Before buying a business, you need to consider many issues like location, financial viability of the business, and the skills and experience you can bring into it. Your personality and interests are also important when deciding on which business to buy.
Finding a Business to Buy: Choosing the Right Business Before investing in a business, here are some things to keep in mind.
• Location: The distance between your home and business is very important. You should be able to handle the daily activities of employees if your business is located far away from your home.
• Tax: Find out about the tax laws in your area.
• Expansion: Does the space around the property allow for expansion?
• Funds: Do you have the funds to spend on the property?
• Relocation: Can you move the business to another location if you want to?
Searching For a Business to Buy:
There are many ways you can search a business to buy. Here are some suggestions:
• Word of Mouth: Spread the word in your community, church, and club. Attend conferences of the Chamber of Commerce, and get to know people in the industry. This will help you learn about potential businesses to buy.
• Classifieds: Read the newspaper classifieds about businesses on sale. You may come across something that suits you.
• Newsletters: Subscribe to newsletters of a particular area or industry. They can lead you to some wonderful business opportunities.
• Broker: A business broker can help you locate the kind of business you plan to buy. Just make sure the broker is reliable and has a good track record.
• Internet: You can check advertisements on the internet, or put up your own ads.
Things to Remember When Looking For a Business to Buy:
• You must be careful when hiring a business broker. If the broker appears too keen to sell a business, then you should investigate the deal thoroughly.
• The broker should be a member of the State Business Broker Association.
• The Business Reference Guide is of invaluable help when trying to find a business to buy. The guide can be found in good libraries and reading rooms of business organizations.
You must select the business you want to invest in carefully. Many inexperienced businesspersons end up with a loss making business. You can go through classifieds and Yellow Pages to see if there is a business for sale you would be interested in. If you want more help in deciding which business to buy, you can consult a small business advisor.