This article are provided for information purposes only, and are not intended as legal advice.


Planning to buy a business?

December 14th, 2009

You decided to buy a business but do not know how to proceed.  Time to plan what you need to do to buy a business.  Here are some helpful hints to find the right business:

 

  • what motivates you
  • what is your experience
  • what are you leaving behind
  • what is business environment like for your particular area of expertise
  • looking at what opportunities are available by monitoring The Business Place or subscribing to The Business Place newsletter to get weekly updates on new businesses posted to the website
  • investigate the industry (whether is is franchising, retailing, manufacturing, look at industry segment i.e. food, automotive etc.
  • contact business brokers – see the business broker directory on The Business Place
  • consider franchising
  • look at pros and cons of starting a home based business, buying a business or buying a franchise
  • contact your bank manager and find out what type of financing may be available to you, if at all
  • prepare a budget, how much income do you need personally to survive
  • determine how much you can afford to spend
  • determine your priorities, are you willing to spend a lot of time building this business, do you want to work only part time, do you have a schedule to work around for example picking up kids from the day care.  All these issues much be factored into finding the right type of business for you.

Filed under: Buying a business — Gary Landa @ 10:11 am


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