Mike Feldstein – Up and Running, Quick!
Quick-Show Notes:
In this episode of The Millionaire’s Lawyer, JP and Mike Feldstein discuss:
Mike is really good at getting business up and running fast and efficiently.
To do this, he generally has a testing period that is from 24hrs long to 1 week long.
Mike had realized that there are all the same fundamentals in the following:
- Hurricanes
- Floods
- Fires
- Wind Storms
- COVID 19
Since Mike had noted that the fundamentals of cleaning are all the same – the need to have good products and the need to be very, very thorough, he decided to create Envirocleanse.
- Found a good, reputable company in Grandmother’s Touch and found out what they would charge for the job, and then Mike charged a little bit extra and subcontracted it out to them.
- Mike promoted his company with Google Ads and was able to get his business to 40K – 60K within the year, with annual recurring income.
He and JP discuss how entrepreneurs are able to see the opportunity in something and then try it out for themselves to see if it works out. They do this via the Testing Phases
Mike noted that the Testing Phases are as follows:
- Margins and Profits
- Demand
As a consumer, note what has a waiting list, what phones are ringing off of the hook, which companies have lines out their door.
Call the Top Five companies in the field you are interested in and note what questions they ask, how they flow the conversation, ask them what products and services they offer, try and ask how they operate.
Most companies are not safeguarding all the information you require to be able to build a successful competitor.
- Busy Season
- Prices
- Demand
- Suppliers
Mike discusses how there are massive price ranges in some things, Kijiji jobs are often cheaper than people with the pretty website.
- Create a pretty website and hire out the people who are on Kijiji.
- Sometimes the people on Kijiji are small start-ups that the owner is operating so they want to go above and beyond for you to grow their clientele.
- Call the people you like and see what their rates are for your sending them work.
It is recommended to create a pretty website with the following fundamentals:
- Phone Number
- Someone to answer the phone
- Email for leads
Jaspr
Mike created this business with his experience in Restoration and Air Testing.
- He did work at Fort McMurray after the disaster
- Air Testing Business
- In Toronto (Canada) there is a lot of mold in the air, especially when it gets humid.
- The mold can cause a lot of health problems and needs to be addressed.
Mike Feldstein had noted a gap in the air purifier business – There was nothing suitable for the household
Anything that someone may have put into their homes was ugly and too loud, so Mike was on a mission to create something that would be accurate, informative, and easy on the eyes.
Jaspr has a clear map for success:
They have already created a very good foundation with
- Medical Practises
- Coles firearms
- Canada’s most expensive private school, different governments
Mike plans to have the following products for Air Quality:
- Medical Grade
- Consumer
- Big
- Small bedrooms/ offices
Your host, JP, and Mike talk about how imperative it is for you to be aware of what phase you are in, and to have a plan and vision of the next phases you would like your business to achieve.
There’s something to be said about the depth of connections with people rather than the quantity of connections.
Owners must be heavily involved with the CFO for the whole life of the business, be involved in their finances.
“A project without a corresponding goal is called a hobby.” “A goal without a corresponding project is called a dream.” – Tiago Forte
“The question you should be asking isn’t, “what do I want” or “what are my goals?” But “What would excite me?” – Tim Ferriss
Key Takeaways
From this episode of The Millionaires Lawyer with Mike Feldstein:
- Test out what you are thinking of doing as a business first
- Entrepreneurs see the opportunity in a situation
- When you are out and about looking for what businesses have lines out of the door, and phones ringing off of the hook.
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