Latest / Money And Wealth With John Hope Bryant / 10 Businesses to Start for Less Than $25K

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10 Businesses to Start for Less Than $25K · Money And Wealth With John Hope Bryant

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Speaker 1: Welcome the Money and Wealth with John O'Bryant, a production
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Speaker 1: of The Black Effect Podcast Network and iHeartRadio. Hey, Hey, Hey,
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Speaker 1: this is John Hope Bryant Money and Wealth Podcast. This
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Speaker 1: is my weekly pullpit of finance. For those of you
0:24
Speaker 1: not familiar. I'm an entrepreneur and I built businesses and
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Speaker 1: enterprises and nonprofit organizations. And I've been at this my
0:33
Speaker 1: whole life. I started not in the womb, but I was.
0:40
Speaker 1: You know, it was role modeled by my mom and
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Speaker 1: my dad. We model what we see right, right, right.
0:48
Speaker 1: And I often tell people when people say, why the
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Speaker 1: kids in the inner city want to be rap stars,
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Speaker 1: athletes or drug dealers? Right, And there's nothing wrong with
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Speaker 1: being want to be a rap star, just you can't.
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Speaker 1: It's hard to scale. My friends Killer Mike and t
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Speaker 1: I and the jay Z's of the world, and even
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Speaker 1: you know, the R and B stars that I love
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Speaker 1: so much, like my brother Howard Hewitt and all these
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Speaker 1: you know im presarios. You know, there's only one Quincy
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Speaker 1: Jones in the world. Right, It's hard to scale. You
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Speaker 1: can't reproduce personality like that. They're unique, right, And athletes
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Speaker 1: same thing, right. There's something like five hundred thousand young
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Speaker 1: men trying to go into the believe it's the NBA.
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Speaker 1: See the NBA, of the NFL, and of that, you know,
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Speaker 1: like eighteen thousand of them, make them into college, make
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Speaker 1: it into college sports, and it's like one two percent.
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Speaker 1: I think it's actually this is the NBA. Make it
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Speaker 1: actually into the pros. I think it's like sixty and so,
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Speaker 1: you know, and of course, nobody should want to be
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Speaker 1: a drug dealer. And you've heard me say this for
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Speaker 1: you know, drug dealers are unethical and it may be
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Speaker 1: an im moral business, but they're not dumb. They understand import, export, finance, marketing, hostsale, retail,
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Speaker 1: customer service, security, territory, logistics. Right, these are not dumb people.
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Speaker 1: These are really smart guys and unfortunately sometimes ladies with
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Speaker 1: a really crappy business plan and bad role models and
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Speaker 1: bad mentors. And one of the reasons that I do
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Speaker 1: what I do is that you know, it is what
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Speaker 1: we don't know that we don't know this killing us,
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Speaker 1: but we think we know, like no one gave us
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Speaker 1: a shot, no one gave us a plan, no one
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Speaker 1: gave us training, right, no one gave us a proper
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Speaker 1: business plan for our lives. It's my I think it's
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Speaker 1: my fourth book, the memo. The book that's out now
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Speaker 1: is Financial Literacy for All, which, by the way, thanks
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Speaker 1: everybody for continuing to make it a number one bestseller.
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Speaker 1: It's number one in business finance on Amazon nationwide for
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Speaker 1: the last three months. So if you haven't don't have
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Speaker 1: your copy, get a copy. If you have your own
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Speaker 1: copy already, leave a review please online. And it's coming
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Speaker 1: to black bookstores near you. If it's not there already,
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Speaker 1: I'll do this American Aspiration Tour. I'll be stopping at
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Speaker 1: black business bookstores. I'm doing a book a couple of
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Speaker 1: book events at Walmart. The CEO Walmart did the forward
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Speaker 1: for the book, Doug Millan, good friend of mine, coach
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Speaker 1: chair of Financial Lucy for All with me and yeah,
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Speaker 1: there's some other surprises coming the end of the year
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Speaker 1: with the book. But you know what was that to
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Speaker 1: do with this podcast episode? Like my shirt today says,
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Speaker 1: my hustle looks different, My hustle looks different. But my
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Speaker 1: mom and dad I understood a had blessings like the
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Speaker 1: other people didn't have. My mom. Yeah, I grew up
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Speaker 1: in the hood. I grew up in South central incompetent. Yes,
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Speaker 1: all that's true. I was homeless, all that's true, But
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Speaker 1: my mother, I was economical helmless, by the way, which
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Speaker 1: is different than most people's homelessness. And you know, it
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Speaker 1: was almost an intentional situation because I could have gone
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Speaker 1: home and hung out with my mother, but she would
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Speaker 1: have you know, she was worrying about me. She would
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Speaker 1: have worried about me, and she would have forced me
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Speaker 1: to go get a job at mcdonaldella's aircrab and boying
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Speaker 1: he crample sheet with don Dose Aircraft which is now
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Speaker 1: Boeling Aircraft where she worked. I didn't want to do that.
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Speaker 1: That wasn't my calling of my life. So I was
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Speaker 1: willing to roll the dice on me. I was willing
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Speaker 1: to bet on me. My hustle looks different. Well, my
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Speaker 1: mother worked a job. She also had a small business
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Speaker 1: part time selling making handicrafts and selling that plus food
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Speaker 1: that she made, she sell it to her coworkers at
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Speaker 1: Mcdonalduglar's Aircraft. She would then the supervisor got mad at her.
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Speaker 1: He would threaten there like I'm gonna expose your side hustle.
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Speaker 1: She's like, well, I'm gonna expose you with being accustomed
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Speaker 1: my side hustle and let me ride around his bicycle
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Speaker 1: on the campus at McDonald Douglas Aircraft and sell it
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Speaker 1: to all my coworkers and your peers. So when I
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Speaker 1: go down, you going down the zip it. My dad
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Speaker 1: owned his own business right and my grandfather was a
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Speaker 1: sharecropper born in eighteen seventy one RB Smith. So I
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Speaker 1: got it honest, like my mom had a sense of yes,
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Speaker 1: I am, gave that to me. My dad has a
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Speaker 1: sense of yes I can and gave that to me.
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Speaker 1: All right. So my hustle was different, and I want
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Speaker 1: your hustle to be different. If you I want you
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Speaker 1: to have a choice, like I want you to have freedom.
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Speaker 1: I want you to have freedom of self determination and
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Speaker 1: not just the freedom to go work where you want.
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Speaker 1: That's cool. Most people are going to work for somebody else.
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Speaker 1: That's that's perfectly fine, and we need that, we need
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Speaker 1: to encourage that, we need to build the middle class.
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Speaker 1: But sometimes you want to You may choose to take
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Speaker 1: a higher risk and to get more reward if you
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Speaker 1: succeeded that you go from cashing a check working for
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Speaker 1: somebody else to writing a check hello, working for yourself.
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Speaker 1: Can I get an a man. I tell you this
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Speaker 1: is this is the church. What's happening now? And what
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Speaker 1: have you done for me lately? This is the pulpit
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Speaker 1: of finance. This is the weekly ministry that pulpit. No
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Speaker 1: disrespect the pastors of the cloth. This is my ministry
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Speaker 1: of finance. Right small and an opportunity again, Money and Wealth,
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Speaker 1: this is This is my Money and Wealth podcast series
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Speaker 1: on the Black Effect Network on iHeartRadio, coming to you
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Speaker 1: every week with something that breaks this down at a
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Speaker 1: level and in a way that everybody can understand. Again,
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Speaker 1: you're not dumb and you're not stupid. It's what you
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Speaker 1: don't know that you don't know that's gilling you. But
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Speaker 1: you think you know in a blind town or one
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Speaker 1: eyed man's king. If you don't know better, you can't
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Speaker 1: do better or keep people like John? Can you get
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Speaker 1: on with the ten businesses? Right? Let me so in
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Speaker 1: these in these unique times, right. So, I recognize you
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Speaker 1: have hustle. I recognize that you're nine to five. Your
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Speaker 1: job may financi your five to nine your side hustle beautiful.
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Speaker 1: I know that you want to go from the bottom
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Speaker 1: to the top. I know that your role models may
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Speaker 1: be limited because you model what you see. But we
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Speaker 1: don't see a lot of business people in our neighborhoods.
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Speaker 1: And when I was coming up, you know, I didn't
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Speaker 1: know there were businesses in my neighborhood. I knew there
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Speaker 1: was a nail salon. I knew there was a you know,
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Speaker 1: a liquor store or whatever, but I didn't equate that
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Speaker 1: to business. I didn't realize those were capitalists, right. I
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Speaker 1: didn't realize that was free enterprise. It took a banker
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Speaker 1: coming into my classroom and breaking that down for me
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Speaker 1: when I was nine years old. In my financial literacy course,
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Speaker 1: which I hope to one day get indoctrinated into every
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Speaker 1: school in America home economic course to financial Literacy for
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Speaker 1: All legislation, I'll be working on that. You can go
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Speaker 1: for the Campaign if America. By the way, on our
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Speaker 1: website at Operation Help, go to the Campaign for America
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Speaker 1: under the book Financial Literacy for All book page in
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Speaker 1: sign up for the Campaign for America to ultimately build
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Speaker 1: a list that will go to legislators that would encourage
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Speaker 1: them to make financial literacy the legislation of the land.
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Speaker 1: But that's how I got it right. Banker come in
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Speaker 1: my classroom giving me tools and then I and then
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Speaker 1: my eyes lit up. I saw businesses everywhere, So I
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Speaker 1: wanted to make this easy for you. Here are ten
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Speaker 1: businesses right that you can start. Now. You know some
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Speaker 1: of these I could go for one hundred thousand, but
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Speaker 1: I'm going to do this. I'm going to make this approachable. Right,
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Speaker 1: ten businesses you can start for twenty five thousand dollars
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Speaker 1: a year because these are lean times, right. Folks got
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Speaker 1: too much month at the end of their money. Right now,
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Speaker 1: these are leaner times. If this was two thousand and one,
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Speaker 1: right after the pandemic hit and all the stimulus money
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Speaker 1: are flowing, I might do a podcast that's one hundred
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Speaker 1: thousand dollars business, but you've got less money day, less resources, right,
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Speaker 1: So I wanted something that's approachable twenty five thousand dollars
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Speaker 1: and you can even finance some of that if you
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Speaker 1: need to. So, if you have a twenty five thousand
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Speaker 1: dollars budget, and I encourage you to go to Operation Hope,
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Speaker 1: sign up for our scholarship coaching and counseling, financial literacy
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Speaker 1: coaching and counseling, and our one million Black Business Initiative,
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Speaker 1: Our partnership with Shopify. Sign up that's free. Go to
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Speaker 1: the Hope and Hand app online and get yourself undred
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Speaker 1: credits work coaching and counseling. Because most of the credit
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Speaker 1: you're going to access to start with these businesses, it's
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Speaker 1: going to come off your personal credit score. Because most
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Speaker 1: black businesses, if you're black watching this and listening to this,
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Speaker 1: most black businesses ninety six percent of them don't have
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Speaker 1: an employee. Self employment projects. But most people who start
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Speaker 1: businesses irrespective of race. By the way, you could be Caucasian,
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Speaker 1: let they know, Asian, whatever, listening to this, it's all good.
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Speaker 1: It's the same tools, right and rules. You're going to
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Speaker 1: be self employed and you're going to be your access
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Speaker 1: to credit is going to rely a lot on your
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Speaker 1: personal credit report. Okay. Business number one I want you
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Speaker 1: to think about is a food truck startup costs well,
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Speaker 1: the purchase of a lease of a truck right and
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Speaker 1: it could be new, it could be previously owned kitchen
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Speaker 1: equipment to go into the food truck, initial inventory licenses
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Speaker 1: in permits. Don't forget your permits. If you're operating in
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Speaker 1: a city, even though the truck is moving, you still
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Speaker 1: need a business permit. You don't want to get caught
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Speaker 1: slipping and have folks come up and shut you down
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Speaker 1: from the city or the county because you've not provided
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Speaker 1: in some cases the state proper licenses. And if you're
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Speaker 1: gonna deal with food, there's certainly licenses and permits involved.
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Speaker 1: Licenses and or permits. Now, if you if you come
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Speaker 1: from my neighborhood, and if you happen to have a
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Speaker 1: tan meaning you're black, or you're brown black or hispanic,
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Speaker 1: somebody in your family knows how to cook, right, somebody
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Speaker 1: knows how to burn as they say, right, it might
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Speaker 1: be you, right. And if you have a passion for cooking,
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Speaker 1: I think if you ever want to do that, somebody
10:29
Speaker 1: was you know, one of my relatives came to visit
10:30
Speaker 1: recently and I was like, what do you want to do?
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Speaker 1: She said, I want to be a lawyer. Why do
10:34
Speaker 1: you want to be a lawyer because they make good money. No,
10:37
Speaker 1: that's the wrong answer, right. I want you to do
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Speaker 1: it because you're passionate, because you love it, because you
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Speaker 1: do it for free, if you could afford to, Because
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Speaker 1: then you'll get up early, stay up late, work harder.
10:48
Speaker 1: You'll put in more energy than anybody else and you
10:50
Speaker 1: be the best at what you do. But if you're
10:52
Speaker 1: just doing it for the money, it's in late long lunch,
10:54
Speaker 1: leave early, and you won't put the energy in and
10:56
Speaker 1: somebody else is going to clock you, meaning somebody else
10:58
Speaker 1: is going to outwork you, and ultimately that dream will fail. Right,
11:03
Speaker 1: So if you love food, this is a great option
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Speaker 1: for you a food truck. And yes, you can start
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Speaker 1: a food truck. Again, I encourage you to get a
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Speaker 1: budget and design a balance sheet and an income statement,
11:18
Speaker 1: an income performer, which means you know what is the
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Speaker 1: income you're projecting for the business over the course of
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Speaker 1: the startup year. So you want to start with the
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Speaker 1: startup budget. Was it cost to start then three months?
11:33
Speaker 1: I'd say suggest a three month budget, a six month budget,
11:35
Speaker 1: and a one year budget. And I think you can
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Speaker 1: do that for twenty five thousand dollars. Okay, So purchase
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Speaker 1: or release a truck kitchen equipment. Now, if you're going
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Speaker 1: to alter the truck, leasing might be a little sketchy.
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Speaker 1: You've got to replace. You got to return that truck
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Speaker 1: the way you you got it. So you might have
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Speaker 1: to buy a truck, but you don't have to buy
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Speaker 1: a new truck. You can buy a previously. I want
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Speaker 1: a friend of mine named Tim Burt who's in my book.
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Speaker 1: I sign him into my book. Whatever his quotes is.
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Speaker 1: You got to decide whether you want to be famous,
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Speaker 1: you want to be dangerous. I'd rather be dangerous, meaning intelligent.
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Speaker 1: He would. He drove up one day at the house
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Speaker 1: and he's a general contractor with half a truck. He
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Speaker 1: drove up and with the cab of the truck and
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Speaker 1: the back was missing. We're like, man, what's up with that? Was?
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Speaker 1: You know, nice looking truck. Where's the rest of it?
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Speaker 1: He's like, yo, man, I did a job. And the
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Speaker 1: guy he didn't want to pay me, but he said
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Speaker 1: he would barter me for this truck. And the truck was.
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Speaker 1: I could get this truck for a fraction of its
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Speaker 1: of its value. I checked the I checked the Blue
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Speaker 1: Book value. By the way, this is another business bartering
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Speaker 1: and selling and buying or bartering and selling is can
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Speaker 1: be a former business, but buying and selling and turning
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Speaker 1: around automobiles. But anyway, he said, I can buy this
12:48
Speaker 1: you know, this truck is a you know, this guy's
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Speaker 1: wand sell it to me for a third of what
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Speaker 1: it's worth. He just needs a little work, So he bought.
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Speaker 1: He accepted the truck in replaced for the work that
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Speaker 1: he had done. A bar, a barter and trade, and
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Speaker 1: he went and found at a junkyard the second part
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Speaker 1: the bed for a couple of thousand dollars, and he
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Speaker 1: had a truck that was dang near new for a
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Speaker 1: fraction of the costs and cost him nothing quite literally,
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Speaker 1: other than his own time. He could turn on and
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Speaker 1: sell that truck for property he wanted to. He just
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Speaker 1: had to paint it the same color. He still has
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Speaker 1: that truck today. My man is a good capitalist. So
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Speaker 1: you don't have to go buy a brand new truck,
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Speaker 1: and you don't have to go get in debt. You
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Speaker 1: can just find something as reliable. The key on the
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Speaker 1: food truck is what the food can? You cook right?
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Speaker 1: And you can move. The great thing about a food
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Speaker 1: truck is you can move it to your market. Why
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Speaker 1: it works lower overhead compared to a restaurant and stand
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Speaker 1: a physical restaurant, and the ability to reach different customer bases,
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Speaker 1: action steps, research, local regulations, design a menu and market
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Speaker 1: through social media and local events. Again, my team that
13:59
Speaker 1: operations can help you get deeper into that situation. Number two,
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Speaker 1: I love this one e commerce store startup costs, website development.
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Speaker 1: Your star costs can include website development, initial inventory, marketing,
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Speaker 1: and shipping and logistics. I love this business because it
14:19
Speaker 1: involves one of our partners, which is Shopify, and that's
14:23
Speaker 1: the one million Black business initial shoppa. High Fire is
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Speaker 1: a great and they put up one hundred and thirty
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Speaker 1: million dollars to Operation after George Floyd's murder over ten
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Speaker 1: years to help us create a million new Black businesses
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Speaker 1: in America. My brother Lance Triggs, who's President of Programs
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Speaker 1: at Operation, runs that portfolio for me. Runs that and
14:40
Speaker 1: other things. But working with all the fraternities and sororities
14:43
Speaker 1: and HBC used like Clarke, Atlanta University, Houston Versity, and others,
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Speaker 1: five bit of Sigma, et cetera, et cetera, et cetera.
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Speaker 1: We have over four hundred thousand black businesses that we've
14:58
Speaker 1: helped to start create, advance nurture support, amongst other things,
15:04
Speaker 1: a Shopify license for three to four months complementary, and
15:09
Speaker 1: if you make your first sale at Shopify, they will
15:13
Speaker 1: finance the second sale, so you don't need to go
15:16
Speaker 1: get outside financing. They do it for you. They help
15:18
Speaker 1: you with your own website, your own payment, your own
15:22
Speaker 1: domain name, search website, payment systems, delivery systems, lots of
15:28
Speaker 1: support through our partnership with them, a business plan we
15:32
Speaker 1: help you with. Again that Shopify license that's actually worth
15:35
Speaker 1: the Shopify package we have, it's actually worth about twenty
15:39
Speaker 1: five thousand dollars. So in that particular case, the business
15:43
Speaker 1: costs you nothing. So if you own an existing business
15:47
Speaker 1: right now, listen, now, you want to start an e
15:49
Speaker 1: commerce sister to that business. So if you have a
15:52
Speaker 1: restaurant right now, physical business, you want an e commerce
15:55
Speaker 1: side hustle. You have a barbershop at e commerce side hustle,
15:59
Speaker 1: whatever isn't you have? You want an e commerce system
16:02
Speaker 1: to that business. And it's working when you sleep. What
16:07
Speaker 1: if I told you you make money during the day.
16:09
Speaker 1: Listen now, hello, what are am I about to say?
16:10
Speaker 1: You build wealth in your sleep compounding and when you're sleeping,
16:14
Speaker 1: people can be online making orders online on your e
16:18
Speaker 1: commerce site. So startup costs, website development, initial inventory, marketing,
16:24
Speaker 1: and shipping logistics. And I just told you if you
16:28
Speaker 1: partner will go through opera show and shop a fib
16:29
Speaker 1: We're going to help you offset a lot of that.
16:32
Speaker 1: Why it works, low overhead and the potential to reach
16:35
Speaker 1: a global customer base. Hello global. I love that, and
16:40
Speaker 1: I love it also because it involves technology, which is
16:42
Speaker 1: I think in the future. Action steps. Choose a niche.
16:45
Speaker 1: Set up a niche meaning a business that a business section,
16:49
Speaker 1: a sector that you have a special expertise and its
16:51
Speaker 1: something that you know better than anybody else, right, and
16:55
Speaker 1: you're just really passionate about that topic or that area,
16:58
Speaker 1: and just laser focus on that niche. Set up your
17:03
Speaker 1: an online store, Shopify, Woo Commerce, others, but I suggest
17:08
Speaker 1: Shopify and implement digital marketing strategies. Number three, I gotta
17:13
Speaker 1: go faster to get through the all ten and give
17:15
Speaker 1: you my bonus track. So bear with me here, and
17:18
Speaker 1: I'm so passionate about you getting these answers some kind
17:22
Speaker 1: of really give you some real good detail here. But
17:25
Speaker 1: I'll get it all in before your run is over,
17:28
Speaker 1: before your walk is over, before you finish dinner, whatever
17:31
Speaker 1: you're doing, or you're commute and you're listening to this podcast.
17:34
Speaker 1: I commit to roll with you and ride with you,
17:37
Speaker 1: but be done before you are. You never want to
17:41
Speaker 1: be the old guy in the club, like before you're
17:43
Speaker 1: ready to kick me out, I'm gonna leave. Number three.
17:48
Speaker 1: Yes I could have been a comedian. Yes I could
17:49
Speaker 1: have been, maybe not a good one, maybe not one
17:51
Speaker 1: being paid. But I could have been a communian. Okay.
17:53
Speaker 1: Number three Long care and landscaping services startup costs, long
18:00
Speaker 1: hair equipment. I went and bought a beautiful zero zero
18:03
Speaker 1: turn long lawn more for the property that we have,
18:07
Speaker 1: and I remember it was. It was beautiful. You sit
18:09
Speaker 1: on it, it turns around, gorgeous, it looked it was
18:11
Speaker 1: commercial grade, and it was about five thousand dollars. Uh.
18:15
Speaker 1: And you can finance it if you wanted to so
18:18
Speaker 1: long cair equipment. Vehicle to transport the long longer equipment.
18:23
Speaker 1: Maybe you can get the truck from Tim Burt that
18:26
Speaker 1: that I just told you about it to give you
18:27
Speaker 1: a bargain for it again. But you can buy a
18:29
Speaker 1: truck you know previously own and and you know, well
18:33
Speaker 1: you're well within your budget. Uh. Vehicle marketing initial supplies
18:39
Speaker 1: long equipment. Why it works, Steady demand for residential and
18:43
Speaker 1: commercial lawn care services grass grows every week. I know
18:48
Speaker 1: it seems obvious, but you know I need to tell you.
18:53
Speaker 1: I mean, I need to tell you the obvious. You
18:54
Speaker 1: got to eat every day. That's why the food truck
18:56
Speaker 1: works three times a day, two times a day, and
18:59
Speaker 1: long grows every week. So you know, people want to
19:01
Speaker 1: always need certain these these businesses in your local community.
19:06
Speaker 1: And uh uh I want you to advertise action steps,
19:11
Speaker 1: advertise locally. I want you to offer competitive pricing and
19:15
Speaker 1: build a customer base through quality service that gives you
19:18
Speaker 1: repeat customers. The guy who does does my long care
19:24
Speaker 1: black owned business here in Atlanta, Uh he he comes
19:28
Speaker 1: in every week. Uh and he gets a check uh
19:31
Speaker 1: every month. Uh it's now is Jamail uh And uh
19:36
Speaker 1: he does a great, great job. And and I'm sure
19:39
Speaker 1: if he would be willing to mentor you if you
19:42
Speaker 1: want to start this business as m J Lawn and
19:45
Speaker 1: Maintenance Services, Jamail Thomas here in Atlanta. Look him up,
19:49
Speaker 1: tell him I sent you fitness studio number four. Startup
19:53
Speaker 1: costs is rent, fitness equipment, marketing, and initial staff salaries.
19:59
Speaker 1: And if you you're the staff yourself, well there you go,
20:02
Speaker 1: zero that cost out. This is a fitness studio. So
20:06
Speaker 1: you know, maybe you need a part time receptionist in
20:08
Speaker 1: addition to you because you're going to do this, probably
20:10
Speaker 1: because you're excited about and you love working out. It's
20:14
Speaker 1: a growing focus on health and wellness in this country.
20:16
Speaker 1: The country right now, we have the largest sorry, the
20:20
Speaker 1: first generation over the age of sixty five. The majority
20:23
Speaker 1: of people in this country will be over the sixty
20:25
Speaker 1: five our generation right now, and they're trying to live longer,
20:28
Speaker 1: they're trying to have wellness, they're trying to eat better
20:31
Speaker 1: and live a more fulfilling life. And they're a great
20:36
Speaker 1: And then you have all these executives and people working harder,
20:39
Speaker 1: but they know they're not taking care of their bodies.
20:40
Speaker 1: And if you can provide a fitness studio for them
20:43
Speaker 1: in your community and really target again create that niche,
20:47
Speaker 1: you can grow a business clientele, action steps, find a
20:50
Speaker 1: suitable location, offer unique classes or fitness programs, and build
20:55
Speaker 1: a community through social media. Of a friend here in Atlanta,
21:00
Speaker 1: Maury Russell of the Russell family, the famous real estate family,
21:05
Speaker 1: her and Russell. This is his granddaughter and Maury has
21:09
Speaker 1: a fitness studio UH and it has been very successful
21:14
Speaker 1: for her as an example, and she started it on
21:17
Speaker 1: a limited budget, and I think she was even she
21:19
Speaker 1: even started it through the Wreussell Center for the Wrestle
21:23
Speaker 1: Center in Atlanta that nurtures entrepreneurs, So she even had
21:28
Speaker 1: a place to sort of domicile the business before she
21:31
Speaker 1: got it. Got rolling number five, and I did this
21:33
Speaker 1: business before, a mobile car detailing business. Right startup costs,
21:37
Speaker 1: vehicle I even use the car you're driving already, UH
21:43
Speaker 1: detailing equipment. UH literally go down to go down to
21:46
Speaker 1: what I used to call it. I used to go
21:47
Speaker 1: to pet Boys, We go down the auto uh supply store.
21:52
Speaker 1: In these days, you can go to Walmart and Target
21:55
Speaker 1: Tar and get supplies. There. Used to be just when
21:58
Speaker 1: I was coming up, but there was just an literally
22:00
Speaker 1: an auto dealership, an auto parts supply company where you
22:04
Speaker 1: would get the supplies. You can get them anywhere now.
22:07
Speaker 1: The vehicle detail equipment, cleaning supplies and marketing. Why it works, Convenient,
22:12
Speaker 1: convenience for customers, and relatively low startup costs, action steps,
22:16
Speaker 1: market to local car owners, go to car shows. That's
22:20
Speaker 1: what I would do. I'd hang out this sounds a
22:25
Speaker 1: little sketchy. I'd hang out a car, car washes and
22:28
Speaker 1: say don't you want to do this from home? I
22:30
Speaker 1: would hang out of car washes. I know it sounds funny.
22:32
Speaker 1: I would say, you just wasted an hour, half an hour,
22:35
Speaker 1: forty five minutes sitting up here. What if I come
22:38
Speaker 1: to you? I mean, you can pick up all kind
22:39
Speaker 1: of customers just literally waiting at the mouth or the
22:41
Speaker 1: entrance of a car dealership. Don't append, don't mess up
22:45
Speaker 1: the car wash business, don't don't get in the way
22:48
Speaker 1: of the customer. But if you could just have a
22:50
Speaker 1: side conversation with somebody entering or exiting fair changes or robbery,
22:54
Speaker 1: if they if they love they may love coming to
22:56
Speaker 1: car dealership, in which car dealership a car wash, in
22:59
Speaker 1: which case they not your target market, but they love
23:02
Speaker 1: sitting at home and chilling like me. Then they were like, yeah, man,
23:05
Speaker 1: give me your car, you come to me next. And
23:07
Speaker 1: so targeting the area, you know within let's say twenty
23:11
Speaker 1: or thirty minutes from where you live, so you can
23:14
Speaker 1: you can get customers to them quickly. And that's my
23:19
Speaker 1: ideal suggestion. This is a great business. I did it before.
23:22
Speaker 1: I did a mobile car dealer detailing business. I didn't
23:25
Speaker 1: do it well, but I did it when I was teens,
23:29
Speaker 1: late teens. Forget how old I was around the time
23:31
Speaker 1: I was homeless and no, I didn't wash the car
23:35
Speaker 1: I was sleeping in because I wasn't paying customer. In fact,
23:40
Speaker 1: the folks were looking for the car I was sleeping in.
23:54
Speaker 1: Number six Tutorio center startup costs, rent, educational materials, marketing,
23:59
Speaker 1: and initial staff salaries. Why it works consistent demand for
24:03
Speaker 1: educational supplies educational support across all age groups. Action steps.
24:09
Speaker 1: Advertise at local schools, create a strong online presence, and
24:13
Speaker 1: offer trial sessions to attract students. This is a great again,
24:17
Speaker 1: a great business, and use AI tools artificial intelligence to
24:21
Speaker 1: boost your uniqueness in this sector and your target markets.
24:28
Speaker 1: Hanging around. The easiest way to do this is middle
24:32
Speaker 1: class school areas where you have a lot of engagement
24:36
Speaker 1: from parents who are going to pay for the tutorial services.
24:39
Speaker 1: You literally hang out in schools and see parents come
24:41
Speaker 1: and go, or build relationships with schools, and in low
24:43
Speaker 1: income areas build relationships with the school personnel and the
24:47
Speaker 1: school counselors and all that kind of stuff. But this
24:50
Speaker 1: is another great, great business. Literally, it doesn't matter the
24:55
Speaker 1: socioeconomic groups. Everybody wants to come up. Everybody wants to
24:58
Speaker 1: be successful. In high income areas. You tend to have
25:01
Speaker 1: more family engagement, there's more income, there's more flexibility, there's
25:04
Speaker 1: more time to come show, hang out, and hang up
25:06
Speaker 1: at the school. I know when I was coming up,
25:07
Speaker 1: my mother's were two jobs. She didn't come to school
25:09
Speaker 1: as I got in trouble. But again, this works everywhere. Seven.
25:15
Speaker 1: A photography business startup costs camera equipment, marketing, website development
25:21
Speaker 1: and studio set up if needed, unless you want to
25:23
Speaker 1: do a mobile photography business. And by the way, I
25:27
Speaker 1: would also rent photographic equipment. All these people doing podcasts hello,
25:32
Speaker 1: like me doing vlogs and all this stuff, they may
25:36
Speaker 1: they may have a need for different kind of equipment
25:38
Speaker 1: or upgrading equipment, or may not have the capital of
25:40
Speaker 1: buy equipment. Some businesses just literally renting equipment. I mean,
25:44
Speaker 1: what all these folks do in these movies, these movies
25:46
Speaker 1: and video shoots and all that stuff. Do you think
25:49
Speaker 1: it's their equipment? No, it's not right. They rented. One
25:52
Speaker 1: of the huge business in Hollywood and Hollywood South here
25:57
Speaker 1: in Atlanta and in New York is reading equipment. That's
26:01
Speaker 1: a whole other business. Bonus stock. Why this business works.
26:04
Speaker 1: Photography business high demand for professional photography for events, portraits,
26:09
Speaker 1: commercial use of course, weddings. Action steps, build a portfolio.
26:13
Speaker 1: Love is a business. Build the biggest business in the world.
26:16
Speaker 1: It's not the biggest business world, but it is a
26:18
Speaker 1: self sustainable business. People are always interested in love and
26:22
Speaker 1: whether it's loving another loving themselves. They like photography and
26:25
Speaker 1: they want to capture that moment. Build your action step,
26:29
Speaker 1: build a portfolio, Network and local with local businesses, and
26:33
Speaker 1: utilized social media for marketing. Number eight coffee shop startup
26:39
Speaker 1: costs rent. And there's a company called the Black Coffee
26:43
Speaker 1: Company here in Atlanta that we Operation Shope invested in
26:46
Speaker 1: our first invent investment from Hope Ventures twenty five thousand dollars.
26:50
Speaker 1: Oddly enough for some money we put in their business.
26:52
Speaker 1: They're doing extraordinarily well. They have a physical shop. They
26:56
Speaker 1: have great products and I mean some of the best
26:59
Speaker 1: call I've ever seen, and that people come in there
27:01
Speaker 1: all the time and they just want to chill in there,
27:03
Speaker 1: they want to work, they want to socialize. It is
27:06
Speaker 1: all in one and they drink coffee, which has a
27:09
Speaker 1: great profit margin in it. Startup costs rent for the facility,
27:15
Speaker 1: coffee equipment, in initial inventory of the coffee itself, licenses
27:20
Speaker 1: and permits. Why it works study demand for coffee and
27:24
Speaker 1: a potential for a loyal customer base. You know coffee
27:27
Speaker 1: came from Ethiopia. You know that. I believe n T
27:31
Speaker 1: action steps find a high traffic location created a cozy atmosphere.
27:35
Speaker 1: A place is like a home, but it's in a
27:38
Speaker 1: business where people just love to chill and it's a
27:41
Speaker 1: warm environment. And market through local events and hello again
27:46
Speaker 1: social media. Number nine. Pet grooming services. Startup costs include
27:51
Speaker 1: grooming equipment rent if the business is not mobile, marketing,
27:56
Speaker 1: and initial supplies. Why it works a growing industry. People
28:01
Speaker 1: love their pets are like shooting in Washington. They say,
28:04
Speaker 1: if you want to you want real relationship, real friend,
28:06
Speaker 1: get a dog. Dogs will love you no matter what.
28:10
Speaker 1: Because washingt DC is rather transactional, some folks may believe
28:14
Speaker 1: their relationships are transactional or or not for them anyway,
28:18
Speaker 1: Dogs pets always work. They love you no matter what.
28:22
Speaker 1: I'm kidding, but I'm serious that it's a big business.
28:24
Speaker 1: It's a growing pet industry with a consistent demand for
28:27
Speaker 1: grooming services. Somebody comes in grooms Pixie as Jatre's dog.
28:33
Speaker 1: He gets paid. His dog is gorgeous, too. I guess
28:37
Speaker 1: dogs in Akita, Akita, beautiful dog. I always want to
28:41
Speaker 1: snatch the dog. I'm like, no, that's not good, John,
28:43
Speaker 1: you can't do that's groomer's dog action steps advertising local
28:47
Speaker 1: pet stores UH and veterinary clinics. Veterinarian clinics offer that's
28:53
Speaker 1: another solid business. By the way, offer promotions. I've been
28:57
Speaker 1: I've been veterinary vetting. I've been into emergency veterinary rooms
29:03
Speaker 1: at midnight and two in the morning. Veterinarians, you know,
29:06
Speaker 1: I mean, it's unbelievable, but they charge it two in
29:10
Speaker 1: the morning. And what you willing to pay and offer
29:13
Speaker 1: promotions and provide excellent customer service. Nobody wants to deal
29:16
Speaker 1: with a jerk, so make sure you're providing good customer service.
29:21
Speaker 1: Number ten. Home renovations and repairs, startup costs, tools, vehicles, marketing,
29:27
Speaker 1: and initial supplies. You don't need a general contractor's license
29:30
Speaker 1: for this, but it would be nice to have it.
29:32
Speaker 1: So if you want to just do hand handyman work,
29:35
Speaker 1: handy woman work, then this and there's always a need
29:38
Speaker 1: for this, then this is a good business. But you
29:41
Speaker 1: want to go step it up a level, then you
29:43
Speaker 1: want to become a contractor general contractor a high demand
29:47
Speaker 1: for home improvement services. Action stabs market to market to homeowners,
29:51
Speaker 1: offer competitive rates, and build a reputation for quality work.
29:55
Speaker 1: I can't tell you how much business you can get
29:57
Speaker 1: if you just have ethics and integrity in the construction trade,
30:01
Speaker 1: it is. It is sketchy stuff I've seen in the
30:05
Speaker 1: construction state trade. So just be better than everybody else, Like,
30:09
Speaker 1: just be normal. So I want you to research and plan,
30:13
Speaker 1: conduct thorough market research and create a detailed business plan
30:16
Speaker 1: for each of these businesses that you want to start.
30:19
Speaker 1: I want you to leverage technology you can't do. Me
30:22
Speaker 1: and Sam Autman not good English, Sam Altman and myself
30:26
Speaker 1: Sam Altman, the CEO of Open AI, and I are
30:28
Speaker 1: co chairing the AI Ethics Council. And the more I think,
30:32
Speaker 1: the more I learned about this phenomena of AI, the
30:37
Speaker 1: more I believe it is going to change everything. And
30:38
Speaker 1: I will be doing a podcast just on AI. But
30:41
Speaker 1: you've got to involve yourself in technology. There's two things
30:44
Speaker 1: you've got to have going into the future, whether you're
30:47
Speaker 1: coming just out of school or you're resetting yourself for
30:49
Speaker 1: your second stage of your life. And you're doing do over.
30:53
Speaker 1: You need technology education and a financial literacy education to
30:57
Speaker 1: compete be competitive in this new world. Leverage technology and
31:02
Speaker 1: become a technologist. Use online tools and platforms to streamline
31:06
Speaker 1: operations and marketing. Build a network. Network with other business owners.
31:11
Speaker 1: Join local business groups and trade groups. Here in Atlanta
31:16
Speaker 1: there's a Black Chamber Commerce and Black Business Association and
31:19
Speaker 1: all these different groups. But you know, whatever is in
31:23
Speaker 1: your area that you think allows you to network with
31:26
Speaker 1: other business owners. And you guys can trade leads right
31:32
Speaker 1: and participate in community events. Big a big source of
31:36
Speaker 1: leads and opportunity. And work with your government that all
31:39
Speaker 1: the festivals that the government does, they'll give you space
31:42
Speaker 1: for free. Often it's free marketing. They'll market for you
31:45
Speaker 1: the local city, county government. Focus on quality and customers service.
31:50
Speaker 1: Nobody loves rude, be boat. Stop being rude and ask
31:55
Speaker 1: for my money. Provide excellent customer service and high quality products,
32:02
Speaker 1: and build and help build loyal customer base and generate
32:05
Speaker 1: positive word of mouth. Be careful managing that budget. If
32:09
Speaker 1: you're outflow, he sees your inflow, then you're overhead. It
32:12
Speaker 1: will be your downfall. Be careful, be careful, be careful. Okay,
32:16
Speaker 1: I have a bonus business idea for you. I'm going
32:19
Speaker 1: to do a separate podcast episode on kids' businesses. By
32:26
Speaker 1: the way, yay, watch out for that one. But here's
32:30
Speaker 1: the bonus business that I want you to think about.
32:33
Speaker 1: And I really for some reason, I just I just
32:35
Speaker 1: think this is so cool box truck. My brother, Keith Williams,
32:42
Speaker 1: who is a barber a well he's a firefighter for
32:46
Speaker 1: the City of Atlanta, So thanks for their serius service, brother.
32:50
Speaker 1: But he also has a mobile barber shop. It's another
32:53
Speaker 1: business I didn't cover. It's a mobile barbershop, mobile nail salon,
32:57
Speaker 1: mobile nail tech, mobile manicure, and dedicare Yes, Peedicare ladies.
33:02
Speaker 1: They love those pedicas. Brothers do too. There's all these
33:05
Speaker 1: kind of mobile all these mobile you know, mobile services
33:10
Speaker 1: are well under twenty five thousand dollars for startup costs
33:13
Speaker 1: and operating for the year. These were not just started cost.
33:16
Speaker 1: But you can run these business You can start these
33:18
Speaker 1: businesses and typically run them for a year for twenty
33:21
Speaker 1: five about twenty five thousand dollars of outflow if you
33:26
Speaker 1: really manage it very well. You can't take money out
33:29
Speaker 1: of the business. But you won't be putting more than
33:30
Speaker 1: twenty five thousand into it if you plan it really well. Now,
33:34
Speaker 1: this business here is over twenty five thousand dollars to
33:37
Speaker 1: do what I'm about to tell you, it's going to
33:39
Speaker 1: be between fifty and ninety thousand dollars. But and you've
33:42
Speaker 1: been to finance some of that, maybe a lot of that.
33:45
Speaker 1: But I just I just think this is a cool
33:47
Speaker 1: little business. Starting a box truck business. That box truck is.
33:54
Speaker 1: Think about a I have a sprinter van, but it's
33:58
Speaker 1: all you know, so asked up like a portable office.
34:02
Speaker 1: Think about a hollowed out sprinter van. Think about a well,
34:06
Speaker 1: it's a box truck, and so search box truck while
34:12
Speaker 1: we're doing this, right, it's not an eighteen wheeler, is
34:16
Speaker 1: not on these huge trucks. But it's also not a vein, right,
34:19
Speaker 1: So it's a step between. Starting a box truck business
34:24
Speaker 1: can be a viable and lucrative option for young business
34:27
Speaker 1: people and young entrepreneurs. Now, an entrepreneur a business person,
34:31
Speaker 1: they are different. Business person is using a traditional business
34:34
Speaker 1: model and growing it. Succeeding entrepreneur is taking something, an
34:40
Speaker 1: existing idea, maybe in turning it into a new idea
34:43
Speaker 1: or starting a new idea to begin with. But it
34:45
Speaker 1: can be a very lucrative for a young hustler. Again,
34:50
Speaker 1: my hustle is different. And who wants to start a business,
34:53
Speaker 1: who wants to be self employed, who doesn't have a
34:55
Speaker 1: lot of capital, who wants to be local, who wants
35:00
Speaker 1: to have a great margin on the business, mean the
35:04
Speaker 1: profit margin. Who wants to have something that is highly
35:07
Speaker 1: sought for, sought after. It offers flexibility this business, relatively
35:11
Speaker 1: low startup costs compared to other business models, and the
35:15
Speaker 1: opportunity to cater to a wide range of industries such
35:18
Speaker 1: as moving services, delivery services, logistical support. I'm going to
35:22
Speaker 1: get into this. I love you. I love businesses where
35:25
Speaker 1: your clients are huge, you know, and they pay their
35:28
Speaker 1: bills and there's a constant need. All of my my
35:31
Speaker 1: joint ventures, all of my partners, my clients are my
35:34
Speaker 1: partners are bigger than me. I'll get it enjoint ventures
35:38
Speaker 1: in a separate podcast. Again, to be very focused on
35:41
Speaker 1: these different podcasts. Uh. And you're almost at your location,
35:45
Speaker 1: so I have only about ten more minutes with you.
35:48
Speaker 1: So we're gonna we're gonna end with a bang here
35:50
Speaker 1: Are you enjoying this? Never mind, you're getting it anyway. No, seriously,
35:53
Speaker 1: are you enjoying this? Let me know what you Let
35:55
Speaker 1: me know if you're filling it, and share this with
35:58
Speaker 1: your partners, your friends, your family members, you know, those
36:01
Speaker 1: who are reimagining their life. So again, I love this
36:05
Speaker 1: business for a lot of different reasons. Here's how you
36:08
Speaker 1: start this box truck business. The first thing is research
36:12
Speaker 1: and planning. Again, my team at Operation Hope can help
36:15
Speaker 1: you with all of this, so you're not by yourself.
36:18
Speaker 1: And it's because of scholarships at Operation Hope that are
36:21
Speaker 1: one thousand dollars scholarships, five thousand dollars scholarships scholarships, and
36:25
Speaker 1: ten thousand dollars coaching scholarships. The services initially are all free.
36:30
Speaker 1: Not initially meaning all the services are no cost to users,
36:33
Speaker 1: not like a baid and switch situation. But these services
36:36
Speaker 1: based on these categories are no cost to you. And
36:39
Speaker 1: then because we raise money from corporations to sponsored services
36:42
Speaker 1: in scholarships, ship it to you. And then there's the
36:44
Speaker 1: higher echelons of scholarship. Is this twenty five thousand dollars
36:48
Speaker 1: in kind scholarship through the one million Black Business program
36:52
Speaker 1: one MBB, so get it. Why it's there, It's not
36:54
Speaker 1: gonna be there forever. You know, don't assume that these
36:59
Speaker 1: services are going to be around forever. Go to the
37:00
Speaker 1: US Small Business Administration. We can link you into them
37:03
Speaker 1: if you don't know how to get to them. Market research,
37:07
Speaker 1: identified demand for services in your area. Check out your
37:11
Speaker 1: competition and potential client base. Right, you want to write
37:15
Speaker 1: all this stuff down, Right, you want a written business plan,
37:18
Speaker 1: and I'd start with a mind map. If you don't
37:21
Speaker 1: know what that is, search it. I'd start with the
37:22
Speaker 1: mind map. It gets the idea out of your head,
37:24
Speaker 1: like just Google, you know, just literally writing down or
37:27
Speaker 1: the software for this mind mapping software. And then I
37:30
Speaker 1: would have a project management software. I use Trello, but
37:34
Speaker 1: you can use what you like. That allows you to
37:36
Speaker 1: break an idea down into, you know, into smaller parts.
37:42
Speaker 1: I'd have a note taking app and of course a
37:45
Speaker 1: financial spreadsheet app and start, you know, creating a budget.
37:50
Speaker 1: And again you don't can't do it, We'll do it
37:52
Speaker 1: with you. This creates a business plan, all these different
37:55
Speaker 1: pieces and marketings that create a detailed business plan outlining
37:58
Speaker 1: your services, target market, pricing, strategy, and financial projections. Right,
38:05
Speaker 1: you is a different between business and busyness. Right, You
38:08
Speaker 1: want to be in a business, not busyness. If your
38:12
Speaker 1: outflow exceed you inflow, then your overhead or be your downfall.
38:15
Speaker 1: You don't want to get get in business and start
38:18
Speaker 1: leasing fancy cars and you know, spending money and having
38:21
Speaker 1: a business card that says CEO. That's called flossing. You
38:23
Speaker 1: want to get out there and hustle. Right. When I
38:26
Speaker 1: was coming up in business, I never paid myself. Right,
38:29
Speaker 1: I was the last person to get paid. Financing and
38:32
Speaker 1: financing and budgeting, startup costs, estimate costs for purchasing or
38:36
Speaker 1: leasing a box truck, insurance, maintenance, fuel, marketing, and other
38:43
Speaker 1: operational expenses. Okay, secure funding through your own savings. May
38:49
Speaker 1: not have savings loans in that particular case, poor people.
38:54
Speaker 1: The version of capital is called a loan, family and
38:58
Speaker 1: friends or a nice place to start and also do
39:01
Speaker 1: go fund me strategy or some kind of a crowdsourcing strategy.
39:05
Speaker 1: Of course, there's also investors. I don't really encourage you
39:08
Speaker 1: to go with investors for a small business like this,
39:11
Speaker 1: but you know, if you have to knock yourself out,
39:13
Speaker 1: sometimes your families are your investors credit cards. I know
39:17
Speaker 1: this is unorthodox, but you know you got to do
39:20
Speaker 1: what you gotta do. I would not use a credit
39:22
Speaker 1: card to go buy something perishable that's going to decrease
39:25
Speaker 1: in value. But if I thought I was investing in
39:28
Speaker 1: myself and I had no other former credit, another former capital,
39:31
Speaker 1: I would. And I have used credit cards to finance
39:35
Speaker 1: different aspects of my business. And people will tell you
39:38
Speaker 1: that don't do this. Yeah, well, life is perfect. Don't
39:40
Speaker 1: do this. But life is seldom perfect. Never let the
39:43
Speaker 1: perfect become the death of the good. Your number one
39:46
Speaker 1: asset is your hustle. An entrepreneur works eighteen hours a
39:50
Speaker 1: day to keep from getting a job right again, my
39:53
Speaker 1: hustle is different again. My team that Operation Hope can
39:56
Speaker 1: make sure that you are meeting all your obbligations by
39:58
Speaker 1: helping you develop that business plan and the funding strategy
40:02
Speaker 1: for equipment and insurance. Box truck purchase or least a
40:06
Speaker 1: reliable box truck suitable for your service really important element
40:12
Speaker 1: when dealing with the fact that your product is the
40:15
Speaker 1: box truck, so you don't want that to break down.
40:17
Speaker 1: Preferably get one with a warranty on it so you're
40:20
Speaker 1: not paying paying a lot of money for maintenance. So
40:24
Speaker 1: I would get a new box truck, I'd finance it.
40:26
Speaker 1: They'll finance typically for four or five to seven years.
40:31
Speaker 1: I would make sure there was a wonderful warranty on it.
40:35
Speaker 1: I'd get an extended warranty if you could afford it.
40:38
Speaker 1: I'd make sure you had a relationship with the dealership
40:41
Speaker 1: that you bought it from and dealerships in the surrounding area.
40:44
Speaker 1: Get to know the manager, the service manager, all those people.
40:47
Speaker 1: So if you have a need, this is your source
40:49
Speaker 1: of income. If you had that truck goes in, you
40:51
Speaker 1: need it in and out quickly. So you want you
40:53
Speaker 1: want the folks to be ready to take care of
40:56
Speaker 1: you when you come in and say yes, mister Jones,
40:57
Speaker 1: yes missus Jones, yes we got you. Don't worry about it,
41:01
Speaker 1: so that you get back your back out on the
41:03
Speaker 1: road right. Insurance obtained comprehensive insurance coverage including liability, cargo,
41:10
Speaker 1: hello and vehicle insurance. So you need to have insurance
41:14
Speaker 1: for liability case in case you hit somebody and it's
41:18
Speaker 1: your fault. That's the law. Comprehensive coverage, which in this
41:22
Speaker 1: particular case is cargo coverage in case somebody steals your
41:29
Speaker 1: stuff in the back. Right. You see all the stuff
41:31
Speaker 1: online people crazy these days, right, so you have to
41:34
Speaker 1: have cargo coverage. But those two things are really important
41:38
Speaker 1: for districular business. Marketing and networking. Branding develop a professional brand,
41:53
Speaker 1: a nice logo, website, and business cards. Marketing strategy. Utilize
41:58
Speaker 1: online marketing, social media, Google Ads, et cetera, local advertising,
42:03
Speaker 1: and partnerships to attract clients. Growing the Box Trucks business.
42:09
Speaker 1: Expand your services. Diversify your offerings. Consider adding services such
42:13
Speaker 1: as long distance moves, commercial deliveries, or specialized logistical logistics solutions.
42:20
Speaker 1: I even got to the part that makes me really
42:22
Speaker 1: excited about this. Yet. Just hold on customer service and
42:26
Speaker 1: reputation quality service. Focus on providing excellent customer service to
42:30
Speaker 1: build a strong reputation and encourage repeat business. I remember
42:34
Speaker 1: all the delivery people show up to my house. I
42:36
Speaker 1: can remember the ones most all of them. We are
42:38
Speaker 1: successful that I remember. Are nice because kindness always works
42:42
Speaker 1: and nobody likes a jerk. So always show with a
42:46
Speaker 1: smile and are pleasant, and people will want you to
42:50
Speaker 1: come back, and they will recommend you, and you'll even
42:54
Speaker 1: build rips. Start building relationship with the folks that you
42:59
Speaker 1: are that you're delivering to. Seasonal opportunities. Take advantage of
43:03
Speaker 1: seasonal demand spikes such as holidays like Christmas in moving season, Hello,
43:11
Speaker 1: so find out what the moving season is in your area.
43:14
Speaker 1: Customer service and reputation. Again, provide great customer service. Nobody
43:19
Speaker 1: likes the jarge. I can't say that enough. I can't
43:22
Speaker 1: guarantee you that being being positive is going to make
43:24
Speaker 1: you a successful I absolutely guarantee you that being negative
43:26
Speaker 1: it's going to make you fail. In reviews, encourage satisfy
43:30
Speaker 1: customers to leave positive reviews and refer your services to others.
43:35
Speaker 1: Really important these days. When I go to look at
43:38
Speaker 1: any taking, you know, hiring anything, or any service buying something,
43:42
Speaker 1: I look at the reviews, don't you. So you want
43:45
Speaker 1: to make sure that you encourage your people to leave
43:47
Speaker 1: positive reviews. Don't encourage you had a bad customer experience,
43:52
Speaker 1: you want that person to go away, right, but you
43:54
Speaker 1: want positive reviews. Root optimization use root planning software to
44:00
Speaker 1: optimize delivery roots and reduce fuel costs. And technology technology
44:05
Speaker 1: technology people come up today, young people come today. You've
44:08
Speaker 1: got tools that were never available. Do you guys Remember
44:10
Speaker 1: the map books. Remember those You had them in your
44:13
Speaker 1: trunk and you had to like go to five different
44:15
Speaker 1: sections of the book to tell you what page LS three,
44:20
Speaker 1: section forty nine D. Then turn the page X ninety eight.
44:25
Speaker 1: Remember all that. Remember the remember the tingtong, the pong
44:29
Speaker 1: pong whatever, the thing was a dashboard that was like
44:31
Speaker 1: the mapping thing. You had to go buy it for
44:33
Speaker 1: ninety nine one hundred, two hundred, three hundred, five hundred dollars.
44:35
Speaker 1: These these these maps would go would sit on your dashboard,
44:40
Speaker 1: these digital maps. You had to plug it in your lighter, right,
44:43
Speaker 1: you know, now that's on your phone. But these things
44:45
Speaker 1: just to be standalone, you know, between one hundred, five
44:48
Speaker 1: hundred even one thousand dollars. The stuff you guys have
44:54
Speaker 1: available now is unbelievable compared to how folks used to
44:58
Speaker 1: have to roll back in the day. Hey, fleet management,
45:02
Speaker 1: if you expand to multiple trucks, implement fleet management systems
45:06
Speaker 1: to track maintenance again, software and technology, fuel usage, and
45:10
Speaker 1: driver performance. Yes, you want to track all of that,
45:14
Speaker 1: particularly if you're hire additional drivers. Collaborations, Partner with local
45:18
Speaker 1: businesses such as furniture stores. Yes, furniture stores, well, guess
45:22
Speaker 1: what they sell furniture. They need somebody to deliver stuff
45:24
Speaker 1: for them. Remember you see you see people drive on
45:27
Speaker 1: the street with the matters on there on top of
45:28
Speaker 1: them on the mercedes. That person needs a box truck.
45:32
Speaker 1: They'd be happy to pay for it. By the way,
45:35
Speaker 1: people buy stuff on a whim and have no idea
45:37
Speaker 1: how to get it home. Moving companies, you want to
45:40
Speaker 1: secure regular contracts if you can, so it's not just
45:42
Speaker 1: transactional one off business. Join industry associations and attend networking
45:49
Speaker 1: events to build relationships and discovering new business opportunities. Uh,
45:52
Speaker 1: scaling the business invested in additional trucks as demand grows.
45:56
Speaker 1: Reinvesting your business. Don't take the money out and go partying,
45:59
Speaker 1: and sure you have the capacity to handle large contracts
46:02
Speaker 1: and multiple clients simultaneously. I'm starting to get the part
46:04
Speaker 1: where I'm excited about this. Higher reliable drivers. Don't hire
46:08
Speaker 1: pooky in them, a cousin, Jojo, who's a bum who's
46:12
Speaker 1: gonna embarrass you, and go take your truck on a
46:14
Speaker 1: weekend surge orn somewhere and sit up at the lake
46:17
Speaker 1: with their girlfriend when they should be out of delivery. Yes,
46:20
Speaker 1: I know, I've hit a nerve. You can tell this
46:23
Speaker 1: is personal to me. You want to hire people who
46:26
Speaker 1: you know are gonna do you right? Right and take
46:28
Speaker 1: you want to get some charity, give them some money,
46:30
Speaker 1: don't but don't make it a job where they're not
46:32
Speaker 1: doing and you're paying them for it. Even if you
46:35
Speaker 1: want to distribute money like a socialist. You got a
46:36
Speaker 1: first collected like a capitalist. Can I get an amen?
46:39
Speaker 1: All right? So make sure you hire good people, right?
46:43
Speaker 1: And yeah? That got me all worked up? All right? Uh,
46:49
Speaker 1: you can do this business. Here's the cash part, right.
46:52
Speaker 1: The cost to run a box truck business for six
46:55
Speaker 1: months to a year can vary based on sero factors
46:58
Speaker 1: such as location, scale of operations, and specific business requirements.
47:03
Speaker 1: But here's a breakdown of some costs. Initial startup costs
47:06
Speaker 1: box truck purchase release to purchase twenty five thousand to
47:10
Speaker 1: fifty thousand dollars Not so bad, huh for a used
47:13
Speaker 1: box truck. Fifty two one hundred thousand dollars for a
47:17
Speaker 1: new one. If you're going to buy a used one,
47:18
Speaker 1: what did I tell you? Make sure it still has
47:21
Speaker 1: a warranty on it, and if it's got miles on it,
47:24
Speaker 1: I'd suggest you do diesel because diesel cars, diesel truck
47:29
Speaker 1: engines go forever. The least payment's going to be eight
47:34
Speaker 1: hundred to fifteen hundred dollars a month. Number two licenses
47:39
Speaker 1: and permits. Business license fifty to five hundred bucks is
47:41
Speaker 1: typically the range, depending on where you are. Commercial Driver's
47:45
Speaker 1: License CDL, it's going to cost between fifty to two
47:48
Speaker 1: hundred dollars. Check your local and your state requirements, but
47:52
Speaker 1: you may need a CDL to do this. You typically
47:54
Speaker 1: you will commercial driver's license, US DOT number and motor
47:59
Speaker 1: carrier authority. That's three hundred to five hundred dollars. Insurance.
48:04
Speaker 1: Commercial vehicle insurance three thousand dollars to six thousand dollars
48:08
Speaker 1: per year. I was gonna say per month. Did you
48:10
Speaker 1: about to have a heart attack? You? No? Sixty three,
48:12
Speaker 1: three thousand and six thousand dollars per year. Cargo insurance.
48:16
Speaker 1: Remember I told you needed that five hundred to one
48:18
Speaker 1: thousand dollars per year. General liability insurance five hundred to
48:21
Speaker 1: fifteen hundred dollars per year. Have you ever written this down?
48:25
Speaker 1: You haven't. If you're trying to write this down, stop,
48:27
Speaker 1: don't drive right right don't drive. Don't drive in texts
48:32
Speaker 1: put off to the side. I want you to get
48:34
Speaker 1: an accident till amw driving the box truck company and
48:37
Speaker 1: write this stuff down. You always go back and listen
48:39
Speaker 1: to it later. Initial equipment and supplies fuel five hundred
48:44
Speaker 1: to one thousand dollars a month, unless it's an electric truck.
48:49
Speaker 1: Maintenance and repairs two hundred to five dollars per month.
48:52
Speaker 1: But if you have a warranty, you know your maintenance
48:54
Speaker 1: in repairs might be close to zero h depending on
48:58
Speaker 1: how to warranty you get. Offer supply and material and
49:01
Speaker 1: marketing materials five hundred to one thousand dollars a month,
49:04
Speaker 1: and that's money we'll spent branding and marketing. Website development
49:08
Speaker 1: five hundred to three thousand dollars. But you know, in
49:11
Speaker 1: some cases you can do a website for basically on
49:14
Speaker 1: a template that's out there for you know, one hundred
49:17
Speaker 1: bucks or two. My team can help you with that
49:19
Speaker 1: at Operation Show. Marketing and advertising five hundred to two
49:22
Speaker 1: thousand dollars. Now, I would suggest you do social media
49:26
Speaker 1: ads and target them to your area. Facebook is really
49:29
Speaker 1: good at that. I don't know if Instagram targets into
49:33
Speaker 1: areas I think they do, but just do your own
49:36
Speaker 1: research LinkedIn et cetera, et cetera, et cetera. Ongoing operational costs.
49:40
Speaker 1: So this is six months to a year for this business.
49:43
Speaker 1: Fuel and maintenance. I've already covered that three thousand and
49:47
Speaker 1: six thousand dollars, you know, for that six month to
49:51
Speaker 1: one year period. Maintenance and repairs again, twelve hundred and
49:55
Speaker 1: three thousand dollars, Insurance three thousand and six thousand dollars,
49:59
Speaker 1: cord guard, cargo five hundred and one thousand, general liability,
50:03
Speaker 1: five hundred and fifteen hundred. Driver salaries for full time
50:06
Speaker 1: driver twenty five hundred to forty five hundred dollars per
50:09
Speaker 1: month unless you are the driver, in which case it's
50:12
Speaker 1: hello zero. You can afford to pay yourself at that point.
50:16
Speaker 1: And so that's totaling about fifteen thousand to twenty seven
50:20
Speaker 1: thousand dollars for six months. Marketing and customer acquisition. Ongoing
50:24
Speaker 1: marketing thousands to three thousand dollars for that period, Office supplies,
50:30
Speaker 1: administrative costs five hundred to one thousand dollars. Total tolls,
50:35
Speaker 1: parking and other operating costs one thousand, two thousand dollars
50:39
Speaker 1: unless you get a bunch of tickets, which I encourage
50:41
Speaker 1: you not to do at that meter. That meter may
50:44
Speaker 1: that that parking meter is My friend Rob McGrew. Rob
50:47
Speaker 1: McGrew would say that parking meter is a capitalist, like
50:49
Speaker 1: you cannot pay it. It's dollars, two dollars, five dollars.
50:52
Speaker 1: Whatever it is in that tackle that you would get
50:55
Speaker 1: inside for ten bucks just cost you sixty bucks or
50:58
Speaker 1: eighty bucks because that is coming up on that meter.
51:03
Speaker 1: That parking meter is a capitalist, make no mistake about it.
51:07
Speaker 1: Total estimated costs for this business initial startup costs thirty
51:11
Speaker 1: thousand to sixty five thousand dollars. You can finance at
51:15
Speaker 1: least half of that, is my guess, maybe two thirds
51:18
Speaker 1: of that because most that's going to be tied to
51:20
Speaker 1: the truck. A lot of it will be ongoing costs
51:24
Speaker 1: for six months twenty five to forty five thousand dollars,
51:27
Speaker 1: ongoing costs for one year fifty to ninety thousand dollars.
51:30
Speaker 1: So so you can start this business and run it
51:33
Speaker 1: for less than one hundred thousand dollars. And here is
51:36
Speaker 1: the kicker about this business that I really really love.
51:43
Speaker 1: You can do business with big ball companies. Contracting with
51:48
Speaker 1: companies like Amazon. The Amazon Relay Service a program that
51:53
Speaker 1: connects truck owners with freight loads that need to be transported.
51:58
Speaker 1: What's the requirements of VALIDOT number? An active MC number
52:02
Speaker 1: with the FMCSA a box truck that meets Amazon's requirements,
52:08
Speaker 1: typically twenty four to twenty six feet in length, Commercial
52:12
Speaker 1: insurance coverage with specific limits. We already covered that. How
52:16
Speaker 1: to apply well, go to the Amazon Relay website. You
52:21
Speaker 1: know Amazon Delivery Service Partner. It's as DSP, a program
52:26
Speaker 1: that allows individuals to run their own delivery businesses delivering
52:30
Speaker 1: Amazon packages. Now you see what all the folks are doing,
52:33
Speaker 1: coming to your house and your business. That's what they're doing.
52:36
Speaker 1: The initial requirement is initial investment to start the business,
52:39
Speaker 1: usually more than just owning a single box truck, strong
52:42
Speaker 1: leadership and management skills. How to apply Amazon DSP website.
52:47
Speaker 1: Contracting with other companies. I love companies like UPS. UPS
52:50
Speaker 1: is one of my partners. They're they're very good well
52:54
Speaker 1: run company. UPS Independent contractor program. Box truck owners can
53:00
Speaker 1: on UPS as an independent contractor to deliver packages, especially
53:03
Speaker 1: during peak seasons. So you want to make more some
53:05
Speaker 1: extra money for the holidays. Here you go how to apply.
53:09
Speaker 1: Contact your local UPS office or visit their website to
53:12
Speaker 1: learn more about this opportunity and tell them John Brian
53:14
Speaker 1: and Opertion hope sent you. FedEx same thing. FedEx Ground
53:19
Speaker 1: Independent Contractor program similar to UPS. FedEx also works with
53:23
Speaker 1: independent contractors to deliver packages, and you can go to
53:26
Speaker 1: the operation Opertion go to the FedEx Ground Independent Contractor website. DHL.
53:32
Speaker 1: This is mostly international, but DHL is also big here.
53:36
Speaker 1: They have a DHL Independent Contractor Program. DHL contracts with
53:40
Speaker 1: independent drivers and logistic companies for package delivery. Contact DHL
53:45
Speaker 1: directly or visit their website to find out more about
53:47
Speaker 1: their opportunities. Local businesses and retailers. Many local businesses, furniture stores,
53:51
Speaker 1: retailers use delivery services. They don't want to own that truck,
53:55
Speaker 1: they don't want to own that cost of labor, whatever
53:57
Speaker 1: what else. They want to contract it out on a
53:59
Speaker 1: trend action by transaction basis. So that's going to be
54:03
Speaker 1: more one off's going to then one at a time.
54:07
Speaker 1: But the golden goose of this business is you've got
54:10
Speaker 1: a natural, ongoing, dependable revenue stream with huge companies and
54:15
Speaker 1: I just mentioned a few of the well known ones,
54:17
Speaker 1: like think about all the logistical companies, logistics companies and
54:20
Speaker 1: delivery companies. Think about the industrial parks that are arranging
54:25
Speaker 1: deliveries and they got long haul drivers, but do they
54:28
Speaker 1: have any short haul drivers, meaning in and around your city?
54:33
Speaker 1: That this is a really cool business. And then if
54:36
Speaker 1: you decide you're tired of the business, as long as
54:37
Speaker 1: you're not beat up the truck, you can sell the
54:39
Speaker 1: truck and may get your money back. You know, certainly
54:43
Speaker 1: if it is a diesel engine, then you can get
54:47
Speaker 1: your Let me start I owning people just blaming me.
54:49
Speaker 1: You can't get your money back anyway. If you if
54:52
Speaker 1: you do a good job of maintaining the product. Go
54:55
Speaker 1: to my brother Tony Martzoulo a gasmotor cars. He doesn't
54:57
Speaker 1: deal with box trucks, but he can give you. He
54:59
Speaker 1: was on the past series. He will certainly him and
55:01
Speaker 1: his team will give you some direction of where get
55:04
Speaker 1: how to sell the truck, or go contact Tim Burke
55:07
Speaker 1: and maybe you will just buy the truck, or he'll
55:09
Speaker 1: buy half the truck. My man's a hustler. All right.
55:12
Speaker 1: I hope that you've enjoyed this is John O'Brien, this
55:15
Speaker 1: is Money and Wealth, and this has been a really
55:18
Speaker 1: cool session. I think of ten businesses you can start
55:22
Speaker 1: for twenty five thousand dollars or less with a bonus
55:25
Speaker 1: track of a business that costs a little bit more,
55:28
Speaker 1: but you get your money back. If you maintain this
55:32
Speaker 1: truck and you're tired of the business, you can get
55:34
Speaker 1: a good more portion of your capital return to you,
55:36
Speaker 1: or at least get out of the liability by selling it.
55:39
Speaker 1: And if you want to keep it, you can grow
55:40
Speaker 1: it with a customer base. It's pretty dang on dependable
55:43
Speaker 1: in a space that's growing consistently, and still have the
55:47
Speaker 1: independence of doing what you like, when you like however
55:49
Speaker 1: you like it. You can drive local, drive regional. I'm out,
55:54
Speaker 1: John O'Briant, Money and Wealth, the Black Effect Podcast Network.
55:59
Speaker 1: This is the silver rights movement, from civil rights to
56:03
Speaker 1: silver rights. This is the third reconstruction. I want you
56:06
Speaker 1: to look up one MBB, one Me and Black Business Initiative.
56:10
Speaker 1: I want you to tell your friends to follow this podcast.
56:12
Speaker 1: I want you to pick up my book Financial Literacy
56:14
Speaker 1: for All number one on business finance in the country
56:17
Speaker 1: on Amazon. And I want you to go to Operation
56:20
Speaker 1: Hope and sign up to one of these coaching services,
56:23
Speaker 1: get a scholarship to be coached up to get your
56:26
Speaker 1: credit score up and all that stuff and take your
56:29
Speaker 1: life back. I'm Out Money and Wealth with John O'Brien
56:49
Speaker 1: is a production of the Black Effect Podcast Network. For
56:52
Speaker 1: more podcasts from the Black Effect Podcast Network, visit the
56:55
Speaker 1: iHeartRadio app, Apple Podcasts, or wherever you listen your favorite shows.