Confidence Classic: Build Wealth Without Becoming Trapped in Your Business with Candy Valentino
In this episode of Creating Confidence, guest Candy Valentino shares her path from running a wellness spa at age 19 to building multiple successful ventures. Starting without wealth, connections, or a degree, Valentino discusses how she expanded from her first business into real estate investing, beginning with a $23,000 foreclosed property and developing a diverse portfolio that includes rentals and property flips.
The conversation explores the difference between creating a job and building a scalable business, with Valentino outlining four strategies for increasing sales and the importance of developing teams that can operate independently. She also describes how her business success led to establishing an animal shelter, connecting her entrepreneurial work with charitable initiatives that helped her process childhood experiences.
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1-Page Summary
Candy Valentino's Entrepreneurial Journey
At just 19 years old, Candy Valentino began her entrepreneurial journey without a degree, wealth, or connections. Growing up in a trailer with teenage parents, she learned early business lessons from her father's auto shop. In 1999, she launched a wellness spa using an SBA loan, navigating the challenges of being a first-time business owner with only six weeks of operating capital.
Diversifying Into Real Estate Investing
Valentino's financial strategy centered on investing in appreciating assets. At 21, she chose to invest in a $23,000 foreclosed property instead of buying a car, marking the beginning of her real estate journey. Over two decades, she built a diverse portfolio including rentals, short-term stays, and property flips, which significantly accelerated her path to financial freedom.
Building a Business Vs. Having a Job
According to Valentino, many entrepreneurs unknowingly create jobs for themselves rather than building scalable businesses. She emphasizes the importance of having a clear business vision and purpose, whether for growth, scaling, or eventual exit. Valentino identifies four key strategies for increasing sales: acquiring new customers, increasing purchase frequency, raising average transaction value, and adjusting prices. She stresses that effective scaling requires empowering teams to operate independently of the owner.
Charity Work and Personal Healing
By age 26, Valentino's business success led her to establish an animal shelter in a building she had purchased. This decision marked a turning point in her life, as she discovered that charitable work helped her heal from childhood trauma. Through her commitment to service and philanthropy, Valentino found a way to bridge the gap between external success and internal fulfillment, making charitable work an integral part of her entrepreneurial identity.
1-Page Summary
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Actionables
- You can start small by identifying a low-cost, high-interest item you can sell online to learn basic business principles. Begin by researching trending products within your budget, then use social media platforms to market and sell them. This hands-on experience will teach you about customer acquisition, pricing strategies, and managing finances, mirroring the early business lessons from a simple setup.
- Develop a personal investment strategy by allocating a portion of your savings to assets that have the potential to appreciate over time. Instead of spending on immediate gratification items, consider investing in stocks, bonds, or a small piece of land. Use investment apps that cater to beginners to start with small amounts, allowing you to grow your understanding of the market and investment principles.
- Create a vision board that outlines your long-term business or personal goals, focusing on growth and purpose. This can be a physical board or a digital one using apps that allow for image and text collation. Regularly update and review your board to keep your objectives clear and ensure that your daily actions align with your larger vision for growth or philanthropy.
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Candy Valentino's Entrepreneurial Journey
Candy Valentino's path to success is a tale of self-made determination and opportunity. Her entrepreneurial journey began at a young age, unimpeded by the lack of traditional resources or guidance.
Candy Began a Business At 19 Without Experience, Connections, or Wealth
Overcoming a Challenging Childhood In a Trailer With Teen Parents, Candy Builds a Successful Future
Candy Valentino started her entrepreneurial endeavors at just 19 years old, devoid of a degree, a corporate background, substantial wealth, or the convenience of the internet era. Despite now having 25 years of experience in business and real estate investing, she had a humble beginning—growing up in a trailer with teenage parents in a small town. Her family operated on survival instincts, not strategic planning, which failed to offer Candy direction. However, this environment honed her problem-solving skills and confidence.
Candy Learned Entrepreneurship From Her Father's Auto Shop as a Child
Although her father's auto mechanic shop did not amass wealth, it provided Candy with real-life lessons on entrepreneurship and the significance of hard work. She insists she wasn't innately smart or business savvy from the outset but emphasizes that her early life experiences taught her the importance of self-reliance and trusting her instincts.
Candy Launched a Wellnes ...
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Candy Valentino's Entrepreneurial Journey
Additional Materials
Actionables
- You can harness your unique background to fuel your entrepreneurial spirit by writing down how your personal challenges have equipped you with unique skills. For example, if you grew up in a resource-limited environment, you might have developed a knack for budgeting or improvisation. Recognize these skills as assets in business and brainstorm how they can be applied to entrepreneurial scenarios.
- Start a small-scale venture that aligns with your interests using minimal resources to build confidence in your business instincts. This could be as simple as selling handmade crafts online or offering a local service. The key is to manage all aspects of this micro-business yourself, from marketing to finances, to gain a holistic understanding of running a business.
- Create a "pressure ...
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Diversifying Into Real Estate Investing
Candy demonstrates the power of diversifying income streams by combining entrepreneurship with strategic investments in real estate, accelerating her path to financial freedom.
Candy Valued Investing In Appreciating Assets Like Real Estate Over Depreciating Ones
At a young age, Candy learned the importance of investing in appreciating assets over depreciating ones from a book she read. This knowledge shaped her financial decisions profoundly.
At 21, Candy Chose to Invest In a Foreclosed Property Over Buying a Car, Launching Her Real Estate Journey
Instead of purchasing her dream Jeep, Candy, at the age of 21, decided to invest in a foreclosed property valued at $23,000. Her choice to avoid what she analyzed as a depreciating asset set her on the path of real estate investment.
Candy Managed a Diverse Portfolio of Rentals, Short-Term Stays, and Property Flips Over two Decades
Candy's first property investment cash flowed every year for 20 years and significantly appreciated, substantiating her financial strategy. She has built a varied real estate portfolio that ...
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Diversifying Into Real Estate Investing
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Counterarguments
- Real estate investments are not always appreciating assets; they can also depreciate due to various factors such as market crashes, changes in neighborhood dynamics, or natural disasters.
- Diversification is key in investing, and while real estate can be a strong component of a diversified portfolio, it should not be the only focus as this can lead to concentration risk.
- The success of investing in foreclosed properties is not guaranteed and can be risky, as it often requires significant additional investment for repairs and may be difficult to sell or rent.
- Positive cash flow from property investments is not assured; rental properties can incur unexpected expenses, vacancies, and other challenges that can turn cash flow negative.
- Short-term stays and property flips can be subject to market volatility, regulatory changes, and increased competition, which can affect profitability.
- The narrative may oversimplify the path to financial freedom, as it does not account for the complexities and risks involved in real estate investing and entrepreneurship.
- The story may not be replicable for everyone, ...
Actionables
- You can start small by purchasing a low-cost, high-potential property in an emerging neighborhood. Look for areas where there's planned development or improving infrastructure, which could lead to property appreciation. For example, if a new public transport line is announced, properties nearby may become more valuable over time.
- Create a virtual study group with friends or acquaintances interested in real estate to share knowledge and resources. Use free video conferencing tools to meet regularly and discuss topics like market trends, investment strategies, and property management. This can help you build a network and learn from others' experiences without needing formal education in real estate.
- Use a portion of your business profits t ...
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Building a Business Vs. Having a Job
Candy Valentino discusses the stark difference between having a job, which entails trading time for money, and building a business, which can generate wealth independently. She stresses the importance of having a clear business vision and intentionality to understand the real goals behind business activities.
Candy Realized the Need for a Scalable Business Model Over Mere Skill
Entrepreneurs Often Create Jobs, Not Scalable Businesses
Valentino observes that individuals often mistakenly believe they are building a business when in fact they are merely creating a job for themselves. This is because their approach lacks intentionality and a clear vision for growth, scaling, and exiting. The lack of intentional planning is a common trap that prevents the business from scaling beyond the role of the individual.
Candy Emphasized the Need for a Clear Business Vision and Purpose, Whether for Growth, Scaling, Exiting, or Merging
Valentino emphasizes the necessity of taking the time to sit down and consider whether one is truly an entrepreneur or if they are better suited to other roles. She promotes having a clear business vision, which is essential for a scalable business model that transcends simply creating a job for oneself. This vision may encompass several goals such as growth, scaling, exiting, or merging, prompting questions on what the business aims to achieve long term.
Candy Advises Focusing On Sales Growth, Cost Reduction, and Team Empowerment
Valentino insists that building a business should not involve constant trading of time for money, similar to what a job entails. Instead, it should be about growth and leaving room for other aspects of life. This requires a focus on sales growth, cost reduction, and team empowerment. Heather shares a related experience about working for a company as if it were her own, suggesting that such an approach contrasts with scalable entrepreneurship.
Va ...
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Building a Business Vs. Having a Job
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Clarifications
- Having a job means you exchange your time and effort directly for a fixed wage or salary, with limited control over income growth. Building a business involves creating systems, products, or services that generate revenue independently of your direct daily involvement. This allows income to grow through scaling, such as expanding customers or increasing efficiency. Ultimately, a business can operate and generate wealth even when the owner is not actively working.
- A scalable business model can grow revenue significantly without a corresponding large increase in costs or time investment. It relies on systems, processes, and often a team to handle growth, rather than depending solely on the owner's direct work. Creating a job means the business's success is tied to the owner's active involvement and time, limiting growth potential. Scalability allows the business to expand and generate wealth independently of the owner's daily effort.
- In business, "growth" means increasing revenue, customers, or market share. "Scaling" refers to expanding operations efficiently without a proportional increase in costs. "Exiting" is when an owner sells or leaves the business to realize its value. "Merging" involves combining two companies to form a single entity for strategic benefits.
- Intentionality in business planning means deliberately setting clear goals and strategies rather than acting randomly or reactively. It ensures every action aligns with long-term objectives like growth or scaling. Without intentionality, efforts may be scattered, wasting resources and limiting success. It helps entrepreneurs focus on building a sustainable, scalable business rather than just maintaining daily tasks.
- Increasing purchase frequency means encouraging customers to buy more often, such as through loyalty programs or regular promotions. Increasing the average cart or ticket size involves getting customers to spend more per transaction by offering product bundles or upselling. Both strategies aim to boost total sales without needing new customers. These methods leverage existing customer relationships to grow revenue efficiently.
- Team empowerment means giving employees the authority, resources, and confidence to make decisions and take ownership of their work. It reduces dependence on the entrepreneur, allowing the business to operate smoothly without constant oversight. Empowered teams improve efficiency, innovation, and problem-solving, which are critical for sustainable growth. This creates a scalable business model where leadership can focus on strategy rather than daily tasks.
- Ideation is the process of generating and brainstorming new business ideas or concepts. Execution and implementation involve taking those ideas and turning them into real products, services, or operations that function in the market. Successful entrepreneurship requires moving beyond just thinking up ideas to actively building and managing the business. Without execution, ideas remain theoretical and do not create value or revenue.
- "Falling for misinformation" about entrepreneurship me ...
Counterarguments
- While building a business can generate wealth independently, it often requires a significant upfront investment of time and money, which can be riskier than having a stable job.
- Some individuals may intentionally choose to create a job for themselves, valuing direct control and simplicity over the complexities of scaling a business.
- A clear business vision is important, but flexibility and adaptability can also be crucial in a rapidly changing market where sticking too rigidly to a vision might be detrimental.
- Long-term goals are essential, but short-term viability and cash flow are also critical for a business's survival, which sometimes necessitates a focus on immediate needs over long-term strategy.
- Focusing on sales growth and cost reduction is important, but maintaining product or service quality and customer satisfaction should not be overlooked in the process.
- Execution and implementation are key, but continuous ideation and innovation are also necessary to keep a business relevant and competitive.
- Misinformation about entrepreneurship is a concern, but there is also a wealth of accurate resources and successful mentors that can guide new entrepreneurs effectively.
- Increasing sales and decre ...
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Charity Work and Personal Healing
Candy's remarkable journey intertwines her business success with personal healing, culminating in the founding of a life-saving charity that has become central to her identity as an entrepreneur and philanthropist.
Candy's Business Success Led To Founding a Life-Saving Charity
Candy's Clarity: Starting a Nonprofit For Meaning and Giving Back
Candy, already a savvy businesswoman and real estate investor by the age of 26, experienced a moment of clarity that led her to dedicate a building she had bought to a cause greater than profit. With no initial plan to open a shelter, her "gut check" resulted in the founding of an animal shelter as a nonprofit organization. It was a turning point where meaningful giving became a core aspect of her life.
Charity Work Helped Candy Recover From Childhood Trauma, Which Had Driven Her Ambition
Candy Valentino found not just success in philanthropy but also a pathway to personal healing from her childhood trauma. Initially turning to the comfort of animals as a child, she has been candid about her past abuse and the profound impact it has had on her, shaping her decisions and relationships. She articulates that it was through service—the pure contribution and giving to the cause of her charity—that she found her true healing, not the accolades or achievements of her goals.
Candy's Commitment to Serv ...
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Charity Work and Personal Healing
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Actionables
- You can reflect on personal challenges and consider how they've shaped your goals, then write a mission statement that incorporates this self-awareness into your future endeavors. For example, if you've overcome financial hardship, your mission statement could focus on financial literacy and helping others achieve economic stability.
- Start a small-scale community project that aligns with a cause you're passionate about, like organizing a local clean-up if you care about the environment, or a book drive if education is your focus. This allows you to experience the fulfillment of service without needing extensive resources or expertise.
- Create a "giving portfolio" to track your contr ...
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