I’ve been a business owner my whole life. I owned one of the first web development firms in San Luis Obispo. I started what later became the second largest virtual tour company in the country. I sold that to what is now the second largest newspaper group in the country, and got a chance to try my hand at the newspaper business.
I grew an IT company from 15 employees to 40 in less than 2 years. And I’ve provided consulting to countless business owners over the years. Bottom line: I’ve seen a lot. People often ask me what key factors I look at when considering my involvement in a business, so here they are:
1) Risk vs. reward
What do I get for my sweat equity? Can I turn a little money – and a lot of hard work – into more money?
2) What’s the income potential?
Can this make me the kind of returns I want?
3) Recurring income
Do I have to fight for income each month, or do I build up recurring income the longer I work at it?
4) Am I excited to be a part of it?
I love technology, I love helping business owners. I want an excuse to NEED the new iPhone.
5) Freedom with my time
Do I have to open my doors each day at the same time? Can I take a vacation without the business falling apart?