Nikonomics - The Economics of Small Business

Latest Episodes:

94 - Why This Stanford MBA Left a $16M Business for Family and Wrote a Book About His Journey with Christopher Hillier Dec 09, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Chris’s Book: https://www.christophershillier.com/its
Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Chris Hillier to dive into his incredible journey. Chris shares why he left a $16M employee benefits business he built to focus on family and personal growth. We talk about building a high-margin business, navigating a family partnership, and the lessons that led him to write his new book, It’s About Time. This is a candid conversation packed with insights on balancing success and life.
Questions this Episode Answers:

How do you build a high-margin service business from scratch?
What’s the key to working with family in business?
Why would someone sell a highly profitable business for personal priorities?
What lessons come from balancing career ambition with family life?
What’s Chris’s advice for aspiring entrepreneurs juggling business and personal growth?

Enjoy the conversation!
__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Highlights_ Introduction and Background
00:39 Employee Benefits Brokerage Explained
01:33 Target Market and Custom Solutions
02:12 Understanding Self-Funded Plans
03:10 Self-Funded vs. Traditional Insurance
04:40 Navigating Insurance Options
07:15 Revenue Models and Business Growth
08:22 Personal Journey and Family Business
12:05 Balancing MBA and Business
16:51 Business Success and Exit Strategy
21:37 Turning Cost Centers into Profit Centers
22:39 Navigating Industry Challenges and Building Trust
23:59 The Decision to Sell: Motivations and Reflections
26:26 Balancing Success and Personal Life
29:06 Lessons from Entrepreneurship
33:23 Future Plans and Reflections

93 - Don’t Miss the $16 Billion Genealogy Boom: Use AI Tools with Chris Koerner Dec 06, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), and my business partner Chris Koerner (https://x.com/mhp_guy), as we dive into another episode of HoldCo Bros! Chris and I have generated over $100 million across our companies, and every week we get together to brainstorm and share insights into our businesses.
In this episode we discuss the Silver Tsunami idea - capturing stories from the older generation using AI. We're talking about video interviews, AI transcription, and even creating chatbots that can help preserve family history. Then, we jump into biohacking idea. Chris shares his vision of using tools like continuous glucose monitors for accountability challenges. It’s all about health, growth, and leveraging tech to improve life.
Chris's YouTube: http://tkopod.co/p-yt

Questions this Episode Answers:

How can you capture and preserve family stories with new technologies?
What are the business opportunities in genealogical services and storytelling?
How can AI tools be used to create meaningful family history products?
What’s the value of biohacking tools like continuous glucose monitors for personal health?
How can you turn health tracking into a profitable business opportunity?

Enjoy the conversation!
__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Highlights_The Silver Tsunami: A Growing Demographic Challenge
02:53 Genealogical Services: Capturing Family Histories
05:49 Innovative Products for Story Preservation
09:05 Leveraging Technology for Memory Capture
11:59 Creating Value in Assisted Living Facilities
14:58 The Business Model: Vitamins vs. Painkillers
17:47 Practical Implementation: Podcast Studios in Facilities
21:35 Innovative Storytelling in Assisted Living
24:23 New Year, New Business Opportunities
25:50 The Power of Continuous Glucose Monitoring
29:41 Accountability in Health Challenges
33:03 Monetizing Passion vs. Business Strategy
39:16 Evaluating Business Ideas: Marry, Date, or Kill?

92 - How I Built a $15k/Month Shopify Store (Selling DOG Supplements!) with Mike Myler Dec 04, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), as I talk with Mike Myler, who built an e-commerce store (https://wildbiome.dog/) focused on helping dogs with leaky gut syndrome. Mike describes how he went from experimenting with products during COVID-19 lockdown to launching a unique subscription model that tackles gut health for pets.

We talk about the real challenges of selling pet health products online, why data-driven nutrition can make a huge difference for pets, and how Mike uses Facebook ads, TikTok, and email to grow his business.

Questions this Episode Answers:

How did Mike get started in the dog supplement business?
What makes Mike's business model unique?
What are the key products and pricing strategy?
What marketing channels are driving customer acquisition?
What are the current challenges and opportunities for growth?
What advice would Mike give to aspiring entrepreneurs?

91 - 3 Rollup Mistakes That Will Cost You Millions with Steve Wiesner Dec 02, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), as I talk with Steve Wiesner (https://x.com/SteveWiesnerSMB), who spent 20 years in investment banking and private equity before diving headfirst into entrepreneurship. Now the owner of Watershed Associates, a top negotiations training company, Steve shares his journey from high-stakes finance to the challenges and rewards of running his own business. We cover smart acquisitions, why private equity roll-ups can be risky, and the mindset shifts required to succeed as an entrepreneur. Steve's experience in finance, coupled with his insights into buying and scaling businesses, offers a wealth of knowledge for anyone considering their first entrepreneurial leap.

Questions this Episode Answers:

How do you transition from investment banking to starting your own business?
What are the key risks involved in private equity roll-ups?
How can acquisitions be used effectively to grow a business?
What mindset shifts are needed for those leaving corporate finance for entrepreneurship?
What lessons can be learned from working with Fortune 100 companies?

Enjoy the conversation!
__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Highlights & Introduction
02:48 From Investment Banking to Entrepreneurship
06:09 Understanding Private Equity and Its Structure
08:57 The Role of Leverage in Private Equity
11:51 Transitioning to Fundless Sponsorship
15:13 The Journey into Negotiation Training
18:04 Exploring the Roll-Up Strategy in Private Equity
20:58 Challenges and Risks of Roll-Ups
23:49 Integration Challenges in Acquisitions
27:05 The Importance of a Solid Playbook
29:57 Market Dynamics and Fragmentation
32:48 Recurring Revenue and Its Significance
36:07 Final Thoughts on Entrepreneurship and Growth

90 - The Easiest Way to Start a Lead Gen Business Using Facebook Groups with Chris Koerner Nov 29, 2024

Show notes

In this episode, we’re bringing you Part 1 of our discussion, where we explore three big ideas: custom concerts, AI-powered local newsletters, and Facebook groups for lead gen. We talk about how you can turn live music venues into personalized experiences with custom concerts, use AI newsletters to generate local leads, and leverage Facebook groups to build a powerful email list. Stay tuned for Part 2 next week!

Chris's YouTube: http://tkopod.co/p-yt
Facebook Group Lead Generation Tool: https://groupboss.io/?ref=Tkopod

Questions this Episode Answers:

What opportunities do custom concerts offer for venue owners and artists?
How can AI newsletters be used to generate local leads?
Why is acquiring Facebook groups a powerful strategy for building email lists?
How do Chris and Nik assess these new business ideas?
Which of these business ideas could be pursued immediately, and why?

__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Highlights
00:22 Exploring Nashville: A Music Lover's Paradise
14:45 The Power of Newsletters in Local Business
22:34 Facebook Groups for Lead Generation

89 - Quit Your Job, Buy a Business: Advice for Aspiring Entrepreneurs with Yvette Owo Nov 27, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Yvette Owo (https://x.com/yvetteowo), founder of YOLO Accounting. In this episode, Yvette talks about her unique journey from consulting for Fortune 500 companies to building and growing her own accounting firm. We discuss how she scaled YOLO Accounting, the strategies she used for acquiring businesses, and the lessons she learned from managing multiple ventures.

Questions this Episode Answers:

How did Yvette transition from consulting at Fortune 500 companies to running her own business?
What are the biggest challenges of acquiring and growing an accounting firm?
Why is having a clear business structure important for scaling?
How can entrepreneurs use accounting and financial insights to improve their businesses?
What mindset shifts helped Yvette succeed in her entrepreneurial journey?

88 - From 0 to $30M: Lessons from a Foundry Roll-Up Strategy with Reg Zeller Nov 25, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Reg Zeller (https://x.com/RegZeller), an experienced entrepreneur specializing in buying and growing legacy manufacturing businesses. In this episode, we dive into Reg's journey from leaving the corporate world to becoming the owner of multiple aluminum foundries, exploring how he tackled the challenges of running traditional manufacturing businesses and finding growth opportunities in an often-overlooked sector. We discuss everything from the difficulties of scaling operations to maintaining profitability in the United States' competitive manufacturing landscape.
Questions this Episode Answers:

How did Reg Zeller transition from corporate America to buying manufacturing businesses?
What are the key challenges in running aluminum foundries?
Why are legacy businesses an exciting opportunity for entrepreneurs today?
How can acquisition entrepreneurship help you grow faster?
What are Reg's strategies for scaling operations in traditional industries?

Enjoy the conversation!
__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Highlights-Facing Business Challenges and Catastrophizing Situations
03:09 Understanding the Foundry Business Model
06:03 The Supply Chain of Aluminum and Recycling
08:53 Customer Base and Market Diversification
12:14 Operational Challenges and System Changes
14:57 Cash Flow Management and Growth Strategies
17:46 The J Curve in Business Growth
21:06 Industry Challenges and Market Dynamics
24:00 Navigating Market Challenges Post-COVID
25:50 Strategic Growth and Organizational Development
27:48 Long-Term Vision and Succession Planning
30:12 The Hardships of Entrepreneurship
31:57 The Reality of Business Ownership
34:08 The Trade-Offs of Fast Growth
36:07 Building a Sustainable Manufacturing Business
38:06 Finding Your Niche in Manufacturing
40:00 The Joys and Struggles of Small Business Ownership
41:50 Advice for Aspiring Entrepreneurs

87 - This Handyman Makes $1.2M/Yr: Here’s How You Can Copy His Model Anywhere with Chris Koerner Nov 22, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), and my business partner Chris Koerner (https://x.com/mhp_guy), as we bring you Part 2 of our discussion from last week (check out Part 1 - Episode #84 if you missed it!). In this episode, we continue brainstorming creative business ideas, including how to capitalize on website monitoring tools like Distill.io, the concept of a tax Sherpa for entrepreneurs, and an innovative handyman retainer model that's generating substantial recurring revenue. We also revisit our favorite segments with a "marry, date, or kill" evaluation of the ideas we discussed, figuring out which ones are worth pursuing, testing, or dropping.

Chris's YouTube: http://tkopod.co/p-yt

Questions this Episode Answers:

How can you turn website monitoring into a profitable business?
What are some creative uses for tools like Distill.io that entrepreneurs can leverage?
How can a tax Sherpa help entrepreneurs maximize their tax savings?
What makes car dealerships a good target for using automated monitoring tools?
How could the handyman pricing model be replicated?

__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Website Monitoring Idea
12:05 CPA Idea
21:05 Handyman idea
24:46 Mary, date, and kill

86 - AI: Threat or Opportunity? How This $9 Million Marketing Agency is Embracing the Future with Brandon Doyle Nov 20, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Brandon Doyle (https://x.com/_BrandonDoyle_). In this episode, we dive into how Brandon built and scaled not one but two successful digital marketing agencies: Walleroo Media and Arvo Digital. We talk about the ups and downs of running multiple agencies, the lessons Brandon learned along the way, and the importance of focus when scaling a business.
Whether you're an entrepreneur looking to grow your agency or interested in what it's like to manage multiple teams across paid and organic marketing, this conversation is full of valuable insights.
Questions this Episode Answers:

How did Brandon Doyle scale his marketing agencies to $9 million in combined revenue?
What are the key challenges in managing multiple marketing agencies at once?
Why is focusing on your core competencies critical for business growth?
How can agencies effectively implement AI to stay ahead in digital marketing?
What lessons did Brandon learn about finding the right operators for his agencies?

Enjoy the episode!
__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Highlights-Navigating Career Transitions and Early Challenges
03:09 Building a Digital Marketing Empire
06:00 The Evolution of Business Strategies
08:47 Lessons from Summer Sales and Persistence
11:46 Scaling and Managing Multiple Agencies
15:08 The Importance of Focus and Operator Challenges
17:57 Navigating Growth and Consolidation
20:51 Key Insights on Business Management and Growth
24:10 Embracing Change and AI in Marketing
27:06 Reflections on Success and Future Aspirations

85 - TOP PICK! How to Build an 80% Margin, $3M Online Trade School on 2 Hours/Day, with Hector Resendez Nov 18, 2024

Show notes

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨
Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Hector Resendez (https://x.com/TS_Secrets) to explore his journey in building an online trade school that’s changing the way blue-collar trades are taught. Hector shares how he used VR goggles to provide immersive training for trades like HVAC and plumbing, all while leveraging federal grants to fund student education. We discuss how Hector scaled to $200,000+ per month in revenue with extremely high profit margins, the impact of WIOA grants, and how this innovative model is helping fill the skills gap in trade industries.
Questions this Episode Answers:

How did Hector Resendez build an online trade school using VR goggles?
What is WIOA, and how can entrepreneurs leverage government grants for business growth?
How did Hector scale to $200,000 per month in revenue while keeping margins high?
What are the challenges and opportunities in teaching trades like HVAC and plumbing online?
How can entrepreneurs tap into the education sector with innovative training models?

__________________________
Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
__________________________
MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribe
Spotify: https://tinyurl.com/5avyu98y
Apple: https://tinyurl.com/bdxbr284
YouTube: https://tinyurl.com/nikonomicsYT
___________________________
This week we covered:
00:00 Introduction to the Online Trade School Model
03:07 Understanding the Grant System and Its Impact
05:56 The Evolution of the Business Model
08:51 Customer Acquisition Strategies
11:48 Curriculum Development and Accreditation
15:02 Operational Insights and Business Growth
17:55 Challenges and Future Aspirations

Our TOPPODCAST Picks

Follow Us

Stay Connected

Nikonomics – The Economics of Small Business

Related Podcasts

Links

Stay Connected