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Episode Summary
Minnesota Capital Management started with a vision to own 20 properties in 10 years, but quickly grew due to learning and financing challenges. The team, consisting of corporate professionals, had to learn how to fix up houses and run a real estate business through trial and error. They eventually transitioned to investing in larger deals and sought mentorship from Alex Eaton, who was ahead in the real estate investment game. The team then ventured into the ex-golf business, facing challenges in team management and defining the company culture. Despite setbacks, they continued to push forward and now have six successful locations. Ben Feret, co-founder of X-Golf Minnesota and Minnesota Capital Management, discusses the revenue opportunities and growth strategies for his businesses. X-Golf offers indoor golf simulators and entertainment spaces for private events, while Minnesota Capital Management focuses on real estate investments. Ben shares how they have expanded their revenue streams by hosting private events, implementing a membership program, and marketing their services. He also talks about the importance of having a clear vision and setting goals for the future. Despite the challenges and constant problem-solving, Ben remains humble and focused on enjoying life.
Key Takeaways
- Starting small and learning through trial and error can lead to significant growth in the real estate business.
- Mentorship is crucial for learning from others’ mistakes and gaining valuable insights.
- Being open to new opportunities and adapting to challenges is essential for business growth.
- Hiring the right people and developing a strong company culture are key factors in building a successful team.
- Persistence and resilience are necessary to overcome setbacks and continue pushing forward. X-Golf Minnesota offers indoor golf simulators and entertainment spaces for private events, providing additional revenue opportunities.
- Implementing a membership program has helped stabilize revenue and attract regular customers.
- Marketing efforts, including paid Google and meta marketing, are crucial for driving business in a competitive market.
- Having a clear vision and setting goals is important for long-term success and growth.
- Remaining humble and enjoying life’s experiences is key to staying motivated and overcoming challenges.
Chapters
00:00 Introduction and Background
03:07 Growing in the Real Estate Business
09:16 Venturing into the Ex-Golf Business
12:04 Building a Strong Team and Company Culture
25:20 Exploring Revenue Opportunities and Growth Strategies
28:58 Diversifying Revenue Streams with Private Events and Memberships
32:38 Driving Business through Effective Marketing
37:12 Expanding Real Estate Investments Out of State
41:29 Setting a Clear Vision and Goals for Long-Term Success
46:45 Staying Humble and Enjoying the Journey
Guest Resources
Facebook.com – https://www.facebook.com/xgolfchamplin
Instagram- https://www.instagram.com/xgolf.minnesota/
Linkedin – https://www.linkedin.com/company/xgolf-minnesota
Website – http://playxgolf.com
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