4.8 • 2.1K Ratings
🗓️ 1 February 2024
⏱️ 7 minutes
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What do you do to stay on top?
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0:00.0 | How do you deal with competition, right? |
0:03.6 | Because you found something successful, |
0:06.4 | and then you started getting copied by people outside of your network |
0:09.6 | where you guys are helping each other. |
0:10.7 | Well, you gotta be better than everybody. |
0:11.9 | You know, you gotta stand next, you gotta have the better than everybody you know you got to stand |
0:12.6 | nice you got to have the best location you got to have the best marketing you got to |
0:15.5 | have your marketing is everything but what I really you know one of the big things that I've done |
0:20.4 | over my life is buy lots of businesses. So my favorite business to buy by far are my competitors. |
0:27.8 | Literally, first of all you get rid of the competitors. I mean there's so many upsides from doing that you know now you could there's a |
0:34.1 | million things we probably don't have time to get into but I have bought my first |
0:37.8 | competitor in the baseball cards I would buy other people out but my first really big competitor I bought was when I was |
0:43.9 | in Beanie Babies I had one of the best websites top five websites in the country |
0:47.9 | and I bought the you know two of the other top five websites if that sold Beanie Babies and we sold Beanie Babies |
0:54.2 | Pokemon Cars Magic the Gathering all these kind of kind of collectibles that were you |
0:58.2 | know kid collectibles and stuff and I bought my I bought this this competitor and I remember I paid him it was a |
1:05.6 | creative deal it was like a six hundred thousand dollar deal I was in my early |
1:08.1 | 20s so it was a decent amount of money I had it but I didn't want to spend it all |
1:11.5 | yeah I like you know same so I worked a creative deal with him I gave him like you know around 10% percent down and the rest over you know five years and I was literally paying him a few thousand a month but I was making ten thousand a month |
1:23.8 | on what I paid him so I had that seven thousand a month cash flow and it was really good so I got hooked |
1:28.8 | on buying competitors after that and I just realized how beneficial it is besides getting rid of my biggest |
1:34.2 | competitors I was able to grow my own business infinitely overnight instead of |
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