You might be able to transfer skills that were obtained in your previous work history, to your new business. This does not mean that you should not be prepared to learn new ones. Many people who start or buy a business for the first time have never had to delegate tasks. Upon becoming your own boss you will have to learn how to get the best out of your employees.
Your employees will look to you for guidance – whether you are running an ice cream parlour or a factory. The very moment you make transition to a boss; all eyes will be on you. You need to lead, work and communicate with, and motivate your staff. You will become the driving force that leads the company to success. Your employees need to rely on YOU!!
Regards
Peter Watson
Director
www.Business-Trader.com.au
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If you have any reservations about whether you will enjoy the work, do not begin to consider proceeding any further. The business could appear to have great potential, however if you are not passionate about it DONT WASTE YOUR TIME!! You need to have passion about the work you choose to do.
During the tough times it’s your passion to the business that will give you the strength and determination to succeed. Find out what you love. Perhaps it’s the outdoors, the countryside? Maybe you love working from home with your family? Are you talented in closing sales? Perhaps you’re gifted dealing with people? Do you have a creative side? Do you enjoy communicating?
Assess yourself
Being your own boss will demand a lot of time, energy, commitment and financial resources. The decision to be your own boss should not be taken lightly. It will in fact be one of the biggest steps taken in your life. That’s why is important to understand the many risks and consequences of your actions.
Be realistic don’t lie to yourself, do you really have the determination to be your own boss, to make cash and to sacrifice in the process.
Regards
Peter Watson
Director
http://www.Business-Trader.com.au
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Whatever talents, skills and employment history you already have will have the biggest influences on the type of business that you end up choosing. The ability to use these existing skills will help you to progress enormously.
Take a seat ask yourself, what are you good at?
What past experience do you have?
What areas do you excel at?
Write down a list of all your talents, look back over your employment history write a list of all the occasions you excelled in work. Whilst taking a look at the different business opportunities, you need to make sure that you have the ability to transfer your talents to focus them on the new business.
Regards
Peter Watson
Director
www.Business-Trader.com.au
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Your financial status will affect the type of business you are able to buy. There is often a difference between the business you would like and the one you can afford. It is important not to stretch yourself financially. No matter how attractive a business may appear to be, always be cautious and try to look at all the possible downfalls.
Ask yourself: Is the business as good as it appears to be? Taking into account unforeseen expenses, how much will this business really cost? Are there any hidden costs? Without including personal loans, how much money do you have access to? How will the rest of the money be raised and under what terms?
Regards
Peter Watson
Director
www.Business-Trader.com.au
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According to recent research 90% of people, with the intention of buying a new business, never finish the buying process. Finding then correct business that suits you is itself a long journey. It’s estimated that over one in four people that want be their own boss cannot pin point the type of business they want to run.
Many people change their minds during the process of buying a business, when they discover a business type to be unsuitable. Many business brokers and agents report that people end up buying a totally different business from the one that originally led them to the brokers.
All of the above findings lead to a conclusion that researching the businesses that are for sale on the market is a first step that’s necessary to make. It’s extremely common for buyers to learn that they are best suited to a type of business that they had never even considered before.
Tomorrows post will include steps that have been designed especially to help you to define the type of business that you want to purchase. Businesses-Trader.com.au has well over 2,000 businesses placed on the business for sale market. It is vital that you begin to limit your options.
Kind Regards
Peter Watson
Director
http://www.business-trader.com.au
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Research will show you that 99% of businesses for sale are over priced the day they are placed on the business for sale market. A business owner will usually over price their because they are emotionally attached and think it is worth more than what the actual financial figures suggest. They are also out to acheive the highest price possible for their business, even if the current market trends do not allow this.
Most owners establish their own listing price without seeking legal advice from an accountant or solicitor when selling a business. You, as a potential buyer needs to negotiate the price with factual information such as market trends, financial records, profit loss statements, assets, stock on hand etc.
So if you see a business for sale that tickles your fancy but the asking price is out of your budget, don’t give up so soon. The asking price for any business has nothing to do with the actual sale price. Allways remember that everything is negotiable. All you have to do is apply your negotiation skills and techniques to try and acheive a price that you can afford. If the business you are interested in has been on the market for an extended period of time, your chances of negotiating down the price are even greater.
Regards
Peter Watson
Businesses for Sale
www.Business-Trader.com.au
www.Business-Sale.com.au
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As mortgage interest rates rise, so do business loan rates and with the tightening global credit market it is suggested that business owners should consider locking in their small business loans, just like home owners do. Locking in your small business loan interest rate could save you thousands of dollars.
Business owners who are not prepared to lock in their interest rates should always factor in a minimum of 3 interest rate rises per year at times of uncertainly, like now. If you allow for 3 interest rate rises and you are prepared for the worst, then you will not be caught out and put into a position where you are unable to honor your business loan repayments.
The same principals apply for people who are applying for a small business loan to either purchase an existing business or to start a new business venture from scratch. Locking in your interest rates or always allowing for interest rate rises will keep you ahead of the banks, who have no problem knocking on your door.
Regards
Peter Watson
Director
www.Business-Trader.com.au/smallbusinessloans.php
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As a business owner there may come a time when you will consider selling your business. As the business owner you may feel that you have no other option.
If you feel that your business is getting stale, then why don’t you try to buy out a competitor? You will need to speak to your accountant first, but this could be a very realistic option for you.
Whether it be a close competitior or a smaller competitor, this acqisition would see your product line potentially double, and double the products could mean double the turn over.
You would also double your customers. Introduce business 1’s product line to customers of the new business (business 2) and visa versa. Utilizing your newly acquired staff for both businesses would be an added bonus offering flexability.
The second location will be another great addition to your business.
Serioulsy consider the option of buying out a competitor. Make a short list of who you would be interested in and then approach each business. Let them know you are serious and you might be surprised by their answer.
Kind Regards
Peter Watson
Business for Sale
http://www.business-trader.com.au
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