James Altucher wrote a blog post on Forbes.com titled “The Easiest Way To Succeed as an Entrepreneur“, in which he says that the most important rule for entrepreneurial success is to have a customer before you start your business. I’d suggest that one of the easiest ways to start with customers is to have a business broker or investment banker help you buy a business instead of starting one. Sure, it will require an investment - perhaps a larger investment than initially required if starting a business - but if it's a cash flow positive business then from day one you'll be making a return on investment.
In addition to customers, having systems and trained employees in place, even if not perfect, will allow you to build on something rather than taking the time to hire people and develop processes through trial and error. Most start-up entrepreneurs significantly underestimate how long it will take them to build and perfect systems, hire and train the right people, and secure stable customers. So, even if you have a great innovative idea, you still may be better off acquiring a complementary business. This will provide cash flow, while cross selling your newly launched product or service to the business' current customer base.
Contact Codiligent business brokers to learn about active buyer representation or if you aren't interested in business broker representation simply submit your acquisition criteria and we'll let you know if we represent sellers whose businesses appear to be a good match.
In addition to customers, having systems and trained employees in place, even if not perfect, will allow you to build on something rather than taking the time to hire people and develop processes through trial and error. Most start-up entrepreneurs significantly underestimate how long it will take them to build and perfect systems, hire and train the right people, and secure stable customers. So, even if you have a great innovative idea, you still may be better off acquiring a complementary business. This will provide cash flow, while cross selling your newly launched product or service to the business' current customer base.
Contact Codiligent business brokers to learn about active buyer representation or if you aren't interested in business broker representation simply submit your acquisition criteria and we'll let you know if we represent sellers whose businesses appear to be a good match.
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