You May Have Bought Something From This Doctor and Not Known It! An Interview with Amir Baluch, MD
Online shopping is booming but for those who want to strike it rich in e-commerce, there are big, big challenges to overcome. Not so for Dr. Amir Baluch, an anesthesiologist, serial entrepreneur, investor, and author of “Make it, Keep It: New Wealth Preservation Rules for Doctors”.
Dr. Baluch is truly an example where persistence paid off. From failing to get into medical school the first time, to an electronics payment business that also failed, he was determined to not let that set him back. After successfully getting into medical school, he realized if he wanted to attain financial freedom it could not be from one income. So he invested in himself, learning about wealth preservation, developing sustainable revenue streams through the stock market, real estate, and creating a biotech fund.
Not one to rest on his laurels, he set his sites on Amazon. Using his own proprietary software, he analyzed the metrics of successful Amazon Stores. He saw what worked and what didn’t. He then applied it to his own stores, now reaping the products of thousands of products every single day. And just recently, he has been sharing his strategy with his fellow doctors, on developing 6 an 7 figure online stores through his company Global E-Commerce Consultants. This is one of my most longer interviews but nuggets of info you won’t want to missed. But if you’re pressed for time you may want to skip ahead and get right to the e-commerce part, go to around the minute mark. You will not be disappointed!
LINKS MENTIONED:
GlobalECommerceConsultants.com – Set up a Free Session with Amir about owning your own Amazon Store. Mention BOOTSTRAPMD to qualify for a special deal. (Wait list will be offered if full)
Make It, Keep It: The New Rules of Wealth Preservation for Doctors – Amir Baluch, MD
RAW TRANSCRIPT
Dr. Mike Woo-Ming
I knew someone in medical school who bluntly said I only want to be in the highest paying specialties. And yeah, he probably said something like because of medical school loans. But in reality, he wanted to be rich, and he wanted everyone to know that. And not that there’s anything wrong with that. But behind the Ferrari, the McMansion the summer home, there’s the stress, there’s the unexplained chest pains. There’s the credit card debt, there’s the impending divorce. And I hardly ever see him. And the reason is, is because he feels he needs to work even harder to justify his lifestyle. But for me, and for those who believe in financial freedom, I never been a fan of the hourly rate. I don’t mean someone else, telling me how much I’m worth because it’s more than how much money you make while you work. More importantly, it’s about how much money you make when you don’t work. The key is to have as many sustainable ethical revenue generating assets as possible. And my next guest has figured that out. This doctor started his first business while in medical school through a credit card transaction company, then shifted into flipping real estate and then now managing giant real estate projects with his team. He has a BioFund company and his next conquest is Amazon. In fact, if you bought something at Amazon, you may have bought from some of his companies. This is a tremendous interview and I do admit it’s a bit it’s a bit long. So if you’re pressed for time, you may just want to fast forward to, let’s say the last 20 minutes of this interview. And of course I want you to go back later and listen to the whole thing. But if you’re interested in what he’s talking about with Amazon, we put together a special opportunity for some doctors who are interested in having and investing in their own revenue generating online store. You do not want to miss a word of this. My next guest is Dr. Amir Bullish on this episode of BootstrapMD.
Narrator
Welcome to BootstrapMD, the physician entrepreneurs podcast, your source to help you the entrepreneurial doctor, live life on your own terms. Get new ideas and inspiration to help you find more balance in your professional life. If you’re ready to get the knowledge without all the hype, you’ve come to the right place. It’s the BootstrapMD Podcast. Now your host, Dr. Mike Woo-Ming.
Dr. Mike Woo-Ming
Hey guys, Dr. Mike Woo-Ming. Welcome to another episode of BootstrapMD. Have you ever wanted to become what’s known as a digital nomad or maybe heard the term and not sure exactly what that is? Well, I have friends who work making their full time living online and allows them to travel to country to country, at least when we could still travel. And just like just kind of go with the flow and you know, one day would be in Australia when another day they might be in Costa Rica. And what’s great is they’re not tied down by you know, going to a brick and mortar business or making a nine to five job. They’re basically living online and in some cases maybe that’s a myth, but there’s others where it’s a reality. And one of the goals was to become a digital nomad and I didn’t think it’d be possible for a doctor. So most of my friends who do this aren’t medical doctors, but I think I have one who is well on his way to becoming one of those and his name is Dr. Amir Baluch and he’s an investor, serial entrepreneur and a fund manager at Bio Wise Capital LLC. He’s got seven years experience in private equity and securities with series 22 and 63. He’s got four year experience under a broker dealer retrained to evaluate opportunity, negotiate, mitigate risk, and underwrite multi million dollar real estate syndications. He’s also an internationally best selling author of the wealth management and investment book, Make it Keep it New Age, Wealth Strategies for Physicians, and a regular contributor to Forbes now has a new goal of getting 1000 physicians and professionals to reach part time status with turnkey ecommerce stores. So you guys have been asking about ecommerce well you’re gonna hear about it on this call, turnkey ecommerce stores that can generate six to seven figures of passive income for them and he is also a hard working anesthesiologist, we need to mention but I’m super excited because there’s a lot of doctors who say that they’re building passive income and this guy is living it. So I needed to get him on we kind of met through Peter Kim’s leverage and growth course and just kind of hit it off and he said, you got to come on to the program and kind of twsited his arm but finally got him. So, without further ado, Amir, thank you for coming on to the call today.
Dr. Amir Baluch
Hey, how’s it going, Mike, thanks for having me on.
Dr. Mike Woo-Ming
Man. I know that was a lot but it’s true, I’ll have doctors who come on and they’ve got like a side income, or maybe they’re at the beginning stages of it, but you’re like, living it. And and it’s and for someone like myself who’s had multiple streams of income. It’s so refreshing to see that because you’re in real estate, you got ecommerce, of course you got your anesthesiology career. But what I wanted to know is where did this all start? How did this all begin? You probably don’t know me too well, but I’m a bit of a nerd. As you can see I’ve got like my little Star Wars action figures back here. I’m big into superheroes in origin stories so I want to know like, how did Clark Kent become Superman, Peter Parker become Spider Man. So how did you become this doctor digital nomad? How did that happen?
Dr. Amir Baluch
Well, you know, my plan was when I was a kid, hey, let me just grow up and be like my dad and be a doctor. He was internal medicine doctor. And so, you know, went through college had pretty good grades, decent MCAT. And I applied I was pretty much sure I was going to get in and I didn’t get in, and I’m like wait a second. So at that point, I really felt like I couldn’t trust any one, you know, path I had to be diversified and so I had do a lot of self insight and really look into what I wanted to do. So I became a like a personal trainer, librarian, like, all kinds of crazy things. I eventually got in and you know, during those two years where I wasn’t in medical school, I just had a lot of time to reflect on things. And I really enjoyed being an entrepreneur and starting businesses from scratch. And so once I got kind of hooked on that I still continue that even after I got into medical school had small businesses even while I was a medical student and in residency, one of those being ecommerce on on eBay.
Dr. Mike Woo-Ming
I don’t mean to interrupt you, but what was your first business? Can you can you share that with the audience?
Dr. Amir Baluch
Yeah, so it was called National Payment Services. It was a business this is back in the year 2000 2001. Believe it or not, at that time, you couldn’t have your your gym membership auto debited from your, you know, checking account or credit card like there are some people still not doing that. So we had a system where we could auto debit people’s checking account directly or even print checks with a printer I had in my apartment that had magnetic ink, I could literally print checks, let’s say for an apartment complex, I give them all the rent on the first of the month, some and then I make a little transactional fee. So I was like Okay, you know, somebody I just heard on the radio and my roommates like, let’s check it out and so we did it. That’s my first one. Lost my life savings learned a lot. I like a lot, that’s probably the most amount of learning, you know, when you fail, you learn a lot. But uh, you know, it’s really interesting, you know, had to learn about LLCs and bookkeeping and CPAs and all that, you know, the business 101, at least I got that under control. And then I stepped back and kind of reflected on what I really needed to do and was from then on I was a lot more careful about what I went into. And, you know, it has been pretty good since then.
Dr. Mike Woo-Ming
So but when you became a doctor, your entrepreneurial dream didn’t die. What what led to that?
Dr. Amir Baluch
Well, you know, since my parents weren’t doing well financially, my dad had lost his practice he over leveraged on certain deals and businesses and didn’t do due diligence, who’s losing money left and right.
Dr. Mike Woo-Ming
He was a doctor as well?
Dr. Amir Baluch
Yeah, he owed a lot of money and taxes and things. And so, employees left clinic fell apart. And so I kind of became the breadwinner of the family and student loans, barely cutting it for me, then, you know, my mom needs you know, pain medicine for her knees and, you know, my brother wants to go to college I try to pay for that. So out of desperation I was like, you know, what can I do? I had some contacts, they would rebuild cars. So like, I get, you know, zero interest credit cards, and buy cars from the auction and flip it with them. And I would do arbitrage on eBay, just buying like at the time, just supplements that I would use, buy them at wholesale and then, you know, triple my money online just selling like Xenadrine and Hydroxycut. I know some people have taken Hydroxycut in the past. Maybe it works out, back in the day. So things like that, you know, whatever I could do. And so that’s what I was doing through medical school. Residency, I didn’t have as much time so I kind of pulled back on that. But then when I started private practice and I was, you know, in anesthesia, a lot of times we’re done like at one or 2pm like, and you’re single with no kids, you got a lot of time to do things. So you know, became a realtor or started my real estate brokerage started flipping homes. Now we flip subdivisions and develop subdivisions. So, you know, just kind of grew from there and it just never stopped. It was just so fun to like, you know, progress and learn something new. You know, I think that progression is really what drives happiness. It’s not about like, what you have, it’s just where you’re going really is what’s, what’s more important. So, you know, once I got bit by that entrepreneurial bug, I just kept rolling with it.
Dr. Mike Woo-Ming
So I know you said earlier you know you went into entrepreneurship because you had to you’re the bread earner paying for your your mom’s pain meds and things like that. But then you became an anesthesiologist so I assume that financial need wasn’t there, or was it? It sounds like you did it because it was more fun rather than for monetary reasons is that right?
Dr. Amir Baluch
Yeah, it was, it was a couple things like, you know, I was already thinking, because what happened to my dad, I can’t just rely on anesthesia. You know, even when we have six figures come in, and you’re like, well, this might not be here tomorrow, you know, even like, imagine during COVID I mean, for about a month or two where, you know, I was like 80% unemployed, just almost overnight, like you really can’t trust anything. So I was always going to build multiple streams of income. All the books say people make their first million with real estate for the most part 80% so that’s why we focus on real estate. My brother needed a job, so I had him help me with real estate. He’s now my GC and you know, lead developer. So it ended up being a family business. And you know, we just keep on going like, Okay, we got the real estate down. Okay, now let’s go to the next, let’s flip businesses, let’s flip Med Spas, let’s grow ecommerce again, like whatever, you know, whatever is making sense right now let’s just do it and keep growing like a mini Empire here.
Dr. Mike Woo-Ming
So I love this because I think you know, you’re, you’re kind of unique. In terms of that
Dr. Amir Baluch
I like unique, some people say crazy.
Dr. Mike Woo-Ming
You know, I have doctors on here. And I mentioned this just before the call, who have said they’ll do a side gig and you know, they’re very nervous about putting $1,000 into, let’s say, starting up a website, you know, selling something. And it sounds like here it’s like, and this is what I know about a lot of entrepreneurs is they run like 80 miles per hour, one way and just think, let’s just do it. I mean, is that an accurate description? Or are you more you step back and kind of research stuff before you jump in? What’s kind of the methodology?
Dr. Amir Baluch
Well, I think you definitely had to have passion and believe in yourself and what you’re going to do and believe in the reason you’re doing it. Like, we wanted to have diversified income. So there’s like, there’s not really much of a choice, but also we’re having a lot of fun building, you know, businesses and systems. And it became a family business and we just keep pushing ourselves. So just one thing kept on leading to another, but you are right, like, you know, if you’re gonna do it, you might as well do it, just don’t go halfway. You really got to go all the way and push it to the limit. You know, if you go halfway, you might as well just not even do it because you’re not going to be successful really because the other people that are doing it as a full time basis, they’re gonna leave you in the dust. You really got to create a system they could go full time. You know, to compete with the competitors, or you got to, you know, put in your 40 hours after you put in your 60 hours and medicine, you know, you got to do one of the two, or hire a manager, somebody’s got to put in the time, and somebody’s got to put in the money at the end of the day. And if you don’t believe in it, then, you know, you shouldn’t even go forward. But if you’re going to do it, I think you should go all the way. And if somebody loses a little bit like me, it’s just a learning experience. If you invest in enough businesses, you grow enough businesses, you’re gonna have a couple losses. I mean, Warren Buffett’s made a couple losses, Elon Musk had a couple setbacks here or there, but they just keep pushing through and persevering and they’re on top of the world now. So you got to have that type of mindset.
Dr. Mike Woo-Ming
So speaking about mindset, you know, I kind of joke with some of my students or some doctors who kind of want to venture in business still very apprehensive, you know, I tell them, you know, you can’t rely on double blinded placebo studies. Sometimes you just have to go and do it. What gave you that mindset? Did you have mentors that did it? Was it family? Well, I guess maybe from your father, you maybe you learn the opposite way. But what was it? Did you buy courses? What kind of led led you to that?
Dr. Amir Baluch
Oh, I’ll answer a D, all of the above. First started off, like whatever fell on my lap that excited me, I just jumped into it. But now like, I’m a little bit more cautious about it. Like, I won’t really go into anything unless I have a mentor. And I know where this fits. Like, I’ve had the good idea, like, how much time is this going to take? I don’t want to spread myself thin. Can I systemize this stuff? Can I bring in a manager from day one, or at least I’ll run it and then bring in a manager and buy my time back. So these are some things I think about now but for sure having a mentor is the most important thing. Courses can can help a little bit but I feel like I’ve never taken a course where they gave me all the knowledge like you got to learn from the streets at the end of the day. When you jump in there and you get confronted with the obstacles, that’s when you really, you know, learn how to perform in business I think so you do kind of have to jump in there, you’re never going to have all the answers.
Dr. Mike Woo-Ming
100% agree. No, it you know, I’ve talked to some doctors who say, you know what, everything’s free on the internet, I’ll just learn on YouTube. Yeah, maybe you could learn a few things there. But what would you say to somebody like that?
Dr. Amir Baluch
Yeah, I mean, you’re definitely gonna learn some vocabulary. And also at the same time, you got to figure out why is this person on YouTube? Like, is he trying to get some likes, sell some ad, sell a course like what’s he trying to do really? But there is definitely plenty of free information out there. But some things you’re not going to find in a course like for example, when I bought my first Med Spa, and you’ll get this point. So I bought it I looked at the financials bank looked at the financials. Why does this guy have like, profit? His profit margins are like 40%, which is a red flag. I’m like, well, maybe he just because he runs really lean. It’s not until after I bought it and I started doing the injections, you know, figuring out that, you know he had a deal with a rep or like every time he got a vial of BOTOX, he would get an extra two vials. So I mean, imagine if he’s getting all his injectables at one third the price of his competition that’s huge because usually med spas have 17% profit margins across the board on the aesthetic side. So you know so even though on on the financials, if I had just taken over I should have been, you know, profitable making like 50-60% return on my down payment with my SBA loan as leverage. Instead first year barely broke even. So then it’s like okay, it took me a couple months to figure that out. Had to rebrand I hired consultants from the east coast. Pay 20 grand with a credit card, figure it out. You know, year two we made like you know, 80 grand and then year three, we started doing six figures, net profit, and then a little bit after that I sold it. So we still ended up flipping it and being successful. But you know, who’s gonna teach you on a course about that? Like even the bankers and the appraisers didn’t even see that coming like, or how to deal with patients that complain, like, where’s the courses on this? Until you experience it yourself, you know, you’re not gonna know how to deal with it really.
Dr. Mike Woo-Ming
It sounds like you have an incredible skill, which I think is one of the most crucial skills you can have being an entrepreneur, is being able to read profit and loss statements. I mean, I think out of everything that I’ve done in terms of buying businesses and at least looking and then realizing, hey, this all looks good, but actually, if you look at this, you know, having the ability to kind of go through with a fine tooth because numbers lie they can, they can sway whatever you want, but is that something that you’ve just kind of acquired over time just with your experience, or did you learn that on YouTube?
Dr. Amir Baluch
No, so actually, when I talked to the bankers on the appraisers I learned about in the med spas, and the consultants came in, and they, they created a pro forma for me, which was not going to be accurate at all to be honest, like, there’s no way we would, you know, they’re just so like, every, every month, you make an extra 10 grand like, no, that’s like, not how it works. Okay, so, but at least look at the numbers and see what adds to expenses. What adds to profit, know where your profit margins are, at least do that. And then, you know, add in some marketing channels and see what is pushing those numbers up and down, like, how do you drive down costs and increase your profits? Like you got to at least see these numbers on a piece of paper, there’s no way you could have this stuff in your head and just remember it. And then after I got burned that first year on that Med Spa, that’s when I was like, anytime I look into buying a business, in my mind, I think okay, how are they fudging the numbers because when somebody sells a business, it’s like, you know, when somebody’s gonna get married the bride on wedding day, that’s the best they’re ever gonna look right. It’s all things tweaked up like, this is good is gonna get when you really get it, it might not be that way the next day. So I come into every business looking like that. And you know, a lot of times it’s just like whatever somebody gives me as a pro forma, I just cut it in half I’m like, and half and whatever the timeline is double it and you’re probably get closer to what’s realistic. And we still stomach those numbers, then go forward. Like, you know, a good rule of thumb if you don’t really run numbers, just cut everything in half and see if you’re still happy with it. So yeah,
Dr. Mike Woo-Ming
I spent the, I think it was two years ago that I was gonna expand more and you know, I’d looked at probably about five to 10, med spas and even in our best look it was it was not, I wasn’t ready to pull the trigger on it. But you buy and sell residential real estate. You said, houses and apartments as well or?
Dr. Amir Baluch
Apartments retail, you know, for commercial, I’ll partner with somebody else on residential, we have our own in house team. So we’re focused more on residential, I’d say probably 70% of what we do is residential 30% will be like commercial with majority of that being multifamily.
Dr. Mike Woo-Ming
Awesome, awesome. And then you looked at med spas that you were buying and selling what other types of businesses were you looking at? Or did you?
Dr. Amir Baluch
Uh, you know, really, I looked at everything like, you know, earlier on just anything that fell in my lap, I looked at daycare centers, I looked at, you know, dry cleaning companies where everything is like cash with quarters.
It’s almost like I had shiny object syndrome like, Oh, hey, this is the new shiny object of the week. Let me just look at this, I guess and then I start thinking, Okay, I can make money with this. Why don’t I do this? I didn’t know why not. So I was just trying to look into it at least now I step back and I got some criteria that screens when I go into So, you know, I’m just mainly focused, I’m actually like laser focused on the ecommerce, my brother’s laser focused on the real estate, and then the biotech, we’re focused on that as well. That’s pretty much the only three things I’m looking at right now. And we have teams to help us process information and we have teams that help us do the underwriting now. So you know, at the end of the day I just get a nice presentation of information look at the numbers like we were talking about and then make a decision or negotiate.
Dr. Mike Woo-Ming
I love it. You didn’t mention a lot of medical practices…?
Dr. Amir Baluch
Oh, so stressful that now I’m medical director of like, you know, a couple dozen locations and yeah, I make more net profits doing that and not actually showing up for anything really. So ended up being good that I had that med spa experience.
Dr. Mike Woo-Ming
Exactly, exactly. Um, so I mentioned about becoming a digital nomad, I gave some examples of friends who do it. And you told me beforehand that that’s kind of your goal. Tell me exactly what’s a digital nomad to you? And why is that a goal for you?
Dr. Amir Baluch
Well, so after looking all these businesses, it’s like, you know, or anything that makes money. You know, if you, if you set your mind to it, and you come in with a mentor, you come in with partners, and you have good credit, you can get the money or you can raise the money. I mean, literally, you could go into any industry and be successful. You just have to have that, if you could keep that approach with everything, bring in the mentors bring in underwriters do the due diligence, pull the trigger, boom, you’re good. So now, instead of thinking about how do I be successful, it’s like what I want to be successful in and why, you know, there’s been this trend even in medicine, people are more looking at like, you know, lifestyle criteria. So what would be the ultimate lifestyle? I mean, why be stuck to a city or to a certain location? What if you had things run, you know, businesses where you could just run things off of your laptop or something. And so when I became medical director and sold my Med Spa started, like figuring out, hey, I could make money from home being a medical director, and then I did some medical legal consulting. I’m like, Oh, I could be sitting, you know, by the pool, you know, reading some, you know, literature on and making a report for some attorney, and I’m making the same hourly rate is in the OR, but I’m at by the pool, you know, I could be in Miami. So I was like, Well, how do I do more of this? So we doubled down on our online marketing company. So we have that we’ve got we doubled or tripled our clients almost there, that when I could do from a laptop, if I manage my biotech fund, I don’t have to be in Dallas for that. And the ecommerce is like the ultimate like literally, I just need my cell phone. And you know, so why not create these businesses where you don’t actually have to be anywhere. And that gives you the ultimate that really gives you the ultimate freedom to really do what you want. I think that’s what people want with passive income, like people say, Oh, I want passive income, or I want more money, a lot of people say they just need more money, they make more money, and they just spend more, they don’t have anything cash flowing, right? So then they’re like, Okay, let me get passive income, why they want passive income? Because they want the freedom. So what gives you the most freedom, you got to look into these businesses where you could buy into them and not have to actually physically be anywhere. So you know, even any, any home based business, imagine if you want to be, you know, a better parent, maybe to your kids and be at home and still work, like, look at any home based business doesn’t have to be commerce. You know, medical legal consulting is something I think everybody should look into. I mean, it’s another way to use your license to get a high hourly rate and you don’t have to actually be anywhere. So that’s really the ultimate freedom. I think that’s a little bit of what everybody wants, and so that the ultimate way to do that is to go after this digital nomad lifestyle doesn’t mean I’m going to be travel around the world, like, you know, Anthony Bourdain or anything like that. But, but I mean, at least I would have the option to if I wanted to. And that’s what I think people really want when it comes to getting passive income and multiple streams of income.
Dr. Mike Woo-Ming
I again 100% agree for me, I don’t really know where money What’s more, the more time you know, more time freedom. And that one thing you mentioned, I just want to kind of cover this too, is we’ve talked about medical directorships and supervising physicians on a previous podcast, it was really well listened to, but there’s a lot of doctors who you don’t want to become medical directors. I’m a medical director, you know, at multiple clinics as well. And you know, some doctors are very skittish about this. What’s been your experience with that?
Dr. Amir Baluch
Well, let me tell you if I didn’t, if I didn’t run my own med spa and wellness clinic. I don’t think I’m not sure if I would want to be a medical director either cuz I wouldn’t be so familiar with the risks and the compliance that you need. And Texas is way more laid back, it’s kind of wild wild west out here. So it’s a little bit easier than other states. But, you know, since I knew the risk of all these procedures, I performed all this stuff even even including lasers, I was lasering people. You know, I really have a good feel for the risk. And so when I make my SOP standard operating protocols for other people to work off of, it’s very tight and controlled as long as they don’t deviate from that I know that the risk is going to be pretty low. And then for signing on charts and like that, you got to have systems in place so you know we all have I think we mainly use My Aesthetics Pro, I’m not sure what you what you like to use but easy to sign off on things even off my cell phone, if any nurse injects or NP they got my cell phone they call me about anything. I make sure they feel comfortable with me on that. You know any we do chart reviews, like there’s still a certain amount of work you have to do. That’s just like, it’s not an emergency or how to do it now, like, you could do it when there’s some downtime, you’re waiting in line for something hanging out of the doctor’s lounge, you could knock out some, you know, some charts or whatever. But yeah, it is, it is good that some of those people you’re talking about, they do have a healthy fear of the unknown. There’s nothing wrong with that. So what they could do, I don’t know how it isn’t in California, but in Texas, if you’re a medical director, you always also have to have a backup consulting physician. So there’s always got to be two doctors, I don’t know if it’s like that in other states. But if somebody wants to be a medical director, if they go out there and get some people that want to sign up, why not you know, split the fee with somebody that actually knows what they’re doing, so your risk is mitigated, and now probably make them feel more comfortable. So that’s one way to get over that fear of the unknown is, work with somebody that knows what what’s going on.
Dr. Mike Woo-Ming
I love that because you hit on a few topics: one, don’t go into something that you don’t know. I often tell people like, if you want to open a med spa, one of the best ways to learn is to become a director for a med spa, right? It’s not the point where, hey, I’m just going to be paid this stipend and I’m not going to come back. I mean that that you’re like asking for a lawsuit. But if you’re truly interested in aesthetics, if you’re truly interested in anti aging, and hey, I want to open up my own, why not get have your own training and get paid for it? I mean, that’s how I did it with weight loss clinics. And because I was interested in it and with our med spas, and that led me to open up my own. But this other thing that you mentioned is there’s a whole degree of risk. I mean, there’s a there’s a big difference between, you know, Botox versus, you know, I’m going to set up my own opioid center super rocking doctor. There’s a big difference in there. So obviously, be smart. But yes, you can have fun fear of the unknown, but don’t just like blame the system or blame, you know, middle level providers are taking over, just like figure out, just do things the right way. And if it’s something that you want to do, why not go for it?
Dr. Amir Baluch
Right? Exactly. And there’s so many courses out there too. And plus, especially when you talk about the Med Spa world, like, this is still like medicine, the practice of medicine, like, I don’t know anybody that went to a course whether it was about hormones, weight loss, or minimally invasive aesthetics, like, you’re going to learn something and keep that knowledge for the rest of your life. Like that alone is worth whatever you’re spending on the course. So you know, if you’re even a little bit considering it, go ahead and and take the course learn, and most importantly, talk to everybody in that course, because some of those people already have med spas, ask them what their experience is that’s where you get the real learning as the other attendees. So, you know, there’s nothing wrong with doing that. And let’s say 10 years pass, you might regret not putting your big toe in the water. So that’s one thing I, the reason I look into a lot of things I never want to live with regret. So anything that seems like this might be a good idea, I gotta at least evaluate it. So you know if anybody out there is thinking about even adding a med spa component with a medical weight loss is awesome, like, crazy marches on that I love it. We did a little bit of that, too. They want to add it to their clinic. I mean, totally look into that. So don’t be too afraid of that at all. Go take a course or something.
Dr. Mike Woo-Ming
I love it. And there’s so much I want to talk about but I know we’ve got a limited amount of time. But I do want to address something we’re going to talk about e commerce because I know everybody wants to know about ecommerce stuff. A lot of times when I talk with doctors, they want to start a business but the first thing is they’re concerned about debt. Now, obviously, you know that the loans are the big elephant in the room. I’m sure you’ve had med school school loans as well but you’re also buying and investing in probably multi million dollars you know, I assume you don’t have like a, you know, a truck full of cash is just on there. I’m assuming you had to borrow money to do this. What is your experience with debt and how may that be different than most other doctors experience?
Dr. Amir Baluch
So I definitely like debt I’m very comfortable with it. You know, some people look at me and think I’m actually overleveraged but you know, my I keep my debt to income ratio like below 35-40% which is pretty does still makes you lendable. So the thing is lend when you borrow money, one, it’s good to borrow money because the bank becomes a business partner, because they’re going to lend, they’re not you know, not in the business of losing their money and they’re gonna have at least twice as much money in the deal as you do. So now you got a business partner looking at it so it’s good to get debt even if you don’t need it because you got somebody else looking over your shoulder. Number two, if you’re going to go into business, there’s two different ways you either buy an existing business or you start from scratch. If you’re going to go debt and start from scratch, and you don’t have anybody on the team that’s been there, done that, that knows what they’re doing. Okay, that’s kind of high, high risk there, you know, but let’s say like, in my situation, I actually bought an existing Med Spa. And even though the numbers were fudged, you know, I still at least broke even and that included paying off that SBA loan. So, you know, I was still paying down that loan and building equity in the business, even though the cash flow was breakeven for that first year. So you know, if you buy somebody else’s existing system and leverage into that your risk is significantly less especially when you’re buying into a lot of businesses down the street, you could buy it at like a two or three x. So imagine if you bought it all cash, you’d be making 33% return on your money. You know, if you bought all cash, if you leverage you’re looking at, you know, easily 45-50, 60% you know, return on the cash you put in so why would you not want to go into debt, especially if you’re going to buy an existing business? So it definitely makes sense to do it. But I also understand that that fear, oh, I’m going to go into debt and if the business fails, now you got all this debt. So, you know, I can for a start up, I could see that happening, you know, and just it really sucks. I know, people that start up brand new med spas, and they go into debt. And they buy all these lasers from the reps.
Dr. Mike Woo-Ming
Oh, god, yes.
Dr. Amir Baluch
Hey don’t buy one CoolSculpting by two CoolSculpting, it’s only it’s only a quarter million and everybody will come running just because you have it, they don’t talk anything about marketing, right? That’s not good. But let’s say if you bought a store and they already had CoolSculpting or whatever machine and you see on the reports that they’re doing some sales, at least you got something to work with and leverage into that you’re leveraging into something that you know exist versus leveraging into a startup and you don’t know what it’s gonna look like next year. So that’s, that’s how I think about debt when you’re buying into something.
Dr. Mike Woo-Ming
This, this has been awesome. I mean, so much wisdom, guys that he just shared with you right there. I mean, I would listen to this a couple times just what you said, is buying an existing business. And if you aren’t doing a start up, you better be prepared to that you’re going to not make money in at least for the first years and even more so if you do not have a mentor, so why not have buying existing business, it’s already there, you already have the numbers. I mean, I could like count, you know, if I had, I could count how many times I heard oh, I just bought this laser, you know, they’re my best friend, they took me to sushi…. and I never heard from them again, until three years later when the next model, your models outdated.
Dr. Amir Baluch
That’s real life. That’s real life. Well, I’m a medical director of this one chain and it was an awesome story like these people from overseas came in, American dream, and they actually started from scratch, but they made it work. Okay. Then another doctor that didn’t go to residency though, but still finished medical school for medical graduate, came in and just bought 50% of the business and let the other 50% for the previous owners. So now there are 50/50 with the previous owners, well the owners know everything about the business. Right? So the previous owners were running it as she was learning the business over the course of a year or two. And then she after she learned the system that she expanded to more locations, that’s very smart. So you know, leveraging smart and and they had the mentor, what better mentor than the actual current owner who made that money.
Dr. Mike Woo-Ming
Perfect. I mean, I mean, I had one mentor telling me a physician mentor, he says, I would rather just get like a peace of, a little bit of everything. I don’t need to have the whole thing, I don’t need 100% where I am working 70 hours. I’m doing that. Yeah, I just need like a little piece. You know, it’s a piece of a little bit, like when you’re in your head, you’re busy with the transactions. This can be a little piece of the transaction here. I don’t need the product. But give me some of that fees for the transaction fee. That’s what I need. Yeah. All right. All right. We got kind of delayed this. Let’s talk about e commerce. You’ve been doing this, it sounds like maybe you started on eBay, a little bit, I don’t know if that’s what kind of got you the bug to do this. So what are we talking about here? Ecommerce. Are you creating products? Are you getting the manufacturing overseas? Are you buying them from Macy’s and then just selling them on Amazon? Give them the secret sauce here, or at least you want to get all the secret sauce, but just give me like, what are you what are you doing here?
Dr. Amir Baluch
Well, a few couple things. So just give a big overview big picture of what is possible in ecommerce. I split everything in my mind, I split everything into two categories, like, for sure we’re selling online, that’s what ecommerce is, instead of buying from down the street or 711. Okay, sell something online. Now you can either sell direct to consumer, which is very marketing, intense. A lot of Facebook ads, like you create your own website, nobody knows who you are, and drive traffic, sell, sell, sell, sell whatever you want. Or there’s the Amazon approach where because Amazon is 55% of the e commerce world, anything online right now in the United States, any product 55% chance is going to go through Amazon. So they’re bringing you the customers, you just need to manage a store on Amazon and do it correctly. And there’s a little bit of marketing involved, but not near as much as when you go into direct to consumer. So those are the two models. I should do like all models, I do Shopify and three different ways to do things on Amazon, but I don’t, I’m not saying I recommend everybody do that. But uh, on Amazon, let’s forget about Shopify for a little bit. When somebody wants to talk to me about it later we can so, but on Amazon, you can either do drop shipping, reselling, or private label. So private label, like you were kind of mentioning, you actually have your own product. So you could have, I mean, you can even create your own like masks, right when a lot of people are trying to create their own mask and brand it or whatever. So that’s the highest risk is creating your own brand. Nobody knows who the hell you are, and you’re out here trying to sell it, but you could do it and make millions people do it to make millions. Then you have dropship where, you know, you’re going to buy these masks like maybe from Walmart or somewhere else, and then you sell it on Amazon, and then when somebody buys it, you tell Walmart to ship it to them. So that’s called drop shipping because you never actually hold the inventory so just dropship to the to the buyer. Then there’s reselling which actually like a legit store. Where is imagine if you’re a 711, and they’re buying Doritos and Monster energy drinks, they’re buying established brands, people are going to the 711 to look for that. You just happen to have bought it at 50 cents on the dollar. And you’re going to make your 10-15% profit off of it after you know, your overhead and all that kind of stuff. So that’s kind of what I recommend for people to look into. Or like when I do a partnership with people, I do that model because it’s the least amount of risk with the most amount of money. And so that’s kind of what we’ve put together. And I’m mainly focused on that on that reselling aspect on Amazon, and just contracting suppliers. Say, hey, here I am, give me a shot. Here’s my website, I got this track record. Let me buy some products at 50 cents on the dollar. When you sell on Amazon after all their fees and stuff. There’s still 10-15% profit margin for you leftover. You make that every month. So imagine you know 10-15% return a month on your money. Just keep turning this inventory. So that’s pretty much the model is just very difficult to execute if you can imagine you’re buying and selling things every day, like thousands of things that are like 15 bucks, 20 bucks, you know, 30 bucks. So logistically, it can be a nightmare. But, you know, on a superficial level, all we’re doing is we’re buying 50 cents and selling for $1 online. That’s, what reselling is. So that’s kind of an overview of what ecommerce is.
Dr. Mike Woo-Ming
So, there are a lot of advantages to reselling. So let me kind of summarize for my understanding. So these are existing brands that people are already buying already. Is that we’re talking about here?
Dr. Amir Baluch
It’d be Adidas shoes, could be ginzu knives, could be you know, anchor batteries.
Dr. Mike Woo-Ming
Right so you don’t need an infomercial to sell these things.
Dr. Amir Baluch
Yeah, in fact the software will tell you how much of that is selling every month. You know, a million dollars of this flavor of Monster Energy a month is being sold. You have that data.
Dr. Mike Woo-Ming
That’s right. So you’ve already got the trust built in trust. It’s already established. It’s on Amazon. I mean, everybody loves Amazon. And we’re comfortable buying Amazon. I mean, I am driving truck comes to my house like every other day. And it’s so much easier. You don’t have to have a like a long page sales letter or you’re buying advertising, you go into where the buyers are already there where they are 55% of them are using Amazon. Right?
Dr. Amir Baluch
Exactly. That’s correct. So it’s not that marketing intensive. So that variable is gone. Because if you don’t have a marketing background, and you’re trying to do something like Shopify, I mean, you’re pretty much going to be dead in the water. Even if you try to hire somebody, how do you know who to hire? When don’t have a marketing background yourself. You’re just going to maybe through trial and error, you’ll find somebody, you’re going to blow through a couple grand at least, if not 10s of thousands plus your time so that’s why I like this model is not as marketing intense, it’s just what is the strategy to actually get suppliers to trust you because some of these people have, you know, minimum order price might be quarter million or something like that. But, you know, if I have a conglomerate of stores and we’re all sharing inventory, and now it works, and that’s like a huge you know, hurdle for other people, for other competitors to get in, like, not everybody can write a check for a quarter mil or half a million and buy some inventory. So that’s why I like that, that model barrier to entry for other people is very high. But once you’ve crossed that barrier, everything else is just like logistics of inventory and, and you know, pricing and things like that.
Dr. Mike Woo-Ming
Yeah, so a couple points there. I mean, the reselling, that sounds very attractive, but but like you said, if you want to get into it and actually make money, you have to buy it. And as you know, a significant amount. I mean, I had a sister in law who owned a 99 cent store for a couple years and and unfortunately she did succeed with it but the number was because they didn’t have enough income to actually buy it. But you know, a lot of times they were like, well we buy things in pallets. So you know is that kind of what we’re talking about here with you, you’re but you’re probably talking about warehouses of pallets.
Dr. Amir Baluch
I find it depends on the supplier, like let’s say if there’s some product like let’s say some baby toy or a pet toy, and they’re only selling like $10,000 a month on Amazon, you might be able to buy one or two thousand they might appreciate it you know, that’s like 20% now you’re 20% of their of their sales is coming through you but mostly these brands are selling a lot more and on their on the supplier side. Imagine it’s a logistical nightmare for them to work with multiple resellers. Right? Right, right. Suppliers mainly want to work with distributors and the we might actually buy from a distributor because even the suppliers are like man, just leave me out of this mess. So just for logistical reasons why do they want to have a headache, somebody is coming here with like, thousand dollar purchase, like it’s already waste their time to get on the phone with you. So not all the time, but a lot of the time. And so that’s why it makes sense to come in as a conglomerate and buy a huge chunk of inventory at a time. And plus you get better prices and better margins anyway, it just makes sense.
Dr. Mike Woo-Ming
It does make sense. And I know you do lots of stuff in Amazon, maybe we could just touch on them and maybe why you think it may be good or may not be good for a beginner. I can tell you about it’s just kind of like my own experience and some of my friend’s experiences. Like maybe a few years ago, the big thing was using Amazon is you know, get something created overseas like most likely China, right? Buy it cheap, maybe, maybe make it better, you know, make a make a spatchula, put a little coating on and you make it your own and then for a higher price. Because of different things, administration tariffs, I mean, I know friends whose businesses dropped significantly because they weren’t able to do that. Is that are you still seeing that? Or is that still an issue?
Dr. Amir Baluch
Well, so three years ago, is definitely way more difficult than it is now. Okay, so difficult now, because there’s still 100 steps, but you do have if you if you buy enough software and you’re really good at data analysis, you can prevent some of those losses like you have a better idea of where you’re going to land these days. But you know, a lot of people if the barrier to entry is coming down because of software. Now, the issue is you got more competitors, taking the same course as you to do the same thing, right. So like, you know, one way or other there is there is still supplying and demand there’s still competition out there. But the reason private label, what you’re talking about is private label, making your own brand. It’s so hard because that probably has the most amount of steps, like, get all the way from the very beginning, the manufacturer level, you know, some people, they might even, they might even be successful. They just like, Oh, I didn’t check the trademark, you know, somebody had it, they create this great product, they make some sales for a month, and then they’re gone, because the person has the trademark or, you know, it’s like, hey, that’s mine, you know. There’s like 100 steps and if you mess up on even one, you’re toast. That’s how I think of private label. But these, each one of these steps are doable. And if you do all of them right, then there’s money on the table, usually about 20 to 25% return a month on whatever your product launch cost is. But why go through all that when you know, reselling has the same margins and way less risk. Like not as much steps, right. So that’s why I like wholesale, but we just talking about private label. So that’s why when we go through all that, but it is it is not easy. So many steps. There’s no one source that will tell you all the steps. You know, there’s just not even like the whole game of just getting reviews to grow your brand. I mean, like, if you don’t have sales, you can’t get reviews. If you don’t have reviews, you don’t have sales. That’s a whole thing. You got to overcome.
That alone, makes private label so difficult.
Dr. Mike Woo-Ming
And exactly, I mean, compared to reselling, I mean, okay, you got a bad review on a Nike, okay? It’s Nike. It’s like, or, you know, whatever that is, it’s the branding. It’s not you. But thanks for addressing that. So, you recently, well, I don’t know how long you’ve been doing this. I just know just you’ve been working with with doctors on this Amazon reselling program, do you might just talking about it and you know, maybe you could share some successes about it, and a little bit more about your program that you’re doing.
Dr. Amir Baluch
Yeah, so about a little more than a year ago, I decided to look back into ecommerce mainly because so many people were asking me to do the marketing for their ecommerce stores. And this is like this is has quintupled in the last three years. Why is this quintupleting? So many people asked to use my marketing company to help them with ecommerce. And then we even did it for some companies like one company called Dubai Diamonds is making like millions of dollars a year just from our marketing. Oh, then it’s like why am I you know, why am I doing that? The only thing I didn’t have was the diamonds like I did the marking that got them the money. So let me jump into ecommerce. Then I had to analyze all the stuff. We talked about how to look at that whole landscape to figure out what’s the lowest risk model. And you know, a lot of people come to me for advice on how to get passive income or a solution. And so like, you know, one of my goals is to actually get a lot of my friends and physician colleagues, at least be able to go part time and enjoy their life a little bit. Just satisfying for me to do that, and I feel like ecommerce was the way to do it once I saw the numbers and what was possible. So, for the last 14-15 months, we’ve been putting this together. And we kind of launched a little bit earlier, I was gonna launch like an at the end of this month, end of October. I don’t know if there’s a timestamp on this video or not but it’s August, August 2020. We’re gonna plan on launching around this time, but that virtual summit was in May. So it’s kind of like we kind of get moving because people can ask me about this.
Dr. Mike Woo-Ming
All the dates, I didn’t even know we were in August, you know, it’s all been a blur. But, go on.
Dr. Amir Baluch
Now, we’re cranking out we got about, you know, 25 to 50 people in the pipeline at different stages, but I mean, it does take a while that build the store, get the LLC, convince a supplier, give us some product, test the product do all this stuff. So we do have inventory going to the warehouses now and already like we pretty much have locked in profit, like pretty high like significantly higher than 10 to 15%. I want to talk about online and freak people out but, you know, we’re gonna hit our numbers, like for sure. And that’s really cool. Now the next thing is just the logistics of handling the inventory management and stuff like that. I easily gotta double my employees, we got to get to like 50-60 employees like in a month. So, but that’s I’m very happy with that like, basically I have no concern about people making the returns they are supposed to make it just, you know, my concern is how much of a logistical nightmare it’s gonna be for me but you know, we’re gonna have that handled I just got to hire more people basically it’s more like a hiring issue. But I’m happy that the whole system is up in place and is working right now. So you know, I might stop doing a little bit of it becomes too much of a headache like maybe we get to 100 stores, okay, then we stop, and then just grow the focus on growing those stores instead of doing a lot more stores but I do want to I would like to get a lot of stores and, you know, meet my goal of having 1000 doctors go part time and just kind of do medicine, you know, for the love of it.
Dr. Mike Woo-Ming
No doubt, that’s what I’ve been asking and hoping for. But I just want to clarify something. It’s not just like an investment. This is not just like we’re just going to invest, there’s going to be learning about ecommerce not just invest?
Dr. Amir Baluch
Right, because unlike, you know, some of the other investments like my Biotech fund, my real estate deals, you know, it’s usually like a security, you know, you’re going to be a limited partner, you write a check and then that’s it. This is different. I’m actually building stores in the other person’s name like all the money’s in their bank accounts, not in mine. They had to pay for the products when the invoices come in, and all the money goes to their bank account. I don’t get you know, my cut of it until I send them the invoice and then they pay me my cut. So like, they actually own the store, which is great. If anybody is a W-2 and don’t have any tax deductions. Now you actually got a business you start writing all kinds of stuff off. It’s worth it actually, you know, you can do an IRA, you could do all kinds of things, employ your kids or whatever, like, so many crazy things can happen once you actually own your own business. And so that’s another reason I wanted to do it that model versus let me just create 10 stores and create a fund and have that fund, fund inventory, I could do that. And actually, I am doing that I do have an ecommerce fund coming out. But that’s not as helpful to people as me just actually growing their store. And it’s not, it’s not that much more of a headache for me to do that. It’s definitely easier for me just to ecommerce fund and say, hey, here’s your 1% a month, 2% a month, call it a day. But this is like, you know, if you really want to have an impact on the community, I mean, building a business from somebody, you know, with 99.9% chance of success like, this is pretty awesome. And so, so I got to do it.
Dr. Mike Woo-Ming
So do the students, do they get to select the products you have, like, here’s a product that we kind of recommend or you? Or do you say, you just do this product, how does that work?
Dr. Amir Baluch
Well, so pretty much it’s all about mathematics like, you know, we have a certain amount of criteria. And then we crunch the numbers. And we look at profit margins that we can make per month. We’re trying to crank out big numbers. My whole team is for the most part commission based so they want the stores just to make big numbers. That’s how they’re financially incentivized. So if somebody says, Oh, can I sell this? Can I sell that? Well, if it doesn’t meet our criteria probably doesn’t meet our criteria, like 90 something percent of products don’t. We can’t have more than 10 competitors, for example. The net profit on the product needs to be at least we’re shooting for at least 15%. You know, but worst case scenario we’re thinking is like 10. We don’t want Amazon to be a player in the game. We don’t want these things to be seasonal. And we have all these criterias like 25 criteria. We got to run every single product to when we’re looking at 100 products a day, we find something that meets the criteria. Okay, it goes into this bucket, let’s contact the supplier. There’s a whole other team that now is making phone calls all day after the product research team is looking through all these hundreds of products. So it’s just like boom, boom, boom like a machine and then whatever comes out just be happy you got that because most people have not found those products. Be happy with like a rinky dink like, we were doing like 20% profit margins on men’s underwear for incontinence in January, 28% in two weeks with saran wrap in March. Why because like supply demand with Coronavirus. I didn’t know we’re going to do that much but Coronavirus you know jacked the profit margins way up. So, you know it’s just math.
Dr. Mike Woo-Ming
I can imagine Coronavirus probably just blew this whole thing up for you guys.
Dr. Amir Baluch
Oh yeah. And some people are feeling like it’s Black Friday every day?
Dr. Mike Woo-Ming
Wow. Wow. Wow. And so I know we’re gonna get a lot of interest in this guys, and just to kind of reiterate, it’s your program and we will leave a link at the end so you can find out more information. Do you vet your students first?
Dr. Amir Baluch
You know, I want to make sure people have the right mindset. Like at the end of the day, this is still a business and there is still some risk. And you know, people do have to be responsible for like bookkeeping and communication with the team and things like that. And so, you know, you got to have a certain mindset about this. So, like, if somebody is completely clueless about business, or even a little bit hesitant, like, you know, just wait for my ecommerce fund and make one or 2% a month, like that’s no problem, that’s easier. But with the store, like I mean, imagine if I send an invoice to somebody and they’re like, not communicating with me or something, or they are, you know, somebody is trying to add other products to their store, and then Amazon shuts them down, like, you know, I’m still paying the overhead for that store. Like, that’s not cool. So, like, you know, we do ask them questions and kind of vet people a little bit and eventually I’ll have like a nice application. Luckily, almost everybody picked up now I already have known them, they’ve already been in projects with me, for the most part, almost everybody. So, you know, for new people, I just got to talk to them and make sure that, that it makes sense. So, you know, they have to be ready for certain things like a lot of emails coming in, constant communication with my team, like, you know, they just got to be ready for that.
Dr. Mike Woo-Ming
So they should probably be ready to have like, at least a virtual assistant of some sort or be able to handle the volume?
Dr. Amir Baluch
I already have it for them, they’ll have an account manager, so we’ll have an account manager for everybody, but at least they need to be just somewhat responsive, like somebody doesn’t check their email for a week. That’s not gonna fly.
Dr. Mike Woo-Ming
Right, right. Right, right.
Dr. Amir Baluch
Yeah, it’ll be like, you know, maybe 10% of people that, you know, maybe shouldn’t do it or something.
Dr. Mike Woo-Ming
Okay. And then you said you mentioned you have like around 25 or 30 people right now, and you’re looking maybe, at least at this level, take them on maybe another 60-70 more, is that right?
Dr. Amir Baluch
Yeah, I think once we get to 100 we need to stop and reevaluate and see where we’re at, and see if we would just want to boost up the ecommerce fund and then grow those hundred accounts. Or let’s take those hundred accounts and let’s go to 1,000. You know, because there are some benefits. And when we have a lot of stores, I mean, I could put the same product in multiple stores and flood the market and get more market share. Like, there’s all kinds of competitive advantage. We can have, even with suppliers and things like that, like when they see or when they just hear we represent like a conglomerate of stores like that already turned some of these guys on, they never heard that they already want to return my phone call. So you know, the bigger the more numbers we have, you know, the more negotiation power we have, to an extent.
Dr. Mike Woo-Ming
The secret to any business is making sure that whatever you’re going into, there needs to be some type of barrier to entry. You know, there’s a lot of courses out there on Amazon some good courses. We talked about this beforehand, but there’s nothing more important than having a unfair advantage and it sounds like with the numbers that you have, as well as the relationship with some of these vendors you have. You may have this unfair advantage. Is that fair to say?
Dr. Amir Baluch
Yes, we definitely have some significant advantages and some I won’t even mention on here, but we’re very comfortable with, I’ll just put it that way, we’re very comfortable doing what we’re doing right now.
Dr. Mike Woo-Ming
Yeah, guys, so I think if you’re interested, we’ll leave a link here. You can find out more information. Amir or somebody from his team will talk to you to see if you’re the right fit. But yeah, I think this is really something that may be very attractive to others. Any last minute thoughts before we end the call to remember so much wisdom that you shared with us, we probably are going to need to come back for at least or at least another episode.
Dr. Amir Baluch
I want to talk to you about you know, your experience with med spas of wellness centers. I mean, we got so much to talk about and you know, we could have broken up this into different segments too. So oyu know, maybe we might do that we’ll maybe just find out what the feedback is from everybody out there and if they wanted to expand on this or that we could maybe do something more in depth on one topic. Like if people want to know like, you know, how do you get a business loan? Where do you find a business broker? How do you even go about that? That might be valuable.
Dr. Mike Woo-Ming
Oh ya, so valuable or they could just watch a YouTube video. I’m here with Amir Baluch this has been tremendous again, your ecommerce, do you have an official name for your program?
Dr. Amir Baluch
Global eCommerce Consultants.
Dr. Mike Woo-Ming
Global eCommerce Consultants we’ll leave a link so you can take advantage of that. Sounds like a no brainer to me. Amir, thank you so much. Thank you for sharing with everybody. You know, there’s a lot that I can learn from you most definitely. But you’re definitely I am saying this in the nicest way possible, you’re like the the most unique doctor I’ve met, at least in a few months so I appreciate that.
Dr. Amir Baluch
Glad you had me on here it was fun talking.
Dr. Mike Woo-Ming
Alright guys, it’s been great and as always you know, don’t just be envious of others when I just go out there sometimes you need to go out there you know, pick yourself up and just do it, just kind of what Amir did. So as always guys, whatever you do keep moving forward.
Hey guys well I hope you like that interview I hope your amazed as much as I was when it was happening in real time. Something really cool happened after we ended the podcast. We actually talked for probably another hour or so swapping stories, entrepreneurial stories, things that we’ve done. I was all in on on the ecommerce now, ecommerce is something I don’t talk a lot about. We’ve had some minor successes, you know selling products but we do things differently. We did private label products. And there’s a couple things that I know about Amazon and, what Amir is doing has overcome these obstacles. The first thing, it’s a lot harder to get your Amazon store up and running. There are things you need to do to even get your application being accepted in certain categories like health or beauty. So he already has relationships with that to help people who want to get their store helped them get in. Number two is he need access to quality products, products where people are very comfortable in purchasing. And he does that because he has a giant, giant network and he’s able to buy as a group in bulk at a much cheaper price than just like the regular Joe or Jill, just like you and me do where they’re going to charge you at a higher price. And of course, the third thing, which I didn’t mention, the third thing and probably most important. He’s already had a pattern of success. But don’t take my word for it. Go right now, if you’re listening, can’t stop at the side of the road, put it in Globalecommerceconsultants.com. And he actually has screenshots of his Amazon stores and how they’re just killing it right now. So he wants to let you know that after talking, I said, This is amazing. I’m in so he’s helping me build my own Amazon store. And he said, if your listeners are interested, I want to help them too. But I can only take a few number of people because I want to make sure that these folks are being taken care of and we want to make sure that they understand the process because it’s not for everyone. I mean, although it is an investment there is you know, a little work that you need to do you know, maybe once a week, checking emails, those those kinds of things, and but you got to be comfortable. So go to Globalecommerceconsultants.com and go sign up for a you know, it’s free. You can talk to Amir, ask any questions, he’s one of us. He’s an anesthesiologist. He’s had a track record of success. But, of course, in anything you do, you want to do your due diligence. It’s got to comfortable for you. It was for me, but I might be at a different place than you are. You need to be comfortable with that as well. But what he did tell me is for my BootstrapMD, network family, he’s going to arrange some type of special deal for you guys. So let him know that I sent them to your way. I do know that, he said I’m only taking a small number of doctors that want to make sure that the these guys have been taken care of and then let me know, because I want to make sure that you’re being taken care of as well. So with that, guys, thanks again for being a fan and being a supporter of this BootstrapMD podcast. I want you to keep on working on that next revenue stream of income for you and I’ll talk to you soon.
Narrator
You’ve just listened to the BootstrapMD podcast. For more valuable resources as well as past recordings of our show, check out our website at Bootstrapmd.com Now let’s get to work.