show! ... show more

A real-world MBA for entrepreneurs

Previous Episodes

BiggerPockets Business Podcast

Create Lasting Wealth Through Real Estate