Buying Your Own Business
The world is in a recession, and the knowledge of this is common. Businesses – both large and small – are struggling, and people are losing cars, jobs and homes. It certainly doesn’t bode well for those seeking to purchase a business, or for those who have a business for sale. The trouble then is how to sell your business, or knowing where you can buy businesses for sale, but not get taken for a ride. Before this, however, is the question many ask: ‘Why would I want to purchase a business in today’s economic climate?’
The main reason is that you control your financial future. Sure, external forces will impact on you and your books, but it’s completely under your control how you respond. And because of this, you won’t be at the beck and call of those above you who may decide to cut staff numbers to save their bottom line. Then there are the other reasons that become more apparent as time goes on. The money saved on petrol (and also suits or office clothing) if you decide to work from home directly affects your profit margin. And the decreased overheads when your office is a corner of the lounge room and not a rented space in the city will save you thousands. If you do decide to rent premises for your purchased business, you control what you spend on rent, utilities or furniture. And it’s up to you how many people, if any, you employ. Of course, if you do rent premises, it’s you who decides how much you want to spend. And if worse comes to worst and you lose business, you can downsize without losing your job.
Having said that, then, the next issue is where to find a buyer for your business. People don’t walk the streets with a ‘business wanted’ sign around their neck, so it’s your job to find the outlet whereby you can sell your business. And that’s where the internet comes into play. There are thankfully many sites around that enable you to sell your business, however you need to be cautious and not opt for the first one you stumble across. You need a reputable site that has been around for some time and has credibility with both sellers and buyers alike. There are websites that allow you to search by location, so you can find businesses for sale close to you. Other sites offer a facility where you can search by category (for example, retail, food, or even a franchise). But the better sites combine these functions in the one place, and also offer business advice, news and services such as insurance.
When looking for a website that allows you to purchase or sell a business, make sure you have the option of a free trial. You don’t want to get bogged down into signing up at a site that you later find is lacking an important facility. And remember that paying fees for a site on which you sell or buy a business might affect your profit margin, but it is tax deductable!