The time to get advice is early in the game, not after you have signed a purchase agreement and suddenly find that you have only 10 days to complete all due diligence
Many people look for a good, profitable business of any type. That makes sense… or does it?
People such as this are not picky as to the type of business as long as it makes money. Using this technique it is very common to look at a hundred businesses and even then to find out – after hours and hours of research – that what you learned did not agree with what you were told. Such an approach is one way to go about it.
Investigate Different Types of Industries
It is very common to either not think about what type of business would be the best for your particular skills and knowledge, or to fail to look at how difficult it will be for you to run that business.
If on the other hand, you research the different types of industries first, without concern for finding specific listings. Then after you understand this industry – and like it, you look for specific businesses available in your target industry. You will have a much better chance of finding the correct business.
The right business might not even be making a profit but could be built up with your knowledge and education applied to it.
The business that works best for you to buy is not going to be the same as for someone else. Picking a business should not be based on what is available for sale, but instead it should be what you have the taste and talent for.
If you would like help deciding where your talents will be best put to use, we can help you with that. We provide an educational service divided into three parts.
Part One: You take a test and fill out a questionnaire about your experience, education and available financial resources.
Part Two: An experienced staff member will evaluate the test and have a phone interview with you about the information you submitted and what it means to you in your search for the perfect business.
Part Three: An experienced business consultant will give you an education about the industry/industries you have chosen. This discussion will tell you…
What are the dangers you should look out for.
- What are the good attributes of the industry are.
- What knowledge will you have to acquire and succeed in your chosen industry/industries?
- Lastly, you will find out where the bodies are buried in your chosen field. Put simply, this means; “what problems are there in the industry that people who know about them do not want to talk about them.”
When you are done with this program, you will…
A) Have a very good idea of what types of businesses you are interested in.
B) Know what you are definitely not interested in
C) Know what information you need to collect to make a sane decision.
Share your stories, comments and questions below.
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