Speaker 1: If you're about to make a change in your life
Speaker 1: and you feel uncomfortable, that's the best feeling you can
Speaker 1: have because for the first time in your life, you'll
Speaker 1: make a new decision that's going to be best for
Speaker 1: you and not what somebody told you to do. And
Speaker 1: that's when all bets are off. Welcome to Money Making
Speaker 1: Conversation Masterclass. I'm your host, Rashaan McDonald. Our theme is
Speaker 1: there's no perfect time to start following your dreams. I
Speaker 1: recognize that we all have different definitions of success. For
Speaker 1: you and maybe decide to your ha, it's time to
Speaker 1: stop reading other people's success stories to start living your own.
Speaker 1: Keep winning. I am going to be talking about how
Speaker 1: to be a successful business owner. Well guess what I
Speaker 1: have failed. I have done so many mistakes and I'm
Speaker 1: gonna share some of those mistakes. Let's get started here.
Speaker 1: I'm gonna ask some questions about it.
Speaker 2: This.
Speaker 1: Has anybody ever thought about you can raise your hand,
Speaker 1: you can raise your and your car driving you know,
Speaker 1: just raise your eyebrow. Thought about starting a business? Why
Speaker 1: didn't you do it? Have you ever thought about hiring
Speaker 1: people for your business and you've hired the wrong people?
Speaker 1: Have you ever thought about hiring relatives and guess what,
Speaker 1: you hired those relatives. Have you ever hired people that
Speaker 1: you were getting a good deal on them? Oh they
Speaker 1: got Oh they cheap. Oh that salary fits right into
Speaker 1: my budget. But they don't have the experience. Am I?
Speaker 1: Am I tapping into the right lanes with some of
Speaker 1: y'all out there? Or how about starting your business and
Speaker 1: you don't even have a budget. It's just a good idea?
Speaker 1: Am I tapping into anybody out there? Yet? Okay? How
Speaker 1: about this? How about this? You start a business with
Speaker 1: somebody you don't know? How about that? How about how
Speaker 1: about this? You start a business? You know, I'm from Texas.
Speaker 1: So they say you can start a business with a
Speaker 1: handshake that's will be contractual. I've done that before. Yeah,
Speaker 1: you don't make how to be a successful business owner?
Speaker 1: As a bold statement for me to say marketing and branding.
Speaker 1: Have a company called thirty and fifteen Media, Inc. Based
Speaker 1: in Atlanta, Georgia. I started it as an idea and
Speaker 1: I just started hiring people. Were they the best qualified people? No?
Speaker 1: In hindsight, No, But I knew them. I knew them,
Speaker 1: they knew me. We had long term relationships, they could
Speaker 1: do certain things, and I hired them. That's the number
Speaker 1: one problem with most people who fail in this business
Speaker 1: is they hire people just because they're close to them.
Speaker 1: They hire people because they make them feel comfortable. You
Speaker 1: hire people because they're just right there and they're available
Speaker 1: to be hired. That's the number one and the number
Speaker 1: two mistake. Do you have time for your business? Wow?
Speaker 1: You know I would tell people this. I get up
Speaker 1: at four thirty money to do fraudt that's one time
Speaker 1: forour thirty am I get up and people always going
Speaker 1: whoa woo four thirty when you're doing it front thirty.
Speaker 1: I was fortunate to give a speech uh I was
Speaker 1: at It was an area in Atlanta called Lithonias, right
Speaker 1: outside of Atlanta Georgia Chamber of Commerce, and I was
Speaker 1: speaking to them. That's one of the reasons they brought
Speaker 1: me over. It was to speak about how to be
Speaker 1: a successful business owner. And when you're speaking to tp
Speaker 1: people about being a successful business owner, one thing you
Speaker 1: have to admit that is that you made mistakes. I
Speaker 1: opened a comedy club in Houston, Texas called Hip Hop
Speaker 1: Comedy Style. I got in business with a person I
Speaker 1: didn't even know that's what He was a stand up
Speaker 1: comic too, so he liked telling jokes. I liked telling jokes. Yeah,
Speaker 1: I guess he'd make a good business part. So that's
Speaker 1: how we got in. That's like you, that's like you
Speaker 1: like to eat chicken, and you know somebody who makes
Speaker 1: good chickens. So y'all just gonna go into chicken business.
Speaker 1: Same same thing, same thing. I didn't know his likes,
Speaker 1: his dislikes. I didn't know his work happens. I didn't
Speaker 1: know if he like getting up early but he likes
Speaker 1: staying late. Didn't even have an idea of how to
Speaker 1: run a business. That's how I got in business. But
Speaker 1: the other side of that is that it became a
Speaker 1: very popular comedy club. Lines out the door. I just
Speaker 1: do a show on Thursday. Tickets are gonna sell on Monday.
Speaker 1: They were sold out in the hour. That's how popular.
Speaker 1: Was a room seats like three hundred and fifty people,
Speaker 1: A line out the door on Thursday show showtime, I
Speaker 1: hit stage at eight nine o'clock. People wouldn't go in
Speaker 1: the room until it was nine eight thirty. Was an
Speaker 1: empty They didn't want to see the other comics I
Speaker 1: walk in nine o'clock, room packed, eight thirty to eight
Speaker 1: fifty five, room was empty, nine o'clock packed. We were
Speaker 1: making money. But what just what what happens when you
Speaker 1: start making money? I forgot? You pay taxes, You pay
Speaker 1: taxes on tickets, you pay taxis on liquor. So so
Speaker 1: those little things. So all that money that you're making,
Speaker 1: somebody else want a piece of it. So you can't
Speaker 1: look at ten dollars as a real ten dollars. But
Speaker 1: because I didn't have a budget, because I didn't take
Speaker 1: time to understand how to run a business, I was
Speaker 1: just doing all the wrong things. So I'm sure a
Speaker 1: lot of you guys out there, ladies, I think, because
Speaker 1: women are the fastest growing entrepreneurial part in this company,
Speaker 1: especially black women, y'all just running things now, way opening
Speaker 1: up business. I'm sure you opening up business a lot
Speaker 1: more than me, better than me. So I was making money,
Speaker 1: but couldn't understand how selling out. But I can't pay myself,
Speaker 1: so I was just working for free because I didn't
Speaker 1: have Because what you can't do, I'm telling you something
Speaker 1: about this, the biggest mistake in a business. You can't
Speaker 1: open a business and then try to sell the budget
Speaker 1: because now you're playing catch up because you can't justify
Speaker 1: because you didn't have a budget at the beginning. You
Speaker 1: to have known why you have all these people hanging
Speaker 1: around you getting checks for you or wanting to get
Speaker 1: checks for you, then you understand why you fail. So
Speaker 1: when you're making money as a business owner, you can't
Speaker 1: be successful because of the reason that if you try
Speaker 1: to be successful, because you never had a plan. That's
Speaker 1: the numb more reason we fail. And the other num
Speaker 1: more reason we fail is do you have time for
Speaker 1: your business. I can't tell you how many people get
Speaker 1: mad because the store after a while they open their business.
Speaker 1: It opens a ten but they getting there at the
Speaker 1: same time the customer should get there. They getting mad
Speaker 1: because the customers got their own time, not knowing they
Speaker 1: got a restaurant here, They got to pre set up
Speaker 1: everything the customers. Yea be in a restaurant. You've been
Speaker 1: in a restaurants where oh, we don't have that on
Speaker 1: the menu today. Doesn't that make you mad? Oh we
Speaker 1: ran out? How you gonna run out of something that's
Speaker 1: on your menu? Didn you plan to make this? Then
Speaker 1: you plan this, make this a part of your regular.
Speaker 1: I've been. I've been in restaurants where they have actually
Speaker 1: used a marker to strike through things that they don't
Speaker 1: do in their menu. No more. Now I'm supposed to
Speaker 1: come back for that. Here it is a little note
Speaker 1: now about business. It's called consistency. I always tell people
Speaker 1: a little I'm just using Target as an example. If Target,
Speaker 1: if you drove by Target at night and they sign
Speaker 1: wasn't on, you think they'd be closed. So if like
Speaker 1: on Monday, Tuesday, and Wednesday, Target sign was on, but Thursday,
Speaker 1: Friday and Saturday was off, you think they'd be out
Speaker 1: of business, or you stop trusting them so you won't
Speaker 1: go there or put them on the list, and you
Speaker 1: actually started spreading rumors, negative rumors about Target or business
Speaker 1: like Target. And that's what happens if we're inconsistent. So
Speaker 1: if you if you open opening the business and you're
Speaker 1: saying you doing things, you gotta be there to do it,
Speaker 1: and everybody sees the profit line, you know, they buy franchise.
Speaker 1: You know they want to our franchise like Chick fil
Speaker 1: A or Jagging Bars or McDonald's or they heard or Bojangles.
Speaker 1: That's a that's a real hot franchise right now that
Speaker 1: people are buying, it still requires work. And so what
Speaker 1: these franchises try to do they try to train you.
Speaker 1: So you're gonna pay a fee, but they just don't
Speaker 1: let you just run out there. They're gonna find out
Speaker 1: if you have time too to run their franchise because
Speaker 1: they're applying the same business principles that I am doing
Speaker 1: in this conversation I'm having with you right now, the
Speaker 1: conversation of being able to sit down and apply to
Speaker 1: you and make sense plan of how you can be successful.
Speaker 1: So when you buy a franchise, what they do is
Speaker 1: they bring you in, they sit you down, and they
Speaker 1: have you work with somebody who has your best interests.
Speaker 1: Listen to me, now, your best interest because what they
Speaker 1: don't want to do is put a franchise out there
Speaker 1: and it clothes because it makes them look bad. So
Speaker 1: now if you don't have time, but you heard, did
Speaker 1: these franchises make a lot of money? Then they gonna
Speaker 1: have a problem with you. Then you're gonna get mad
Speaker 1: at them because they telling you why you're not there
Speaker 1: to open up their business on time. And guess what
Speaker 1: they gonna do after a while, They'll come take their license.
Speaker 1: Then what you're trying to do now, you're trying to
Speaker 1: suit you. Now you huddle up with your friends and family,
Speaker 1: all you in the corners just cussing and fussing like
Speaker 1: they've done you wrong. But you're the one didn't live
Speaker 1: up to the standards. They have, copyright, they have, they have.
Speaker 1: You just can't let anybody in the kitchen. If you
Speaker 1: making donuts, you just can't let it. You just can't
Speaker 1: shoot a video back there for TikTok making donuts back there,
Speaker 1: making cakes back there. You mad because that's their recipes.
Speaker 1: Everybody can't see this because you don't know the rules.
Speaker 1: You want to try to make your own rules. That's
Speaker 1: why you won't be successful. I'm gonna tell you why
Speaker 1: I was not successful at my comedy club, even though
Speaker 1: lines at the door. You can look it up. Hip
Speaker 1: Hop Comedy Stop nineteen ninety two to nineteen ninety four, Houston,
Speaker 1: Texas one of the most popular comedy clubs in the country.
Speaker 1: Everybody came through the Joe tur Subject, they detainer some more,
Speaker 1: all all the big stars came through there, Steve Harvey,
Speaker 1: everybody came to that.
Speaker 3: Club, made no money, made no money, broke even because
Speaker 3: I didn't have a budget because I didn't know what
Speaker 3: I was doing. I was in business with a person
Speaker 3: I didn't know, and he had a full time job.
Speaker 3: So guess what he kept saying, Hey, man, you got it,
Speaker 3: you got it, you got it. Well, guess what I
Speaker 3: got tired of being the person who got it. Then
Speaker 3: I had family WHOA. When we come back, we're gonna
Speaker 3: talk about hiring family. Who hire family, So that's a
Speaker 3: big a mistake you can make. Hire family now, especially
Speaker 3: when the mama, when the mama told you to hire him.
Speaker 3: This with Sean McDonald Marking and Brandy Expert telling you
Speaker 3: how to be a successful business owner.
Speaker 1: We've already covered have time for your business. Now we're
Speaker 1: gonna do you how relatives because you love them. We'll
Speaker 1: be right back with boy Money Making Conversation mass Class.
Speaker 1: Don't go the where y'all I just got started.
Speaker 2: WHA, Please don't go anywhere. We'll be right back with
Speaker 2: more Money Making Conversations Masterclass. Welcome back to the Money
Speaker 2: Making Conversations Masterclass, hosted by Rashan McDonald. Money Making Conversations
Speaker 2: Masterclass continues online at Moneymakingconversations dot com and follow Money
Speaker 2: making conversations masterclass on Facebook, Twitter and Instagram.
Speaker 1: Hi, this is Rashan McDonald. I'm telling everybody this is
Speaker 1: my opinion. It's not the opinion of the station. You're
Speaker 1: listening to this. Rashan McDonald just just pouring his soul
Speaker 1: out on the show today a little bit. I'm gonna
Speaker 1: start doing this more off. I like this. I though
Speaker 1: I'm have great guests, but I think you guys need
Speaker 1: to hear. How did I become the person I had?
Speaker 1: I became, ill become and I will continue to become.
Speaker 1: How to be a successful business owned business owner is
Speaker 1: the topic? Mars. How you doing? My friend Morris is
Speaker 1: on the line. Talk to me, marris's ' Sean mcgon's speaking.
Speaker 1: How you doing?
Speaker 4: Hey, I'm doing well? How are you what you want
Speaker 4: to talk about?
Speaker 1: Mars?
Speaker 4: Good? So I wanted to find out if you have
Speaker 4: any recommended sources where we could learn how to properly
Speaker 4: budget for a business. I know, of course you can
Speaker 4: google and things like that, but are there any resources
Speaker 4: that you specifically recommend to help us properly establish a
Speaker 4: budget for our business?
Speaker 1: Absolutely called Small Business Administration. They're in every major city
Speaker 1: and please go to them. Because when I opened my
Speaker 1: comedy club, I went there and when I went there,
Speaker 1: and I'm just using a club for an example. If
Speaker 1: they tell you, if you can tell them your club
Speaker 1: is three thousand square feet, they'll tell you how many
Speaker 1: table chairs you need. They'll tell you how many classes
Speaker 1: you need. They'll tell you everything because they have books.
Speaker 1: And then they have another part called Score, and Score
Speaker 1: is made up of retired executives, people who are entrepreneurs,
Speaker 1: people who have been in the business successful, and they
Speaker 1: can mentor you. They can mentor you so you can
Speaker 1: ask these honest questions. It's called Score, and it's called
Speaker 1: small business administration. And believe me, I tell people about
Speaker 1: this all the time. Do not step out there dreaming
Speaker 1: without a plan, Because you dreaming of the planet, they
Speaker 1: gonna come and slap you in the face and wake
Speaker 1: you up and it will be a nightmare when you
Speaker 1: wake up. I walk up into a nightmare. I kid you, not, Morris.
Speaker 1: I was making money and I never saw none of
Speaker 1: it because I didn't have a budget. I didn't understand
Speaker 1: who I was in business with. And guess what. In
Speaker 1: the end, I hired my relatives and guess what they
Speaker 1: had full time jobs, so they will not commit it
Speaker 1: to my dream because they had to get back to
Speaker 1: work the next day. So Small Business Administration SBA, and
Speaker 1: it's called score like you score a touchdown those two organizations.
Speaker 1: You can get it through Small Businessmen SBA right here
Speaker 1: and George you is also in Texas, is also in
Speaker 1: New York. Is also any major state, any major city
Speaker 1: has it. I would advise you to call them and
Speaker 1: guess what. It's free.
Speaker 4: Oh excellent, that's even better.
Speaker 1: Well, good luck, my friend. Thank you for calling the
Speaker 1: money make compans in medical health. Hope you got something
Speaker 1: out of the call. Thank you, my friend, Angela.
Speaker 4: How you doing, I'm good?
Speaker 5: Thanks taking my call.
Speaker 1: What question can I answer for you? Angela?
Speaker 5: I would love I appreciate you sharing your your failures
Speaker 5: because I think that helped sets the stage for me
Speaker 5: going into acquiring a business man. So yeah, please just
Speaker 5: continue to share some of the lessons learned because.
Speaker 4: I'm learning a lot. Don't hire your family.
Speaker 5: Plan your work and working.
Speaker 1: Well'n teach them them. It's hi you. I hire your family, though,
Speaker 1: because I don't want to give all family members of
Speaker 1: bad reputation. Now, do not hire your family as if
Speaker 1: your Mama told you to hire. Okay, Okay, don't hire
Speaker 1: them that way. Don't hire your family out of love. Okay,
Speaker 1: those two things. Now, if your family's qualified, they've done
Speaker 1: the work, they will put in the work they're hired.
Speaker 1: You treat them like. Here's the thing I would tell people.
Speaker 1: If you hire a family member, they should have the
Speaker 1: same qualifications and put out the same effort of somebody
Speaker 1: you would not know that you wanted to hire for
Speaker 1: the same position. But if you're bringing them in and
Speaker 1: you loan the qualifications, you will lawn the work ethic.
Speaker 1: You will lower the responsibility for that same job. So
Speaker 1: now you've lowered the standard for that job three times.
Speaker 1: So why do you expect that person to be effective
Speaker 1: when you need them to work forty hours a week?
Speaker 4: Is it?
Speaker 1: I'm gonna roll here. I gotta tell you something else.
Speaker 1: If you hire somebody, then they start changing the rules
Speaker 1: on how they work. You know what I'm saying. You see,
Speaker 1: I'm very clear and when I hire people, and you
Speaker 1: should be very clear, because you sent up. You send
Speaker 1: a letter to them outlining the job description, you both
Speaker 1: agreed on the salary. After a couple of weeks they
Speaker 1: started they start coming in making an excuse, you like, well,
Speaker 1: you know, I gotta pick up the kids. Okay, you
Speaker 1: tell me about that when.
Speaker 5: I hired you.
Speaker 4: Okay, you tell me about that.
Speaker 1: Or I gotta leave work early because of traffic. You
Speaker 1: tell me about that when I hired you, though, So
Speaker 1: so what happens is you have to be able to
Speaker 1: see certain questions you can't ask when you hire people.
Speaker 1: But if somebody ubers to the interview, I wouldn't hire.
Speaker 5: Okay, you lay the foundation straight from the beginning.
Speaker 1: But of course you know there's certain questions you cannot
Speaker 1: ask when you ask, but you have to have common
Speaker 1: sense and a whole approach. If you should ask somebody
Speaker 1: where they live. You know, my my company up in Alpharetta.
Speaker 1: Now anybody down there by the airport, I have to
Speaker 1: question whether or not they can come to my job
Speaker 1: on the regular basis. I just have to question that
Speaker 1: because I know there's heavy traffic in the morning and
Speaker 1: the afternoon, and my job is eight to five. So
Speaker 1: I don't care how much they say they want the job.
Speaker 1: I have to do common sense realize I may be
Speaker 1: compromising my business because guess what happens, They're gonna come
Speaker 1: in and start changing the rules with traffic, uh, family issues, uh,
Speaker 1: you know, and then then they're gonna say something to you.
Speaker 1: They're really gonna make you mad. You know, your job
Speaker 1: kind of far but you know all that. But you
Speaker 1: knew all that when you hire that person, because guess
Speaker 1: what they told you where they lived, but you ignored it, younor,
Speaker 1: So Angela, thank you for calling. These are some of
Speaker 1: the little things. And I'm not finished. So keep your
Speaker 1: keep your radio on because I got more to talk about.
Speaker 1: Keep your podcast on all that, guess I will. Now
Speaker 1: here's the problem that a lot of people have when
Speaker 1: they open the business. This I'm talking to business owner's
Speaker 1: talking to the entrepreneurs. Listen to me. Parking. I don't
Speaker 1: know why people think they can just open up, open
Speaker 1: up a business and not worry about parking. I had
Speaker 1: a comedy club, y'all. See I see see that comedy
Speaker 1: club taught me a lot, y'all. I had no parking.
Speaker 1: All my parking was on the streets out there on
Speaker 1: the streets. Three hundred people cars parked out there on
Speaker 1: the street, up and down the streets all up. Boy.
Speaker 1: I was popular, though, But guess what happens when you
Speaker 1: just parking any kind of way, any kind of way,
Speaker 1: any kind of place. Bad things start happening. Bad people
Speaker 1: start showing up, busting in car windows, so people would
Speaker 1: leave my comedy shows, come back in over shun my
Speaker 1: car being broken into so what So then my insurance
Speaker 1: got to cover that. So suddenly my insurance starts going
Speaker 1: up because I got a business, beautiful building, fantastic no
Speaker 1: parking though if I ignored the no parking issue, because
Speaker 1: guess what, I fell in love with the building. So
Speaker 1: I had to hire people to walk up and down
Speaker 1: the streets to stop people from busting into cars. Now
Speaker 1: you see why I wasn't making no money When you
Speaker 1: make all these ignorant decisions, no budget and business somebody
Speaker 1: didn't know by the it's in the building for two
Speaker 1: years with no parking.
Speaker 4: Rule.
Speaker 1: I'm gonna close this out about this person you should
Speaker 1: never ever hire. Do not hire inexperience employees because they
Speaker 1: are cheaper. I'm I'm just let that soak in a minute.
Speaker 1: Do not hire inexperience employees because they are cheaper. One
Speaker 1: they have no leadership abilities. Two they need constant supervision.
Speaker 1: Three they do not understand the position and the company
Speaker 1: and will not help you win. W I in capital
Speaker 1: letters long term, and I'm gonna put a little quote
Speaker 1: around here. I said something by relatives, do not hire friends.
Speaker 1: I've done that. It has burnt me. When it came
Speaker 1: time to make a decision. They reminded me that I
Speaker 1: did them wrong. They reminded me that they were the victim.
Speaker 1: They reminded me that I didn't know what I was doing.
Speaker 1: And you're exactly right because I was running a business
Speaker 1: based on friendship, no budget, family and a partner I
Speaker 1: didn't know. You cannot win like that. Ladies and gentlemen,
Speaker 1: as you listen to me talk about marketing and branding
Speaker 1: and how to be a successful business owner. The bottom line,
Speaker 1: it's on you look in the mirror and make a
Speaker 1: decision that benefits you, your family, and your future. This
Speaker 1: is another episode of Money Making Conversation Masterclass. I want
Speaker 1: to thank y'all. I always thank y'all every week for listening,
Speaker 1: and I just want to share the moments with you today.
Speaker 1: I'm gonna do this once a month, share some of
Speaker 1: my personal stories, my personal background as to why I
Speaker 1: can talk like this, Because I've made mistakes and you've
Speaker 1: heard the people who called in. I answered the question
Speaker 1: because I know where to go now and I will
Speaker 1: be able to help you as long as you listen
Speaker 1: to me every time I open my mouth and bring
Speaker 1: your guests on this show because it's for your personal
Speaker 1: benefit and it's free. I'm ra Sean mcdonalk. We talked
Speaker 1: to him.
Speaker 2: Thank you for joining us for this edition of Money
Speaker 2: Making Conversations Masterclass. Money Making Conversations Masterclass with through Sean
Speaker 2: McDonald is produced by thirty eight to fifteen Media Inc.
Speaker 2: More information about thirty eight to fifteen Media Inc. Is
Speaker 2: available at thirty eight to fifteen media dot com. And
Speaker 2: always remember to lead with your guests
Speaker 3: Than