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Start Your Own Business

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Oz:
Hello, everyone. Oz here. I have a very important guest with me, Cheryl Tips. Hey, Cheryl.
Cheryl:
Hello!
Oz:
Cheryl and I have known each other for a while now and we’ve been trying to schedule this call for a while, but her schedule is crazy. My schedule is crazy. With the holiday season, we finally made it happen. So I’m glad that you’ve made yourself available, Cheryl, great to have you here.
Cheryl:
Absolutely. Thanks for having me, Oz.
Oz:
My pleasure. So as we have a lot of new people and we also have a lot of veterans too, so veterans already know who you are, Cheryl, an industry veteran has been doing this for a while very successfully. So one thing I know that doing this long enough does not always equate to success, but I just wanted to add that she’s been doing it successfully for a long time and she did the right thing. She picked a vertical and going after that. So why don’t we just start with that, Cheryl, where you start off a little bit about yourself and where you started and where you are right now for that generalist transitioning to a specialist area, which is very key.
Cheryl:
Okay. Well I guess I’ve gotten about 30 years of finance experience as in like a lot of the veterans, I got my start in the mortgage industry. It’s not as probably the mortgage industry about 20-25 years residential mortgages, and when the big boom happened and the cheese moved, so to speak, from residential mortgages, I had to move with the cheese. So I got involved with commercial real estate and commercial finance and I guess probably maybe 10 years ago I got, I dabbled a little bit in MCA when it was first introduced to the market. I closed one or two deals back in ’09-2010 and just kind of got my start there and probably over the last few years got a real strong footing with the merchant in the merchant cash advance space. But since probably over the last 4-5 years, my income has remained steady. I think this year for the first time in about 3 or 4 years, I dipped right below $200,000 for a one person shop.
Oz:
Very good.
Cheryl:
Working on my tax stuff a couple of weeks ago and I think I hit a little over $190,000.
Oz:
So for those who obviously a lot of the people, I like yourself in mind, entrepreneurial people are financially motivated. Right? And you’ve been doing this role for right now, so what is the potential, I know the report, for example, I know you released your numbers last month, it was like over $30,000 or something like that. So is that a one-off number that you do one every three years or if you consistently get numbers like that? 15, 20, 30, $40,000?
Cheryl:
Yeah, I consistently hit numbers like that. My numbers monthly are anywhere from $18,000-$40,000 a month. So like I said this year we did a little under $200,000… had some issues going on health wise, so wasn’t able to fully get the full year, but I’m usually between $220,000 and about $310,000 as annual revenue. Gross revenue.
Oz:
And this is a one person shop so you don’t have lease, you don’t have 15 employees, so it can certainly be done by being yourself pretty much being a consultant and the opportunities right there if you choose to take it. Just like anything that requires specialization, spending time and I believe taking ownership. I think some people just see it as a side thing that they can just do whenever they want and they can just come here and there. This just needs to be more than a hobby. This is an actual business.
Cheryl:
Right. If you’re expecting to make $100,000, absolutely. I mean it has to be more than a hobby. I live, eat, and breathe this stuff and you and I would laugh at the beginning of our interview about how much I travel. I try, I vacation probably five times a year and some of those vacations are working vacations. I’m on the beach with my iPad or with my laptop and my phone and I’m still doing bills at the show in Vegas in the middle of one of the talks there in Vegas. I was sitting at my computer paying a referral broker. I think it was a $10,000 commission that I sent out just sitting there because I’m finding the deal. You’ve got to invest time and commit to this deal. Oz’s system works, guys. I’m just going to tell you.
Oz:
Absolutely. And I see you were friends on Facebook too and you know that’s why I was joking because I know you have the location freedom. You can just pretty much pack up and go and still run your business, right? Time for you that you’re spending family time with family, you’re eating at places whenever you want pretty much. And you can take your vacation. And also the financial freedom for one person. Like a lot of people are settling in with making $30,000 a year and sometimes you’re making that per month for as a one person shop. So I just want people to grasp that idea of what the potential is that we’re not talking about a 20 person company. That’s just one person doing all of that. Just 80% of the battle is the mindset battle. Like making the commitment to yourself, not to me, not to Cheryl. That you’re going to, you’re in this and you’re going to be doing this, right? So, Cheryl, over our time, I don’t want to keep you, I know you’re a very busy lady, but I do appreciate your time and great to have you here.

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