Sweaty Startups and Avoiding Taxes (Legally) | Nick Huber
When it comes to building businesses, Nick Huber from The Sweaty Startup is the real deal. Back in college, Nick had some extra space in his apartment and someone was looking for storage. Seeing an opportunity, he gladly offers up his room as storage space. When that fills up, he starts collaborating with some of his roommates to use their rooms as storage for the summer. Fast forward a few years, and Nick had a 7-figure storage business on his hands. This wasn't some radical new idea and yet it turned out to be radically profitable. Nick feels like most businesses fail because people get too fixated on creating the next revolutionary thing instead of just solving the problem in front of them. He breaks this down by listing his top 3 reasons businesses fail: * New idea syndrome = huge risk, educating customers that you even exist, and competing with huge money and venture capital. * Change the world = It is not realistic for an inexperienced entrepreneur without massive capital to change the world. * Passion projects = people start businesses based on their own selfish desires and their own interests and not what the market wants. Many of Nick's businesses came from scratching his own itch. He hires a company, sees glaring inefficiencies, figures out how to do it better, and then productizes the new system into a business. This has happened multiple times and he now runs a portfolio of successful businesses. We also cover how Nick is using a strategy called cost segregation to pay $0 in income tax despite making millions of dollars in net income (he even started his own cost segregation business after seeing so many inefficiencies in the market). If you enjoyed this episode, check out the links below for more content, and don't forget to share this podcast with a friend! Links From the Episode * Personal Brand - https://sweatystartup.com/ * Self Storage - https://boltstorage.com/ * Overseas Staffing - https://supportshepherd.com/ * Cost Segregation - https://recostseg.com/ * Insurance - https://titanrisk.com/ * Business Brokerage - https://nickhuber.com/ * Nick's Twitter * Nick's Instagram