PTM 022 – Laid Off from Work? Start a Business and Become an Entrepreneur

Part Time Money PodcastGetting laid off stinks.

The guest in today’s podcast knows all too well.

But instead of succumbing to his tough situation, he chose to take an idea that he’s always had and turn it into a small business.

Today’s podcast features Mikel (Mike) Schwarz, of RibbedTee.com, the undershirts company. Mike is helping me kick off an interview series with people who’ve been laid off and then taken that opportunity to become an entrepreneur.

Listen to the Podcast

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More About My Interview with Mike

Mikel Schwarz of RibbedTee.comMike has a great story. In the podcast he shares:

  • How he felt when he got laid off from his corporate VP job [5:08].
  • What his financial situation was like at the time, how he used his severance to help him get by while building the new business, and how he funded the business [7:05].
  • How he came up with the idea for RibbedTee.com and what skills, techniques, and tools it took to get his manufacturing and e-commerce business up and running [14:20].
  • How he transitioned from job hunting and contract work (with his business on the side) to full time entrepreneur [26:55].
  • How he marketed his business to bring it to positive cash flow in just 10 months [30:26].
  • How he gets traffic to his site and what percentages come from Adwords vs SEO vs referral [36:30].
  • Things he’s done to increase sales, including getting Will Smith and “The Rock” to wear his shirts [39:50].
  • What mistakes he’s made along the way [45:26].
  • What’s next for his business [53:50].

Mike mentions a few resources in the podcast:

The Big Idea with Donny Deutsch – The show Mike was listening to when he decided to turn his idea into a business.
CubeCart – Mike’s first e-commerce shopping cart solution.
99designs.com – Where Mike got his first logo.
LemonStand – Mike’s current e-commerce shopping cart solution. Mike also mentions Shopify.com and BigCommerce.com.

I hope you enjoyed the podcast. Look for the full transcript in a few days.

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Last Edited: January 18, 2013 @ 3:08 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

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