My First Million #106 - The Q&A Special: We Answer Your Questions Live
4 snips
Sep 2, 2020 Hosts engage with their audience in a lively Q&A, discussing effective research strategies for identifying business opportunities. They explore unconventional insights into purchasing established businesses versus starting new ventures. The viability of a mental health app is debated, alongside critical strategies for customer acquisition. Insights into post-pandemic business adaptations and the evolving work-from-home market are shared, with an emphasis on entrepreneurial opportunities. The episode wraps up with discussions on tech disruptions and the importance of a growth mindset.
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Business Research
- Research businesses by using tools like SimilarWeb, Hrefs, Wikipedia, and annual reports.
- Analyze app reviews and deconstruct successful businesses to understand their workings.
Scrappy Research Tactics
- Employ "scrappy" research tactics like counting customers, analyzing receipts, and contacting ex-employees.
- Triangulate information from multiple sources to get a clearer picture.
Buy, Don't Build
- Buying an existing business with proven cash flow is a better wealth-building strategy than starting from scratch.
- Secure an SBA loan for the majority of the purchase price and use personal savings or borrow from friends and family for the down payment.
