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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Business For Sale | Building A Solid Business

Some of the best intentions of business owners when it comes to growing their business, is that they are going to grow an extremely successful business extremely quickly says Edmonton business for sale. While business owners may have incredible business knowledge, and even have a lot of money at their disposal, even with both of those things, it is not always possible to grow a business very quickly. And it often should not be the goal to grow a business quickly, the goal should be to build a solid business, that has all of the processes in place that can enable a business to grow exponentially.

Edmonton business for sale says that even entrepreneurs that have built businesses before, and know exactly what they are doing, are going to need to trial and error to create their products and services, as well as trial and error of creating the processes that they need in order to help their business grow exponentially says Edmonton businesses for sale. There is no guarantee that any idea of a product or service that a business owner thinks of is going to have immediate market hold. That is hopefully what is going to happen, but it might not actually happen that way. A business owner needs to get their products to market as quickly as possible, in order to avoid wasting money on refining the product that they have no idea if it will be well received by their customers.

Because of this, business owners should not worry about developing a very large expensive product, but one that can be produced very quickly and at a low cost to the customer, that way as they refine the product for their customers, their wasting very little time and very little money in doing so. For example, Edmonton business for sale says that some businesses that startup restaurants start by selling soup and coffee, or sandwiches and desserts. Once they develop a market following based on those products, and they become known and successful in that, they can increase their products once they have enough money to do so. It is much more rare and much more costly, for business owner to try and open an entire sitdown restaurant with a complete menu, without knowing if customers even like their food.

Another limiting factor that business owners are going to need to overcome in order to grow a successful businesses Edmonton business for sale, is creating systems and processes that can ensure that everything in their business is duplicatable. From creating their product and service, to delivering customer service, to scalable marketing strategies, and even finding new staff, onboarding them, and developing them into leaders should have processes in place. Not only does this help save time, but it also ensures that everything in the business is duplicatable as well as scalable.

Once a business owner has a product that is loved, and processes in place, the next thing that they need to worry about is generating money in their business. Until they have a reserve of cash, is limited to how much work they will be able to take on in their business. Even if they have an exceptionally high demand for their product, or they land a huge contract, if they do not yet have the cash flow in their business in order to buy supplies, and pay for labour, it is going to be very difficult for entrepreneurs to take those on.

Television shows like Dragonís den in Canada or shark tank in states do a disservice to making people assume that it is possible to grow an exceptionally successful business virtually overnight, and then sell it for a large amount of money says Edmonton business for sale. When the statistics actually show that this is rarely the case. Forbes says that 65% of all businesses will be around for at least five years before their ever listed for sale, and that roughly 50% of businesses are around for over 10 years before their ever listed for sale. An entrepreneur Magazine says that only 20% of all businesses that are listed for sale will ever end up being sold. This is an extremely sobering statistic for business owners to wrap their head around, that their best chances of success in business is to simply build a solid and successful business methodically, using the best methods available to them. Because a get rich scheme in business is rarely possible.

When building a solid business, business owners need to understand that they are going to have to create systems and processes for virtually everything in their business says Edmonton business for sale. Whether it is how to create their product or service, how to deliver that product or service, scalable marketing strategies, how to find new employees, and how to develop those employees for leadership. It is important that an entrepreneur has all of these systems in place before they ever need them, so that when their business is growing and they discover that they need systems in place in order to help them grow, they are already there. However, this creating systems and processes take a significant amount of time that business owners tend to underestimate how much time it will take them. However once they take the time to do it, their business will be able to grow exponentially.

In addition to creating scalable systems that a business owner can develop to ensure that their business can grow without them spending specific amounts of time on it, another important thing that a business owner should be concerned with is creating their product or service. Edmonton business for sale recommends that entrepreneurs get to market as quickly as they can with the first product that they can in order to start getting their business and brand known. The products that they should start with, should be something that they can produce quickly and inexpensively. This way, as they refine the product, it is not taking them a lot of time or a lot of money to get back to customers with the improved version.

Once entrepreneurs have developed systems, and have developed product, they will be poised to grow their business even larger than they would have had they not taken the time to develop their product and systems.