Mike Andes tells home-service entrepreneurs to stop chasing real estate and coffee shops. If you've built a business making millions with 25-30% profit margins, scale that instead of entering saturated markets where you'll make less.
It is very rare that investors that make a bunch of money go out and do investments and beat the returns of their existing first business. Just keep doing the thing that you are exceptional at. Just keep doubling down and doing more. Copy and paste, replicate. Keep scaling that business that you are the best at. If you go and do real estate, if you go start a coffee shop, you're like every other coffee shop owner that got started or every other real estate owner that wanted to start investing in real estate. Whereas if you've taken a home service business and you've been able to produce a business that's multiple millions in revenue and has management management in place and runs on 25-30% profit margins, just keep growing that biz. Focus on that thing and you will make more money.
