What type of businesses should I be looking at?(how do I know what is out there and suitable?)
- Know your strengths and know what you enjoy. This means that the skills you have developed or learnt in some way match those required in the business you end up buying and the business you end up buying provides a product and/or a service you are passionate about, enjoy or have knowledge about.
I wouldn’t imagine that someone who dislikes coffee would buy a coffee shop or someone who dislikes confrontation or dealing with people buying a retail shop.
- Know your strengths and weaknesses
- Know what you are not interested in and what you maybe open to.
- It is always beneficial if you have spoken to your bank manager to get a feel for your ability to get finance and get a general idea of your capacity. Allow for on costs such as working capital and legal costs
- Talk to people you know who own and run businesses and ask questions – this can be a real reality check and you may get some quality advice. Take every negative comment onboard but don’t take every comment as the rule, every person has a story and their point of view but always be open minded. Their experience and circumstances are worth noting but are likely to be different to yours.
- Use our – tips on where to look for a business, and once you find a few that seem interesting ask questions of the broker or owner to get a preliminary feel, get the information and have an inspection. If you get a feel for the business and it fits within your budget talk to an accountant to get some commercial advice