04.07.20 | Timestamp @26:37, 35:05 | Grateful + Optimism = GO
Joe’s Question or Topic
Joe started a barbershop business way back in 2009. Through the years, the company was able to grow and develop a brand of eight shops. He is asking Gary for ways on how they can utilize the connections that they’re getting through their clients who love their brand in order to generate a bigger profit so that they can continue to grow more rapidly or expand to a lifestyle brand. He is also asking how to scale when margins are small.
Gary’s Story and Advices
Just like what Gary did with his wine business which also has a low-profit margins, what Joe needs to do is either make a capital infusion or stay patient. Razor-thin margins at scale become real money.
The other option for Joe is to innovate and start another revenue stream that allows him not to have to raise outside capital.
Gary Vaynerchuk’s Quotes
“There’s no absentee business. Show me an absentee business, and I’ll show you a business that’s about to go out of business.” ~ Gary Vaynerchuk
“There’s no passive income the way people dream it up.” ~ Gary Vaynerchuk
“Money is isn’t always bad, but money for the sake of money is bad.” ~ Gary Vaynerchuk