From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Eric Rea is the co-founder and CEO of Podium, the messaging platform for businesses.
Subscribe
Resources
Podium – Manage all of your communication—from reviews to calls to text marketing, payments, and more.
Podium Starter – Free, easy-to-use messaging tools. Start using Podium for FREE today!
3 Value Bombs
1) A lot of businesses don’t show up when we search for them online even if they had been in business for decades.
2) Don’t let a couple of opinions weigh you. Back up your own intuition with the data of your business.
3) There’s always people trying to compete with you. If you’re not innovating and not taking your leaps of faith, you’re not going to scale your business.
Sponsors
HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
Belay: Get Belay’s Ultimate Guide to Working with a Virtual Assistant today! Just text FIRE to 55123 to get started!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: How Solving His Dad’s Online Review Problem Led to Big Business with Eric Rea
[1:04] – Eric shares something interesting about himself that most people don’t know.
- He has 4 kids under 5 years old. He had twins during the pandemic.
[1:48] – Eric shares what Podium is, who uses it, and why.
- Podium is a messaging and payments product built specifically for local businesses.
- It is used by any business with physical presence that does interaction with other customers in person.
[2:24] – A quick example of a company that uses Podium.
- A carpet cleaning business uses Podium to interact with customers all the way from scheduling appointment, to payments, to getting customers, and to having customers come back.
[4:06] – At what point did Eric know he was an entrepreneur?
- He’s been an entrepreneur since he was 10 years old.
- His experience and understanding working at a local business gave him the idea to start Podium.
- Local businesses are not equipped to handle someone finding them online. They started Podium with that in mind.
[8:05] – What was the transition like from creating a simple product and helping your dad out to becoming a high-growth SaaS (Software as a Service) platform.
- Some of their customers are the largest retailers and healthcare providers in the United States.
- It was really empowering to see Y Combinator double-down on Podium and make it their largest investment.
[12:40] – A timeout to thank our sponsors!
- HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
- Belay: Get Belay’s Ultimate Guide to Working with a Virtual Assistant today! Just text FIRE to 55123 to get started!
[14:37] – Eric talks about the moment he knew Podium was a business that he would flip someday.
- With your first business, you’re terrified from day 1 that you will screw things up because you won’t know what you’re doing.
- They got through the first three years by meeting as many people as they could, listening to podcasts like Entrepreneurs on Fire, and listening to people who had been successful (and to those who weren’t).
[17:02] – What is the specific pain that local businesses feel, and how does Podium solve that?
- A lot of the businesses they work with don’t show up when you search for them online – even if they have been in business for decades.
- Podium helps businesses get reviews on sites where consumers were looking. It helps businesses get discovered.
- They make it easy for consumers and businesses to connect and go through the commerce experience.
[19:13] – Eric’s advice for those who have a business idea that’s a little less “conventional” than your typical enterprise SaaS.
- They were told by very experienced people that they should change their business model. They were told again and again that it was a bad idea.
- Don’t let a couple of opinions weigh you. Back up your own intuition with the data of your business.
[21:42] – Eric’s key takeaway and call to action.
- Go to your uncomfortable stage, take a leap of faith. Every time you do that, you’ll be rewarded.
- There’s always people trying to compete with you. If you’re not innovating and not taking your leaps of faith, you’re not going to scale your business.
- Podium – Manage all of your communication—from reviews to calls to text marketing, payments, and more.
- Podium Starter – Free, easy-to-use messaging tools. Start using Podium for FREE today!
[24:39] – Thank you to our Sponsors!
- HubSpot: HubSpot’s integrated AI tech is helping teams of all types and sizes automate the more tedious parts of running a business. Learn more and get started today at HubSpot.com!
- Belay: Get Belay’s Ultimate Guide to Working with a Virtual Assistant today! Just text FIRE to 55123 to get started!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
Subscribe
