With more people working from home, people are starting to enjoy this way of life. With a recent survey suggesting 77% of employees wanted to continue working from home. Entrepreneurs and business owners are always on the lookout for business opportunities that can make them money, and generally turn around and sell when the time is right.
There are online businesses with established products, clients and social presence and others that are just starting out. Determining the potential of the business and turning it into a profit making machine is the key. Online businesses give people the opportunity to continue working from home.
Business owner, Shane Pollard shares his experience on buying online businesses and why he prefers this type of business model.
Why do you choose the type of businesses you do.
I purchase businesses when I can see an opportunity to grow and expand that business. The key for me is my interest in that type of business and how much of my time it will take to manage. I have a preference to purchase businesses that focus in online sales because I can grow them much quicker than businesses with physical elements like a store and employees who work from the store. I know my weakness and that is branding and deciding on the name of a business I just really struggle to commit to the name of a business.
What is the most recent business you have purchased and why
I purchased my recent from a business exchange marketplace. There was no broker and the deal was done in less than 48 hours. I prefer to buy established businesses because they already have some thought put into them but may not know how to be successful online. This allows me to use my online skillset to grow that business usually to flip once its self sustaining for a large multiplier. I expect at the very minimum a handover from the previous owner explaining how they may have done certain things, the scary part of buying a business is seeing just how many business owners do not have an SOP standard operating procedure for tasks and processes inside their business.
Did you use an accountant or solicitor when purchasing a business?
The only time I involve my accountant is when that business I have purchased starts earning more than 5 figures a month.This works out for me because I can then use some financial account wizardry to cut expenses and further increase the revenue. A key metric when running a business. I own several businesses and really love the challenge each one presents but also the growth opportunities they have in front of them.
Do you make many changes to a business once you buy it?
Once I own that business I don't change much for the first 30 days so I can see how and what was working organically for that business. When I have that knowledge I can usually pinpoint the areas that are working really well and the areas that need reworking. If the business comes with some support staff I try not to change them until I have a firm grasp on the business.
What advice do you have for anyone buying a business?
If anyone is considering buying a business always make sure you do your own due diligence and don't believe the analytics at first glance go and drill into them.
Love working on projects that have a degree of difficulty to them. Challenge is a driving force for me to continually develop my skill set and help shape my businesses. Ive built a career that suits my lifestyle by being really good at what I do. I do a lot! and I get results. You can find me at our Perth office. We help grow companies one click at a time!