Before Buying your Business

First Things to Consider
Before you make a final decision on buying a business, it's worthwhile to consider some basic questions to ask yourself.

These could include the following:

  • What are your reasons for buying a business?
  • Do you really have the desire to be self-employed and take all the risks on your own?
  • Are you happy about the expertise and skills you possess?
  • Are you confident you are able to run and manage a business?
  • Do you have enough money to invest into a business so that if things don't work out the loss won't affect your private assets and home?
  • If you don't have enough funds can you raise the money from other sources?
  • Are you prepared to put in the necessary time to make your business successful?
  • If you need a partner, how much money would you require from them and what will their responsibilities be?
  • Is the owner of the business selling because of trends in the market (things going bad) or increased competition, and will you be happy to put conditions on the purchase to ensure that the former owner does not set up in competition against you...

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