Buy a Business That Works for You

Monday, 26 February 2007, 4:03 pm
Press Release: nzbizbuysell.co.nz

Buy a Business That Works for You

When buying a business or franchise, make sure it’s something you are passionate about, have a vision for, and have the necessary skills to add value and make it succeed.

To buy a business that will work for you, choose something that you will enjoy doing and will be suitably rewarded for doing. There are literally thousands of businesses you could choose to own and operate. Making the choice can be very difficult as you are making a major commitment of time and money.

Do your homework and check out the many options available. Visit business for sale sites like www.nzbizbuysell.co.nz they not only list businesses and franchises for sale, they also offer valuable tips and information on buying a business.

Start by defining your strengths, weaknesses and skills. Determine your financial needs and any parameters you will need to work within. Once you are clear on these, explore and research the “right for you” options, their upsides and the value you can add, as this will help you fine-tune and narrow down the possibilities. “It doesn’t so much matter what type of business it is, we find it’s usually the more passionate and in-tune business owners that have the most successful businesses,” says Richard O’Brien, director of nzbizbuysell.co.

Most of us have a variety of skills and interests so pinpointing the “right” business can take some time and research. Be assured this is time well spent as there will be ups and downs and it’s during ‘tough’ times in business that your passion and enthusiasm will see you through – so it pays to choose a business that taps into that energy.

Remember that successful businesses are built over time and are based on well-designed and executed business plans. Buyers and potential entrepreneurs need to avoid the gaudy charms of ‘get rich quick’ scams and remember the old adage that if it sounds too good to be true, it usually is!

It is helpful to write down your personal goals, what’s important in a business. Note any aspects like income requirements, and if you want a owner opertor business, the responsibility of staff, or intend growing it into a major company and what sort of time commitment you want to dedicate to the business. Describe your ideal business as thoroughly as you can and your ideas will begin to emerge and crystallize as you research your options.

There are a number of skills needed for being in business, some of which can be out-sourced, provided by staff or a franchisor. Being decisive is possibly the most important of these, and if this is not one of your strengths, then perhaps you need to consider teaming up with someone who is.

Small business ownership and its operation can be one of the most financially rewarding and intellectually stimulating pursuits that you can choose. Be as fully prepared as you can and success will be yours.

ENDS

www.nzbizbuysell.co.nz

© Scoop Media