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How did a basement business evolve into an empire generating 100% passive income?
This episode features Andrea Foley, a successful businesswoman who has been an entrepreneur since she was 25. From starting her first business in her basement with a 2,500 credit card to leasing out her first space and buying commercial laundry equipment, Andrea has been able to grow her business into something that now generates a hundred percent passive income. During this conversation, Andrea shares her story, advice for entrepreneurs, and how delegating tasks has enabled her to move into real estate investing. She also provides insight on planning for growth, limiting lifestyle creep, and investing all extra income into passive investments for future wealth.
Tune in to hear Andrea's inspiring journey as an entrepreneur and gain valuable insight into how you can take your business to the next level!
[00:00 - 08:46] Andrea Foley Conquers Business with Cloth Diaper Service & Retail Store
• How Andrea started first business at age 25 with a $2,500 credit card
Her journey opening a retail location and buying her commercial laundry equipment
• A business of washing other people's cloth diapers
How Andrea ended up having 120 customers and 6,000 diapers per week
[08:47 - 16:49] From Working 80 Hours a Week with No Pay to Opening a Store
• How one entrepreneur followed the signs and found success
• Entrepreneurship comes with challenges, and lack of fear is key
• Entrepreneurs are born with a personality trait of solving other people's problems
• Why it took Andrea four years before she decided to pay herself
[16:50 - 24:58] How to Achieve Time & Financial Freedom Through Systems & Real Estate
• How Andrea decided to take real maternity leave when she had her third baby
• How to empower employees by stepping away and allowing them to make decisions
Delegation can be a long process, as it is difficult to relinquish control for some people
• Why Andrea needed someone else to take care of business and potentially mess it up
[24:59 - 33:15] Andrea's Strategy for Success
• How Profit First changed the way Andrea ran her business
• 100% of Andrea’s income is passive
• What holds Andrea back from pursuing more hotel conversions and growing franchise
[33:16 - 35:28] Wrapping Up!
• Cash flow and profit first mentality is vital to paying yourself while hustling
• Two strategies for creating time and financial freedom
Want to connect with Andrea? Follow her on LinkedIn. Visit Generational Wealth Capital to secure your legacy!
Key Quotes:
“If you don't plan for growth, then you'll be stuck in that cycle of I can never pay myself because I'm growing.” - Andrea Foley
“Align yourself with really good people who have the same values as you do. They might have a completely different personality. But, if their integrity and values align with yours, you can move mountains.” - Andrea Foley
"It is okay to pay yourself while you're also hustling." - Andrea Foley
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