5 Principles Shaping Raleigh’s Business Starts
The Raleigh business market is thriving in proportion to entrepreneurs understanding of five profit-building principles.
Not all businesses are created equally. For example, in the second quarter of 2014, 220,000 new businesses were started. Unfortunately, 205,000 businesses closed that same quarter. The simple point here is that there are a lot of businesses that start and close every day in America.
It’s critical to think in terms of industries if you want to buy a Raleigh business. The bottom line is that certain industries are more profitable, more sustaining and offer more wiggle room for early business trials.
In 2016 there were 28.8 million small businesses in the U.S. These small businesses create 56.8 million jobs throughout the country, which represents 48% of our nation’s workforce.
5 Profitability Principles For Raleigh Businesses
The Raleigh business landscape is filled with entrepreneurs of all ages, all genders, all ethnicities, and all races. If you are looking to buy a business for sale in Raleigh we’ve provided a framework to help guide your thinking. As we consult and advise individuals desiring to buy businesses for sale in Raleigh we encourage individuals to consider the following:
2. ROI – Return On Investment – How quick can the business return your initial investment.
3. Business History – Every business is a series of short stories. A beginning, battles, risks, failures, and successes are a period of time.
4. Competency – What is the business industry and how well do you know it?
5. MOAT – The moat was built in medieval times for added protection for a castle. The moat created a barrier for entry. Great businesses have moats. There are certain things that make a business card to enter. A business that anyone can duplicate easily, overnight for a low cost isn’t easily protected from competitors.
Buy Or Start A Business That Makes Money
Why did 205,000 businesses close during the second quarter of 2014? The bottom line is these businesses closed because they weren’t making money. "I mean nobody likes to fail, but the worst thing was I lost my investors’ money and these were people that believed in this young guy that was passionate about this idea… [When you fail,] you start to question, are my ideas really good?" - Nick Woodman, Founder GoPro
If you are thinking about starting a Raleigh business or buying a business for sale in Raleigh remove your widget from your mind for a moment. Whatever your great idea is, remove it from your mind and think exclusively at profit. I want to give you permission to think about current trends that are producing the best numbers. The numbers of businesses staying open longer than five years, owners making a livable wage, and businesses that people are able to sale once the business is established.
If you want to make money and have a business that is open five years from now consider the following:
1. Buy An Existing Business – Benefit number one of buying an existing business is you start getting paid on day one. Benefit number two is that you can borrow money easier on an existing business. Benefit number three is this business survived the past 10, 15 or 20 years and it has stamina, goodwill, and loyal customers. Here is a list of Raleigh businesses for sale to consider buying.
2. Buy A Franchise – Are you intelligent, savvy, hardworking and filled with passion? A franchise model has been built over decades of thousands of people just like you. You are smart but you aren’t smarter than 2,000 entrepreneurs that built a franchise over several decades. Want to make a lot of money and be in business five years from now? Contact us today as we have close to 400 profitable franchises that we help clients consider. There is no charge for our services.
3. Start Or Buy A Service Industry Business – Plumbing, Dry Wall, Roofing, Welding or Electricity are all samples of industries that are THRIVING. Most younger entrepreneurs what I call “bar jobs.” Bar jobs are jobs that sound good while sitting at the local bar – They sound good but they don’t produce hundreds of thousands of dollars in income.
4. Get Dirty – Trash, Sewage, Cleaning Industry – Two of the richest men I know both are garbage men. They own garbage companies and they both live in houses with over 10,000 sq. feet. I heard that one of them has recently decided to add on to his house – crazy. Dirty jobs make people rich because no one wants to handle trash or sewage. We sell jobs like these and almost every time these businesses come with very high SDE.
5. Mind And Body – Tutoring, education, fitness, personal trainers or senior adult exercise services make a lot of money. The differentiating characteristic comes when the owner isn’t the tutor, or the personal trainer himself or herself. There are great franchises that provide the model and licensing for these industries.
If you are thinking about buying a business for sale in Raleigh or starting from scratch do not go it alone. Call us today and we will help guide you into a profitable and sustainable Raleigh business. We want to be your trusted business brokers.