Develop your "must have" list before you begin your search to
buy a small business.
Buying a business is one of the more risky financial decisions you will make. Before you begin searching for a small business to buy figure out what you are looking for. Be very specific about what you need.
Consider making a top five list of the most important factors. These are the non-negotiable things that you will use to guide your
search for a small business. They will be unique to your style, talents, and preferences. No two lists will look the same.
Here are some examples of "must haves" for a business you might consider buying:
- I want to find a business that utilitzes my technology skills to improve and differentiate my business from others.
- I want to buy a home based business with no employees to manage and flexible hours.
- The product or service must have a high profit margin. I want a high enough profit margin to be able to take planned risks and make up for fluxuations in costs.
- The product has to have a clearly defined target market. I don't want to try to sell my product or service to everyone. I like there to be a defined niche.
- The business must lend itself to selling information. I want to create a product one time that I can sell multiple times with no additional cost.
After these hard and fast rules you might have preferences that you are more flexible about. These lists may change over time.
If you inlist a business broker to help you find a business for sale, present them with this list. The more targeted and prepared your search, the higher your chances for success.
Technorati Tags:
buying a business,
buy a business,
entrepreneur•
Technorati •
del.icio.us •
Digg It •
Furl •
ma.gnolia •
Spurl •
Yahoo MyWeb 
Comments:
