Capitalism.com with Ryan Daniel Moran

If you search Google for information about business partnerships, it won’t take you long to find all kinds of horror stories about why you should never get into a partnership. But Ryan’s guest on this episode, Matthew Paulson is a partner in a number of ventures and believes that most of those nightmares happen because people don’t go into partnerships wisely or with the appropriate legal paperwork and agreements in place. This solo episode features Matthew’s take on partnerships, how you should evaluate the potential fit of a partnership opportunity, and what should go into a great partnership agreement.

You should think of a business partnership like a marriage.

You would likely never marry a person you had only heard about or had a general impression of, but didn’t know well. Matthew Paulson believes the same kind of logic should be applied to business partnerships. Think about it: in a partnership, you’re entering into a relationship where you will have to trust an individual with major decisions that directly impact your future: things like money, business agreements, resources, strategic decisions and long-term plans. It simply doesn’t make sense to get into that kind of relationship with someone you don’t already know well, enjoy being around, and trust implicitly. Listen to this episode to discover how Matt suggests you can approach partnership opportunities carefully and wisely.

What does a partnership provide that paid employees would not?

Many times, business partnerships are created because the people involved are the ones who have the ideas or resources that could potentially make the idea fly. But Matt Paulson doesn’t believe that’s a good enough reason to form an official partnership. In his mind, you need to consider what the partnership brings to the situation that hiring full-time employees couldn’t. If you can get clarity on that issue you may come to see that the equity and decision-making power a person is given in a partnership is not equal to the work they’d be doing - and you might rethink the possibilities of a partnership as a result. Matt has great insight into this issue, so be sure you listen to this episode of Freedom Fast Lane.

Why every partnership should be a “Hell, Yes!” opportunity.

There are many of us who jump into opportunities simply because they seem like a good idea, or the potential upside looks promising. But when it comes to business partnerships, that’s not enough. If you are willing to get into a business partnership you need to be willing to not only say, “Yes,” but to say, “Hell, yes!” In other words, the excitement you have about the opportunity needs to be the kind that will sustain you over the long, arduous climb to success that any business partnership will require. If you want to learn how you can know if a partnership opportunity is really that kind of situation, listen to this episode.

Why you need a partnership agreement and what should go into it.

No business partnership should ever be initiated without clear, legal terms spelled out on paper, signed by all partners. You may think it’s not needed, especially if you’re going into business with a long-time friend or a family member. But those are instances that especially need a clear delineation of who is responsible for what and what compensation, perks, and benefits each partner is to receive. The reason is simple: people forget or misremember things over time. A partnership agreement makes it clear what was agreed upon in the first place, leaving no room for the fuzzy recollections of the people involved. On this episode of Freedom Fast Lane, Matt Paulson outlines the specifics of what sorts of terms and points of clarity should to into a partnership agreement, so make sure you listen.

Outline Of This Great Episode

  • [0:22] Matthew’s introduction to the issue of business partnerships.
  • [2:35] What is a true business partnership?
  • [5:32] Do you know, like, and trust the people you are considering partnership with?
  • [7:45] What value does the partnership bring that paid employees could not?
  • [12:32] Only get involved in partnerships you are extremely excited about.
  • [15:00] Partnerships are seldom magic bullets that will make you more successful.
  • [16:19] What goes into a good partnership agreement?

Action Steps From This Episode

FOR GETTING STARTED: If you are considering a partnership where each person has an equal responsibility and investment in the company, don’t be lax about how you structure it. Make everything clear, in writing so nobody is surprised or disappointed.

Connect With Today’s guest: Matthew Paulson

Connect With Freedom Fast Lane

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-Matt20Paulson-Partnerships.mp3
Category:general -- posted at: 6:00am EST

At Freedom Fast Lane 2016 one of the main sessions featured a case study of Mike Dillard’s new product and the company he’s building to create and distribute it - an in-home organic growing system that anyone can use. Mike brought together what Ryan refers to as a “$100 Million Panel” - a group of men who are serving as his board of directors and are pros in a variety of areas when it comes to business-building, scaling, and profitability. Each of them has his own reason for being part of the team and in this conversation, Ryan asks them why they are involved, what they foresee the path forward being, and what they will each contribute to make the company a success.

Why every entrepreneur needs to give before they seek to get.

As you build a business you’re naturally looking for connections with people that will enable you to gain influence, traction, and notoriety for what you’re trying to do. Honestly, you’re looking for what you can get out of relationships. While that’s necessary, it’s also shortsighted if it’s the only way you view the relationships you build. Mike Dillard's new board of advisors has come together largely because of what has been given to them over the years by Mike, the founder of the company. The lesson you need to learn is that it pays to give from the beginning. Add true value to people every chance you get. When the time to receive comes, you’ll have people eager to help you.

Why you need to avoid the “ready, fire, aim” philosophy many entrepreneurs follow.

There is a benefit to getting started with your business and figuring out things as you go along. Many times you don’t know the right problems to solve or directions to go until you are facing them head-on. Getting started makes that discovery possible. But building a company that way can be a very expensive process. You spend lots of resources trying things that don’t work, pivoting, and trying again - and the second solution may not work either. Doing your homework ahead of time may be the path that brings the best results the quickest. You’ll hear what the all-star panel from Freedom Fast Lane Live 2016 has to say about avoiding the “ready, fire, aim” mentality, on this episode.

One product is not a business, it’s an offer. Here’s why you need to build a product line.

When you only have one product to sell you are not only limiting your options and potential profitability, you’re also not stewarding the relationship you are building with your customers wisely. A business is built on the relationships you have with customers. Those relationships are what give you the ability to discover, understand, and meet their needs. You do that over the long haul with more than one product. It not only enables you to meet the ongoing needs of your customers, it creates a diversified stream of revenue for the company and enables you to invest in even more growth. You can hear how the $100 million panel advises the addition of products to your existing product line in this Q & A session from Freedom Fast Lane 2016.

Any successful sales conversation - in print or media - flows from 3 vital questions.

When you are devising your marketing and sales messages you have to understand that the approach you take has to focus on your prospect, not on you. So instead of talking about the features and benefits of your product, you have to get inside the mind and heart of your prospect and talk about what they care about. You have to ask 3 vital questions that open their ears to the issue, open their hearts and minds to the need in a humble way, and tease your product as a solution to that problem. Every successful sales conversation hits those three main points and you can learn how to apply them to your product or service, on this episode of Freedom Fast Lane.

Outline Of This Great Episode

  • [1:49] Ryan’s introduction of the superstars on his $100 million panel and what each of them brings to the team.
  • [8:44] How Mike Dillard chose these individuals to be part of his board of advisors and how he pitched them to be part of the team.
  • [11:50] The advice the board provides regarding how to hire the right all-star team.
  • [22:16] Why Mike is self-funding the project - and what his board thinks of the idea.
  • [23:45] Advice for launching a product or service - from a variety of perspectives.
  • [31:07] Risk in investing in media advertising for a product launch.
  • [49:59] The vital 3 questions that close sales for any product.
  • [54:45] Why one product has to pivot into a product line to become a business.
  • [59:44] Questions from the live audience.

Action Steps From This Episode

FOR GETTING STARTED: Many people out there are looking for what they can get out of relationships. It’s understandable, but shortsighted. But this board has come together largely out of what has been given to them over the years by Mike, the founder of the company. Learn to give from the start. Add true value to people every chance you get. When the time to receive comes, you’ll have people eager to help you.

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-24100million-panel.mp3
Category:general -- posted at: 6:00am EST

All of us want the benefits of delegation. Few of us want to pay the price to get it. That's partly because we’re overloaded and in a hurry to get things off our plate. But it's also because we don’t realize that that successful delegation is a slow, painstaking process that we have to invest in, in order to assure success from our team. On this episode, guest Sean Coyne shares his own struggle to learn the art of delegation and walks through 5 steps of successful delegation. If you master what Sean has to share you will set your team up for success over the long haul.

Effective delegation is what fuels business growth.

Every entrepreneur will face the point at which he/she simply cannot do another thing. That’s the point when hiring a team member is essential if their efforts are to move forward. But locating the right person is just the first step. The new team member has got to be equipped to fulfill their new role in a way that is in alignment with the entrepreneur’s expectations - and it’s the entrepreneur’s job to ensure that happens. On this episode, Sean Coyne describes what delegation is and what it isn’t and gives you a 5 step process that can help you set your team members up for success.

When you delegate tasks too soon, you demoralize your own team.

It’s very common for entrepreneurs to find themselves in a situation where their personal workload is more than they can bear alone - so they eagerly look for an assistant or team member who can take on some of those responsibilities. What happens next can be very ugly. The team member is dumped on. Their desk piles up with new responsibilities and they are ill-equipped to handle it. The result? The team member becomes overloaded just like the entrepreneur. What’s worse is that the team member’s morale plummets. What can you do to keep that from happening? Teach your team how to take on tasks systematically. On this episode, Sean Coyne shares how to do exactly that through effective delegation, so be sure you listen.

There are 5 levels of delegation that build progressively upon each other.

Like most things, good delegation requires a sequential building process by which a person is equipped, stage at a time, to take on the work they are being asked to do. It’s a process that can’t be rushed and requires almost constant communication, assessment, and equipping. Sean Coyne is the guest host of this episode and he shares how the 5 steps of effective delegation can help you build a team that enables your business to grow exponentially. Don’t miss it.

When a delegation fail happens, reevaluate how well you communicated with your team.

If you delegate to team members and find them failing at the tasks you’ve given them, you need to first assess how well you communicated the specifics of the task in the first place. Chances are that what you’ve passed along to them is a bit “fuzzy” in their minds - at least at some point. It’s a lack of understanding or skill that typically causes delegation breakdowns and on this short episode of Freedom Fast Lane, Sean Coyne explains how you can avoid them.

Effective delegation is what fuels business growth.

Every entrepreneur will face the point at which he/she simply cannot do another thing. That’s the point when hiring a team member is essential if their efforts are to move forward. But locating the right person is just the first step. They’ve got to be equipped to fulfill their new role in a way that is in alignment with the entrepreneur’s expectations - and it’s the entrepreneur’s job to ensure that happens. On this episode, Sean Coyne describes that delegation is and what it isn’t and gives you a 5 step process that can help you set your team members up for success.

Outline Of This Great Episode

  • [0:22] Why Sean is addressing the issue of delegation on this episode.
  • [2:06] Sean’s background struggles and history with learning effective delegation.
  • [3:48] The 5 levels of delegation.
  • [11:05] Common delegation pitfalls you should watch out for.
  • [13:49] Tips for monitoring the progress of things you have delegated.

Action Steps From This Episode

FOR GETTING STARTED: Rethink what you believe about delegation. Understand that you have to equip your team to be successful at what you delegate to them - and that takes long, hard work on your part.

FOR GREATER SUCCESS: Prepare to be patient and to allow your team the room to fail. Failure can be the best teacher, for you and for them.

Connect With Today’s guest: Sean Coyne

Website: http://sean-coyne.tumblr.com/

On LinkedIn

On YouTube

Resources Mentioned On This Episode

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-Sean-Coyne.mp3
Category:general -- posted at: 6:00am EST

One of the fun things that happened at Freedom Fast Lane LIVE 2016 was the presentation and Q&A session with J.P. Sears. If you’ve ever seen one of his videos you know exactly what that means. The combination of his wry sense of humor and business insights made for an incredibly entertaining presentation and conversation to follow. This episode features J.P.’s responses to Ryan’s questions, and the conversation ranges far and wide - following his feelings for business decisions, intimacy, fulfillment, and much more.

Being committed to the purpose and passion of what he was doing is one of the main reasons J.P. endured the ups and downs of building his successful Youtube channel - and the decision to be himself through humor was the turning point that caused the growth to skyrocket. Find out how J.P. views his sudden success that wasn’t so sudden and the approach he takes to creating videos and resources that are truly shareable.

Connect With Today’s guest: J.P. Sears

Website: http://awakenwithjp.com/

On Twitter

On Facebook

On Instagram

On YouTube

Resources Mentioned On This Episode

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-JP-Sears.mp3
Category:general -- posted at: 6:00am EST

 

take his advice to know that their trust is well-founded. You see, you don’t know if a person teaching you to make money through building a brand on Amazon - or any other money-making approach - is telling you the truth unless they prove it to you. And Ryan’s willing to do that. This episode of Freedom Fast Lane covers the income that Ryan’s businesses and investments have made in the March 2017 period as well as some lessons learned from Ryan’s experience as he’s scaling those businesses.

Relationships matter, and here’s an obvious reason why.

One of the ways that Ryan’s Foxbrim brand has been able to scale so rapidly is through connections with retail partners who are buying up mass quantities of product in anticipation of an upcoming advertising campaign. But that retail connection didn’t “just happen.” It was made possible via a relationship Ryan was able to build with one of the FFL TRIBE members who had the connection. Ryan refers to it as a million dollar relationship and expects that valuation to go up and up as time goes on. He's also got a few words to say about the value of the relationships you can build inside the TRIBE, on this episode.

Staying aligned with business partners is important. When you can’t, changes are needed.

The Body Vega brand is one that has struggled to gain and maintain significant leverage in its market and the way forward is not something that’s been easy for Ryan and his business partner to agree on. As a result of incompatible perceptions of the way forward, the two of them made the decision to part ways and Ryan is now fully in control of the brand’s future. He’s determined to take the Body Vega brand out of its doldrums and make it a profitable, powerful brand. On this episode he shares a bit of how he plans to do that, so be sure you listen.

Do you know what the end-goal of your brand building efforts are?

You may not always build a brand or platform to increase profits. Sometimes it’s about something bigger, a message or movement you want to foster or create. That’s what Ryan is doing both with Freedom Fast Lane and Capitalism.com. Those platforms do produce some revenue but every bit of it is reinvested into the messaging because getting the concepts they are promoting in front of as many people as possible is what they end-goal is. Do you know what the end-goal of your brand building is? You’ll be inspired to hear how Ryan is going about it, on this episode.

Outline Of This Great Episode

  • [0:26] The 1.4 to 1.5 million dollar month!
  • [2:56] How a relationship within the FFL Tribe enabled Ryan’s retail sales.
  • [4:02] Update on the Body Vega brand.
  • [5:42] The progress of Foxbrim and how to leverage a brand toward higher pricing.
  • [9:49] The Freedom Fast Lane and Capitalism brands.
  • [11:42] Business Investments: Target is in Ryan’s sights.
  • [12:56] Personal growth: Hiring, firing, and team building lessons.
  • [16:40] Amazon’s attempts to take on more of the global retail landscape.

Resources Mentioned On This Episode

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL20-20March20Income20Report202017.mp3
Category:general -- posted at: 6:00am EST

 

This past year at Freedom Fast Lane LIVE Jesse Itzler was one of the people we put on stage who brought a great content from his own success story. In this Q & A episode Jesse talks about how he leveraged previous successes to build greater success instead of sitting back on a beach and enjoying what he’d accomplished. He also talks about the way he’s learning to approach parenting through understanding his children’s bents are different than his - and how he can help them learn and grow because of those differences.

Jesse also talks about how he’s found it to be true that just because something is a great idea it doesn’t mean he should do it. He thinks that way in light of his realization that he’s only got so much time on the planet. He’s aiming at making the most out of it in light of who he is and what he’s gifted to do. You can learn a ton from Jesse’s perspective and insights, so be sure you listen.

Connect With Today’s guest: Jesse Itzler

Website: http://www.the100mileman.com/

On Twitter

On Facebook

On LinkedIn

Resources Mentioned On This Episode

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-Jesse-Itzler-Q26A.mp3
Category:general -- posted at: 6:00am EST

Troy Johnston’s story is not typical. We need to say that right up front. But we should also say that’s because Troy is not a typical guy. He stepped into the Amazon sales arena with a background in project management so he understood what it meant to organize for the completion of goals and the success that follows from doing so. He’s also atypical in that he applied what he learned in practical, powerful ways - which many people never do. You can hear the story of how Troy built a company to multi-million dollar status in just 2 years and then sold it to Ryan, on this episode.

Why entrepreneurs have to learn to be more comfortable with risk.

Coming from a conservative background, Troy Johnston didn’t like the idea of risk when it came to business decisions and investments. But when an angel investor approached him with a desire to invest in his growing company, Troy had a decision to make. Would he accept the infusion of capital offered so that the company could grow more rapidly (which entailed some risk), or would he delay growth and possibly never reach optimal levels of success by rejecting the cash and continuing to work hard to make the company grow? You can hear why Troy decided to take the risk and what he’s learned about the value of risk for entrepreneurs, on this episode of Freedom Fast Lane.

Successful brands, built from scratch, eventually have to depend on an all-star team.

Every highly successful Amazon brand reaches the point where the founders can’t continue to do all the work and expect bigger results. Capacity is limited, therefore scale is limited. When it comes to building a team you need to find the absolute best people for the roles your need filled, and Troy Johnston, Ryan’s guest on this episode was able to do exactly that. Troy talks about the impact his all-star team has had and how his company's growth was only made possible by the incredible ethic and work they have brought to his brand.

Why would you sell a multi-million dollar business that you built from the ground up?

The intriguing part of this conversation is that it’s between the founder and former owner of a successful Amazon brand/business and the person who purchased that same business from him after only two years. You’ll get to hear why Troy Johnston decided to sell Foxbrim and why Ryan Daniel Moran decided to buy it, as well as the reasons Troy felt it was time to sell the business when he did. It’s an amazing story and a powerful conversation, on this episode of Freedom Fast Lane.

True entrepreneurs continue to add value, even after the profitable sale of their company.

Troy Johnston is not the type of guy to sit on the sidelines while he still has contributions to make. Even though he sold his company for multiple millions, Troy is eager to discover the next ways he can add value and serve people. He’s resting in the space the sale of his company has afforded him, but with a mindset toward discovering what his next opportunity is. That’s what true entrepreneurs do. They continue to bring good into the world even after large-scale success. Get to know Troy and hear what he’s got on his agenda next, on this episode.

Outline Of This Great Episode

  • [0:23] Ryan’s most recent acquisition: Foxbrim, and it’s owner, Troy Johnston.
  • [3:36] How Troy got into building his own business: His background and process.
  • [9:51] Troy’s decision to leave his full time job to depend on the Amazon brand.
  • [13:20] Learning to be more comfortable with risk and why it’s necessary.
  • [16:26] Making the choice to build a team in order to scale the business.
  • [18:44] Thoughts of selling the company and why Troy made that choice.
  • [22:57] The day of the sale and life after the fact.
  • [29:59] Troy’s plans moving forward now that he has the cash.

Action Steps From This Episode

FOR GETTING STARTED: Begin to explore the Amazon space. Look at products and more specifically at product brands. Notice what is being done to not only sell products but to build brands that are integrated and strong.

FOR GREATER SUCCESS: You can become a part of the same educational program that helped Troy achieve his success by going through the FFL bootcamp. Find the details at www.FreedomFastLane.com/bootcamp

Connect With Today’s guest: TROY JOHNSTON

On Facebook

On LinkedIn

Resources Mentioned On This Episode

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-Troy-Johnston.mp3
Category:general -- posted at: 6:00am EST

When you have the opportunity to ask direct questions of a person who has successfully done what you desire to do - multiple times - you need to make the most of that opportunity. That’s what happened at Freedom Fast Lane LIVE in 2016 when Ryan was able to sit down across from business consultant, Cameron Herold. This conversation is that Q&A session. You’ll hear Cameron answer questions about what’s important in life, how to deal with stress, what makes companies grow from $1 million in sales to $3 million in sales, team building the right way, and more. It’s a great conversation packed with relevant, applicable tips you’re sure to gain great value from.

There’s not a single business problem that exists that can’t be solved by revenue.

When Cameron Herold addresses the problems in any business he always looks at how to fix the problem through the lens of revenue. In his words, “There’s not a single business problem that exists that can’t be solved by revenue.” In this conversation between Cameron and Ryan Moran, you’ll hear why Cameron says that - and even get to listen to a couple of examples of how he’s advised companies to make slight shifts that increase revenue for the sake of addressing specific problems in the business. You won’t want to miss these real-life examples.

The best way to deal with stress as an entrepreneur.

It wasn’t too long ago that Cameron Herold was told by the doctor that his body was on the brink of shutting down due to the stress levels he was constantly enduring. It was enough to make him take a step back and regroup. He had time to evaluate the things in life that mattered to him - his family, his health, his relationships - and make changes to ensure that he would be around to enjoy those things. In this episode, Cameron gives specific tips about how to build margin into your life that enables you to live the kind of life you really want to live instead of sacrificing the quality of your life for the sake of business success.

The main responsibilities of CEOs are not what you think.

CEOs are the vision-keepers of the company. That’s what business consultant Cameron Herold says. It’s their job to keep the vision alive and in front of the team at all times. When the leader is too busy doing low-value things, that vision ball gets dropped. Cameron’s advice: outsource or delegate the things that you should not be doing as the owner or CEO. Focus is your friend and once you have others who are more talented at the minutia taking care of it, you will be free to do what only you can do - cast and keep the vision and build the team that will support that vision.

Why you should fire employees who are C-players - immediately.

In Cameron Herold’s view, A-players are your superstars and leaders, B-players are the workhorses who get the work done, and C-players should be removed from the team right away. The reason he’s so cut and dried about the issue is that the wrong person in the wrong position will cost you 5 times their annual salary in undocumented expenses - like client or customer dissatisfaction. You can hear Cameron’s advice on how to make those tough calls and have the conversations to let someone go - even before you have a replacement, on this episode.

Outline Of This Great Episode

  • [0:24] Ryan’s intro to this episode: Q & A with Cameron Herold.
  • [3:10] The first step to outsourcing for the one or two man run company.
  • [5:19] The roles Cameron would consider full time people to fill rather than outsourcing.
  • [9:05] How CEOs or business owners can deal effectively with stress.
  • [12:17] How to go from $1 million to $3 million.
  • [13:08] The main responsibilities of the CEO and traits of those who do it successfully.
  • [16:18] How to keep great employees.
  • [16:57] How to fire quickly.
  • [19:13] How to hire for culture and keep diversity.
  • [21:22] How to build culture in virtual companies.

Action Steps From This Episode

FOR GETTING STARTED: Take stock of where you are, make the right decisions about what you will work on, and stay focused. Focus is powerful for moving forward.

FOR GREATER SUCCESS: Outsource or delegate the things that you should not be doing as the owner or CEO. Focus is your friend and once you have others who are more talented at the minutia taking care of it, you will be free to do what only you can do.

Connect With Today’s guest: Cameron Herold

Resources Mentioned On This Episode

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-Cameron-Herold-Q26A.mp3
Category:general -- posted at: 6:00am EST

When you think about owning and profiting from an online business, most people think in terms of building it from the ground up. That’s entirely possible - obviously. It’s a huge part of what Ryan has done and teaches people how to do. But what if you don’t want to go through the hassle of building a business and would rather just buy one that’s already working? Today’s episode is a conversation with Bill Evans, a guy who did just that. After getting his law degree and serving as an attorney in corporate America he decided to investigate the possibility of buying his own online business. You can hear his story on this episode of Freedom Fast Lane.

From a law degree to the purchase of an existing online business. Bill Evans’ story.

Bill Evans was successful as a corporate attorney but there were many things about the role that he didn’t enjoy. It was a high-stress job with long hours and he had to march to the beat of someone else’s drummer. In the back of his mind, he always thought he’d like to move toward being an entrepreneur and as he began to research the possibilities of buying an online business, that drive became more and more pronounced. On this episode you can hear how Bill made the switch, why he loves his life more now than he did before buying his business, the challenges he’s faced, and the advice he gives to others who are considering a similar move.

What should you look for if you’re considering buying an existing online business?

When Bill Evans began looking into the possibility of purchasing an existing online business he looked at just about every possibility. He feels that the work he did on the front end was a huge part of why his first purchase of a business has been so successful. He spent time looking into the things that make a good purchase, came to understand the things to avoid, and discovered the creative ways available to finance the purchase of a business, including owner carry situations. On this episode of Freedom Fast Lane, you can hear how Bill found his business and the criteria he used to evaluate his options.

There are ways to know if the purchase of an online business is likely to be a winner.

One of the things Bill Evans looked for when considering the purchase of an online business was a business that had its systems and personnel in place and was doing well but had the potential to increase its profits through some small, but significant tweaks. In the purchase he made of Microscope.com, Bill saw a big opportunity in the lack of marketing the company was presently doing. His belief, which has proven to be true, was that he could purchase the already profitable company and invest time, strategy, and energy into the marketing and see profits increase. That’s an example of the kinds of things you can look for to determine whether a business has the possibility of expanding its market. Hear even more, on this episode.

Is the purchase of an existing online business for you?

How can you know if you’d be better off building a business of your own from the ground up, or purchasing an online business that is already making a profit? Bill Evans says that the decision depends on many things, but he feels that for those who have the knowledge of how to run a business but want or need cash flow quickly, the purchase of an existing business may be the way to go. You can hear Bill’s entire story, including how he found and resourced the financing to purchase his business, on this episode of Freedom Fast Lane.

Outline Of This Great Episode

  • [1:00] The possibility that you simply want cashflow, not to build a business.
  • [4:05] Bill’s story from the “dark ages” as a lawyer in commercial real estate.
  • [6:00] How Bill decided to begin buying and selling online businesses.
  • [6:52] The criteria Bill looks for when buying a business.
  • [10:41] Why Bill decided to pull the trigger on Microscope.com.
  • [13:41] Addressing the marketing needs of his new business.
  • [16:05] The bumps and bruises Bill experienced in the transition.
  • [18:14] How Bill used financing in purchasing this business.
  • [26:11] The response of the existing team to a new owner/leader.
  • [31:10] PIvotal decisions Bill has made that will make 3x or 10x growth possible.
  • [34:09] Where you can get connected with Bill.

Action Steps From This Episode

FOR GETTING STARTED: Do your homework. If you don't know the possibilities when it comes to buying on online business, you're likely to wind up buying something that won't accomplish what you want.

FOR GREATER SUCCESS: Find small ways your new online business can be optimized for greater profits. That may be the enhancement of existing systems or it may be a greater focus on marketing.

Connect With Today’s guest: Bill Evans

Website: www.Microscope.com AND www.DigitalBusinessInvestor.com

Resources Mentioned On This Episode

Connect With Freedom Fast Lane Live

Website: www.FreedomFastLane.com On Youtube On Facebook On Twitter On Google Plus On LinkedIn On Instagram

Subscribe to Freedom Fast Lane

Subscribe to the Freedom Fast Lane Podcast with Ryan Daniel Moran

Direct download: FFL-Bill-Evans.mp3
Category:general -- posted at: 6:00am EST

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