While you're binging the pod, how about.

A little bonus tip as a starting.

Place for your investment allocation that you can, of course, tailor depending on your goals, pros recommend making your bond allocation your age. How about a second bonus tip when you want to invest in bonds? Use public the modern brokerage for investors looking for a simple yet sophisticated investing experience, public is truly the only place I buy bonds legit because every other app or site I've tried to use is so complicated. But on public, I can buy a bond on my iPhone in less than 5 minutes. This is a major upgrade because most investing platforms that offer bonds design their user experience before the iPhone was even invented.

I'll let that one sink in, and.

You can use public for more than your bond investments. Public is the brokerage I use for all my investing needs, whether I'm looking for stocks, ETF's, high yield cash account options and other assets, even music royalties. To build the multi asset portfolio of your dreams, go to public.com moneyrehab one more time because trust you will thank me. Public.com moneyrehab this is a paid endorsement for public investing. Full disclosures and conditions can be found in the podcast description. Between summer vacations and going to the beach and having the hot girl or guy summer of your dreams, this season can be a little hard on our wallets. A chime checking account helps you because those tastemakers are going to be onto their next hot thing. And so we knew, you know, we had this great flock of, you know, fabulous, like the who's who around town filling our store. But we also knew that if we weren't delivering on a great product and a great experience, it wouldn't matter because they would ultimately leave us and then there wouldn't be anybody left behind. But they brought their friends with us, and their friends stayed.Morgan, that's so interesting because I guess, like the diehards and especially in the food industry, the foodies probably are gung ho about it, and then they move on with that. Move on, probably. You know, during a time when a lot of cupcake brands were out and trying to do their thing, they went by the wayside, but sprinkles continued. So how do you think sprinkles was able to make it over that finicky sort of foodie fickleness.I love alliteration, but I love alliteration. Now, that's a really interesting thought. And you're right, I think foodies in general, and I'll use that term in quotes because I so overuse these days. But these sort of true foodies that seek out unique food experiences and love, like, sort of the, just the discovery part of the process, right? So it's like the sandwich shop that's only open from two to five until they sell out that nobody's heard of, right? This is what gives those traditional foodies a high. But then I also have a goal of scaling them because I feel like, you know, sprinkles or pizza can exist in lots of cities around the country, but foodies don't always like that. Foodies don't always like it when then you're two locations, then you're big, quote unquote big business. So, um, but I think that even then, we were able to turn around those, those true foodies because we, we were consistent, right? I mean, at the end of the day, the food business is about consistency. And I, I don't remember the exact stat, but I guess there's a stat that says that if your food is average, but you're at least consistent, you have a higher likelihood of sticking around than, you know, food.That's superlative, that doesn't always deliver. Um, and it makes sense. People want to walk into a restaurant and know what they're getting. So I think we really, we surprised and delighted them in the beginning, but then we stayed consistent and true to our brand mission. And so people knew what to expect, and they kept loving us.I'm so fascinated by the food business in general because I think that there are a lot of entrepreneurs who never thought they would be entrepreneurs. But you get food. It's visceral, it's nostalgic, it's all sorts of things. Our people think they can do that, too. So selling food products seems like a really tough industry to break into. Uh, has that been your experience?Well, I think it's, to your point, like, something that seems anyone can do. It's kind of easy to break into, but hard to succeed. Because if you think about what I did, I mean, I literally did what anyone could do. I made a company out of a cupcake. My kids can bake cupcakes. Like, I wasn't, you know, creating some sort of high end technology. I wasn't a tech savant. I wasn't an engineer, I literally made a cupcake, which people around the country do every day, but built a business out of it. So the fact that it's a really, actually easy entry, right? Because people can start in their kitchens, and more so even today than back in the day. Like, when I was baking out of my kitchen and selling out of my kitchen, I wasn't really allowed. Now we have, like, cottage food laws that allow for people, you know, of a certain scale to bake out of their kitchen, you know, and be on the up and up. But, so you can start, but it's hard to scale and it's hard to reach that. It's hard to break through the noise, right? Because everybody's got their applesauce that people think is great, or everybody's got their brownie that, like, you know, the family loves.And why don't you get. You build a business on your brownies. But I think it's easy to get into. But because of that, a lot of people falter because they're not really thinking about it like an actual business, which it is. It's business just like anything else. And the same principles apply. Entrepreneurship is not recklessness. It's not leaping off a cliff. It is certainly taking a risk. But what isn't these days, right? I mean, people are getting their job offers revoked. People are losing their jobs at tech companies that we thought were, you know, superpowers.Hold onto your wallets, boys and girls. Money. Rehab will be right back.Do you ever get fomo? Fear of missing out? Well, do you ever get fomo to Peter fear of missing out on the perfect hire? If so, I have the antidote. It's LinkedIn jobs. LinkedIn jobs helps you hire professionals you can't find anywhere else, even those who aren't actively searching for a new job, but might be open to the perfect role. In any given month, over 70% of LinkedIn users don't visit other leading job sites. And that adds up to a serious squad of awesome candidates. LinkedIn has over a billion professionals on the platform, and these candidates are super qualified. So much so that 86% of small businesses get a qualified candidate within just 24 hours. I work with LinkedIn jobs for all of my dream team needs, so they're hooking up money rehabbers@LinkedIn.com. mnn. Go there and you can post your job for free. That's LinkedIn.com slash mn, as in money news network, to post your job for free. Terms and conditions apply between summer vacations and going to the beach and having the hot girl or guy summer of your dreams this season can be a.Little hard on our wallets.A chime checking account helps you reach your financial goals while still enjoying the summer. You can take back your finances with features like fee free overdraft up to dollar 200 with SpotMe or getting paid up to two days early with direct deposit. Learn more@chime.com mnn and you know, I hate overdose overdraft fees. One time I overdrafted buying a latte, which was so embarrassing at the time. But hey, it happens to the best of us, and I got charged $35 for a seven dollar latte. But Chime allows you to overdraft up to $200 with no fees, and you can get temporarily increased overdraft limits with boosts from friends. Live it up this summer and make progress toward your financial goals with Chime. Open your account in minutes@chime.com. m and n that's chime.com mnsdev. Chime feels like progress banking services and debit card provided by the bank Corp. Bank na or stride bank na members FDIC spotme eligibility requirements and overdraft limits apply. Boosts are available to eligible chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to chime.com disclosures for details.Now for some more money rehab I suppose you also have to define what success is for that business, though. Do you want the brownies to be the next McDonald's, or do you want to just have an artisanal brownie shop in Brooklyn and, you know, be able to pay the bills and be cool with that? Because I think that as you go along this entrepreneurial journey and you've seen the goalpost constantly changes for what success is. So it never feels like potentially you get your brain to the other side of it unless you stay steadfast to really what the goal is from the outset. It's also very easy, especially on social media, to be like, oh, I'm not doing anything with my life compared to so and so. But then it's a really good reminder to be like, well, was the thing that so and so posted, you know, with their franchises or whatever, was that a part of what my success definition was or not?And if not, maybe move on.I think that's so true. And by the way, no one is immune to the compare and despair to just anyone who's listening out there. If you do that, we all do it. I do it, too. Yeah. And I think one of the reasons why the book goes from ideation to sale, because eight years after was eight years. In 2012, my husband and I sold the majority of sprinkles to private equity. So I saw from bootstrapping out of my little kitchen to selling a national business and brand to a private equity company. But thats not going to apply to everyone. And I realize that, and I obviously go into that in my book, that everyone has different goals and what does it mean to you? What does success mean to you? But I think its important to sort of envision what could be your end goal, whether its selling, whether its continuing to operate as a CEO for the remainder of your years, whatever that is, and kind of working backwards, because that will help guide your choices in terms of the investment you make, the foundation that you're building. Like, do you need a foundation to scale?Right.And I think people also think for food products, general consumer products are high margin businesses. But then restaurants, which people also want to go in even if they don't have other entrepreneurial dreams or endeavors because of that nostalgia, are traditionally low margin businesses. So what are the pros and cons of doing a brick and mortar food business versus just direct to consumer e commerce?Great question. And I get this question a lot where people ask about the food business, but as you so aptly pointed out, the food business really, like, spans a lot. So it's very different to be starting a CPG business, you know, direct to consumer. For example, like my friend Lisa Odenweller, who has chroma wellness, which is this great reset versus opening pizza. Right. And I think there's some pros and cons. Absolutely. One of the cons, as you mentioned, the margins are real thin when it comes to restaurants. And the only way to make up for that is with volume. You've got to make up for it with volume. I mean, thank goodness people order pizza to go, right? Thank goodness people come into sprinkles and buy not just one or two cupcakes, but two dozen. It makes a really, really big difference. But the pros are that, first of all, people need to eat every day. That's the great thing about going into the food business and particularly the restaurant business. It's like people got to eat and they're fickle and they want to mix it up and they want to go to new places.And definitely on the heels of the pandemic, they're interested in getting inside restaurants again. And because of that, you're able to control the customer experience. So, like, there's nothing quite like getting a pizza fresh out of a wood burning oven. Right. It's so just ooey and gooey and craveable. And so you're able to really so sort of elicit this response from people that makes them crave it and come back. Unlike, you know, something you might get pick up at the grocery store or get in the mail and you open and it's packaged good. Delicious, sure, but not the same as that. Just like hot, freshly made food. Um, and the same as, you know, the same can be said for sprinkles. Like, people at the time were not used to getting cupcakes that were so freshly baked. And there's something completely irresistible about a freshly baked cupcake. Like, I am fanatical when people say they're going to save it to the next day. I'm like, no, no, there's no point. You have to eat it freshly baked.Great willpower.There you go. I also, it's easy for me to say because I had a lot of access to it, but so I think there's this credibility. And also when you erect this restaurant or retail bakery or whatever it is, that's your marketing, that's your billboard. And as we all know, for people who are duking it out online right now, boy, is it hard to get eyeballs. Boy, is it hard to stand out in the world of digital advertising. And expensive right now. So people are going back to traditional advertising, and with good reason. And so when you build a beautiful restaurant, that's your billboard. People drive by it every day. People walk in and out. They can really, like, experience it exactly the way you want it to. So you own that customer experience. You're not handing off a box to ups and hoping, hoping it doesn't get smashed. So I really am passionate about delivering not just an elevated product, but an elevated experience. And so it's really important to me to own my channel. Now, having said that, I do believe in brand extensions, utilizing other channels, in particular for national brand awareness.So we are, for example, pizzano. We're shipping via gold belly right now our pizzas. And with sprinkles, you know, we sold a cupcake mix through Williams Sonoma. Why did we do that? We weren't making money. We did it because we were planning to go into these other markets across the US. But it takes a long time to build brick and mortar store. So by the time we got there, we hoped that these mixes would bring some brand awareness for our company.Very smart. Good advice. Obviously, this is money rehab, of course. Can you tell us, candace, about a time that you needed money, rehab, or if there was a time that you had some sort of money related hiccup or snafu and how you navigated it.Oh, my God, this is ridiculous. And I know, first of all, thank you. Thank God there are people like you in the world that are helping us all to be more savvy when it comes to money and women in particular. I needed you. I needed you at the time in college, you know, they would set up. I'm sure they still do those tables where they're like, you know, giving out these credit cards like, you know, candy. And I didn't understand how credit card works. I was at, like, one of the top colleges in the United States. I was an economics major. And I did reminding people that even if you got an econ degree from an awesome school and even if you worked in banking, there are still things that you don't know, and it's okay because we're all learning and growing. Rinse and repeat.Thank you so much, Nicole. This is really fun.For today's tip, you can take straight to the bank. If you're interested in starting a business, focus on research to that specific industry. If you're an aspiring founder, you might want to read Steve Jobs biography for sure, but that might not help you a ton if your business is outside the tech sphere. As Candice mentions, the food industry, the restaurant industry specifically, tends to be low margin, so you have to focus on volume in order to turn a profit. But not all industries, of course, are like that. You're going to want to spend time researching how to turn your customers into repeat customers. If you're in an industry like wedding planning, for example.Right.If all goes according to plan, those customers are going to be one and done shoppers. So it's important to understand how you'll.Need to build your business model to.The specs of your industry. Money money rehab is a production of iHeartRadio. I'm your host, Nicole Lapin. Our producers are Morgan Lavoie and Mike Cascarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money rehab team. Michelle lands for her development work, Catherine La for her production and writing magic, and Brandon Dicker for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.Money, money rehabbers, you have money hidden in your house? Yeah, just hiding there in plain sight. Okay, so I don't mean you have gold bars hidden somewhere in walls, treasure maps style, but you do have a money making opportunity that you're just leaving on the table. If you're not hosting on Airbnb, it's one of my all time favorite side hustles. By hosting your space, you are monetizing what you already own. It doesn't get easier than that. For me, hosting on Airbnb has always been a no brainer. When I first signed up, I remember thinking to myself self, you pay a lot of money for your house. It is time that house returned the favor. And to get real with you for a sec, I felt so much guilt before treating myself on vacation because traveling can be so expensive. But since hosting on Airbnb, I feel zero stress for treating myself to a much needed vacation because having Airbnb guests stay at my house when I'm traveling helps offset the cost of my travel. So it's such a win win. I mean, if I could do it, you could do it. And your home might be worth more than you think.Find out how much@airbnb.com. host money rehabbers you have money hidden in your house? Yeah, just hiding there in plain sight. Okay, so I don't mean you have gold bars hidden somewhere in walls, treasure maps style, but you do have a money making opportunity that you're just leaving on the table if you're not hosting on Airbnb, it's one of my all time favorite side hustles. By hosting your space, you are monetizing what you already own. It doesn't get easier than that. For me, hosting on Airbnb has always been a no brainer. When I first signed up, I remember thinking to myself self, you pay a lot of money for your house. It is time that house returned the favor. And to get real with you for a sec, I felt so much guilt before treating myself on vacation because traveling can be so expensive. But since hosting on Airbnb, I feel zero stress for treating myself to a much needed vacation because having Airbnb guests stay at my house when I'm traveling helps offset the cost of my travel. So it's such a win win. I mean, if I could do it, you could do it.And your home might be worth more than you think. Find out how much@airbnb.com. host.

because those tastemakers are going to be onto their next hot thing. And so we knew, you know, we had this great flock of, you know, fabulous, like the who's who around town filling our store. But we also knew that if we weren't delivering on a great product and a great experience, it wouldn't matter because they would ultimately leave us and then there wouldn't be anybody left behind. But they brought their friends with us, and their friends stayed.

Morgan, that's so interesting because I guess, like the diehards and especially in the food industry, the foodies probably are gung ho about it, and then they move on with that. Move on, probably. You know, during a time when a lot of cupcake brands were out and trying to do their thing, they went by the wayside, but sprinkles continued. So how do you think sprinkles was able to make it over that finicky sort of foodie fickleness.

I love alliteration, but I love alliteration. Now, that's a really interesting thought. And you're right, I think foodies in general, and I'll use that term in quotes because I so overuse these days. But these sort of true foodies that seek out unique food experiences and love, like, sort of the, just the discovery part of the process, right? So it's like the sandwich shop that's only open from two to five until they sell out that nobody's heard of, right? This is what gives those traditional foodies a high. But then I also have a goal of scaling them because I feel like, you know, sprinkles or pizza can exist in lots of cities around the country, but foodies don't always like that. Foodies don't always like it when then you're two locations, then you're big, quote unquote big business. So, um, but I think that even then, we were able to turn around those, those true foodies because we, we were consistent, right? I mean, at the end of the day, the food business is about consistency. And I, I don't remember the exact stat, but I guess there's a stat that says that if your food is average, but you're at least consistent, you have a higher likelihood of sticking around than, you know, food.

That's superlative, that doesn't always deliver. Um, and it makes sense. People want to walk into a restaurant and know what they're getting. So I think we really, we surprised and delighted them in the beginning, but then we stayed consistent and true to our brand mission. And so people knew what to expect, and they kept loving us.

I'm so fascinated by the food business in general because I think that there are a lot of entrepreneurs who never thought they would be entrepreneurs. But you get food. It's visceral, it's nostalgic, it's all sorts of things. Our people think they can do that, too. So selling food products seems like a really tough industry to break into. Uh, has that been your experience?

Well, I think it's, to your point, like, something that seems anyone can do. It's kind of easy to break into, but hard to succeed. Because if you think about what I did, I mean, I literally did what anyone could do. I made a company out of a cupcake. My kids can bake cupcakes. Like, I wasn't, you know, creating some sort of high end technology. I wasn't a tech savant. I wasn't an engineer, I literally made a cupcake, which people around the country do every day, but built a business out of it. So the fact that it's a really, actually easy entry, right? Because people can start in their kitchens, and more so even today than back in the day. Like, when I was baking out of my kitchen and selling out of my kitchen, I wasn't really allowed. Now we have, like, cottage food laws that allow for people, you know, of a certain scale to bake out of their kitchen, you know, and be on the up and up. But, so you can start, but it's hard to scale and it's hard to reach that. It's hard to break through the noise, right? Because everybody's got their applesauce that people think is great, or everybody's got their brownie that, like, you know, the family loves.

And why don't you get. You build a business on your brownies. But I think it's easy to get into. But because of that, a lot of people falter because they're not really thinking about it like an actual business, which it is. It's business just like anything else. And the same principles apply. Entrepreneurship is not recklessness. It's not leaping off a cliff. It is certainly taking a risk. But what isn't these days, right? I mean, people are getting their job offers revoked. People are losing their jobs at tech companies that we thought were, you know, superpowers.

Hold onto your wallets, boys and girls. Money. Rehab will be right back.

Do you ever get fomo? Fear of missing out? Well, do you ever get fomo to Peter fear of missing out on the perfect hire? If so, I have the antidote. It's LinkedIn jobs. LinkedIn jobs helps you hire professionals you can't find anywhere else, even those who aren't actively searching for a new job, but might be open to the perfect role. In any given month, over 70% of LinkedIn users don't visit other leading job sites. And that adds up to a serious squad of awesome candidates. LinkedIn has over a billion professionals on the platform, and these candidates are super qualified. So much so that 86% of small businesses get a qualified candidate within just 24 hours. I work with LinkedIn jobs for all of my dream team needs, so they're hooking up money rehabbers@LinkedIn.com. mnn. Go there and you can post your job for free. That's LinkedIn.com slash mn, as in money news network, to post your job for free. Terms and conditions apply between summer vacations and going to the beach and having the hot girl or guy summer of your dreams this season can be a.

Little hard on our wallets.

A chime checking account helps you reach your financial goals while still enjoying the summer. You can take back your finances with features like fee free overdraft up to dollar 200 with SpotMe or getting paid up to two days early with direct deposit. Learn more@chime.com mnn and you know, I hate overdose overdraft fees. One time I overdrafted buying a latte, which was so embarrassing at the time. But hey, it happens to the best of us, and I got charged $35 for a seven dollar latte. But Chime allows you to overdraft up to $200 with no fees, and you can get temporarily increased overdraft limits with boosts from friends. Live it up this summer and make progress toward your financial goals with Chime. Open your account in minutes@chime.com. m and n that's chime.com mnsdev. Chime feels like progress banking services and debit card provided by the bank Corp. Bank na or stride bank na members FDIC spotme eligibility requirements and overdraft limits apply. Boosts are available to eligible chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to chime.com disclosures for details.

Now for some more money rehab I suppose you also have to define what success is for that business, though. Do you want the brownies to be the next McDonald's, or do you want to just have an artisanal brownie shop in Brooklyn and, you know, be able to pay the bills and be cool with that? Because I think that as you go along this entrepreneurial journey and you've seen the goalpost constantly changes for what success is. So it never feels like potentially you get your brain to the other side of it unless you stay steadfast to really what the goal is from the outset. It's also very easy, especially on social media, to be like, oh, I'm not doing anything with my life compared to so and so. But then it's a really good reminder to be like, well, was the thing that so and so posted, you know, with their franchises or whatever, was that a part of what my success definition was or not?

And if not, maybe move on.

I think that's so true. And by the way, no one is immune to the compare and despair to just anyone who's listening out there. If you do that, we all do it. I do it, too. Yeah. And I think one of the reasons why the book goes from ideation to sale, because eight years after was eight years. In 2012, my husband and I sold the majority of sprinkles to private equity. So I saw from bootstrapping out of my little kitchen to selling a national business and brand to a private equity company. But thats not going to apply to everyone. And I realize that, and I obviously go into that in my book, that everyone has different goals and what does it mean to you? What does success mean to you? But I think its important to sort of envision what could be your end goal, whether its selling, whether its continuing to operate as a CEO for the remainder of your years, whatever that is, and kind of working backwards, because that will help guide your choices in terms of the investment you make, the foundation that you're building. Like, do you need a foundation to scale?

Right.

And I think people also think for food products, general consumer products are high margin businesses. But then restaurants, which people also want to go in even if they don't have other entrepreneurial dreams or endeavors because of that nostalgia, are traditionally low margin businesses. So what are the pros and cons of doing a brick and mortar food business versus just direct to consumer e commerce?

Great question. And I get this question a lot where people ask about the food business, but as you so aptly pointed out, the food business really, like, spans a lot. So it's very different to be starting a CPG business, you know, direct to consumer. For example, like my friend Lisa Odenweller, who has chroma wellness, which is this great reset versus opening pizza. Right. And I think there's some pros and cons. Absolutely. One of the cons, as you mentioned, the margins are real thin when it comes to restaurants. And the only way to make up for that is with volume. You've got to make up for it with volume. I mean, thank goodness people order pizza to go, right? Thank goodness people come into sprinkles and buy not just one or two cupcakes, but two dozen. It makes a really, really big difference. But the pros are that, first of all, people need to eat every day. That's the great thing about going into the food business and particularly the restaurant business. It's like people got to eat and they're fickle and they want to mix it up and they want to go to new places.

And definitely on the heels of the pandemic, they're interested in getting inside restaurants again. And because of that, you're able to control the customer experience. So, like, there's nothing quite like getting a pizza fresh out of a wood burning oven. Right. It's so just ooey and gooey and craveable. And so you're able to really so sort of elicit this response from people that makes them crave it and come back. Unlike, you know, something you might get pick up at the grocery store or get in the mail and you open and it's packaged good. Delicious, sure, but not the same as that. Just like hot, freshly made food. Um, and the same as, you know, the same can be said for sprinkles. Like, people at the time were not used to getting cupcakes that were so freshly baked. And there's something completely irresistible about a freshly baked cupcake. Like, I am fanatical when people say they're going to save it to the next day. I'm like, no, no, there's no point. You have to eat it freshly baked.

Great willpower.

There you go. I also, it's easy for me to say because I had a lot of access to it, but so I think there's this credibility. And also when you erect this restaurant or retail bakery or whatever it is, that's your marketing, that's your billboard. And as we all know, for people who are duking it out online right now, boy, is it hard to get eyeballs. Boy, is it hard to stand out in the world of digital advertising. And expensive right now. So people are going back to traditional advertising, and with good reason. And so when you build a beautiful restaurant, that's your billboard. People drive by it every day. People walk in and out. They can really, like, experience it exactly the way you want it to. So you own that customer experience. You're not handing off a box to ups and hoping, hoping it doesn't get smashed. So I really am passionate about delivering not just an elevated product, but an elevated experience. And so it's really important to me to own my channel. Now, having said that, I do believe in brand extensions, utilizing other channels, in particular for national brand awareness.

So we are, for example, pizzano. We're shipping via gold belly right now our pizzas. And with sprinkles, you know, we sold a cupcake mix through Williams Sonoma. Why did we do that? We weren't making money. We did it because we were planning to go into these other markets across the US. But it takes a long time to build brick and mortar store. So by the time we got there, we hoped that these mixes would bring some brand awareness for our company.

Very smart. Good advice. Obviously, this is money rehab, of course. Can you tell us, candace, about a time that you needed money, rehab, or if there was a time that you had some sort of money related hiccup or snafu and how you navigated it.

Oh, my God, this is ridiculous. And I know, first of all, thank you. Thank God there are people like you in the world that are helping us all to be more savvy when it comes to money and women in particular. I needed you. I needed you at the time in college, you know, they would set up. I'm sure they still do those tables where they're like, you know, giving out these credit cards like, you know, candy. And I didn't understand how credit card works. I was at, like, one of the top colleges in the United States. I was an economics major. And I did reminding people that even if you got an econ degree from an awesome school and even if you worked in banking, there are still things that you don't know, and it's okay because we're all learning and growing. Rinse and repeat.Thank you so much, Nicole. This is really fun.For today's tip, you can take straight to the bank. If you're interested in starting a business, focus on research to that specific industry. If you're an aspiring founder, you might want to read Steve Jobs biography for sure, but that might not help you a ton if your business is outside the tech sphere. As Candice mentions, the food industry, the restaurant industry specifically, tends to be low margin, so you have to focus on volume in order to turn a profit. But not all industries, of course, are like that. You're going to want to spend time researching how to turn your customers into repeat customers. If you're in an industry like wedding planning, for example.Right.If all goes according to plan, those customers are going to be one and done shoppers. So it's important to understand how you'll.Need to build your business model to.The specs of your industry. Money money rehab is a production of iHeartRadio. I'm your host, Nicole Lapin. Our producers are Morgan Lavoie and Mike Cascarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money rehab team. Michelle lands for her development work, Catherine La for her production and writing magic, and Brandon Dicker for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.Money, money rehabbers, you have money hidden in your house? Yeah, just hiding there in plain sight. Okay, so I don't mean you have gold bars hidden somewhere in walls, treasure maps style, but you do have a money making opportunity that you're just leaving on the table. If you're not hosting on Airbnb, it's one of my all time favorite side hustles. By hosting your space, you are monetizing what you already own. It doesn't get easier than that. For me, hosting on Airbnb has always been a no brainer. When I first signed up, I remember thinking to myself self, you pay a lot of money for your house. It is time that house returned the favor. And to get real with you for a sec, I felt so much guilt before treating myself on vacation because traveling can be so expensive. But since hosting on Airbnb, I feel zero stress for treating myself to a much needed vacation because having Airbnb guests stay at my house when I'm traveling helps offset the cost of my travel. So it's such a win win. I mean, if I could do it, you could do it. And your home might be worth more than you think.Find out how much@airbnb.com. host money rehabbers you have money hidden in your house? Yeah, just hiding there in plain sight. Okay, so I don't mean you have gold bars hidden somewhere in walls, treasure maps style, but you do have a money making opportunity that you're just leaving on the table if you're not hosting on Airbnb, it's one of my all time favorite side hustles. By hosting your space, you are monetizing what you already own. It doesn't get easier than that. For me, hosting on Airbnb has always been a no brainer. When I first signed up, I remember thinking to myself self, you pay a lot of money for your house. It is time that house returned the favor. And to get real with you for a sec, I felt so much guilt before treating myself on vacation because traveling can be so expensive. But since hosting on Airbnb, I feel zero stress for treating myself to a much needed vacation because having Airbnb guests stay at my house when I'm traveling helps offset the cost of my travel. So it's such a win win. I mean, if I could do it, you could do it.And your home might be worth more than you think. Find out how much@airbnb.com. host.

reminding people that even if you got an econ degree from an awesome school and even if you worked in banking, there are still things that you don't know, and it's okay because we're all learning and growing. Rinse and repeat.

Thank you so much, Nicole. This is really fun.

For today's tip, you can take straight to the bank. If you're interested in starting a business, focus on research to that specific industry. If you're an aspiring founder, you might want to read Steve Jobs biography for sure, but that might not help you a ton if your business is outside the tech sphere. As Candice mentions, the food industry, the restaurant industry specifically, tends to be low margin, so you have to focus on volume in order to turn a profit. But not all industries, of course, are like that. You're going to want to spend time researching how to turn your customers into repeat customers. If you're in an industry like wedding planning, for example.

Right.

If all goes according to plan, those customers are going to be one and done shoppers. So it's important to understand how you'll.

Need to build your business model to.

The specs of your industry. Money money rehab is a production of iHeartRadio. I'm your host, Nicole Lapin. Our producers are Morgan Lavoie and Mike Cascarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money rehab team. Michelle lands for her development work, Catherine La for her production and writing magic, and Brandon Dicker for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.

Money, money rehabbers, you have money hidden in your house? Yeah, just hiding there in plain sight. Okay, so I don't mean you have gold bars hidden somewhere in walls, treasure maps style, but you do have a money making opportunity that you're just leaving on the table. If you're not hosting on Airbnb, it's one of my all time favorite side hustles. By hosting your space, you are monetizing what you already own. It doesn't get easier than that. For me, hosting on Airbnb has always been a no brainer. When I first signed up, I remember thinking to myself self, you pay a lot of money for your house. It is time that house returned the favor. And to get real with you for a sec, I felt so much guilt before treating myself on vacation because traveling can be so expensive. But since hosting on Airbnb, I feel zero stress for treating myself to a much needed vacation because having Airbnb guests stay at my house when I'm traveling helps offset the cost of my travel. So it's such a win win. I mean, if I could do it, you could do it. And your home might be worth more than you think.

Find out how much@airbnb.com. host money rehabbers you have money hidden in your house? Yeah, just hiding there in plain sight. Okay, so I don't mean you have gold bars hidden somewhere in walls, treasure maps style, but you do have a money making opportunity that you're just leaving on the table if you're not hosting on Airbnb, it's one of my all time favorite side hustles. By hosting your space, you are monetizing what you already own. It doesn't get easier than that. For me, hosting on Airbnb has always been a no brainer. When I first signed up, I remember thinking to myself self, you pay a lot of money for your house. It is time that house returned the favor. And to get real with you for a sec, I felt so much guilt before treating myself on vacation because traveling can be so expensive. But since hosting on Airbnb, I feel zero stress for treating myself to a much needed vacation because having Airbnb guests stay at my house when I'm traveling helps offset the cost of my travel. So it's such a win win. I mean, if I could do it, you could do it.

And your home might be worth more than you think. Find out how much@airbnb.com. host.