Can I make someone else’s business a success?
Somewhere along the path of your own journey in business you may have had to answer the question “Can I make someone else’s business a success?” This is commonly asked amongst family members wanting to help a child or spouse, or even a distant relative. In some families the well-being of each other’s businesses is almost a must do! Maybe you just have a friend who is struggling, or perhaps you have invested in a business you believe in, but need to be assured that it is going to be well run without your involvement. Whatever your reason, it’s a fairly commonly asked question and the short answer is “Yes you can” … which in turn begs another question…
What’s the best way to go about it?
In many families the answer is to just ‘throw money at it’, I.E. to give financial support and advice based on your own business experiences and hope it succeeds. The problem is that this can sap your own finances and use quite a bit of your time, but still you find that the business has not been well constructed or properly run. Quickly your ‘investment’ can be abused or just go down the toilet. One of the oldest and wisest sayings in relation to this is ‘Give a man a fish and he eats for a day – teach him to fish and he eats for life!’ The fact of the matter is that your family member, friend, or prospective business partner needs to be able to, not only go it alone, but learn to be a competent business owner in the long run. Yes helping financially and investing in others can help, but there is a better way to do it…
Sponsor a good Business plan
The most effective way to help anyone make a business work is to ensure at the outset that they have a good business plan. There are excellent courses available that help Entrepreneurs and business people to, not only have a basic ‘start up’ plan to try to raise capital, but an effective long term plan that attracts investors and partners throughout the duration of the business. It also enables the smooth running and impressive growth of the business for the long term. If you are going to invest, then invest wisely by sponsoring your prodigy with something that will educate them to be great ‘fishermen’ who eat forever.
Give the best to get the best
A proper personalised, comprehensive, world class investor ready Business plan can change a new business owner’s thinking to be more strategic and proactive about building the business and then creating the future they want to achieve. It makes sense therefore to give the best training program that you can …in order to be rewarded with the best results. Contact us for more information and advice on how you definitely can make someone else’s business a success!