subject: Buy A Business-how To Make A Right Choice? [print this page] I am thinking of buying a business for saleI am thinking of buying a business for sale. Everyone dreams of Work from home, being your own boss, have the freedom and lifestyle, getting rich, making more money and doing less work. Things may seem very simple and easy from outside, but maintaining a business, giving salary for other people every week. It is not as simple as it looks.
To buy a business for sale and work from the grass root level and building that business where it can become profitable is 100 times harder then getting into a good business which is already making money. It may or may not cost a little more, but good news is you will have income starting from day one. Franchises are something which doesn"t always work just by itself we can all agree there are many factors. If it is a 7Eleven right next to the supermarket it may not work, but if it is right next to a coffee shop, every smoker will walk in no matter what, factors like McDonalds you open it in middle of desert you will kids will find you.
Now buying a business could be something like that too. Do you wish to quit your job and get into this business, do you wish to buy a business as your side business where you only need to come once a day or you want to open a business for your wife, brother etc.
All scenarios will end up with different requirements and facts. If you wish to quit and would like to get into business you should buy a business of your field instead of buying what you to do. Off course there are businesses which may not require a lot of skills but even Coffee making and Kebab shop are not as easy as it seems like. You may buy an expensive shop because the books say it is doing very well, but you do not know how to provide the quality and service the previous owner was providing; your business will go down in matter of days if not weeks. So pick a business where you think you can fit right in.
If you want to keep your job and want to make more money as your passive income you should be well aware of the fact, every business takes your time and every business needs your attention. no business can give you income without doing a little work, though you can own a Car wash for sale or Wending Machine Run for sale, which required once a week attention, still they need attention, these kinds of business hardly comes in market for sale, their rates are very high and they don"t stay in market.
If you want to buy a business for someone you think should be able do hard work and make you some money, you should be very careful, at some stage other people will move on and you will end up in a situation where you have to do your job and look after this business full time, so it is always better you sign up a contract with the person who will running your business. It is always better if you make then a 10 to 15 % partner after their salary, this will keep them happy and they will look after it as if their own business, but remember you can trust your wife or girlfriend not everyone.
Also any business you buy or you will need to do these things which are always there are
1. Keeping Accounts
2. Paying Bills and Salaries on time
3. Making sure all the income and expenses are reviewed every month or quarterly
4. Always keep in mind how to improve your quality and service
5. Keeping it fresh, reinventing your business.
6. Networking, marketing and Sales this works from a coffee shop to a multimillion dollar firm.
GOLDEN RULE : ALWAYS PROVIDE THE BEST SERVicE AND QUALITY YOU CAN
Good luck, to find the best businesses for sale in Australia go to http://www.business2sell.com.au
