Sunday Business Talk Nov, 27th 2016

Efrén Ramírez
How can you achieve financial freedom without being an entrepreneur?
  • Efren. Not everyones cut out to be an entrepreneur. Its a hard life. We have the highest highs and the lowest lows until we hit it big. But the way to become financially free is by creating multiple streams of income. Side hustles. What ever they are that can run independently from you. Internet businesses, side consulting work, sell  your services for an extra hour a day. Focus on creating mutliple streams and eventually, those extra streams will add up to some nice extra cash that comes in ontop of your pay.
deamonmachine
One video I’d like to see is how do you start your “side hustle”. I work at an independent shop, which does fine, sometimes they are slow and of course I want to have my own shop. I just have a regular carport to work on, what kind of work should I look for? I presume something that doesn’t require a lift or doing a TON under the car just on jack stands. I’m thinking I should just print up some flyers and hang out at the mall or random locations, maybe put them under wiper-blades for cars I’m good with?
  • There a few topics I will go deep into and give you guys step by step instructions. Starting a side hustle is on the list. For now, Just print out a bunch of business cards with your name number and email and give them out to ten people a day. Make it your goal to talk to ten people and ask them how they are make basic convos and ask them “what do you do for a living?” then when they ask you, say “I am a mechanic and I work out of my house”  This will get the ball rolling.
  • Do all sorts of work! there is literally nothing you cant do on the floor. I’ve replaced all major drive train components on the ground on all makes and models. Depending on your local laws, is what will limit you. In Cali I normally liked to do basic work that would be in and out in an hour or two. When I was balls to walls, I was doing engines and heads and cars would sit in my front driveway for a few days. The neighbors didn’t like that much.
Kevin Villalobos
How’d you get your clients to start your own side hustle?
  • First I posted on my facebook that I was doing side work on cars. Then I would hang up tab posters at the local college and hand out my business card to people. I also passed out flyers. Check out some of the marketing techniques in this post. Thats how I started.
Efrén Ramírez
How do you start an online business?
  • The same basic concepts apply to tarting a online business is the same as if you where starting a brick and morter business.
  • 1. There has to be a demand for you business.
  • 2. You have to know how to do marketing for  your business.
  • thats it.
  • I do love online business more though because there is little risk when starting an online business. The over head is nothing and the possibilities for growth are endless because you can reach the entire world.
  • With brick and mortar you can only service your immidiate area. But service businesses do have a lot of pros that i do love. Like, endless need. Easy to market for. Easy to find clients for. etc.
Nitro Fast (Nitrofast)
besides costs of labor and overhead, what other costs are associated with running your business? taxes,permits,insurance,etc. Thanks alot man.
  • Check out this post. I break down a lot of the cost here.
  • Wages
  • Office Rent/Lease
  • Water
  • Telephone
  • Internet Access
  • Office Supplies
  • Security
  • Marketing Costs
  • Web Site Hosting
  • Web Site Updates/ Hosting
  • Web Yelp
  • Web Google
  • Mailing List
  • Printed Marketing
  • Marketing Facebook
  • BNI
  • Lyoness
  • Marketing Giveaways
  • Marketing Products
  • Marketing Miscellaneous Expenses
  • Shop Cost
  • Uniforms
  • Scanner  CAPITAL
  • Credit card machine
  • Workers Comp.
  • Shop Insurance
  • Shop Car Insurance
  • Shop Car Maintenance / Fees
  • Shop Car Gas
  • Parts (Warranty, Returns)
  • Tools
  • Shop Supplies
  • Shop Maintenance
  • Business Fees
  • Business Permits
  • Orange County Fire Authority
  • Credit Card Machine Fee
  • Merchant Service Adjustment
  • Bank Monthly Service Fee
  • EPA – Hazaedous Waste / Oil
  • Oil Recycling
  • OC – Hazaedous Waste
  • Training
  • Training classes
  • Training-related travel costs
  • Books or Training Guide
Ps4 Addict
Where did you learn your trade
  • Many places. On the job. Trade school. The internet. My master technician.
toybits
can you put a sevice rates on all of your services?
  • No. Its all different because I work on everything.
 
Edilson Hernandez
Whats your opinion on going from working in a dealership to renting out a mechanic shop?
  • I think its great. Renting out a bay out of someone elses shop limits your risk. You want to build up your clientle until you have a base and core customers coming to you before you open up a shop. THis is the safest way to do it.
Toy Toni 
How do you pay your mechanics ? Is it flat rate? Commission?
  • Hourly.
Jonny Hernandez
Hey man great job on what you are doing brother…. How do you speak throughout the video without saying uhm or like …? I ask because, im recording a bit to start a channel here about heavy duty diesel reapir and i find myself pausing and losing my train of thought alot . any advice?
  • I use to say um a lot. I stopped when I joined toastmasters. Toastmasters is a speech club that help you with public speaking. They have a bell that they ring every time they hear a person say um, and, or any other filler word. Once you realize youre doing it, you stop.
  • Another way is to just record your videos and watch them over. Youll realize youre doing things that you never realized before and youll correct them in your next video. I watch my older videos and I cringe at how bad they where. lol. I say “I cannot believe I spoke like that” but thats how it goes. We get better. We have to go through the process. Keep making videos and watch them so you know what to fix in the next one.
Dennie Moore
I watch all your videos and found alot of useful tips and information and appreciate everything you do. When your buying cars from craigslist etc. do you need a business license and if so do they need to be a dealers license? Here in West Virginia I believe your only allowed to sell 5 vehicles per year before you need a license but not sure what license you would actually need. Any info would be appreciated. Thank you
  • Yes. You need a dealers license to sell cars in cali. The way other people get around not having a dealers license is they do not register the car under their name. They just get the pink slip and when they sell the car, they give the pink slip to the new owner. They are never really part of the transaction. Some other people just buy 5 cars then they have their brother buy then their mom buy 5. The main person does all the leg work. but the cars are registered to other people they know and trust. WHere there is a will there is a way.
moneyMarcMes
HI Nestor, Hope you had a great Thanksgiving. Can you do a video on purchasing a used Snap On Scan Tool such as a Snap On Solus or a Modis etc. Can you give pointers on buying a used Scan Tool for your shop of what to look for online to know you are getting a good deal as well as software or firm wear upgrades for that particular scanner. Also choosing the right one for you.  I think a lot of techs out there including myself would benefit of learning to select the correct scan tool for there shop. Thank You Nestor. Marc
  • Marcs! I will be writting out a entire scanner guide with videos for you guys on NestorMEndoza.com. It will basically give you the differences in scanners and what to look for.
  • Basically every mechanic has 3 different scanners.
  • 1. There basic handheld scanner that will pull Check engine codes transmission codes abs codes. It will giv eyou live PID’s and monitors.
  • 2. Will be a Bi-directional scanner that will pull codes have live data PIDS and give you monitors. And will also be able to command sensors on and off and give you more output test to help you diagnose. It will basically command things on.
  • 3. A scope. A scope is a very very vey fast Multi Meter that graphs sensor output.
  • 4. Vehicle specific Scan tools. These scan tools will do everything 1 and 2 can do but on specific makes and models and can sometimes reflash ecm and do soft ware updates.
Oscar Cisneros
I don’t want to reinvent the wheel, I want to model someone who has achieved there personal brand of success, on that note, we have the same background from what I understand from your videos. You worked on cars, wanted to get better, went to trade school, got a job in the field with a side hustle and now en route for your American dream. Two questions, have you destroyed the student loans from UTI using principles from the richest man in babylon? or still paying them? Second question, my side hustle is good, but a problem I run into constantly is not having the full toolbox available because it’s at work. you don’t bring that one tool and it kills your efficiency on the side job. Did you do side jobs at your work, take your toolbox home?
  • Yes. I payed of my debt using the method in the richest man in babylon. Its the simplest debt payment method that works.
  • Yeah, hauling tools back and forth sucks. I always ended up losing tools when I did. Thats the price you pay sometimes though. What I suggest is to buy a seperate set of cheap tools and if you know youll need a specific tool to do a job, then take that tool home. I had a full box at home but it sucked having to spend an extra 30 mins because you didnt have a long needle nose to get to a hose clamp. Thats the name of the game unless youre willing to spend the money on a full set of tools. I didnt. All it did was make me hurry up and get my side hustle going to the point where all my main tools where at home and I kept my extra set of tools at my job. lol.
Venicestu
I know your a big believer in positive message as am I, reading and listening to good things, so my question is this, do you think your message and actions need to be congruent? Can you promote positive actions yet explain how you can cheat another business, is it possible to do both and be congruent within? Thanks
  • Yes, your message and actions have to be congruent or else your message will not be authentic. If you have a message about being postivie and happy, but your a total asshole that is misserable all day, people wont belive your message. People know when youre not being scenciere or real. It’s not hard to tell who the scam artist.
  • “Can you promote positive actions yet explain how you can cheat another business, is it possible to do both and be congruent within?” this question is a little mixed up but I think you mean can someone promote positive business practices but explain how you can cheat other businesses? Yes, you can tell people to have ethics in business while telling them how they can cheat a business. Again, you wont be authentic when you say it though. The better way to promote positive business practices is by saying “hey, have goo morals, but this is how people can cheat YOU in business. Be careful!”
deamonmachine
I feel like I’m spamming your channel, but I’ve been watching your videos all day cause you got me to realize that I’m in an “obsessed motivational state”. So I’ll throw down what I’ve been thinking and brewing up all day as questions in this post.
1: I know I need a “side hustle”, refer to comment below to that. So I’ve been thinking of mobile diagnostic mechanic for VW/Audi because I’ve been working on those for ~7 years. I have a Snap-On Solus Ultra and I was thinking for a product is “$20 I’ll scan your car and recommend what you should repair on the spot” if you want to pay $40, I’ll go home and research it and give you a much better opinion with a write-up on what I think it’ll take. Kind of like a cheap second opinion. However I’m concerned that will not get me the clients I want for when I finally open or buy the shop I work at. The area I live in is low income (20k – 50k a year average) Also best way to advertise this option or anything specific I should research about it.
2: My motivation is found in my wife and 3 kids (34 years old for me, never too old to start wanting my own business). We’ve always lived paycheck to paycheck and I’m sick of it. My current side hustle at my shop is streaming from twitch.tv 8 hrs a day working on cars and posting some YT videos (not very often, which I need to fix, and I’m totally down to collab on something if you are down). I’ve got a lot of video experience working in gaming so I can make some neat things. So WHEN I become a successful entrepreneur how do I enstill that kind of drive in my kids, how would you do it in your kids if you raised them in a livestyle that they don’t “want” for anything because you/we are making enough that they don’t have much limitations.
3.Do you think that you would have been driven like you are today if you lived a luxurious life growing up? Do you think it’s the struggle we have to better ourselves over what we came from? I think sometimes when children grow up “spoiled” for lack of a better term, they may not be able to identify a “drive” they want to follow. How will you teach your kids to be as self driven as you?
That is not a good idea. People will not pay you to just give them suggestions. They want answers to solve their problem. You know as well as I do that you have to diagnose the CEL to get to the problem. Being a mobile diag mechanic is great but you will have to target auto repair shops not regular people. People dont know the difference between Diagnosing mechanic to a regular mechanic. They think all mechanics can figure out why a Check engine lights on. So your idea wont work. If youre trying to open a shop, just tell people how much it cost for you to diagnoses their Check engine lights. If they want to get it done, theyll pay the fee. If they dont, they arent good customers. Sucks your in a low income community. Those communities dont tend to pay for diags. So just do basic repairs until you build up a good core clientle that turst you and pay you for diags and repairs.
  • Yes, I think I would have been as driven even if I lived a luxurious life. I probably would just have been farther ahead than i am now in my businesses because I would have more resources.
  • My parents always taught me that I didnt owe them anything. That they worked to give me opportunites. It was up to me to take them. They weren’t able to give me millions to start a business. But they where able to give me opportunities. Im lucky because I was able to build off what they built. A steady middle class life. I was able to pursue my ambitions with out having to worry about them financially. I have many friends that say to me “Nestor I wish I would follow my ambitions and open a business or go here or there and apprentice here. But I cant because I have to help my parents with bills.” to me, I feel lucky that I am able to take care of my self and my stuff with out worring about my parents like my buddies do. Im thankful for that.
  • The way you keep your kids from being spoiled is you teach them that your success is your success and they have to go out and get their own. The only thing that they are blessed with is opportunities and true wisdom you are giving them that you had to figure out all on your own. There are so many guys I know that tell me, “Nestor, I wish I would have know that I could have worked for my self when I was 13. I didnt learn that until i was in my late 30s. But now I have my own business Im my own boss and Im happier”
  • The struggle to succeed is the same guys. Successful people all work the same. No matter where they started. The only difference is that it takes someguys longer to get to the same place. I know some dudes that have rich parents and they had businesses at 20 and are now chilling. I didnt have rich parents and im finally being able to chill out. You can say this is unfair but i dont think it is. I think its life and we have to make the best of our situations. Sometimes success takes 30 years to reach. sometimes it takes 5. The guy that wrote game of thrones didnt become rich until his 60s. To me thats worth it.
  • Here are some actionable steps that I will use for my kids.
1.Teach your kids work ethic.  That could be by making them work for their allowance. Teaching them that you aren’t their to give them everything, they have to work for it. That hard work is the only way for them to get what they want.
2. Teach them about business. Business is not taught to students in school. I recommend you start exposing them to ideas early. Build them a lemonade stand and help them sell lemonade. Teach them about supply and demand. When its hot, lemonade sells fast. When its cold they should add different things to their menu like iceies.  teach them about money management and overhead cost. How much are cups, lemons and supplies. How much is the build out of their stand cost. How do they attract customers? fliers? going to baseball games? signs? You can teach them a lot with a lemonade stand.
3. Treat them as adults. Start giving kids responsibilities. I think the lack of responsibility is why kids grow up spoiled. My parents always trusted me enough to let me make my own decisions. They taught me to live wiht the decisions I made. And that my entire life outcome was decided by me. Positive or negative it was on me. Give kids choices. Tell them to make a choice and live with the consequences. When they realize that they are the ones that live with their fuck ups from their decisions, they start learning critical decision making abilities.
4. Teach them about many succesful people. My dad and I watched a docummentary on Sam Walton, the worlds best Retailer that created Walmart. My dad said “always study succesful people. By studying people that are succesful, youll learn what to do to become succesful” So I did. I learned the common traits of succesful people and I do what they do.
 
  • Nestor Mendoza

    Testing

  • Marlin “Dean” Reams

    I saw in a recent video that you might post an excel spreadsheet that you use to track services that you can then upload into quick books. I was wondering if you might pass that along. I am currently engaged in starting a “side hustle” to save to build of course clientele and cash. Been ASE certified for a few years and worked in the field for 10, After watching your videos I’d have to say it helped me take a deeper look into the probability of doing something for myself. I learn a ton from them…Thank you!