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BiggerPockets Money Podcast

249: The #1 Reason Side Hustles Fail to Become Businesses

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 15 November 2021

⏱️ 56 minutes

🧾️ Download transcript

Summary

You’ve heard the old statistic “nine out of ten businesses fail”, but why is that? If there are so many people willing to risk their livelihood to pursue a great idea, why do so many end up broke and back at a job? Gabe Nelson, certified financial planner and business advisor, has an idea. Gabe advises many business owners and solopreneurs through building their businesses with maximum cash flow and minimum time commitment. A couple of decades ago, Gabe was in the position many entrepreneurs are in today. He was working seven days a week, almost living at the office, doing anything he could to build his business. Once his daughter was born, he knew he had to take a step back from the seven-day workweek. Then, his second and third daughter were born, forcing him to automate, delegate, and eliminate every unnecessary task on his plate.  Now, with a thriving firm, Gabe knows what does (and doesn’t) work for solopreneurs, and the systems they need to implement now to secure a happy life tomorrow.  In This Episode We Cover The #1 thing you should do before you start a business or side hustle  Keeping your relationships healthy while working long hours at your business Outsourcing when you’re ready and growing a self-operating team  Laying the groundwork of communication between you and your partner  Managing cash flow in your business and keeping a healthy safety reserve Trusting the “whispers” that your gut tells you about your business And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pog its Money Pog Cash, show number 249, where we interview Gabe Nelson and talk about entrepreneurship.

0:07.0

And it was the best thing in the world for my business because then I was actually forced to be more productive during the day,

0:16.0

but it also allowed me to start to really get into being a parent because I was around a lot more.

0:24.0

Hello, hello, hello, my name is Mindy Jensen and from time to time Scott Schedule is just too darn packed.

0:30.0

Rather than miss the week, I'm calling on some of my friends to fill in.

0:33.0

Joining me today is Dion McNeely.

0:35.0

You know him from episode 448 of the Bigger Pog its Real Estate Investing Podcast, where he shared the lazy person's guide to financial freedom in less than 10 years.

0:44.0

Dion is also one of the owners of Commercial Driving School, a business heat group from 6 employees to 60 and one location to 4.

0:52.0

It's nice to say Dion knows a thing or two about running a business, which is why he was the perfect choice to step in for Scott.

0:57.0

Dion, thank you for filling in today.

0:59.0

Howdy, I'm Andy, I'm such a fan of yours, I'm excited to be on the show. Thanks for having me.

1:03.0

I'm a fan of yours, so this is gonna be great.

1:06.0

Dion and I are here to make financial independence less scary, less just for somebody else.

1:11.0

To introduce you to every money story, because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting or how lazy you are.

1:19.0

I wish I had a Scott trench impersonation voice, but whether you want to retire early and travel the world, go on to make big time investments and assets like real estate, or start your own business, which is what we talk about today.

1:30.0

We'll help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams.

1:36.0

Today we're talking with Gabe Nelson, a CFP who specializes in helping entrepreneurs and solopreneurs run their company the best way they can.

1:55.0

Dion, I'm super excited to talk to him today because we haven't really focused so much on entrepreneurship and today Gabe joins us to give us some advice on how to run your business.

2:06.0

One of the things I really like about the episode that we have today, Mindy, and Gabe points us out towards the end is that if you go to something like a convention or if you hang out in a mastermind and you actually talk to people sometimes the time that we learn the most is when we're just having a conversation.

2:20.0

And talking to Gabe today felt like we were just hanging out having a conversation where I think both of us actually took notes on some of the things he was saying.

2:28.0

So there's a lot to get out of this episode.

2:30.0

There really is. Yeah, I feel I feel a little bit seen in some of this episode like, oh, there's something I haven't been doing and should and I'm not even trying to run my own business.

...

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