It is very important that you understand the business you wish to start. Appraise your experience, likes and skills to determine if that business is a good fit. In this session, you will learn how to make objective decisions when considering the purchase of a business or franchise, the pros and cons of buying a business or franchise, and how to evaluate how much you should pay. For entrepreneurs who are planning to make business acquisitions part of their growth program, we recommend reviewing session 12 "Buying Businesses" in our Business Expansion course. This should be a step-by-step sequential process. Here are the steps: FIRST: Decide whether you will be buying a business to provide you with a full-time job or will be making the purchase as a part-time investment. SECOND: Thoroughly investigate the industry you are considering to conclude if this is really a business to which you can make a commitment. THIRD: Attend industry meetings, talk to existing business owners, spend time at typical businesses and visit competitive locations to determine if those who are already in the industry share your conclusions.

FOURTH: Decide whether you want to start a new business or buy an existing business. FIFTH: Investigate the advantages of buying companies in your own field. These benefits are spelled out in Session 12 of Business Expansion. AND FINALLY: Appraise your own experience, skills, and background and decide if this business is a good fit for you. There are many sources for learning about business opportunities. Here are some of the most popular: Financial abilityMost people will not pay cash for a business, so some sort of financing will be involved. The equity position that will be required (the amount of cash necessary to put down) will determine the type and size of business you will be able to buy. Depending on the business you select, you will need sufficient operating capital in addition to the down payment. The source of the equity funds should be cash or liquid assets and not borrowed money. Evaluating a businessRemember that this is your decision and only you can decide whether a business is for you.

Don't let any expert decide whether or not you should buy a business. Instead, ask them for specific advice on the various components of the business. Here are two examples of how your attorney will be an important expert: The following experts can be helpful: How to determine a business' worth Other factors to consider in determining value How to verify revenue and receivables information Buying an existing business vs. Starting a new business What should I know about a prospective franchiser? Pros and cons of YOU becoming the franchiser of your own business (and licensing others to become your franchisees): Top Ten Do's and Don'ts THE TOP TEN DO'S Decide first whether to be in business full-time, part-time or with your family. Thoroughly investigate the industry first. If possible, work for someone else in the business first. Appraise your experience, skills and likes to determine if the business is a good fit. Look to the economics of the business more than how well or poorly it has been run.

Look to the seller as the best source of financing when purchasing a business. Pursue a structured "due diligence" process. Ask for help from your lawyer and accountant. Verify receivables by written verification from people owing the business money.cheap handyman services singapore Perform your own evaluation of the business's real estate location.handyman services in south jersey Deal only with established, well-financed and widely successful franchisers.handyman in st george area Determine the names of all franchisees in your area and go talk to them.handyman services in lake county il

THE TOP TEN DON'TS Permit any expert to decide for you whether or not you should buy a business. Buy a business or franchise without your lawyer approving all documents. Buy a business or franchise without your accountant reviewing their records.handyman services in minneapolis mn Rely on information or advice from franchise or other selling agents.businesses for sale 48226 Rely on pro forma financial statements (future predictions.)business for sale racine Be in a rush. (Wait patiently for the fat opportunity by looking at lots of them.) Rely on the seller's evaluation of inventory and other assets. Deal with start-up or poorly experienced and financed franchisers. Hesitate to walk away from a deal that is not a potential home run.

Overlook comparing what you can do as an individual vs. as a franchisee. You can continue to assemble your business plan. We provided Microsoft Word templates for this section below: The full template for all sessions can be downloaded as one document: Section 1-15:  MOBI Business Plan Template Distances are straight line measurements from centre of postcode To view this property or request more details, contact: How much will it cost me to call the number displayed on the site? Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package. Map & Street View Take me back to the start The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars.