Although we all have a different version of what success looks like, we follow the same process for reaching our end goal. Knowing how to make successful business deals is one of the first steps in this journey.
The best deals don’t come from ads or brokers. You create them. Want some business tips? You’ve come to the right place!
The Best Deals Start with Knowing What You Want
You look around your town for an empty lot or a derelict building in a good area. Then you buy it from people who don’t care about it. Then you develop it with other people’s money (or loans). You make “infinity” on no investment except, of course, your time.
In short, always consider the following:
- Your time is your most important investment – use it wisely.
- Always assume the other party has more to gain from this deal than you do.
- Working with other people’s money does carry responsibility, but it takes a portion of the risk off you.
Be Ready to Invest Time and Money
You can’t get rich working for a salary or an hourly wage. Never invest in stocks, deals or anything you don’t control. Odds are you will lose your investment before you make any real gains.
But it is easy to become a multi-millionaire if you make the effort. Most people are too interested in instant gratification or consumer things to ever get rich. In my experience, many people I knew quit when they reached their middle-class comfort zone. Or when they became frustrated by obstacles or problems.
The bottom line is that making good business deals requires commitment, and is a long-term goal. If you really want to be successful in business, you need to appreciate it could take a long time.
Find Your Niche
You must never quit. Don’t set as your goal “I want to make money!” Your goal should be creating value, finding needs and filling them. This is how all businesses begin – no matter how large they are now.
- Your niche should be based on something you know; this saves time in the research stage.
- Be sure to know your niche’s market, what do your customers need?
- How can you bring the most value to this market? What can you offer that your competitors don’t?
While finding your niche is important for your business idea, you’ll need it for other things too. Knowing your market helps you answer questions like “so what?” and “what can you offer?” These are things that investors and stakeholders will ask, so be ready with answers.
When we’re talking about successful business deals, the end goal is multi-millionaire status. I say “multi-millionaire” because a mere million dollars won’t even get you a studio apartment in places like Monaco or London.
To live an upper-middle-class life, you need around $25 million these days. If you’re focused and committed to reaching this goal, start with passion and a good idea, and the rest can be learned!