Sea Change Lifestyle change Taxation breaks Increase earning potential Management buy outs Or it simply may be a longing desire to succeed on ?my own?
In any event there are a number of important factors that should be
considered such as: Prepare a SWOT analysis on a prospective business purchase, by considering
its strengths, weaknesses, opportunities and threats.
Do you have enough working capital available? ? never go into business under capitalized ? as history shows failure is
imminent?
Are you experienced in this industry, how reliant is the business on the
current owner ? can you step into his or her shoes and manage the concern
properly.
Creating a business is somewhat more difficult and it usually takes a lot of
time, patience and persistence to become established. Working Capital is of
most importance as it could be some time before your new business opportunity
?breaks even? or is in profit.
Location, location, location - how many times have you heard this saying! But
it's surprising to know that some people who fail, totally disregard this
piece of precious advice. If your business opportunity is retail related then
be prepared to pay for the ?LOCATION? as it's probably vital to the very
success of your business. Rent's in air conditioned regional shopping centres
range from $100,000 to $300,000pa, so do your figures and take advice from
your accountant.
There are a myriad of business opportunities available in the general
marketplace today, many of which can be home based ? which suits many
business buyers and their family commitments.
Due to the ever diminishing manufacturing base in this country ?Service
Industry Related? businesses are very popular and should be positioned very
high on your shopping list.
Establishing a business opportunity or purchasing an established business
could be the most important decision of your lifetime, research the
propositions, establish your suitability to own and manage a business, or are
you best suited to establish a business opportunity.
In any event call or email any of the brokers that are affiliated with this
web site and they will be very happy to assist you in your endeavors.
Good Luck with your business hunting and decision making processes.
So consider buying a good idea for your business. Besides buying a franchise or an existing business, or starting a business from scratch, you can buy a business concept. You may see some of these concepts referred to as business opportunities and easy ways to make extra money.
With a franchise youre buying a name and concept by paying an up-front franchise fee and a continuing percentage of your earnings. With a non-franchise business opportunity you also buy a concept by paying an up-front fee for your easy ways to make extra money. You may also pay the seller for equipment and supplies. What you dont pay is a continuing percentage of your earnings.
While you do get a business idea that is a turnkey business where you can immediately begin your operations, you dont get many of the things that come with a franchise. Sometimes these things are good, sometimes not so good.
Understand that there is no requirement to pay any ongoing fees. Once you pay for the business opportunity, youre basically on your own. You may continue to order supplies from the seller, but there are no other fees. With a franchise you have a continuing obligation to pay franchise fees.
There are also no restrictions. With a non-franchise business you arent required to conform strictly to a franchisers code of operations. You have more flexibility to run the business as you see fit. And because you dont have the ongoing fees of a franchise, you have more money in your pocket to do with as you wish.
There are other things that arent quite so favorable for a business opportunity. First is the trade name. With a non-franchise business you get the concept, such as college scholarship matching in which you help students locate scholarship opportunities, but you probably wont get the trade name, such as American College Planning Services, a franchise providing the same type of service. Although you can negotiate to keep the current business name, in most cases, you run the non-franchise business under the name you select with your easy ways to make extra money. You must establish your own name recognition.
You also dont get a protected territory. Unlike a franchise opportunity, the seller of a non-franchise business may sell the same business opportunity to your next-door neighbor, unless you have a non-compete clause in your contract.
It also lacks extensive training. You may get some reference guides or tapes to instruct you in how the business operates, but the seller of a non-franchise business opportunity will not show you how to run a business in general. You have to pick this up on your own. There may be a trade association that covers your business type that can help you.
Both Gary Johnston & Ben Needles are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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