I Make $5M/Year With 3 Businesses

Summary

In this inspiring interview, Tim Stoddard shares his journey from a blue-collar background to running three successful businesses that generate over $5 million annually. Starting with a blog during his sobriety journey, Tim discovered SEO and transformed his writing skills into a thriving SEO lead generation agency, Stazzi Internet Marketing. He then expanded into other ventures, emphasizing the importance of building a diverse portfolio of assets. Tim offers practical advice on scaling businesses, sales strategies, and the tools that facilitate his multipreneurial endeavors, while candidly discussing the challenges of constant worry and the mindset needed to overcome entrepreneurial hurdles.

Takeaways

• 🚀 Tim Stoddard runs a multi-million dollar business portfolio, starting from humble beginnings and building his success through various ventures.
• 💼 Tim's main business, Stazzi Internet Marketing, serves as the financial backbone for his other ventures, generating significant revenue.
• 🔑 Tim's strategy involves building a portfolio of assets that work for him, allowing him to move away from the traditional 9-to-5 job model.
• 🌐 Tim's early success with blogging and SEO led to the creation of a lead generation business, which attracted clients from the healthcare industry.
• 📈 Tim emphasizes the importance of focusing on one keyword or article at a time for SEO, which can lead to substantial growth over time.
• 🤝 Tim's approach to sales involves asking questions to uncover clients' pain points and offering tailored solutions, which helps in closing deals.
• 💬 He advises to address the price early in the sales conversation to avoid the common 'let me think about it' response that often leads to no sale.
• 🛠 Tim has invested in and built various businesses, including Recovery Local, Copy Blogger, and several others in the SEO and lead generation space.
• 🛑 The challenges of running multiple businesses include the mental load of managing multiple tasks and the complexity of overseeing various operations.
• 🛠️ Tim's tools of choice for managing his businesses include Slack, Loom, Todoist, HubSpot, ClickUp, and Google Drive, which aid in communication and organization.
• 📚 Tim recommends reading 'The E-Myth Revisited' to learn how to effectively manage a team and scale a business by documenting processes and stepping back when necessary.
• 🌟 Tim's daily routine involves early mornings, family time, exercise, work focused on logistics and deal-making, and maintaining a consistent, disciplined lifestyle.

Q & A

What was Tim Stoddard's initial business model?

Tim started as a solopreneur, running a single business focused on SEO lead generation through his agency, Stazzi Internet Marketing.

How did Tim transition from a solo business to a multipreneur?

Tim discovered an opportunity to diversify his income and reduce his working hours by building a portfolio of assets that would work for him, leading him to become a multipreneur.

What is the main goal of Tim's business strategy?

The main goal is to build a self-sustaining portfolio of assets that generate income with minimal effort on Tim's part, allowing the businesses themselves to do the hard work.

What was Tim's first step into entrepreneurship?

Tim's first step was starting a blog on Blogger, writing about his personal experiences and journey, which eventually led to the creation of Subnation.

How did Tim's blog lead to his first business opportunity?

Treatment centers and behavioral healthcare centers reached out to Tim, interested in how he built a community and audience, which led to him turning the blog into a lead generation media outlet.

What is the significance of the keyword 'drug rehab marketing' in Tim's business growth?

Ranking for the keyword 'drug rehab marketing' was crucial as it helped Tim generate leads and establish his business in the SEO and lead generation niche.

What advice does Tim give for someone looking to start an agency?

Tim advises that starting an agency is ideal because it requires no significant upfront capital and can become profitable with just one client. However, it can be challenging to scale due to the increasing workload with each new client.

What are some of the tools Tim uses to manage his multiple businesses?

Tim uses Slack for communication, Loom for video messaging, Todoist for task management, HubSpot for CRM, ClickUp for more robust task management, and Google Drive for document storage and management.

How does Tim approach the process of investing in new businesses?

Tim invests in businesses based on three criteria: liking the founder, the business being cash-flowing, and the business being evergreen, meaning it has long-term sustainability.

What book did Tim recommend for managing a team and growing a business?

Tim recommends 'The E-Myth Revisited' for its insights on systematizing a business and getting out of the way to let the business grow.

What is Tim's daily routine like, and how does it contribute to his success?

Tim's daily routine is consistent, starting early with task assignments, spending time with his kids, going to the gym, working on logistics and deal-making, and maintaining a work-life balance by spending time with his family.

What is the biggest challenge Tim faces as an entrepreneur?

The biggest challenge Tim faces is the constant worry about what might go wrong and the need to anticipate and mitigate potential problems before they arise.

What advice would Tim give to his younger self starting out with his blog?

Tim advises to live life one day at a time, focusing on getting through the day and making it to midnight, which helps in dealing with fear and uncertainty.