MBA2256 How to Choose a Business Model That Works For You

Summary

Summary of "MBA2256 How to Choose a Business Model That Works For You"

The $100 MBA Show Episode MBA2256, titled "How to Choose a Business Model That Works For You," is a comprehensive guide delivered by host Omar Zenhom and his co-host, the co-founder of Webinar Ninja. Released on March 2, 2023, this episode delves into the critical process of selecting an appropriate business model tailored to an entrepreneur’s skills, interests, and lifestyle. Drawing from over two decades of entrepreneurial experience, Omar provides actionable insights to help listeners navigate the complexities of business model selection.

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1. Introduction to Business Models

Omar Zenhom opens the episode by emphasizing the significance of understanding what a business model entails. He explains, “How do you make money? How do you acquire customers? How do you convince those customers that you have something of value? How do you sell to them? How do you capture that sale and earn money? How do you service that product and make sure it's delivered to the satisfaction of the customer?” (02:47). This breakdown sets the foundation for listeners to grasp the multifaceted nature of business models beyond mere revenue generation.

2. Defining a Business Model

The co-founder of Webinar Ninja clarifies, “It really means is how you make money. How does your business make money?” (02:35). He underscores that a business model encompasses the entire process of serving customers while generating income. By dissecting various components such as product creation, customer acquisition, and revenue streams, listeners gain a clear understanding of the essential elements that constitute a viable business model.

3. Common Types of Business Models

Omar and his co-host explore several prevalent business models, highlighting their structures, advantages, and potential challenges.

• Product-Based Model:

  • Example: Selling custom-designed T-shirts via an e-commerce platform.
  • Process: Create a product, offer it to customers at a set price, and handle physical delivery.
  • Challenges: Managing suppliers, labor, inventory, and shipping logistics.
  • Quote: “This is just one of many different business models out there.” (03:32).

• Affiliate Marketing:

  • Example: Promoting existing products and earning commissions on sales.
  • Process: Recommend products without handling physical inventory or delivery.
  • Advantages: Lower overhead costs and no need for product creation.
  • Quote: “They're recommending a product that exists out there in the market as an affiliate. They get an affiliate commission when a sale gets made.” (03:40).

• Freemium Model (Using Spotify as an Example):

  • Example: Offering free services supported by ads and premium paid subscriptions.
  • Revenue Streams: Advertisers pay for exposure to free users, and subscribers pay for ad-free access.
  • Quote: “If you sign up for their free account, how do they make money? Well, through ads.” (04:20).

4. Pros and Cons of Different Business Models

The discussion delves into the benefits and drawbacks inherent in each business model:

• Product-Based Model:

  • Pros: Tangible products can create strong brand identity and customer loyalty.
  • Cons: High operational complexity due to multiple facets like supply chain management.
  • Insight: “If you don't like to manage staff, you don't like to manage suppliers, or have to deal with inventory and all that kind of stuff, then your physical business... might be not right for you.” (06:00).

• Affiliate Marketing:

  • Pros: Minimal upfront investment and operational costs.
  • Cons: Dependence on third-party products and commissions.
  • Insight: “They just have to focus on promoting products rather than creating them, which reduces overhead but limits control.” (Implicit from discussion).

• Freemium/Subscription Model:

  • Pros: Recurring revenue streams and scalability.
  • Cons: Requires a large user base to be profitable, especially if relying on free users.
  • Insight: “But with every business model, there are some costs involved and of course, revenue.” (04:46).

5. Choosing the Right Business Model for You

Omar and his co-host emphasize the importance of aligning the business model with personal preferences and lifestyle. They discuss several critical considerations:

• Personal Enjoyment and Skills:

  • Quote: “Do something that you enjoy. Business is hard as it is. You don't need to make it harder on yourself by doing things you don't enjoy.” (08:25).
  • Example: Omar shares his experience with an e-commerce business selling custom shirts, highlighting the operational burdens that may not suit everyone's preferences (05:23).

• Lifestyle Alignment:

  • Insight: Choosing a model that complements your daily routine and personal life ensures sustainability and reduces burnout.
  • Example: The co-founder mentions, “I created a business model that allows me to teach as much as possible...” (08:31), illustrating how he aligned his business with his passion for teaching.

• Revenue and Customer Base Preferences:

  • High Price Point vs. Low Price Point:
    • High Price Point: Fewer customers needed but higher risk if you lose a client.
    • Low Price Point: Requires a larger customer base but offers more stability.
    • Quote: “Are you comfortable earning your revenue with just a handful of customers?... Or at smaller price points where losing a single customer isn’t a big deal?” (10:19).

6. Practical Tips for Selecting a Business Model

The episode provides actionable advice to aid entrepreneurs in their decision-making process:

• Evaluate Your Comfort Zone:

  • Assess whether you’re comfortable handling aspects like staff management, supplier relations, or solo operations.
  • Quote: “If you're a non-confrontational person and you don't want to deal with lots of employees or staff or suppliers, then think twice about your business model that incorporates these elements.” (09:18).

• Consider Costs vs. Profitability:

  • Understand the costs associated with each business model to ensure profitability.
  • Quote: “Don't confuse revenue with profit. Make sure that you're still profitable and you're getting enough customers to be profitable enough to make the business worth your while.” (11:47).

• Reevaluate and Adapt:

  • Continuously assess and adjust your business model to align with evolving personal and business goals.
  • Quote: “Reevaluate your business model, even if you're an established business today, and see if there's things you want to change...” (14:01).

7. Avoiding Common Pitfalls

Omar warns against blindly following success stories without understanding the underlying efforts required:

• Reality vs. Perception:

  • Quote: “Most of us, if they looked at those actions, would feel like, maybe I don't want to be that person.” (12:39).
  • Insight: Success often involves sacrifices and hard work that may not align with everyone’s personal preferences or life situations.

• Sustainability:

  • Choosing a business model that aligns with your long-term lifestyle and work preferences ensures longevity and personal satisfaction.
  • Quote: “Find a business model and the actions that align with those business models that we're willing to do and that are worth it for me to do to get the result that I'm looking for.” (13:33).

8. Conclusion and Final Thoughts

In closing, Omar shares a personal anecdote to reinforce the importance of selecting the right business model:

• Personal Experience:

  • “I've built businesses where I thought it was a great idea... I inherited a monster. I basically inherited a job I hated.” (14:07).
  • Lesson: Even with careful planning, unforeseen challenges can arise, necessitating ongoing evaluation and adaptation of your business model.

• Final Advice:

  • Quote: “It's your job to stay on top of this. No one's going to do it for you.” (14:26).
  • Encouragement: Entrepreneurs must take proactive steps to ensure their business models remain conducive to their desired lifestyle and business goals.

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Key Takeaways

1. Understanding Business Models: Grasp the comprehensive nature of business models, encompassing revenue generation, customer acquisition, and service delivery.
2. Aligning with Personal Preferences: Choose a model that matches your skills, interests, and lifestyle to enhance sustainability and satisfaction.
3. Assessing Risks and Rewards: Balance high and low price points, and understand the implications of customer base size on revenue stability.
4. Continuous Evaluation: Regularly reassess and adapt your business model to align with changing personal circumstances and market dynamics.
5. Learning from Experience: Utilize personal and others’ entrepreneurial journeys to inform your business model choices, while recognizing the unique challenges each path entails.

By meticulously considering these elements, entrepreneurs can select a business model that not only supports their financial objectives but also aligns seamlessly with their personal and professional aspirations.

Transcript

[Ryan Reynolds]

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[Jim]

It looks like Jim from sales just got in from his client lunch and he's got receipts.

[Team Member 1]

His next meeting is in two minutes. The team is asking can he get through his expenses in that time?

[Jim]

He's going for it.

[Team Member 2]

Is that his phone?

[Jim]

He's snapping a pic.

[Team Member 1]

He's texting Ramp Jim is fast, but this is unheard of.

[Team Member 2]

That's it. He's done it. It's unbelievable.

[Ramp]

On ramp expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.

[Omar Zenhom]

Hey O. Welcome to the $100 MBA show. Business advice delivered on a silver platter every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher, Omar Zenholm.

[Co-founder of Webinar Ninja]

I'm also the co founder of Webinar.

[Omar Zenhom]

Ninja, an independent software company I started with my co founder back in 2014. And in today's lesson, you will learn.

[Co-founder of Webinar Ninja]

How to choose a business model that works for you. Choosing the right business model is actually a very critical step in your journey as an entrepreneur. Sometimes we fall in love with our business idea. We forget that the business model is what's going to run our day to day life, what we have to do to make money. In today's lesson, I'm gonna break down in simple terms. What is a business model in the first place? What are the options out there when.

[Omar Zenhom]

It comes to the different kinds of.

[Co-founder of Webinar Ninja]

Business models you can build your business around as well as some of the pros and cons of different business models you can choose from. My goal in today's lesson is to.

[Omar Zenhom]

Give you all the options to inform.

[Co-founder of Webinar Ninja]

You so that when you're choosing a business model or maybe even tweaking the.

[Omar Zenhom]

One you have right now, you could choose one that fits your skills, fits the things that you like to do and your lifestyle. So let's get into it. Let's get down to business. I want to start today's lesson by just breaking down what exactly is a.

[Co-founder of Webinar Ninja]

Business model in the first place?

[Omar Zenhom]

It's such a jargony word that's used when people talk about business, but all.

[Co-founder of Webinar Ninja]

It really means is how you make money. How does your business make money?

[Omar Zenhom]

How do you acquire customers? How do you convince those customers that you have something of value? How do you sell to them?

[N/A]

How do.

[Omar Zenhom]

How do you capture that sale and earn money? How do you service that product and make sure it's delivered to the satisfaction of the customer?

[Co-founder of Webinar Ninja]

This, in essence, is your business model, how you're able to serve your customers and make money in the process.

[Omar Zenhom]

The most common business model that people think about when they think about business is creating a product and selling it. Like creating a T shirt with your.

[Co-founder of Webinar Ninja]

Own customer design and selling it on.

[Omar Zenhom]

Your e commerce website.

[Co-founder of Webinar Ninja]

The model here is that you're creating.

[Omar Zenhom]

Something, you're offering it to your customers for a price. They give you that money, you deliver the T shirt. In this business model, you are responsible for creating something, something physical and delivering it physically to somebody's house, right? Or to somebody's address.

[Co-founder of Webinar Ninja]

But this is just one of many different business models out there. For example, many people make a living as an affiliate, meaning that they don't.

[Omar Zenhom]

Even sell a product that they have created.

[Co-founder of Webinar Ninja]

In fact, they don't even touch the product at all. They are recommending a product that exists.

[Omar Zenhom]

Out there in the market as an affiliate.

[Co-founder of Webinar Ninja]

They get an affiliate commission when a sale gets made. Their job is to promote that product.

[Omar Zenhom]

And to build a really healthy business around affiliate marketing. You're really a content marketer.

[Co-founder of Webinar Ninja]

You're building content around the topic or.

[Omar Zenhom]

Niche of the products. You're an affiliate of how you make money.

[Co-founder of Webinar Ninja]

Well, you promote the product and you get a commission. That's how you make money.

[Omar Zenhom]

That's the business model.

[Co-founder of Webinar Ninja]

Let me give you another business model, something you probably use every day. Spotify. How do they make money? Well, they actually can make money in a couple ways. One is through their free account and the other one is through their paid service.

[Omar Zenhom]

If you sign up for their free account, how do they make money?

[Co-founder of Webinar Ninja]

Well, through ads.

[Omar Zenhom]

Advertisers want to run ads on Spotify. They pay Spotify and they expose those ads to people that are free users.

[Co-founder of Webinar Ninja]

Now, if you're a paid user and you're paying a monthly or annual fee.

[Omar Zenhom]

Spotify collects that money from users and in exchange, they allow you to stream their music and podcasts. Now, remember, with music, there's a cost.

[Co-founder of Webinar Ninja]

Here, not only just the technology of the streaming services and all that kind of stuff.

[Omar Zenhom]

But also there's some royalties you have to pay the artists that you are listening to. So with every business model there is.

[Co-founder of Webinar Ninja]

Some costs involved and of course, revenue.

[Omar Zenhom]

How you actually earn money. So now that we got the definition.

[Co-founder of Webinar Ninja]

Of business model out of the way.

[Omar Zenhom]

And I've given you some examples, what.

[Co-founder of Webinar Ninja]

Does this mean for you? Well, the question really is, how do you want to earn your money? What do you want to do?

[Omar Zenhom]

How do you want to spend your days in your business?

[Co-founder of Webinar Ninja]

For example, I used to run an e commerce website to sell physical products.

[Omar Zenhom]

Which were custom tailored clothing for men. This is one of my biggest online.

[Co-founder of Webinar Ninja]

Businesses I had over 15 years ago. And my business model is basically people go on my website, they would order.

[Omar Zenhom]

A custom shirt, we would create the.

[Co-founder of Webinar Ninja]

Shirt for them based on their measurements.

[Omar Zenhom]

And we would ship it out to them.

[Co-founder of Webinar Ninja]

Now, in this business model, I have.

[Omar Zenhom]

To deal with my suppliers, people that supply me, the textiles, the clothing or.

[Co-founder of Webinar Ninja]

The cloth for the clothing and the.

[Omar Zenhom]

Buttons and the thread and all that kind of stuff.

[Co-founder of Webinar Ninja]

I had to deal with labor, I.

[Omar Zenhom]

Had to deal with people that are actually sewing the shirts. I had to have staff for packaging these items properly.

[Co-founder of Webinar Ninja]

I had to deal with shipping companies, international shipping companies. So if you're hearing this right now.

[Omar Zenhom]

And you're like, wow, that sounds like a lot of headache, then this is.

[Co-founder of Webinar Ninja]

Not a good business model for you to pursue. Because you're going to have to deal.

[Omar Zenhom]

With these challenges day in and day out. If you don't like to manage staff, you don't like to manage suppliers, or have to deal with inventory and all that kind of stuff, then your physical business, as good or exciting as the.

[Co-founder of Webinar Ninja]

Idea might be, might be not right.

[Omar Zenhom]

For you in terms of doing it.

[Co-founder of Webinar Ninja]

Day in and day out.

[Omar Zenhom]

The actual practice, the practicality of running that business.

[Co-founder of Webinar Ninja]

But somebody who's in a similar business, like a clothing industry business, it doesn't mean they can't follow their dreams and be in this niche. They can change their business model.

[Omar Zenhom]

Instead of selling actual shirts like I.

[Co-founder of Webinar Ninja]

Did, they can sell coaching on how.

[Omar Zenhom]

To dress more stylish. One of my favorite YouTubers and friends, Antonio Centeno, has a great YouTube channel called Real Men, Real Style.

[Co-founder of Webinar Ninja]

And it's all about this.

[Omar Zenhom]

He creates all this great content.

[Co-founder of Webinar Ninja]

He has this huge YouTube channel.

[Omar Zenhom]

He earns revenue on YouTube as a.

[Co-founder of Webinar Ninja]

Partner, you know, through ads. He also sells courses and books and coaching.

[Omar Zenhom]

So he was in the same industry I was, but his business model was different.

[Co-founder of Webinar Ninja]

And that leads me to another business.

[Omar Zenhom]

Model you may want to consider which is digital products. Now, when I say digital products, I'm not talking about software.

[Co-founder of Webinar Ninja]

I'm talking about courses or coaching or.

[Omar Zenhom]

Books or guides or templates. These are products that live online and.

[Co-founder of Webinar Ninja]

Really have no costs to mass produce. Meaning if I create, let's say, an.

[Omar Zenhom]

Online course, once I can sell it.

[Co-founder of Webinar Ninja]

To one customer, I can sell it.

[Omar Zenhom]

To a thousand customers, and the price of reproduction is pretty much nothing.

[Co-founder of Webinar Ninja]

So with this business model, I invest time in building a product.

[Omar Zenhom]

I then sell it at scale over.

[Co-founder of Webinar Ninja]

And over and over to other customers. Now, in order for you to do.

[Omar Zenhom]

Well with this business model, you have to be comfortable teaching and explaining and being on camera.

[Co-founder of Webinar Ninja]

Because again, these are courses.

[Omar Zenhom]

Because this is how you're going to.

[Co-founder of Webinar Ninja]

Spend most of your time.

[Omar Zenhom]

You're going to be spending your most time marketing and writing copy or at.

[Co-founder of Webinar Ninja]

Least hiring people to do that for you. So the point here is, understand when.

[Omar Zenhom]

You create your business and you say, okay, this is how I'm going to.

[Co-founder of Webinar Ninja]

Create my product, this is how I'm.

[Omar Zenhom]

Going to sell it, this is my business model.

[Co-founder of Webinar Ninja]

Think about what does that mean practically for you? Every day when you go to work.

[Omar Zenhom]

On your business, do you want to.

[Co-founder of Webinar Ninja]

Be doing those activities?

[Omar Zenhom]

Is that something that's conducive to your life, your lifestyle situation with your family right now, or even just your personal preferences?

[Co-founder of Webinar Ninja]

My advice when it comes to choosing your business model is to really do.

[Omar Zenhom]

Something that you enjoy.

[Co-founder of Webinar Ninja]

Because business is hard as it is. You don't need to make it harder on yourself by doing things you don't.

[Omar Zenhom]

Enjoy, things that you don't want to do when you get up in the morning.

[Co-founder of Webinar Ninja]

So for example, my background is in teaching. I was a teacher for over 13.

[Omar Zenhom]

Years in the classroom. I have a master's education. It's what I love to do.

[Co-founder of Webinar Ninja]

So I created a business model that.

[Omar Zenhom]

Allows me to teach as much as possible. I run a lot of webinars, I create video content where I'm teaching, I create live courses, I teach via email.

[Co-founder of Webinar Ninja]

Through my email newsletters. I teach on this podcast. You get the point. So I have chosen a business model that allows me to do something that I enjoy.

[Omar Zenhom]

Because I know that business is going.

[Co-founder of Webinar Ninja]

To be a grind and some days it's hard. And what gets you to do it.

[Omar Zenhom]

Is that the things you have to do to get up and build your business and improve are things that you.

[Co-founder of Webinar Ninja]

Really feel comfortable doing.

[Omar Zenhom]

Something that you just know is in your wheelhouse. If you're a non confrontational person and.

[Co-founder of Webinar Ninja]

You don't want to deal with lots.

[Omar Zenhom]

Of employees or staff or suppliers, then think twice about your business model that incorporates these elements. I'm not saying it's impossible to run a business with a business model with.

[Co-founder of Webinar Ninja]

Aspects that you don't enjoy. Of course you can do it. But why?

[Omar Zenhom]

Why would you put yourself through that?

[Jim]

And we're back, folks. It looks like Jim from sales just got in from his client lunch and he's got receipts.

[Team Member 1]

His next meeting is in two minutes. The team is asking, can he get through his expenses in that time?

[Jim]

He's going for it.

[Team Member 2]

Is that his phone?

[Jim]

He's snapping a pic. He's texting round.

[Team Member 1]

Jim is fast, but this is unheard of.

[Team Member 2]

That's it. He's done it. It's unbelievable.

[Ramp]

On ramp expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.

[Omar Zenhom]

I want to mention a couple of things that you can look out for when you're.

[Co-founder of Webinar Ninja]

Choosing your business model.

[Omar Zenhom]

Think about the way you earn, cash or revenue. Are you comfortable earning your cash or earning your revenue with just a handful of customers?

[Co-founder of Webinar Ninja]

Meaning if you have, let's say, a.

[Omar Zenhom]

Consulting firm and your contracts are about $100,000 for a year, and you're going to have three or four clients, and that's basically going to be your business, are you comfortable with only having three.

[Co-founder of Webinar Ninja]

Or four clients or going after that.

[Omar Zenhom]

High price point and also understanding that if you lose one of your clients, it's a bit of a blow on your revenue?

[Co-founder of Webinar Ninja]

Some people are comfortable with this because.

[Omar Zenhom]

They'Re okay with selling at a high price point because they just feel it's easier to sell to three or four people or a hundred thousand dollars, rather than, you know, thousands of people at.

[Co-founder of Webinar Ninja]

A few hundred dollars.

[Omar Zenhom]

Some people like to earn revenue at smaller price points, like a ebook, for example, that sells for $10. It's only $10, so they feel like.

[Co-founder of Webinar Ninja]

This is something they're more comfortable with selling.

[Omar Zenhom]

But also, if they lose a customer.

[Co-founder of Webinar Ninja]

It'S not a big deal, or one person doesn't buy, they lose that deal. They can get another customer easily. Now, obviously, you're going to have to have a lot more customers to earn a few hundred thousand dollars. But just keep this in mind.

[Omar Zenhom]

And of course, it doesn't have to.

[Co-founder of Webinar Ninja]

Be these two extremes. It could be somewhere in between.

[Omar Zenhom]

Maybe you're selling a product that's $500 and you just need a few hundred people to buy that product every single year.

[Co-founder of Webinar Ninja]

Now, remember, in this thought experiment, when.

[Omar Zenhom]

You'Re talking about the number of customers and Your price point.

[Co-founder of Webinar Ninja]

Just remember your costs.

[Omar Zenhom]

If your costs are low, then that's a different story.

[Co-founder of Webinar Ninja]

You know, if you have a digital.

[Omar Zenhom]

Product, for example, but if your costs are high, like you create a product.

[Co-founder of Webinar Ninja]

From scratch, like T shirts, for example, where you have to pay suppliers, or let's say a software company where you.

[Omar Zenhom]

Gotta pay for servers and employees.

[Co-founder of Webinar Ninja]

Don't confuse revenue with profit.

[Omar Zenhom]

Make sure that you're still profitable and you're getting enough customers to be profitable enough to make the business worth your while.

[Co-founder of Webinar Ninja]

One more tip.

[Omar Zenhom]

When it comes to this topic, some of us, we look at success stories, we look at heroes of ours, entrepreneurs.

[Co-founder of Webinar Ninja]

We look up to, and we say.

[Omar Zenhom]

I want to be like that person.

[Co-founder of Webinar Ninja]

Because I like the result.

[Omar Zenhom]

I like what they, you know, what they look like right now, whether it's.

[Co-founder of Webinar Ninja]

The things they have in their life.

[Omar Zenhom]

Or the things they get to do, like speak on stages or be an expert or be a thought leader. But they don't actually look at what.

[Co-founder of Webinar Ninja]

They had to do to get there. What are the actions they had to do? And most of us, if they looked.

[Omar Zenhom]

At those actions, would feel like, well.

[Co-founder of Webinar Ninja]

Maybe I don't want to be that person.

[Omar Zenhom]

Maybe I don't want to have that journey because that doesn't align with the things that I want or the way I like to live my life. Most people don't see the sacrifices that people make to get to a certain.

[Co-founder of Webinar Ninja]

Point in their career.

[Omar Zenhom]

Now we're all gonna have to sacrifice.

[Co-founder of Webinar Ninja]

We're all gonna work hard.

[Omar Zenhom]

But not all sacrifices are the same for everybody. For example, somebody who is 22 years old and has no family or liabilities or people to take care of might not mind working 12, 13, 14 hours a day. They actually maybe are proud of that. If you're a social person and likes to talk to people every single day in person, maybe being a software developer and being behind the computer for 10 to 15 hours a day is something that is not conducive to you. So just think about what it took.

[Co-founder of Webinar Ninja]

To get to that level. What do they had to do?

[Omar Zenhom]

And just see, is that something that you want to do as well?

[Co-founder of Webinar Ninja]

We all have to compromise at some.

[Omar Zenhom]

Point and just find something or find the business model and the actions that.

[Co-founder of Webinar Ninja]

Align with those business models that we're willing to do.

[Omar Zenhom]

They say that's worth it.

[Co-founder of Webinar Ninja]

It's worth it for me to do.

[Omar Zenhom]

Those things to get the result that I'm looking for. Thank you so much for listening to the 100 MBA show. Hope today's lesson helped. If it did Let us know. Leave us an Apple podcast review rating. You could do so on Spotify as well. Just make sure you're following us on those apps so that you can give.

[Co-founder of Webinar Ninja]

Us a rating and review.

[Omar Zenhom]

Before I go, I want to leave you with this. I've built businesses where I thought it was a great idea. I got excited.

[Co-founder of Webinar Ninja]

I just jumped right into it, started.

[Omar Zenhom]

Building, started selling, and I inherited a monster.

[Co-founder of Webinar Ninja]

I basically inherited a job I hated.

[Omar Zenhom]

And even if you start out with the business model that is comfortable for you, you gotta check yourself because things can kind of change under your feet. You know, things can change slowly. You can start making decisions that will.

[Co-founder of Webinar Ninja]

Change the way you work and to.

[Omar Zenhom]

Change the way your business is set up.

[Co-founder of Webinar Ninja]

So reevaluate your business model, even if.

[Omar Zenhom]

You'Re an established business today, and see if there's things you want to change in that business model to make it more conducive to the way you want to live and the way you want to work. It's your job to stay on top of this. No one's going to do it for you. Thanks so much for listening and I'll check you in tomorrow's episode.

[Co-founder of Webinar Ninja]

I'll see you then.

[Omar Zenhom]

Take care.

[Jim]

And we're back, folks. It looks like Jim from sales just got in from his client lunch and he's got receipts.

[Team Member 1]

His next meeting is in two minutes. The team is asking, can he get through his expenses in that time?

[Jim]

He's going for it.

[Team Member 2]

Is that his phone?

[Jim]

He's snapping a pic. He's texting Ramp.

[Team Member 1]

Jim is fast, but this is unheard of.

[Team Member 2]

That's it. He's done it. It's unbelievable.

[Ramp]

On Ramp, expl expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.