GoKawiilOpinions expressed by Entrepreneur contributors are their own.
Listen to this post
Key Takeaways Buying businesses in industries with recurring relationships, recurring revenue and dependable cash flow can create more stability and long-term opportunity that flashier startups often lack.
When you use debt to purchase existing revenue streams and established client relationships, you reduce risk and give yourself room to learn, adapt and improve.
Some of the best entrepreneurial opportunities are hidden in practical, overlooked industries, so staying curious and paying attention to what others overlook can lead to major breakthroughs.
Most people think entrepreneurship starts with a new idea. Mine started with a boring industry and an SBA loan. I was working as a financial advisor, trying to grow my client base through strategic alliances with estate attorneys and tax professionals.
I did what many advisors are taught to do: schedule meetings, make the pitch, follow up diligently — and gained virtually no clients from it. What I did gain was an unexpected insight.
The conversation that changed my career
While many of the attorneys I met also struggled with client acquisition, the tax professionals seemed to have a very different problem. I still remember one accountant casually mentioning that he picked up a new client nearly every week. That conversation changed how I thought about business entirely. These were not businesses constantly chasing demand. Demand was everywhere. They were businesses built around recurring relationships, recurring revenue and dependable cash flow.
A light went on: There was opportunity in tax.
... continue reading