E20: Selling Ice on the Beach Battles a Nursing Tutor

Cash Flow Fight Club

Today, we're embarking on a fascinating exploration of two unconventional business models: online tutoring services and vending machine businesses. While these ventures may be off the beaten path, they offer rich rewards in their unique niches. Nicole Whitworth leads the way with her knowledge-based business, which guides nursing students through the complexities of the education system. Her innovative approach addresses a significant need, turning academic challenges into opportunities for growth.

In the sunny climes of Florida, Steven Slagle has capitalized on a different kind of need with his vending service model. As temperatures rise worldwide, he caters to America's love for ice, turning a simple necessity into a thriving business. Join us as we dive deeper into the workings of these dynamic enterprises, exploring their unique appeal and uncovering the secrets of their success!

Here are some power takeaways from today’s conversation:

03:22 - Introduction

06:01 - Nicole’s background in the tutoring industry

08:43 - Steven’s background in the ice vending service industry

14:44 - Vending machine business model: process, investment, payback

21:01 - Business model for nursing tutoring platform

32:27 - Remote machine management and customer service

47:05 - Business and competition in the tutoring industry

49:59 - Growing an online tutoring business for nursing students

51:44 - Tips for running online business

Episode Highlights:

[14:44] The Vending Machine Business Model

Process:

• Location scouting is a major time investment to find the best places to maximize revenue
• Pitching the idea to landowners/business owners to get permission to place machines
• Working with a manufacturer like Everest to purchase, customize, and get machines placed

Investment:

• Machines range from $50,000-$60,000 each to purchase
• It's a considerable investment to buy multiple machines

Payback:

• Steve aims for a two-year payback period for the machines to pay for themselves
• Low overhead costs like maintenance help accelerate the return on investment
• Seasonality in Florida requires budgeting for slower winter months

Overall, this model requires upfront costs, learning curves, and balancing machine placements with profitable locations and lease agreements. But with the right locations, vending machines can generate ongoing passive income.

[21:01] Business Model for Nursing Tutoring Platform: Business Funnels and Automation

• • Nicole's innovative nursing tutoring platform uses a multi-pronged approach, offering self-study courses on key topics and a monthly membership for access to all content, a student forum, and weekly live group sessions. Memberships are available at discounted rates for longer terms. Nicole's model focuses on nurturing a nursing mindset in students, bolstering their academic and career success. Automation allows for passive operations, enabling her to focus on member support. Her long-term vision includes business expansion by growing the membership base, aiding more students, and potentially teaching others her tutoring methods.

• [51:44] Tips for Running an Online Business

• Perfection shouldn't be your initial goal. Instead, launch your product and focus on marketing and gathering feedback. Conduct market research to ensure your solution addresses the right problem. A pre-sale can validate your idea before full-fledged production. Engage with communities like Facebook groups to better understand your target market's needs. Be open to experimentation and pivot your offerings based on what resonates with your audience. Automate tasks like emails to free up your time and maintain a mindset that if your solution can make a difference, it's essential to get it out there through consistent marketing.

Resources Mentioned:

Steven’s website: www.beachsideice.com

Nicole’s website: www.yournursingtutor.com