Over 350 business owners and entrepreneurial minded people came to the Business is Booming seminar in DC on June 17.  Brad Sugars hosted a  standing room only crowd who came to hear strategies to become a more successful business owner.  Brad shared some great ideas about the ways to increase your profits, thank your customers and be a better marketer in addition to the benefits of becoming a coach with ActionCOACH.

For more information about ActionCOACH MidAtlantic, our coaches and the opportunity to become a part of our team, visit our website.

Read more below from Brad Sugars blog about why “business” is the best investment right now, then click here to find out if becoming an entrepreneur is right for you.

And the winner is …

Business!

No matter what you read the newspapers, business is – and has always been – the best way to build wealth.

The biggest money investors on the planet are the Venture Capitalists of the world. They are “big money” people who have excellent reasons why they put those dollars into certain deals. Generally, they look at both a company’s management and opportunity for success.  And in doing so, they don’t buy shares or property.

They buy whole businesses.

Yes, they may acquire those firms through the purchase of shares. And they might get some property in the package. But overall, the world’s top VC’s look for whole businesses they can buy.

Some VC’s look at emerging industries in markets with high growth potential. Others look at existing industries and companies that are underperforming in their market or category. The aim?

Turning those companies around.

Once a VC owns a company, a few things can happen. VC investors could split a company’s divisions up and sell them off in parts. Or they could decide to put their own management in place to help leverage growth. Or they may use a single business to buy other similar kinds of businesses to leverage cash flow and profits through acquisitions.

Whatever they may do, the point is the smartest and best money people in the world buy businesses.

And if that’s what they do to make money, maybe it’s something you should do, too.

Why?

Because ownership allows control of day-to-day operations, something you can’t do when you buy shares in Microsoft. Bill Gates and Steve Ballmer have their team to do that.

You can’t do that with property either – primarily because long-term capital appreciation is based on a variety of factors – most of which are outside your control.

But you can control business operations that produce and generate cash flow. And return on investment from profits on cash flow is the key to creating long-term wealth in a business.

For the majority of entrepreneurs, I recommend the VC strategy of buying an existing business and turning it around. There are a lot of reasons for this, but the “find, fund and fix” model is probably the simplest way I know to get into business for yourself to take advantage of everything entrepreneurship has to offer.

All that said, I use the following 7 iron-clad rules to buying a business. These are absolute, and I’ve only lost money when I’ve not followed them myself. So I’ll forewarn you:  break them at your own risk. You’ll have no one to blame but yourself.

1. Find a business that is surviving despite itself.

Target a business with bad service or poor presentation that still seems to be making money. Sometimes it is the only supplier in town (better for you). Sometimes, just a few changes can greatly increase sales and profits.

2. Focus on cash flow, not assets.

It’s easier to get an increase in sales in a service, retail or wholesale business versus a manufacturing firm. Focus on cash flow instead of tying up your dollars in depreciating assets like manufacturing plants and equipment.

3. Find a business that requires low skills and offers a staple product or service.

Don’t buy an architectural firm. Nothing against architects, but it is a high skill, highly trained position. Focus on businesses that employ people who are easy to hire, easy to train, won’t cost a lot and are easy to keep.

Also focus on businesses that are based on what I call the “Shoes Principle.” Everyone wears shoes. Everybody buys them. It’s just a matter of which pair, from which store. Don’t worry about inventing something new; just sell what people want to buy.

4. Find a business with bad sales and marketing.

Poor marketing is a sign of great opportunity. This could include no real measuring of results, or having a list of past customers that has never been used as a marketing tool.

Typically, a few fixes can greatly leverage efforts – so even if customer service is not  great – that could really good news for you.

5. Hire a great jockey.

If you’re blessed with cash, hiring the right person to run your business is a great way to go. Say you meet a fantastic chef or barkeeper, you could buy a restaurant or bar. If you met a great hairdresser, you could buy a salon.

Basically, those people will act and work as if they own the company – and in some cases, that may be true – depending on the type of deal you structure. The key is to find a great jockey first and then find a great horse for them to ride.

6. Find a business with high upside.

If you can’t get a lot of upside improvement, you can’t make a lot of money. Focus on companies that are nowhere near running at full capacity.

7. Be patient for a great deal.

Always set your price before you walk into any deal-making session. In fact, walk out of your own door with a firm price in mind. And whatever happens, never, ever pay more than that price.

You will walk away from more deals than you will make, but that’s OK. Not doing a deal never killed anyone.

Ideally, you’ll use the “find, fund and fix” model for your first business – and many others to follow. Where are the opportunities? All over! But a good place to begin your search is your local newspaper – under the section titled “Businesses for Sale.”

So what are you waiting for? Go get started!

This article is reprinted courtesy of My Business magazine, one of the leading business publications in Australia.

 He was in Baltimore and May and here is what a local business had to say after attending:

“What an excellent seminar!  I signed up to hear a few pointers to help grow my business but I left with probably more knowledge than reading several good books on business.  ActionCOACH really is on top of how to grow your business!”

Vidushi Babber, M.D.  PRN Health 

“Mr. Sugars, Thank You!  I recently attended a seminar that you gave in Baltimore, MD and I have to say it was very informative and a lot of fun.  While driving home I had such a positive feeling about not just my business but also about myself.  Over the past couple of years I have been working with an ActionCOACH.  Angie has been able to give me many suggestions on how I can improve running my business as well as being someone that I, the business owner, have to answer to.  I am sure that ActionCOACH will be instrumental in helping me grow my business.  In a time when things around us seem so negative, thank you for putting some positive in our lives.”

Todd Yuffee, Capital Phones

Sign up today at www.businessisboomingtour.com using ticket code KBM001 for your complimentary ticket.

Business CAN Be Booming For You in 2010!

Come learn 28 proven and successful business strategies to massively grow your business, and establish your vision and drive to take your business to the next level, including:

• How to multiply the number of customers, revenues & profits 
• How to master your profit margins-
• How to take immediate control of your cash flow  (discover new tools and templates
• How to retain customers for 2-3 times longer than you can today
• How to avoid 4 common mistakes in advertising
• How to manage your team in a downturn and keep them motivated
• How to map out a plan for the next quarter
• Using all that you learned to keep you on track…and much more.

Thursday, June 17^th, 2010

Washington Marriott
1221 22nd Street
Washington, DC 20037

The Richmond Business is Booming event will take place on Thursday May 6th at the Greater Richmond Convention Center (403 North Third Street, Richmond, VA  23219).  The event starts with networking at 6pm and Brad Sugars will take the stage at 6:30pm until 9:30pm. 

This is a GREAT opportunity to see, first-hand, what a business coach can do for businesses, some of the ActionCOACH systems and how to still run a profitable company even in an economic downturn.  Learn the 28 proven strategies to grow a business.

You must register online for this or any other event dates on the schedule.  See a complete list of locations and register online at www.businessisboomingtour.com.  Use codes SWV001 for Richmond, KBM001 for Baltimore and DC or BDG001 for New Orleans and Birmingham.

 Here’s what people are saying about business coaching:

• “Annual spending on business coaching in the United States is estimated at $1 billion.” – Harvard Business Review, November 2004
• “Use of business coaching is widespread in UK organisations, with almost nine in ten respondents reporting that they now use coaching in their organization (88%).” – University of Bristol Newsletter, 2005
• “The Australian Institute of Management says 70% of its member companies hire coaches for business coaching.” – Inside Business Channel 2, July 2006
• According to MarketData Report in 2007, a recent study estimates that 40,000 people in the U.S. work as business or life coaches, and the $2.4 billion business coaching market is growing at about 18% per year.

Every great performer, whether an elite athlete, business legend or performing superstar, is surrounded by coaches and advisors. As the world of business moves faster and gets more competitive, it is difficult to keep up with industry changes, innovations in sales, and management strategies, among other things. This means business coaching isn’t a frivolous purchase – it’s a well-thought out, sound investment in your company’s future.

Business coaching is like consulting, but the difference is business coaching teaches the business owner what’s wrong and how to fix it so problems don’t arrive in the future. With years of successful experience that can provide valuable insight, a Business Coach can help you develop long-term and short term goals and strategies, as well as improve your business in several areas – perhaps even some overlooked areas.

Want to learn more?  Take this Entrepreneur Test to see if you have what it takes to become a business coach.

~ActionCOACH GulfAtlantic

Welcome to Your Home Based Business

By Brad Sugars

Gone are the days when home-based business was limited to Tupperware parties and the sole operating seamstress. With the advent of new technology, the thirst for a lifestyle greater than 9-5 and the changing dynamics of the modern day family more and more people are turning towards professional home based businesses.

There are 5 key motivations fuelling the growing popularity of professional home based business: time, lifestyle, profit, team and technology.

Obviously time is a key factor when working from home. Home-based professionals are not disadvantaged by the down time normally spent traveling to and from work and they enjoy flexible hours. Clients also benefit from flexible working hours and can schedule appointments to occur before or after work.

The lifestyle of a professional working from home allows for increased interaction with family members, a tailored work environment and the freedom to set the self paced completion of tasks. A win-win relationship also exists between home based business and their client base due to increased profit potential – due to low overheads. What you save on renting an expensive office suite can be passed on to your clients – creating a win-win solution for both parties.

Business owners often can work with their partner to create a great team synergy in the home environment. After years spent working in separate careers many home based professionals can involve their partner in the business. Partners can be involved in a business development and support role and teenage children who have excellent computer skills can earn some extra pocket money.

Not surprisingly the rapidly expanding portfolio of business technology makes the home based option a very attractive one. Utilizing e-mail and the Internet as well as teleconferencing can make for a very professional approach to business from their own home office.

However, the home office environment is not immune to the challenges faced in the conventional work environment and a day in the life of a home-based professional is anything but average. There is no such thing as a typical day. By necessity, business owners should reserve time in each day for different kinds of chores e.g. starting Mondays with a meeting and ending Fridays with writing reports.

There should also be time reserved for training and attendance at workshops. Home-based professionals must be proactive and consistent in furthering their own personal and professional development. Networking opportunities are also important in keeping up with latest changes in the industry and provide a catalyst for new ideas and strategies.

For more information on ActionCOACH, please visit us online.
]]> http://actioncoachgulfatlantic.wordpress.com/2010/03/04/your-home-based-business/feed/ 0 actioncoachgulfatlantic http://actioncoachgulfatlantic.wordpress.com/2010/02/09/actioncoach-guflatlantic-welcomes-new-coach-eric-simmons/ http://actioncoachgulfatlantic.wordpress.com/2010/02/09/actioncoach-guflatlantic-welcomes-new-coach-eric-simmons/#comments Tue, 09 Feb 2010 21:21:23 +0000 ActionCOACH MidAtlantic http://actioncoachgulfatlantic.wordpress.com/?p=68 Continue reading →]]> The ActionCOACH GulfAtlantic team would like to welcome Eric Simmons to the team.  Eric lives in Delaware, where he has spent most of his recent career at Energizer as VP of North American operations.  His focus has been on cultural transformation leading organizations through strategic and operational changes as a hands-on manager and consultant. 

We will be providing more information on Eric and his plans for his ActionCOACH business in the near future…until then, welcome to the team Eric!

If you are interesting in finding out what it takes to be a coach, click here.