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Thinking of turning your dream of starting a business
into reality? Realizing the dream of starting a business, though, can be
challenging without the right know how. Most small business buyers have
never purchased a business before, and it can be difficult to know
where to start. Going into business for yourself will undoubtedly
require large amounts of commitment and drive to overcome fear of the
unknown, but keeping four critical factors in mind can help ensure
success when investing time and money into a small business.
Use Online Resources
The easiest way to learn about your options is to
research what's available on an online business marketplace. Newspaper
classifieds include a limited amount of the businesses for sale in one
immediate area, while an online marketplace is more expansive. This kind
of site offers a database full of available businesses in any area,
which means that you can search locally or anywhere in the country if
you are considering a change in location.
Be Savvy in Dealing with Sellers
Once you've located a business that interests you,
contact the business owner. Make a list of any questions not answered,
and be sure to get all the information you need from the seller. For
example, it is a good idea to ask the reason why the business is being
sold. Also, be sure to ask the seller to provide documentation for any
numbers provided.
If the business seems like a good fit after receiving
the answers, ask to view the business firsthand. If possible, visit the
business without identifying yourself as a potential buyer to make sure
you are satisfied with its appearance and location.
Don't be afraid to negotiate. Businesses generally
sell for up to 25 percent of the seller's initial selling price, so
there's no need to settle for numbers presented to you at the start
without question.
Follow Through with Due Diligence
Once you've thoroughly communicated with a seller and all the information checks out, it can be tempting to want to speed up the process and sign a contract as quickly as possible. While the prospect of finally owning a business is exciting, there is still a need to work out contingencies. This process is known as "due diligence."
Follow Through with Due Diligence
Once you've thoroughly communicated with a seller and all the information checks out, it can be tempting to want to speed up the process and sign a contract as quickly as possible. While the prospect of finally owning a business is exciting, there is still a need to work out contingencies. This process is known as "due diligence."
Although the numbers might sound good to you, it
would be a good idea to bring in outside professionals such as business
supervisor to validate them.
Embrace Lifestyle Change
Business owners often discover a new sense of freedom and purpose. They won't have to deal with a boss, their schedules - while less predictable - can be more flexible and a great sense of pride can come from seeing the business through to greatness.
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