Have you figured out a good business model that is consistently making money but don’t know how to expand? Itching to take your local business national? Ready to put your business on auto-pilot, generating recurring income while others do the work? If so, this episode is for you!
Brennan Tolman and Nik Krohn—founders of Tolman Media—were in that same boat just a couple years ago. They had grown their local wedding photography business in Salt Lake City and were ready to expand. But they quickly decided that owning locations around the country or franchising the business wasn’t for them—too much work, too much red tape.
So, they figured out an even better plan, creating an online marketplace and licensing the business to dozens of other entrepreneurs.
On this episode, Brennan and Nik walk us through the process they used to scale their business and then license it all around the country—and around the world. The two were able to generate over $4M in revenue in just six months by letting others do the bulk of the work—while they simply collected the royalties.
Whether you’ve already explored the idea of licensing your product or business, or you’re looking for a new tool to add to your business toolbag, Brennan and Nik walk you step by step through the process of taking your business to the next level. And making LOTS of money in the process!
Make sure you stick around to the end, where Brennan and Nik tell us the single most important metric to the success of your business.
Check them out, and subscribe to the BiggerPockets Business Podcast so you won’t miss our next show!
In This Episode We Cover:
- How Brennan and Nik met and started their business
- How they solved a problem for photographers
- How they solved scheduling, improved earning, and added scores in their booking app
- How they made changes in their system
- The hard decision they had to make
- How they managed to expand internationally
- How they brought in entrepreneurs and went the licensing route
- Franchising versus licensing
- How they've set partner expectations
- How business comes down to one metric: cost per acquisition
- And SO much more!
Links from the Show
- BiggerPockets
- Venmo
- Expedia
- BiggerPockets Business Podcast 52: Murder Scenes, Meth Labs, and 27 Franchises with Laura Spaulding
- BiggerPockets Real Estate Podcast
You can check the full show notes here: http://biggerpockets.com/bizshow54
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