Around the Web: A Week in Summary
A recent blog post from Transworld Business Advisors entitled “5 Best Industries to Buy a Business Right Now” explains the hottest up and coming industries that provide big opportunity for aspiring business owners.
As a potential business owner, it’s likely that you have certain industries and niches that you already have interest in or skillsets for. However, not all industries are worth investing in, and not all of them have the same potential. According to experts, the following industries are definitely worth considering buying into in 2019:
- Baby Technology
- Workleisure Apparel
- Personalized Nutrition
In an ever growing, ever changing world, it’s important to stay in front of the latest trends and where people are focusing their attention. At the moment, health and technology are top concerns for most Americans, making related industries prime investment candidates.
A recent blog post from BusinessBroker.net entitled “Seller Burnout” discusses strategies that a business owner can use to avoid reaching a point of burnout.
Running a business comes with a lot of stress. Some good stress, and some bad, it’s all just par for the course when “CEO” is your job title. However, if left unchecked, too much bad stress can lead to burnout and leave a business owner ready to exit their company. To avoid reaching this point, here are some things you can do:
- Lead by example – Create an uplifting and positive environment by being consistent, sporting a positive attitude and giving the appearance of enjoying your work.
- Delegate tasks – Take some of the workload off of your shoulders and increase employee moral by trusting them with some of the projects and tasks you’ve previously done yourself.
- Improve your time management – Take control of your schedule by planning ahead, prioritizing how you spend your time and focusing on your pre-set goals.
- Work with difficult employees – Rather than avoiding them or working against them, it’s a great leadership skill to find a way to effectively manage a difficult person. It also is important to avoid allowing one person to negatively impact the team as a whole.
- Have a life outside of work – Having a way to effectively destress is very important for business owners.
While avoiding burnout is important, the most important thing is to run a business that you enjoy and have a passion for. If you’re happy, your business will benefit; if you’re miserable, your business will suffer too.
A recent article from Divestopedia entitled “3 Simple Ways to Start an Exit Plan in 2019” explains easy steps a business owner can take to get started on their exit journey.
Setting out to sell a business can be a large undertaking. Breaking the process down into bite-sized steps is a great way to get the ball rolling. Here are 3 suggestions to get you started:
- Establish your exit objectives: Determine the amount of money you’re going to need from the sale of the business, when you’d like to have the business sold by, and who you’d like to sell your business to and why.
- Tell a trusted advisor: Much like telling a family member or friend what your New Year’s resolutions are, sharing your plans to exit your business with an advisor can give the idea life and provide you with support and accountability.
- Get a valuation: Find out how much your company is actually worth. Taking this step can save you a ton of time down the road by helping identify what your next steps are and what your options look like. It’s better to have a valuation done and know what your business is worth than to guess incorrectly and be unpleasantly surprised later.