Advice from young entrepreneurs

0:00you know if you would have asked me five years ago do you see yourself owning a salon I would have said no a hundred percent I never wanted to open a salon we saw a lot of our clients not coming in our numbers were dropping which means sales were dropping and for an individual stylist that was damaging you know obviously the industry was changing so what could we do to not fall behind and some of these changes that were happening and be on the forefront of it and instead of you know constantly trying to play catch-up my business partner and I created this concept of memory like a membership-based hair salon so essentially what our clients can do is they pay a monthly fee based on whichever membership level that they're in and they get unlimited

0:37services within that membership level and then again it's a new model so we're testing something that hasn't been done before and it's it's been wildly successful hi my name is Trevor merchant I'm a director of photography and photographer and my annual salary is $80,000 this year was my first full year freelancing and I made quite a bit more than $80,000 but I decided to had any chance that I got invest that back into new equipment or computers or infrastructure that allowed us to do more work so if I can take that money that you know I made and go on a vacation that's great but it's not gonna make me any more money next year in five years if I can take that money and buy a new camera system and tripod and audio kit then I can train a crew member to go

1:28out on his own or her own and use that gear of mine charge the client for that equipment make a little bit of money from the freelancer that I hired on top of their their rate and then I'm making more money with the gear with the people I'm training and hiring and then I don't have to work as hard hopefully but right now I'm working about seven days a week I'm Misha Youssef I'm a journalist focusing on podcasts I'm 24 years old and I make approximately $60,000 a year there were a few things I knew that we're gonna bring the income one of which was my podcast and the second was something that's called a tape sync because you have all this equipment you go and record for somebody who can't be on location to record the view and they conduct the interview over

2:14the phone and you basically make it seem like they're in the same room and you provide them that audio and you're paid a couple hundred bucks for an hour which is like way higher than you would get for babysitting or for you know tutoring even or something that like I think requires more skills but because it's so industry specific and you have equipment that's very expensive you know how to operate it you can make a lot of money off of that so those were two things my podcasts and that that I knew we're definitely gonna bring in revenue and then from there the rest was just kind of hustling as you gain momentum opportunities start rolling in you know and so now I feel like okay now I'm in the groove like now I know that I can ask for this much for this kind of

2:53project and I can ask for that much for that kind of project and people are asking me to write things and asking me to consult on things rather than me pitching things to them