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370: Finance Friday: How to Build a Six-Figure Business (in Your 20s!)

53 min • 6 januari 2023

How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars, today’s guest Chris expanded his pressure washing, Christmas light-hanging, gutter-cleaning operation into a profitable business with multiple employees and a stacked schedule. But, as Chris has started to expand, he’s seen his personal profits decline, so should he outsource less so he can keep more of the revenue he’s working hard to bring in?

Welcome back to another Finance Friday episode, where we talk to Chris, a twenty-six-year-old entrepreneur learning to navigate profits, payroll, customer acquisition, and more in his pressure washing business. Chris found an interesting niche to serve; older communities in his home state of California. He’s been able to build a brand, grow his business, and have a Rolodex full of repeat clients, but he still doesn’t know the best way to scale. Not only that, Chris also started investing in real estate, with a cash-flowing house hack allowing him to eliminate his housing costs.

Chris wants to know the best way to expand his business while still retaining his high margins, what type of healthcareplan he should be on now that he’s twenty-six, when he should look to buy another house hack, and how to keep investing. Chris is on a bright path already, but with a few tweaks, he could be financially free in only a few more years!

In This Episode We Cover

How to build a business that will gross six figures even if you have no entrepreneurial experience

Payroll, employees, and how to outsource more of your work so you can focus on expanding

Turning a service-based business into a profitable, repeatable empire

House hacking explained and using it to reduce your cost of living significantly

Healthcare for entrepreneurs and why the HSA is the “ultimate retirement account”

Growing your business so you can reach financial freedom even faster

And So Much More!

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