Are you looking for a business for sale? Starting your own company and building it from scratch isn’t the only way to become a business owner. Another option is to buy a business that is already successful and established. If you make the right choice, buying a company that is already running can be less risky than starting one yourself. Check out the Buy a Business Expo for plenty of exciting opportunities. You can find a business for sale on Junk Mail.
Advantages of buying a business
Finding a company or franchise for sale comes with numerous advantages. Existing businesses are already making profits and these operations come with a customer base and reputation that has already been established. Employees of these enterprises are already trained and familiar with the tasks that need to be performed. Existing businesses also already have successful procedures and systems in place, which saves you the time and effort of developing them yourself. It is generally easier to get capital to buy a business than to build one from the ground up since bankers usually place more trust in operations that have a proven track record. While there are plenty of advantages to buying a company, it is important to know what to look out for to avoid losing money.
How to choose a business for sale
Now that you know the advantages of purchasing an existing enterprise, let’s take a look at how to choose the right business for sale. Here are the factors that you need to consider before making your decision.
1. Pick the right type of business
An important part of your decision will be the type of business that you want to buy. It is advisable to buy a business that is part of an industry that you are familiar with. Consider your skills and expertise before making your decision. It is likelier that you will pick the right business and run it effectively if you understand the industry you are working in.
2. Choose the size of the organisation
The size of the organisation will influence its sale price. If you are new to the world of business ownership, you may want to start by buying a smaller enterprise so that you can learn the ropes before expanding. The size of the business is influenced by the number of staff members as well as sales. The number of locations that the business operates in also impacts its size. Finding a franchise for sale is an excellent option as they typically come with streamlined systems, branding and processes. You can start by owning one franchise and then you can consider purchasing another one once you are successful in running it.
3. Check the location
The location of the business is a vital part of your decision. You will need to find a business that is operating in the vicinity where you live or in an area that you are happy to relocate to. You should consider the employees who are available in the area as well as the cost of operations in that location. It is necessary to consider the salaries and taxes that are typical to the area the business operates in.
4. Search for opportunities
Make sure that you find out what is out there before you buy a business. Researching all the available opportunities will help you to determine a fair price. Networking and searching online sites, such as Junk Mail, are excellent strategies for finding great deals.
You can also visit the Buy a Business expo to see what’s available. The event takes place at the Ticketpro Dome. It’s scheduled to run from 31 August to 2 September. At the expo, investors have an opportunity to meet business owners. Complimentary online tickets are available until the 25 August and walk-in tickets cost R65. The event runs from 9:00 until 17:00.
Image source: Reeds Expo Africa website
5. Use the services of advisors
Once you have found a business that you are interested in buying, you should consult with a banker and accountant. It is also advisable to get advice from a lawyer. These professionals use their expert knowledge to assess the information that is provided about the business. Once the facts have been checked out, your team of advisors can assess the business’s price as well as its potential returns.
Now that you understand what to look out for, you can start searching for a business for sale online. Visit the Buy a Business Expo to explore other opportunities.
