Crushing your sales quote is a good thing right? Not in this case!
Matt Miller spent the first 9 years of his career as an Air Force pilot, before entering the private sector to work in both the medical device and advertising industries. While a top performer in the corporate world, his long term desire was to be his own boss. A good friend one day mentioned the gum ball machines he and his young daughters owned, and that conversation began a 10 year business quest that has brought Matt’s company, School Spirit Vending, to the cutting edge of both the vending and school fundraising industries. Today, School Spirit Vending’s franchising program provides a proven and profitable business system for busy professionals and their families looking to develop secondary income streams with a limited time commitment.
Time Stamped Show Notes
[5:25] Being an Air Force pilot for 9 years, Matt learned about leadership but he did not like being told what to do. After that, he transitioned to direct mail advertising.
[6:47] Matt partnered with 20 DirectTV dealers in the Houston area and focused his time working on that to later become the second best salesman in the company.
[7:50] co-op funds set aside large companies use branding proper way help offset cost production
[8:34] He had a decent salary and a big bonus commission based on meeting and exceeding his sales quota for up to $70,000 a year.
[9:44] Managers have to present their numbers to the investors. And when the manager thought Matt didn’t deserve the recognition and that much money, she upped his quota to make it harder to meet and not pay him the bonuses.
[11:30] Living in the suburbs in Houston and having a family of 5, that money from the bonuses was really important to Matt.
[12:35] After a year the quota for Matt was reset and he stayed in that job for 9 years so he could do whatever he wanted on the side, since he had control over his schedule in order to figure out entrepreneurship.
[14:20] When Matt was ready he gave his boss the two week notice. He stayed for two months and worked remotely in his new house 5 hours.
[16:08] After reading Robert Kiyosaki’s Rich Dad, Poor Dad, passive income was on the back of his mind. He started collecting aluminum cans and selling books, but that became another full time job.
[17:25] He got the idea for some passive income from a friend who brought gum ball machines to his church. And then kids knocked on his door for a school fundraising and decided that’s where the money was, so he started with sticker machines.
[18:52] Failing Forward Segment
- Why did this failure experience happen to you? – “It happened because the reality is, in a publicly traded company, the stockholders are number 1, not the employees.”
- What is the single most important lesson you learned from this? – “If you want to have more control, you’ve got to take more control. And multiple streams of income instead of putting all eggs in one basket is a must for everybody.”
- How do you protect yourself from failing in this way again? – “Gary Vaynerchuk talks about how you have to be the one to essentially destroy your business, not somebody else. You can’t rest on your laurels, you can’t wait for changes to occur and then expect that you’re gonna be able to react, so you always have to be inventing yourself, you always have to be innovating.”
- Who do you turn to when you need help? – “I learned several years ago the value of masterminds and also the value of having a coach. Three and a half years ago I hired a guy with the name of Aaron Walker to be my coach… and that changed everything.”
- What advice would you give to someone in a similar position? – “You’ve got to do something on the side and start out long before you fear you’re gonna need it. Figure out a way to put yourself in a position to win and then be patient.”
[29:01] Download Matt’s short ebook “Live Your Dreams: Top Ten Reasons Why You Need to Own a Vending Business” with insights from a guy in the vending industry for over 13 years at https://ssvbusiness.com/losemoney/
[35:53] Get Matt’s course Vending Secrets for Passive Income at http://vendingsecrets.net
[36:44] Matt’s final thought: “Guys, jump in. You’re not gonna have all the answers, quit thinking about it. Start doing, because only by doing will you really figure out what that business is or what that idea ultimately becomes.”