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10 Tips for Buying a Business

Discussion in 'General Business and Entrepreneurship' started by Nunzio Presta, Dec 9, 2015.

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  1. Nunzio Presta

    Nunzio Presta Member

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    At BizON we truly believe that entrepreneurship is about starting a business from scratch AND (I stress the word AND) growing an existing business further. There are many perks when purchasing an existing business such as buying into a system that has an existing customer base, turnkey operations, a great reputation and a proven market. The goal of buying an existing business is to (hopefully) shorten the return on investment time. Nevertheless, even though it sounds great and dandy, finding the right business can be stressful and extremely difficult. This why BizON is around! BizON provides a seamless and simple marketplace for members to find the business of their dreams and a business that suits their lifestyle. We believe that a person should be part of a business that ignites them with passion and gives them a purpose in life. With that said, check out these 10 tips/questions to think about before making the decision to buy a business:

    1. Ask yourself: “Do I want a franchise or independent business?”
    2. Ask yourself: “Does this business suit my lifestyle?”
    3. Do your research on the market and area the business serves.
    4. Forecast the future: The business may look attractive now, but how about 5 or 10 years from now?
    5. Is the asking price reasonable?
    6. How do the numbers look? Due Diligence, Due Diligence, Due Diligence
    7. Will the seller help out during transition of ownership?
    8. Does the business have a strong social presence?
    9. Negotiate – the bottom line is the seller wants to sell and the buyer wants to buy – BE OPEN MINDED!
    10. Join BizON now and check out all of the amazing, existing businesses & franchises for sale – Remember, it only takes 20 seconds of courage to change your life!
    Hope these 10 tips help you out! Remember that you could always reach out to us if you have any questions.
     

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