Comments on: Buying a Business

By: Buying a Business

Buying a Business — Fri, 01 Jul 2011 02:25:55 +0000

Too many times I am reading stories about how someone rushed into the financial commitment of a new business venture, only to have lost their money or interest. This article highlights some crucial points to remember bore starting or buying and already established business.

By: Chantal Renouf

Chantal Renouf — Wed, 27 Oct 2010 05:18:59 +0000

Bach,
If you are passionate about something you will succeed with it. If you are completely unsure about a business to purchase then try to find something that has the potential to branch to keep you interested and motivated. I think you will find that the first few years of owning your business will be a rewarding experience as you can create your own goals and targets and strive to achieve. If you continute to make new goals say every 3 – 6 months (given the current status of the business) for example target a different area each period you will constantly be motivated to excel in each area.
Like you I do find it hard to maintain concentration, commitment and motivation once the thrill has gone of a new job or area of employment. I have stuck by my goals for the last few years and I have only increased both my personal and business skills. I have found it rewarding.

As for the article it has also helped me when making decisions about the purchase of a business. I would not take these words lightly!

By: Bach Ly

Bach Ly — Wed, 13 Oct 2010 00:13:33 +0000

I agree on “Starting the right business” – Choose the business type that you love or at least are willing to learn about. But the hard thing, how to find a business that I would love? There are thousands of categories out there, which one would suit me?

I read the article “Starting the right business” with the two examples of a contractor and a gardener. But imagine, if have not got a chance to work in a particular industry for so long that I know something about it, or I have kept changing jobs, then I end up being still not sure what exactly what I would love to do.

Any recommendation?

By: Christine Sutherland

Christine Sutherland — Mon, 05 Jul 2010 06:53:32 +0000

I would like to add a few factors from the 6 Steps of Due Diligence:

Check that the product or service offered is sufficiently different (product differentiation) from other similar items on the market so that you’re not struggling to win or maintain market share. (Note “high quality” is not product differentiation; it’s a given.)

Check that there is a strong and sustainable market for the product or services, including impact of technology.

Check that the price is cost competitive with the nearest similar product or service.

There are more aspects to due diligence than this, but by checking through the 6 Steps of Due Diligence yourself, you can save a lot of time, energy, and money. Use this process to exclude poor options from your list.

By: Shaun

Shaun — Mon, 19 Apr 2010 11:24:47 +0000

This article addresses two main points, the stages of buying a business and also the things to consider when buying into a business. I think this is a must read for anyone considering to buy a business, as there are many things to think about and this article is one of the best in terms of looking out for the buyer. I do agree strongly with making sure that the business you are choosing is right for you, as it is a vital part of making the business a success. It is also very important to gather as much research on the businesses you are interested as possible, as this can change your outlook on certain businesses in terms of the best business to buy.

By: Mike Kohen

Mike Kohen — Fri, 10 Jul 2009 22:33:40 +0000

Great article! A great resource for buying a business is buybusinesses.com

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Fri, 27 Feb 2009 23:19:09 +0000

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