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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 | Growing A Business Methodically

Many business owners believe that key to their success will be to start and to grow a very successful business very quickly, and then turn around and sell it says Edmonton business for sale. If it was this easy and reliable to grow a successful business very quickly, more people would do that. Also, it is much more difficult to grow a business quickly than it is to grow a business methodically. Even if the business owner knows exactly what to do in order to grow a business without making mistakes or using trial and error, it would still be extremely to do that quickly due to a number of limiting factors. And once a business owner has a successful business, there is less of a chance that they are going to be able to sell it for profit. Entrepreneur Magazine says that 20% of all the businesses that are listed for sale will ever sell. In Forbes says that 65% of all businesses will be around for five years before they are even listed for sale, and roughly 50% of all businesses that are around for over 10 years before their ever listed for sale. It is much more common that a business owner is going to want to start and grow a successful business in order to own a successful business. Television shows like a shark tank and dragged instead tend to make business owners think that a large cash out from their business is possible and closer than they think. Unfortunately, these shows are the exception and not the rule. These shows exist to entertain, and not to be a realistic gauge of how easy it is to sell businesses says Edmonton business for sale.

One of the reasons why it is extremely hard to grow a business fast, is because it takes a lot of money to grow business quickly. Most business owners do not have a lot of money in their business, making using money to grow very difficult says Edmonton businesses for sale the reason it takes money to grow business, is because building a customer base quickly, takes time, but most importantly it takes money to purchase the supplies and materials needed to produce the products that a business sells, and it takes money to pay the staff that are going to work on making those products, and delivering the service. Since a business owner has to pay upfront for supplies and materials as well as for people, and then they get paid later that makes it much more difficult for businesses to grow their business quickly on little money.

Another limiting factor is the marketing of the business. Edmonton business for sale says that most businesses that have no money tend to depend on the business ownerís time to market business. If a business owner had more money, they could put more money towards marketing and grow their business faster, but until then, all of the marketing initiatives are done by the business owner, and are typically free.

Overnight successes are actually very rarely successful overnight says Edmonton business for sale. While many people look at businesses that have seemed to suddenly grown very fast very quickly, and attribute them to being overnight successes, most of those businesses that have been known to be overnight successes actually worked extremely hard for a long period of time before they file their success. For example, Jim Collins the author of six books says ìSomehow over the years people have gotten the impression that Wal-Mart was… just this great idea that turned into an overnight success. But…it was an outgrowth of everything weíd been doing since [1945]…. And like most overnight successes, it was about twenty years in the making.î Proving that overnight successes just appear to be overnight. Business owners should not count on that as a way of doing business.

Business owners should also ensure that they are not taking more time than necessary to develop their product or service. Edmonton businesses for sale says typically the initial product or service that a business sells is not good. However it is more important that a business gets to market with something rather than something perfect. Instead of trying to refine the product on their own, they will be able to use actual customer feedback in order to help them refine their product. If an entrepreneur has developed a great relationship with their customers, feedback is possible, and will allow them to refine their product based on what the market demands. If they try to refine the product too much on their own, they may discover that there is no market for their products, which could lead to the demise of their business.

Once a business owner has the product or service that is selling, and customers like, the next thing that they need to do says Edmonton business for sale is document how they produce those products, and how they deliver the customer service. This documentation will allow the business owner to hand off the production of the product to their staff, and so that they can work on other important tasks of the business other than creating the product or service. This development of systems and processes will take them time, so business owners should start with this in mind, documenting how to create a product or service that they produce in order to be able to hand it off to their staff soon.

By developing processes and systems to document how to create the products, allows it to be repeatable that can ensure high quality. Once business owners have a great products they need to ensure that it is quality and stands alone on that high quality. Where an entrepreneur leverage their time to make up for lack of quality, once a business owner is not involved, they need to be able to ensure that their product alone is quality, and even though their customer service needs to be great, their products needs to be perfect at this point says Edmonton business for sale.