What are your Requirements in a Business
The Most Important Thing To Look At Before Investing In A Business.
This has saved my ass more than once...
I know many of you who are reading this are business owners and may not ever want to Invest into a business.
You might be content with the business you have and want to get it working really well.
But, i would like to remind you that you already have invested into a business.
You are investing YOUR LIFE into the business you already have.
So, best you take a look from an "investor" point of view and decide if it's a good investment or not...
Anyhow, I will press on.
What is the most important thing to look at before investing in a business?
How many staff?
Systems in place?
All good questions but, Nope.
Before I look at ANYTHING I need to know if it meets "MY" requirements.
Will this business support what I want to get out of it?
What I did before even looking for a specific business is write down a set of requirements that the business needs to meet.
I do this is a calm state with no emotion attached to anything.
If a business does not tick all the boxes then it's a "NO"
Many get excited by the business itself.
They get excited by the possibilities and opportunity.
Then emotion kicks in and they make bad decisions.
Before you know it they are neck deep in a business that was never going to give them what they really wanted.
For example my requirements might be
- Potential to make me more than 10k a month
- Cant need me more than 2 hours a week once running well
- Leads and sales must be done online
Pretty quickly this eliminates a lot of opportunities.
It's does not mean they are "bad" opportunities, they are just not the right ones for me.
I know saying "yes" to opportunities that don't fit my needs will only lead to problems.
One of biggest problem I see for the modern business owner is they NEVER set the requirements before getting in.
They are in what they are in by default chasing $$$$$
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