Carl Taylor is a 24 year old Australian entrepreneur who specialises in buying and selling businesses. He currently owns a variety of different companies and describes himself as a “young entrepreneur, author and educator” who is passionate about helping the human race move forward.
Small and simple
During my Q & A with Carl, he talks about the effectiveness of lean businesses. Carl currently run a few different companies with a very small number of virtual staff hired from around the world. Carl mainly outsources work that involves admin and research, he mentions that “anything that doesn’t make you money should be outsourced” and that you can systemise those tasks for someone else to do it.
Leadership in business
Carl describes the key to effective hiring is leadership. He shared with us the words that one of his early mentors mentioned was that ‘you get the people that you deserve.’ “When you’re an exceptional leader and you have an exceptional company, you will have exceptional people who will work for you.” Carl points out that is is very important to make the systems and processes as simple as possible especially during the times where he has encountered language problems with employees. To be a good leader, Carl mentions that it is very important to empower employees with decision making skills and having templates and scripts to provide assistance.
Tips to hiring virtual employees from Carl Taylor:
- Sample work at a cheaper rate before hiring
- Invest money by providing smaller projects to ensure that the same mistakes will not be made on a bigger project
Moving the human race forward
Carl Taylor’s goal is to be able to financially retire at the age of 27. He describes being financially retired as being able to earn $60,000 a year whether he gets out of bed or not. Carl believes that to hit this goal, it is very important to have different passive income streams” and is planning on releasing information products on buying and selling businesses and marketing start-up businesses. “I want to have specific businesses that grow to be able to provide passive income without having an active involvement in the business.”
Some of the reason’s that Carl describes as reasons he wants to grow his wealth is the fact that he wants to inspire and educate people. It is the way he feels that he can help the human race move forward. “I want to be one of those where if a crazy scientist or a person with a crazy idea approaches me with a radical life changing idea, I can say “here’s a billion dollars, let’s do it.”” Carl believes that he on track to hit this goal and is where he wants to be with his businesses.
The biggest hurdle that any entrepreneur can come across when starting a business is fear. “The biggest hurdle is ourselves and getting past that fear.” Carl mentions that himself and many other entrepreneurs start doubting themselves just before they are about to start a business and start saying things like “what if I got it wrong and did do my research properly?” These causes entrepreneurs to fail because they give up before they even start the business.
Some solutions that Carl has mentioned include asking yourself the right questions such as “what do you expect from the business?” “What is the worse case scenario?” Carl relates this to his fear of heights. “I used to be afraid to go beyond the 2nd floor of the Eiffel tower, how I overcame this is when I asked myself “how many people have died from going to the top of the Eiffel tower without doing anything stupid?” the answer was “none.”” Analysing the potential worse case scenario and reducing that fear as small as possible is essential as there is no way to get rid of it. Carl quotes the famous Thomas Edison that rather than failing, “I found ways that didn’t work.” The only form of failure is doing nothing.
Guide on buying and selling business
It is much easier to buy a business where you can increase its value by fixing processes, fine tuning certain aspects and making a few key changes in the business rather than a business where you have to have to implement growth. Carl points out that the key is to buy the right business and also find the right buyer.
Personal branding is actually a new initiative that Carl has taken on and has only been doing it for a year. When he started his first business when he was 15, he never would have imagined that he would be selling “Carl Taylor” the brand in the future. Carl explains that his choice to bring attention to the brand “Carl Taylor” is because he wants to demonstrate that he is an experienced young entrepreneur that has value to offer to society.
The reason I have decided to ask Carl about “DO NOT’s” is because many people out there only focus on the “DO’s” and common mistakes are being made over and over again.
“Do not stress to much about the business name, no one really cares about it, it is the service and products you offer that people care about. The only person who cares about the name “Joe’s plumbing” is Joe and Joe’s mum.”
“Do not try to be perfect, just move forward.”
“Find a product or service that already has a need, do not start a business and then try to find a market AFTER the business has been started. If someone is buying a drill, what they are actually buying is a hole in the wall, work around that.”
“It is not necessary to write a huge business plan unless you are planning to raise capital or getting a loan. Business plans that are found in textbooks and guides are way too long and it is most likely that the owner will never look through it every again. It is much more effective to write a one page plan that outlines the goals, objectives, vision, value, “why we are unique,” kpi’s and targets and exit strategy of the business. It is much easier to refer back to this plan and make changes to it in the future.”
“Do not sell yourself short. Too many people worry about price instead of focusing on delivering better value to their consumers. Focus on being the best rather than the cheapest.”
“Do not discount, discounting is the death of business. Businesses are better of value adding (e.g. buy one get one free) rather than reducing the price.”
For the final section, Carl finishes up with a recommendation for all entrepreneurs out there.
“Work out what you want in life, not just what you want the business to do. For example if you want to start a company that employs thousands of people, make sure you know why you want to do that.”
For those of you who are interested in Carl’s latest book “Red means Go” please check it out on the side link. If you want to know more about Carl and read some of his earlier interviews please check out http://www.carltaylor.com.au/