Thread by @lawyer4SMBs

Been an employee for 10+ years?

You're gonna have a hard time running a business.

Why?

Employee skills & mindset ≠ business owner skills & mindset.

If you’re looking to buy a business, here are 5 easy ways to improve the odds (w/o risking your job in the meantime):

A 👇🧵

1/ Start a side-hustle. This is such an underrated win-win.

Save up the cash needed for your equity injection much quicker and learn practical business skills at the same time.

Everyone should have a side-hustle. Especially if you want to buy a business one day.

2/ Find opportunities to work key skills you’ll need as a business owner into your W2 - volunteer for additional assignments if needed.

Tops here: sales, managing people, hiring, building processes & systems, understanding business finance & accounting.

3/ Learn to be good at delegating.

Employees are accustomed to doing everything themselves.

Business owners can’t afford that.

Become good at documenting processes, giving good instructions, providing feedback, and letting go of the reigns a bit.

4/ Build a network outside of work. THIS IS CRITICAL.

So many W2s have little to no professional network.

Huge risk for them if they ever lose their job,

Also impossible to succeed in business without a good network.

Take @JordanHarbinger's free course. It's great!

@JordanHarbinger 5/ Learn everything you can from those that have done it.

There is SO much to learn about buying/operating a business & best time to learn is while you’re still at your W2.

The best places to learn: #SMBTwitter, Searchfunder.com, & to a lesser extent on LI.

@JordanHarbinger SUMMARY: if you're a long-time employee looking to buy a business, take these 5 steps now to maximize your chances of success:

• Start a side-hustle
• Build business skills
• Learn to delegate
• Build your network
• Learn from those who have done it

@JordanHarbinger These threads take lots of time to write. If you liked it, please consider RT ing the first Tweet.

It helps me & helps you spread good business buying knowledge.

PS, Follow me (@lawyer4SMBs) for more actionable intel to help you buy your first (or next) business.

https://twitter.com/lawyer4SMBs/status/1617874794372038658

@JordanHarbinger DISCLAIMER:

The contents of this thread or tweet is intended for informational and education purposes only. It is not presented for legal marketing purposes and is not intended to solicit business, seek legal employment, or for other financial gain of the author.

@JordanHarbinger DISCLAIMER:

The contents of this thread or tweet are not legal, financial, investment, or tax advice and should not be viewed as such. You are advised to seek your own legal, financial, investment, or tax advisors for professional opinions on any of the topics discussed.