Latest / The SmallBizChat with Melinda Emerson / Grow Your Solo Business with Ramon Ray

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Grow Your Solo Business with Ramon Ray · The SmallBizChat with Melinda Emerson

• 0:00
  Finance is not my cup of tea, but I've had to learn it, Melinda, over the past several years
• 0:05
  to build the bigger business.
• 0:07
  So I'm telling people here, I've had to learn this.
• 0:09
  So I think a few things.
• 0:10
  1, definitely maximize your profitability.
• 0:14
  Stop focusing on that gross only and say, hey.
• 0:16
  We're a $3,000,000 company or a $500,000 company.
• 0:19
  You can't pay yourself.
• 0:20
  I see your echo of agreement here.
• 0:21
  It ain't about what you make.
• 0:23
  It's about what you keep.
• 0:25
  Go ahead.
• 0:27
  Hi.
• 0:27
  This is Melinda Emerson.
• 0:29
  The small lady, host of the small bizchett podcast.
• 0:31
  I want to serve you.
• 0:33
  This pandemic has been so hard on America's small businesses.
• 0:36
  And on just America in general.
• 0:39
  If you're ready to start your dream business, boy, do I have a great offer for you?
• 0:43
  I am giving away 1000 copies of my best selling book, become your own boss in 12 months.
• 0:49
  Over a hundred thousand people have this book.
• 0:52
  It's been printed in multiple languages around the world.
• 0:54
  And I wanted to find a way to serve America's small businesses in this pandemic.
• 0:59
  And so I am giving away a 1000 copies of my book All you have to do to get your copy is
• 1:05
  head over to beginmybiz.com/freeoffer to, you know, sign up for your copy all you have to do
• 1:12
  is pay shipping, and we will mail one out to you.
• 1:15
  I am so excited about this.
• 1:17
  I wanna serve you.
• 1:18
  Grab your copy today.
• 1:20
  Oops off.
• 1:22
  Ending small business failure.
• 1:24
  Welcome to the small biz chat podcast with a number 1 small business expert Melinda Emerson.
• 1:31
  Melinda's goal is to end small business failure, and she'll give you the information
• 1:35
  you need to succeed and live the life you dream of.
• 1:39
  Now here's the small Biz lady herself.
• 1:42
  Melinda Emerson.
• 1:45
  Hi, everybody.
• 1:46
  I'm Melinda Emerson's small lady, America's number one small business expert, and I'm
• 1:51
  excited to welcome you to the small business chat podcast I'm very excited about today's
• 1:58
  show.
• 1:58
  The mission of the Small Bench Chat podcast is to end small business failure.
• 2:04
  We are a peer to peer interview show that gives small business owners a way to get invaluable
• 2:10
  business advice.
• 2:11
  So let me introduce my guest.
• 2:14
  He's a fellow small business influencer and serial entrepreneur.
• 2:19
  His name is Ramon Ray, And he loves bringing happiness and high energy to the world.
• 2:25
  He started 5 companies.
• 2:26
  He sold 2 of them, And he's the founder of smart hustle.com, and the author of the new
• 2:32
  book Grow Your Solo.
• 2:34
  He's also a graduate of the FBI Citizens Academy.
• 2:38
  And fun fact, he was fired from the United Nations.
• 2:43
  Alright, Ramon Ray.
• 2:45
  Thank you for joining us tonight on the small business chat podcast.
• 2:50
  You are so welcome, Melinda.
• 2:51
  It's so good to be here talking to you, my friend of many years, someone who I've learned
• 2:55
  from so much.
• 2:56
  So thanks for having me, and it's great to be here and share with the Melinda Emerson
• 3:00
  Smallbiz chat audience.
• 3:02
  Oh my gosh.
• 3:02
  Thank you so much.
• 3:03
  You know, This has been an amazing year for small business.
• 3:06
  Right?
• 3:07
  We've had all these record numbers of people leaving corporate America, what they call it,
• 3:12
  the great recession.
• 3:13
  And then on top of that, prior to the pandemic, the the gig economy was was roaring.
• 3:19
  I mean, 43% of the US economy was doing some kind of gig job as a side hustle, you know,
• 3:25
  that kind of thing.
• 3:26
  So what do you think is driving so many people to bail, you know, and come to the dark side of
• 3:33
  those of us who are entrepreneurs.
• 3:36
  Melinda Ramona, like,
• 3:37
  come on.
• 3:37
  Come on, join us.
• 3:39
  Good morning.
• 3:41
  I do think it's amazing to blend.
• 3:45
  I think it was Wall Street Journal of New York Times.
• 3:47
  I'm sure you've seen the article where to to give a nod to the big platforms up work and
• 3:52
  Etsy and even Uber to a degree for good or for bad just so so many people are either being
• 3:57
  fired laid off, or I think they're discovering.
• 3:59
  They're like, wait a minute.
• 4:00
  I've been working from home, whether getting good pay good money or not.
• 4:03
  And they're like, I have a skill.
• 4:05
  With a laptop computer or a tablet and a and a and a lens, I can make some money, but Melinda
• 4:11
  probably more than making the money I can charm my own path and have the freedom I want.
• 4:15
  And I think that in the aggregate is probably the bigger reason what's driving many people to
• 4:20
  at least step on too to get big books like Melendez and say, let me see if I can be my own
• 4:25
  boss or not.
• 4:26
  That's what I think is happening.
• 4:27
  Well, you know, I'm all about people starting businesses, but I do not advise people quit
• 4:32
  jobs to start businesses just for the record.
• 4:35
  But Let's talk about, you know, the vast majority of small businesses out here, probably
• 4:41
  90% are solopreneurs working out of the back bedroom of their house.
• 4:47
  So why do you think being a solopreneur is so popular versus getting out here, getting office
• 4:54
  space, getting using employees and payroll, like, like, why do you think people sort of,
• 4:58
  like, take this nascent step of, like, sort of, like, being a solo entrepreneur?
• 5:02
  Yeah.
• 5:03
  I was talking to a friend of mine a few days ago, Melinda, and he was saying that the
• 5:06
  headlines cover the $1,000,000,000 brand, the $1,000,000,000 valuations.
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  We sold our business for only 3,000,000,000,000 or whatever it may be.
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  But Melinda, as you know, so well, there's this huge market of smaller businesses like myself
• 5:17
  that are solo business owners, either literally Solo.
• 5:22
  Oh, we have small teams.
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  I have five people in my team.
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  All ten 99 for those who don't know, meaning contractors on my team.
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  That's a solo business.
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  Melinda, less overhead, sometimes less headache as my friend Seth Gordon says, I can do what I
• 5:37
  want with who would I want with who I want and serve who I want.
• 5:41
  So I think those are some reasons why the aspect of small is important because, yeah,
• 5:46
  Some people do wanna, you know, serve a billion people like McDonald's, what is it, a billion,
• 5:50
  whatever?
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  But some of us, we're like, I wanna provide for my family, support my local community or
• 5:55
  church, and Melinda with no shame, I must say.
• 5:57
  As you know, you see my journey, that's my world.
• 6:00
  I can't help you build a $1,000,000,000 company.
• 6:02
  I can help you build it to a 1,000,000 or 2.
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  But not some Tesla sized company.
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  That's not me.
• 6:08
  Right.
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  Right.
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  And it's good to know what your skill set is, for sure, So let's talk about this.
• 6:14
  So your book grow your solo.
• 6:18
  Why did you write that book?
• 6:19
  Yeah.
• 6:20
  I think I realized Melinda that there's so many people indeed.
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  All they want to do is have a solo business but they're missing a few key things.
• 6:30
  They're missing how can you scale small?
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  They're missing things like, oh, I can have a team, but I don't have to have a team of fifty
• 6:38
  people in some big gleaning office tower.
• 6:41
  They can have a solo business and maximize profitability.
• 6:45
  They can have a solo business and still be happy and not like, hang their head.
• 6:48
  Yeah.
• 6:49
  It's a stamp collection company.
• 6:50
  No.
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  Raise your head.
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  It's a real business.
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  It just happens to be a solo business.
• 6:56
  So I wanted to get inspiration that you can indeed grow your solo business, indeed, And
• 7:01
  that's what it's all about.
• 7:03
  Alright.
• 7:03
  So let's jump into it.
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  What are your top tips to do that?
• 7:06
  What do I need to do to grow my solo?
• 7:08
  Indeed.
• 7:08
  Thanks for asking top tips.
• 7:10
  So I think one maximize it productivity.
• 7:12
  I think that's one thing that's very important, Melinda.
• 7:14
  I'm sure you have friends and all I have friends.
• 7:16
  You look in their inbox, and it says, like, 45,000,000 emails unread.
• 7:20
  You you just can't do that.
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  So you have to be able to maximize your productivity.
• 7:24
  2, I think being able to say, no.
• 7:26
  If you're going to grow your solo business, you can't say yes to everything.
• 7:31
  3, one of the first hires many people, especially those listening Melinda and just
• 7:35
  starting out is they're on that journey of growing their solo business.
• 7:38
  Hiring an executive assistant, online business manager, whatever you wish to call them, but at
• 7:44
  least that one extra person that can give you the edge that can kind of 10x yourself.
• 7:49
  Those are a few things I would say as you're looking to grow your solo business.
• 7:52
  You definitely can do it.
• 7:53
  You can scale it in.
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  You can live the life you want.
• 7:56
  Because let's face it, Melinda, our businesses should serve us.
• 8:00
  I am tired of us serving or being slaves to our business.
• 8:05
  Amen, brother.
• 8:06
  I'm like pre I'm like I'm like saying, Amen.
• 8:08
  Amen.
• 8:09
  Amen.
• 8:09
  So, but let's talk about that, though, because it's interesting that you talk about They need
• 8:15
  some kind of executive assistant or, you know, online manager.
• 8:19
  I believe when you're ready to scale you gotta hire a salesperson.
• 8:23
  Like, you've got to get someone else in your business thinking about how your business makes
• 8:28
  money other than you.
• 8:29
  That's the only way you're ever gonna really get free from it.
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  You know, I mean, you've gotta build a business that can run without you ultimately or that you
• 8:37
  can build systems so that other people can fill in the things that you're just not good at, you
• 8:42
  know, and sales may be one of those things.
• 8:45
  So when you're thinking about scaling a solo business, how important is branding when it
• 8:52
  when when it comes to sort of like building a a solo business?
• 8:56
  Yeah.
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  Brandings, I would, you know, everything.
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  I wanna say everything, but then there'll be ten things that are everything.
• 9:00
  But here's what I mean by everything.
• 9:01
  I think and and one more thing I wanna add, Melinda, going back, I think sales is
• 9:04
  important.
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  And also the systems and procedures.
• 9:06
  There's so many top 10 things I could give, but I think building some sort of scalable systems,
• 9:10
  as I know you believe it as well.
• 9:11
  But I think, yes, I think the aspect of branding, because let's face it.
• 9:14
  Here's the principle that I try to convey in this aspect of growing your solo business.
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  Have a team.
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  You are still going to be fully involved as the face of your brand as the face of your company.
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  The team supports all of that.
• 9:27
  So, yes, you as the brand, whether it's literally your face, your imagery as you do so
• 9:31
  well, Melinda, whether it's how you speak, what you do, maximizing and leverage the aspect of
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  social media, the brand you're using is so very important Your personal brand that I would dare
• 9:42
  say Melinda, this could be a political statement.
• 9:44
  Your personal brand may be a bit more important than the corporate brand.
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  That's not I'm not gonna put a a a a rule on it because it depends on what you're doing, but my
• 9:51
  point is it's equally up there because you are solo.
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  So you're not you're past the point trying to front and say big company x.
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  No.
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  You're a solo business, and that's all about you.
• 10:01
  Sure.
• 10:01
  Sure.
• 10:02
  I mean, and it and especially my business.
• 10:04
  Right?
• 10:04
  You know, so I'm the small business lady, and that's almost like my superhero, Monica.
• 10:07
  Right?
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  So how do I separate myself from my business?
• 10:10
  I kinda can't.
• 10:11
  I am the business man.
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  You know?
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  So let's talk about when you're bringing on your team.
• 10:17
  Can you build a $1,000,000 brand solo business?
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  Like, like, how do you how do you get intentional?
• 10:24
  About building a $1,000,000 solo business.
• 10:28
  Sure.
• 10:28
  And I wanna give props to our mutual friend.
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  I'm gonna look at my shelf here.
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  Elaine Fildelt, I believe, as you know, her book $1,000,000 one person business kinda
• 10:35
  echoes this as well.
• 10:36
  So I think how to do that, Melinda, the $1,000,000 business, I think it comes with 2
• 10:40
  things.
• 10:41
  1, It is that aspect of what I'll call gentle or small giant, harkening from Bo Berlingham's
• 10:48
  book, small giant scale.
• 10:49
  That's one where the systems come in.
• 10:51
  Because you cannot build a $1,000,000 business, $1,000,000 brand.
• 10:55
  If there's not some component of scaling that somebody else can do something, that's one.
• 10:59
  And then I think point number 2, what I've learned in the past year or 2, you and I were
• 11:03
  talking offline, Melinda, from Clubhouse, is about what are the 7 or 8 multiple revenue
• 11:08
  streams and I don't mean some back of the woods MLM.
• 11:11
  You need to have multiple revenue streams, but genuine revenue streams, maybe it's consulting,
• 11:17
  maybe it's products, maybe it's a a a clothing, you know, for your brand.
• 11:21
  Maybe if high end mastermind coaching, maybe it's a course you have.
• 11:25
  Once you can dial in those type of things, Melinda, You're then on your way to a mill
• 11:30
  literally $1,000,000 business because there's things that Ramon or Melinda.
• 11:34
  Others are doing themselves And then other things is your intellectual property or the
• 11:39
  assets or the things you have that you can scale and sell in some other way.
• 11:43
  And that's how you build a scalable business that serves you and not you serving the
• 11:47
  business.
• 11:48
  Sure.
• 11:49
  Sure.
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  And it's like, it's what we call recurring revenue.
• 11:52
  Right?
• 11:53
  Critically important.
• 11:54
  So now let's talk about what kind of financing do you need in place to scale a business?
• 12:01
  I mean, is it just a hand to mouth thing, or you're just gonna use the money coming in from
• 12:05
  your customers, or do you have to be strategic about lines of credit?
• 12:09
  You know, like, the kinds of things that you need to have in place to to scale your
• 12:12
  business?
• 12:13
  I think yes to all of those things you just asked, but to pinpoint tactically, And let me
• 12:17
  say this with the vulnerability, as you may know, because you and I have talked, marketing
• 12:22
  and branding is one core strength that I do well.
• 12:24
  Finance is not my cup of tea, but I've had to learn it Melinda over the past several years to
• 12:30
  build the bigger business.
• 12:31
  So I'm telling people here, I've had to learn this.
• 12:34
  So I think a few things.
• 12:35
  1, definitely maximize your profitability.
• 12:38
  Stop focusing on that gross only and say, hey.
• 12:40
  We're a $3,000,000 company or a $500,000 company.
• 12:44
  You can't pay yourself.
• 12:45
  I see your echo of agreement.
• 12:46
  It ain't about what you make.
• 12:47
  It's about what you keep.
• 12:49
  Oh,
• 12:50
  go ahead.
• 12:51
  Was like, people kill me with that OR gross revenue was 1.2.
• 12:55
  I'm like, mhmm.
• 12:56
  Yeah.
• 12:57
  Oh.
• 12:57
  You know how it is.
• 12:58
  I always say, well, how often did you have to skip paychecks this past year?
• 13:02
  Go ahead.
• 13:02
  Then their face gets like, well, did she really go there?
• 13:05
  Yes.
• 13:06
  I did.
• 13:06
  Because I know better because I don't don't, you know, people kill me with that.
• 13:13
  And and the other thing too is people focus on those big numbers.
• 13:16
  People focus on, oh, we're gonna make 1,200,000 this year.
• 13:20
  I don't care about that.
• 13:21
  I wanna know how much money did you make this week?
• 13:24
  That's right.
• 13:24
  How much money have to make this month?
• 13:27
  Because I think people can hide behind these big numbers and they can pretend.
• 13:31
  And I'm like, uh-uh, no.
• 13:33
  No.
• 13:33
  No.
• 13:33
  I wanna know how much money did you have to make this week?
• 13:37
  That's how you know whether or not somebody really knows their numbers.
• 13:41
  It's really on top of what's going on, in their business.
• 13:45
  Alright.
• 13:45
  So How can a solopreneur build a business that they can sell someday?
• 13:52
  Yeah.
• 13:52
  And that's a great question.
• 13:53
  It it is tough to do if your face has my interest in my brands attached to it, but
• 13:58
  here's how you can do it.
• 13:59
  And because I've done it twice, a, build relationships with the person you want to sell
• 14:04
  to now.
• 14:05
  So that's 1, having tea, having coffee, LinkedIn.
• 14:08
  So you're not a stranger.
• 14:09
  So in 2 years, 5 years, 10 years, they're like, yeah.
• 14:12
  That's my boy, Ramon.
• 14:13
  That's my grandma Linda.
• 14:13
  I trust you.
• 14:14
  So that part's out of the way.
• 14:16
  That's one.
• 14:16
  I think point 2, not only that precise person who you want to sell to, but now start to model
• 14:21
  them.
• 14:22
  Let's play me and you, Melinda.
• 14:23
  I wanna sell a business to Melinda.
• 14:25
  So it's Melinda.
• 14:25
  I covered that.
• 14:26
  Part number 2 is who's like Melinda.
• 14:28
  Okay.
• 14:29
  Pete people like this, people who are doing this.
• 14:32
  That's point 2.
• 14:33
  Then 3, you have to build on the things to your business.
• 14:36
  That can last, doesn't have to be day 1, but when they buy it, how does it flow as you
• 14:41
  quickly or slowly, golden handcuffs exited after the 1st year when they acquire it.
• 14:46
  If you do those 3 things, I think you're well on your way to selling something that's an
• 14:49
  asset.
• 14:50
  Oh, and I must say, Melinda, know what you want.
• 14:52
  Are you retiring?
• 14:53
  You just want Apollo money, or are you middle age?
• 14:55
  And you're like, you know what?
• 14:57
  I have some time to get my money gradually.
• 14:59
  Those things will affect the cost.
• 15:01
  Because we all have reasons for all we do.
• 15:03
  Sure.
• 15:03
  Sure.
• 15:04
  I love it.
• 15:04
  I love it.
• 15:05
  This is such a great conversation.
• 15:11
  Is now the right time to start a business?
• 15:13
  This is the 2nd most frequently asked question.
• 15:16
  People always ask me along with how can I become my own boss?
• 15:20
  And they aren't wrong for asking because right now, these are the 2 most important questions
• 15:25
  anyone who's job security has been recently impacted is wondering.
• 15:30
  Hi.
• 15:30
  I'm Melinda Emerson, better known as small biz lady.
• 15:33
  And when it comes to small business success, I've been featured multiple times on MSNBC and
• 15:38
  CNBC and ABC news as America's number one small business x Burt.
• 15:44
  Since the last recession in 2008, I have helped many small business owners plan for success,
• 15:50
  and I'm still here reaching 3,000,000 entrepreneurs each week online.
• 15:55
  I've created a system that would teach you exactly how to become your own boss.
• 15:59
  I broke all down into a 6 step system.
• 16:02
  And my best selling book, become your own boss in 12 months.
• 16:06
  It's the exact roadmap to help you success we transition from having a job to being your own
• 16:12
  boss.
• 16:12
  Due to the COVID 19 pandemic, many folks are suffering and I wanna do my part to help.
• 16:18
  I'm giving away 1000 copies of my book for free.
• 16:22
  All you need to do is cover the shipping.
• 16:24
  If you have always wanted to start your dream business, let me give you a road map to
• 16:29
  success.
• 16:30
  Take advantage of my free offer while supplies last.
• 16:34
  Click the button below to grab yours before they're all gone.
• 16:38
  Hi, everybody.
• 16:39
  Welcome back to the small bitch chat podcast.
• 16:41
  I'm talking with my guest, Ramon Ray, about his new book called Grow Your Solo.
• 16:47
  Alright, Ramon.
• 16:48
  Let's jump back into it.
• 16:49
  What are the top mistakes people make when trying to scale a solo business.
• 16:54
  Yeah.
• 16:54
  I think top mistakes people make Melinda.
• 16:55
  And again, people can look at that at growyoursolo.com.
• 16:58
  I think one is trying to scale too fast.
• 17:01
  2, trying to say yes to everything.
• 17:02
  I think 3, not explain to the family what they're doing and losing the family dynamic.
• 17:06
  Those are three things I think that people do
• 17:08
  and they're trying to scale too fast that they do roam.
• 17:11
  What about time management?
• 17:13
  Isn't time management critical for a solo business because you're, like, doing ten to
• 17:17
  twelve jobs at one time.
• 17:18
  Right?
• 17:19
  So how can you do a better job of really kind of you know, getting your email to 0 every day.
• 17:25
  Sure.
• 17:26
  I think a few things.
• 17:27
  1, schedule your meeting shorter, prioritize your meetings.
• 17:30
  Everybody is not equal.
• 17:32
  Sorry.
• 17:32
  This is America.
• 17:33
  Everybody in equal regarding business and relationships.
• 17:36
  And I think point 3, you have to be able to delegate filter for delete.
• 17:42
  Read later.
• 17:44
  All those things you have to do because not, as you know, Melinda, that email monster is gonna
• 17:48
  swoop in and choke your neck so you have to deal with it as it comes in on a regular basis.
• 17:54
  I love it.
• 17:54
  I love it.
• 17:55
  Alright.
• 17:55
  What's the best business advice you ever got, Ramon?
• 17:58
  Well, best business advice I got was for mister Cheetham Vananathan at the United Nations
• 18:02
  before I got fired, and I honored him in his accent.
• 18:04
  I'm honoring him now.
• 18:06
  Ramon, don't write the email now that you're angry.
• 18:09
  Write it tomorrow when you're not so angry.
• 18:11
  And I see that in love.
• 18:12
  I honor him Mister Tina Van Nathan.
• 18:14
  He said, slow down.
• 18:17
  Oh my god.
• 18:18
  You are too much.
• 18:19
  Okay, Ramon.
• 18:21
  What is your favorite podcast?
• 18:23
  Entree leadership with Dave Ramsey.
• 18:25
  What is your favorite business app?
• 18:29
  Favorite business app is, Agora Post where I do social media posts.
• 18:35
  Agora Post.
• 18:36
  Okay.
• 18:37
  Alright.
• 18:38
  Favorite old school marketing tip.
• 18:40
  In lieu of COVID and social distancing, my favorite so my favorite old school marketing
• 18:45
  tip is as follows.
• 18:47
  Hey.
• 18:47
  Look him in the eye and give him a firm handshake.
• 18:50
  Give him a firm handshake and look him in the eye.
• 18:52
  That's my favorite old school marketing tip.
• 18:54
  Favorite.
• 18:55
  And it that's very old school, by the way, but anyway, I'm doing favorite business book.
• 19:00
  Yeah.
• 19:00
  I gotta give props to Mike McCallow with profit first.
• 19:03
  Everybody most people have read it, but I gotta give props to this kind of change my business
• 19:06
  life, Melinda.
• 19:07
  You know, as I said, our earlier segments and things that, money and etcetera was a little
• 19:11
  tough for me, but rereading it rereading.
• 19:13
  And I'm like, you know what?
• 19:14
  I gotta focus on profit.
• 19:15
  And so I haven't changed my my whole trajectory, my family, that business.
• 19:19
  I love I love Mike McCallert.
• 19:20
  You know, that's my hopey brother.
• 19:22
  Alright.
• 19:22
  Everybody Thank you so much for joining me.
• 19:25
  The mission of the small biz chat podcast is to end small business failure.
• 19:30
  And I wanna leave you with this.
• 19:31
  You never lose in business.
• 19:33
  Either you win or you learn.
• 19:37
  Thank you for listening to the Small Biz chat podcast with Melinda Emerson.
• 19:42
  For more resources and small business success strategies, visit succeed as your own boss.com.
• 19:48
  Subscribe to this podcast wherever you listen to podcasts.
• 19:51
  And join us next Wednesday.