Taking a step outside of your comfort zone and into a new role in your life can be daunting. It really helps your chances of success if you decide to take that step with a company that offers you and your family what I call the “golden bullet points”. When you want to buy a business, look for the following business characteristics:
A company that is recession proof.
You don’t want to invest your money into a business that only provides services during a bullish economy. The best fortunes are built from companies that are not necessarily luxury goods or experiences – not the “sexy” companies you might at first be attracted to, or the latest hot craze. Look for stability and credibility.
Limited capital requirements
I encourage my contacts to first and foremost consider business models that make financial sense. Financial sense for you, for your family, and financial sense from the company’s standpoint. Are they asking a fair price? Does my gut or my experience tell me that this might be a pitfall for you? Look for opportunities with limited capital requirements.
Limited competition
There are a few industries that have not been diluted or disrupted. I know what these are and would be happy to share them with you – what you ideally want to look for is a company in an industry where there are not too many players. Not now, and hopefully not ever.
Excellent profit margins
Go for the profit margin! I work with you to help you fully understand the business model you are looking at, and I love a company with a good profit margin.
A scalable business model which allows for unlimited growth
Maybe this should be number two. Scale means more revenue! You want to be able to “scale”, which just means that you can grow your business and it can handle the additional workload. By having a business that can scale, you can add unlimited customers so that you can really start achieving the dreams that you have for yourself and your family. Look for unlimited potential to scale.
Recurring income business model
Yes, there are businesses you can own that provide revenue repetitively. That is key! You can work with existing clients to develop a steady income base and then upsell to increase revenue easily.
Never outdated by technology
You don’t want to buy a business and then find it disrupted by technology in two years. Look for a business that cannot be outdated by technology. It’s not as hard as it sounds, and I can help you identify solid opportunities. It’s what I do every day!
If you want financials on some of the businesses I think are good opportunities, schedule time to talk with me http://calendly.com/mcamras