Eddie Rich takes us on his journey of founding LoDo Massage during the recession with just $30 and scaling it to operate in 45 U.S. states and land clients that include some of the top Fortune 500 companies. After losing almost everything in the recession of 2008, approaching 50 years old, and unable to find investors for his business idea, he explains how he creatively bootstrapped it and cultivated competitive advantages based on his expertise in SEO marketing and building efficient systems and processes, which allowed him to scale the company to over $4 Million with only 5 corporate staff. Eddie gives tips for SEO marketing and building businesses with minimal startup capital. He also talks about his leadership style, his productivity habits, and morning routine, and how he runs his company from different time zones and coordinates with his team. He then talks about the advantages of going fully remote, and how he tripled his company revenue once he made all of his staff location independent and started traveling the world. Eddie also shares his experience doing the Remote Year program at age 56, the Nomad Train at age 57, and why he is so passionate about travel and chooses to continue the nomad lifestyle. He shares his favorite book, productivity app, travel hack, and gear recommendation, as well as his top 3 favorite travel destinations of all time and what is currently at the top of his bucket list. FULL SHOW NOTES AVAILABLE AT www.TheMaverickShow.com
Episode #51: Bootstrapping a $4 Million Chair-Massage Businesses and Tripling Revenue by Going Fully Remote with Eddie Rich
Episode Summary
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About the Guest
Eddie Rich
Eddie Rich is the founder and CEO of LoDo Massage, LLC, which provides on-site corporate wellness and mindfulness services ranging from in-office chair massages and chair Yoga to meditation and Yoga classes for corporate workplaces, tradeshows, and events. Founded in 2008 with just $30, LoDo Massage now generates over $4 million in annual revenue and operates in 45 cities around the U.S. and has clients including Airbnb, Microsoft, Goldman Sachs, Proctor and Gamble, Google, and Amazon. LoDo massage operates with 5 full-time corporate staff and over 800 licensed massage therapists and yoga instructors. Eddie has built his business with a location-independent infrastructure so his entire corporate staff can work remotely. He can run his business from anywhere in the world and has traveled to over 30 countries.
What You'll Learn
- How to bootstrap a 7-figure business starting with $30.
- How to use SEO to create a marketing advantage.
- How and why to go fully remote and run your business while traveling the world.
Links From the Episode
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WORK-TRAVEL PROGRAM THAT MATT AND EDDIE DID
- Remote Year (Get a $100 Discount off Remote Year By Using This Link)
PLACE WHERE THE INTERVIEW TOOK PLACE
- Crossing Siberia on the Nomad Train (Get A Discount Enter Code “MAVERICK“)
WINE SHARED IN THIS EPISODE
TRAVEL GEAR MENTIONED IN THIS EPISODE
THE #1 BOOK EDDIE RECOMMENDS
OTHER BOOK MENTIONED IN THIS EPISODE
THE #1 PRODUCTIVITY TOOL EDDIE RECOMMENDS
THE PERSON WITH WHOM EDDIE WOULD MOST LIKE TO HAVE DINNER
THE #1 ITEM EDDIE BRINGS WHEN TRAVELING THAT HE RECOMMENDS
TOP 3 FAVORITE TRAVEL DESTINATIONS
TOP 3 BUCKET LIST TRAVEL DESTINATIONS
OTHER PLACES MENTIONED IN THIS EPISODE
CONTACT EDDIE
- LoDo Chair Website (Mention the word “NOMAD” and get a 10% Discount).
- LoDo Chair Twitter
- LoDo Chair Instagram
Time Stamped Show Notes
[4:16] Eddie’s Journey to Entrepreneurship
- Growing up in St. Louis
- Starting his first business in college
- Building his first IT business
- Helping companies transition to cloud-based solutions
- Developing a remote-business mindset as an entrepreneur
[9:12] Founding and Scaling LoDo Massage
- Conceptualizing LoDo Massage
- Building and Scaling LoDo Massage
- The location independent infrastructure at LoDo Massage
- Deciding to go fully remote
[12:22] Eddie’s Personal and Business Growth During the Remote Year Program
- Overcoming initial concerns about joining Remote Year at age 56
- Overcoming apprehension about running LoDo Massage while traveling the world
- Letting go of control and delegating key responsibilities
- Evolution of Leadership style, building company culture and empowering staff
[18:46] Cultivating Competitive Advantages for LoDo Massage
- Building efficient systems and processes and keeping his team very lean
- Search Engine Optimization (SEO) Strategies and Advantages
- Eddie’s Tips for Improving SEO
[27:45] Overcoming Challenges and Setbacks in Building LoDo Massage
- Bootstrapping LoDo Massage with $30 and Not Being Able to Find Investors
- What it really takes to bootstrap a 7-figure business.
[31:56] Optimizing Productivity and Managing Stress
- Eddie’s morning routine and day structure
- Techniques for managing stress and handling business problems
[35:46] Conceptualizing His Business Idea and Handling Naysayers
- How Eddie Conceptualized the Business Idea for LoDo Massage
- How to handle naysayers in business and the nomad life
[39:04] Transitioning into the Digital Nomad Lifestyle
- Getting support from his kids for his nomadic lifestyle
- Handling friends that don’t understand the nomad life
- Tripling his business since becoming a digital nomad
- The business advantages to location independence
- Eddie’s Experience on the Remote Year program
- What travel means to Eddie and the highlights of being a nomad
- Eddie’s epiphany in Vietnam
[50:46] Matt and Eddie’s Month in Russia on The Nomad Train
- Taking the Trans-Siberian Railway with 28 Nomads on The Nomad Train
- Eddie’s impression going to Russia for the first time
- Matt and Eddie share their experiences in Russia
- The speakeasy and hip hop scene in Russia
[59:00] The LIGHTNING ROUND
- Eddie’s #1 Book Recommendation
- Eddie’s #1 App Recommendation
- Person with whom Eddie would most like to have dinner
- #1 blog Eddie recommends
- #1 electronic item Eddie always packs
- Eddie’s top two versatile fashion items he always packs
- Edie’s top 3 favorite travel destinations
- Eddie’s top 3 bucket list destinations
[1:21:51] CONTACT EDDIE AND LODO MASSAGE
- Visit the LoDo Massage Website
- How to Get a Discount on LoDo Massage Services
- Follow LoDo Massage on Social Media
