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

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! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Finance Friday: Tips to Build a House Hack STACK in Your 20s Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl The House Hacking Strategy with Craig Curelop Click here to check the full show notes: https://www.biggerpockets.com/blog/money-370 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices