Larry WeidelMentor and Coach Empowering Million Dollar Earners

Episode #746 - Navigating Sales, Services, And Global Markets with Kelley Thornton

17 Apr 2024 · 1 min

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0:46

Speaker contrasts service businesses with branded businesses (example: Tiege Hanley), noting that branded businesses can hire experienced people who require less hand-holding. The speaker outlines challenges of running a global business — setting up legal entities, handling accounting and back-office, payroll/payments, location-specific regulatory compliance, and VAT/tax issues — and emphasizes that hiring highly competent people helps address these challenges.

I mean, you have to have the right people. A service business is very different from a branded business, which I have now. I have a brand. Tiege Hanley is a brand service business. You can hire highly competent, very experienced people that have done a skill for a long period of time and they can be very successful without a lot of hand holding. And you can have a global business, relatively easy. You have to set up a legal entity. You have to make sure there's a lot of accounting and back office and pay payments and compliance with regulation from location to location. And that makes it difficult when you have to pay certain VAT taxes here. But I think like if you hire super competent people, you can accomplish a lot of that.