Ep. 63 GME to the Moon! Will Trends Kill Your Business?

GME to the Moon! Will Trends Kill Your Business?

We were lucky enough to get an unintentional front row seat to watch Game Stop Stock skyrocket. It can be hard to sit back from the sidelines when you see trends explode and want to ride the wave, but can you take handle the risk.

Torie Mathis and her cohost Sean talk stocks, trends, and risk management for the time-strapped entrepreneur. Buckle your seatbelt, we’re going to the moon.

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EPISODE TRANSCRIPTION –

(transcription is auto-generated)

SAF 63

Torie: [00:00:00] I don’t know what the hell is happening. Look at this. It’s out a hundred percent.

Hey, Hey. Welcome to smart AF on your host Torie Mathis. We’ve got a great show for you today. So let’s get started. Hey guys, and welcome to the show Torie Mathis and your host. And this is Sean. Sean Mathis 

Sean: Hi 

Torie:  Owner and founder, Miles Through Time Automotive Museum joining us here today, as he does every single day, you should be the host.

Sean: [00:00:40] No way. Can’t do it. 

Torie: [00:00:43] All right, guys, you’re stuck with me. It’s me. So crazy stuff going on this week. So if you watched any of our other videos, we started buying stocks this past year. I felt like IRAs and like all that kind of stuff, but we’ve always had somebody else doing our financing. So we have decided that we were going to buy stocks this year.

So last year we did. And so I joined a couple of newsletters and got some stock ideas on some things that we could buy. I’ve been reading. And I ended up buying now. I’ve been buying some stuff here and there and I ended up buying stock a few weeks ago that ended up being part of this whole entire game stock thing.

Sean: [00:01:29] Unintentionally 

Torie: [00:01:30] Unintended, well, I didn’t know. I’m not on Reddit. Like I didn’t do any of these things. I am like trying to find stuff that would be like unusual or that we could get in early or things that are tried and true that I could sit on forever. Right. So I didn’t buy a lot because I just figured, you know, at least get in and kind of see what it does.

I’m feeling things out. And so I was telling Sean earlier, I don’t know what the hell is happening. Look at this. It’s up a hundred percent.

Because it’s not game stock or game stop, stop stock. It’s another one of the ones that was in there. And so like, if I would have I looked at the news and everything, I’m like, nothing’s going on? Like, did something come out like with the company, like no clue what was going on? So finally yesterday I saw one of the articles actually said, like, it’s, it’s GameStop, it’s AMC, it’s Blackberry.

It’s, it’s like a couple of different things, right? Holy shit. That’s what’s going on. And I saw all kinds of people on Facebook going like, oh, you jumped right in and bought some and you know, jumping on what’s going on. Did you see some people doing that? 

Sean: [00:02:42] Just the game stop stuff. 

Torie: [00:02:43] Right. That’s what most people were going in on. And you know, it’s crazy to be like in this like trend in this like thing that happened like completely unintentionally. So I want to talk a little bit about jumping on trends because. I see all these people that, that jumped in and tried to buy the stocks and people were like using the program that got shut down, like look at our other video about that.

Because some software has been getting shut down. But that’s another story. Like there were people that were like all for it, like jumping in head on, but you know what, like everybody can’t jump in on a trend. And when. Like we want on this one. And we just got lucky that we just happened to have already been in there.

But I see so many business owners that see. People things taken off and all of a sudden they’re like, woo, I’m jumping all in on frigging Tik Tok. 

Sean: [00:03:38] Well, even that, that stock that we have, like I guarantee people bought in right there at the end of it going up, that all it did was go down afterwards. And that’s kind of the risk you take. 

Torie: [00:03:53] Well, for any of these trends, you really you gotta kind of see. Really what kind of volatility you’re okay with? Like, are you willing to take this risk? Can you take the risk? Because with a lot of these things, like, like I talked about Tik tok or clubhouse, or any of these things that come along, like it might not be risking your money.

Like buying a shit ton of new game stop shock stock. Why can’t I say that game stop stock? All right. I would like everybody to say that 10 times fast. Ready, set go. Cause it’s not easy. Maybe your risk isn’t you’re like, well, I’m not risking my money by getting on, you know, whatever this trendy new program is or buying into whatever it is, but maybe you’re wasting your time.

And if you’re an entrepreneur that needs to be your most valuable asset. Because you start to get on some of these things and either trying to figure them out for something that never pans out or just wasting time. Like it’s so easy to get into some of these trendy new programs. Maybe you shouldn’t be making, making the move over there. What do you think with some of these? 

Sean: [00:05:10] Yeah, it’s hard because I’m not one to naturally go, just jump on Bordeaux and stuff like that. MySpace and Facebook, like I took me forever to get, I mean, shit texting took me forever to get into like actually texting and now I prefer it over phone calls, but it’s one of those things that, you know, it could be one of the greatest things that ever happened for your business, or it just is a major distraction that is never going to help your business.

And it’s just wasting your time. But you’re not really going to know. Maybe the question is, is how much do you need to be on any of these at any given time? You know, if you’re on Facebook, is it, is it working like, are you doing it right where it’s working for your business? And if it is then do you have the free time to then go try somewhere else?

And not only try but say it. You know, it’s almost as successful as well, where you are already, or, you know, it’d be more like, can you transition? Can you manage both? Or are you going to be spread so thin that it’s, it’s gonna fall flat on both of them? I, you just, I don’t think a whole lot of people think about that kind of stuff, because you can easily get engulfed and all this stuff and do nothing.

Torie: [00:06:35] I think some of it is like how we talked about like the video about Facebook ads, not working like that. Facebook ads suck that Facebook doesn’t work. What you might not realize is all the other things that are underlying. When people are going on to some of these new accounts, how they’re the backend of their businesses working to actually make them money that you don’t see all this other stuff.

So it’s really easy to go like, oh, well, you know, Joe goes on there every day and spends an hour doing blah, blah, blah. And he’s a millionaire. I’m gonna do that too. Like, it might not work if you don’t have everything set up that you need to in order for whatever this is to work out. 

Sean: [00:07:19] That’s the other thing, too, that like people compare themselves to others that are on whatever it is. So say it’s something new and somebody is on it and they’re, you know, they appear to be super successful on a, you know, an advertising on it or whatever the case may be. Chances are that is not an individual doing that. That is a team of people that are making that what appears to be an interview.

Look fantastic. And they have those resources because maybe they, they were there also on Facebook or Instagram or something. And that team does it there, but the team didn’t just appear a thin air. I guess that individual worked to get to all of a sudden, having a team of people, be able to create all this content and make it look like they’re this fantastic person that you then want to compare yourself to as an individual, you just can’t.

Torie: [00:08:11] Yes. We have a lot of clients that want a Facebook group and they’ll look at another group that’s in the same realm of the same business type. And they’re like, why isn’t my, a group that big. You can’t like look at somebody else’s group and just assume that like, after a month, your group is going to be that big.

There are so many other things going on. Like maybe this person, like you could say, oh, well their group is only a year old. Yes. But maybe they spent the last 10 years working one-on-one with people and they invited all of those people. Maybe they invited all of those people into their group that they already knew.

And maybe that’s how those people got there. Maybe they spent a shit ton of money on Facebook ads and it costs them $5 a person to get every single one of those thousands of like, you’ve don’t know like all these things could have possibly happened. You never know what they have done to get to that point.

That just because you see the outside of something. Don’t expect those same results at all. What do you think? 

Sean: [00:09:19] Well, there’s also the, you know, Facebook specifically that groups we’re not always around, you know, so if they were an early adopter on getting onto Facebook and building their page of followers and getting everybody to follow that, and then when they transitioned over to adding a group, I mean, they, they immediately had an audience in it that then did boost it for them.

Whereas, you know, somebody that’s like, oh, I’m going to get onto Facebook and not really do anything. Now, these groups are the thing to do. So I’m going to start one of those, but I’ve only got three people in there and it’s my spouse and my mom, like, you know, you gotta work a little bit harder than that.

And you can’t compare it to somebody else. Like. No, it’s not possible, 

Torie: [00:10:05] But you even see people. I mean, people with their Instagram followers, people who have followers on Facebook, like there’s so much going on there that you can’t really take that. Take a lot of like a lot of value in that because you don’t know what really happened.

That would be like every one of these dudes you see in front of a jet with, this is my Lamborghini. Like maybe like, 

Sean: [00:10:34] Well, some of these, these YouTube kids, like some of them got onto YouTube. Immediately and started putting out horrible content and there wasn’t a whole lot of competition for them. And then all of a sudden they got better at their content.

They’re more people that logged onto YouTube. And now all of a sudden, you know, they’ve got millions of subscribers and you want to be just like them just now. 

Torie: [00:11:00] Right. They put in the time they put in all that crap work, our kids are on YouTube and they’re, you know, they want to build these channels and they see these people and they look at our channels and they’re like, yeah, but so-and-so with the games has 2.5 million subscribers.

What’s wrong with me? Like, we’re are the beginning stages. Whereas we’re still like chugging up on there. You know, it’s going to happen. Subscribe to our channel 

Sean: [00:11:26] For us like we didn’t have. The time, well, we didn’t make the time or have, make it a priority to get on to any of these platforms, really to do something like this. You know,   we couldn’t have done it five years ago and been one of the very first it’s just. Even if, I mean, even if we really, this is absolutely what we wanted to do five years ago, we were too busy doing other things.

Torie: [00:11:52] Right? Yeah. Like, you know, even doing like these videos and podcasts and stuff like that. Yes. I know how to do them and yes, I’ve done them so many times for clients, but it’s like crazy to actually like sit down and do these things for yourself when you’re so like it like any business owner when you’re so busy working with your clients, it’s really hard to like, do. Extra stuff. You have to look at, like some of these people, like maybe they’re doing this on the side and their spouse has a job.

And so they’re a hundred percent with this. Maybe these people don’t have kids and you have two, and that’s all it takes a lot of Through time makes a huge difference. Like you can’t look at what they have or look at where they’re, where they’re at and know what’s going on. And it seems it’s so easy to say that, but I mean, everybody does that and compares themselves and it’s like, why aren’t I there yet, everybody does it like, but we all really need to be realistic in these types of times and realize that you only have so much time.

So you really have to use your time and your money, the best way that you can. We want all of you guys to be smart, not waste your time and money. So when you see something that’s new and trendy and fun, Maybe dip your toe in and kind of check it out, but just because it looks easy, it doesn’t mean that it’s going to be so really be careful about what you are giving your time to.

And if you do decide to do one of these things, maybe you back off somewhere else. Like you can’t be everywhere. You can’t talk to everybody. And I would say that most businesses, unless they have like a crazy marketing team, like you don’t need to be on more than two seriously you know, two different channels because you’re gonna not do great, trying to be everywhere.

There is ways that you can repurpose the same content on multiple things. And, you know, we really try to do that for a lot of the stuff that we do both for Miles Through Time, and then for like our Smart AF type of stuff. And so that’s a way that you can kind of get a little bit more leverage out of the things that you’re doing.

Why aren’t you on Tik TOK? Sean Mathis. 

Sean: [00:13:57] I am not me personally. Miles Through Time is, huh? 

Torie: [00:14:00] Oh, you’re so trendy. You’re so cool. I’m not a huge fan of it. Actually. Kids love it, man. Or like, I have to tell them they’re not allowed to be on there cause they’ll just sit there. And it’s just after video, after video, cute cats and dogs.

Sean: [00:14:17] There’s a couple of videos I stuck on there and it’s just. I find it kind of lame, honestly, 

Torie: [00:14:25] But you know, what if your business is for like young teenagers and stuff, or maybe 27th, like maybe that’s where you really need to be. And I think that that’s something that people may not look at. When wanting to get into an opportunity, like, yeah, it might look cool, but is your audience there, and is there a way for you to actually sell your product, you know, advertise your business?

I know a lot of people that do like crypto. Cannabis stuff and want to be on Facebook. Well, you’re not going to be able to advertise or say anything or reach out because that’s not allowed. So some,  channels might be better for whatever your business is, you know, but it’s possible that any of them can work if you put in the time and the planning and really, you know, figure it out.

So, if you liked this video, why don’t you subscribe to our channel? We would really appreciate it and like this video as well. And if you want some really cool resources and some free tools that you can use, you can go to Toriemathis.com, all kinds of great stuff over there for you. And we’ll see you on the next one.

Thanks.

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