The reality of being a entrepreneur is sometimes business is slow. In this episode, Maggie & Rich get unfiltered and talk about the hardships of their business and diversifying income streams. Maggie talks about how we have normalized the craziness in the real estate market. Rich admits he assumed his business would fail from the start and how Storied has evolved since 2018. Visit housecoffeepodcast.com to submit a question or feedback!
Special thanks to TJ McMaster for mixing and editing our episode!
Transcript
Intro:
Hey, you’re drinking house coffee – unfiltered conversations brewed at the intersection of real estate life and coffee shop service. We’re Maggie and Rich – local business owners and friends sharing stories and welcoming you to pull up a chair with us. The door’s always open. Let us pour you a cup.
Rich:
Hey, Maggie.
Maggie:
Hey Rich.
Rich:
How was your day?
Maggie:
How long day but you know what? Now my day is great
Rich:
Because we’re here
Maggie:
Because we’re here
Rich:
Recording record the podcast.
Maggie:
Yes.
Rich:
What did you have going on today?
Maggie:
Today little um, yeah little synopsis of my day was like so in real estate the bulk of my work is usually in the second half of the day. So showing houses or listing appointments or inspections things like that? for me at least
Rich:
Is that because people like dude after work or
Maggie:
Yeah, are they like things they do it during lunch and then like Are done for the day? I have appointments in the morning, but like this past weekend. I worked full day Saturday Sunday showing houses to some clients who are moving from out of town. so nights and weekends in the busy season of real estate is where where I am, but today I had a listing appointment. and it was a really cool house. Like really really cool seven bedrooms.
Rich:
Wow.
Maggie:
And
Rich:
Did you get footage?
Maggie:
No, I didn’t get much and I probably could have but because I I know
Rich:
It’s just it’s a different once it’s empty and you’re like actually selling it. That’s when yeah. Yeah.
Maggie:
It was it’s a really cool house. There were four secret rooms in the upstairs. Like it’s a cool house. So yeah
Rich:
Sounds like some epic footage on the way. Yeah, it all comes out comes out for you.
Maggie:
How was your day?
Rich:
Pretty good? I had all of her today I have him right now. I got a Mondays and Tuesdays. I think this is my last Tuesday. With him before next week. He’ll be with our friend. kind of nannying but Yeah, it was cool. We usually go to the restaurant store on Tuesdays and I’ve been leaving that for like the afternoon. But today we got out of household earlier and it’s a little more relaxed and I felt better about that then we got to just hang out afterward and Do a couple other things that might not otherwise have gotten to do we’ve been really like collecting the
Maggie:
Boys day.
Rich:
Yeah. Yeah boys day we so after we go to the store. We there’s a Stewart’s Around the corner from there. And by the time I kind of time everything around like his nap, so I’m I got him in the carrier like strap to my like chest and then we so he’ll the first time he didn’t sleep at all but the last couple times of time to write he was sleeping while I was walking around the store and then we get done and then he’s waking up
Maggie:
Sight to be seen dude. I just wish I wish you like vlogged more.
Rich:
Yeah, me too. Sorry guys, all the like Restaurant Depot. You know what not even just the women like everyone has a lot of respect for a dude. We’re trying to walk around getting like these giant boxes and stuff a cases of Cups and whatever with like a kid strapped him. I mean I’ve seen little kids in there. So I knew it was like, okay, but I’ve never seen I don’t think I’ve seen anyone carrying wearing a kid.
Maggie:
Yeah.
Rich:
So you do what you got to do out here. All right, small business owners. Yep. But anyway, that’s cool. And so this is probably my last time having to take him there. Next time I go everyone’s gonna be like we’re so where’s Holly, you know, but then we go to Stewarts and I get some hot water in this travel mug, I bring and warm up the bottle and then I got a coffee and I get myself a little Fritter apple fritter thing and we just hang out, you know little boys getting coffee. Yeah.
Maggie:
Yeah, you posted a picture of like. Of the like what was that photo you posted with like the bottle and the mug and like your coffee was last week, but the same same thing it happens
Rich:
Everywhere. I go I bring a cup like that. And then yeah that was over at Jacob Alondra last week right there and then Yeah, so there’s always hot water available almost anywhere you go even if it’s tap water tap hot tap water is fine enough to warm it up real quick. So yeah, I have I just I took a picture of that cup with the bottle sticking out plus my coffee cup plus the scone and I was like when the boys get coffee, right?
Maggie:
Yes. Yes. You got to post that on our house coffee Graham.
Rich:
All right, remind me later. I’ll write down that I’ll write that down. Yeah, so I’m excited to have a day back to myself because right now I have zero days like just where I can go and do the things I need to do. because I’ve always either got him or I’m at work. Um,
Maggie:
He was it so we had our planning meeting yesterday
Rich:
Back to work
Maggie:
At our
Rich:
Yes, exactly
Maggie:
And you had all of her with you and I mean, he’s a trooper.
Rich:
He
Maggie:
Just kind of like goes with the flow.
Rich:
Totally. He’s gotta yeah, he’s you know.
Maggie:
He was son of entreating in your diaper bag bassinet in the window seat.
Rich:
It’s amazing
Maggie:
Bench at Arthur.
Rich:
I don’t know what brand that thing is, but
Maggie:
I wish I took a picture of that.
Rich:
Yeah. Yeah, I did get a picture but it’s like it looks a little like the kind of picture you might judge someone before so. I promise he was safe.
Maggie:
Yeah. Oh
Rich:
And you were right there, you know he was
Maggie:
Mm-hmm
Rich:
Valuable for me.
Maggie:
Totally
Rich:
A good dad.
Maggie:
Yeah. You are a good dad.
Rich:
So yeah some but also I’m on Mondays moving forward pretty much forever and but Tuesdays will be a whole new ball game because I’ll be able to like have meetings and do other
Maggie:
Business
Rich:
Things. Yeah. Yeah, there’s always a lot to do. Yeah, so that was my day and then I got oh I was gonna say Okay. So the last thing I did before running over here was we’ve been collecting a lot of books for story because we started selling books last summer and so we hit up Book Sales and like all kinds of different things and we’re really amassing a lot of books and I’m actually out of shelf space. So I knew that my aunts had two bookshelves of mine stored in her garage for me like from when we moved house maybe want two or three times ago. So she’s I knew those were Who I didn’t even know there were two of them. I thought there was only one. so I picked those up and I’m excited to
Maggie:
And then your
Rich:
Van start seeing all these books on the like all over the store. Yes there in my man. And you know what, there’s room for like three or four more videos. I was scouring Facebook Marketplace last night to see if there was anything else I could go pick up today since it was my day for running around but nothing panned out. But that’s okay and I was like, oh just text my ass. She’s got those. Yes for me. Cool. Well, yeah, that was my how’s my day I was my situation. Today?
Maggie:
Yeah, what are we talking about today Rich.
Rich:
Did you something else to say?
Maggie:
Well, I was just gonna say it’s kind of you in the books is kind of a good segue.
Rich:
Yeah, exactly. I was having the same thought. So today we’re talking about something that I think all you know, it’s not even that’s not even entrepreneurs or like people pursuing creative things. It’s honestly maybe any of us and that’s why I think this is such an interesting topic. because it’s just something that is a good idea at least. It sounds good. It feels good. I think it draws us toward it whenever like these things pop up and it’s the idea of diversifying your income streams.
Maggie:
Yep.
Rich:
Okay, and we were talking about this yesterday in our like little planning meeting and I think we just have always talked to these different kinds of ideas and when you’re entrepreneurial, this is my hot take Probably not that controversial when you’re entrepreneurial. You’re always thinking of different ideas. You just ideas just like
Maggie:
There’s no shortage.
Rich:
They just serve you can’t stop them.
Maggie:
Yeah,
Rich:
Always an idea because you’re always trying to figure out. Okay, how can I make that thing work better? How can I make that thing make more money? How can I make that thing? Like fit my life better? You’re always trying to tweak something.
Maggie:
Yep,
Rich:
Right. Has that been your experience?
Maggie:
Oh, yeah, there’s an endless supply of ideas. Really? Yeah, for sure.
Rich:
Yeah, and I don’t know if that’s a certain kind of brain. You know, we were talking about ADHD yesterday. I don’t know if it like how that all wraps itself up. We don’t necessarily know if I’ve got that we probably don’t think so, but that’s not the point
Maggie:
Which I don’t have Ed HD.
Rich:
Yeah, but we’re both idea people and and I don’t know. I’m sure a lot of people who would listen to this podcast would be the kinds of people who are just can resonate with that. Like just all kinds of ideas. Yeah and entrepreneurial people are those who
Maggie:
Execute.
Rich:
Yes. That’s true. They execute. And they figure out the path toward execution, but they also want to figure out how to monetize things.
Maggie:
Yeah,
Rich:
You know what? I mean people who are like entrepreneur like in yourself yourself identifying as as entrepreneur, whatever.
Maggie:
I don’t identify as
Rich:
Someone’s bio I stream about it’s like what do you mean by that? But I think it all comes down to I create opportunity. There’s something in me. That’s that’s driving me toward that so my point is I think it’s something that a lot of people are thinking about right now and something we’re talking about because We are experiencing the need for that and you in particular. I think are how interesting place where you’re really chewing on some some of that so. Yeah, I don’t know what you think. How’s that at you? am I
Maggie:
Saying I think that everybody is looking for ways to diversify their income. Everybody is and everybody wants to make a quick buck.
Rich:
Quick Buck, dude. Let’s get rich quick.
Maggie:
Yeah. And I am very hesitant. This might go deep real fast. FYI. Yeah, but
Rich:
Love it.
Maggie:
I’m very hesitant to to so I don’t even like to call myself an entrepreneurial person because I think it’s kind of overused and I’m a real estate agent and I have a staging business, but I’m not I’m not like entrepreneur is not in my bio. You know.
Rich:
Yeah. Okay,
Maggie:
So
Rich:
Which is fine. That doesn’t mean you’re not right. I just don’t know.
Maggie:
I just don’t call myself one.
Rich:
Yeah, okay, that’s fine.
Maggie:
But the get rich quick ideas are like a lie and I just I’m just against them so but I diversifying your income.
Rich:
I think you’re right is
Maggie:
Something that is important and I think that there are many different ways to diversify your income. And there are multiple streams of income that people can have. You just have to be smart about it.
Rich:
Yeah, and
Maggie:
Not fall for the get rich quick. Schemes.
Rich:
Yeah, I think that’s I think you’re right. And I think that’s that’s probably the key it’s less about first of all, it’s less about getting rich hopefully and it’s more about well, I don’t know there’s so many different ways to front. There’s somebody like angles to it and and maybe different ways to arrive at the same place
Maggie:
By my income people want to get rich quick to get out of something like to get up out of a financial situation
Rich:
Sure
Maggie:
Most of the time. And if you’re bad at managing your money, you’re bad at managing your money period so it doesn’t matter if you’re gonna if you get a lot of money or if you quote unquote get rich quick if you can’t manage it, it’s all gonna go to the Wayside. Yeah,
Rich:
That’s been my problem.
Maggie:
It wasn’t talking about you
Rich:
And that you’re voluntary self identifying.
Maggie:
You spend money pretty quickly.
Rich:
Oh, we’re so yeah, yeah. Now
Maggie:
Like personally or for your business.
Rich:
Well, okay both, but I’m not a both but I’ve squirrel learned lessons the hard way.
Maggie:
Gotcha.
Rich:
I’m not saying. Okay, I haven’t pursued get rich quick schemes, but I have gotten myself into a messes because of poor management. Let’s pray because of lessons. I never was taught or learned or just like intuitive things. I never intuited
Maggie:
Right? And
Rich:
So now I’m digging myself out of that
Maggie:
You feel comfortable having an example.
Rich:
I don’t I don’t necessarily know that one comes to mind. I just think. I don’t know if we’ve talked
Maggie:
We’re not giving Financial advice here.
Rich:
No, no never thought I
Maggie:
Do not take this episode of what we say. No, I just want to clarify that and like kind of put that out there that rich and I this conversation is again. This is this is an unfiltered conversation, you know, whatever podcast
Rich:
On the House Coffee podcast are those of the authors and
Maggie:
Do not solely reflect any type of fiduciary duty. So no, We are not giving Financial advice. We are just talking and so don’t take this as Financial advice, but I would be curious to know like what? If you can give a specific example, I
Rich:
Don’t know if I have an example. per se I mean it can be. Because because for me it’s actually been a cycle of different things over time and I think what happened was first of all, I went into business. I don’t know how much I’ve talked about this yet on the pod. I know we’ve talked about it probably and I know I want to talk about it. I can’t remember specifically saying this thing that I’m about to say. If I have is fine, and if not, I’ll say more in future, but I didn’t go into business with a business plan. I still don’t have a business plan. And we’re five years deep. So I mean we’re gonna talk in the future about the whole idea of like you got to assume something is going to work.
Maggie:
Yeah,
Rich:
And then you know, you were surprised to hear me at one point in time. Say yeah, if I had done that with story, I’d be in a different place. I kind of assumed it wouldn’t work. I was just out here winging it and I thought it would be you know this underwhelming
Maggie:
And that’s shocked me. Yeah, I was like what
Rich:
You
Maggie:
Didn’t assume your business will work you always assume your business is gonna work.
Rich:
I mean as soon we would eat out not even a living I soon we would eat out a sustenance, but but the point is that I didn’t assume it would be as good as it as it quickly proved to be.
Maggie:
Yeah,
Rich:
Which means I didn’t plan one. I didn’t have a plan at all like for how to make it work. if it was really bad, I kind of just figured I’d like suck it up and and slog it out. But I also didn’t have a plan for success and I think you got a plan for both. I think you got a plan worst case scenario and that’s kind of where I was living. I was like, yeah, worst case scenario, you know, it’s just me running the shop and it’s kind of slow but like whatever but I didn’t plan for. Oh man, we’re gonna have really super crazy busy weekends for months on end because Because we just open and people were feeding for something like this. and then also, oh what happens if the weekends are like three times as busy as the weekdays, you know, so so that ultimately everyone thinks you’re like really busy and and kind of like slow service, but actually it’s just because you can’t afford help because you don’t get enough money on the weekdays so that your weekends to sort of even you out by the end of the week. It’s like it’s all that kind of stuff that I had no forethought necessarily on the financial end. So then what happened was we we ended up getting busy and getting tired and we were like, alright, we should probably get some staff and then I ended up hiring but then when you hire people you got to pay them but then if if they work for you this week, but their pay is due in two weeks, but the week that they worked for you was actually slow then by the time you got to pay them. Well the cash didn’t come in with which to pay them and so you know with this what we call it cash flow Crunch and that in my friends is what I’m an expert in navigating or failing to navigate, but by now you can DM me and I’ll tell you that’s where I’ll give you my my advice. Wow. So it was just the cycle of Like not planning ahead for for different business moves that we made including opening story.
Maggie:
Yeah, and
Rich:
Then over over like I don’t know spending but in a way that the all these bills were due but the money didn’t show didn’t materialize to pay them. Payroll is like a non-negotiable. You know, I’ll fudge a lot of things. Yeah,
Maggie:
So
Rich:
That I can give someone their paycheck. plenty of what not to do is on that on that line, but so but that’s like a cycle that I was getting into, you know. So it’s so not putting sales tax aside. For instance. You wanted some examples. I’ve done this in two different categories with tax and you know, if you’ve done this, please like Just say me too me too, buddy. Not you but like anyone listening if anyone has has played this game. Let me know because it’s it’s fun and not fun at the same time. It’s also
Maggie:
Illegal,
Rich:
So what illegal probably yeah, don’t do this. Don’t do this. I would I’m not saying I didn’t pay my taxes. I did I just paid him late Sky most in most cases. Okay at this point in time. We’re caught up. We’re like current took us five years. We figured it out. We realized like these patterns were going on and then I was like, all right, and then a lot of fortunate things happen to get us here, but for example, you know, not putting sales tax aside on a daily basis, which everyone’s like have a separate account just put your sales tax aside every day and then because it comes out quarterly for us.
Maggie:
Yes, I pay my taxes quarterly as well.
Rich:
So So the idea is, you know, we’re using that money as cash flow. And not squirreling it away for the 20th of the month post quarter when we need to pay three to four to five thousand dollars at a at a time to make that work. And so with that meant was in certain cases. I took out a loan to pay the sales tax. So now I got to Debt in a different way basically there’s borrowing for myself. Or at that point in one sense, probably from the government
Maggie:
Borrowing from computer to pay Paul.
Rich:
Yeah, exactly. And then so we’ve never paid the taxman now, we got this other debt and then that kind of like becomes a problematic situation and and that would just happen and then other times so the way you like you can run payroll if you do it yourself using like certain software so I don’t use a payroll company. We do it all through Square which Square can have all my money as far as I’m concerned love all their products, but You can calculate payroll because I would write manual checks. For folks and so you calculate the payroll so then it like tells you what you’re supposed to. Okay, how’s work? So Italian for hours or tips and whatever and it tells you what their check should be but then also tells you what the taxes would be in square pays the taxes to the IRS and New York State and then whatever like other little tax thing there is square pays that on your behalf and how with how they do it is they do a debit from your account. So they’ll tell you here’s your debit of four hundred dollars and here’s your checks of whatever thousand something dollars. Yeah to disperse. So rather than run the rest so I would calculate it and then rather than run payroll so that it would make that debit a $400 I would simply Get all the way to the end step. write the checks pay my staff, but not Pay the taxes at that moment so that that $400 is still in my bank to pay other bills and then I would just catch up on that like by the end of the year. Yeah,
Maggie:
And
Rich:
I probably did that. To at least the last two years. Yeah. Yeah, so that’s the kind of crazy stuff that I’m talking about. How’s that for unfiltered conversation? Yeah, that is you ask for it.
Maggie:
I know that’s
Rich:
And it’s all cyclical because you run out of like you run out of that cash and you got to figure out a way to pay the people that have already worked for you you owe them. And as long as you continue to maintain them, you’re gonna have this you’re gonna you’re gonna have this debt and so making storied work over the last five years has been a a series of just like figuring out as few people as I can pay. and even down to staff unfortunately in the last couple months that’s been the move we’ve had to make we had to downsize on Staffing a lot. Because it was it came down to like, alright, I’ve cut everything. We’ve stopped we’ve had so few vendors. I just I do the minimum of like grocery runs and and supplies we’ve got it all down to a projected like known expense thing. And then I still was like, I can’t there’s nothing even to pay staff with even when we cut everything else. So we had to cut the staff and just go on our operated by and large and Yeah, anyway,
Maggie:
But you’re not the only one going through those struggles. I guarantee, you
Rich:
Know, first. I know I know and I am. that’s why I say all that because I want somebody to hear that and say Wow, dude, me too, and
Maggie:
Me too, buddy,
Rich:
And I want. You all to know that I can work you can get there. Now here’s the thing. There were a lot of people really ass off. Okay. Thank you, but there are also there’s there’s a lot of really fortunate circumstances too that made that all possible for us to continue up to this point. That wouldn’t have been true for other people such as I haven’t taken a single Cent. On purpose. I haven’t like had a check cut to me like pay from storied for any of the time I’m doing it. And so I have no income basically for last. Five Years Christine has a full-time job outside of story. And so she basically supports us and now Oliver and that’s a fortunate circumstance and what else? Abby bought in as a partner last year. So that was who could have foreseen that not me. That was a lot of money and it’s and it got eaten up real quick by all the by like the stuff we were paying off but you know that that worked out really well PPP loan came out back in you know, 21 or whatever that was. That was $12,000 for us. That was forgiven clinical.
Maggie:
Wow,
Rich:
As a as a, you know alone based on how that program worked. And then most recently we got the ERC. What does that situation employee retention credit, which was another covid related thing that was sort of dropped on my doorstep by a friend. And that ended up being not anything we planned on or planned around it just was like a fortunate circumstance in this last. Sort of chapter that is helping us actually be caught up and even start to now we can get current but like all these things just kind of happened over time. That I don’t know. I don’t know.
Maggie:
What kept you going.
Rich:
Abby and I kind of talk about this I think we just believe that story is something that is is way more than it. It’s I don’t even know what exactly it is. I think it is to me. I mean, I know I own it so like and I kind of birthed it so I have A certain love and and hope for it. but I think the way people interact with It’s like a it’s I think there’s something to it. I think this is what happened. I talk about we’re like, you know what maybe story it is in the wrong place at the wrong time. I don’t know maybe like I just feel like it’s a big fish in a small pond and if we can just keep it going and get ourselves to get our act together in a way like financially to actually plan for some success in the future if we can sustain this thing. And then I think it really could take off and go. Yeah somewhere, you know. And I don’t really know I don’t even know it’s not just the it’s not just the coffee product. Or the fact that we do coffee and bubble tea. And I think it’s I think it’s everything. And at the same time it’s
Maggie:
My baby is special and
Rich:
So because I can sustain it. My family can sustain it in the way it has we’ve we’ve chosen to because we think that that it we don’t even know what it is. It’s like having a baby. It’s like what is this? kid going to become who’s he gonna be, you know was she gonna do and but you just know like if I just nurture this thing long enough and It sort of Shepherd in the right direction. It will finally get there. So it’s that’s I don’t know dude,
Maggie:
You’re passion alone. Like I can see and I know people listening can’t see your face and like how you talk about story but like There’s a real passion behind you talking about it. And I know that you have poured Your Blood Sweat and Tears into it and I I can tell how much you love storied and a lot of people love story too. And I yeah, it’s I there there will be a day when we have a conversation. We look back and we like Remember When? You were x amount in the hole and you were like having to like cut back employee hours and now like you’ve got so much more staff and you’re roasting your coffee or doing all these amazing things. I think I think there will be a moment one day and we have it documented in time on this podcast when we will look back and be like in May of 2023 Remember When
Rich:
Well, thanks Max.
Maggie:
Yeah,
Rich:
I really appreciate that. It’s yeah, no that I know what it means to you, you know. I know and you’re just like exemplary of of how storied means so much to so many and I don’t know that’s not me. I mean, it’s it’s a result of what I’ve poured out.
Maggie:
Yeah.
Rich:
Because it like because of what I’ve poured out stored exists. So in that sense sure, but I’ve tried to I’ve tried to kind of Build and this is my hope is to build a company. That isn’t. Just me. I want to be bigger than me. I wanted to supersede me I wanted to be. It’s own entity and that’s why I think I’m so proud of it is because I feel like it is it represents a lot of different things to a lot of different people. and and that’s that’s great. So I want that to continue for folks. And I think there’s also this is just an entrepreneurial. Like fact of of existence is you you want to build something that one you get enjoyment out of but two is sustainable without you that’s kind of like the Pinnacle I think is like how to figure out how to work on your business and not in your business, you know, so that you still have a hand and how it’s moving forward. This is the This Is The Life of the owner of a business. It’s like you want to figure out how to make the business. Profitable that’s really what it is. It’s all about. It’s like if we can just do this long enough and like and get correct, some some errors that we’ve made along the way then I think profitability is possible because when something’s profitable then an owner can step away from being one of the personnel required to run the systems and and can step back and help design the system so that other people can plug into them and and then it’s a little bit self-sustaining but the owner can still be someone sustained from it, but also go on to Go do other owner things and
Maggie:
Diversify there
Rich:
Comes we going and diversify their income because yes exactly the other day if you can build a successful enough business, then sure. You know, and I don’t know that we see ourselves. Earning a full living from one little shop. You know, I think a lot of cafes realize they they have to do other things and and this is why I like we we do different product lines. You know bubble tea is like one. Within the coffee realm a lot of people end up end up just kind of moving toward roasting their own coffee versus getting it from other people because it’s more profitable and then that creates more sales channels when you can supply other shops and stuff like that. Plus it’s like cool to have your hand on all the different aspects of the coffee. Business so yeah. Yeah, I don’t know and then books like that’s another thing because Drinks and food. They’re not quite enough for us in
Maggie:
Scotia has have the books been. Like making money at all.
Rich:
It’s not about that, Maggie. All right. The books are passion project.
Maggie:
Okay.
Rich:
The way I think about the books because they’re basically all the same price almost no matter what they are. They’re like 39, I do 399 flat plus tax so some books are like you’re getting a law for your money and other books are if you Google any used book on line you basically see anywhere from four to six dollars So I just figured make it easy make it easy. So think about like you get a pastry every shop wants to sell a coffee and a pastry.
Maggie:
Yeah. Okay
Rich:
You want to do that upsell. So I’m just figuring like if you grab a coffee and a book, it’s the same idea ever. The books are pastries. That you know brings someone Joy. I feel really cool. When I’ve hand-picked a book that goes on the shelf and then someone else buys it I’m like word. Yeah. I had a feeling about that one. So that’s where that’s coming from, but it’s also to To create that extra, you know
Maggie:
For a pastry with my coffee.
Rich:
Yeah, well, that’s because you prefer audiobooks.
Maggie:
That’s true. That’s true.
Rich:
So that was a lot about me which plot to us. But that’s not my attention. That’s a little bit about like yeah sure how I have considered that we started talking about this because You were thinking about some stuff though. Yeah,
Maggie:
Because
Rich:
Well, it’s like a rough.
Maggie:
Well, it was they well, yeah. like you kind of caught me on a bad day yesterday. When we had our planning meeting
Rich:
Well, and he’s wait for No One.
Maggie:
I know. And are a bad morning / afternoon. and it was because right before I came to meet you at Arthur’s you and Oliver. I had to give some bad news to a buyer and let them know that they their offer was not accepted on the house that they fell in love with and I mean, it’s it really sucks and it it gets really depressing having to deliver that news to people all the time. and not and it’s it’s like they had a really strong offer and a really really high deposit and really good qualifying financing like they’re this wasn’t Someone or this wasn’t a couple who? Needed to borrow a ton of closing costs and things like that. So Um, yeah, I just that it’s no fun having to give bad news and on the flip side as the listing agent. It gets really old and depressing when you have to call you get to tell one person the good news and then you have to call. Five or ten other people and give them bad news and having like that kind of takes the joy out of it too because you know that those five other people, you know aren’t getting the house. So and then they have to have that tough conversation. So yeah, I was just thinking a lot about my Not like oh, I want to quit selling houses, or I want to quit real estate. It wasn’t really so much that but I’ve been really asking myself. these questions of like where do I see myself in 10 years and am I gonna be the type of realtor that is just known as a person who helps people buy and sell houses or am I going to diversify my income and and find a way to Support myself and not have to rely on the current market.
Rich:
Yeah.
Maggie:
So I guess I am going kind of coming full circle in terms of entrepreneurial. I guess I am pretty entrepreneurial. But I’m pretty unconventional. Yeah, I’d say. Yeah,
Rich:
Well, that’s that’s the heartbeat of entrepreneur doing. Doing things and Commercial ways.
Maggie:
Yeah,
Rich:
I think
Maggie:
Yeah.
Rich:
Well word I hear that. I mean that’s not a total surprise. I mean it sucks that real estate is sucking at the moment, you know, and I don’t know if that’s everywhere right now. You’d have a better sense than me. Yes kind of crunchy wide or just regionally.
Maggie:
I think the people that I talked to who are in my field. Across the board different agencies different ages different levels of experience. everyone for the most part is a little bit slower and has a little bit less. under like pending right now.
Rich:
Yeah. And
Maggie:
Same with like mortgage people too. It’s not just real estate agents. It’s people who are in the mortgage industry because and just to put it I have to give my friend Phil Reese a shout out because he’s just like amazing in terms of his service. He’s a mortgage originator. for a local mortgage company and he helped me out on this offer that I submitted and He I was like no pressure, but it was 8 am and I text him like Phil no pressure. But could you update this pre-approval letter? I’m gonna be submitting an offer. He’s like, yeah. Yeah. No problem. I’ll do it as soon as it gets to the office and I was like, well offers are due at 9:30 am today. He’s like, all right. Hang on. I’ll pull over on the side of the road and I’ll use my phone as a hotspot and I’ll log into my computer and I’ll get you the information and he did like just a champ. So Phil you rock? Thank you and Class Act class acting and after we had a conversation afterwards. my clients offer was pretty similar across the board. It just came down to some terms that they they chose another offer over. It wasn’t wasn’t financing at all and Phil and I were having this conversation. He’s like we’ve normalized this craziness. that like the expectations are out there to have these crazy over the top offers and it’s normal and he’s right and it just it sucks that we’ve normalized it but Every every year I feel like people are like upping the ante and making it even more challenging on top of the interest rates. And like people aren’t really talking about it publicly. I think a lot of agents are still putting on a happy face and saying like I’m selling a house or I’m looking at houses or I I think a lot of agents are faking it because they don’t want like to lose the confidence of like their friends or their current clients or their ego or whatever. and and I’m I’m not sitting here saying I have zero business. I’m just saying I’m slower and the slowness of my business is forcing me to think outside the box and think about do I want to depend on Sally and Alex for their their house closing or they’re offer being accepted for my next paycheck, or do I want to Go out there and do something different that is not going to be Market dependent on interest rates or inventory or Sally and Alex getting their house. Yeah.
Rich:
Huh? All right calling us.
Maggie:
That’s my high tech.
Rich:
Yeah, no appreciate that. Appreciate that. Watch how realtors no
Maggie:
This coming for you. No, I’m not. I’m just
Rich:
We talked.
Maggie:
Rich this this car this podcast is unfiltered conversations and I feel like this is our first real
Rich:
More
Maggie:
Unfiltered conversation
Rich:
Yeah. Well, yeah. I mean, this is real life stuff. This is like this is for you. I was like stuff that his home. This is the dirty, you know, well, it’s the stuff that’s hard to admit about the way you have. You know, you have do business sometimes
Maggie:
Or
Rich:
Draw like what you do that what you choose to do sometimes to make something work. That’s that’s kind of like. The kind of stuff you hope you can keep secret until your successful.
Maggie:
Yes and
Rich:
Crushing it and then you’re like, oh, yeah. Well, you never believe one time I had to yeah, it’s like we’re chosen to your knowledge that before. Yeah before the security of
Maggie:
Hundred
Rich:
Percent of fully sustainable life from our businesses. I
Maggie:
Think it’s important to as scary as it is. to maybe you know admits certain things like you’re right. Yeah, people don’t want to talk about that until they’re successful.
Rich:
Yeah, because it was like the I don’t know Rise To Riches.
Maggie:
Yeah
Rich:
Radio or just like the humble beginnings, you know, it’s romantic when when it worked out that you were successful as a result. But if you do those things and you still aren’t there and may never end up there then it’s like yeah. Well that just feels like a waste and I feel dirty and I still like back at square one, you know? Yeah. but then actually probably a lot of people would be like well actually my first three businesses failed, you know, before I before I made it or this other opportunity worked out and so I don’t know what they have shared those things in the in the middle of them. I who knows? Who knows and here we are
Maggie:
Right
Rich:
Or here to do some of that just for our own catharsus and hopefully y’alls as well. Yeah,
Maggie:
Because if you don’t put it out there if you don’t put these ideas out there. There’s safety in not taking a risk, but I think like saying these things and like putting them out. There is maybe a little bit risky and It’s like you’re owning up to the fact that you have these other dreams and that’s okay because if I keep these dreams like in my brain. I can easily dismiss them. If I don’t say them out loud and I don’t share them with people. I can just dismiss them me Maggie dismiss my own, you know, desires and dreams for like what I want to accomplish but if I say them out loud and I like tell them to a friend or I tell them to an audience listening then there’s a little bit more accountability in that and you kind of make it real. Yeah.
Rich:
Like I
Maggie:
Actually really do have extreme or actually really do want to make my coffee business greater or you you hear the passion coming through about when we talk about storied coffee and that’s important too to acknowledge.
Rich:
Yeah, I think you’re right. Well, I don’t definitely think you’re right. So hopefully it helps somebody. Yeah, we we’ve said some stuff that is helping people. I want to hear unless you have someone else anything Dad.
Maggie:
No, I’m good.
Rich:
So what are some ways? Okay, this is this the point I was gonna make earlier. I love that you’re wearing your welcome home coach shirt.
Maggie:
I know
Rich:
I wore my story. No so funny. We did not text about that.
Maggie:
No, it was totally
Rich:
Unplanned. so shout out and but what I’m getting at is it’s I’m not saying anyone could run a Realty business. I can’t whatever but some but what you made his point earlier, some people just are known for Selling Houses, right? You’re just a realtor quote. I mean sure you have stuff you do on the side and you have your whole life, but like for for work you and maybe most people do it like under someone else’s name. Whatever some big Realty firm
Maggie:
Under a brokerage
Rich:
Brokerage, whatever. Yeah, so so people work on this brokerage and brokerage. Yes. But you were for a small one. So if you were to go out and say oh I work for who is it
Maggie:
Gambler
Rich:
Realty Gambler? Okay. Small and kind of local right? And that’s not it’s not like one of these Nationwide right things somebody. so someone’s a real estate agent with With major Brokers, then you just think of them as that as a real estate person, but you ever since I’ve known you you’ve been more than that. And that just speaks to this kind of thing that we’re talking about. I think that’s why. We’re having this. I think that’s why we have a podcast. Yes. You have always thought. Bigger than simply selling or helping people buy houses. There’s always been more to your like vision and to the big picture of what you’re doing. And that’s evidence by the fact that you already have a brand and a company that encompasses home buying and selling but has been bigger than that as we’ve talked about in previous episodes for 10 years, you know. Yeah.
Maggie:
Wow.
Rich:
So so it’s not really a surprise that you’re thinking about other ways to quote unquote diversify your income or thinking about other opportunities. You were already doing that. It’s not just because businesses. like slow right now, although Ebbs and business can certainly be can light a fire under us for like for the moment of okay, I gotta figure something out like now like yesterday. Yeah, so I think that’s a little bit of where maybe you are but
Maggie:
I think ego also could maybe come into play for money too
Rich:
Self. Call out.
Maggie:
Yeah. But keep going.
Rich:
So well, that’s I’m just I’m just pointing that out. I’m just observing that. This is not all that shocking that you’re thinking about these things because you were already thinking about them and now it’s just like a good time to really explore some particular things and I’m happy to be here.
Maggie:
Yeah, so and I’ve always ran all these little business ventures. In the at least in the last several years five years or so. At story which is just the irony of it all. Yeah. Yeah, had a lot of business meetings at your shop.
Rich:
I appreciate that. Thank you. I’m getting ready to possibly have another little business going on and I can’t say too much about that because I could all come to nothing. And if it does come to nothing, I’ll still tell you about it. But in the meantime, I can’t tell you that much about it, but I already pegged you for a portion of that. So a little extra Revenue stream of like event planning and and stuff which is an idea that you and I shared in the past for storied. It’ll still be a story idea but in a way that I can actually work out. I think so.
Maggie:
Did we ever talk about? How we actually got this podcast started?
Rich:
I think so
Maggie:
With the list. Oh, yeah, I think
Rich:
I’m pretty sure I was brought up earlier too because it was
Maggie:
Okay someone missed it.
Rich:
Yeah. Well, okay. So I mean just to give that story for those of you who are new here. We Maggie and I My wife Christina and I were over at y’all’s house.
Maggie:
Me and Brandon.
Rich:
One night hanging out. I think you’d invited us over because you’re good friends and every time we get together, I just rant about The woes you know, and this was last summer probably about this time last year.
Maggie:
So or maybe the summer of 2022
Rich:
Summer wise 22 Yeah, so then you came. You text me. I think you text me and you were like,
Maggie:
Yeah,
Rich:
You were like. I was like you were all sensitive and trying out you don’t want to defend me and you had this list of like six ideas to help get stored out of the hole and and that’s why we’re friends. Yeah today because you you were vulnerable with that. I appreciated that and we read through them together talk through them a little bit and like
Maggie:
I was so nervous. I was like, oh man, rich is gonna think I’m like, Pretentious.
Rich:
Yeah, no. No you were just being a super good friend. And here we are.
Maggie:
Here we are.
Rich:
But what came of that what was so one of the ideas was to get like some volunteer help from my close friends and just have a little volunteer squad for For stuff around the shop, but then you also have this idea of like you could maybe do space rentals like events. Rentals in your space and at the time I had a different had access to a different space that we were playing with this idea. But you kind of volunteered to be like the coordinator on those kinds of things. So I’ve just pocketed that idea. So right now because the opportunity might suddenly be on the table again with access to
Maggie:
Turn it on the learning space now, so
Rich:
Oh, yeah, we’ll talk about it next time we’re together on the mic. So yeah, that’s that’s that story. Tell me a little bit about. Things you’re thinking about like what are some of your ideas right now for diversifying your income?
Maggie:
That’s a great question. I am really So I joined this. Challenge called the race to 10K and
Rich:
Okay what
Maggie:
The race to 10K followers? It’s through Instagram
Rich:
Instagram. All right, y’all go follow Maggie from other ham. She’s in a race to 10K
Maggie:
And it’s I and I’ve been following Chris loves Julia. If you haven’t heard of them, they’re like a home design and home renovating. Like blog and Instagram and I really like their aesthetic. And they started a small business. It’s pretty big now. But a small side hustle called good influencer and they help people who want to like grow their I hate like, oh, I’m kind of even cringing I’m like saying it but like the influencers space because there’s actually a lot of Money to be made through affiliate links and through sponsorships and that’s a world that I knew like always existed but like never admitted to myself. Well never admitted to the like people. I knew that I wanted to pursue that so I joined this Challenge and like it’s all about like content creation and consistency and everything and so and I I kind of joined it twofold because I’d love to be able to apply. some of those characteristics of this challenge to our podcast because were you know, we’ve been open about like this is sort of a extension of like both of our businesses and we kind of treat this podcast seriously like this is fun. I mean this two friends chatting about life or and and everything is fun. But we also Are smart and know those opportunities for money and monetization to be made out there too. So. yeah, those are those are just some of the things that I’ve been thinking about and one other things that like I’ve been asking myself and I’ve been asking Brandon is what is my niche? Like I do staging I do real estate. Brandon and I are renovating our home right now. So I have a lot of like behind the scenes of our audition that we’re putting on. I’ve I’ve blogged and done stories about the renovations that we’ve done in the past and I also like to flip furniture and do little things like that too, which I document and I’m kind of all over the place and my Instagram handle is just Maggie from because I haven’t really ever
Rich:
Yeah
Maggie:
Chosen like I don’t know name that like fully identifies what I do because I am kind of all over the map. So I’m just asking myself. I mean, what is my Niche right?
Rich:
Oh boy.
Maggie:
You don’t have to answer that but
Rich:
Yeah,
Maggie:
Right. I have to figure that out if I wanted to like really. Create content for that specific.
Rich:
Yeah
Maggie:
Audience.
Rich:
I don’t need how to Niche down. I don’t
Maggie:
Yeah, I don’t have the answers. I’m just saying like that’s kind of where I’m at right now is figuring that out. Yeah, so that I can speak to those people.
Rich:
Yeah, that’s it’s a great question. I mean there’s there’s obviously I think obvious links between all those things that you sort of are doing. They’re all related to Play living and in particular living at home. Or living in a home lifestyle kinds of things, but I don’t know. But lifestyle can mean a lot that can mean traveling out and being away from home. It can mean anything about your life.
Maggie:
Yeah.
Rich:
You want to highlight so not that’s the wrong word. It’s like living style, you know, yeah, it’s a different thing. Yeah, I but right I don’t know what how do you Focus and it’s like how much do you need to? Oh man, this is how specific do you get? Yeah. Yeah. This is an interesting question because of how Instagram is working right now or take I don’t use tiktok.
Maggie:
I don’t either
Rich:
Which is funny. But so when we say a lot of this stuff could pertain to tiktok sure because it’s the same type of platform, but we just kind of are more Instagram. Yeah friendly maybe because of our age and also like so whenever we say Instagram we’re usually talking about reals. Along with the ways that you post on Instagram with like pictures and carousels and stuff. But so like Instagram reels slash tiktok. It’s kind of the same. There’s Anonymous in my mind. I’m sure they’re nuances. There are nuances with tiktok that I don’t know because I don’t use it. but maybe it’s only a matter of time and but what I’m getting at is the way take the way like people gain a Following on tiktok. Tiktok tiktok. Do you
Maggie:
Those youngsters to talk
Rich:
The way people really gain a following is by kind of doing the same thing over and over? Yeah,
Maggie:
Because they want that people go to their page expecting. Yeah, like so I follow particular people for very
Rich:
Particular content. Like there’s one person who
Maggie:
I’m you know, extremely inconsistent right now.
Rich:
Yeah, I’m all over the back questions. Like what is the content you like me? It’s wow, you know, we were actually having a conversation about becoming content creator.
Maggie:
I know but I mean at the end of the day It doesn’t matter what I want to create like what matters is what people want to hear about from me.
Rich:
Yeah,
Maggie:
I
Rich:
Think I’m gonna go follow angry Point what matters what people want to hear about From you so it’s it’s not just it’s not just like what’s trendy
Maggie:
Right
Rich:
Trendiness helps but what actually matters is who you are and what is The Voice or what is the angle that you’re gonna? present that thing with or from that so that’s the question. What do you bring to the table on whatever thing you can kind of grasp onto?
Maggie:
Yeah,
Rich:
I don’t know the answer here
Maggie:
You soul searching
Rich:
But like I was telling you about this this one I think it was talking to you that’s just randomly found this person on Instagram who literally just makes like 10 second videos of like three. It’d be like three scenes or sometimes just one scene of like New York city streets. Just like a Timeless shot that just makes New York look beautiful and even look old or like old school Vibes 50s or Miss Century, but it’s just like today in some. Some like shot or someone just walk through and it’s just like the same building the background or whatever and that’s the person’s whole thing. And but what makes it stand out is it’s always the same content. There’s always the same little like there’s always a thing over the some words over the top of the beginning the the Quality is really high and I did see that person had. Like a whole section of their Instagram is located dedicated toward like tutorials on how to make videos like that content like that. And so it’s that kind of thing or I follow somebody else Pierce Abernathy is a name that comes to mind who just does these kind of like rapid-fire recipe videos? Oh, yeah. It’s like all ASMR and then
Maggie:
Brandon follows him.
Rich:
Maybe it’s as highly yeah engaging to watch it a couple of those beautiful. It’s colorful. All the sounds are there but it’s like it’s quick. It’s it’s from start to finish and you know, Um, yeah the Entertainer you just like a young person. He’s like our our age or even younger it’s just it’s just like and that’s another facet to it. It’s a young person who’s making refine he’s got this refined like approach to food and making a seem accessible. I think you post the recipes with them as well. And then but the beautifuls are the videos are just beautiful to watch. So, I don’t know dude. What’s what’s your what’s your cooking videos?
Maggie:
Yeah, I’m actually trying to figure that out.
Rich:
Fun.
Maggie:
Yeah
Rich:
Enough. Yeah to want to come back to and
Maggie:
Do
Rich:
People need to be interested enough in it. Yeah as we fun for you to do as we fun for people to watch. Or entertaining or satisfying I don’t I don’t know. I don’t know that like the code.
Maggie:
Yeah,
Rich:
He cracked the algorithm. It’s just not my fourth day.
Maggie:
Hmm
Rich:
But I don’t know if anybody out there knows Maggie and wants to give her some it’s life advice some solicited advice. Please
Maggie:
Tell me what I should
Rich:
Listening. I’ll be half of you.
Maggie:
Thank you.
Rich:
You’re welcome. The shouted out but by the time you hear this, maybe she’ll figure it out and then we’ll be recording a whole different episode where she’s telling us. All right, correct.
Maggie:
This is what it is. Mm-hmm.
Rich:
Are there any like ideas on table
Maggie:
Yeah, I have a few ideas on the table. all of them it has to be simple. Like I don’t think I’m gonna and I’m not the type of person like I’m not gonna do like dancing and like voiceovers and like things like like Not voiceovers, but like where you like lip sync and stuff. Yeah, like that’s just not me. That’s trendy. Yeah, like that’s just not authentically I
Rich:
Am.
Maggie:
I mean, I think we cover this on another episode like I studied documentary film and I was wanting to be a journalist so I could see myself having a more of like a documenting type of style which I do that with a lot of houses. So I what I really need to do is just stop talking about it and just start like implementing some of these ideas and see if if they resonate with people. Yeah.
Rich:
Well Yeah, I really like the house content you put out and I think you said that maybe Brandon says something about that
Maggie:
He did.
Rich:
That sounds to me like and I don’t know. I don’t know. Is is I’m just okay just for you.
Maggie:
People are nosy
Rich:
Put this other that’s right. So people like seeing Well staged well like they like seeing the inside of homes. I think there is something about that and you are making right now good videos so much so that I’m like yelling at you when you don’t tag the pot so we can share it. So for that exclusive content, they got to follow you right now. But yeah. That could yeah, who knows that could be a little initi thing, you know, not everyone can. I think you said it this way you have access to
Maggie:
I do
Rich:
Like a lot of different kinds of houses and something I’m interested to talk to you about in the future is Trends in house. Yeah.
Maggie:
Decorating and
Rich:
Decorating building like home Styles. I was telling you know, we we moved to this new neighborhood we walk around and there’s The houses from all kinds of eras and like different developments. they’re not like built, you know the last few years obviously in the last few decades, but just got me thinking like I wonder what Maggie knows about. like
Maggie:
Neighborhoods
Rich:
Neighborhoods and different styles of homes and even builders in certain areas or just architecture that would be interesting conversation for the future. But you’ve seen a lot of that from the inside and
Maggie:
For sure
Rich:
The content I’ve seen even down to That like really? The house that I joked was like already demoed for you, you know. Oh you see through the floor.
Maggie:
Yes. Yes.
Rich:
Honestly almost doesn’t matter what it looks like if you just are making like good videos where you’re showing it off. You know a house could be super beautiful or it could be totally decrepant and we want to yeah, so I don’t know maybe that’s it.
Maggie:
Yeah, but you got to do is try but I gotta but I gotta do it.
Rich:
Yeah, well, okay,
Maggie:
You know what, I mean? There’s no shortage of ideas.
Rich:
Yeah, there is a shortage of time.
Maggie:
Yeah.
Rich:
And energy
Maggie:
For sure.
Rich:
So that’s where I’m like, you gotta like it too.
Maggie:
Mm-hmm
Rich:
Because it’s gotta be worth spending your time. Yeah.
Maggie:
Well, which I do like I
Rich:
Don’t know. Yeah, because we’ll have to come back today. I love to give us the yeah,
Maggie:
I will I’ll give you the update
Rich:
Wait. All right. Well
Maggie:
That a wrap for today.
Rich:
Did we covered cover that one? Pretty good.
Maggie:
Yeah, so that was a good conversation.
Rich:
Yeah, you know we didn’t know how that would go either because
Maggie:
I know
Rich:
Came in feeling a little.
Maggie:
Like today? Yeah, like it came in feeling a little bit hesitant.
Rich:
Yeah reticent if you
Maggie:
Reticent that’s right. Oh man, shout out to our last episode of two episodes ago.
Rich:
Yeah, so Well, as I’ve said a lot of our conversations are gonna be ongoing things first just like because that’s what we’re doing. We’re just kind of like interrupting our lives with a weekly recording session,
Maggie:
Right? And
Rich:
So I find I feel like a lot of these conversations. We should feel Liberty of coming back to this in the future seeing how it wraps in with everything something else we talk about so Stay tuned and
Maggie:
Dear audience member if there’s anything that we said today that resonated with you, please tell us we want to hear from you. For real. We want to know if you like hearing about this content and they’re like multiple ways to get in touch with us both through our personal Instagrams their Story Coffee Instagram, but you can reach us at House Coffee podcast or House Coffee podcast at gmail.com. Or you can go to our website. We have a form and we have a speak pipe so you can leave us a message House Coffee podcast.com. All those places is where you can reach us.
Rich:
Definitely. Alright y’all. Peace out
Maggie:
Later.