What Kind of Company Should I Start? – a Knowledge Bomb

Show Notes

A Thriver writes, “What company should I start first? An automotive repair business or a health insurance company? Should I start the automotive business and use the money from that to start the health insurance company?” – Josiah R


  1. Step 1 – Make a list of the pros and cons of each business.
  2. Step 2 – Invest time with people who have been successful in each industry before making a decision (essentially try it on before buying it)
Business Coach | Ask Clay & Z Anything

Audio Transcription

What Kind Of Company Should I Start Thrivetime Show Slides

Grab the duct tape and mentally prepare yourself for yet another mind expanding knowledge bomb from America’s number one business coach. Clay Clark.

Yes, yes, yes and yes. Welcome back to another exciting edition of the thrive time show on your radio and podcast download today’s knowledge bomb. We’re talking about what mr Chuck, what mr Chubb, what are we talking about? We’re actually going to be, Whoa, stepping all over. We’re actually going to be talking about what kind of companies should someone start. What kind of companies should somebody start now? I believe we have a thriver who emailed in a question. Yes, yes I would. I would prefer it really if you could read the question. I’m trying to conserve my voice for other things. He says what kind? Uh, what company should I start first in automotive repair business or a health insurance company? Should I start the automotive business and use the money from that to start the health insurance company? Just I are now I think somebody out there is thinking really you’re having that, is that even a real question is that you’re thinking about starting businesses that are that different?

I mean, I think there’s somebody out there thinking that he’s passionate about healthcare and medicine. But think about it though. Dr Zellner has an auto auction, true. Right. And an optometry clinic that is true. And a medical center ended up pink, the durable medical goods company. So a lot of the businesses he’s involved in aren’t related at all. Or I started a wedding entertainment company. Um, then I started a a marketing firm. Um, then, uh, I started, I was, I used on a bakery. I’ve done that. Uh, I’ve had a men’s haircut. Men’s haircuts are very closely related, uh, party rental companies that may have involved in a lot of things. So, um, if you’re out there, I really do believe that more businesses are, are more similar than they are different. Absolutely. Right. So, um, dr Breck you have run a chiropractic center for a long time.

Yes. Dr Breck D R B R E C k.com. Um, quick recap for the listeners out there who don’t know, how long have you been a chiropractor in Tulsa? 15 years. And before you were a chiropractor, I believe you were into football in high school. I was. When did it occur to you that you wanted to become a chiropractor? I’m actually in college. In college, yeah. So I was headed to school to become a doctor. At that point I knew I wanted to be helping people, um, but it wasn’t until I was into college a couple of years that I realized I didn’t want to go to medical school. I was looking for a different way to help people and that’s when I actually discovered chiropractic. When did you, uh, w w the school you went to, where was the school located in what years were you there? I was at Oklahoma state for my undergrad and then I was at Parker, uh, college, uh, chiropractic.

It’s now university, uh, in Dallas, Texas. Okay. But you went with a specific purpose to become a chiropractor? Yes. So how many years of school does that require? Each school is a little different, but it’s really a four year program. We had an accelerated program that I was able to do it in three years, just going nonstop. Nice. So three years from start finish you’re able to become a chiropractor? Yeah. That’s a long, long days. Now Chubb for you, you went to college, went to college at Oklahoma state university. What did you study at Oklahoma university and did you get a degree? I did. I studied business management and marketing. Did you get a degree? Yeah. Do you one degree or two? Well if you look at the graduate sheets, I got two but they only gave me one cause they said I’d have to pay for 80 more hours or 40 more hours to get another piece of paper.

So I got two degrees. Okay. So you guys both went to college, did and Chubb you now I’m a business coach businesses of all different, all different types. Yes. In your mind, what is the goal of a business having been here a long time, having been in the culture, attending the business conferences, coaching clients. What is the goal of the business in your mind? It is a vehicle to get the business owner to where they want to be in life. Repeat that one more time. It’s a vehicle to get the business owner from to where they want to be in life. And doctorZ says all the time, a business exists to serve you. A business exists to serve who? The business owner. So that’s how I, that is the way I would look through this Joe sigh. This is when I look at your question, that’s the filter that I see the world with.

So whether you agree with my filter or not, that’ll probably be the first point of, uh, where you go. I don’t like that answer, but Chubb will treat the little treat the question one more time. Okay. What company should I start first and automotive repair business or a health insurance company? Should I start the automotive repair business, uh, and use the money from that to start the health insurance company? Now I have a very direct answer for you, mr Josiah. I believe you should definitely start an automotive repair business. However, my reasons for doing that are, uh, very, there I very passionate reasons for encouraging you to run automotive business. But before I give you my reasons, I’d like to have dr. Bracket breakdown. What’s it like to be a chiropractor dealing with health insurance companies? It is so much fun. Uh, it’s a nightmare.

Walk us through all of the challenges of working with today’s health insurance companies. The rules are changing all the time. Any one law can change the way that business is done, um, at any moment. Um, whether that’s at the state level, the federal level. Um, as soon as you feel like you’ve got a handle on the game, the game changes. You said the laws are changing all the time. They have the capacity to [inaudible] asking for you to cite a specific law or a specific date that the law changed. But over the past, how many years have you been in chiropractic pain over the past 15 years? What are some changes that have happened with law that have impacted how health insurance works? We’ll, the affordable healthcare act impacted the laws greatly. That Obamacare, yeah. Well, everybody, the patient’s deductibles have all gone up. The, we’ve seen the, the cost to the consumer.

The patient, uh, has increased. So how much? Like two, 2%. Oh, no, 10 per significantly. What do you make if you had hundreds of percent? I mean like double, like double, sometimes triple. Oh, I want to make sure that listeners out there get this idea. I want to make sure that listeners out there get this idea. This is probably a great political idea for somebody out there to get Chubb. Anytime you take competition out of something, the prices go up too and the productivity goes down. So in our offices we have a trophy that we give every week to the employee of the week who does what chump? The best, the best. We call it the show pony show pony. It’s about a five foot, two tiered trophy. But by what criteria? These are cold colors. By what criteria did we determine who gets the trophy? I mean being a business coach during that meeting, so I’m not sure [inaudible] nice.

That would be whoever sets the most appointments. Okay. That makes sense. One of our clients that will hire us, they say, Hey, we can’t afford to hire a cold color and I’ve got a script and I want to see if you guys could test it for me to see if it works. We call that proof of concept calls and then we call on your behalf. It’s crazy if you have somebody who’s calling on behalf of a business owner they’ve never met or a business they’ve never used, and they actually can set a lot of appointments using the systems. When we record the calls or we turned back each week with the more and more you find script and it really does help people, but whoever sets the most appointments gets that trophy. Yes. Why do we do that trip? Why do we have a competition? Well, it keeps everybody motivated.

It keeps everybody pushing and then you’ve tied it to like the main thing that that makes the companies money is the appointment. It’s not the making calls. It’s not the time that they were sitting there. It’s the result that matters most that you’re incentivizing. It’s so imp. It is just so important. So crazy important, very important that competition is involved in anything or productivity goes down in Costco. In fact, I’ve heard you, I haven’t had my clients do this. You taught me this a while back, but at scoreboards, putting up whiteboards, keeping track of, I set this many appointments or I’ve sold this much this week, you know, back with Epic photography. When I first started a Eric Herman Eric chop, we were back there on the phones. I’m setting appointments for him and we just have the school board here. We, how many did you get? How many did you get today?

The scoreboard is the truth. That’s how it works. Now, if you’re out there and you’re saying again, Josiah, what business should I get involved in? I would definitely recommend you get involved in the automotive business because there’s not swirling, looming, pending crazy game changing laws happening all the time. Yeah. Did you guys watch, um, the, any of the information leading up to president Trump’s, uh, state of the union address? Did you guys see any of that and listening to talk radio about that? Do you guys watch that? Not really. So, um, did you know that on the democratic side right now there are many front running candidates who are proposing you just complete elimination of private health care [inaudible] you’ve seen that? Yeah. So I just wouldn’t want to be in the crosshair industry. There’s not going to be like a regulation that’s gonna change how you change the transmission, right?

Or knit. Yeah. Right. Yeah. You got a lot more control over what you’re doing daily. And we’re growing in automotive business is very easy in terms of marketing it. Yeah. The marketing is easy. The branding is easy, the sales is easy. Customer services, easy accounting is very, um, human resources is easy. The part that’s hard is you’d have to know how to repair vehicles. Right? So I’m assuming Joe size, you know how to do that. However, I do know a guy that I met at one of our business conferences a while back who has an automotive repair shop and I don’t know it. And I met another guy who owns a Domino’s franchise. The Domino’s franchise guy doesn’t like pizza and has no interest in pizza and it’s why he bought it. Please set it. It just, it’s easier to have time freedom when you don’t feel the need to a non passion project.

Right. You know another guy who owns an automotive repair shop who doesn’t know how to repair cars. Sounds like a guy who owned the biggest a wedding photography and videography company in Oklahoma and didn’t know how to use the camera. That is true. I pride myself on my knowledge of how to use a camera now. So the action steps here, chip, let’s show you the action steps that mr Josiah and all the listeners out there should take. If you’re trying to determine what kind of business you should buy. Okay. Step one, make a list of the pros and cons of each business. Which would you want to do that? What would you want to make a list? What is the, what is the dr Breck, what is the, um, what is the value of taking the emotion out of it? For a second, I’m making a list of all the benefits and all the tradeoffs.

We’ll just stepping back and like you said, taking the emotion out, just seeing it black and white. If you’ve got a list of 15 things on the left column and five on the right, it starts to become very apparent. Well, if you’re out there too and you might say, you know, can we make my list? Uh, Brown and yellow? You could do that black and white. We’re not here to push our color wheel on. You were just saying you need to make a list where it’s clear. These are the pros. These are the cons. Just like a workflow. You got to get it out of your head. You’ve got to put it down so then you can think about it. Now Chubb, step two is what? Invest time with people who have been successful in each industry before making the decision. Oh wait, wait, wait, wait this.

This is probably bigger idea than what we did. This is an idea that everybody out there needs to get real quick. People say clay all the time. They say, how did you know that you would be successful in the photography business? Well, I tried it on before I bought it. He said, well, what does that mean? How did you know that your bakery would work? Well, I tried it on before I bought it. I went to other people who already owned a successful photography company or owned a bakery and I talked to them about the challenges of it. What are the worst, worst things of this business? What are the best things, right? What specific equipment should I buy for my photographers? Should you do this to somebody that’s out of town or into, what’s the best way to do that? Definitely out of town way, but that’s what you do.

There was a time in my life where I thought about contemplated. I’m pretty intensely moving to Colorado. I thought about, you know, moved to Colorado. Well, I went there and I explored and checked it out and I realized, you know, I had for all the benefits of Colorado, I would rather just go visit four or five times a year right then to live there because of the cons. But it’s, it’s a great place. Yeah. I just realized for my family, we have many more pro pros of living in Oklahoma versus the cons of living in Oklahoma. Yeah. But I think it’s so important everybody out there before you make a big decision, you really want to invest the time needed to try on that potential business idea and see if you want to do it.

Maybe invest a little bit of money too. If you offer a business owner a hundred bucks for an hour,

well what now more than likely sit down with you. You know, money will split, right? Yeah. I mean dr Breck, if you had a chiropractor based in Florida, right? And he says, Hey man, I heard you on the podcast and here you’re killing it. Um, I would love to, um, you know, I know you’re making a lot of money now. You’re growing. Things are great. Um, I wanted to shadow you for a day. How much would somebody have to pay you to, to do that? I wouldn’t charge them. You wouldn’t charge them? No. I mean, you know, there’s a few little islands. You pick their brains. I mean, I job shadowed people before getting into chiropractic. I, um, if the guys called you and said, I’m willing to pay 1000 bucks to shadow that, that’s kind of impressive. Sure. You know, I mean, so I would just say I’m going to give him my time, but yeah, even if he’s not gonna hold me up from what I’m doing and he just wants to look over my shoulder, be a fly on the wall, um, then yeah, that wouldn’t be a problem. Now, Chuck, you were at the workshop yesterday. Yes. I think of all the workshops we’ve had, this group of people was really special bunch. It was good, wasn’t it? Uh, talk to me about any of your, the highlights that you experienced at the last workshop because, Oh, the workshop is growing every month. There’s just more and more people coming. This one had, I felt like we had more multi-millionaires at this particular workshop than we’ve had at previous ones. It was a lot of really successful people. Oh, one highlight

was that our, one of our newer clients, they’ve been around about a month and a half, but Zen flow, Kai and Dan, Oh, those guys are great in town and got to spend some time with them. We’ve, you know, one lives in Madison, Wisconsin, one lives in New Jersey and, uh, he’d been on the phone so it was awesome to meet those guys. And you get to spend some face to face time. Can you explain what that company does? Yeah, they make these little cool lens attachments for your iPhone and they’re super high quality, but they’re about a third of the price of their competition and the quality is exactly the same. And so, um, they are growing this company over the last three years. They’re selling a lot of product, uh, I think on pace to do 10 million bucks a year, $100,000 a day. I mean, they’re doing great. Um, and then another one was, uh, getting to pick up JT McCormick from the airport and ride around with him and, and get to spend some time with that [inaudible] founder of scribe media, right? Yeah. The CEO and president of scribe media was amazing story. I can’t imagine. It makes me appreciate my parents in my life. Cause a, he had a wild, wild childhood and turned it around and his super successful father now and businessman,

a scribe media, just the listeners out there know it’s one of the largest self publishing companies in the world. They’ve all helped people. I think they’ve helped a little over 1100 clients. Yeah. To self publish their books. Right. And uh, uh, they’ve worked with a lot of celebrities too to do that. They charge you a flat fee of $36,000 to self publish your book. It’s a great deal for people out there that want to get the book done. It takes you 45 hours. So they literally will still bill, don’t you? You pay them half down or whatever. Then they fly out to you and they interview you for a couple of days. Yup. And then they disappear and they come back, what, four or five months later. And you’ve got a book, you’ve got a book and it’s not a ghost writing situation. It’s your book. It’s your words that they take down and turn it into a book. It’s a really powerful service. And this guy was actually named by an entrepreneur as the number one place in America to work. Yeah. That’s, and you know, it’s really cool. Yeah. When we a general meeting in Austin, Texas,

just like you predicted, when we picked him up, he wanted to see the venue, you know, the night before. So we drove back to the office.

What he, what did he say when he walked into the entrepreneurial Disney Disney land? We know as the thrive time show home offices.

He said, this place is, is, it’s all, it’s going to be stolen ideas or something like that. Like he’s like, ah, I’m taking notes right now. So just let clay know. Um, this is awesome. This is crazy. Yeah.

A little backstory. That guy, uh, his father was a pimp. Yep. And so his father abandoned him and 23 other kids and 23 other kids. And he was, he lived in brothels like in like, like a beat up motel. Oh man. He was raised in crack houses. He was homeless multiple times. Yeah. Uh, he went to juvie multiple times and no one even knew who, where he was or who he was. Um, couldn’t really do well. It didn’t have an education at all, any type of education at all until he was about, I think about eighth grade, he started having some type of regular education in his life. He went to school just cause he knew there to at least be a meal there. And he was born, uh, he sees half black, half white, and he said that the white kids would pick on him and the black kids would pick on him.

Everybody hated him. And he went, he went through this huge, just, I mean, unbelievable homelessness, poverty, racism, the whole thing. But he did it. He did it every excuse not to be success, every single one. Like, was there anything he said to you at ease and he said at the workshop that stood out to you most where you thought this, this right here, that if there’s an entrepreneur out there that has given me an excuse over the years for not being able to make their cold calls or write their content to their website or look at their numbers, they needed to hear that part.

Um, man, some of the stuff I’d honestly don’t know that we should say on the radio show that he like, it was some insane, pretty rough stuff. Rough stuff from I’m talking six, seven, eight years old, getting beat up by, uh, his dad’s prostitutes, like beat up, ears, bleeding, stuff like that. Um, but the one thing that really stuck with me is whenever he wrapped it all up and he talked about perspective, he said, even everything I went through, there’s some family on the shores of Syria thinking about setting sail on a raft, you know, and they’ve had family members that died doing that three weeks ago. And so perspective, whatever you’re going through right now, there’s people in the world most likely that are doing way, way worse and in a way harder circumstance. So have perspective and just take account of your life and just keep moving forward.

If you’re out there and you have yet to attend a thrive time show workshop, I would encourage you to book your tickets today by going to thrive time show.com and if you live in the Oklahoma, Northeast Oklahoma, Tulsa area and you are looking for a Chi-Rho practor and I know you are, I would encourage you to go to dr breck.com dr breck.com and schedule your first consultation. That includes the consultation and the first exam. I believe dr brekkie. Yes, it is all for the low, low price of free. It’s a hot deal. And now without any further, I do free two one boom.


Let us know what's going on.

Have a Business Question?

Ask our mentors anything.