T1C 02 | The 1% Closer with Mike Hoffman - (Raise the Bar) Podcast Details

Description

Title: The 1% Closer - Mike Hoffman

Summary:

In this conversation between Seth Bradley and Mike, Mike shares that what separates him from others in his field is discipline and focus, particularly the ability to say no to things that don’t align with his goals. He highlights that successful entrepreneurs are usually highly focused and niche down. Mike attributes much of his own success to concentrating on vending machines after realizing it drew the most interest. For those looking to get started in vending, he advises leveraging personal connections to secure high-foot-traffic locations.

Links to Watch and Subscribe:

https://youtu.be/w_phQef7MOU

Bullet Point Highlights:

Mike credits his success to discipline, focus, and the ability to say no

Emphasizes the mindset: "It's better to be respected than liked"

Believes the top trait of successful entrepreneurs is focus

Success came by niching down into vending after testing other passive income streams

Advises newcomers to start by leveraging warm connections to place machines in high-foot-traffic locations

Examples include urgent care clinics, apartment buildings, gyms, and kids’ studios

Transcript:

Seth Bradley (00:00.162)

You're clearly in the top 1 % of what you do, Mike. What is it about you that separates you from the rest of the field?

Ooh, that's a good question, Seth. I think it's just discipline, know, discipline and focus. One of the hardest things is being able to say no with the things that don't align. And when I was growing up, I had a quote that has really stuck with me that's like, it's better to be respected than liked. And I think that really resonates. Like, naturally, as a human, you want to be liked and help people, but the 1 % are really good at saying no.

Yeah, I love that man. That's a great answer. Going to build on that. What do you think the number one attribute is that makes a successful entrepreneur? Yeah. Yeah. Yep. The one thing, right? The one thing. That's why.

Probably focus.

Mike Hoffman (00:47.246)

You come back to like the most successful entrepreneurs, they always niche down and they niche down because they just hyper-focus. Like this is kind of why for me, you know, I started this passive, Mr. Passive on social media before I even got into Vendi. Well, now everyone's like, well, how passive is Vendi? Well, it's like, what's really interesting is I was posting all these different, what I thought passive income streams in the time, but everyone, 95 % of the questions I got about Airbnbs are all my different.

investments was about bending. So I just niche down on on bending and I just look back on that and I was like it really forced me to focus.

Awesome, awesome. What's one thing someone could do today to get 1 % closer to success in the vending machine business if they are really interested in learning?

Tap into your connections and find a location that has high foot traffic, whether that's a friend that works at an urgent care, a sister that lives at an apartment. You take your kid to that gymnastics studio that has a ton of foot traffic between 4 p.m. and 8 p.m. All those locations are prime locations to put one of these modern smart machines in. so tapping into your connections, a warm intro is better than 10 cold.

Awesome. Alright Mike, I appreciate it brother.

Links from the Show and Guest Info and Links:

Seth Bradley’s Links:

https://x.com/sethbradleyesq

https://www.youtube.com/@sethbradleyesq

www.facebook.com/sethbradleyesq

https://www.threads.com/@sethbradleyesq

https://www.instagram.com/sethbradleyesq/

https://www.linkedin.com/in/sethbradleyesq/

https://passiveincomeattorney.com/seth-bradley/

https://www.biggerpockets.com/users/sethbradleyesq

https://medium.com/@sethbradleyesq