In this episode of the GPS to Your Business Success podcast, we dive into the essential steps for turning your business idea into a reality. Key topics include setting clear goals, building a strong team of advisors (such as a CPA, attorney, insurance agent, and payroll provider), and understanding different business structures. We also emphasize the importance of integrity, managing expectations, and sound financial planning. Additionally, we offer practical tips on purchasing an existing business, structuring the purchase for tax benefits, and ensuring the proper legal and financial foundations are in place. This is part three of a four-part series covering picking, starting, financing, and selling your business.

Episode Breakdown:

• 00:00 – Introduction and Episode Overview
• 02:05 – Sponsor Acknowledgements
• 03:10 – Launching Your Dream Business
• 05:41 – Building Your Dream Team
• 07:06 – Legal and Financial Considerations
• 08:59 – Payroll and Insurance Essentials
• 12:33 – Making an Offer and Due Diligence
• 17:32 – Choosing the Right Business Structure
• 20:59 – Conclusion and Next Steps (Episode 10)

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: Podcast@papakyrikoscpa.com

In this episode of the GPS to Your Business Success podcast, we continue our four-part series on launching, financing, growing, and ultimately selling your business. This episode focuses on the critical topic of financing your startup. We explore a variety of funding options, including traditional bank loans, seller financing, using retirement savings, and securing private investors. We also take a closer look at key programs from the U.S. Small Business Administration (SBA), such as the 7(a) Loan Program, the 504 Loan Program, and Microloans. Whether you're just getting started or looking for new ways to fund your business, this episode is packed with practical advice and actionable insights. Our sponsors for today’s episode are Steer CRM and Auto Shop Answers. Tune in to learn how to secure the financing you need to turn your entrepreneurial dreams into a thriving reality.

Episode Breakdown:

• 02:08 – Identifying the Right Opportunity
• 03:57 – Demystifying Seller Financing
• 09:50 – Leveraging Savings and Retirement Funds
• 19:06 – Securing Private Investors
• 25:23 – Navigating Bank Loans and SBA Programs
• 39:17 – Key Takeaways and Next Steps

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: Podcast@papakyrikoscpa.com

In this episode, host Nick explores the critical decisions involved in starting or buying a business. He discusses the importance of having not only the technical skills but also the management expertise needed to run a successful business. Nick covers various pathways to business ownership, including launching a new venture, buying a franchise, or acquiring an existing business. He emphasizes the need for a well-thought-out plan that includes financial projections, understanding industry trends, and thorough due diligence. Nick also offers cautionary advice on potential pitfalls and stresses the importance of leveraging seller financing for protection. Tune in for valuable insights on navigating the journey to business ownership, and don’t forget to subscribe for a chance to win a monthly Visa gift card!

Episode Breakdown:

02:33 Sponsors and Acknowledgements

03:40 Deciding to Start or Buy a Business

04:16 Skills Needed for Business Success

05:20 Financial Planning and Projections

10:26 Exploring Franchise Opportunities

13:35 Buying an Existing Business

18:55 Location and Retail Considerations

20:48 Seller Financing and Leverage

The E-myth revisited: why most small businesses don’t work and what to do about it.

By: Michale E Gerber

https://www.amazon.com/s?k=the+e-+myth+revisited&i=stripbooks&hvadid=598729291625&hvdev=c&hvlocphy=9192016&hvnetw=g&hvqmt=e&hvrand=15219399904089217627&hvtargid=kwd-4013693505&hydadcr=22561_13531225&tag=googhydr-20&ref=pd_sl_3qzh5bci5c_e

Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers

Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at steercrm.com.

Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at autoshopanswers.com.

Connect with Papakyrikos, CPA: The GPS to Your Business Success

• Visit us online: www.papakyrikoscpa.com
• Email us: Podcast@papakyrikoscpa.com