Business Owners: Here are 3 Massive Opportunities to Capitalize on in 2023

By this point, we all know economy is in turmoil. Tech companies are laying off by the thousands. Corporations are making significant cuts each day. And many online entrepreneurs are shutting it down and exiting.

2022 has drastically changed consumer mentality and behavior, and the maturity of many online business models has come to fruition.

The good news is, if you spent most of the year living below your means, staying cash positive, reinvesting strategically, and keeping your team profitable: you will start to see those things pay off in 2023.

There are going to be a handful of opportunities that will significantly enhance the growth of your company and help you build personal wealth over these next few months

So, in today's newsletter, I want to share three specific opportunities to be on the lookout for:

#1: We are entering the best talent acquisition market we've seen over the last 10 years.

This is your moment of opportunity. This is your chance to find top talent that may have never otherwise even considered a career change or transitioning from a large corporation to a small business. As a small business owner, you should absolutely be thinking about strategic talent acquisition for your business, because at the end of the day: the quality of your team is what determines how high and far your business goes in 2023.

I spoke with serial entrepreneur Allan Draper on my podcast this week about what that looks like (you can catch the full episode here ) and how many large corporations will be cutting many mid to upper level managers who are making significant money -- AKA, people who have the knowledge and experience to help you grow and scale.

It's important to consider the team that's behind your business today. What's missing and what's needed in order to drive the results you're looking for? Are these the people you want to go to battle with

When you look at the people that you will be surrounded with over this next season, you need both seasoned veterans who have operated through downturns, have proven leadership experience, and know the importance of rolling up their sleeves, getting in the game and getting it done no matter what. You also need those who maybe don't have the high-level expertise or leadership skills, but they do have grit, commitment and willingness to do whatever it takes to get the results.

Now: because 99% of people are not that person, it's important to begin having those har conversations about what it's going to take to thrive in 2023, and give your people an opportunity to elevate up with you. If they choose not to, you need to find people that can and will.

Understand that now is likely the best opportunity in the next 10 years to bring people of that caliber, hat level of accessibility and desirability, into your organization: so it's important to move quickly. If you are not at a place to bring A-players onto your team, this month is the time to double down, get that extra profit in the door so that you can begin growing in Q1 and make it happen. Our Empire Builders 12-month coaching program is a great resource if you're looking for support in scaling your revenue, and enrollment for 2023 is currently open.

#2: As business owners sell, there will be opportunities to acquire new businesses.

Many businesses are going to tap out, exit, or shut down their organizations, and because of that, will sell for pennies on the dollar. This is a great opportunity to look into companies for their customer lists, assets, etc.

Being open to conversations about acquisition of small businesses can likely lead to negotiating a great deal, assuming a client list and create almost 100% redundancy in the other expenses with the business aside from costs to serve the customers, which allows you to use the assets, marketing, bandwidth and manpower you already have to run the business.

On the flip side, you acquire the revenue and gross margin. The only added expense is the expense to service the customers.

Not only that, but if it's a cash flowing business already producing revenue and profits (and you can minimize the expenses of that business), you can get a loan and essentially pay close to nothing out of pocket, acquire the assets, and allow the margin coming in from the business to pay back the loan and sell at a profit.

When you consider marketing costs and investments you make on different social media platforms, think about all the volatility of what's happening with these platforms. This is an alternate way to think about advertising spend as it relates to customer acquisition that may be different than what you've done to acquire new customers over the last few years.

#3: Consider investing in physical assets.

One of the reasons why it's so important during aggressive growth seasons to stay liquid is so that during a downturn, when everyone looks to sell their assets urgently, you have the ability to capitalize on those opportunities.

Now is a time where you might feel anxious about making an investment at the end of the year and reducing your tax exposure. But, there are only a certain number of tax write-offs you'll be able to get, and at some point, it's going to take making bigger moves and bigger investments to write against your income. In this next season, there will plenty of opportunities coming forward, whether it be houses, cars, properties or business assets.

Over the last year, in many property purchases, there was little difference between what you could buy for, and how much profit you'd turn on it, which made the demand of the market difficult. But as that demand slows and owners get nervous about selling in this market, they're also becoming more open and flexible around pricing or even getting cash offers, because they're unsure if this is the highest high they'll experience.

You may consider acquiring physical assets that you'll put money into that will be available at a significantly reduced rate compared to six months ago. For some assets, you might purchase, hold and resell. Others you might turn into a cash flowing entity. But, with all different types of assets available, these are the kind of opportunities to be patient and thoughtful about.

This next year is going to be year of massive challenge and massive opportunity. And, for those of you who have the right mindset and strategy, it will be a significant year of growth.

And while we can't predict exactly what's going to happen over this next cycle, we do know that preparation meets opportunity, and that needs to happen now.

If you're reading this and have felt even an ounce of fear or uncertainty, remember that there will be significant opportunity to build and grow your business if you stay focused, remove the noise, and ensure that you're messaging matches your consumer's mentality.

As always, if you're looking for a mentor and strategic guidance to support you through the disruptions coming so that you can stay prepared and successfully go to market in this climate, submit your application to work with our team and we'll be in touch if your needs are a fit.

We teach strategic and timeless principles married with cutting-edge strategies you need to be aware of and thinking about today in order to be successful.

Remember: with every challenge, there is an equal or greater seed of opportunity and possibility. I know you are ready to capitalize on that in 2023. Let's do this!