2 Shortcuts to Starting Your Own Business

Do you want to start your own business now? Businesses are naturally impatient, so taking all the necessary steps to start a business - from business plan design to site deployment to use of licenses and permits - can be painful for many.

There are two shortcuts to starting a business that can quickly put you in the driver's seat. Buying an existing business or buying a franchise is an easy way to start a business at zero. Here is what you need to know about these two choices.

Start button # 1: Buy an existing business

When you start a business from scratch, you have to do everything from finding a location and identifying suppliers to building a brand and hiring employees. When buying any existing business, many of these actions are already done by you. Another advantage: Because existing businesses have good experience and assets, it is usually easier to get a loan to buy an existing business than getting a loan to start a business is zero.

Before you start searching for companies to determine your purchasing skills, skills and interests, and which area you want to enter. By searching S & F Consulting Firm Ltd you can get an idea of ​​the types of businesses for sale: With over 45,000 business listings for sale at any time, it offers many options. Is there a particular business in your area that you are interested in? Contact the owners and see if they are open to the idea of ​​selling - you never know!

What to ask before buying a business?

Once you've identified a number of potential companies to buy, try to figure out any issues with this company and make sure it's asking for the asking price.

Find out why the owner sells. Are they retiring or leaving? Or is there a company problem (for example, a customer base reduction or a "curse" location) that forces them to download it?

What commercial assets will you buy (such as equipment, real estate or inventory)?

Who are the key employees? If they are important to your business, you need to make sure that they are able to maintain your purchase.

What type of brand recognition does the company have? Explore your company's online reputation, including online social media analysis, social media, and Better Business Bureau to see if the company has a positive image.

Review all company financial information, including bank statements, receivables / receivables and receivables in financial statements and tax returns. Be aware that there are any outstanding debts, debts and claims.

Obtain licenses, licenses, contracts, trademarks and other legal documents to make sure everything is in order. If intellectual property is involved, make sure it is part of the sale.

Is vendor financing available? Paying to the seller over time can be the company’s way to pay off the debt.

A commercial broker can help you find companies to sell and negotiate the price. Because it is a complicated purchase with several risk factors, you should also ask your accountant to sign it, review the company's finances, and ask a lawyer to sign the contract before signing.

Startup shortcuts # 2: Buying a franchise

In a franchisee system, a parent company, a franchisee, creates a method of doing business and sells licenses to franchisees, enabling them to start their own business location. Franchisees charge a fee for the purchase of franchises and use their name, trademarks and system; They also pay overtime payments and royalties throughout their working life.

As a rights holder, you will be responsible for starting your own business, but you will receive the guidance and support of the right holder for your support both during and after the launch. This makes buying a franchise one of the best shortcuts to starting a business.

MacDonald is probably the most famous canning town and also one of the most expensive. But, if you are on a low budget, you can get a $ 10,000 compensation. The International Franchise Association website (IFA), Franchise Gator and Franchise Direct are great places to search for franchise opportunities. These sites also contain information about franchise fairs, where franchisers provide opportunities for participants. Attending a fair is a great way to quickly explore many franchises.

After you have expressed interest in purchasing a franchise, the franchiser is required to submit a franchise disclosure document (FDD) and must spend at least 10 days between the receipt of the franchise.