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.