He said it was probably the best investment he ever bought.
He also said he shouldn’t have bought it…
So was it a lemon, did the business crash or did he get sued?
Surely something bad happened right. But that is just the thing, NOTHING bad happened. However how can one guy buy one amazing investment but still say he shouldn’t have bought it….?
This is just one of the many people I have had the pleasure of meeting.
You see I talk to a lot of people, from want to be investors to people who are already in the market, people wanting to grow their business and then there are those who want to start their own.
Being across the field you meet some real characters. It brightens up my day actually, though this guy wasn’t much of a character. He was a smart guy knew his stuff and apparently knew what he wanted… or did he?
Now that is the thing right. After talking to and getting to know this guy he explained who he is, what his been doing and what he wants to do. Quite a standard chat for me and anyone I talk to in business really.
What caught me off guard though was that he mentioned he bought an amazing business, a really good investment and he was able to grow it well although he had to sell it.
I was confused.
“Hang on your business was making X after only earning Y and you had to sell it… why?”
He replied “Because the money was good, everything was good but I was working too much and I didn’t even like the work I was doing.”
Ahhhh now I see what went wrong. It wasn’t that he bought a bad business, because as you can tell it’s a solid investment. What went wrong though was that he stuffed up from the very beginning.
Which isn’t out of the ordinary, most people do this. Actually majority of society do this, even I was once a victim of this ever-popular mistake. This mistake we have all made before is simply not setting goals and guidelines for what we really want.
What I mean by this is when you want to buy an online business you want to buy it for a particular set of reasons right, either you want to earn an extra $1,000 per month or you want to replace your income. Maybe you want to quit your job and travel the world like I did.
The crazy thing is people will go and buy a business, which is a great investment, but forget to actually write down some pre-requisites the business must have before investing. This is exactly how my good friend here stuffed up, by forgetting to hunt for an investment that could help him tick off his goals.
So the key takeaway you should get from this and by learning from his mistakes. Is that when you want to invest in an online business, make sure you set some goals that the business must help you achieve. For example, set some goals that the business must have to be able help you to actually improve your life. Not make it harder.
The whole point of buying an online business is to improve our life, so be sure to find a business that can do just that. Otherwise you could end up in a situation you do not want to be in at all.