Bradley Sugars

Brad Sugars encourages you to take the time to learn from the common mistakes of others before launching your own business.

Often times, people make their first mistake right up front during the creation of the business entity. They either give away free equity by taking on a partnership in lieu of hiring the labor, or else take the easier route of creating a sole proprietorship which leaves them open to potential liability issues.

Do not make the mistake of thinking that just because you are an excellent plumber, you will by default have a similar competency at running a plumbing business.

There are a lot of additional complications which arise from hiring people, tax laws, business licenses, accounting, and other regulations.

Any of these issues can be overcome, but you have to make sure to do your research and hire the right people or services to balance out your expertise.

Brad Sugars explains that you cannot compete on price alone.  If your goal is to enter the marketplace and undercut your competitors then your business will very likely end up bankrupt.   You have to have a solid idea, build a great operation around the idea, and then market your idea as an enhanced value which is worth every penny of the purchase price to your customer base.   Building a concept around repeat business will generate a much higher return than a one and done buying mentality.

Leveraging your existing relationship with your customer base and increasing your average dollars per customer lead to much higher returns than a business model that is based around a consistent influx of new customers.

Do not be afraid of a recession or downturn in the economy to start your business.   Brad Sugars believes that a recession is actually a great time to start a new business.  You can find great deals on real estate, suppliers, and even hiring great people. There are opportunities for low credit financing, and no money down type deals.

Other businesses are on the lookout for new providers as they struggle to get more efficient and lean during their own belt tightening phase.  If you take initiative and open or expand a business, then you will have a great opportunity to land some positive PR as the local newspapers and media look for examples of businesses that are bucking the trend.   If you find that you have lost your own job, starting a new business is a great way to put your talents back to work.  Necessity is often the mother of invention, and this same principle applies to your life as well.  Keep in mind that recessions are typically short-term in nature, but the recovery phase will typically last a lot longer.

Brad Sugars encourages you to aim for the stars.   If you aim for the stars, you should at least hit the moon.  Focus on putting in place a business plan that is aggressive and growth oriented.   Do not stop at just making a living wage, but push yourself to reach your dreams.