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Kerry Lutz's--Financial Survival Network

Jul 7, 2022

Many people are leaving their corporate jobs to become entrepreneurs. This can be good move in many circumstances, but it’s important to know what you’re getting into. Business coach Kevin Stansfield comes on the show to talk about how you can minimize your risk when purchasing or starting a business, and there are a number of factors to keep in mind with both. You must have a clear vision of where you want the business to be in the future, and it’s crucial to get advice to someone who has bought or started a business before. Tune in for more insight.

-Many people are leaving their jobs to become entrepreneurs
-There is a big difference, however, between starting a business and buying one
-Kevin has been coaching businesses now for about 16 years
-Kevin’s Dad had a difficult experience buying/owning a business
-Kevin got into business coaching for business owners like his Dad who are passionate about what they do
-Try to find the business that is going to be the next big thing—what Kevin calls the ‘unicorn.’ A lot of luck is involved
-It’s also important to ensure that you can get paid forever
-The biggest mistake people make is that they don’t have clarity about where they want the business to be in the next 5-10 years
-You must master your brand, which entails sales, advertising, marketing, and all of the factors involved
-A lot of learning happens through trial and error
-Get advice from someone who has bought a business before. To mitigate your risk, you can buy a franchise
-When you start a business from scratch, there are no systems in place, and you have to build them from the ground-up yourself

Useful Links:
Financial Survival Network
Kevin Stansfield LinkedIn
The Big Dipper Book