Success could feel like a far-away goal when the odds are not in your favor. But self-made millionaire Edwin Carrion proves that you can achieve anything you aim for when you are honorable, committed, and disciplined.
In today’s episode of the Best Business Coach Podcast, we discuss Edwin’s failures and successes and how he learned from his many business ventures. We talk about believing in your business and having the right tools to fast-track your way to your success. Edwin also shares how his gold-buying business flourished during a recession that molded him into the entrepreneur he is today.
If you’re struggling to achieve success or looking to recession-proof your business, then this episode is for you!
Here are three reasons why you should listen to this episode:
- Learn how having a Plan B and the phrase “I know” hinder your journey to success.
- Understand the advantages of planning for a recession and building a recession-proof business.
- Discover the importance of having a mentor, a good business plan, and a cash-flow sheet.
- Get Edwin’s sample cash-flow sheet by emailing him at [email protected]
- Listen to Arnold Schwarzenegger’s talk about failure here.
- Connect with Edwin: Millionaire Gold Buyer | Website | Facebook | LinkedIn
[02:43] Hardest Lessons to Learn in Business
Edwin: “After all the struggle, after all the hard work, in having success and losing it all, number one was learning the fact that if I was successful, I could always be successful. So I’m not afraid anymore of losing because I know I could do it all again.”
- Once you develop the skills and the habits of success, you can replicate this pattern in any business.
- Always stay humble. Even if you’re at the top of your game, things could turn sideways and you could lose everything you have.
- Money exemplifies the person you already are.
[05:00] Getting Back on Track
- If you have the determination to reach your goals, you will arrive at your destination.
- Having a mentor is like having a GPS. They can fast-track and guide you to where you want to go in your chosen field.
- Besides his own business knowledge and skills, Edwin appreciates the technical knowledge his mentor brings to the table.
- You need a business plan and a cash-flow sheet. Your business plan contains your goals and the steps to achieve them. It also includes your company values.
- A cash-flow sheet is all about the numbers. This includes your projected expenses, how much money you need, and your estimated income.
[10:42] The Biggest Mistakes of Entrepreneurs
- One of the biggest mistakes you can make is not believing in your business and having a Plan B.
Daryl: “Because if you have a Plan B, it means you’re not committed. It’s okay to fail. People have a Plan B because they’re afraid of failure, but failure’s not a bad thing. Failure’s how you learn.”
[11:47] Habits Critical for Success
- You need to be clear about the reasons you want to start a business.
- Start your business for yourself, not for others. If one of your goals is to spend more time with your family, being successful and hard work gives you the freedom to do so.
- Always be continuously learning.
- Edwin shares that teaching is one of his passions right now. Many people reach out and ask him for advice on anything business-related.
[14:08] How to Prepare for an Economic Recession
- Learn a trade or skill that will survive in any economy.
- Edwin’s real estate business failed during the 2008 recession because he was overextended and had loans everywhere. Edwin now tries to have a debt-free company.
- Figure out which businesses are recession-proof and learn from them.
- Have reserve money stashed away. When a recession occurs, you can accumulate wealth more quickly because virtually everything’s on sale.
[15:36] Gold-Buying, a Recession-Proof Businesses
- Edwin considers gold-buying a win-win situation. He could help the people in need of cash by buying their unwanted jewelry. In return, his company earns an income and helps protect the environment by recycling gold.
- It was important that they were helping people during a bad economy and not just making a profit.
- Wanting to start big, Edwin and his friend raised $300,000 to start the business. However, you could also start with little to no money.
- Gold-buying is recession-proof. When there’s a good economy, people accumulate more jewelry and sell pieces that have less sentimental value.
[21:25] The Technicalities of a Gold-Buying Business
- You don’t have to worry about buyers because you are the buyer of all the inventory.
- When asked what he does for a living, Edwin says he gives money away. This compels his listeners to hear what he has to say.
- You have two options: sell unwanted jewelry to another buyer or refurbish it into something new before selling it again.
- Pricing depends on several factors, like market value and its pure gold content.
- Edwin created a gold calculator to make it simpler for people to know how much their jewelry would cost.
[28:09] Challenges and the Future of Gold-Buying
- While typically considered risky, Edwin did everything he can to make his business ventures successful. He moved forward to prove to himself that he could get it done.
- If we enter a recession, Edwin sees competition in the industry will become serious quickly.
- Back in 2008, their business was the only one in the industry. Within a year, everyone was buying gold.
- You need to learn a trade where there is little to no competition so that you are poised to be successful at the right timeline.
Edwin: “If you are the first one in the market, that’s when you take advantage of everything else. If you wait until everybody started doing it until it becomes a fact, then you kind of miss the train.”
[30:08] How Edwin’s Military Experience Helped Him as an Entrepreneur
- Edwin is a firm believer in honor, courage, and commitment.
- He keeps his word and doesn’t take advantage of anyone.
- Once the business has succeeded and Edwin can put processes in and let it run itself, he ventures on to the next business that inspires him.
- There is a disproportionate amount of successful people who have either served in the military or trained in martial arts. A military or martial arts training background helps create good practices and habits for success.
- Serving in the military also helps you become a good follower and leader.
[33:55] Taking Criticism Effectively
- The phrase “I know” is one of the most destructive things a person can say because we don’t know everything.
- Communicating what processes can be better or need to change will help a business grow.
- Edwin is part of a mastermind group where he continuously learns every time they meet.
[37:01] Advice on Working with a Team
- Edwin learned that sharing his experience with a problem, which other people are facing, can help more than giving professional advice.
- Sharing experiences is also the best way to maintain your relationship with people.
- Previously working in real estate and giving advice to a hundred people, Edwin noticed that only one person achieved success. People’s lifestyle affects their success in any field.
[41:17] Four Steps in Buying Gold
- Step 1: Use a loop.
- Step 2: Look for the hallmark. Determine the exact carat of the jewelry.
- Step 3: Do an acid test to check whether the gold is real or fake.
- Step 4: File into the piece of gold to make sure it’s not gold-plated.
Edwin Carrion is a self-made gold-buying entrepreneur and real estate developer. His passion for entrepreneurship ignited when he started doing business at 14 years old and never looked back. He is the CEO of the Carrion Investment Group and MDC Transport, LLC. He also served as the CFO of Countrywide Gold Buyers for seven years.
He mentors individuals to become successful real estate developers through his courses. From beginner to intermediate real estate developers, Edwin shares his insights and experiences to help them strategize and make good business decisions.
To find out more about Edwin Carrion, you can connect with him through his website or his Facebook and LinkedIn pages. Check out the Millionaire Gold Buyer website to view his online course on how he built his 7-figure company in less than a year.
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