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Will You Add? - The Single Worst Mistake You Can Make When Buying A Business
This story is about a plumber, and while that might not sound relevant to you, if you've ever advertised your business, if you're currently advertising your business or if you plan to advertise your business - you need to read this. Jim and Rebekah Ypma own Sonoran Desert Plumbing (SDP), about a year ago they asked me to design an advertisement that would help to separate the
In other words, the "machine" that runs your business should be so fine-tuned your presence is almost an interference. Where y
The most important thing to remember when trying to get modelling jobs is to be persistent. Unless you are a supermodel jobs will not come to you, you must go out and look for them. Approach as many bookers as possible, and find out about the tpe of work they do. For models just breaking into the business, a good idea is to approach the events organiser at local shopping centers, and ask if they nee
You have your financing lined up.
The numbers look excellent.
Everything seems profitable, and everything is perfect.
Except for one thing.
And that is...unless you've bought a business with a system in place that literally "runs itself" -- whether or not you show up every day -- all you've done is buy yourself a glorified job.
A job where you will probably make (if you measure your income per hour) less than most of your employees.
A job that will likely cause you an enormous amount of stress, anxiety and pressure every single day of the week -- including weekends.
Why do I say this?
Because that is what happens many times when someone buys a business without the proper systems already installed.
You see, the key to buying a business is making sure you buy one that works on its own, whether you are there or not.
I like the way best selling author Robert Kiyosaki explains it in his book, "Rich Dad, Poor Dad."
He defines the ideal business as the kind where you can go away for a year (or longer) and come back to find your business stronger than when you left.
In other words, the "machine" that runs your business should be so fine-tuned your presence is almost an interference. Where yo
Printing and Promotional Products used to be divided into specialties. Boy has life changed not only do you need to be multi-facited but you better be multi-dimensional. The printing field up until recently used to be dominated by the large companies. A Moore Business Form or Supreme Envelopes had sales people who were given thirty to fifty accounts. All they had to do was know their product well, p
A job where you will probably make (if you measure your income per hour) less than most of your employees.
A job that will likely cause you an enormous amount of stress, anxiety and pressure every single day of the week -- including weekends.
Why do I say this?
Because that is what happens many times when someone buys a business without the proper systems already installed.
You see, the key to buying a business is making sure you buy one that works on its own, whether you are there or not.
I like the way best selling author Robert Kiyosaki explains it in his book, "Rich Dad, Poor Dad."
He defines the ideal business as the kind where you can go away for a year (or longer) and come back to find your business stronger than when you left.
In other words, the "machine" that runs your business should be so fine-tuned your presence is almost an interference. Where y
All too often, people experience work that does not provide any enjoyment at all. Each day they wake and in those seconds as they become conscious, they realize it's another dreary day at their workplace. It's like a ball and chain on their life, eight or ten hours, simply wasting their lives away.Every day.Of course they have other things to look forward to - those hours they spend wi
A job that will likely cause you an enormous amount of stress, anxiety and pressure every single day of the week -- including weekends.
Why do I say this?
Because that is what happens many times when someone buys a business without the proper systems already installed.
You see, the key to buying a business is making sure you buy one that works on its own, whether you are there or not.
I like the way best selling author Robert Kiyosaki explains it in his book, "Rich Dad, Poor Dad."
He defines the ideal business as the kind where you can go away for a year (or longer) and come back to find your business stronger than when you left.
In other words, the "machine" that runs your business should be so fine-tuned your presence is almost an interference. Where y
Naming an Internet based business or start-up can be a daunting task. Do you follow the zany likes of Google and Yahoo, or do you go the more literal route of Hotels.com and Cars.com? Do you need to have the exact matching domain name as your brick-and-mortar business? And just how important is the .com vs. the .net? With so many choices to make and directions to go, let's start with the basics.
You see, the key to buying a business is making sure you buy one that works on its own, whether you are there or not.
I like the way best selling author Robert Kiyosaki explains it in his book, "Rich Dad, Poor Dad."
He defines the ideal business as the kind where you can go away for a year (or longer) and come back to find your business stronger than when you left.
In other words, the "machine" that runs your business should be so fine-tuned your presence is almost an interference. Where y
The competition for performing arts schools is tough and indeed it is important for those who are in such an industry to pay special attention to branding. Recently, I met a gentleman who started a performing arts and actors training school during my travels and he called it V-Stages.Later I considered what V-stages meant and the marketing value of that brand. The gentleman had done an excell
In other words, the "machine" that runs your business should be so fine-tuned your presence is almost an interference. Where you actually make more money when you're out playing golf or goofing off with your kids at Disney Land.
Of course, this begs the question of how exactly do you find businesses like that, especially for sale?
That's a good question.
Luckily, the answer is pretty simple:
And that is don't even bother looking at a business that is not worth at least a million dollars.
In fact, the bigger the business the better.
Why?
Two reasons:
1.) First of all, if you use private investors, it's easier to get financing for these kinds of businesses.
Frankly, you will find it MUCH easier to get financing from investors (as opposed to a bank, for example) because they are always looking for good deals.
And if you can show them the business makes sense, many investors will jump on board with you in a heartbeat.
2.) And secondly, if you have a large, multi-million dollar business, you will have more than enough money to pay an experienced manager to "run" everything for you.
In fact, if you find a good business running o
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