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Codie Sanchez

@Codie_Sanchez

May 3, 2021 • 17 tweets • 5 min read • Read on X

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He makes $15k a month off plants?

Maybe PLANTS should be your next biz? Or wait for our plant tax credit play manana 😱

How to profit off plants (the legal kind 🤫):

U.S. house plant sales have increased by 50% in the last 3 years.
- collective spending value to a whopping $1.7 billion!

A $250,000 tree? Weird flex…
Apparently, mega-cars are so 2009, today = boujeeiest of zen gardens.
- WSJ says there’s an entire lux market for finding old cool trees, buying them, then shipping them to mansions & hotels.

Can you buy tree futures??
- I'm sure gonna check my land for trees I can sell before I ever have to cut one again.
thoughtco.com/trees-for-sale…

Saw this trend first hand at my local nursery doing what apparently all us chicks do, buy some mfing succulents.

- I wanted this guy: The Staghorn Fern.

So I looked at the price tag…
IT WAS $6,000 DOLLARS.
LIKE U.S. DOLLARS.
Like 3 ETH.
WTF?

Turns out the Staghorn isn’t alone:

Why? We Millennials are weird:
1. People are waiting to have kids or just don’t want kids. I mean parenting during a pandemic 😶
2. Prefer renting over owning (“preference” ahem “priced-out”).
3. Nature ain't cheap... Home Depot = camp ground.

Secrets:
- You can buy 1 plant, get anywhere from 5- 25 cuttings (baby plants) a year.
- Where else do u buy 1 product and it produces other products for you to profit off of?
Check out these #'s:

Marcus Kirby was a server at a Chicago Native Foods.
Now?
He’s the founder of Succulent City, a houseplant store raking in $15K a month
- 70% profit margins

Here's the How: First Where to Sell?
Option 1: Etsy- get high-quality pics, research to make sure prices align w marketplace & double down on good branding/descriptions

Option 2: Launch website & leverage IG/ FB ads. Marcus makes $15k/month w/ just 7K IG followers.

Fiddle Leaf Fig it To Me:
Not all houseplants are created equal.

- Most popular are low maintenance which translates to low light and watering needs
- OR - special hard to find ones - that go for 10's or $$$

Hop on google trends....

Margin Increase:
Set yourself apart and justify a higher price easily by pairing your plants with a trademark planter box or arrangement style.

Marcus sells unique planters, increasing his order size & margin.

How do I find these fing golden plants??
1 - Grow yourself.
First batch from nursery/seed then propagate & multiply stock. Easy to learn on YT

2- Buy in bulk from growers.
Essentially dropship plant selling. Could be a local nursery w full-grown plants or seedlings

Regulations + shipping is a b*tch
Understand what your shipping restrictions
- vary from state to state AND from plant to plant
- (another good reason to limit your product options)

USDA has a nifty chart

Ship it To me:

1: Ship yourself (FedEx has a packing guide for plants.)
Few things to remember:
Plants need to breathe
Waterproof bags
Fragile disclaimer
Extra cushioning

Option 2: Outsource through drop shipping services or partner w grower

Doesn't matter if you're a stay-at-home parent looking for some extra cash or a serial entrepreneur, this is a space RIPE for disruption and new hustles to emerge.

Don't let Silicon Valley have all the fun (3 startups raised $100M+)

Also, we're dropping a thread a day for the next 30 days (generally on cash-flowing business ideas) so make sure to SMASH that follow button so you don't miss ANY of these

And check out my newsletter, link in bio ;)

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More from @Codie_Sanchez

Codie Sanchez

@Codie_Sanchez

Apr 23

This is Bill Perkins.

He's worth 100s of millions, a hedge fund manager, poker player, asymmetric thinker...

And my smartest mentor.

Steal his 7 principles on how the rich think differently:

1. You Have ZERO Risk

Most people are afraid of risk because their egos can’t stand looking like an idiot.

I remember being slightly mind-f*cked by Bill's idea that educated people have no actual financial risk.

Listen to him explain it here:

2. Don’t Get Attached To Your Ideas

You need people in your life to give you a reality check from time to time.

One time at Bill’s house, I was in the midst of sharing a new business idea when he interrupted me to ask:

"Has small infected your thinking?"

Read 10 tweets

Codie Sanchez

@Codie_Sanchez

Apr 22

The system is designed to keep you comfortable, not wealthy.

This financial autopsy of a 36-year-old couple earning $350k proves it.

Look at these numbers:

I just analyzed this financial autopsy of a couple in the Detroit suburbs:

- 36 years old
- $350K combined income
- $700K retirement accounts
- $900K mortgage

Looks like the American Dream on paper... Let’s look at the monthly

Monthly income:

1. Wife: $7.2k ($3.6k x 2 per month)

(Salary is $150k/yr. After taxes, her take-home is ~$86k/yr)

2. Husband: $7k - $12k

Total: ~$17k per month

Read 18 tweets

Codie Sanchez

@Codie_Sanchez

Apr 9

Stressed about what you pay in taxes?

Start a business.

Whether you run a VC-backed startup or freelance on the side, the US tax code favors business owners over everyone else.

Here’s everything you should know:

1 - Business Expenses

You can take a deduction for anything you use to run your business.. internet, phone, software, conferences (including travel)

Business owners can also deduct their home office square footage from their rent or mortgage (which W-2 employees cannot!)

2 - Solo 401k

If you have no employees, you & your spouse could each get a $70K tax deduction by setting up a Solo 401k!

Unlike a corporate 401k, you fully control this &can invest it in (almost) any asset

You can even use it to fund a Roth IRA!

Read 13 tweets

Codie Sanchez

@Codie_Sanchez

Apr 5

Business scaling isn't rocket science.

But it is a science.

After working with 100s of companies, I can tell you the difference between the ones that plateau and the ones that explode comes down to these 3 levers:

Every scalable business needs:

- The right people (who)
- The right systems (how)
- The right focus (what)

Miss any one, and you'll hit a ceiling.

Let's break down each piece (and I'll share what most get wrong):

1. Let's start with PEOPLE

Most owners hire too fast, fire too slow, and expect a miracle in between.

A bad executive hire will cost you $200-300K+ and waste 6-12mos of momentum.

But get it right? You start to own your business instead of being owned by it.

Read 15 tweets

Codie Sanchez

@Codie_Sanchez

Mar 29

Build your business so it’s sellable… and you’ll never be forced to sell.

This is the map for a business that runs without you (& attracts serious buyers):

Most people run their business until they're miserable. And then try to sell.

Don't be most people.

First step…

Your goals and objectives will tell you what you want out of the sale.

"Codie, my goal is to sell for as much as possible. Duh.”

Which is sort of true…

But what you’re really after is making a lot of money without having to stay at your company until you die.

Read 15 tweets

Codie Sanchez

@Codie_Sanchez

Mar 12

MBA graduates are no longer interested in employment at Goldman or Google.

They want ownership.

First wave was startups. Next wave will be acquisitions.

Here’s why buying businesses is the new gold rush:

Building = years with no profit.
Buying = cashflow from day one.

When you buy a business, you're not gambling on potential.

You're getting proven profits, existing customers, and someone else's 10,000 hours of work... Made yours overnight.

The best targets? Boring businesses nobody talks about at parties.

Laundromats. Property management. Plumbing. HVAC.

They're not sexy, but they've been making people rich for decades while trendy startups (like your WeWork’s) incinerate cash.