My business building opportunities have been quite crazy since Friday. In that time I’ve finished my 1040c and taxes for my Sole Proprietorship and discussed my planned new business purchase with the seller (just waiting on the bankers right now). So those are 2 businesses already in the works…
Now for the fun part… Since then I’ve had 4 more business opportunities materialize! 😀
- In the weeee hours of Friday morning I launched this blog and the “business plan” that goes along with it.
- Friday afternoon my boss at the software company called to let me know about an opportunity he’d love to make me a partner in if I don’t go buy another business on my own.
- Friday night, my brother tells me about an “underground” website he developed that is not listed anywhere on the internet. It can’t be found through a search engine, or social networking site, and has a very non-common (i.e. not-easy-to-remember) name. Yet he managed to grow it without even trying from less than 5,000 hits last February to more than 51,000 hits in the month of January 2008. All completely from word-of-mouth and personal referrals that he didn’t even ask for. Obviously we’re now looking into how to turn that into a business.
- Sunday I get a phone call from a lady I met with a few months ago who is selling a tanning salon. She desperately needs out because of health challenges with her and her daughter. The business has been established for quite a few years, has a loyal customer base, and as she told me “I don’t even care about the money anymore, I just need to take care of my family.” She’ll even vendor finance it. In other words, I can get a decent business at a great price. (No, I’m not taking advantage of her because of her misfortune. On the contrary, without myself or someone like me buying her business she will be in a much more difficult situation.) Unfortunately with my other business purchase in the works I’ll probably have to pass this up.
So you probably have 2 questions:
1. Why work on so many businesses at once?
2. How did you manage to get that many people to come to you with business building opportunities?
The best answer to #1 is found in Michael Masterson’s Ready, Fire, Aim: Zero to $100 Million in No Time Flat. In a nutshell, the philosophy of “Ready, Fire, Aim” vs “Ready, Aim, Fire” is that you and I can NEVER know what’s going to make a great idea. Only the market knows that. And the only way to find out which idea the market likes best is by asking them through trying to sell something. 🙂 In other words, until I make it “big” I’ll keep working on whatever business opportunities present themselves. The market will tell me when I have a good one.
#2 takes a little bit of time. First off, everyone I know knows me to be of the “entrepreneurial spirit.” They know I’m always looking for business opportunities. They also respect my business acumen. So when they have an opportunity they need help with, they bring it to me. That’s what happened with my brother and boss.
Beyond that, EthicalBusinessBuilder.com is a business idea I’ve had for years. It just wasn’t until last week that I realized how to make it a reality (reference my blog on affiliate marketing from yesterday). So that opportunity I created for myself.
The tanning salon I found out about the old fashioned way. I got online, found businesses for sale, chose some that looked interested, called them, visited them, and did my best to get the seller to like me (that last part is very important). I visited and researched a few other businesses besides that tanning salon, but that just happened to be the one that came back to me. Brad Sugar’s claims that you look at about 50 businesses before you actually find a deal worth taking. My luck on this one appears to be a bit better (though I haven’t done any due diligence yet). Too bad I’ll probably have to pass it up (unless my other business acquisition doesn’t work out).
So if you’re interested in building businesses (the fastest way to create wealth) then get started now! You never know what opportunities might present themselves until you start looking.
To your success, Bryan