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    3 Replies Latest reply on May 26, 2008 7:43 AM by LUCKIEST

    What is the thing to consider first when buying a business?


      Knowledge, preparation and planning are important to success in buying or starting a business. But let's discuss something that contrary to what many people may think; is probably the most important consideration.




      When deciding on a business, you will want to find one that satisfies your goals and meets your objectives. Understand your self before charging out to buy a business.


      Start by reviewing your own abilities, knowledge and experience


      Do you want a business that will take advantage of those or are you looking at it from the perspective "I want to go in a new direction"?


      We believe it is always better to play to your strengths, abilities and experience but going in a new direction is OK if you have the core skills and capability to effectively apply them in a business that may not be one you are experienced in.
      Give some thought to the following

      • What type of business are you interested in?
      • Do you want to buy a manufacturing, distribution, service or retail business?
      • Do you want to run the daily operations yourself
      • Do you want to have a general manager to take care of that for you?
      • Where do you want the business to be located?
      • How big of a business do you want to target?

      These are things for you to think about to help you focus and prepare properly.

      Use you answers to the above, to develop a profile of:


      • 1) the type of business you are looking for;
      • 2) the industry best to focus on

      That will help guide you as you begin to research a business to buy. Buying a good business is a significant way to increase your wealth and financial security. Solid established businesses can literally buy and pay for themselves. This is a true and well-established fact in business but we want you to understand that buying a business is not something you undertake if you need "instant gratification". But if you have the motivation and determination to buy a business, you can do it. But remember it is a good idea to start the process with understanding your self.


      Does anyone have some additional thoughts on this?