Success Topic Seven will discuss options and actions. You have decided to own a business. Will you start from scratch or will you buy an existing business with all the built-in culture, sales, profits (or losses), inventory, accounts receivable, and all the other facets that can make buying a good deal —- or a bad deal? So, here’s how to proceed.
1- Begin a search for the desired business —(or maybe you already have a prospect)
A- Begin to build an understanding of the Business’s industry.
B- Do you have a personal experience or knowledge of this particular business and/or industry?
C- Have a clear understanding of why YOU think this business is worth buying.
You have found a business. Now comes the vetting process. Segment Seven provides you with a multi-step process that will aid you in analyzing the possibilities of this business’s possibilities in your lifestyle and business planning. As you work through this process you will determine if this is the business for you.
Assuming you have found a prospect, Success Topic Seven goes to the next step which is Applying the Big Five Test (five founding components that impact the results every business gets), aiding in your business analysis of the business. You will learn this test and will always use it in determining the condition of any business operation you are involved in. Easy Guide To Business Success takes no short cuts, especially when it comes to creating a business plan for your perspective business. You need to study and evaluate when addressing ownership in any business, large or small.
2- You Searched—–You Found—-Now is the buying process. The actions in this step will have a major impact on the future success of your business. Again, there are no short cuts. Every action must be studied, planned and executed with one thing in mind. Get the best deal possible or no deal at all.
A- Success Topic Seven will alert you to the major concerns & how to handle them, e.g. (1) Everything in Writing, (2) Audited Financials, (3) Inventory, (4) Real Estate, (5) Other Assets, (6) Vendors, (7) Employees, (8) Government Impact, (9) Legal Issues.
Buying a business can be daunting. It can also be a way to quick-start your place in the business you want to be. It has been done successfully many times but there are certain basic requirements, if you are to be successful. Success Topic Seven addresses these requirements.