How to sell any small business for the best price possible Most small business owners have the bulk of their wealth tied into a single asset which is their business. It may have taken you 4 years or 40 years to get to this point, but you want to exit your business and realise the most value from the blood, sweat and tears that you invested. You may want to exit…
Have you ever wondered why some people seem to have all the luck in businesses and others can’t seem to catch a break? Scientific studies have shown that so-called lucky people are just like you and me except that they have a few different habits. They are more open to opportunities, maintain a positive outlook, try different things and listen to their gut. The great thing is that these habits can…
We buy things based on emotion and justify it with logic afterwards. We feel guilty for making emotional purchases, so we need to reason with ourselves. In this modern world of an endless supply of products, we rarely have to make decisions based on pure need. Neither the clothes on your back nor the food you'll eat for lunch is based on need alone. If we removed our emotions, then we…
Ideas are like birds in cages. You have to let them out to fly or die. Customers can't do anything with an idea of a new product. People don't want to buy your concept; they want to buy your product. I've been told that ideas are like rough diamonds. All you have to do is cut, grind and polish them into something valuable. The truth is with a rough diamond; you…
A 100-watt lightbulb can brighten up a living room while a 100-watt laser can cut through solid steel. The only difference is focus. Trying to be the best at everything is the fastest way to fail at everything. We want to be everything to everyone because we are scared. If we don't do everything then we are going to miss out on some great opportunity. You don't need to compete with…
Customers are only willing to pay based on the value they get from your product. There are two primary sources of value. One is the raw material and the other is the value you add. Now your selling price can't exceed the value that clients receive. That creates this simple formula. The raw material doesn't mean something you dig up out of the ground like iron ore. It's the cost of…
You may feel as though your life is not under your control or you moving towards a destiny that someone else has determined. You May want to follow your passion or you have a solution for a problem that no-one else has seen. It may not even matter that much if you make any money while following your dream. You may feel as though your life is a story composed by someone else. For some, structure is welcomed and for others, it’s torture.
Taking more risk offers the possibility of more reward. This is as true in investments as it is in life. It's also true when it comes to business ideas. Well, most of the time at least. The more every day or normal your product is the lower your chance of failure and the lower your chance of exponential growth. The more unique or dare I say crazy your idea is, the…
There are no certain paths in life but there are certainly signs pointing you in different directions. One of those directions may be the path to starting your own business. Let's start by looking at some of the signs that you could be a successful entrepreneur. 1. You Have a Vision You can see a different future. A grander one. A future where you solve a problem that society has, build…
Nothing lasts forever, including recessions, depressions and other crises. To maximise your return you need to change your thinking from how much I can make right now to how I can make the most over the next 5 years. That may even mean starting in a recession. You need to plan long term and that means, for after the crash. Yes, some money can be made in some way during every…
