Why would you sell a business? This is the question that you might be thinking. Let’s assume that you’ve transitioned from a job, you’re starting to create a business, you’ve paid attention to the presentations over the last few days, you’ve built a team. And now, you’re not required to do everything. So it’s not job-like, in essence.
Maybe your focus is split, you know? I’m starting to think, Hang on, I’ve got this SEO business. I’ve got a website development business, I’ve got a coaching business. And I’ve got affiliate stuff, as well. Maybe I’m spread a little bit too thin. And where it really became hardest is when I’d hop on a plane and I’d go to a conference and I’d be there maybe just at the bar or at dinner, having a chat with someone and they say, so what do you do? And I’m like, that’s a hard one to answer, like, where do we start? So sometimes I go to an SEO event, I went to SEO event of Dori Friend’s in Sacramento. And I spoke about SEO and I was an SEO expert at that event, that was easy. Then I went to Cabo in Mexico, and I spoke about building an online blog and doing content marketing. It was like I was wearing too many hats. So think about this. This is a very common thing for entrepreneurs, because we’re just opportunity magnet. We can see the good in anything. We can be sitting in a chair and think, I wonder where this is made? And I wonder if it’s a competitive market or not? Your brain never switches off, right?
Maybe there’s a threat, there is a threat to your business. And this certainly was a factor with the SEO business. It was becoming a victim of my own success. And I have to explain that. The person who bought the SEO business was a customer. He was sitting in a room in 2009 in Dubai, like you. But back then this was more of an event that attracted people who are brand new to the game and they were looking for an opportunity. And he bought my program. And I did coaching with him and he was really good at it. And he established a whole market in Dubai, and he was reselling my services. And by the end, he was reselling so much that he was buying a huge amount of supply and like by far the most of any other customer. And so his slice of the pie became so big that it is like going fishing and hooking a fish that’s just too big for your boat. And if the fish gets off the hook, then you could go starving. But if you land the fish, it might sink the boat. So it’s what I call Big Fish scenario. So you want to keep any one customer to a smaller percentage of your entire portfolio, like, at least no more than 30% of your business. Otherwise, you start to get into compromise.
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