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On today’s WealthBuilders Podcast, Karen Conrad Metcalfe interviews one of our Business Coaches, Frank Pulley about scaling their watersports and travel business from $300,000 in annual revenue to $4-5 million when they sold it 22 years later. Frank emphasizes the importance of having a written business plan and applying strategies like consistent scheduling, deposit requirements for classes, and accepting credit cards to drive growth. 

Business Coaching

In their conversation, Frank highlights diverse revenue streams like equipment sales, rentals, and trips which can be leveraged to scale up. Other factors include emulating similar successful businesses, focusing on customer service, and accountability with their books. Frank has found the same principles apply in real estate investing. Join us today for Keys to Growing a Small Business: Plan, Leverage Opportunities, and Invest in People

Click the player below to watch this episode, or listen on your preferred podcast platform!

Episode Show Notes

 

How we got started

    • Frank Pulley and his wife Becky ran a successful watersports and travel business for 22 years.
    • They scaled their business by focusing on their strengths and leveraging their expertise in travel.
    • The business was purchased from a gentleman who had owned it in his garage for years.
    • They purchased through owner financing, which helped them get the business off the ground.

Scaling a business from $300k to $5m 

    • We purchased a scuba diving store in 1984 and sold it in 2006 from $300,000 to $4-5 million.
    • Customer service is a key difference between our business and competitors.
    • Education and equipment sales were a factor.
    • Build consistency into the business.
    • A written business plan is necessary.
    • Identifying key revenue streams and leveraging them helped to scale the business.
    • Study successful businesses and emulate their strategies for growth.

Hiring, training, and managing employees

    • It is important to hire the right people, citing quality and training as key factors.
    • Use a two-interview process to vet candidates, accommodating their schedule needs and ensuring they can work seven-day weeks.
    • Propose scenarios to assess potential employees’ handling of busy situations and customer interactions.

Business planning, accounting, and real estate investing.

    • Accounting software and accountability in managing cash flow is important.
    • Accurate bookkeeping is necessary for business success.
    • Prioritize customer service.
    • Real Estate business plan involves investing in rental properties and fix-and-flips, plus using customer service.
    • Unexpectedly found success in short sales after attending a class and discovering a hidden skill set from years of negotiating with vendors.

Investing in business and real estate for kingdom growth.

      • Learned from WealthBuilders Masterclass and Business Coaching Program, emphasizing the importance of education and Kingdom of God principles.
      • The Triple X Factor course helped him get out of debt.

Triple X Factor 

    • Invest in the kingdom and families for generations.

 

To Learn More:

Business Masterclass

Real Estate Masterclasses