The $100 MBA Show

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MBA2281 Q&A Wednesday: Is it better to hire full time or part time employees? Apr 05, 2023

Show notes

For new and small businesses, every cent you spend on employee compensation counts. So are you getting more bang for your buck when you hire part-time, or full-time?

The answer — as is often the case in business — depends.

It’s Q&A Wednesday, and we’re helping a listener with a growing business spend his payroll dollars wisely. They know they need to build a team in order to reach the next level, but the budget requires some tough choices. Where’s the most value for money?

Hint: it has more to do with how the employee works than how much.

Learn what factors you should consider when choosing between full and part-time hires. As a company that’s hired both — and had good and bad results both ways — we know what can go right (and wrong) with each.

Tune in, hear what’s worked for us, and make the choice that best serves your business. Click Play!

To submit your questions, visit 100mba.net/q.

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MBA2280 How To Deal With Everyday Stress in Your Business Apr 04, 2023

Show notes

Stress is like an anchor. It weighs you down, and holds you back. It does the same to your business, as stress makes you a less effective and efficient leader. So what can you do about it?

And by the way, we’re not talking about big stress, like you get in response to a rare crisis or major catastrophe.

We’re talking about the basic, everyday stresses that any entrepreneur experiences, no matter how well their business does. It’s simply unavoidable: things will not always go your way. With the stakes high, that means basic stress management isn’t a luxury. It’s a priority.

Today, we share the most common forms of everyday business stress — and how to deal with each.

Learn what most often induces low-grade stress, and the simple practices that help you get better at navigating it. Developing resilience is like developing strength or stamina or any other ability. You have to put in a little work every day.

Fortunately, everyday stress will give you that opportunity. Learn how to take advantage of it, and become a better emotionally equipped entrepreneur. Click Play!

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MBA2279 Extended Interview: Nathan Barry - How to Grow a Self-Funded Software Business to $34 Million and Beyond Apr 03, 2023

Show notes

If you need proof that a self-funded, bootstrapping startup can make it big — with no special advantages or even extraordinary luck — this is the episode for you.

Creator-focused email marketing software ConvertKit is the company. College dropout Nathan Barry is the founder. And his story will erase any doubts you have about your own business potential.

Omar and Nathan go way back, to a time before both had achieved real escape velocity with their SaaS products. In today’s extended conversation, they reflect on the journey from there to here, and what allowed Nathan to turn a side project into a multi-million dollar company.

From his rural home-schooled childhood to his early exit (for good reasons) from higher education, Nathan learned very early how much our destinies are really within our control.

Because of that, he was able to take his own, much shorter path to success. It’s enough to make you wonder why everyone doesn’t cut their own path — until you hear how challenging the independent road can be.

Learn how the freedom of entrepreneurship is a double-edged sword, and what it takes to make it on your own. This interview is full of priceless lessons for anyone wondering what’s truly possible. Click Play!

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MBA2278 Why Now is The Best Time To Hire + Free Ride Friday Mar 31, 2023

Show notes

It’s time to start hiring. Every once in a while, the stars align to make great talent more available and accessible to small businesses. And you don’t need the world’s biggest budget to get the best hires.

Sometimes, it’s all about timing.

A few forces have come to bear on the jobs market. Yes, unemployment is low — but it’s not in the freefall it’s been in since 2010 or so. Yes, we just went through the “Great Resignation” — but many who resigned didn’t land the job of their dreams (or any job at all). Yes, there’s inflation — but salary really isn’t everything.

Today, we explain why this year is a golden moment for picking up new team members.

If your company offers the right mix of decent pay, positive culture, flexibility, and work/life balance, there are probably some ace hires out there waiting for someone like you. Whether the jobs market actually contracts in the near term isn’t clear — but there is un-and-under-employed talent out there.

Learn how to seize the day, and build the team that’ll take your business to its next level. Click Play!

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MBA2277 Ideas You Can Steal From Apple Mar 30, 2023

Show notes

As they say, “Success leaves clues.” And few companies have left more clues behind than Apple — even for small businesses. You don’t have to be a giant to make these moves. You just have to dare.

After all, Apple was a startup once, too.

Today, we break down a few key things that Apple has always done well. From the way they create their products to the way they market, Apple cut a new path through tech. Their strategies aren’t just for fancy phones, though!

No matter what you sell, the bedrock principles that Apple follows apply. There’s no reason not to study what works, and modify it to suit your specific needs. Today, we aim to help you do exactly that.

Learn what made Apple such a breakthrough company, and how its approach to entrepreneurship has never stopped working. Whether you’re selling t-shirts, software, or your own skills, you can be the Steve Jobs of your niche (but with your own personality, of course).

Click Play!

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MBA2276 Q&A Wednesday: How do I price my first product? Mar 29, 2023

Show notes

Setting your first price for your first product can feel…scary. But most new entrepreneurs err on the wrong side of the equation, undervaluing their product or service in a way that can backfire — badly.

It’s Q&A Wednesday, and we’ve got a listener with a new software product. But what should it cost?

A common misconception is that the lowest price will attract the most customers. However, this strategy isn’t sustainable in the long run, because it limits the revenue you can invest in making your product even more awesome.

The question isn’t “What are consumers willing to part with?” It’s “How valuable are the benefits my product provides?” Put a number on that, and don’t sell yourself (or your company) short!

Ultimately, setting the right price requires some research and analysis of how much money, time, and effort you’re saving the customer. But just as importantly, it requires the right attitude. Don’t be afraid to charge what you’re worth!

Hear our advice, and consider it next time you look at your own price tags. Click Play!

To submit your questions, visit 100mba.net/q.

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MBA2275 5 Sales Strategies That Don't Scale Mar 28, 2023

Show notes

A personal touch can set your business apart — even when there’s no chance you’ll be able to do it for everyone. So why do new businesses avoid strategies that don’t scale…even while they’re still small?

Sometimes, there’s a such thing as being too efficient, even in business.

It’s the inverse of the old saying, “What got you here won’t get you there.” Of course you’ll have to evolve your strategies when your business gets bigger — but while it’s still young, you can afford to go above and beyond, even if it’s just for a few people.

…and the results are worth it.

Today, we discuss a few things you can do as a small business that don’t multiply well. However, the impact of these meaningful (but highly inefficient) moves can be monumental, and position your company to grow.

Worry about scaling when it’s time to scale. While you’re still making a name for yourself, go the extra mile. It’ll pay off, and set you up to worry about how to get “there” when the time is right. Click Play!

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MBA2274 Extended Interview: Tom Ross - How to Build a Thriving Online Community Mar 27, 2023

Show notes

Sometimes, it’s not the brand that’s the star of the show — it’s the community. As today’s special guest explains, an intentionally fostered community can be as valuable an asset as your product!

Yes, you read that right.

When it comes to everything from marketing to your company’s valuation, a well-planned and managed community can be worth its weight in gold. But too many entrepreneurs simply open an online space and then…hope people engage on their own.

That won’t do the trick.

In this special extended conversation with Tom Ross (founder of DesignCuts and learn.community), learn how to actively cultivate the kind of community that can turbocharge growth, and sustain your business for years to come.

Create and protect the space for your audience to truly, collaboratively engage, and they’ll reward you over and over. Click Play!

The Community Manual by Tom Ross

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MBA2273 My Podcasting Recording Setup + Free Ride Friday Mar 24, 2023

Show notes

Ever wonder how we make your favorite bite-sized business podcast? Wonder no more! Today, we share the exact setup in our home “studio” where we record almost every episode.

That’s right — we record this professional-quality podcast at home. And so can you.

We’ll share the tools we use to get consistent quality of sound, including how the setup of the room itself affects the recording. You don’t need a full-blown professional studio, or even expensive equipment, to produce a podcast. But you do need to sound professional enough to be taken seriously.

Seriously, anyone can copy our setup.

We’re asked this question so often, we felt compelled to share the details. Hear what we do to make sure this and every episode sounds crisp, clear, and worth listening to. Then, set up your own recording space for top-notch podcasting. Click Play!

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MBA2272 Why It’s So Hard To Fire Someone & How To Do It The Right Way Mar 23, 2023

Show notes

Firing people is never fun, unless you’re the kind of boss who someone is better off not working for. But firing people is almost inevitable, especially as your team and business grows. Better to be prepared!

Today, we take a hard look at this hard — but necessary — task.

Besides the obvious cringe-worthiness of taking someone’s living away, firing people is uncomfortable because it’s not just about their failure. If you hired this person, it means you messed up too, miscalculating whether they’d be a good fit.

Plus, people tend not to take getting fired very well.

That said, you can prepare. You can take an approach to parting ways that’s healthy, respectful, and defensible — even to yourself. It’s your job to put the business first, even over an individual employee who’s not working out. And it’s your right to say goodbye when the time is right.

Learn a few strategies for making a difficult conversation a little easier, and a lot more constructive. Click Play!

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