Tips for Buying a Business – it’s Easier and Less Expensive than You Think

Purchasing an undervalued business at a reasonable price can be quite profitable while it accelerates the path to financial independence and eliminates many of the risks of new startups. The key is finding businesses that are already profitable but earning far less then they could be.

An undervalued business is one which is doing well but it is not operating to its best potential. Maybe the owner just isn’t motivated to continue growing the business and updating the marketing techniques. Lack of motivation or desire to keep a business growing is often due to death, divorce, retirement or many other valid reasons. In any event, an undervalued business can be a great deal for someone who is fresh and motivated to improve the business. The idea is to get a good solid business and turn it into a great one.

There are some critical steps to take before becoming a business owner:

Become educated; read how the experts do it, attend seminars and workshops, network with other business owners
Take a self inventory of your own strengths and weakness to determine the type of business that would thrive from your strengths and not suffer from your weaknesses
Discover your passion; what type of business do you see an opportunity for yourself in?
Get the word out that you are looking to buy a business
Keep in mind the restrictions of owning a business; how much work is involved, how much of your physical time is required and whether running the business fits well with your needs and lifestyle.

When you are accustomed to working for someone, you begin to see things as an employee. Many people never get out of the mindset of working for someone as opposed to working for themselves. Going into business does not allow the luxury of getting on the job training, because the goal is to make sure that the money which has been invested is not wasted. The beauty of purchasing existing businesses is that they are not as expensive or involved as people may think. Owning a business is well within reach of the majority of people who want to own a business.

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This article is derived from an interview between Lance Hood from SuccessInsiders.com and top business buying expert Richard Parker.

From Lance Hood – SuccessInsiders.com



Research, Investment, Buying Business, Business Brokers, Chambers of Commerce, Making Money, Creating Wealth, Business Skills