Even if you don't watch TLC, you've probably at least heard of Jim Bob and Michelle Duggar who have 19 children and are on the TLC reality show, 19 Kids and Counting. While some people may think the Duggars support themselves primarily from their television show and their subsequent book deals, the simple fact is that long before they made their way into American homes, they were already business savvy.
Currently, they own a cell phone tower and rent out residences and business buildings. Before these endeavors, Jim Bob owned a tow truck service as well as a used car dealership.
Thanks to their business savvy, the Duggars are able to raise 19 children without incurring any debt. There are many lessons the rest of us can take away from their business success:
1. Never take on business debt. Surprisingly, Jim Bob and Michelle shun all debt, both personal and business. When they buy a new property, they buy in cash.
2. Negotiate and bargain. The Duggars seem to never pay full price for their businesses. They don't give in to impulse or a desire for the property. Instead, they wait patiently to see if the price will go down or if the owner will negotiate.
3. Be friendly and get to know people. Both Jim Bob and Michelle are friendly people who take the time to get to know others. This helps them when they need something such as getting an area rezoned for one of their businesses. When Jim Bob enters meetings like a zoning meeting, he already knows many of the people making the decisions.
4. Learn do-it-yourself skills. When renovating a new property, Jim Bob doesn't hire out the job. Instead, he and his kids get to work. All of his older girls know how to lay tile, so he can save a lot of money by having them do it. The boys know how to wire buildings, so that's another way to save.
5. Make the business a family affair. As step #4 demonstrates, the Duggars believe that their businesses are truly family businesses, and all members of the family that are old enough to help out do.
6. Pray. The Duggars are devout Christians and routinely pray together. They discuss business decisions together as well as pray for guidance when it comes to making new investments.
If you watch the Duggars and read their books, what other business tips do you take from them?