Business For Sale - Useful Tips For Assisting You In Finding The Right Business
There are thousands of businesses all over the country for sale. Everything from flower shops to dry cleaners is available but you should clearly determine what attributes you are looking for in a business first.
Here are a some questions that you should be asking yourself before starting your search:
1. What is your annual income goal?
2. How much capital do you have to get started?
3. What are your interests or better yet, passions?
4. How many hours do you want to work per week?
6. What location are you thinking of?
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Income Goal:
You should know exactly what you want to make per year before choosing a type of business. Before you are able to acquire any income at all, you must first know what that figure is. This will also shorten your search time immensely.
Start Up Capital:
You must have some sort of capital put aside or plan for acquiring it in order to start up any business. There may also be some kind of government grant or loan that you could apply for. Once there is a will there will always be a way.
Your Passion or Desire Level:
You should look for something that makes you excited. You may be spending a lot of time doing this business so you should choose something that you enjoy. The money always seems to come faster when you are having fun rather than just working for money. Most successful people love what they do for a living while reaping the rewards of a thriving business. Most unsuccessful people choose something only for the money.
How much time will you commit?
Most people who own their own businesses work well over 40 hours per week. Most businesses require 60 + hours per week. If you are only willing to commit 40 per week then you may want to consider sticking to the job market.
Are you looking for a franchise or an existing business?
There are tons of existing businesses for sale but you have to find out the real reasons that they are selling. If someone is selling an existing business due to retirement or illness then that shouldn't raise any red flags. However if they are only selling the business because they are not making enough money that could that could raise some caution.
List of franchises in Pakistan are usually a better choice for the new business owner. The failure rates for new business owners are very high due to the fact that most people have a tough time making the transition from an employee to an entrepreneur. Franchise models have a better system in place to train people on getting their businesses up & running as well as some form of administrative assistance. The only draw back from a franchise is initial start up. They start from anywhere around $250,000 plus they require you to have around $100,000 or more in liquid cash for you to survive the first 6 months in business.
Location:
This is also a very important issue. Location of any franchise business in Pakistan can determine the level of success you may have due to the supply & demand issue. You need an area that can offer you enough customers who actually need your product or services. If you have enough happy customers then your business will thrive. If you don't then you can starve.
If you are truly serious about finding the right business & your desire level is very high, then your chances of success are very good.
If you use the 7 basics outlined above, your search can be shortened by half the time. There is a business somewhere out there just waiting for you. Take your time & have fun with it.
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