How to Turn Your Small Business into $10K/Month [Video]

Your small business could be the key to financial independence, early retirement, and more income than your W2 is paying you. But, most small business owners don’t understand the best way to grow their income stream. With a DIY mentality, you could be stuck doing the skilled work, answering the emails, picking up phone calls, bookkeeping, and spinning ten plates at the same time while your business fails to grow. Instead, you must step out of the “solopreneur” role and into the “business owner” mindset that can help you quickly make a six-figure income while working for yourself.

Today’s guest Amy took a big risk, leaving her job to start her physical therapy practice. She’s been slowly building up her income to a stable monthly amount but wants to spend more time on money-making activities in her business and less on administrative work that she could easily hire out. With a few quick calculations, Scott and Mindy devise a scalable way for Amy to start bringing in six figures while outsourcing all the work she doesn’t love.

And even though Amy wants to make more income, she’s not obsessed with hitting FIRE fast. Instead, she wants a slow path to FI, one where she can focus on raising her son, spending time with her family, and helping the patients that need it most. So if you’re stuck in a small business or side hustle that takes too much time while making too little, stick around for some stellar advice from Scott and Mindy!

Show Notes at:
https://www.biggerpockets.com/blog/money-394?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Outsource Your Way to Multiple Streams of Income:
https://www.biggerpockets.com/blog/outsource-streams-income?utm_source=youtube&utm_medium=description&utm_campaign=none
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The 3 Main Stages of Scaling Your Small Business:
https://www.biggerpockets.com/blog/stages-scale-small-business?utm_source=youtube&utm_medium=description&utm_campaign=none
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21 Ideas for Part-Time Gigs & Side Hustles:
https://www.biggerpockets.com/blog/side-hustle-ideas?utm_source=youtube&utm_medium=description&utm_campaign=none
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Buying and Growing a Small Business With Little to No Risk:
https://www.biggerpockets.com/blog/biggerpockets-business-podcast-40-brit-foshee?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode #394

Intro
03:23 Money Moment
04:04 Income, Expenses, Assets, and Liabilities
06:07 The Slow Path to FI
11:32 Getting Income Up
18:43 Building Your Business and Outsourcing
43:02 Banking on Referrals
45:30 Ditch the Car Debt?
48:05 When In Doubt, Hire Out
53:29 Take Your Business to the Next Level!