Buying an established business has many advantages. The business is already equipped with experienced employees to operate it and an existing customer base. It saves efforts required to establish a business in the initial stages and you can focus on improvement of services after buying the business.
If you have decided to buy a business, the following 10 tips will surely help you in making the right decision:
1) Buying a business can also mean buying yourself a job. The business will have an effect on your lifestyle and you need to calculate the returns in comparison to man hours spent while operating and potentially expanding the business.
2) Where to find a business for sale – Businesses for sale advertisements can be found in trade magazines and newspapers or online. You can make inquiries with business advisors or accountants about any potential business for sale in the market. You also have the option of listing your requirement online and receiving notification or alerts whenever a business is listed for sale. An online research for business can also yield good results. You can also learn about pending business sales through business suppliers, competitors and customers.
3) While buying a business, a thorough research has to be done on every aspect of the business. You need to gather all information about the seller and business. The financial claims made by the seller about the business need to be verified. The due-diligence when buying a business should be done with a great attention to detail.
4) Always look at buying a business that interests you. They say ‘do what you love and you will never work a day in your life,’ the business must also offer a return on your investment.
5) Check if the seller will offer any vendor finance. Bank finance for buying a business can be limited.
6) Always seek professional advice from accountants and lawyers who have experience in business sale.
7) Do be mindful that the asking price of the business is not necessarily the valuation price or even close to the correct value.
If you happen to seek advice from a Business Broker, keep in mind that they are usually working for the seller (they work for the person that pays the commission)
9) Find out what is motivating the vendor terms and conditions can be just as important as price
10) Educate yourself on the buying process, learning how businesses are bought sold and valued its essential to make sure you achieve the very best outcome for you and your family
The Buying process is really quite straight forward. All you need is the right information and high quality tools.
It is very important to gain expert advise from people who have actually been in business and have experience buying, selling and valuing businesses. Some Business Brokers may be of assistance but essentially they are working for the Vendor and have limited understanding of Business Valuation. A professional Business Valuation Practitioner will be able to offer you an accurate business appraisal….at a pretty hefty cost.
The simple fact is, you can get a great deal without the ‘middle men’ and save thousands of dollars doing all the due diligence, analysis and appraisal yourself, as good as or even better than the professionals for the outcome you dream of.
By: Kylie A Smiley
Building a Brand – Business Identity
The importance of a professional logo design for a business is often over looked. If you are planning to build a strong business identity or brand then you will need a solid foundation to build from.
A logo is this very foundation for a business identity / brand. If you want to portray a professional identity through your marketing material such as letterheads, business cards, brochures, leaflets and a website then you will need a professional foundation to build from to begin this branding.
Your business stationery and marketing items will be designed around your logo design so as to build a stronger identity for your business that is to become recognisable by your clients and customers. If you have a poor logo design then it is very difficult and sometimes close to impossible to create a professional business identity in the eyes of your intended market.
A logo design is a symbol, a visual representation of your business that should communicate something informative and meaningful. An experienced Logo Designer can even communicate through a logo design your business ethos or an individuals personality, which can help to win business from individuals and organisations that share the same beliefs. It is a good idea to consider your Logo Design budget within your business plan as a logo design should be seen as an investment for your business that will help to win new business through your Company’s enhanced identity. It is all too often the case though that smaller businesses cut this very important corner and begin their own branding with a poor logo design which only leads to the realisation that it will cost far more to upgrade their Company’s identity now that the logo branding has begun.
If you do have a lower budget then it would be best to reduce the amount invested in other areas of design work such as leaflets and brochures which will need changing from time to time anyway. The best advice when it comes to building a visual identity / brand for your business is to begin with a solid foundation so that the necessaries are there at a later time to build from.
By: Sam J Logan
Posted in personal business cards
Tagged Building A Brand, Business Brochures, Business Cards, Business Ethos, Business Identity, Business Plan, Business Stationery, Design Budget, Intended Market, Leaflets, Logo Designer, New Business, Professional Business, Professional Foundation, Professional Identity, Professional Logo Design, Recognisable, Solid Foundation, Visual Identity, Visual Representation
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Moms Business – 3 Key Secrets of Creating a Successful Home Based Business
Moms Business – is there really a way to do it successfully? After all, motherhood is a full time occupation already. If you try to create a new business venture, oftentimes while still holding a regular full time job, it’s easy to get overwhelmed before you even start!
But it is possible. And not just to survive, but to thrive doing so. Off the top of my head, I can think of 5 women, many of whom are home schooling their kids, who have created successful mom businesses from home making over 100,000/year. And the truly amazing part is that their businesses are at the point where they only work a few hours a day to maintain that kind of income.
It can be done!
So what’s their secret?
Here’s what these amazing women have taught me about creating a successful moms business.
1. Believe in yourself. Before any of these women became successful, they had to truly believe in the vision of their success. They had to see it, prepare for it, and know with all their heart, that it could be theirs.
Self-limiting doubts and beliefs can cripple your moms business! For example, if you have a belief that you’re not worth very much, you’ll find it hard to charge what you should for your services, thus stifling your growth. There are so many little ways that lack of self confidence and doubts can creep up in your business – it’s vital that you get your mental game straight before you open your doors. You’ll be amazed at the speed in which cash will start pouring into your business when you do!
2. Maintain focus. Time is your most precious commodity. You must create tunnel vision when working on your business. Create to do lists the night before of what you’re going to tackle the next day. Start with the ones that will create income the fastest. Money is a great way to keep you motivated and excited about your business! Don’t overload your list but try and find three marketable things you can do to grow your business each day.
For example, writing an article, calling a prospective client, attending a network-marketing event – all of these have the potential to lead directly to a sale. Non-marketable activities – checking email, filing, paying bills, etc – can be done after your marketing activities.
3. Don’t work harder, work smarter instead. Especially for moms, business time is very limited. It’s vital that you learn the fastest way to accelerate your success, and miss all the mistakes and dead ends along the way. Basically, you don’t have time for the typical learning curves of a new business – you need to get in the express lane now!
Let me give you an example of this outside the business world – cleaning your microwave. You have 2 choices. You can spend a lot of time and energy scrubbing it out. Or you can put in a cup of water to boil, and then spend a few seconds wiping out the microwave once it’s loosened all the crumbs. The end result is the same. It’s simply the time and energy you have to exert that’s different.
One way to achieve this kind of shortcut in the business world is to find a mentor who is ahead of you on the journey. Someone who has worked through the mistakes, knows the short cuts and is willing to share them with you. Many successful business owners have mentoring programs but often they have a very expensive price tag. You could look for some reasonably priced ones or join forums and connect with other moms in business that way. The time and money you’ll save doing this, will pay off very quickly for you.
By: April Vereen
Posted in personal business cards
Tagged Belief That, Business Moms, Business Venture, Doors, Doubts, Focus Time, Full Time Job, Heart, Home Based Business, Mental Game, Mom, Money, Motherhood, New Business, Precious Commodity, Self Confidence, Success, Time Occupation, Top Of My Head, Tunnel Vision
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