How To Choose The Perfect Business
Before Investing In Any Business Read This Important Information.
Owning your own business is the best way to become financially secure, however, just like in buying a property, if you choose the wrong one it can be financially and emotionally devastating.
I have Six Rules that I use when choosing a business to invest in, and also that I strengthen in the companies I wish to sell at some point. They are as follows.
Rule 1: Does The Business Have Good Maths?
One of the first things you need to assess is the profit margin of a business. You need to ensure that they are high and that you are not reliant on massive turnover to make a profit.
If your potential product of service does not have high margins you will not have the funds to market your business or to employ the best teams.
Rule 2: Is There Good Psychology?
It is no good having the best mouse trap in the world if no one wants a better mouse trap!
Before investing in any business make sure that there is a Hungry Crowd of eager purchasers out there wanting what you have.
Do not make the mistake that 95% of people make.
eg: I know how to cook, I will open a restaurant and they will come! (Field of Dreams is only a movie guys) You need to ensure that there is a real need for the restaurant first, do research on the kind of cuisine they are wanting and then give the market what they want!
Rule 3: Lifestyle!
Think about the people you may know that own a bakery, or a restaurant. How many hours are they working? Many times they are chained to the business and they find it very difficult to escape.
When choosing a business, look for a highly systemised business that can generate the income you desire without you having to put in 70 hour weeks to achieve it
Rule 4: A Reliable, Predictable Affordable Lead Generation System!
When considering a business you should closely examine and verify their lead generation system in action How much does it cost to get a lead? How do their lead generation systems operate? How many lead systems do they have? Is it just one?
This is one of the two major reasons why businesses fail. They do not know how to get a client.
Rule 5: A reliable Sales System!
What is their sales system? Do they have one? This is the second biggest reason businesses fail. Their inability to convert a client. Look at their sales process and ask to see their sales conversion rates over a period of time.
Rule 6: The Delivery System!
In this day and age the most important thing you must have in a business is TRUST! You will not last very long if you promise a product or service and fail to deliver. Ensure that if you take on a business, you have the ability to deliver on the promises made.
The Perfect Business Model!
I would like to share with you what I truly believe is the simplest, most lucrative and personally rewarding business on the planet.
Learning how to Become a Business Consultant and actually generate an amazing income by helping other people succeed!
This business ticks all the Six Rules of buying a business and most importantly does not require a huge capital investment, staff or a massive Time Commitment.
Regardless of your age Education or background there is a very high likelihood that you can build a consulting practice of your own.
And the best thing is that in this business you actually get paid for helping people!
If you would like to know more about how to become a Business Consultant watch the Free Discovery Webinar by clicking the button below.
Always Focus On Building a Business Not A Job!
If you would like to have a Hidden Profits consultation to become more Streetsmart in your business
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