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How To Buy a Business

Updated on December 12, 2013

The Home Business

Today's technology is opening the door for more and more people to explore the possibilities of owning and operating their own home based business. Having a home based business can give families the advantages of having two incomes without the disadvantages of daycare. However, as with anything there are good points and bad points. Before jumping into a new venture be certain that you explore all avenues and carefully do your research..

Do I Have The Skills To Run A Business?

Remember: That buying a business does not require the same skill set as starting a business from scratch does, however it does require some business savvy at least in its most rudimentary form. You do not need to have a business degree but you do need to be able to follow directions and maintain what the previous owner or the turnkey template creator has set out for you. Your new business can only be as good as you allow it to be. You need to ask yourself this difficult question - and answer it honestly.

Am I Dedicated?

Of all the questions that you could ask, this is the one that matters the most. After all, if you can learn to better manage your money, you can learn the skills you need to run a business. But can you learn to become dedicated? Perhaps. But one thing is certain: It is very difficult to change patterns of behaviour once they are set in motion. If you have always been a nonchalant person who will "get to it later" and one who allows procrastination to run your life, owning a turnkey business is likely not be for you.

Certainly you can work from home and set your own hours, but does that mean you will actually get to the work at hand? Will you actually set the time aside to get down to business? If you can't foresee yourself imposing those sorts of boundaries and demands upon yourself, then a turnkey company might not be a good choice. Rather, you may be the type of person who needs the structured environment that a 9-to-5 job can offer.

Are You Ready To Run Your Own Business?

So you've been dreaming of how different your life might be if you were your own boss: more money, better hours, more control over your work and how it balances with the rest of your life. But you might be wondering if you're really ready to own your own business.

Here are the six questions you need to ask yourself before you make a life-changing decision:

* Do I have money saved?

* Have I done the research I need to?

* Do I want to run my own business?

* Am I prepared to ask for help?

* Do I have the skills I need to run a business?

* Am I dedicated?

Your answers to each question do not need to be an unqualified "yes," but you should know what your answers are - having honest information about your commitments, capabilities and resources will make your decision-making easier and any business you do choose to start that much more likely to be successful.

Is a Home Business For You?

Do you have the dedication to run your own business?

Tips For Finding The Licenses and Permits You Need

It can be a daunting task trying to find all of the licenses and permits - federal, state and local - that you may need before you can even open the doors of your business to the public. However, with a bit of steering in the right direction, you'll be off and running before you know it.

Try Your Library

Your local library is a great resource. It may seem obvious, but you wouldn't believe how many people forgo the library in their research plans. The next time you're at the library, search for a listing of licenses your state requires of businesses like yours as well as permits your city or county may require. This information should be accessible in those big books no one can check out. You know the ones that are heavy and dusty? They're big for a reason - they have a lot of information. Use them.

Contact Your Local Government

Whether it is the county offices or the city hall, getting in contact with an actual person locally can help you get on the right track to licensing your business properly. They should be able to put you in touch with the appropriate state or local agency that regulates the areas you need permitted. With the right people to contact, you can then get the right forms and get started sooner than you would without the point in the right direction.

In some cases, you may need to complete an on-site inspection before being approved. If this is the case, you will schedule a time for an inspection with the appropriate agency, they'll come out to your location and then make a decision based on what they see.

Even though you may purchase a turnkey business that has received all of these permits and licenses before, it is vital that you make sure all information is up-to-date and that your name is transferred onto everything. No matter how easy it is to start up your business, the legal aspects will always complicate things. As long as you know this in advance, you're golden!

The Importance of Having a Business Plan

Before you begin any kind of new business venture it is essential that you prepare a good business plan. Do not just try to remember things or write jot notes. Sit down and carefully organise everything. Many companies fail not because the idea was bad but because the owner failed to have a detailed start plan.

In laying out a small business plan there are a few basic areas that will apply regardless of the type of business that you are planning to operate.

Figure out exactly how much money you have for your start up fees. Then in as much detail as possible figure out exactly what you have to purchase. Do not fail to include on your list all the small day to day things that you will require. These things often getting overlooked and they do add up quickly. Also keep in mind things like if you are getting a fax or answering machine will you need a second phone line? Will involve having to put down some kind of a deposit or paying for hook-up fees.

Be sure to work out who will be doing all the actual day to day work in the company. Are you planning to outsource things like equipment maintenance or accounting. You will need to know how much these services are going to cost and how often you are going to require them.

Your plan should also include what you expect from the company. How much money do you realistically think the company will make in a week, a month or a year. These figures are often hard to predict but do the best you can. You want to try to create an idea of how well you will be doing at the sixth month and first year point. And once your company starts operating you can always change these numbers.

Be certain that your business plan allows some flexibility. You want to make sure that you leave enough funds in reserve in case of unexpected circumstances. What would happen if there was a two or three day power outage. What would you do if a piece of equipment broke unexpectedly. Even if something has a warranty how long will you be without a piece of equipment while you are waiting for service?

The more detail that you are able to include within your business plan the better. By actually writing things down on paper you will have a better chance of not overlooking some small detail that may become an issue in the future if you had not been well prepared.

Seven Quick Business Tips

Ways to keep your business and personal life separate

1) Have a Business Plan

Even though this is a home based operation it is important to lay out a detailed plan of action.

2) Get a Day Timer

To help keep you organised and on schedule write things down and block in appointments and events. Be sure to allow time for travel in your records.

3) Working Area

To increase productivity set up a good working area in your home. If at all possible use a separate room. If space is not available, look at getting a portable room divider.

4) Get a Calendar

Place the calendar where your family can see it so that they know when you are planning to work. Use color coding to make it easier. It is important that they understand that these are working hours.

5) Phone Lines

To help keep your home and business separate get a second line, or at the very least get an answering machine or service. This will not only help to ensure that you are able to make business calls but you will not miss any incoming calls as well. This will also cut down on the number of personal calls. Keep it for business only.

6) Stick To your Schedule

All to often when working at home people get distracted by friends and family. This is your business, it is up to you to set your hours, but make certain that you follow them.

7) Take Planned Breaks

Do not try to work five or six hours straight right after dinner. Take the time to have a break and refesh yourself.

Would You Like To Own Your Business?

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Great Home Business Books From Amazon

Have you any thoughts or ideas about owning or operating a small business? Take a moment and share your thoughts and ideas.

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