I started at the age of 14 by joining my family fashion export business. Stayed in family business till the age of 19. Got really frustrated as I felt like a slave of the system. My observation tells me that most entrepreneurs cannot leave their business for a long vacation as they will start to lose money. If you leave your business and lose money, in essence you don't have a business, with respect you are a slave of your business.
If your business makes money without you, thats when you really have a business. If you sell your business and get some equity value, thats when you have a business. The purpose of writing this is to help you with strategies you can use to build a profitable business which runs without you or with less of your time involved in operations and be able to get to a point where you could sell your share of the business for possibly a life changing amount. Is it going to be an easy ride? The answer is not but for sure it’s going to be worth it.
From the age of 20 till 24, I changed 20+ jobs and then decided to start my own business. Started a business and built to a team of 25 which we sold in 2014. Built another contract after that and sold that too working from home, keeping the business lean.
Although there are many aspects to consider while creating a brand. However some of the major aspects to consider while creating a brand with sellable value are listed in the guide.
Some strategies are about business growth and others about how to get a higher valuation when looking to sell your share of the business.
Sales and marketing are at the core of exponential growth. You could have the best product on the planet but if you are not positioned right, you will struggle.
When selling you shares of the business, value of anything is always subjective so what a prospective buyer is prepared to pay. Keeping that in mind, you network will play a big part in your business sale. The more people know how your business runs and how it makes money and how they can take a part of the pie will play a big part.
At the core of it, is that you must always create a business with high margins or you will struggle. Another way of doing it is if you can sell volumes but thats never easy.
So you must always keep in mind that anything you plan to sell must have high margins so you could take money out for marketing and have a sales team you could pay to. Thats the only easier way to be able build a business which will make you money while you are on a long vacation. Thats the only easier way to be able to build a business that will get you a higher valuation (higher margins, higher valuation).
So whats the whole purpose of starting a business in the first place and that is freedom. So lets work towards growing a business which gives you the freedom to spend time with your loved ones and even travel the world.