Lessons Learned:
Something I gained from reading the DAG Case Study, about the Harvard MBA students wanting to open a dry cleaning business, is how important doing the research is before venturing into a business deal. They were very prepared, they knew the 4 best strategies to have a successful dry cleaning operation and they were able to weigh all the options with really great data to support their decisions. I learned from the reading about the pros and cons of buying an existing business that it can be very beneficial to buy a business IF the business is already doing well and has a great customer base. If the business has been poorly managed and requires a great deal of change, modernization, or is not in an ideal location, you are better off served opening your own business. I learned that I would need to learn a great deal more about buying a business before even considering going down that road. There are a lot of variables to watch out for when analyzing a business and I am just in the infancy stages of learning what I would need to know. Knowledge is power!
$100 Challenge:
This week I have been unpacking and getting settled into my new apartment. I did have one small typing job from a ward member. I did spend some more time going through virtualassistants.com to checking into transcription work. I'm a little frustrated with that process, but I do know a couple of people who do transcription locally for a company here in Arizona and that may be an easier route than the VA website. I need to look at more ways to market my business. I am happy I have had some typing jobs, but would like to have a little more work than I currently am getting. Financials for my business are: Revenue $153; Expenses $10; Net Profit $143.
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