How To Buy A Business With Little To No Money w/ Shakil Prasla #TheOnePercent
Capitalism.com with Ryan Daniel Moran
Capitalism.com
4.8 • 793 Ratings
🗓️ 21 January 2019
⏱️ 43 minutes
🧾️ Download transcript
Summary
Acquiring a business can help you bypass the time spent on building a business from scratch.
But what happens when you acquire business which hasn’t been reaching its full potential? How do you change it into something which makes you money without you needing to spend all of your time on it?
Shakil Prasla buys online companies for as little money as possible, sits in the owner’s seat, and delegates systems and processes to a manager.
This has allowed him to purchase eight different online businesses, all of which he has turned into profitable enterprises which makes him money while he has little involvement.
In this episode of The One Percent (one of Ryan's most downloaded Freedom Fast Lane episodes) Shakil explains how his business model works, how he acquires new companies, and the process he takes to make his income passive.
Key takeaways:
- How to pick profitable products for a long-term investment
- Finding good people for a successful online business
- Spotting growth potential in companies you’re interested in acquiring
Transcript
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| 0:00.0 | I bought a drop ship company a few years ago. The seller was the only one working in the business, |
| 0:06.6 | but he liked to play golf. So during the day, he would not even pick up the phone calls. He would |
| 0:11.3 | have at least 10 missed calls a day. And he was telling me about this. And I said, why didn't you |
| 0:15.8 | just hire a virtual assistant? And he said, well, I didn't want to, you know, trust someone else running my |
| 0:22.0 | business. All I did was when I took over the business, I hired a virtual assistant, taught her on |
| 0:27.4 | the products. We saw about a 40% increase in revenue in the first three months. I did not do |
| 0:34.2 | anything else, nothing else at all. That's all it took. |
| 0:37.8 | It takes one free person to create change. This is the show for them. We are the creators of the free world. |
| 0:47.0 | This is capitalism.com and we are the 1%. |
| 0:53.9 | Hey, one percenters. This week we are sharing one of Ryan's most downloaded interviews of all time. |
| 1:01.0 | Oh, and for more exclusive content for entrepreneurs from Ryan, don't forget to subscribe to the Ryan Daniel Moran YouTube channel. |
| 1:09.0 | And click the bell so you'll never miss a new video. Enjoy. Hey everybody, this is Ryan Daniel Moran YouTube channel and click the bell so you'll never miss a new video. |
| 1:12.4 | Enjoy. |
| 1:13.3 | Hey everybody. |
| 1:14.0 | This is Ryan Daniel Moran. |
| 1:15.5 | Welcome to the 1%. |
| 1:17.1 | I cut my teeth in this business in the internet marketing world by buying and selling websites. |
| 1:22.9 | And the reason I did that was because websites have really low valuations as compared to cash flows. |
| 1:31.4 | And they have kind of unlimited upside because you can change a few things about websites or just web |
| 1:36.7 | businesses in general in order to get the profits up. |
| 1:40.0 | So you could buy a business for very little or no money and then add some what I would call |
| 1:45.9 | refreshing paint and carpets to it, like changing the monetization or emailing the list or |
... |
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