Selling a business: how to get started?

Bedrijf verkopen: hoe begin je eraan?
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Selling a business: how to get started?

Do you want to sell your business sooner or later? Then it is best to prepare well. In this article, you will discover how to attract the right buyers for your business. We will show you how to make yourself redundant. That way, you are guaranteed to get more money when you sell your business.

Like most entrepreneurs, you probably have an emotional attachment to your business. Whether you founded it yourself, acquired it or grew it, it is and will always be your baby. And yet, sooner or later, you will have to say goodbye. By selling your business, it will live on and you will keep a nice sum. Ideal for your old (or still young) days.

But how do you get started? With the 5 tips below, you can easily sell your business for the highest possible price.

Selling business tips 1: Make yourself redundant

Most entrepreneurs are constantly busy with their business. Sales, marketing, HR, logistics, ... them
want to control everything themselves. That way, they can be sure that everything runs as it should. Does this sound recognisable? And
is that really why you became an entrepreneur: even more headaches and even less time for
yourself?

Fortunately, it can be done differently. By relinquishing control, you make yourself redundant to your
business. With the right people managing your company's crucial processes, you strengthen the
fundamentals of your business. This will make your business much more interesting to potential buyers.

Bedrijf verkopen tips 1: Maak jezelf overbodig

Sell business tip 2: Create efficient business processes

To sell your business, it needs to work efficiently. Therefore, map and align all business processes. A visual flow chart helps to identify pitfalls and opportunities and set the right priorities.

Provide clearly defined job descriptions and roles. Create manuals that describe each role, position, team and department, including their duties and responsibilities. Then cross-train your employees so they can take over various tasks when needed. This will keep your business running, even in unforeseen circumstances.

Sell business tip 3: Keep innovating continuously

Want to showcase your business in a positive way? Then make sure it continuously evolves with the times. Therefore, regularly ask yourself the following questions:

  • Do our offers still meet the market?
  • What can we do to reach more customers?
  • How can we positively differentiate ourselves from our competitors?
  • What can we do to sell more?
  • How can we make our processes more efficient?
  • What can we do to cut costs?

Continuously innovating your business keeps it flexible and more resilient to unexpected market changes. This makes selling your business a lot easier.

Sell business tip 4: Build a super team

Your business, that's your people. Your team keeps your business running. Only with good teamwork, will you achieve good results. A team achieves so much more when it works well together than the individual members of this team achieve alone.

Want to get the most out of your team? Then first formulate a clear mission, vision and code of ethics. That way, all noses point in the same direction. When a team shares the company mission and vision with a common sense of ambition and passion, it gains clout and will achieve better results.

As an owner, you then no longer have to step on the field yourself. This is also very interesting for potential buyers of your business.

Sell business tip 5: Appoint someone as director

When your business structure is in place, your processes are efficient and your team knows perfectly well what needs to be done and can also execute it independently, you can take a step back as an entrepreneur. By appointing someone else as director, you can completely remove yourself from your business.

Thanks to the good functioning of your business with clear responsibilities, there is probably a good candidate to be found in your current team. Now everything is ready for a successful business sale.

By giving the reins to someone else, you achieve a higher level of personal pleasure and financial rewards. This is how you realise the power of true freedom.

Want to get your business ready for sale?

Want to sell your business so you can live the life of your dreams? ActionCOACH helps entrepreneurs and business owners how to get their business ready for sale. With our individual coaching and mentoring programmes, we help you tackle all the challenges successfully.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

Recruiting staff - right talent for your business

Personeel aanwerven – juiste talent voor je zaak
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Recruiting staff - right talent for your business

Finding new employees, it remains one of the biggest challenges for many companies. Ideal staff are scarce and competition is fierce. So how do you still find the right talent for your business? In this article, we will tell you how to profile yourself as an attractive employer and what you need to do to recruit the right staff.

Do you want to find the best employees for your company? Then, first of all, make sure you are an attractive company for potential candidates. A promising job ad that makes people enthusiastic to apply for a job with you is indispensable for this. But, it is best to start at the beginning...

team acroniem

Staff recruitment tip 1: Make your mission, vision and values clear

More and more people are looking for an employer that promotes the same values as themselves. They find it important that a company pursues a positive mission. Therefore, as a company, it is important to define and communicate an inspiring mission, a clear vision and strong values. This way, you can attract new employees who identify with your company and are therefore extra motivated.

Hiring staff tip 2: Invest in your company culture

Establishing your mission and vision is not enough. You need to ensure that everyone in your organisation knows them, feels them and lives them. Your employees need to be imbued with them. To achieve that, mere words are not enough. 

To ensure that every individual in your organisation pursues the corporate mission, it is best to create culture points as a guide for good cooperation. Business leaders, managers and team leaders should lead by example and actively promote these culture points.

At ActionCOACH, we work according to 14 culture points, such as commitment, integrity, collaboration, excellence and gratitude.

Staff recruitment tip 3: Vacancy text that makes your mouth water

The job description can make or crack your recruitment process. If your vacancy text is unconvincing, the chances of finding the ideal candidate are slim. Conversely, if your job description appeals to and inspires people, the pool of applicants, and the chances of finding the ideal new colleague among them, will be a lot higher.

Tips for writing a successful job ad:

  • Describe the job content, desired profile, and expectations.
  • Tell enough about your business and make it inspiring with your mission and vision.
  • Let your corporate culture shine through in the text.
  • Write for your target audience and adjust your tone accordingly.
  • Be honest and clear.
  • Make your job posting stand out by adding playful or funny elements, for example.
  • If necessary, add a nice quote from an enthusiastic employee.
  • Set yourself up reachable for questions.
  • Clearly include instructions on how to apply and include your contact details.

Staff recruitment tip 4: Spread the rumour

A good job posting is one thing, but if nobody gets to see it, it is wasted effort. So make sure as many people as possible know that you are looking for a new colleague. Share your vacancy on your own website and social media channels, but also in groups where there are many potentially interesting candidates.

Also disseminate your vacancy through job platforms, such as Indeed, Stepstone and the VDAB website.

If necessary, also make a vacancy video in which you give candidates an immediate impression of your working environment or in which you also let colleagues speak.

Staff recruitment tip 5: Organise a trial day

Job applicants sometimes dare to hide the truth. Want to be sure what kind of meat you have in the barrel before hiring someone? Then invite the candidate to a trial day (or half-day). Let him work in your team and see how he cooperates with colleagues. Ask your team for feedback afterwards. That way you will immediately have a good idea about your future new employee.

Want more tips on how to grow your business?

Do you have ambitions with your business but could still use help to grow further? ActionCOACH helps entrepreneurs and business owners tackle all challenges successfully. We do this with individual coaching and guidance programmes tailored to your business.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

Selling online - what others aren't telling you

Online verkopen - wat anderen je niet vertellen
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Selling online - what others aren't telling you

Selling online, many see it as the Valhalla for their business, but is it. It is true that you can reach a large audience online, but there is also a lot of competition. That's why you need to be smart about your online sales. In this article, we will give you some tips on how to successfully sell online.

According to a research by Statistics Flanders among companies with at least 10 employees, 33% of total sales come from online sales. In large enterprises with at least 250 employees, it is as high as 59%. And that share will only grow in the future.

Download our financial plan sample

You can access a Google Sheet of our financial plan example via the Google Drive link above. You can also copy this to your own Google Drive, share it with others or download it as Excel.

Download fincancial plan example excel

Why is it important to have a financial plan?

A financial plan ensures that you think about your costs, product and services. Based on this, you can also adjust your asking price to still break even. When starting a company or to get loans, it is often also mandatory to present a financial plan.

Why is breaking even a must?

The break-even point is the point at which total revenues equal total costs. In other words, it is the point at which you make no profit or loss. Calculating the break-even point is important to determine when a business will become profitable. In your financial plan, this calculation helps you set realistic goals and develop strategies to reach those goals.

Should I start selling online now?

  • YES... Because more and more consumers as well as businesses are making their purchases online. According to some studies, as much as 95% of all purchases will be made online by 2040. As a forward-looking and ambitious entrepreneur, you cannot ignore that. So you better start thinking sooner rather than later about how to sell your offering online.
  • NO... Because it's best to think it through first. Your online sales will only be successful if you do it the right way. That is: according to the right strategy and tailored to your business, your offer and your target audience.

Below, we give you lots of practical tips to make your online sales successful.

ActionCoach Online verkopen

Selling online tip 1: Analyse your offer

Many entrepreneurs and businesses never start selling online because they think their offerings are not suitable for selling online. But is that really the case? We are all familiar with the idea of buying and selling physical items online. But, services like consulting, coaching and advice can also be sold perfectly online. So don't be too quick to say that your offering is not marketable online.

However, it is advisable to analyse your offer properly before offering it for sale online. Take a critical look at your products and services. Perhaps not all of them are suitable for selling online.

Selling online tip 2: Define your niche

Think about where your services fit in the market and how you differentiate yourself from the competition. If your company offers services, you may aim to reach as many potential customers as possible by offering a wide range of basic services at affordable prices. But, you can also choose to offer only higher-priced specialised services in a certain segment.

Selling online tip 3: Know your target audience

To reach your ideal clients, you first need to know who they are. That is why it is important to define your ideal customer very precisely. That way, you can be much more responsive to their needs.

The goal is to make your ideal buyer as human as possible. You have to present him as a real person. Therefore, define the following characteristics:

  • Age
  • Gender
  • Relationship status
  • Number of children
  • Monthly income
  • Education level
  • Hobbies and interests
  • Books and magazines he reads
  • Brands or influencers he follows
  • Problems, frustrations and fears (regarding your offer)
  • Dreams and goals
  • Places where he often attends and obtains information (blogs, seminars, books, forums, ...)
  • Preferred communication channels
  • Specific language and words he uses
  • ...

This list is not exhaustive and depends on the ideal buyer himself. The representation of your ideal buyer should become super specific.

 

Selling online tip 4: Define your strategy

People often mistakenly think that they can only sell online with their own webshop. However, there are several ways to sell online. We list the main sales opportunities:

Own webshop/website

Many companies have their own webshop. Sometimes it is part of their website, but it can also be completely separate. With your own webshop, you are completely free to sell online the way you want. A major disadvantage of having your own webshop is the cost of development and maintenance.

Online marketplaces

There are a lot of online marketplaces such as eBay, Amazon, Alibaba, Etsy or Stream. Many companies sell exclusively through these channels. It costs you nothing in terms of development or maintenance. On the other hand, you have much less freedom in terms of design and user experience.

DIY e-commerce platforms

There are also e-commerce platforms like Shopify and BigCommerce, which let you quickly and easily create an online shop on their domain. So you don't have to pay to develop an expensive website yourself, and you can usually customise the design and branding.

Social networks

Nowadays, you can also sell online via social networks. With Facebook Shop, you can quickly create a Facebook shop page to sell your products. You don't even need to have an existing online shop. You can also sell online via other social networks such as Twitter and Instagram.

Online selling tip 5: Deploy multiple marketing channels

Once your online shop is ready, you need to bring your offer to the attention of your target audience. Time for marketing, then. We always recommend using several marketing channels at the same time. That way, you reach many more people and people will see your message several times. And the power of repetition also works in marketing.

Choose the marketing channels that best suit your brand and your ideal customer:

SEO

Most people start any purchase on the internet. Through search engines like Google, they are directed to websites that best match their search term. With search engine optimisation (SEO), your webshop ends up high in the search results. This is how you attract more visitors.

Social media

Facebook, LinkedIn, Snapchat, Twitter, Instagram, ... Social platforms are ideal for reaching many people at once. Build your own community with hashtags and boost your organic reach.

Paid ads on social media

Social ads on Facebook, Instagram or other social media are ideal for attracting new customers, encouraging people to download an application and for remarketing. With social ads, you also have a wide range of targeting options. Because social platforms hold a lot of information about their users, you can target your ads very specifically.

Google ads

With ads in Google, you are immediately visible to customers who are specifically looking for your offer.

Content marketing

With blogs, podcasts and YouTube videos, profile yourself as an expert in your field. Make your voice heard and share your expertise. Then make people curious about your offerings.

Word of mouth

Encourage customers to share their experience with your brand with their network.

Even more (online) sales?

Starting to sell online is just one way to make your business even more successful. Do you want to get the most out of your business? At ActionCOACH, we help entrepreneurs and companies build an organisation that will remain successful in the long run.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.

Structure in your business - How do you do it?

Structuur in je bedrijf – Hoe doe je dat?
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Structure in your business - How do you do it?

Setting up a good organisational structure, it is the beginning of an efficient business operation. Yet for many entrepreneurs, it often remains in the background... until it is too late. In this article, you will discover how you can create a streamlined organisation with a better business structure.

Busy, busy, busy. That's how it goes for entrepreneurs. Is time also your biggest obstacle? Or do things sometimes go haywire because of a communication error? Good organisation solves more than a chaotic work environment: you save time, intercept mistakes in time and create a worry-free workplace for your employees.

Het is tijd om aan je bedrijf te werken, niet alleen in je bedrijf

Structure your business tip 1: Start right away

To focus on what matters right now, start-ups like to put their organisation on the back burner. The moment you are well and truly gone, you then have no time left to take care of your internal operations. While your company is growing, make sure it is structured right away. This preparation will bring a lot of benefits when you need it most.

A handy start is a shared planner. In it, you not only keep track of your own calendar, but also see your staff's availabilities and vice versa. Your employees know when they can disturb you or schedule appointments. It's a first step towards transparent communication.

Structure your business tip 2: Work in pieces

Already passed Step 1? Then you probably don't have much time to tackle your entire business structure at once. Fortunately, structuring can also be done step by step. Look at which parts of your work process are most in need of reorganisation and how you can take care of them: automate? Outsource? Or shorten the chain?

Always define a concrete objective for each item. Don't say "I want orderly administration", but "by Friday I want to process all the invoices for that week". Then choose the solution that best achieves that goal, for example an invoicing programme that automatically reminds you of that task.

Structure your business tip 3: Give yourself time

The time-honoured expression 'time is money' does not mean never sitting still, but reminds you to use your time as efficiently as possible. Structuring requires time to scrutinise the workings of your business, devise solutions and implement changes. The time you spend doing this may seem like a waste in the short term, but you'll win it back twice over in the long run.

Moreover, quality over quantity. Entrepreneurs often tend to add more and more, whereas improving what you already have is a more cost-effective solution. It ensures that you are not doing half a job, but delivering quality - even when you do decide to expand your business.

Structure your business tip 4: Trust your people

Smooth operations start with driven staff. If you put the right people in the right places, you will automatically create an efficient shop floor. Capitalise on your employees' strengths and listen to them. Maybe your administrative assistant is full of ideas to improve your communication with automated mailing... Give your people the chance to develop their skills, so you can use them in multiple areas.

Structure your business tip 5: Be prepared to change

A good organisational structure does not emerge automatically, especially if your business has been running for a while. You might not find the solution right away and might have to abandon familiar habits to explore alternative processes. Is a shared planner not for you? Then try a weekly meeting with your colleagues where you share agendas together. Be daring and make time to try different things. If you are willing to change, so are your employees.

Structure in your business: the ultimate test

Structuring your business is a long-term job, but achievable for any entrepreneur. Decide what the priorities are for your business and tackle them step by step. Every little bit helps and together build a cohesive whole. When have you succeeded in your set-up? When the business keeps running even without you, you have taken the most important step towards greater efficiency. After that, you can fine-tune.

Want more tips on how to structure your business?

Are you ready for a more efficient operation, but could use some help? ActionCOACH helps entrepreneurs and companies bring more structure to their processes. With individual coaching individual coaching and assistance programmes customised, you will turn your company into a streamlined organisation.

Kurt Vervloet

Kurt Vervloet is a business coach, blogger and speaker. Since 2017, he has been coaching businesses around the world, ranging from solo entrepreneurs, SME companies to executive management teams at large organisations. His clients choose to work with him because of my proven, no-nonsense approach to optimising and scaling businesses. By achieving great results with his clients, he has already been rewarded with several Awards.