Thinking of Buying a Business? Things To Do Even Before You Search
Buying the right business takes time and effort, even when you have professional help from a broker! To make the right purchase, it will save you a great deal of time if you have done some homework first.
So that we start our search for you in the right place, you should have a clear pathway set out, on the following points:
• Know your budget, and obtain finance
• Work out which industry you are looking at
• What length of commute would you be happy with? What region are looking to buy in?
• What are your interests and strengths?
• What are your life goals and aims?
• What type of hours do you want to work each week?
• How long do you expect to be in the business for? When do you want to retire?
• Are you looking to be an owner-operator, or a manager of others?
• Undertake some research on the industry and region you want to buy in. What is supply and demand like? What is the income for people who live in that area?
You would be surprised how many people haven’t given any thought to these points before they make their business search. If you don’t have a brainstorm like this early on, then you’ll end up doing it “on the fly”, and could end up spending time looking at opportunities that don’t suit you.
When it comes time to buy we’d love to help you. In fact, with hundreds of businesses listed, chances are we’ll have something immediately that suits your ambitions, lifestyle requirements and budget. But remember, spend time getting to know yourself, your budget and your industry first, and you’ll save time later!