Tips on Buying a Business
Buying a retail business is an attractive prospect for many people these days. It allows you to work for yourself, gives you more freedom, and makes you a greater part of the local community. The retail industry turned over around £300 billion last year in the UK alone, and existing shops are a relatively safe way of experimenting with business ownership. They often have an existing customer base, and a great deal of information available in terms of turnover, profits and expenditure. There is less need to worry whether or not the shop will be a success.
While the process of buying a business can seem daunting at first, it is actually relatively simple. The important thing is to do lots of research and to plan carefully before making any decisions.
Knowing what you want.
Before you even start looking for a business, it is important to know what you are looking for. The first step is to decide on a budget. If you are a cash buyer this will be quite simple, but if you will need a loan it is important to get an agreement in principle before you start looking.
From there, think about what skills and knowledge you have which will enable you to run a shop effectively. The type of shop you buy will depend on your particular interests. Some businesses, like those involving electrical equipment and computers, require a great deal of knowledge in order to effectively advise customers, whereas running a newsagent or gift shop is a more general thing suitable to a wider range of people. Think about whether you want to manage other staff, and how effectively you could do this.
You also need to decide on the amount of space you can afford, what location you would like the shop to be, and how much work you are willing to do to improve the business. Some shops can be completely transformed with new signage and shelving, but this has to be factored into the cost.
Finding a business
Once you know what you are looking for, you can start your search. Fortunately, there are a number of ways of finding retail businesses for sale nowadays, and using the internet offers significant advantages in terms of alerting you quickly to possibilities. Sites such as Premier Business Sales allow you to search hundreds of listings by area and price range, which means you don’t waste time looking at businesses that are not suitable.
Look at the figures and view the premises
Finally, before making a decision, you should go to see the shop in question, looking at how effectively the space has been used, what storage there is and what the area is like. Get hold of as much information as you can on the business and how it is doing, including profit/loss. Once you are happy, go ahead with confidence. If you do your research properly, there is no reason your business should not be a success.
For more information and advice on buying or selling a retail business, contact Premier Business Sales via their page here.
While the process of buying a business can seem daunting at first, it is actually relatively simple. The important thing is to do lots of research and to plan carefully before making any decisions.
Knowing what you want.
Before you even start looking for a business, it is important to know what you are looking for. The first step is to decide on a budget. If you are a cash buyer this will be quite simple, but if you will need a loan it is important to get an agreement in principle before you start looking.
From there, think about what skills and knowledge you have which will enable you to run a shop effectively. The type of shop you buy will depend on your particular interests. Some businesses, like those involving electrical equipment and computers, require a great deal of knowledge in order to effectively advise customers, whereas running a newsagent or gift shop is a more general thing suitable to a wider range of people. Think about whether you want to manage other staff, and how effectively you could do this.
You also need to decide on the amount of space you can afford, what location you would like the shop to be, and how much work you are willing to do to improve the business. Some shops can be completely transformed with new signage and shelving, but this has to be factored into the cost.
Finding a business
Once you know what you are looking for, you can start your search. Fortunately, there are a number of ways of finding retail businesses for sale nowadays, and using the internet offers significant advantages in terms of alerting you quickly to possibilities. Sites such as Premier Business Sales allow you to search hundreds of listings by area and price range, which means you don’t waste time looking at businesses that are not suitable.
Look at the figures and view the premises
Finally, before making a decision, you should go to see the shop in question, looking at how effectively the space has been used, what storage there is and what the area is like. Get hold of as much information as you can on the business and how it is doing, including profit/loss. Once you are happy, go ahead with confidence. If you do your research properly, there is no reason your business should not be a success.
For more information and advice on buying or selling a retail business, contact Premier Business Sales via their page here.