Episode 92

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Published on:

4th Jan 2024

Mike Hoffman | Vending Ventures, Sales Strategies, and Balancing Life

In this episode of Passive Wealth Principles, join host Jake Harris as he engages in a captivating dialogue with Mike Hoffman, exploring innovative strategies in the vending machine and micro market industry. This insightful conversation traverses through various topics from optimizing sales tactics to the power of leveraging executive and virtual assistants, all within the context of real estate and personal growth.

Episode Highlights:

Innovative Sales Strategies in Vending and Micro Markets:

Mike and Jake delve into effective methods for boosting sales, such as offering gift cards to new apartment tenants and gamifying customer experiences in the vending and micro market sector.

Opportunities in Garden Style Apartment Complexes:

The discussion highlights the untapped potential in garden style apartment complexes for vending and micro market businesses, considering the lack of walkable options for residents.

Enhancing Customer Experience by Reducing Friction:

Mike shares insights on the importance of providing convenient access to products, a strategy that can significantly amplify sales in the vending industry.

The Value of Executive and Virtual Assistants:

Learn how investing in executive and virtual assistants can be a game-changer in saving time and enhancing productivity for business owners.

Networking and Collaborative Learning:

Jake and Mike emphasize the benefits of networking and learning from peers in the industry, which can lead to uncovering new insights and opportunities.

The Triad of Family, Passive Income, and Human Performance:

The conversation pivots to a deeper exploration of balancing family life, generating passive income, and optimizing human performance for a fulfilling life.

Embracing Challenges for Growth and Opportunities:

They discuss the philosophy of intentionally choosing difficult paths for personal growth and unlocking new opportunities in life and business.

The Role of Family and Purpose:

Mike concludes by emphasizing the significance of family and having a clear purpose as fundamental drivers for success and happiness.

Key Takeaways:

  • Employ creative strategies to boost sales in the vending and micro market sectors.
  • Explore unique opportunities in garden style apartment complexes.
  • Focus on customer convenience to enhance sales and satisfaction.
  • Leverage executive and virtual assistants to optimize time management and productivity.
  • Network and learn from others to gain valuable industry insights.
  • Balance family, passive income, and personal performance for a holistic approach to success.
  • Choose challenging paths to foster personal growth and discover new opportunities.
  • Recognize the importance of family and purpose in driving life’s successes and joys.

Stay Connected:

For more insightful episodes and resources, visit https://passivewealth.com/.

Join the Passive Wealth Tribe Facebook group for engaging discussions and networking opportunities - https://www.passivewealthtribe.com/group.

Follow Jake Harris on Instagram @jake.realestate for additional updates and insights.

Conclusion:

Tune into this episode of Passive Wealth Principles, where Jake Harris and Mike Hoffman uncover the nuances of thriving in the vending and micro market industry, the significance of building effective support systems, and the art of balancing professional endeavors with personal growth and family life. Embrace these lessons to navigate your own path towards a successful and fulfilling journey.

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About the Podcast

Passive Wealth Principles
Contrarian Investing for Cash Flow and Freedom
You are listening to the Passive Wealth Principles Podcast. Your host; Jake Harris is the founder of an award-winning real estate investment firm and actively investing in commercial real estate all over the country. This show allows you to tune into interviews, dive deeper and deconstruction many passive wealth principles not just from investing but tactics, strategies, and many fascinating ways in which people have achieved levels of passive wealth.

Through my nearly 20 year career as a professional investor, I have built an amazing network of people and come across some super-savvy investors that not only have a unique stance on the marketplace but look at the same problems we all face and many times have come up with a simple but unconventional approach to solving them.

So come be a fly on the wall. Enjoy the conversations and these amazing passive wealth principle lessons.

Learn more: https://www.catchknives.com/

About your host

Profile picture for Jake Harris

Jake Harris

A sought-after expert and gifted story teller with contagious energy, he inspires everyone around him with encyclopedic research. He can take complicated ideas and convey them simply and clearly for everyone to understand. As a founder and managing partner of an award-winning commercial real estate firm, he has authored a #1 bestselling book (CatchingKnives). He has been featured in many publications including The NY Times & Yahoo Finance, he is a frequent speaker, podcast guest, and a highly valued coach. He uses those superpowers to pioneer cutting-edge bold design into an exciting hotel, infill, and adaptive reuse projects across the country. To date has purchased and sold1200+ properties in23 states and amassed a commercial real estate portfolio of iconic properties. He earned a master's degree in International Real Estate, sits on the FIU real estate board, is an accreditedCongress of New Urbanism city builder, a member of CCIM, Urban Land Institute (ULI) and holds a CA real estate brokers license.