Business for 1st Time Entrepreneurs

Transcript

Andy and Jessica welcome you to another episode of The Deal Board Podcast. Today, they speak about business for new or first-time entrepreneurs. Offering advice from their own experience and their observations, your hosts list a series of recommended business categories to consider for your first foray into business. They share resources for franchising, predictions for which industries will grow fastest in the coming years, and advice for lowering your overheads. You’ll also hear Andy and Jessica’s keys to success and their suggestions on approaching inventory, margins, profit, and more. This episode includes a few words of caution against first-time businesses with a high risk of failure, and advice on how to truly play to your strengths as a new entrepreneur. Join us today to hear all this and more.

Listing of the Week:

Two-store liquor and wine outlet offering a diverse range of quality wines and spirits along with stellar customer service. Consistent combined revenues of over $6M with an excellent reputation in a category that is recession-proof. Focus on wine, beer, and spirits in these spacious stores with an educated staff that can speak about different tastes and brands offered for sale. Real estate is available but not included in the sale price. $1.7M in combined inventory between both stores! Proof of funds and a buyer profile will be needed before serious discussion with the seller can begin. Email [email protected] or call him on (708) 328-8886.

Key Takeaways

[00:29] The common question of how to navigate business as a first-time entrepreneur.
[01:11] Jess and Andy’s first businesses and what they would and would not recommend.
[02:58] Benefits of choosing to franchise if you are new to business.
[05:24] Resources for those looking to franchise including Entrepreneur Magazine.
[06:10] Classic service-based industries that you could get involved with.
[07:56] Deal of the Week: Tom Milana Construction.
[08:45] How to approach the professional services category.
[10:05] Why Andy and Jessica predict an upcoming boom of the health industry.
[11:18] What it might look like to get involved in the growing pet industry.
[13:32] Unexpected technological options that may lower your overheads.
[16:37] Advice for entrepreneurs dreaming of a brick-and-mortar restaurant.
[19:26] Keys to success including what to do about inventory, margin, and more.
[24:52] Differentiating between trends and niches, and solid industries and long-lasting ideas.
[27:39] The real purpose of every business.
[30:43] Why it’s a good idea to do what you know whether it relates to technical knowledge or your role.
[31:46] Listings of the Week that would be great first-time businesses.

Links Mentioned in Today’s Episode:

Call us on (888) 719-9098
Email us at [email protected]
Contact Matt Friscia – [email protected] or (708) 328-8886
Contact Tom Milana – [email protected] or (561) 702-6867

#thedealboard #transworldbusinessadvisors #realestate #commercial

Quotes:

“If this is your first time in business, it’s always great to have a partner and a partner who know what they are doing and a successful formula.” — Andy Cagnetta [0:02:55]

“Whatever you’re thinking of potentially doing as your entrepreneurial track, there’s probably a franchise already in that industry.” — Jess Fialkovich [0:05:48]

“Your first foray into entrepreneurship doesn’t have to be a full-blown business with a ton of employees and a ton of overhead.” — Jess Fialkovich [0:14:49]

“It’s okay to fail, just don’t fail so spectacularly that it hurts your family or whoever gave you the money to begin with.” — Andy Cagnetta [0:22:49]

Mentioned in This Episode

• The Deal Board Podcast
• Subscribe to The Deal Board Podcast YouTube Channel
• The Deal Board on LinkedIn
• The Deal Board on Facebook
• Transworld Business Advisors
• Transworld Business Advisors on LinkedIn
• Transworld Business Advisors on Facebook
• United Franchise Group
• Manufacturer and Installer of Custom Cabinets
• Entrepreneur Magazine Franchise Center
• PRIVI