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What's up, everybody this is Ed Rich and you're watching Ed Rich Vlog. Today, I'm having coffee with
Built To Sell (Book by John Warrillow)
Maybe you have built a business before maybe you failed. Maybe you succeeded
I have a series of failure of businesses I've done before except the last one which I built
right now, but the model of this business is not something I'm very satisfied with. My business is mostly
a consulting service business. It relies a lot on me and I'm a very creative person
I'd like to create something where I can talk with people and don't bother afterwards
But right now my business involved me to provide service, digital marketing services, funnel building services
That is something I'm trying to get away from and I want to build this business or hold this business into something that I can
detach myself from
and one of the best ways to do it is to build it right from the beginning in a way as
If I'm building it to sell. So today I'm going to read Built To Sell
and
With this. I'm going to cover
the steps involved to make this business a stand-alone business - it won't the business model and
I would share my discoveries with you
one of the reasons I want to do it is because I want to build a business which is very close to my passions and
I'm tired of people telling me that you should work for money. Oh
You trying to build a business for something you like, but you need to pay your bills somehow. Oh, yeah, I know
It's been a struggle to pay my bills purely on passion
but that's
that's a work in progress and
I'm using the wisdom of the crowd or people who have done it before me to figure out the steps
Which I'm not doing and even though I may be skeptical to some of the things in the goods I will
Take these steps religiously. I will even if I don't believe on those steps I do for some time
take it as an experiment and give my full faith on those steps and
How we try to push myself, but it's not let's enjoy the coffee
So in building a business that can thrive
without you there are three key elements. Three key elements that the author John Warrillow has
Described number one is that it should be teachable. So basically if you want to be able to sleep
Without taking care of everything in your business yourself
You should be able to teach what you do or what your business to do someone else
Number two that it's valuable. So what you create create value in the market and number three
Things you do in your business
Should be repeatable almost everything
So, why do I care about building a business that can thrive without me?
my business has been or
Businesses have been messed before I have created a couple of businesses and none of them
Come to a point where I can just take an exit without closing it down
in fact
One of the businesses gave me a huge losses and I found myself quickly into seventy thousand pounds in debt
Which is almost like a hundred thousand dollars that at that time now even though I'm debt free today
But the pain of going through the experience is still with me and I want to make sure
that whatever I create in the future is more systemic is not designed on my intuition is not based on like
You know hunting-gathering even though I'm a hunter-gatherer
I would like to stay hunter-gatherer, but still the system so I create I don't want them to be hunter-gatherers
I want them to be farming systems
So there was a point in my life when I created a business which was doing two hundred and fifty thousand US dollars a year
In fact the month I was struggling most was the month. I was doing £ 50k £ (UK GBP) ~ USD 75k sales alone
It was a drop shipping business on Amazon
The model itself was so difficult the way I built the business even though it was
successful in revenues it was difficult for me to generate profit out of it and
Even more difficult for me to replicate it. I
remember a time when I was just
Learning to different investors and asking them if they kept they could suggest me something nobody cared. They didn't talk about the possibility of
this business being
Acquirable or something like that. So I end up closing the business and that's how I got the £70k debt
But this I'm inviting you to be part of this journey
Let's go on this journey together journey of discovery and self growth
While building a business that can live on its own
so the next thing I want you to do is to just subscribe to this channel and
That's how you will get updated about the journey
Let's create this movement together