If you have lost the passion in your business and considering giving it up or selling it. You have to listen to this interview! I offer Jim some strategies that can improve the business though they will consume more money and more effort. He says that he has always been 1 foot in and 1 foot out, almost moving out of it 100%. With the pandemic going on, he has found more time to think about it and make the right decision i.e if he can put more time and effort so that he can grow it, and probably within one year, it can be running by itself.
To listen to Jim Salvatore’s Alchemist Insight Podcast: #22 Bring YOUR Business Back To Life! Alchemist Interview with Jim’s Rims, Jim Salvatore!
I tell Jim a secret in entrepreneurship is to start new businesses within that very business. Look at your business like sales, marketing, and production. Focus on one of those segments and let the other segments go to the wayside. Shift over to marketing, become a social media guru, become an influencer, learn how FB ads work. Get deeper into the marketing side of things and as the production increases throw another person in. Then a hire a digital manager to handle the marketing then return to production and see how you can do a better job, reduce production costs, and increase delivery.
After all is done then shift to sales, then get a salesperson, someone to do the selling for you. If you hire them, you must do it for yourself first hence do it, sell it then train them.
I further advise Jim that I wouldn’t sell a business until I have figured out a million. I tell him to note down Secrets of a Millionaire Mind by T. Harv Eker where he says in his book to stay committed to your business until it is a million-dollar business.
I also tell him that the key to getting your business valued is claiming your taxes, getting your expenses down, and getting your income up, claiming as much as on taxes as you can, and keeping a clean record of your profit and loss statement. Two years from now, if he happens to follow those steps i.e decreasing expenses and increasing income, getting lean but bringing in a lot of people and tracking it all will make his business ready for sale.
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