| When a person makes the decision to go into | | | | with a steady income is obviously a more practical |
| business for themselves, the first question they | | | | solution however these businesses usually come |
| will ask is, 'should I buy a business for sale or | | | | at a price. The current owner will be able to show |
| start a business from scratch'. Particularly in | | | | you financial records of all profit and loss |
| today's current economy this is a decision that | | | | information. |
| needs some careful thought. | | | | An existing business will also have experienced |
| Whether you are being made redundant, at the | | | | staff already in place. Finding reliable, trustworthy |
| end of your employment contract or simply | | | | staff can be a long process and having staff |
| looking for a change, the biggest incentive for self | | | | already in place is one less problem you have to |
| employment is the fact that the sky is the limit! | | | | worry about. |
| My father always told me that I would never get | | | | That being said, with the current economic crisis, |
| rich working for someone else. Being self | | | | you may be able to find yourself a good deal with |
| employed might also be your only option in the | | | | an existing business for sale that is experiencing |
| current economic downturn, so choose wisely | | | | financial crisis. When negotiating a price, try and |
| before committing to a business venture on your | | | | get a feel of the owner' body language and sense |
| own. | | | | whether or not he is after a quick sale. If yes, |
| When starting a new business, more often than | | | | than make an offer well under the asking price |
| not the new business owner will need some sort | | | | and wait a few weeks. You never know your |
| of start up money, and with interest rates at an | | | | luck. |
| all time low, there couldn't be a better time to | | | | When negotiation are taking place, remember to |
| seek financial assistance from a major lender. | | | | include your loan repayments in all of your |
| Depending on your needs, there are different | | | | calculations, wages, overheads, fuel, outstanding |
| types of business loans to choose from. Your | | | | debt, product, etc, etc. Not doing this would |
| accountant will be able to point you in the right | | | | almost certainly see your budget blow out |
| direction. | | | | resulting in a financial crisis of your own. |
| Many successful businesses and major corporate | | | | Whether you decide to buy an existing business |
| companies in today's business world were | | | | for sale or start up a business from scratch, you |
| developed in tough economic times, so do not be | | | | should always seek legal advise from your solicitor |
| deterred from starting your own business just | | | | and accountant. They will be able to guide you |
| because of the negative press our economy is | | | | through the whole process as smoothly as |
| receiving. | | | | possible. They will also be able to help determine |
| Buying an existing business for sale is deemed as | | | | the value of an existing business and while making |
| a much safer option. Buying an existing business | | | | sure you do not overcapitalize in the process. |