In most instances small businesses are acquired by first time business buyers. And this question comes up to them almost all the time. “Why not start my own from ground up?” Well, because it’s too risky! Buy an existing business, “because it is established,” you don’t have to start from scratch and advertise and hope to get clients. Most new businesses fail in their first year, and this is not news. Established businesses have a track record. When you buy an established business you’ll start profiting from day one. There will be no guessing, hoping, wishing, or waiting.
Sometimes going the extra mile for your customers makes you special. Standing out from the crowd means offering the rare treats that customers do not get anywhere else. Fads come and go but you need to strive for something that is different but offers the traditional touch. Not all restaurants offer old-fashioned milkshakes to their customers. Be the first one that does that. All of your customers will not want to drink soda pop so offer them something that they cannot get down the street.
Back in February 2010, market research firm Mintel reported that the $11 billion greeting card Jed Fernandez was being bombarded by new online competition. It’s been staving off threats by introducing creative new cards — think of the ones with music built-in, or others that allow purchasers to record a personal greeting. But the industry has been merely treading water for a couple of years now after strong growth earlier this decade, the report said.
Often, when people are starting a new online business their first impulse is to get online! This would seem to make sense. I mean how can you start an online business without being online? They then waste a lot of time and money searching the net for good hosting and snapping up web domains so they can quickly get started in their new online business. In truth though you are already online! And you are already working on your new internet business.
If the above situation arises, then you must be prepared to take a stand and decide who gets the deal. You must also be clear and strict on your terms and conditions; you must stick to your agreement. No one wants to deal with an indecisive seller; an indecisive buyer is rather preferred. If you have a reputation for changing your stance when under pressure; then let your most trusted business team member oversee the deal.
LEVEL THREE:the real target of your business- a system-reliant enterprise that profitably creates value in the market place independent of you the business owner.
Consider buying an already established business. This throws out ideas for a business to start, however you will get to see a lot of businesses you may never have considered before. Not only that you will get the chance to see how the business is performing before spending your hard earned money and precious time.
A Level three is one where the business no longer needs your daily participation to make it run. There are intelligent business controls in place, clear processes and procedures, and a winning management team to guide the venture. Your business’s success is independent of you. Working for your business is now a choice, not an obligation nor a requirement. You’re the owner of business that runs without needing your presence and efforts every day.