Are you daydreaming of owning your own small business? Do you feel held back by how difficult it is to start your own?
Why not skip all that hassle and buy a small business that someone else has already started?
There are tons of small businesses for sale, whether they be someone’s passion project turned retirement fund or successful franchises looking for new locations. If you play your cards right, you could purchase a small business for sale instead of becoming one of the 75% whose startups fail.
Keep reading to learn how.
There are tons of reasons why buying an existing small business is smarter than starting your own.
First of all, it’s easier to get financing. When an investor or loan company can see that a business is already financially viable, they’re more likely to offer you a loan to help you purchase it.
Banks usually refuse to hand out startup loans. This isn’t a rule, of course, but it’s something to consider if you don’t have the best credit history.
Second of all, this is the quickest way to get into the market or industry you’re interested in. Startups have a steep climb to become experienced or authoritative in an industry, and often have to convince their markets of their value. By purchasing a business that’s already established, you won’t have to worry about winning over your customers–that work’s already been done.
Do Your Homework
Buying a small business is no easy feat, however. First, you need to do your research.
Consider your interests. Which industry do you want to work in? Make sure you research your new industry thoroughly to be sure that buying a small business in this niche will be a good investment.
Next, find out why this business is up for sale in the first place. If there’s a problem with the business model, addressing that up front is probably a good idea. This isn’t necessarily a deal breaker since you can always switch things up once you’re the owner, but this research is necessary before purchasing.
Finding Small Businesses for Sale
Once you’ve done your homework, you can start looking for a small business or franchise to buy!
Now sure how to find businesses for sale? Websites like Franchise For Sale feature extensive listings, organized for you to browse. You can also cold call people in the industry you want to work in to find out if anybody is thinking about selling.
Local businesses for sale may be listed in a local paper, but stopping by to talk to the owners about sale opportunities is never a bad idea. If they weren’t interested in selling before, they might consider it now that they know they have a potential buyer.
Becoming a Businessperson
Learning the ins and outs of finding small businesses for sale is tricky, but once you’re your own boss, you’ll be thanking yourself for taking the plunge.
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