Has your dream always been to work for yourself? Or are you getting tired of working in the corporate world and looking for an alternative option to provide for your family? If your answer to these questions is a resounding yes, then you may be interested in purchasing an established business with the help of Transworld Business Advisors of Denver. Buying an established business is a great way to avoid some of the difficulties of starting a business from scratch. These difficulties can be anything from finding enough cash flow to begin and operate a business while it is getting off the ground to hiring employees and finding customers to serve. To move forward with the idea of buying a business, we have compiled a list of items to keep in mind to get you started on the right path.
Identify the Businesses For You. Of course in an ideal world, you want a business with cash flowing in and one that is on a positive growth path. But these are vague characteristics at the end of the day. It is best to begin with a more concrete characteristic instead and ask yourself questions like: Do you want a business with high profitability? Low overhead? No inventory? Established staff in place? A time tested industry.
Narrow Your Search. Now that you have explored some of the possibilities associated with buying a business, identify and narrow down what business fit these descriptions in reality. If you want a business that you can own and operate from your own home with low overhead, then a handyman business or a landscaping company may suit you. If you want an exciting business that changes from day to day and will require a large amount of involvement than a restaurant or cafe may be the answer.
Do Some Industry Research. Research the industries that you have an interest in to determine their key statistics like profitability, overhead, and staffing levels. This information will help you better understand what would be involved with owning one of these businesses and the types of trends they experience.
Hire a Professional Broker. There are two key reasons it is important to hire a professional to aid in the business purchase process. The first reason is that they have a great understanding of the local business economy as well as insider knowledge of different types of businesses. This will allow the broker to ensure that you purchase a business that is suitable to your needs. The second reason is that they are transactional experts and will be able to help guide you through the process and negotiate on your behalf - making the process of buying a business "easy."
Listen To Your Intuition. A prospective buyer could spend a great deal of time researching and planning for different business opportunities, often times needlessly. If your gut is saying a business is or is not for you, then go with that feeling. Your broker can attest that many prospective buyers just know when they have identified the business for them! To learn more about how to buy a business we suggest you visit our website and read some of our articles to help you explore the opportunity or schedule a consultation with one of our brokers today!
Rachael Holstein joined the Transworld Team in 2016 as Marketing Coordinator. Her working experience has been largely focused on Business Development and Marketing in the finance, architecture, property management, and information technology industries. A long time resident of Cleveland, Ohio, she attained her Undergrad from John Carroll University and a Master's Degree in Global Interactions from Cleveland State University. She relocated to Denver in 2013 for a change of scenery and a bit of adventure.