Hi raftam! It sounds like you have a great potential opportunity and I encourage you to put a lot of thought into it. Have you created a business plan yet? You'll want a business plan to help you consider all of the elements involved and your ideas on your new business. If you're not sure how to start on a business plan, we've got a great guide that you will find helpful: Guide: How to develop a business plan
I also might suggest you check in you local chapter of SCORE. SCORE is an organization made up of business executives and entrepreneurs, They offer free counseling and education on almost any subject that a small business owner may need. They also provide mentorship and guidance that may be helpful to you in making your decision.
We've got some great articles, discussions and guides in this forum to help you make your decision. We also have an amazing community of small business owners who will be glad to give you advice. Feel free to ask any questions you have!
Thanks Rebecca for the links. Good information. I will look into it.
Hi raftam and welcome to the Community.
Moderator Rebecca gave you good advice.
Have you seen prior Financials or Tax Returns??
Do you have an Accountant,?? A Lawyer??
I always suggest a Business Plan. The Business Plan is like a road map to Success.
SCORE is also a great organization both on line and in person.
Good luck, LUCKIEST
Thanks for your reply. Yes, I review the links that Rebecca sent. very useful. As far as financial and Tax is my next step to dig into it. I have not seek any lawyers yet. That would be my next step.
Still think about it and it is no 100% yet.
Thanks for your advice.
My advice would be to not do anything rash. Make sure the owner provides detailed financials, and pour over them so you can have a very good estimate of how much the business will make each month. How much is the lease and when does it expire? Are there employees who will stick around.
Keep in mind that sporting goods has become a very competitive business with all of the big box sports stores (and also Walmart). Retailers like Sports Authority and Sport Chalet are being pushed out of what has become a more saturated market. The potential to make a solid profit on products has reduced significantly since the current owner opened the business 23 years ago.
Don't fall in love with the idea of owning this business, but take a hard look at the financial numbers to make sure it makes sense. Let the forecasts make the decision for you.
Hi Video Guy,
I am still thinking about it and not 100% solid on my decision. I know I have to look at all the financial and everything in detail.
Sporting goods is very comparative but what intriguing about this business is the location. It is located in Hispanic part of town with (actually it is a good and safe area) where they play tons of soccer every weekend.
But you are right not to totally fall in love with it yet. Still doing a lot of research.
Thanks you for you help
I say go for it! It's a win-win situation!
I know. It is very tempting.
This all looks very intriguing! I hope you'll keep us posted as you progress through this process.
I am seeking a professional advice from any experienced business
I am currently a softwear programmer and have been doing
this for last 15 years. I create applications and websites. I also do trading
on the side which brings me a little bit of extra cash. But now I came across an opportunity that got
me to scratch my head.
I have a friend that owns a sporting goods store and he is retiring.
His store is strategically and geographically located in a good part of town with
good amount traffic. He has been doing
this for last 23 years and made a good living of it too. He mainly sells soccer
stuff which is growing now these days.
His mentality (business aspect) is old fashion and the way he ran the business
is not up to latest technologies and marking/advertising ways. Basically the
store is open 6 days a week with no means of advertising and only by word of
Now, he is offering me to buy the business from him and take
over everything under the same name. I have some knowledge of business, inventory,
cash flow and income statement and ….
And I know I can take this store to next level with new technology and marketing that
is out there.
I know that I need to do my homework about the business first
and find out everything about the store, leasing, overhead and so on. Now my
question is, should I go for it? This means that I won’t be doing programing
(as a source of income) any more. But on the other hand I wonder that how long
should I work for someone else. NOTE, that I am a single person, no wife or children.
This gives me an advantage to sell my house and live in the back of the store
for a while.
Any advice would be gratefully appreciated.