from the desk of:
Denis J. Burke, MBA
Senior Business Broker
Define your Buyer Strategy
Most Business Buyers thinking about buying a Business surf the net looking at different businesses without ever sitting down and figuring out what they really want. My experience is that people waste a lot of time looking online instead of first defining a business Buying strategy. Yes! you read it right, a Buying Strategy. Buying a business involves a strategy that enables buyers sit on their porch or couch and spend time thinking and writing down such key elements as the following:
- What am I really good at? What am I passionate about? You must know your strengths, weaknesses and what your passions are if you are going to be successful in business for yourself.
- Define your purpose. Why do you want to become an Entrepreneur and own a Business? It is important that you have good reasons and a strong conviction about WHY! It’s a lot of work running your own business. You must be extremely committed to succeeding.
- Evaluate ONLY businesses that suit your temperament, your financial goals and lifestyle. For example, in Florida, we have many retired people who want to own a small business for “something to do.” They already have retirement income, they are not looking to work too hard or disrupt their FL lifestyle. They just want to make a little extra money and stay active. It’s a very clear purpose.
- Decide if you want to start a Business from scratch or Buy an existing Business. This decision will significantly alter what approach you need to take. Your focus and the associated Business risk is going to be dramatically different.
- Determine exactly how much money you have to invest in a Business. Decide the price range of business you want? Know your credit and financial status so you determine in advance where you can get funding if you need it. Ask yourself what you are willing to risk in order to succeed. Establish a Budget,
- Create a Business Plan. Establish a Budget. Take Action. Work your Plan
When you need Expert Business Advice email Denis@BusinessBrokerWorld.com