How To Purchase A Business

Buy A Business With No Money Down?

Whether you are starting your own business from scratch, going into a business opportunity, or buying a business, you need to have certain characteristics, traits, skills, and goals in order to succeed.    So how do you know if you are ready to own a business? Basically, you need to ask yourself some hard questions and give yourself honest answers. If you don’t have the time and commitment to start a business, you need to look elsewhere for your income. You may be better served accepting a job with a company. There are those that need structure and a job is the place for them.  But, if you are inclined to owning your own business, then lets discuss some necessary items.   First, you need to have a plan. The plan can come from your own imagination, the franchisor, or the company offering the business opportunity. It doesn’t have to be something set in stone, and it doesn’t have to be fancy. It just needs to be a basic outline of what your business will be, what you will sell, how you will sell it, and what your operating costs will be. It is recommended that you include at least three months of operating expenses into your start up costs budget, which also needs to be determined in your plan.   The next item is paramount to your success. It is the infamous 4 letter word and that is work.

An Established Business

Owning Your Own Business

I get asked this question all of the time. Mainly, this question comes from people I run into that own and operate a small business and have always done things for themselves. The business may have a few employees, own some assets and is quite profitable. When speaking with them, I always hear "I don't really have any legal problems so why do I need a lawyer? Business is good and my employees love me." Well, when I hear this, I know what I am getting into.The first thing I ask these people is: how is your business structured? LLC? Corporation? Once we determine that answer, the next questions become: Do you have an operating agreement if you are an LLC or by-laws if you are a corporation? Do you have annual meeting minutes? Seven out of ten times people respond "no" to these questions. This is why they need a business lawyer. If they are not following corporate formalities and organizational protocols and someone would sue the company, the chance of that plaintiff piercing the corporate veil and attacking the owner's personal assets increases exponentially. Another question I ask is: do you have written contracts for the work you perform and the business dealing you are involved in? About 4 out of 10 say no. Again, this is why they need a business lawyer. The handshake agreement doesn't work in today's society. Everything should be in writing, not because you can trust no one, it is because you need to protect your rights. If they don't have contracts they use or have written them themselves, you can bet that they will spend insane amounts of money to settle disputes that could have been prevented by working with a business lawyer from the start.Lastly, I usually ask them if they understand the various federal and state employment laws that govern the employer-employee relationship. Most respond with "Pennsylvania is an employee at will state and I can fire anyone at anytime." This is what I call a ticking time bomb. Yes, it is true that Pennsylvania recognizes employment at will; however, there are various laws that give employees protection from discrimination, unfair treatment, unfair wages, etc. Most of the time these business owners have no idea what they don't know and end up doing something that costs them ten of thousands of dollars to settle. This is why they need a business lawyer. So as you can see, there are many reasons to work with a business lawyer when you own a business from the start. People improperly assume that the only time they will need a lawyer is in the event that they get sued. However, a good business lawyer will help you run your business in a way that limits the reasons for which you could be sued at a fraction of the cost it will take to litigate and resolve a dispute down the road. Established Businesses

Own Your Own Business and Live Happier

There are many benefits to owning your own business. I would like to compare this to investing to help you decide which is better, investing or business ownership. While each has its benefits, both are certainly not for everyone. They have there difference and definitely have their similarities. Both represent a form a gaining financial independence. So which one is better?Owning your own business means you have no boss and more tax benefits. It also means how much money you make is up to you. If you work hard enough at anything then it will eventually be profitable. The big benefits include doing whatever your passion is and getting paid for it, deciding when and where you want to work, and being your own boss. This truly represents a freedom that almost everyone desires. The cons of owning your own business could be huge start up costs, working long hours to get the business on its feet, and dealing with big company competition. These are certainly not insurmountable obstacles but they must be considered. The other thing to consider is that many businesses are not even profitable for the first year or so. This is not to say that yours would not be and you hard work would not pay off eventually.Investing in a business is much like investing in the stock market. You are spending money on something right now that you hope will produce more money in the future. However, depending on the types of stocks you are investing in, you can avoid a lot of the cons that come with starting a business. For example, you can actually be very profitable in a short time with the right stocks, such as penny stocks. You can also start with a relatively small amount of money as you learn how to invest.You can keep you day job and use a portion of you income every month to invest in the stock market either through a traditional broker or online trading account. This is not to say that you cant start your own business and put money into investing. Its just that for many it would be too financially difficult to do both. Many businesses are definitely good investments but if that seems beyond your risk tolerance then give stock market investing a try. If you learn the ropes you can earn just as much if not more than if you would have started a business, except you wont have any business expenses except for the small trading fees. A Small Business

Buying a Business - Steps

If you have dreamed of owning your own business then you can succeed at it. It is possible for you to be your own boss, acquire more out of life, and feel more satisfied and fulfilled every single day. Often we pursue career opportunities only to realize that we aren't fully satisfied with what we are doing. We desire more out of life but are not quite sure what it is. And it can seem as if something is missing. If you feel like you are missing something in your life then it doesn't have to be that way. Being your own boss might seem intimidating but it shouldn't be. You can actually achieve that goal in a step-by-step fashion that provides you with an opportunity to grow and excel, and then coach and teach others to do the same. Being your own boss is an amazing feeling because it puts you in control of the income you generate. It also gives you the tools and strategies to create the life you desire and deserve.When you own your dream business that means you own a business that is built around your passion and purpose, a business that allows your gifts and talents to shine, and a business that makes a difference in the lives of others. And you can become your own boss for a very affordable investment.Now it is important to understand that becoming your own boss takes a lot of work and dedication. But it is extremely rewarding. If you are willing to put in the work and stay dedicated until you manifest your desired results, then you can be a very successful business owner. Many people dream of owning a business but are not sure how to bring that dream into reality. But that doesn't have to be your story. You can launch and operate the business of your dreams and have dedicated support along the way. It is your time to get off the fence about becoming a business owner and make it happen. An abundance of hidden possibilities are waiting for you. A Franchise

Home

Strategy 3

buying a business