How to Buy a Business When You Don't Have Tons of Money #1681
Marketing School - Digital Marketing and Online Marketing Tips
Eric Siu and Neil Patel
4.6 • 1.4K Ratings
🗓️ 20 March 2021
⏱️ 6 minutes
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| 0:00.0 | Hey, before we start, just want to give you a heads up that this is recorded from a clubhouse |
| 0:03.9 | conversation just so you aren't blindsided. So without further ado, enjoy. |
| 0:09.2 | Welcome to Marketing School, the only podcast that provides daily top level marketing tips and |
| 0:14.8 | strategies from entrepreneurs that practice what they preach and live what they teach. Let's |
| 0:20.1 | start leveling up your marketing knowledge with your instructors Neil Patel and Eric Sue. |
| 0:26.0 | All right, guys, before we start, we got a special message from our sponsor. |
| 0:30.8 | If you want to rank higher on Google, you got to look at your paid speed time. The faster your |
| 0:36.0 | website loads, the better off you are. With Google's Corvital update, that makes it super, |
| 0:41.0 | super important to optimize your site for low time. And one easy way to do it is use the host |
| 0:46.8 | that Eric and I use Dreamhost. So just go to Dreamhost or Google it, find it, check it out, |
| 0:52.9 | and it's a great way to improve your low time. |
| 0:58.4 | All right, so today, we're going to talk about how to buy a business when you don't have tons |
| 1:03.0 | of money. So Neil, why should people even think about buying a business in the first place? Because |
| 1:06.8 | if we're starting out right now, well, let's say we don't have a lot of cash flows, like, |
| 1:10.0 | you know, it seems counterintuitive, right? It seems very risky and, you know, maybe we can lose |
| 1:14.0 | a lot of money there. What if I don't have the money for it, right? So there's a lot of nuances |
| 1:17.2 | around this. If you start a business from scratch, it tends to be the hardest thing. There's a lot |
| 1:22.4 | of businesses out there that already have some revenue, some profitability, so you can put your time |
| 1:27.5 | on, make the product better, make the service better, fix the marketing, and just grow it. And |
| 1:32.2 | when you look at those businesses, a lot of them will sell for pennies on the dollar. And if you |
| 1:36.6 | don't have cash, you can go borrow money or get things like an SBA loan to get a head start. And, |
| 1:42.9 | you know, any entrepreneur will tell you the hardest part about creating a business is actually |
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