1 Million Dollars in 365 days…

Lately there’s a lot going on both locally and internationally. What happens when there’s a big event such as this massive shift in economic climate? People get made redundant, there’s down-sizing, expenditure cuts & job security is a thing of the past.

So what do you do? What if you have all these goals that you have set for yourself in 2009 and then along comes this big “recession” and throws all your plans out the window. Do you go back to living your ordinary life? I don’t think so.

Remember there’s ALWAYS two sides to a coin, no matter how many times you cut it in half and how thin it becomes. So what is the flipside in today’s climate? OPPORTUNITY!There has never been a better time to seek opportunity. And you know what they say”Seek & Ye shall find”. Now’s your chance to test that theory.

“Live in the moment, not in the past or the future. Live for the right now”

The Kiwi Millionaire

 We all come up against obstacles in the journey to achieving our goals. One thing we have to remember is that it is usually the journey that is the most transformational part of the entire experience. When you reach your goal, you realise that it wasn’t even about the end result, because you received so much more from the journey itself.

I believe that in order to get the best results, we have to focus on what we want to achieve, and then see where we are in relation to that goal. That means, what is happening around us RIGHT NOW. Not this month, I am talking about these couple of minutes that you are spending reading this.

Stop for a moment and close your eyes. What’s going on right now that could be your next opportunity? Take a minute to appreciate the silence and very soon you will see that there is actually no such thing as silence, there is always something happening. All you need to to is decide what you are going to do with it.

How to find opportunity in your everyday life:

• Always keep an open mind - don’t dismiss anything
• Always ask yourself whether something can be improved upon
• Don’t focus on finding the opportunity, & opportunity will come to you

Whether you are looking for a new business, new property, new hobby or anything else that you would like to add value to your life, then now is the time to do it. Your future is in your hands, all you need to do is take action. So decide on an action to take, and take it, right now…

As much as I would like to go on about the current state of affairs in the world, I’m not going to. The thing that matters for me, is the current state of affairs in my head.

Currently I am looking at purchasing another business. Since the liquidation of Paymex, I have had countless businesses ideas, both good and bad. Although I don’t really think any of them are bad ideas, perhaps just not the right time for me to attempt to carry them out.

Then I remembered - “There’s no need to re-invent the wheel”. I began to search for existing business opportunities where I felt that I could use my skills to turn a business into a profitable well-oiled machine. Similarly to what Michael Gerber talks about in the E-myth.

So what do you look for? If someone had a profitable business why would they sell it? Perhaps for health reasons, maybe stress levels are too much? Is this something you should take on then?

I think that there are a lot of opportunities out there at the moment, where ever you are in this world.  More specifically in the business market. I also believe there are vast opportunities in the property market, however that’s a topic for another time.

What to consider when looking to buy a business:

When you do find something that interests you, you need to do a few things first.

• Most importantly, you need to do due diligence. This is basically finding out all you can about the business. Go back as far as you can with the financial records, are there any trends, even as far back as seven years?
• One key factor is that you have to make sure that you understand exactly how the business makes money. If you plan to run a profitable business this is essential!
• Do you have the skills necessary to run the business effectively? Are you going to run the business yourself or are you going to employ someone to do it for you?
• Do the numbers. What is your expected ROI (Return on Investment)? What is your strategic objective for the business?
• What is your gut feeling about it? I believe that this is one of those factors that people often overlook as they don’t believe it holds too much credibility. I firmly believe you should always go with your instinct, or at least listen to it.

So what opportunities can you find in your local business district? Once you find an opportunity that you believe cannot be passed up - do your home work and then make a decision. You should have no problems with finding funding for the existing business, especially when you are buying assets as part of the deal.

Purchasing an existing business (and making it profitable) is a great way to leverage your time and create more passive income streams. You also have the option of selling it later down the track for capital gains. Whatever you decide - remember the main point - to take action! Good luck!