Buying a business more often than not, is a more
attractive proposition than building a whole new
business from scratch. There can potentially also
be much less risk, especially if staff, equipment,
suppliers and even better customers are all in place,
giving you the opportunity to enjoy the benefits
and rewards of business ownership from day one.
Of course, there are still many potential pitfalls
and responsibilities. You will need to possess entrepreneurial
spirit, motivation and determination to manage and
improve your new business. You will also need to
ensure that you choose the best business to suit
your experience and long term objectives.
What is the right business to buy? Simply, the
right business to buy is the one that best fits
and meets your personal and commercial objectives.
The key to success is making that ‘shopping list’
before you start ‘shopping’ and when looking ensuring
you stick to your list. Aspects to consider are
location, types of customers, products and services
and affordability to name but a few. Profitability
now and more importantly in the future, is of paramount
importance, as is an assessment of the potential
return on your investments and whether this will
included revenue streams and capital growth.