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

Philip Taylor, CPAByPhilip Taylor, CPA

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].
  • Related episode: Unemployed? Start a Children’s Clothing Company

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. 

Philip Taylor, CPA

Philip Taylor is a CPA, writer, podcaster, entrepreneur, and founder of FinCon. He also owns TravelCon and runs The Creator CPA, a CPA firm specializing in accounting services for content creators.

Philip has been quoted and featured in multiple media outlets, including The New York Times, The Washington Post, Forbes, Fox Business, and more.. Connect with him on Twitter or LinkedIn.

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