Lesson Info
6. Create Value in Your Business
Lessons
How To Move Forward and Make Money with Susan Schreter
How To Move Forward and Make Money with Susan Schreter
1Course Introduction
02:46 2Improve Your Business Mindset
08:36 3How to Fund Business Growth
07:20 4The Dangers of Need-It-Now Funding
05:05 5Steps to Build Your Plan B
08:00 6Create Value in Your Business
07:18Lesson Info
Create Value in Your Business
Why is it? one restaurant can be worth hundreds of thousands of dollars where another restaurant is worth hardly anything. Wouldn't you want to know? Why is one pr firm worth more than another? There's a movie out right now. I think it's called ford versus Ferrari, which would you rather own the Ferrari or the fourth? You can buy a ford for $30 or $40,000 and every year pretty much after you own it, it's going to go down in value. But a Ferrari very expensive tends to grow in value. It's brand, its quality, its desirability, make it worth more over time. These are the concepts that I talk about in my class. What creates value Again if you invest $5,000 in your business, I want you to be able to sell it for certainly no less than $10, in a few years. But just because you say it's worth 10, 20 or $30,000 doesn't mean somebody is willing to pay you that amount. People say to me jesus and I wish I had known all these things when I started out, Well now you do so dive into the class or read...
my books start on purpose and it reviews all the elements that create value lasting value. So one day you can sell your business for a lot of money. And I hope when you clink your champagne glass, you think of me Now here's an interesting situation. There are so many people who have lost their salary jobs in America and they are naturally looking to business ownership as a way to pay the bills. If you think your real goal is to go back into salaried employment and waiting for you to get that ideal job great. But in the interim while you're doing gig work, consulting work don't over invest in your business, keep it low because you may not get a positive return if you invest tons of money on something that's not going to matter in six months or a year when you do get your ideal salary job for years. When I wrote a newspaper column, answering people's questions about how to start up their own business, I would sit every friday in a Starbucks and one by one, everybody got a half hour of my time. And so often people would bring their whole new business ideas to me and asked me what do I think And if I told them what I think a lot of times I would see people's face just fall and then I'd have to say do you want to use my time really that way. Don't you want to know how to improve your business? You already know what's great about your business idea. Your family and friends have already told you my recommendation is you will benefit by finding one or two mentors to ask questions. What you want to know is not how you're wonderful. You want to know what mistakes have you overlooked? How you can drive a little bit more profitability into your business, How you can get customers faster and hang on to them. You want to know the weaknesses of your business so that you can strengthen your business. So who do you go to for help? And again, you've got to get out there and ask people for health, lose the ego because you'll win for it. So start with in your church, who is the most successful business person in your church, who is the most successful person at your gym down the block, who's operating a successful business. Talk to them about your business, ask them about risk, Ask them how you can improve. Ask them where you could really screw up this information is gold to you. One other caveat, I call it been there, done that experience. The advisers you should listen to most have already been there or done exactly what you want to do next. Find them out. Pay attention to them. And if two or three people are all saying the same thing saying watch out for this, pay attention to that, it will reward you. It will jump start your business. And I guarantee you some of these advisers will come up with some amazing ideas to help you achieve those financial goals we talked about so if you want to double triple quadruple the size of your business, find some been there, done that advisors to help you all along the way. You will benefit from it. I know we've talked about a lot of things here today and it's really fun for me to help inspire you to achieve your business goals, take the time and dive into our lessons. It's empowering, you'll learn something, I think it's worth your time. But let's just say and focus on your plan B. At the start of this presentation, I said I have confidence in you. I believe in you when you face a decision and you will, it all comes down to a matter of risk and reward. We've talked about things to watch out for some payday lenders on profit continuing to sell unprofitable products or services hanging on to employees or vendors that just don't cut it for the future. But then there's the reward which is part of your future. You need funding, you need advisors and you need to believe in yourself as much as I do because you can turn around a bad business, you can turn around all those bad decisions. You don't have to continue them in the future. Your yesterday is not part of your tomorrow. So again, read through the articles here, dive into the great videos here or reach out to me. Um, it start on purpose or check out my book. Start on purpose, Go out and build the business of your dreams.
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