Crash and Burn Business Part #3 Buying A Business With No Money

IMG_20160111_120803088Tap into your network and do not burn bridges. For me I contacted some old employers, friends and family. My first month starting over I became a handyman. My father was a Realtor and his connections had me working. This was a natural fit and it felt good to do some honest work and be productive. I was charging $30 an hour plus materials and I had $100 minimum. My next successful contact was a roofing contractor I worked with when I was in high school. It turned out he was moving and we worked out a deal where I could work for him for 3 months for free while he moved his family out of state. I still work my handyman business while I managed the roofing co. Here is how the deal was structured, the seller would keep all the profit and he would give me the company after 3 months. So that is what I did. I ran the company in his absence made him his $30k and then took over. This also gave me the opportunity to see if the business was viable and have on the job training. Roofing was not my dream job, but I was back on my feet making $100K per year. This was hard work and I had a learning curve. I needed to get licensed, insured change the name and remove myself form the previous owners liability. In the end I had his phone number and his 10 years of marketing. You see most businesses are not rocket science.  Its a couple of tricks, a skill and hard work. Think about it.  Think of a franchise, they train you for a day, a week, a month and with a fee your in business.

Opportunities are everywhere. The next Crash and Burn I’ll discuss the next business I bought with little money. It will be apparent how easy it is to find opportunities.

 

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