The basic steps to get started:
1. Identify a service business that has a standard value for an ongoing account. In the case of our pool service, it was $250.
2. Develop a marketing plan to bring in new customers. For the pool service business, we had a mailer that that brought in a consistent response. But other forms of advertising could work too - such as door-to-door flyers, newspaper advertising, Internet marketing, etc.
3. Get your business started. Your goal here is not only to build a service business that you'll be able to sell, but also to test and perfect your marketing approach.
4. Find a buyer for your business. You can use classified ads in newspapers, network through local business groups, and, of course, search for potential buyers via the Internet.
5. Offer to help the buyer build his business by bringing in new customers. This is where having a proven marketing system is essential. By knowing how much an account is worth to a buyer ($250 in our case), and exactly how much it costs to bring in a new one ($50 in our case), you'll be able to structure a deal that works for both sides.
6. Once you've successfully helped your buyer expand your former business, you're ready to approach similar service businesses and make them the same offer. Helping other entrepreneurs build their businesses gives you a way to extract considerable profits from a service business without needing to operate one on a day-to-day basis.
One final important note: Most states have laws that regulate the sale of business opportunities - and you must comply with the laws of your state. So make sure you get professional legal advice before you get started in this business.
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