Dreaming of breaking free from the nine-to-five grind and charting your own path as an entrepreneur? You're not alone. But before you dive headfirst into the world of startups, consider this: purchasing an existing small business might just be the shortcut to success you've been searching for. In this guide, we'll explore why buying beats starting and provide you with a handy checklist to determine if you're ready to take the plunge into small business ownership.

Why Buy Instead of Start?

Seize the Baby Boomer Bonanza:

With Baby Boomers retiring en masse, a massive wave of businesses is hitting the market, many without a clear succession plan in place. This presents a golden opportunity for aspiring entrepreneurs to step in and take the reins of a thriving enterprise without the hassle of building from scratch.

Built-In Infrastructure:

Unlike starting a business from the ground up, purchasing an existing business means inheriting a fully operational infrastructure. From establishe...

Ah, the sweet symphony of a new year—a fresh chance to tackle business challenges and conquer new horizons. For small business owners and entrepreneurs, it's time to ditch the generic resolutions and get creative with effective strategies that'll make 2024 your best year yet. Here are eight resolutions to consider to kick some serious business butt.

1. Sayonara, Spreadsheet Overload: Bid farewell to the labyrinth of Excel cells. Invest in a user-friendly, cloud-based accounting system that won't make you question your life choices every tax season.
2. Embrace Your Inner Nosy Neighbor: Spy on your competitors shamelessly. What are they doing that you aren't? Stay on top of industry trends and sneakily borrow (ahem, adapt) the good stuff.
3. Ditch the Conference Call Blues: Invest in a decent video conferencing tool. You deserve more than pixelated faces and awkward silences—it's time to spice up those virtual meetings.
4. Hire a Human Translator: Say goodbye to misunderstandings and linguisti...

Entrepreneurship is a multifaceted world, with diverse opportunities and avenues for those with the vision, drive, creativity, and determination to bring their ideas to life. It’s commonly broken down into four categories: small business, scalable startup,  large corporation, and social enterprise. Each type of entrepreneurship offers its own rewards, opportunities, and of course - challenges. 

So, how do you know which one is the right one for you? Let's dive deeper into each of these types of entrepreneurship to help you figure out which one might be the best fit for your unique skill set and goals. 
 

Small Businesses

Unless you’re new here, you already know how we feel about small businesses. (We like ‘em. A lot.) They’re an integral part of our economy, often characterized by their local or niche focus and a commitment to serving the needs of their immediate community. Small business owners typically have more control over their operations and a strong connection with their c...

For small business owners and aspiring entrepreneurs, diversifying income streams is a key strategy to enhance stability and open up growth opportunities. You can be a Budgeting Boss or a P&L Pro, but if you don't have enough money coming IN, the rest of it really doesn't matter. That's why it's dangerous to put all your eggs in one basket. Having just one product or service can leave you vulnerable to changes in the market and industry disruptions. (Remember COVID?)

In this post, we're going to explore ten effective income stream diversification strategies that can provide your small business with increased financial security (and a bit more breathing room for you). They may not all be applicable to what you do, but even incorporating one or two can make the world of difference between omelets for breakfast…or egg on your face.

E-commerce and Online Sales

With everything going digital these days, establishing an e-commerce platform can significantly broaden your customer base an...

As business owners and entrepreneurs, we're always looking to take our biz to the next level. But we need to be smart about it. It's not just about growing as fast as possible - we need to make sure we're building something that'll last. Trying to grow too quickly could lead to some serious roadblocks. That's why we've got seven tips to help you keep your business on track and avoid burning out too soon.

1. Get Your Vision Straight:

If you want sustainable growth, it's important to know A) what you want to achieve and B) what you stand for. That means figuring out your purpose, values, and goals and making sure everyone on your team is on the same page. By doing this, you'll be able to make smarter decisions, keep everyone focused, and avoid deviating from your core values.

2. Build a Kickass Company Culture:

Don't underestimate the importance of a strong and positive company culture. That means encouraging open communication, collaboration, and innovation among your team. Le...

As business owners and entrepreneurs, we are often consumed by our passion for our ventures, working tirelessly to bring our dreams to life. And so it’s no wonder it’s so easy to neglect the importance of work-life balance. However, maintaining a healthy equilibrium between our professional and personal lives is crucial for long-term success and overall well-being. 

Here are two primary reasons why work-life balance matters:

1. Sustainable Success: Achieving work-life balance is not just about feeling good right now, but it’s also about setting yourself up for success in the long run. If you consistently neglect personal well-being, you’ll end up feeling burnt out, get less done, and (probably) start making poor choices. Striking a balance allows you to maintain energy levels, enthusiasm, and creativity, enhancing your long-term professional achievements.
2. Improved Health and Relationships: A healthy work-life balance promotes physical and mental well-being. It reduces stress, anxie...

There's a laundry list of attributes that sets successful business leaders and entrepreneurs apart from the rest. A strong work ethic. Visionary thinking. Unafraid to take risks. Resiliency. And let's be honest, a little bit of swagger or a dash of charisma never hurts, either.

But one of the most often overlooked - yet highly essential - characteristics is their ability to communicate timely and effectively. On episode 73 of The Liquid Lunch Project podcast, our guest, Brenden from Master Talk, pointed out that we often set goals for things like revenue, attracting more customers, or expanding operations, but very rarely do we pay attention to our ability (or lack thereof) to communicate. We treat it like a chore rather than a skill that needs to be practiced. But as your business scales, your communication skills must grow with it. 

It's also important to keep in mind that good habits start at the top. Being routinely late for meetings, overlooking important messages, or fail...

What’s in a name? According to Willy Shakespeare, not a whole lot. But since we aren’t in the habit of taking business advice from Bards of yore, we feel pretty confident in expressing our profound disagreement with his sentiments - especially when it comes to selecting a name for your business. 

For many people, the go-to move is to name their baby biz after themselves: Joe’s Plumbing. Trevor’s Gym. Cindy’s Dance Studio. They’re not particularly creative, but they get the job done. And who doesn’t want their name to be synonymous with success, right?  However, as much as you might want to see your name in shining lights, putting your name on your business could cause problems down the road.

Before you slap your name on the front door, here are five things to consider before naming a business after yourself. 

• Limited scalability: If you name your business after yourself, expanding beyond your personal brand can be difficult. This might work well for small, boutique-style bus...

Most small business owners aim to scale operations and increase revenue and profitability. But getting from Point A to Point B…and then to Point C…and then Point to D…and then, well - you get the picture. (There are a lot of letters in the alphabet, and there are a lot of opportunities for a savvy small biz owner to grow.) However, making those jumps can be intimidating and overwhelming. That's why you need a strategic approach and a thorough understanding of the challenges that will be nipping at your heels along the way.

Here are five key strategies you can use to scale your operations. 

Develop a growth strategy: You need an action plan outlining how your business intends to grow. Consider all areas that have room for improvement, like marketing, operations, finances, and sales. Then take those areas and create objectives, timelines, and metrics to measure success. Don't treat this like a wishlist or vision board. There's a time and place for those things, but this aint it. Foc...

Owning a business can be a fulfilling and exciting experience, but it's not all smooth sailing. Sometimes it's more akin to a trip aboard the Titanic. Or it is being stuck on one of those cruise ships where everybody gets food poisoning. It can be beautiful sunsets and neverending Pina Coladas on the upper deck. It can also be dysentery and an unfortunate starboard encounter with an iceberg. And more often than not, it's a little bit of both.

Still, no risk, no reward, right? 

There are plenty of highs and lows when it comes to owning your own business. And even knowing what we know (and what we've seen), we'd throw ourselves onto that ship every single time. But it's a decision everyone has to make for themselves. If you're just starting out or thinking about buying or starting a business of your own, keep in mind some of the high points and the low points you will encounter on the way. 

High - Independence and freedom: One of the biggest perks of owning a business is being your...