Codie Sanchez argues that unglamorous businesses like laundromats and HVAC generate more reliable cash flow than flashy industries. Only 6% of Americans own a business, and reaching six figures puts you in the top 2%. She warns that chasing passion over profitability is a trap.
Chapters
The average Hollywood actor cannot even afford the monthly amount that goes for their insurance. Why? Because the sexier the industry, the less the pay. The same thing is true in business. Boring things make money. You know what percentage of the population owns a business? 6% of Americans own a business. That's not very many for a land that says we're full of entrepreneurs, is it? If you've built a 6-figure business, you're part of the top 2%. If you built a $1 million, so 7-figure business, you're part of the top 1%. If you built an 8- figure business, you're part of the top 0.1%. You're super rare. If I talk about laundromats and HVAC companies, people kind of think that's cool, which that did not used to be cool. So when we start only from our passion in business, we have what I call a bad founder mentality.