How to Buy a Business for $0

All Within One Week

Author

Millionaire Syrup
April 21, 2024

How to Buy a Business for $0

All Within One Week

Find The Business

When you're on the hunt for a business to buy, start by looking at your own spending habits. Check out where your money's going by pulling up your Venmo or PayPal history. Look for patterns in your spending, especially with small businesses where you can easily connect with the owner. This is your first clue to finding a business that could be a good purchase.

Next, get organized. Create an Excel spreadsheet and list the businesses you frequently spend money on. Include columns for the owner's name, the service they provide, your monthly spending, and if possible, estimate their total business revenue. This helps you understand not just where your cash is going, but also the potential value these businesses could add to your life if you owned them.

How to Have The Conversation

When it comes to having a conversation about investing in someone's business, it's important to start off with a friendly introduction. You can say something like, "Hey (name), how's it going?" to kick things off. Then, you can mention that you've noticed they have a business.

Next, you can share that you sometimes invest in and help small businesses grow. You can explain that you're wondering if they want to grow their business and if they have a website or social media presence. If they don't, you can offer to come in and help with that, taking a piece of the business and getting a share of the total sales each month. This is a way for you to contribute to their business's growth while also benefiting from it.

Venmo Challenge
The Venmo Challenge has five steps. Step one is to go to your Venmo and look at what you spend on. Step two involves taking the transactions that aren't from big companies like Amazon or Walmart and making a list of small businesses where you actually know the owner. Step three is all about deciding which business you want to support. Once you've made your decision, step four is to have a conversation with the business owner. Shake hands, have a chat, and discuss how you can help them achieve their goals. And finally, step five is to make an offer based on what you've learned about their revenue, goals, and what you can bring to the table.

Personal P&L Review

The Personal P&L Review is like the 2.0 version of the Venmo Challenge. First, open up Venmo and take a look at what you've spent. Take it a step further and review your credit card, debit card, and bank account transactions. Download the transaction reports and put them into an Excel spreadsheet.

Once you have your list of transactions from the past 30 days, start by eliminating the big boys like Amazon, Walmart, and Target. This is where you can find some hidden gems to support and potentially invest in. By doing the Personal P&L Review, you can uncover opportunities to invest in small businesses.

What to do on Day 1?

On Day 1, focus on unlocking their mindset. Ask them what they’re trying to achieve and what they’re looking for. Once you understand that, you can start to unlock their mind and help them believe that more is possible.

It's so important to believe in yourself because that's where it all starts. Without that belief, no matter how many tactics or strategies you teach, it won't make a difference. So, on Day 1, work on building that self-belief and understanding why you're doing what you're doing.

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