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In this video I’m looking at two mental models about how we should approach opportunities and take advantage of them to live happier more productive lives.
During the video there are segments from my Deep Dive interview with Bobby Seagull. To see the full interview with Bobby on Nebula, sign up to CuriosityStream – https://curiositystream.com/ali and use the code ALI at checkout to get free access to Nebula.
Timestamps:
00:11 Door Knockers vs Window Openers
06:30 Return On Luck
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Kenneth Orme started K.O. Towing in 2019 with a single truck. In the 3 years since, heโs grown to 4 trucks and a total monthly revenue of ,000. Weโll find out how he did it in todayโs interview.
This video is sponsored by TailorBrands. Use code “upflip40” for 40% off at check out! Click here https://tailorbrands.go2cloud.org/SH6B to get your business started today!
Before starting K.O. Towing, Kenneth worked as a Journeyman Machinist and welder. When the shop heโd worked for went out of business, he took the opportunity to become his own boss and bought his first tow truck. He added the second just before the start of the pandemic, and has continued to grow over the past 2 years despite those added challenges.
Today, Kenneth shares his advice for how to start a tow truck business from the ground up. Weโll find out how much it costs to start a tow truck company and what kind of equipment you need before you start. Along with towing, his company offers roadside assistance and transportation services for customers, and Kenneth will share why it helps a tow truck business to include these options, and what systems and supplies you need to do so.
Rather than start with a business loan, Kenneth leveraged his personal credit to get started with a lease-to-own truck. Weโll hear why that was the best option for him, and other tips for starting a towing business with little to no money. Heโll also share how he connected with his first customers and established his reputation for quality service in the Tacoma area. As a 24/7 business, K.O. Towing needs reliable employees to function smoothly. Weโll find out how he hires and manages his staff to maintain consistent service quality.
Resources:
https://bit.ly/4fybQN0ย – Startย orย Growย Your Business with UpFlip Academy
https://www.kotowoing-tacoma.com โ Find Out More About Kenneth’s Business
Timestamps:
0:00 Intro
0:58 Meeting the Owner of KO Towing
2:01 Tips on Finding Your First Customer
2:58 How To Break Even in This Business
3:48 Public Clients vs Private Clients
4:52 Most Profitable Towing Services
5:54 The Must-Haves To Get Started
7:29 Scaling into the Hundred Thousands
9:21 Required Expenses To Know About
10:26 Tips on Starting a Business with No Money
11:30 Successful Advertising Strategies
13:05 System and Processes
13:44 The Tool Every Towing Company Needs
14:20 What Makes KO Towing Unique
15:18 The Trick To Avoid Failure
15:53 How To Make a Presence Online
17:16 How To Solve Common Business Problems
18:20 Blitz Time with Ken!
19:09 The Key Pieces You Need On Your Truck
20:34 The Average Work Day
21:43 Advice on Finding Perfect Employees
22:43 What Ken Earns Per Tow
23:32 What Itโs Like to Operate 24/7
24:32 How To Motivate Yourself
25:12 Financial Tips for Starting a Business
26:14 How To Double Your Revenue
27:00 The Key To Keeping Customers Loyal
27:32 How Ken Got Through The Pandemic
28:38 Where Ken Got His Experience and Knowledge
29:24 The Busiest Time for Towing
30:47 Tips on Reputation
31:22 Choosing The Perfect Service Area
31:52 Kenโs Advice for Beginners
#towing #towtruck #towtruckbusiness
One of the reasons I wrote the book How to Start a Towing Company was that I made many mistakes when I first started out.
And I wanted to help you to avoid these same mistakes. I want you to do it the right way.
Initially, I was more of a technician (like from the book The EMyth) than an entrepreneur with a business mindset.
But over time, I learned from my mistakes and made a lot of money.
Anyway, I mention my book because I get a lot of emails from people in and outside the industry who have questions, and the answers are in the book.
Hereโs a question I got the other day.
โI was just on your website. What are the general requirements when starting a towing company? We want to get started right away.โ
My reply:
โDepending on the type of towing business you start and the location, the requirements will vary. But what I have here for you would be a good place to start.
Licensing and Regulations:
Learn what the necessary licenses and regulations you need to comply with when starting your towing business.
These are dependent on the type of business you start and where itโs located. Consensual towing versus Non-Consensual Towing, or a combination of both.
Parking enforcement (AKA impound towing)? Working with law enforcement? Heavy-duty towing?
These are questions that must be answered before you can know what types of licenses youโll need to acquire as well as what regulations youโll need to abide by.
Next isโฆ
Equipment and Investment:
Once you have the licensing and regulations determined, you can get a better understanding of what type of tow trucks and equipment youโll need to start a towing business and what the estimated initial investment will be.
For example, if youโre running a consensual towing business out of your home, your investment may be as small as ,000 for a used flatbed tow truck.
However, if youโre operating a non-consensual towing business, youโll need a secure lot and possibly a 24-hour facility, depending on the regulations in place.
So, youโll need to lease or buy property and have additional staff.
And, of course, youโre going to need insurance.
Insurance Requirements:
The types of insurance youโll need will also be dependent on the type of business you start.
While youโll need Comprehensive Collision, Liability, On-Hook, and Cargo insurance for both consensual and non-consensual towing, youโll also need Garage Keepers Insurance for vehicles that are kept on your property.
And you also want to get Workerโs Compensation Insurance for your employees.
Of course, other types of insurance can be helpful, such as loss of income insurance, but they are not required.
Then, youโll want to do a comprehensive analysis of the market youโre entering.
Market Analysis:
Youโll want to ensure that the location where you start your business has sufficient demand. I always suggest that you seek out an area with at least 40,000 people within a 10-mile radius.
If youโre in a rural area, even if youโre close to an interstate, you better understand that the number of people who need towing or roadside assistance will be substantially less than if youโre in a major city.
Also, if you live in a depressed area, there may not be sufficient demand for your services. So, before you pull the trigger and start your business, ensure the folks in the area you choose have the means to afford your services.
The Last thing Iโll say on market analysis for now is donโt be discouraged if you see other towing companies operating in the area.
While you might assume that the area has too many competitors for you to start, seeing other towing companies is a good sign that thereโs sufficient demand for your services.
Besides, your goal is to differentiate your business from all the others.
Once youโve figured out where you want to set up shop, the next highly important piece of the puzzle is to determine how youโre going to get customers.
Client Acquisition and Marketing:
How will you acquire customers?
Many startups believe they can rely solely on work from motor clubs or auction houses, but they quickly learn that these companies pay much less than cash-paying customers. This is where we help our clients with online marketing, including SEO and Google Ads.
Thereโs much more to unpack, but I hope that helps.
Thanksโ
From the series Your Time is Now comes a T.D. Jakes sermon that will help you capitalize on the opportunities God gives you. Watch as Bishop Jakes and The Potterโs House present โThis Is Your Opportunity.โ
T.D. Jakes begins his message by emphasizing that the opportunities God gives you are beyond your comprehension and cannot be measured. A big opportunity may come from a seemingly small place. Bishop Jakes points to the miracle of the five loaves and two fish โ something small that ended up feeding thousands. Donโt overlook or minimize the opportunities God gives you.
T.D. Jakes opens our eyes to the magnitude of Godโs purpose, plan, and vision. His message is one of hope and expectation โ that God wants more for us than we could ever imagine. He wants to โrevolutionizeโ how we think, move, and function. He wants us to focus on the opportunity โ His plan and purpose โ and eliminate what holds us back: negativity, fear, false limitations.
Satan, on the other hand, would have us focusing on our failures rather than finding fulfillment from these God-given opportunities. Donโt miss your moment.
Watch as Bishop Jakes expands on this topic with biblical examples and offers encouragement for your future. Break the chains holding you back from divine blessings. Watch โThis Is Your Opportunity.โ
Stay connected with The Potterโs House and find more T.D. Jakes sermons and special messages via our YouTube channel.
#LearnHowGodGivesYourOppurtunities #WhatIsTheMeaningOfGodsPurpose Video Rating: / 5
For all the fear and panic thatโs out there with the #coronavirus I also think thereโs opportunity. Maybe you have been wanting to spend more time with your kids, perhaps thereโs a book youโve been wanting to read or write, maybe thereโs a side hustle you have been wanting to pursue but never had the time? Regardless of what it is, thereโs an opportunity out there if you are able to change your #mindset
Thereโs a ton of companies out there claiming to have the best smart business card, and I bought all of them. From Dot, Linq, Popl, Mobilo, OVOU and Wave, All with different features, their take on how sophisticated a card should be, and then how that look and feel should translate to the custom website you get when tapping on them with your phone, or scanning their QR code.
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NOTE FROM TED: This talk contains a discussion of violence and warfare. We’ve flagged this talk because it falls outside the content guidelines TED gives TEDx organizers. TEDx events are independently organized by volunteers. The guidelines we give TEDx organizers are described in more detail here: http://storage.ted.com/tedx/manuals/tedx_content_guidelines.pdf
War is hell, but war is also a brutal teacher. War teaches you about brotherhood, honor, humility, and leadership. In this riveting talk, Jocko Willink explains from personal experience how war teaches you the most when things go wrong. Jocko asserts that when a team takes ownership of its problems, the problems get solved.
JOCKO WILLINK is a decorated retired Navy SEAL officer, author of the #1 New York Times bestselling book Extreme Ownership: How U.S. Navy SEALs Lead and Win, host of the top-rated Jocko Podcast, and co-founder of Echelon Front, where he is a leadership instructor, speaker, and executive coach. Jocko spent 20 years in the U.S. Navy SEAL Teams, starting as an enlisted SEAL and rising through the ranks to become a SEAL officer. As commander of SEAL Team Threeโs Task Unit Bruiser during the battle of Ramadi, he orchestrated SEAL operations that helped the โReady Firstโ Brigade of the US Armyโs First Armored Division bring stability to the violent, war-torn city. Task Unit Bruiser became the most highly decorated Special Operations Unit of the Iraq War. Jocko returned from Iraq to serve as Officer-in-Charge of training for all West Coast SEAL Teams.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx
http://www.XFTfueltreatment.com – Check out Xtreme Fuel Treatment and this great business opportunity to make money when people fill up their car, and everyone will save money on gas!
The guys in this video have 40 million+ viewers of their reality show of Jungle Gold, from the makers of Gold Rush. Scott and George from the show have discovered an amazing opportunity that is just starting to explode worldwide.
There are distributors in Africa making over k/mo while they help others save money and realize their dreams.
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