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.
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