Stacy Lorenzen’s Post

When I first transitioned from teaching to running our family shed business, one of the main hurdles in the sales role was waiting for people to show up. It was a constant debate between my husband and me about the time spent at the shed lot, hoping customers would just pull in. I made it clear that I couldn't just sit there and wait, knowing I could use my time for a million other things. It was evident that my marketing skills could attract customers in non-traditional ways. One of my main concerns was that I had originally left my career to be more hands-on and put my family first. It didn't make sense for me to sit on a shed lot all day with three kids at home. My husband proposed a solution: why don't we turn a shed into an ice cream stand, with an office on one side and the kids working on the other? That was almost two years ago when we began the process of opening an ice cream stand. Yesterday, we made the announcement about how it's all coming together, and we plan to open in Spring 2025. It's been a long journey, and we know it's just the first phase as we enter into the land development stage. It’s been fun coming up with colors, logo ideas, menus, and recipes as a family. What suggestions do you have as we move forward with this new business venture?

For business owners, sellers, and buyers: In business buying, the concept of "redevelopment value" refers to the idea that purchasing an existing, often closed, business with some tangible assets at a lower price and converting it into a new operation can be a cost-effective strategy. This is particularly common in the restaurant industry, where the costs of building out a commercial kitchen, securing permits, and meeting local health codes are substantial. A new buyer can acquire a closed restaurant space with much of the necessary infrastructure already in place—such as plumbing, ventilation, and equipment—at a lower cost than starting from scratch. From a valuation standpoint, the redevelopment value of a closed business space is primarily tied to the existing physical assets and the potential savings in time and capital for the buyer. In many cases, the location may also be an advantage, with existing zoning, visibility, and foot traffic that can help jumpstart a new business. However, the key to accurately assessing redevelopment value lies in understanding both the current state of the assets and the market demand for the new type of business envisioned. For potential buyers, redevelopment value represents an opportunity to leverage the built-in utility of a space without paying for the goodwill or operational history of a functioning business. Instead, the focus is on the underlying assets and location. The discount on purchase price combined with reduced setup costs often makes redevelopment an attractive option. Valuation experts must account for these factors when appraising the value of a closed business property, ensuring the buyer recognizes both the cost savings and potential risks involved in converting the space for a new use. Without data, I am just an idiot with an opinion. For business owners, sellers, and buyers in Oklahoma, I eliminate uncertainty by providing data driven insights and expert guidance on buying, selling, appraisals, and marketing—ensuring you're never alone in the process. For more information or to schedule a time to talk, visit my website: https://lnkd.in/gSUiV2pd #resturaunt #buyingabusiness #businessrollups

Happy Friday! Check out this awesome article about Footprints Floors. The Founder and CEO, Bryan Park, works continually to improve the business model he founded more than 16 years ago so franchisees will continue to benefit while operating at their optimum level. “The focus of our franchisees is creating a great experience for the customer,” said Park. “We have built a system that allows owners to focus on what they are great at — customer service and communication — and outsource the rest.” There is no need for a brick-and-mortar location, and overhead is kept to an absolute minimum, considering they are a flooring installation company, not a flooring sales company. They collaborate with homeowners to determine which flooring solution will be best for their needs, empowering those owners to source materials however they like. Franchisees all across the country are consistently connecting with one another, taking advantage of system-wide trainings, and leveraging the support of industry professionals to ensure every aspect of their businesses is as impactful as possible. Check out the article for more details and insight from Bryan on how the system he has built is constantly evolving to support Owners just as much as they support their customers! https://lnkd.in/g698S-CD

Many months ago, I had a friend who sold doughnuts. She wasn't exactly my friend. She was just someone I bought doughnuts from. She sold the best doughnuts. I don't like doughnuts personally but hers were enchanting. I found myself often stopping by her shop because her doughnuts were so good. Her passion and dedication in making excellent doughnuts were clear in every bite. One day, I went to her shop and saw it was closed, with a sign that said, "Closed." I was shocked... What really happened? I later found out she couldn’t afford to pay the shop rent and had to close down. I also learned that she was struggling in sales, barely able to make ends meet despite making excellent doughnuts. It was a painful reminder that even the most talented people can have trouble running a business. That day, I learned an important lesson... Having a great product isn't enough. You need to know how to sell it and get it noticed by the right people. You can't just hope people will find your product on their own; you need to promote it. As someone who is learning and growing, I don't want to end up like my doughnut friend. I want to make sure I can share my products and services with the world and that means learning how to market and sell them. Let this be a reminder to you... Focus on the business side of what you do. Having a great product is not enough; you need to know how to market and sell it effectively to succeed in business. — Charles Igwe

Starting a business might seem scary, but sometimes, the simplest ones do the best. I've been part of many franchise businesses, and the ones I enjoy running the most are the ones with low costs, few employees, and no fancy buildings. Instead, they operate from a van, hiring technicians to help people with problems all day. It's easy to think that expensive businesses with famous names are the best, but often, the real winners, especially in the franchise world, are the ones that offer affordable services. Take my Dryer Vent Superheroes business, for example. With just two trucks, two technicians, and a manager, we have a great time cleaning vents all day in Nashville. It's a simple, enjoyable, and profitable idea. #FranchiseBusiness #LowCostService #DryerVentCleaningBusiness

Starting small doesn’t mean thinking small. Whether you’re dreaming of launching your own business or looking to grow, Lubbock SBDC is here to help you every step of the way. Sign up at lubbocksbdc.org and let’s make your journey a success!🌟 #HomeBusiness #StartUpSuccess #LocalBusinessSupport

Yesterday I was reading an article virtually about at what age you can plan to start any business. related to that only, there is one story in my mind that I want to share it you all, Let's begin with a story, When she was 13 years old, she had to leave her country and come to America because of the turmoil in the Soviet Union. As she was of Russian origin, it was very hard for her to resonate in such a new country. But somehow she got some work. She works in a grocery store and struggled there for 27 years. At 40, she plans to start her own business. But the money she was having was not enough to start big. So, she somehow started. As she had 27 years of struggle, she speaks broken English and understands it well. So, she opened a furniture store, and she had only two things in her mind- “Best quality furniture and at the lowest price available”. When people get to know about such an amazing store, they love it. Within a period of a while, her business became popular, and she received lots of customers. That makes her competitors jealous of her. Her competitors formed a union and told her dealer that- “If you provide furniture to this store, then no one from our union will buy from you. So, the dealer stopped giving furniture to her. This created an enormous problem for her as she had to bring furniture from another state. So, time by time, her store became the best furniture store in America, and she had lots of stores in multiple states of America in the next 20-30 years, and she became a multimillionaire businesswoman in America and managed the business until the age of 90 years. Because of her age, she handed over the business to her Grandsons and visited stores only once a week. But her grandsons didn’t like her interruptions and fired her. At 95, she gets fired from her own business. Now think, what would you do if that situation happened to you at 95. But, she didn’t make herself demotivated. At 95, she started a new furniture store in front of her old head office to compete with her own grandsons. She starts the new business, which reaches heights within a few months. But history repeats itself. The other competitors threatened the supplier. But now this time, her own grandsons started threatening suppliers about not to supply furniture to their grandma. As her old store was the biggest company in America, so nobody in America agreed to supply to her. Now, that creates big trouble as she has to bring furniture from outside the country. But, because of his excellent service and customer satisfaction, she beat her own old company and again became the number one furniture store in America in the next 5 years. After watching her splendid success, her grandsons apologize and hand over her old company to her. At 100 years, she merged with both companies and ran the business until the age of 104. At 104, she took her last breath. The name of that lady was Rose Blumkin and the name of her store is Nebraska Furniture Mart. #inspiration

Pricing is a part of positioning. But there are many factors to consider when it comes to pricing your product! In our Founded Outdoors community today, co-founder Katie Doherty is sharing a Pricing Strategies Workshop. Miss it? No worries! Entrepreneurs can sign up for our free community to get notified about future workshops and events for business owners. Apply to the community at the link in comments to stay in the loop for future community happenings. #FoundedOutdoors #DiversifyOutdoors #outdoorentrepeneurs #foundertips #smallbusiness #pricing #positioning

The Taco Bell Secret: How Sweet Talk Built a $39 Billion Empire Taco Bell's founder, Glen Bell, grew his company into a $39 billion empire by befriending a local taco stand owner and discovering their secret recipe. Instead of struggling to develop his own, he cleverly used their recipe to create his own tacos and launched the now-famous brand. Lesson Learned: Smart strategies, like observing successful competitors and forming strong relationships, can give you the edge you need to grow a business. However, it's also important to keep your own business secrets protected—what worked for Taco Bell shows how valuable those insights can be!

Interested in buying a laundromat after listening to Codie A. Sanchez? This investment might be perfect if you're an entrepreneur seeking a straightforward business model, a passive income enthusiast, or a hands-on operator looking to enter a community-centric industry. Here’s how to ensure your venture into the laundromat business washes away doubts and spins up success. Step 1: Assess Your Fit ➡ Understand why you’re interested in a laundromat. This business suits those looking for stable, demand-driven investments—ideal for first-time business owners or seasoned entrepreneurs seeking expansion. Step 2: Market Research ➡ Dive deep into demographics, competition, and pricing in your desired area. An ideal buyer understands the local market’s laundry needs. Step 3: Financials First ➡ Prepare your budget, considering the purchase price, operational costs, and potential upgrades. Assessing financial health is key—review profit and loss statements, utility costs, and maintenance records. Step 4: Location, Location, Location ➡ Evaluate the site's visibility, accessibility, and foot traffic. A successful laundromat is conveniently located in a high-density residential area. Step 5: Inspect Equipment and Facilities ➡ Assess the age, condition, and efficiency of the washers, dryers, and other facilities. Modern, well-maintained equipment reduces future expenses. Step 6: Understand Legal and Regulatory Requirements ➡ Familiarize yourself with zoning laws, licenses, and environmental regulations applicable to laundromats in your area. Step 7: Seal the Deal ➡ Negotiate the purchase, considering the value of existing contracts, lease terms, and any included supplies or inventory. Step 8: Plan for Transition ➡ Develop a transition plan to retain existing customers and attract new ones, considering renovations, marketing, and potential service additions. Remember, buying a laundromat is more than purchasing machines—it’s investing in a community staple. Whether you’re a newcomer to the business world or adding to your portfolio, a laundromat offers a unique blend of stability and community service. Who’s ready to start the cycle towards owning a successful laundromat? #LaundromatInvesting #EntrepreneurJourney #BusinessAcquisition #PassiveIncome #StartupStrategy Peak Business Valuation