222 W. Coleman Blvd., Ste. #124
843.800.2148
Any business you buy needs to fit your own skills, lifestyle and aspirations. Before you start looking, think about what you can bring to a business and what you'd like to get back. List what is important to you. Look at your motivations and what you ultimately want to achieve.It is useful to consider your abilities, capital, budget, commitment, expectations, etc. Here are our Top 10 Tips for Choosing the Right Business to Buy.
- Your abilities - do you have the skills needed to be successful?
- Your capital - how much money do you have to invest?
- Your expectations in terms of earning - what level of profit do you need to be looking for to accommodate your needs?
- Your commitment - are you prepared for all the hard work and money that you will need to put into the business to get it to succeed?
- Your strengths - what kind of business opportunity will give you the chance to put your skills and experience to good use?
- The business sector you're interested in - learn as much as you can about your chosen industry so you can compare different businesses. It's important to take the time to talk to people already in similar businesses. The internet and your local library will also be good sources of information
- Location - don't restrict your search to your local area. Some businesses can be easily relocated.
- Lifestyle - it's important to choose an industry that matches the lifestyle and work ethic that you are comfortable with. A business executive use to working 40hrs. a week may not be a good fit for the restuarant industry, which may dictate +60hrs. a week or being on call.
- Guidance - Do you have access to mentors or professionals that can give you expert advice in the industries you are considering for your new business? Talk to the Small Business Administration, local chamber of commerce, local SCORE office about the resources that may be available to you. If you use a business broker to purchase the business, Meridian can negotiate training and support from the Seller to help you get acclimated in your new business.
- Buyer Assessment - Meridian Business Advisors will perform a Buyer Assessment for qualified and highly motivated buyers. We have a comprehensive assessment tool to match you to industries and businesses that you would be most in your future.
Meridian Business Advisors can help you through the process of finding the right business to buy and walk you thorough all stages of the deal. Contact our office and request a Buyer Assessment.
