99% of Business Owners Make This Mistake

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#83 Not sure what business to start? One approach: don’t start one at all! In this episode, Erika Kullberg talks with Codie Sanchez about the benefits of buying an existing business instead of starting one from scratch. They delve into three main topics: choosing straightforward, profitable businesses with a solid history, the advantages of purchasing an established business, and the essential steps for buying and growing a business. Watch to learn simple, effective strategies for building wealth and enhancing your business success!
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[@beachbumsailordude]

I'm retired, have no interest in starting a business. Why do I watch your videos? Because you inspire me Erika and you give me hope for the younger generations. I hope you keep at it for a long time. Thank you!

[@gk_zone4274]

Finally brought in Codie Sanchez. Very nice.

[@Tkn_Lincoln]

Very insightful. Thank you

[@maryd8370]

Great interview! I'm a huge fan of both of you!

[@normaturner6042]

Thank you Erika! Amazing episode! I'm OLD, but enjoy learning and keeping up with the latest so I can be a more well-rounded Mom and Grandma!

[@TonyJavierTV]

Deep work Wednesday is Gold!

[@girirajasuta]

This conversation was a joy to listen to .. I learnt so much! Thank you both!!

[@julielytle1430]

This was really insightful! I especially love the parts about needing a diverse group of employees/mentors and also about being happy/looking at who you surround yourself with because you tend to become like the 6 people you spend most time with so you need to be selective with who you want to spend time with!

[@carolannstevens5814]

Two wise women! So inspiring! Thank you!

[@dkoolali6623]

Enjoyed this! Cody is so succinct, an easy listen, and Erika asked all the right questions. It didnt feel like 40 plus min vid. Looking forward to more vid.s!

[@gma1389]

Very enjoyable conversation! Saving to come back.

[@EcomCarl]

Cody's pragmatic approach to business investing is spot on! Simplifying your investment strategy and focusing on businesses with a solid track record and steady cash flow can significantly mitigate risks in the ever-changing market landscape. 💼📈

[@kickeramps]

One thing I don't quite understand. Using the laundry mat as an example. How do you convince the owner to sell it to you if it's a profitable business for them?

[@adolfoduarte3719]

It's profitable if you know what you're doing, a lot don't and make just enough to keep them running with decent profit.

[@kickeramps]

@@adolfoduarte3719 I've got no interest in a laundry mat. I've got my eyes on another business, but I believe it's fairly profitable for the current owners. I'm trying to figure out how to approach them with an enticing offer.

[@lillianaimokilus958]

Hi Erika, I come from PNG and love watching your videos. Very inspirational. I run a small brick-and-motar and currently renting that little trade store. Any videos on that, the pros and cons. Would love to hear an experts take on this one.

[@donaldlee6760]

Erika has had so many high quality guests with obviously valuable information. With Codie, I couldn't understand why a laundromat owner would sell their profitable "money machine" to her? If the owner is retiring at 70, then they will obviously sell to their kids or grandkids, after all Codie isn't going to personally run the day to day operations, so the owner's kids won't need to either and just keep their regular day job. Codie's suggestions to surround oneself by high caliber people and to find a mentor was valuable but suggested by previous guests. At 36:56 - Codie is following the herd by suggesting incorporating AI as a hot new trend. Corporations have been using Machine Learning before the pandemic. An example is Zillow examines the home listing photos and "sees" a 40 y/o original kitchen with grandma's tile countertops or old carpet stains to lower the Zestimate. It's silly to think only under 30 y/o business owners can fully take advantage of AI. It's actually the opposite because the best use case for AI generally needs a programmer to custom implement the AI solution. This is not a fast or inexpensive solution.

[@divyv20]

Hey Erika , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?

[@josedesiderio8595]

425 WA ❤️

[@helloworldcsofficial]

🌹🌹

[@SophiaRodriguez-nz7sm]

Great insights Erika! Below are the key points summarized using ChatWithPDF: 📈 - Cody Sanchez emphasizes the importance of buying businesses that are profitable and simple to understand. 🎯 - Erica Colberg announces a free 5-day savings challenge to help people save extra money every month. 💡 - Cody Sanchez shares key considerations for investing in businesses, including profitability, simplicity, and the presence of an operator. 🎙 - Erica Colberg discusses the significance of domain names for businesses and offers a special deal for online domains. 🏗 - Cody Sanchez highlights the value of starting with simple businesses like laundromats and shares insights on their economics. 🤝 - Erica Colberg introduces a competition-based hiring process to find the best fit for a position in her team. 💭 - Cody Sanchez advises on the importance of surrounding oneself with successful individuals and avoiding distractions to achieve financial success. 🔍 - Cody Sanchez suggests focusing on AI-related services as a lucrative business opportunity for young entrepreneurs. 💰 - Cody Sanchez warns against following advice from unsuccessful individuals and emphasizes the importance of self-accountability in managing time effectively. 🌟 - Cody Sanchez encourages taking ownership of both successes and challenges to transform one's life positively.