"Pay it forward — Always give back to others without expecting anything in return," with James Lambridis
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Photo credit: Stephen Zozzaro
James Lambridis is the Founder and CEO of DebtMD, the platform that connects people with the professional help they need to become debt-free.
Can you tell our readers about your background?
Before launching DebtMD, I worked in the debt relief industry for five years, advising people on their best option for becoming debt-free from credit cards, medical bills, and student loans. I hold an undergraduate degree in Finance from Penn State University and an MBA from New York University.
What inspired you to start your business?
After speaking to people in debt every day for five years, I began to realize that there was a serious problem when it came to finding a solution. These people were stressed out, under time constraints, and misinformed as to what their best option was to pay off their debt. This made me wonder how I could improve their situation and make it easier for them to find a solution, and that is when the idea for DebtMD was born
Where is your business based?
We are based out of Wayne, NJ, which is about 30 minutes outside of New York City.
How did you start your business? What were the first steps you took?
First, I wrote an extensive business plan. Then, I went to friends and family to secure capital to build and launch the platform. Then, I got to work and never looked back.
What has been the most effective way of raising awareness for your business?
Content marketing, paid online advertising, and word of mouth have been huge for us. Partnering with other like-minded personal finance companies has helped us as well.
What have been your biggest challenges and how did you overcome them?
Dealing with rejection. People are always going to poke holes in your business, and that’s OK. The only thing that matters is that YOU believe in what you’re doing.
How do you stay focused?
Just try to win each day. Be better today than you were yesterday. Keep this mindset and you can achieve anything.
How do you differentiate your business from the competition?
We want to empower people to make the right choices when it comes to their long-term financial well-being. Not only do we connect individuals with reputable companies to help them resolve their debt, but we also educate them on the best practices for maintaining a debt-free life. In addition, we are currently developing a proprietary algorithm that can predict a person’s optimal debt relief option based off their unique financial situation. Our mission is to be able to help anyone, anywhere, in any financial situation and harness data science to help people become debt-free.
What has been your most effective marketing strategy to grow your business?
Always try to relate to people and be genuine. People can see right through you if you are disingenuous. Be sure your message is honest, and you will connect with your target audience.
What's your best piece of advice for aspiring and new entrepreneurs?
Pay it forward — Always give back to others without expecting anything in return. This can be your time, resources, or simply your insights. When you have this mentality, I am a firm believer that the help you give someone will always find its way back to you.
What's your favorite app, blog, and book? Why?
The Tipping Point by Malcolm Gladwell. This book permanently changed how I viewed business, and the world itself. If you want the masses to adopt a product or service, it must start with a targeted push for a small group of people. Word of mouth is much more powerful than many people think.
What's your favorite business tool or resource? Why?
Google Analytics; Most businesses/startups rely on web traffic to drive sales. Google Analytics gives you any piece of information you could ever ask for. It’s a crucial tool for any entrepreneur.
Who is your business role model? Why?
Vince McMahon. He turned a male soap opera consisting of fake fighting into a billion dollar company. The only person in the universe who will ever be able to say that.
How do you balance work and life?
Always find time for friends and family. Spend time with your loved ones. If recent events have taught us anything, it’s that life can be taken for granted. The people closest to you should always come first.
What’s your favorite way to decompress?
I always take one day (usually Sundays) to relax and reflect. It keeps me mentally healthy and strong, and prepares me for the week ahead.
What do you have planned for the next six months?
Summer vacation in Greece, where my ancestors are from. If you haven’t been there yet, I highly recommend going. One of the most beautiful places on Earth.
How can our readers connect with you?
Linkedin — https://www.linkedin.com/company/debtmd
Facebook https://www.facebook.com/pages/category/Internet-Company/Debtmd-307339439771256/
Twitter — @DebtMD