Buying a Business
Find a business for sale
When you purchase an established business, you immediately gain a client base, a familiar name and a stream of revenue to support your venture. But if you decide to purchase an existing business, you will need to conduct a sweeping search to find a business for sale that matches your assets and interests. This search will take time, but your effort and focus will pay off in the end when you feel confident in your decision. Go beyond the classifieds in your local newspaper to explore the many business opportunities available.
Types of Businesses for Sale
When buying a business, isolate the industry and style that interests you before you begin to explore what's out there. To find a retail business for sale, look to commercial investment magazines or newsletters, which can often be found in magazine racks throughout urban centers. Trade publications are also helpful, industry-specific resources that list businesses for sale in their classified section.
If you are interested in finding a franchise business for sale, you can go to their website or contact the company directly for more information. For instance, in addition to a comprehensive website, a restaurant business may have information on franchising at each location. If you have not yet narrowed down your criteria, go online to explore a comprehensive listing of businesses for sale—there are several online directories that list businesses by area, type of business and selling price. You can find a small business for sale in your area quickly and easily online.
Traditionally, purchasing a business also involves setting up and running a physical space. If you want to avoid the tangible problems of business ownership, like inventory and an inability to easily relocate, you might want to consider finding an Internet business for sale. However, beware of scam operations and veiled information, which are prominent concerns in the world of online business.
Planning a Business Purchase
Before making your purchase, assess both sides of the situation by examining your own interests and intentions alongside those of the seller. First establish your reasons for buying such a business, as well as your skills and financial resources, and then review the seller's business plan. Business plans will reveal the history of the business, but they may also shed light on the seller's motives for selling. You will need to rely on the seller for information and contacts throughout the business acquisition; if the seller is stubborn, evasive or reluctant to share information, then you should prepare for a long and unpleasant transaction, or else rethink your purchase.