4 Things Before You Buy
Prices on many privately owned businesses dropped over the last year. Whether you are looking to invest in your own business alone, or with Business Buyer Investment Club, be sure to get a business you can improve.
External challenges, such as a reduction in consumer spending or the onset of new competitors, obviously reduce gross sales. Most of the time, businesses have plenty of room to grow that is within the owners control.
Most new owners see powerful results from improving management, cleanliness, positive customer relationships, and implementing inexpensive marketing efforts.
Here are four things you must do to successfully buy and grow an existing business. Be specific about each and put them in writing, not just in your head.
1. Identify your strengths and abilities, and be certain that your talents can be used to improve the business you are considering.
2. Identify your wants, such as getting at least 20 percent return on your money, or Seller Financing, or something fun.
3. Clarify your needs: time to be with your family in the evenings, investment of $100,000 maximum, or that the business is at least breaking even now.
4. Create a business plan that is specific, detailed and flexible.