subject: How Most Prospective Business Buyers Fall Down [print this page] Ask yourself a question when you are thinking about buying a business for sale -- is this a seller's, or a buyer's market? You might not know how to differentiate, here. Should you be looking to buy when the market is getting to the top, or when there are plenty of potential bargains, in order for you to choose? If you are used to trading on the stock market, should you approach the purchase of a business in the same way? Those who are experienced here will tell you that they buy business assets in a very regimented fashion and that you can do this as well, so long as you are aware that there is a distinct procedure. Be carefully if you are not knowledgeable here though, as the market place can be very difficult for the majority of business buyers right now.It's sobering to realize that the vast majority of potential business owners quit before they get to the finishing post. They fall victim to the "paralysis of analysis" and are ill prepared for the journey. As we all have so many distractions and other interests to pursue, we likely do not have the luxury of time on our side. Some buyers spend upwards of a year looking for the perfect business, but they're not in possession of an action plan to help them find that diamond in the rough. In truth, they don't really know what they're looking for and are almost destined to fail before they start.Do a lot of soul-searching before you even think that you are going to buy a business. You need to understand that the vast majority of business styles would never work in your situation. Don't go into the market unless you realize this and have planned correctly. We might certainly have a lot of enthusiasm at the beginning and believe that we are very tenacious, but the truth is that if we find a couple of false starts along the way, we become much more likely to end up as one of those unfortunate statistics.Identifying your strengths and talents may be a rather pleasant exercise; identifying your weaknesses not so much. Choose the industry that has a particular interest for you. You do not have to be an expert in your particular niche by any means, but you must have the enthusiasm to make it all work. Do not underestimate the level of enthusiasm that you need, because when the pressure is on this will often determine whether you succeed or fail. You may well intend to employ the services of a general manager to oversee your new business asset, but understand that you will have to immerse yourself into this organization if it is to succeed in the long-term.You can find that perfect business for sale at any time in an economic cycle. Indeed you can find your ideal business in the most unlikely places, whether it is actually for sale or not. You need to come up with a plan of action, which is highly specific and based on your wish list of ideal businesses. The keyword is YOU - your situation, your track record, likes, dislikes and ability.
How Most Prospective Business Buyers Fall Down
By: Richard K. Parker
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