You Gotta Try Junk: Interview with Michael Dinich, CEO of Wealth of Geeks

I recently went one on one with Michael Dinich, CEO of Wealth of Geeks.

Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks or challenges have been most instrumental to your growth? 

Michael: I started in the financial service industry as an advisor helping retirees and soon-to-be retirees with retirement income planning. I had the opportunity to help some wonderful people build their dream retirements, which made it rewarding. However, it was also very demanding as clients expect a lot from you to earn their business, requiring long hours and meetings in the evenings and weekends. 

My practice was in rural PA, which meant travel times from 30 minutes to two hours to meet with a client. As my practice grew, it became pretty standard for me to leave the house at 8 am and not get home until 10 or 11 pm. 

My work/life balance suffered as my practice became more successful, and I quickly burnt out. While I enjoyed the work and my clients, I grew to resent the hustle of trying to grow the business. 

My family life began to suffer, and it became clear the course I was on wasn't sustainable. It started feeling less like being my own boss and more like feeding the machine and lifestyle I'd created. I wanted to switch paths, but I didn't have a clear picture of what that would look like.

Fortunately, my salvation came in the form of a failed promise. A company contacted me wanting to launch a blog in my name to help drive business to my practice. While I had little knowledge of digital marketing, the offer seemed too good to pass up. 

They promised to publish financial articles online to drive potential clients to my planning practice, which would eliminate much of my travel and save me time.

Ultimately, it was too good to be true. After running the blog for months, the site had very few readers, and I had no new clients. So I decided to fire the company running the site and take it over. I still barely understood what a blog was, so I dove in and researched blogging. I found people successfully running websites as side hustles and decided that's what I wanted to do. 

That failed financial planning site became the foundation of my company today.

Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas? 

Michael: I was pretty late to the blogging party, and the space was already crowded with many copycat-style websites. I studied the competition and noticed everyone was saying the same things in the same way. 

I began brainstorming ways to present that same information in new ways and how to reach people not served by traditional financial media. 

Since I found the advice on many financial blogs to be dry and judgmental, I figured that leaning into my geeky roots could help me stand out. Combining personal finance with entertainment and pop culture allowed me to put a modern spin on the same traditional content.

While the concept of blogging itself is not unique, presenting it in this manner made it appeal to a new group of readers.

I suspect many aspiring entrepreneurs are afraid to try things that have already been done. But it's important to remember that 'the things' have yet to be done with your specific voice and personality. 

My best advice is to identify opportunities to stand out and better serve potential customers when stepping into a crowded niche. Ask yourself which topics or groups are underserved and find a way to meet their needs. 

In my case, I saw people who needed financial help but didn't want to feel like they were being scolded by the prominent gurus in the industry – they were my people.

Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea? 

Michael: When I launched my business, it began as a side hustle. I worked nights and weekends while maintaining my full-time job. This allowed me to get proof of concept and work out the kinks without the pressure of needing it to succeed to be able to pay the bills. 

Sticking with my day job also gave me the opportunity and cash flow to build the business without debt or investors.

Eventually, I reached the point where I knew the site would grow exponentially if given my undivided attention. I knew it was worth pursuing at that point, so I quit my day job to run the site full-time. 

My best advice is to launch your business on the side. While this may slightly impede the growth of your business, the safety net and income from your job will afford you peace of mind along the way.

Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level? 

Michael: The decision to launch my site on the side allowed me to spend its revenue on growing the business. But, while the website earned money throughout the first year, the expenses still outweighed the income. 

Once I began working in the business full-time, I continued reinvesting in its growth – even when revenue was down and my family could've used the money.

I knew the value of momentum, so instead of cutting back, I'd pick up freelance writing SEO work to allow me to continually invest in the business.

I've noticed a trend in my interactions with other online business owners. Often when they experience a bad month or two, they start canceling their subscriptions and let go of their writers. 

Unfortunately, this action causes a negative feedback loop: as their business suffers, owners cut back on investment, which leads to further suffering as it's starved for resources. 

I understand it's easier said than done, but continue to reinvest in growth even through the tough times. If the business isn't worth putting capital in to grow, it may be a sign it's time to sell the business or shut down.

Adam: What are your best sales and marketing tips?

Michael: I have one sales rule I live by, "deliver so much value that customers would be stupid to say no." Living by this rule means you don't need to excel at sales to build a successful business. 

In my current business and previous career, I learned that the harder you have to sell someone, the worse client or customer they make. If a customer doesn't immediately recognize the value you bring, they will typically be high-maintenance. 

My best marketing tip is to "give until you can charge for it." When we launched our blogging mastermind product, we knew it would be received with some skepticism. So many products pitch the dream of building a passive income online, almost to the point of becoming cliche. 

So rather than offer a money-back guarantee, we decided to offer the program free of charge for the first three months. The free trial allows potential members to experience everything we provide and determine whether it's worth joining as a paying member. 

And since my one and only rule of sales is to offer so much value that they would be silly not to join, most trial members become paying customers. 

Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level? 

Michael: Being a good leader means understanding your strengths and weaknesses. If you put your ego aside and identify the areas that aren't your zones of genius, you can find people with the skill set to manage that part of your business.

This allows you to continue to grow without needing to be an expert in every area of business and frees up your time to focus on income-producing activities.

Adam: What is your best advice on building, leading, and managing teams? 

Michael: I love the quote, "A rising tide lifts all boats." Working to foster a spirit of support and community in my business and our blogging mastermind can sometimes be challenging. Still, as a group, we always see the best results when each member remains invested in the success of the next.

Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders? 

Michael: You gotta try junk. This is my business motto. You never know what will stick or make an impact on your business. Take calculated risks and get uncomfortable.

Adam: What is the single best piece of advice you have ever received? 

“Everybody wants to be a bodybuilder, but nobody wants to lift no heavy-ass weights.” - Ronnie Coleman

I love this quote by Ronnie Coleman it reminds me that everyone is in love with the idea of becoming successful and getting to the end result. Yet few are willing to make the sacrifices and put in the work it takes to get there.

Adam: Is there anything else you would like to share?

Michael: Thanks for your time. I appreciate the opportunity to share my story with your audience.