His absolute dream is to create a brand that helps empower a healthier lifestyle and promote CBD wellness through unique and natural high-quality offerings, products, and services.
At the age of 23, Elan launched his first business, Binoid CBD, an online retailer and distribution center for CBD.
In this episode, Elan shares how he started his business with only $1,000. He talks about how he spent his first thousand dollars and the skills, apps and technologies that helped him succeed in this business.
I kind of wanted to go something that I know could help people, I can make a difference in their lives versus just selling like a T-shirt or pinball machine or something. – Elan Lipin
Some Topics We Discussed Include:
[3:25] – Elan’s dream to help other people lead him to the CBD space
[8:49] – Funding for his first business
[16:40] – The revenue from his first $1,000
[18:10] – Some of the roadblocks that he’s coming up and having to navigate his way through
[19:39] – Their current product suite
[22:04] – What he loves about his business
[22:47] – His family and friends response when he decided to start a CBD business?
[25:05] – Where he sees his business going in the next 12 months
[30:22] – Things that he’s missing out that make him second guess his mission
[34:02] – Advice to entrepreneurs who wants to get into the space
People Mentioned / Resources
Connect with Elan Lipin
Connect with Sonia Gomez
Sonia Gomez: What’s up everybody, Sonia Gomez coming to you from Denver, Colorado. This is another badass episode of The Hemp Revolution podcast I’m your host, hostess with the mostest and as you know on The Hemp Revolution, we are talking about the journey and the battles of the entrepreneurs and innovators who are pushing this industry forward to ensure that you guys have access to the absolute highest quality products and brands that are available on the marketplace right now.
If you are a patient looking for products that you can trust to deliver the results you’re looking for, check us out on medicalsecrets.com and if you are a budding entrepreneur or existing business owner who is just stuck in a bottleneck or hitting a glass ceiling in your growth, and you need some key strategies, tools or tactics to get over the hemp, check us out on theemeraldcircle.com for some tips and tricks on how you can get to the next phase in your business.
In today’s episode, we are going to be visiting with Elan Lipin who is a recent University graduated just the ripe crisp age of 23 years old. He is a university graduate turned entrepreneur slash CBD brand owner Boise in for a surprise. Studied business and administrative at the University of Southern California. His absolute dream is to create a brand that helps empower a healthier lifestyle and promote CBD wellness through unique and natural high-quality offerings, products, services and the whole thing.
We’re going to be talking about some entrepreneurial stories telling his business, secrets, letting you in on the latest and greatest and so-called living. Help me welcome our guests. Mr. Elan. How’s it going?
Elan Lipin: Hi. Hi. What an awesome intro. Thank you, Sonia. I’m so excited to be here.
Sonia Gomez: I’m so excited to have you. USC down in San Diego or what?
Elan Lipin: In downtown LA.
Sonia Gomez: I’m downtown LA
Elan Lipin: Yeah, no water near us but it’s a lot of fun over there.
Sonia Gomez: Okay, cool. I grew up in San Diego, spent some time in LA. I thought you were down in San Diego area but that’s okay. We can be in the LA group, too. Tell me your journey. Tell me your story. How the birds did you get into the CBD space?
Elan’s Dream to Help Other People Lead Him to the CBD Space
Elan Lipin: Yeah, it’s actually funny because I told my dad that I was like doing a CBD business. He was like so I sent you to USC, the University of Southern California to become a drug dealer? Like Wait, no, like, I mean, it’s not drugs, obviously. Like we can talk all about that but it’s so funny because when I was– I mean not even when I was graduating, even before I had an internship for– just like a large e-commerce hair product company like now very well. But I saw the way they’re writing their business, I saw the CEO, like the grind the hills coming in every morning and like, was so excited for the day and like to grow into, I guess, to help people. I saw that this is really cool.
So when I graduated, I’m like, I knew I wanted to do business. I had no idea what I had different friends. I started a couple of Amazon businesses, drop shipping this and that. Very young millennial thing. And so I learned about that was like, Oh, this is kind of cool. Like, what am I going to sell? And so I mean, I know one on the company but you know, I had to find the product so I was searching like Alibaba for China stuff and this and that.
I was searching everyone like, oh, what second new industry was cool was holed up. And it’s crazy because obviously I really didn’t find anything that was I guess a long term play. I wanted to do something where I could do for a long time. And to be heavily invested in again, like you said, I’m very much into health, wellness and fitness. I kind of wanted to go something that I know could help people, I can make a difference in their lives versus just selling like a T-shirt or pinball machine or something.
So I found on Alibaba– this was like a year and a half ago, like right before the blow-up and the crazy and everything. And so I didn’t know too much about it. And like I was seeing I saw like hemp creams on Alibaba or something like that. I’m like, What is all this stuff? Feels like very new. If you look on Alibaba, and now you find a bunch of Chinese stuff that is sold on Amazon. If you didn’t know consumers do not buy CBD on Amazon or Alibaba [inaudible]. But you can literally see like the actual listings on Alibaba, but anyways, I saw that I was like, Oh, what is this stuff? Like what type of industry is this?
The supplements like I’m learning more and then I found like these a lot of CBD brands. I’m like, what are these brands? And I found a couple of ones I’m like, this is so cool. Like this is an actual brand, its natural company. And that was kind of my goal is to create like a brand. So I saw these companies. I’m like, I’ve never heard of them. I don’t think they’re that popular. Like what is this stuff? And so I kind of learned more about a lot of what the benefits are and it kind of hit like every mark of what I wanted, the health side, hit the helping people side, hit the brand side even just like my goals of having like a physical company and all that stuff and doing the operations and marketing and everything else everybody get into but I saw that and I was like, well like this is it and obviously I looked at the trends analytics and all that fun stuff to see like if it’s something worth doing, and obviously it is.
But then at around the same exact time my grandma actually fells. I was living with my grandma post-graduation. And so she fell as she hurt herself and then within a week or two my uncle came back with CBD oil from a dispensary and I’m like wait a second. This is something I was just reading about online, I’m like, this is so cool. And so she was using and I helped her out with like with the pain everything from falling over and even her like appetite because she wasn’t eating enough and all that stuff. So like this is amazing. Like what is helping my grandma to like How many other people is stuff helping? I knew nothing about it. Even still, I’m learning every day but by the time I had no idea where it’s come from. Okay Hemp versus marijuana, the details of that, and I just fell in love. I’m so that was that and here we are today.
Sonia Gomez: Adorable. I think that is amazing. There is something about your millennial crowds like nobody wants to work in a corporate office anymore. They’re like, what do you want to do when you grow up? I want to own my own shit. Like my son wrote an essay and he was like in the essay, it’s for a marketing class because he goes to the school that offers like this really cool extracurricular stuff, and one of them is marketing 101. And so he was like, why do you want to learn marketing?
And so he had to write a five-paragraph essay on why he wanted to learn marketing. And every paragraph mentioned in conclusion, anyone to learn marketing so that I don’t have to go to work and answer to somebody else and I get to make my own schedule, have my own money and people do what I need them to do so I don’t have to do it. And I was like, yo, bro, you’re talking CEO level right now. And I just got one question for you. Where are you going to get the financing for all of this? Right?
So I love I love, love, love that there’s this like really had the entrepreneurial spirit because it feels like many decades ago when the American dream was still truly alive and there was still a lot of opportunities to create change.
In some circles, they say that there are no new ideas that you’re having to innovate the old ones to make them new again. But no matter what, you have to come up with baseline resources, time, education, be informed and confident and competent to what you’re going to do and you got to have money to make it happen. You’re 23 years old, you haven’t quite had a significant runway on building up your own bank. How did you access the funds to get started?
Funding for His First Business
Elan Lipin: Yeah, I mean, honestly, I didn’t. I didn’t throw a ton of investment in there. I just kind of, there’s either a trade between time and money. So I’m like, Okay, let me just put in a lot of time and maybe not spend the money. I mean luckily like after graduation I have somewhere to live so I wasn’t paying rent. Some other things lined up, my dad’s a business owner, so he kind of understands, he’s kind of not like, Oh, go get a job, go work corporate, go to these big companies that run into the ground.
Sonia Gomez: Sell drugs instead
Elan Lipin: Basically that’s what he said. But he was like, just go for it, put a timeline on like what you like to want to accomplish and within a certain time and if you don’t hit that made me start searching for something. That’s kind of what set goals for myself in terms of the financial part. I really only started off with like, less than $1,000 yet this business going? I mean–
Sonia Gomez: Oh my god. So what were you able to– and this is so important for people who are listening in right now and like how to get started, how much money do you need? How can you do this? I’m of the opinion and I’ve gone through the process that you like your baseline you have to have You know, $100,000 to be aggressive and getting into this space. You can of course bootstrap it.
I’ve heard multiple stories where, you know, 500 to 1000, 1500 dollars, people are getting started and they’re growing slowly and organically and that’s awesome. I’m a very aggressive business owner. So I invest in mentorship, products, connections, all of these different things marketing being a huge, huge piece. So what specifically did you focus your time and resources on thousand dollars to get started and where is it gotten you?
Elan Lipin: Yeah, I mean, that’s honestly like the such a cool part about all of this especially, I could talk about this for hours, but it was kind of like the mixture of I mean, already off the table is you know, Facebook ads, Instagram ads, Google ads, so a lot of the money that you would, you know, traditionally put, throwing money into like marketing isn’t really there. So a lot of is kind of figuring out tactics and strategies and content to really get yourself out there.
So, I mean, my first– most of the beginning cost was just product. Today’s world like you have the millennial thing, they don’t want to be CEOs they want to be owners. And the really cool thing is that the timing is right for that, you know, go with platforms like Shopify and all these apps and all these things that you can do.
Today's world like you have the millennial thing, they don't want to be CEOs, they want to be owners. And the really cool thing is that the timing is right for that. -Elan Lipin Click To Tweet
It’s crazy what you can see I just downloaded one last week that shows you live visitors on your store and how they interact with your site and all this data and all these things that you have at your disposal for a fraction of a cost of having a developer build out your website. So like that cost is already there. The website I do myself I have a background in video editing.
So I kind of knew how to use apps and technologies and spent a lot of time I guess figuring that out so I was able to figure out the platforms. So, that was already done, as well with graphic design I was able to do as well because of my background in editing. So, I guess it’s just a lot of knowledge I had previously but it’s not something that’s difficult there are places like Fiverr, you can hire people out there that great. Probably not and you might have to revise it a lot yourself or something like that. But again, that’s a time trade for money.
And then in terms of my actual cost is mostly just first orders on the product. And at first, I actually started off as an online store. I didn’t have my own brand. So I kind of found like the large brands, I use analytic apps on the Google Chrome extensions, just show me their website traffic, if they’re going up, but they’re going down where they’re trending.
So I know, okay, this is a company I work with, they’ll have 5000 people going to the website, they have 500,000. And they’re like, the largest company when no one knows that because no one’s checking the analytics. So that’s kind of how I took it as well. You know, most traffic with most companies I work with when I reached out to them put in the minimum orders, got one on my website, got two, got three.
And all the meantime, I invested a lot into the content. So I actually did it by blogging. So a lot of posts, a lot of knowledge, a lot of content, and a lot of studies and I had to go through everything, every single study, learning on benefits, status, taxes and that I kind of taught me a lot about the industry while I was writing the content anyways, it’s also free, because I’m writing the content, I’m not hiring other people to do it. And also, I knew I can do it, you know, right, the way that I wanted it to do obviously, in the future, things will probably have to be outsourced or bringing people on the team to do that.
But I wrote content does basically better what was on there already. So it’s like, I guess one example, I don’t want to go into it too much but like it was an article about a list of 15 things for blah, blah, blah. If you wrote a list of 20, yada, yada, it might be more popular and more visited by people. And if you just push on maybe Reddit or Pinterest or you know all the all social media and really push your content out there, you could actually grow a substantial following an audience without really having to put any money into it. And obviously is slower than throwing $100,000 into it.
But I would say I mean, based off what I’ve seen in business with people who have very, very large companies, is that just because you throw money at something doesn’t mean Going to grow and expand. You know, it just might be throwing money at something. I mean, you walk through it and when it’s right, so if I need $100,000, you know, then I’ll worry about again. But until that point, you know, you’ve kind of just double up on your investments.
Sonia Gomez: I absolutely agree. And I love how you’re talking about the building of an audience, because that’s our number one strategy and where most of the money that I suggest people get goes into, because before you have a product, before you have market positioning or anything like that, you really have to develop the trust of who you are before the people will trust the brands that you have. And I think that that’s a key differentiator in today’s marketplace and today’s industries as a whole.
A lot of folks are investing time and money into developing out their brand, their personal brands rather than their company brands and the mission and the movement and the belief system and the moral code that this can be these communities are operating under are now the highlights rather than the efficacy of product which is the Bonus or byproduct of the other things that you’re highlighting. We did this really super well, two and a half years ago building what is now one of the largest online education based communities for cannabis and hemp.
We’ve built multiple certification programmes and published 2000 plus articles and like all of this stuff and only started to monetize the community eight months ago by sharing products, services, but mostly attracting other businesses who need and want access to a captured audience. And the time that you put into adding value to your community will pay you over and over and over again, and I can’t help but use the Kardashians as an example of this, like literally Kim Kardashian built her entire empire on the back of social media, which didn’t cost her money but it took time to build over time.
Now it helped that she was on a network and all that stuff but what she chose to do with it, she was building her own focus group and now multiple brands have been built and born out of what her audience says that she wants in bed that they want from her. So I think that’s such a smart play a mandatory piece of being successful in this business right now is building your own rather than leveraging others.
And you don’t have to have as much money to go and pay other people for your traffic. You create your own traffic for your own offers. Love, love, love. Talk to me about some of your results. What have you been able to do in the last year and a half? Where are you I mean, share as much as or as little as you want to but I have to ask like doing it bootstrapped putting in that first thousand dollars in the last year where have you gotten your business to be revenue-wise?
The Revenue from His First $1,000
Elan Lipin: Okay, you want totals for a year, just kind of a month?
Sonia Gomez: Yeah, just like month to month you invested $1,000. what is that yielded you?
Elan Lipin: Yeah, I mean, I would say, you know, ranges from like 3000 to 5000 a month of how to put a number on it. But I also do things like– what?
Sonia Gomez: I said, your three to five x in your return. That’s awesome.
Elan Lipin: Yeah. And that’s what’s been so cool as like all the money I put in there, I’ll put like an initial investment and then everything from there has been just reinvesting that, but you also put a lot of my free time into it, too. I go sell at gyms know, meet people. And I learned like, that’s kind of where I learned that educational piece of what do people want to know? Now that’s like the sales side of all of this. It’s kind of like, What questions do people have about it? What misconceptions do they have about it? Do they think it’s marijuana? Do they think it’s this.
So my first question was like, have you ever heard of CBD? That’s it. And then from there, I kind of tailor the answers to whatever they say and kind of lead them in different directions. But I sell in person, make extra money that way and that it’s easy, you know, it’s not that hard, but it’s just kind of getting out there and putting yourself on the line and just meeting people and talking and educating. So it’s been all its kind of like different revenue streams. But in the end, it all comes together.
Sonia Gomez: What have been some key challenges that you have faced in this beginning phase of your business? Like, what are some of the roadblocks that you’re coming up and having to navigate your way through right now?
Some of the Roadblocks That He’s Coming up and Having to Navigate His Way Through
Elan Lipin: I’ve spoken over and over again, you can talk for you’ve probably icon plenty conversations about you know, the banking system and merchant processing and all that, which that was tough, but I didn’t find that too difficult to navigate actually. was kind of being quick on your feet. I’m like when things to dover, especially with Elavon within hours, I was making phone calls.
And because of that, I was able to build a partnership like with the bank and kind of get involved that way. So that wasn’t too hard. Although that was like a major one in this industry. Although Anna was freaking out about it for that time. Maybe–
Sonia Gomez: That wasn’t too hard. I was just freaking out about it. Not a big deal.
Elan Lipin: In between, because I had no idea they wanted me to like adjust my whole website and do all these changes and you can’t say this you can’t say that so I couldn’t really lead people in directions of all what helped them. But it makes sense in this time right now but other than that those this kind of actually my biggest problem right now is finding where to reinvest the money? finding what places do I go after?
I mean, we can talk about content and influencers and going after social media. That’s kind of where I’m thinking of putting it but that’s kind of without us bender without doubling, tripling like that way, What’s the best route to put your financials after starting to grow a little bit?
Sonia Gomez: Yeah, yeah, totally. What products are in your suite right now?
Binoid CBD’s Current Product Suite
Elan Lipin: Yeah, so actually, just last week, I don’t know if you saw but we actually redid our whole website. And we’re now like a brand as well as a shop with other companies. So as far as other companies will be selling, CBD oils, creams. gummies. And we have like, turmeric, spirulina ones, we have melatonin ones. We kind of just found different pies from different companies that really complement our product and that we don’t currently serve yet. That would be another thing we invest in the futures product development, but you know, just different products, gummies, bombs. Our products is a water-soluble product, which I can get into as well. We’re super excited about it. So ours is like–
Sonia Gomez: They’re using nanotech and water-soluble?
Elan Lipin: Yeah, honestly, the method is kind of secret but what we have done is we’ve made them actually taste good. So I don’t know our products, for those are out there who are consumers. If you’ve tried to CBD oil before just pure CBD full spectrum non-isolette. I mean, definitely It tastes like the hemp earthiness itself. And a lot of people do like that.
Sonia Gomez: That little peppery.
Elan Lipin: Yeah.
Sonia Gomez: I love that.
Elan Lipin: Exactly. People do love that. But I’ve had customers come up to me and say like, hey, like this works for me, buddy. I like the taste of it. So I don’t want it anymore. I’m like, Okay, and then I come learned from that and decided to make a product that everyone could use because I didn’t want people to kind of say hey this work, but I like the taste of it and this and that and one direction see this industry going is kind of liking that, uniqueness and differentiation in the market of course.
And so that’s kind of what I wanted to chase with my own product, kind of create a better product. it’s less about the nanotechnology water-soluble part. You know, that is cool as well and you know, has different benefits and such there but it was mostly about utilizing that to be able to provide a product that actually tastes good and that people will enjoy. Um, so you have different flavours we have lemon, orange, peppermint, ginger, and we have like a lot like more things coming out in the future. And you can actually mix it in teas and drink some beverages without separating because all these brands they show the putting CBD oil in there but oil separates.
So we did by being able to dissolve it in a drink a beverage without separating, you can actually take it that way and as intended. So we have all those products plus the one that we just launched, which is exciting.
Sonia Gomez: What is the favourite thing that you like absolutely love about your business right now. Like, what is the role? It sounds like you’re wearing many hats, but what’s the role that you love the most?
What He Loves About His Business
Elan Lipin: I actually like operations the most, which is interesting, but that’s because I actually like packaging the product. And of course, I won’t be doing that forever. But it is like putting together and knowing that you know, someone’s going to get it and benefit off of it and you can, you know, you can package it in a certain way that looks nice and people enjoy it and just a whole customer experience is really awesome to me. And so I just like packing the products and then getting them sent down and hearing what people say about it, but that the whole process is a lot of fun.
Sonia Gomez: Love that. Love that. The piece of that I love about my businesses telling the story and my husband is the heavy on the operations side. So I believe that entrepreneurs have their own strengths and geniuses and if they get A play that that to that particular genius that their success will be accelerated. My personal opinion on the matter. Originally when your dad heard about what you were going to sell, he was like, What the? And what about your mom? What was her response?
His Family and Friends Response When He Decided to Start a CBD Business?
Elan Lipin: My mom was a little bit more pessimistic about it. She’s like, go work for someone else, like just not a high chance you’re gonna like make anything in here and yada yada. And not that she was wrong, you know, because the chances of failing in business are pretty high. And you know, I just graduated from university like I had a lot to learn quote-unquote, which is still doing I’m always learning every day, which is the fun part.
But it’s kind of like Hey, get a job, make some money and then if maybe on the side if you want to do something which is another route that I do suggest people take if they don’t have the means or the capital. There is timing right now to do a business or to join the CBD industry because it is very time consuming and every day is a new thing. So my mom was very much a little bit more pessimistic but even then she still supported me and like wanted to help doll and stuff when I actually got going it was more in the beginning stages that she was like that.
Sonia Gomez: Yeah, when your friends and your family look at you and know what you’re up to what is their response? Are they like can I get a job bro are they like–
Elan Lipin: Honestly I haven’t had that yet but I feel like it might but no it was more of like massive support that was like whoa this is so cool like so awesome and you just go for it, give it a shot who knows how I’ll end up but a lot of people have a negative reactions from people and maybe they lose their friends this and that which you know does happen you don’t have a lot of time anymore.
You really have to balance your lifestyle which is something I learned very early like not to burn yourself out because I did but most of my friends take a pretty like awesome you know, they really supported me and thought it was cool and they gave me like, Oh I love what you’re doing like with your Instagram and your post. I love what you’re doing here. So a lot of support on that end.
Sonia Gomez: where do you see your business going in the next let’s say 12 months.
Where He Sees His Business Going in the Next 12 Months
Elan Lipin: Okay big thing for me I think retail. I really want to get– I’m really big for like the physical presence and I want to get like retail stores and locations, I want to learn other ways to help people as well. We talked a lot about you know that part of it. And my uncle is, I’m huge into health and fitness myself, I’ve been like weight training and soccer I’ve been math fanatics and my whole life and so I really enjoy helping people and getting a retail locations to kind of be more of a– it is it’s a personal way of getting to people, I can visit them myself. I can see products, I can talk to customers, although you can do that online as well, I just like the physicality more. I want to maybe open up a store sometime in the future but that’s not 12 months. It’s just expansion and learning and see what happens from there.
Sonia Gomez: What from your education and university are you leveraging In the building of your own business right now, I think that there’s a big contrast in conversation of like, Why the fuck am I gonna go to school if I’m going to be $100,000 in debt and not even use my degree when I can find, you know, specialized education online. And then there’s another opinion that are like, go and get your degree and get your baseline information, then education. what would you say are like some of the key things that you’re using? And if you had to go back and do it again, would you?
Elan Lipin: Yeah, so that’s obviously a big conversation of how with a lot of different people, I have friends who have created successful businesses without college and friends are doing that with college. So that’s a huge debate amongst like my generation of people. And I do believe this useful obviously, like, though, not necessary, but I would not do it any differently.
I think it’s not only the education that you learn that the things that they learned that they teach you in finance and this and that you don’t really remember or care and the things that marketing are like five years behind anyway, so the actual physical things aren’t just all rosy USC I’m sorry about that, fight on.
But it wasn’t mostly Dallas mostly like do the people you meet and network, you really see hardworking people and motivated people to go do something in their lives and that kind of is inspiring to you and pushes you and those connections that you have after you graduate for these very, very impressive people doing awesome things and you can kind of work together and so one is on network, one it’s like their families network as well because you never know who’s doing what.
I haven’t got my internship this is like a short off take but even the way I got my internship was drinking with the friends, friend’s friend to own a business and I did like a drinking contest with him at a bar. And he’s like 35 years old and I obviously lost because I ran out of money, but he was gonna contest and he hired me. So just in-network, they meet the people and also I would say a big thing for me is finesse.
Finding a way to get things done even when it’s not perfect or right or, always finding solutions to something. And that’s kind of something I learned going to USC was this kind of problem-solving. And that’s that.
Finding a way to get things done even when it's not perfect or right or, always finding solutions to something. - Elan Lipin Click To Tweet
Sonia Gomez: Problem-solving and network so huge and one of my family members went back to college even though he’s making incredible money and living an incredible life. He went back because the other people in his circle were educated and had this like badge, the certificate, and he was more successful than that, but still felt like he needed it to have a certain status symbol. But for me, I’m like, that’s the most expensive networking investment you’ll ever make. Like that’s–
Elan Lipin: Just has a piece of paper.
Sonia Gomez: Like that’s a piece of paper. I’ll print you one right now. Send the wire [inaudible] details. But I envision, I have four kids. And I envision that they all want to go to college in some capacity. And I just hope that whatever it is that they’re really following something that they love and can use it. Like I would not mind paying for an Ivy League education for my kids to go and get a business degree if they wanted to start a business.
So I love that aspect of it. What about, you know, the things that make a 23-year-old feel normal because like in your 20s, at least when I was 20, like yesterday, I just turned 21. But I have four kids and I just turned 21. So I’m Hispanic. No, I’m just kidding. I am Hispanic. I’m not kidding about that. So, you know, one of the major sacrifices that I experienced being young and successful was not always getting to– there was a crossroads for me where I had to be like friends, finances. need a new group of friends to hit my financial goals. Have you hit that yet?
I mean you’re such fresh meat in the entrepreneurial journey that I’m not sure that’s quite a subject yet but are there sacrifices that you feel like you’re making? I guess that’s the moral of the question. Are there sacrifices that you feel like you’re making right now that you are quote-unquote missing out on or make you second guess your mission? Or are you just like, so committed to what you’re doing that you hardly noticed what you could be missing?
Things That He’s Missing out That Make Him Second Guess His Mission
Elan Lipin: Oh, yeah, plenty. I mean, I think I’m on like the crazy side of that spectrum. So I don’t I probably don’t speak for the majority, especially for people my age. I don’t feel like I’m missing out on things too much. I mean, luckily I enjoyed all that fun stuff in college and all the partying of this and that, all the young person stuff going out I did in college and so kind of got that out of me. I do like obviously miss like the balance of you know hanging out with your friends up to work and that but I actually enjoy like you know going home and working.
My whole thing was, what was going to do after five? Like what am I just going to go home and I see people like no, this is my time to really set myself apart and get my things together and save up as much as I can, make as much as I can, not spend as much as I can, live very frugally. I mean, those are my personal goals. My personal goals are to invest in real estate and to do things and on that end, so it’s probably my personal goals are driving my business aside from the whole mantra of my business and the mission statement that we have.
But it just personally like I had a meal prep all my food like I don’t go out a lot. I hate going out. I like to cook myself. I have my routine again. I get in my routine and I kind of forget about everything else, which is nice. But then also I have friends kind of pushing me away from it, which is also a good thing.
So luckily I have that back on the people that do actually me away from just staring at my computer all day or doing this or doing that. So I go to the gym every day to kind of keep myself physically okay, take care of your body take care of your mind. That’s the big part of you know, CBD and how that’s supposed to help out. So yeah, it’s a lot of balance but it’s also you have to sacrifice no matter what, and it’s going to be a sacrifice.
Sonia Gomez: Do you have like your Beyonce on your arm while you’re becoming Jay Z right now?
Elan Lipin: I have no idea what that means.
Sonia Gomez: Do you have a boss bitch that’s upgrading you right now. Like, do you have a girlfriend that’s like in the background being like, maybe you get that, you meal prep. I’m going to roast your chicken right here. We’re gonna [inaudible]
Elan Lipin: She pulls me away from that life. I have a friend girl and what they would say millennial times is for all very complicated. No, but she’s awesome. And she tells me to, you know the route on and keeps pushing me but she also gets me away from always working and always grinding and going out and doing things, which is awesome as well.
Sonia Gomez: I’m like a business owner in my business. And I’m like, for the first 10 years, I was like, Yes, we’re gonna get in this business. We’re going to do this business. And like, recently, I’ve been like, why don’t we go on vacation? Ready for the break. I just you go through phases and stages, and it’s all a balancing act like how I like how you’re talking about being in a routine. That’s definitely something that I had to implement really early on was like, I had another podcast where somebody was like, Yo, I got kids, I have this whole thing, but I have really big goals.
So I use my calendar and I block out two hours here and I block out two hours there and that means I have to get up earlier here and go to bed later over there. But I get to do all the things that I want to do and I was like, man, subconsciously that’s exactly what I’m doing right now and how you manage your time is everything so that you can do all of the things that matter most.
If you had to give advice to a budding entrepreneur or a young buck who wants to get into the space or even a retired person who wants another chance at life, what are three pieces of advice that you could offer them in their consideration to join the industry right now?
Advice to Entrepreneurs Who Wants to Get into the Space
Elan Lipin: Yeah, I mean number one would be you have to be all in. Not jumping with two feet like we were talking about before but mostly to like once you’re starting you’re not going to give up you’re not gonna switch Oh, it didn’t work out after three months. You know, it’s a long process and it’s not a quick dollar sign a quick buck. it’s really you have to push very hard and to be persistent and it’s going to be hard it’s going to be ups and downs.
So just believe in yourself and be confident, just kind of take every day by that then you know, it can be a terrible day you know, you can have returns night, have fraud, you can have a bunch of these things that can pop up you can wake up your with your bank account close, you know, and that does happen, but the next day is a whole new day a whole new clean slate so that’s one thing I say for sure.
Two, in terms of business strategy I would definitely say like differentiation, unique offering gives something of value. Value value value is what people want. So if you can give something that people value that’s different that’s not the cookie-cutter, slap a label on and send it out then you can you know, you have a higher chance for success that way.
In terms of business strategy, I would definitely say like differentiation, unique offering gives something of value. Value value value is what people want. - Elan Lipin Click To Tweet
And then the last one would be for marketing is content. I would say content is very key like we’re talking about earlier on original content things created by you, your team, whoever you have no social media take really advantage of the artists that are out there right now. And then just prepare for one newer one open and new opportunities arise.
Sonia Gomez: Spoken like a true G. Are you sure you’re 23?
Elan Lipin: I think so.
Sonia Gomez: So, man, I that’s so good. That’s such good advice. I will add on our daily double, some key pieces of advice that I can offer today would be to second what you say about content and lead with value. If people don’t know that you care, they don’t care what you know. And I think that it’s really important to spend more time giving than asking more time giving your value, your time, your attention, whatever it is that increase the value that you feel like you can afford to give, give that away on the front end, before you ask for the sale.
So many people are using– and they’re blowing it out. But again, they’re having to like rebrand every week because they just like blow out an offer, burn a list and then go in for the next one. And I think it’s way more effective long term. They say the riches are in the niches. So just really focus on who you want to serve and create a message and a mission for that community so that you can start to build a following of people who want to know and be involved with what you’re up to.
Secondarily to that is, understand your resources and make your decisions from there. I think as I mentioned, I’m hearing stories about people who are able to bootstrap. And there are some key considerations when you’re looking at how quickly you want to move. And then really managing your time expectation on when you can get a return back on that investment.
Whether you’re investing $1,000, and it takes you six months, or you’re investing $100,000. And it takes you three months, how can you consolidate time and become the most effective and potent in the time that you have with the resources that you have, and really aligning yourself with the people who can help troubleshoot past those points if you are stuck.
The biggest investment that I made in any one of my businesses was mentorship and I’ve invested anywhere from 25 to $100,000. Just on the mentorship side to have somebody I could pick up on speed dial and say, Yo, what do I do at this particular moment because I’m freaking out. and then finally is do what you gotta do to be you.
There’s so many other ones of the things that the industry is rich with right now is an opportunity. And people want to take advantage of every opportunity that they forget that the one thing that they’re great at that’s actually rather generating the revenue or making the difference right now. Well, like every time you birth a new idea, it needs its own set of resources, its own team, its own time, its own everything.
And even though it seems really great, it’s just adding another– pretty soon you’re going to look like the Octomom and you’re gonna have all these babies, and hello strollers and you’re going to be pushing around, a whole heap of stuff instead of just keeping it stupid, simple. And being really committed to the change that you’re creating and adding people and things on in a scalable way without overstretching your team, your time or your resources. So that’s my value add for the day. Any final words before we end today’s interview
Elan Lipin: Not at all. That was a killer. That was great.
Sonia Gomez: Well congratulations on your I popped your interview cherries so I am super excited that’s a notch on my belt and many more to come. you’re on a such an exciting trajectory right now where. Can everyone find you if they want more information or access to your products?
Elan Lipin: For the business, you can do you know my website, www.binoidcbd.com I could be where you found my business and personal may maybe sock me on social media along with–
Sonia Gomez: All of your social media handles and websites will be posted around the blog along with the show notes and highlights from today’s interview make sure that you check it out. If you are a consumer and you are looking for products that you can trust to deliver the results you’re looking for medicalsecrets.com is the place to go. If you are a budding or existing brand and entrepreneur looking to get on the other side of these bottlenecks and limitations check us out at theemeraldcircle.com. I’m your host Sonia Gomez. And this is The Hemp Revolution. We’ll see you on our next show guys.
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