Building Business and Wealth and Opportunities
Building business in today’s world opens a lot of opportunities and brings just as many challenges. It is not enough to find the right tools and products, but it is essential to be equipped with the correct information.
In this episode, Chris Naugle of Flipout Academy shares his experiences in building business and his brand as a young entrepreneur. He also shares insights on building business culture that attracts customers, as well as the hows of investing in real estate. There’s a lot you can learn, so make sure you don’t miss this episode!
About Our Guest:
Chris Naugle has dedicated his life to become America’s leading money mentor. He is the co-founder and CEO of Flipout Academy, founder of The Money School, and Money Mentor for The Money Multiplier. He is an innovator and visionary in building business and wealth and real estate and believes in empowering others by sharing the knowledge on how money works.
Building Business, Its Culture, and Real Estate Investments
- He came from a lower middle-class family.
- He did not come from a family of entrepreneurs. However, as a kid, he was ambitious and wanted to be a professional athlete.
- At age 14, he started working on a farm and enjoyed his work.
- At age 16, he started working on a restaurant, but going to work every day became more of a burden for him and his grades are getting lower.
- Chris eventually stopped working and started a clothing line in their basement with the approval of his mom.
- He founded Phatman Clothing Company.
- He began to sell his clothes through consignment.
- He will leave the clothes with the store owners to sell in their store
- Upon his return, he will collect their payment for the pieces sold.
- It is like an honour system wherein you do not get paid at first and entrust your product to the store.
He Was Building Business as a Young Entrepreneur
- He started by making clothes and bringing them to school.
- He initially made a dozen t-shirts and increased production after selling them.
- At the same time, he’s also an amateur snowboarder. While travelling and meeting up with his fellow snowboarders, he offers his products to sell in their stores.
- His mother helped showcase the samples to possible clients. Then, they started manufacturing.
- He needed a place and a store, so he wanted to open Phatman Boardshop. He needs to raise $70,000, and his mom offered their house as the collateral.
- At age 18, he opened the company. He was able to pay off the loan in five years.
- His business was greatly affected after the terrorist attack.
- He applied in financial companies and landed a job selling life insurance.
- Chris didn’t like it, but he used it as an opportunity to meet new people.
- He went to work earlier than others and eventually outperformed his colleagues, earning $74,000 to capitalize on his business.
- He became a financial advisor selling stocks, bonds, mutual funds and, at the same time, still pursuing snowboarding.
Make Your Business Take Off
- He tapped on the strengths of his friends who are working for him.
- He empowered them and gave them incentives. In turn, they empowered his business.
- Chris was able to open test pilot stores, as well as two skateparks while being a financial advisor and having a different set of responsibilities.
Keeping Up With the Challenges
- They built their personal brand for the target market.
- The customers also wanted the lifestyle their brand portrays.
- Keep doing the things you love to do.
Developing a Culture With Rituals
- Their products were a part of the culture.
- The culture they started was spread out to all the skateparks and not just contained in their store.
- When you create a culture and portray and live the lifestyle others want, customers will be attracted and buy your product.
- Their culture built everything about their business.
Running the Business
- He paid his employees and managers well.
- He had a good bonus program as an incentive.
- His goal was not just to accumulate money but to accumulate it to reach their goals as a company.
- He continually developed his skills as well as his employees.
- He is a visionary and a big dreamer.
His Greatest Challenges and Overcoming Them
- The Great Recession in the US greatly affected his business.
- He had to sell his store, but he sold it to a family of snowboarders that he competed against so that the dream and the culture will be kept alive.
Venturing Into Real Estate
- He bought dilapidated buildings and rented them out.
- Chris started loaning from banks and paying for the downpayment. Then, he renovated the units one at a time.
- He had hit the debt and income ceiling, so he had to sell the 36 units that he renovated, including their dream house.
- Upon an invitation, he attended a seminar on flipping houses. Chris then started going to seminars to gain financial knowledge.
- He started investing in himself, eventually learned the secrets of the wealthy.
- There is nothing wrong with the system, but there has been misinformation on how money works.
Flipout TV Show and Flipout Academy
- He started a TV show called Flipout. However, the producer shut it off because it was too costly and “too outside the box.”
- He gave it to a different producer and supported their creative idea.
- Chris started an education company to coach people about flipping and building rentals.
- He realized that his calling was to go out and teach people how truly money works.
- The secret of the wealthy is not as complicated as how they make them seem. Chris is teaching simple principles.
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