Buying a business can be intimidating, especially if you don't know where to start.
But let me tell you, it doesn't have to be that complicated. I want to share a story that can help anyone looking to buy a business.
A Lesson From My First Deal
The ability to take the next obvious step is a little hinge that swings a very big door.
When I first got out of business school, I was eager to buy a business but I had no idea what I was doing.
I was searching for help and ended up meeting a successful COO who was also looking to do something different. We decided to team up and start searching for a company to buy.
We didn't have all of our ducks in a row and I was especially nervous about making a mistake in the process.
We wanted to have every single step lined up and know exactly what to do so we wouldn't look like idiots.
But we were still stuck.
One day, my partner suggested that the next obvious step was to talk to the people who owned the companies we were interested in buying. Simple, but obvious, right?
And you know what? It worked.
We set up a meeting, and it went well. We decided to keep moving forward, and the next question was what do we do now?
We read a book and found out that a letter of intent (LOI) was the way to do that. We gave them a letter of intent, and they signed it. We had a deal that was close to being under contract.
All of the steps after that became very obvious, and within a month, we had bought our first deal.
So what and who cares?
The takeaway from my story is that the ability to take the next obvious step is a little hinge that swings a very big door.
Don't get too bogged down in all the other stuff. If you're stuck, just take the next obvious step, and it will open up lots of opportunities.
One of the biggest stumbling blocks people face when buying a business is fear of the unknown. They worry that they don't know enough or that they'll make a mistake. But the truth is, nobody knows everything. You can't be an expert at everything. But what you can do is take the next obvious step. Don't let fear hold you back.
One of the biggest stumbling blocks people face when buying a business is fear of the unknown.
Another stumbling block is not having all the pieces in place. You don't have to have everything figured out before you start. Just take the next obvious step, and things will start falling into place.
It's okay to make mistakes along the way.
That's how we learn.
So, if you're looking to buy a business, my advice to you is to take the next obvious step. Don't overthink it. Don't let fear hold you back. But DO reach out to a mentor or a coach who can guide you along the way so you avoid the major mistakes.
Remember, the ability to take the next obvious step is a little hinge that swings a very big door. So go out there and take that first step.
Who knows where it might lead you?
At Deal Camp, we help our clients take the next step and make it easy and obvious for them. We have a step-by-step process that we walk our clients through, and it takes a lot of the guesswork out of the equation. We also have free content on our Youtube channel to educate people and help them know that they can go out there and buy their own business.