If you're thinking about being your own and owning a business, buying a company that's already up and running maybe easier and faster than starting from scratch.
How many times have you been in a business and noticed that the place is booming even though service is poor, then imagined what the business could be like if it were run properly?
How often have you encountered incompetent ownership or management and sponsored reviews, "Boy, if I owned this place, I could turn it into a booming success."?
Or perhaps you want your own business, but the thought of spending lots of time, money and energy getting a new venture up and running holds you back. If any of these scenarios sound familiar, you may be the perfect candidate to buy a business. But keep in mind, buying a business successfully requires that you take certain steps.
- Take advantage of years of high unemployment: The job applicant pools are filled with talented individuals who haven't been able to find work since 2008. Don't wait for them to come knocking on your door. Start a recruitment drive right now. You can begin by checking your job applicant tracking database for those who may have already applied and been turned away. Some of those folks could still be looking for work.
- Keep interviewing after you've filled all positions: Don't plan just for the present; think to the future. There are dozens of top candidates looking for employment right now that you can screen and store in your recruitment tracking system for use later on when you expand again. There's always a growth spurt after a recession. Be ready for it.
- Try to eliminate credit lines and pay cash: This is a defensive move and one that will give you more leverage in the immediate future. Credit and lending markets took the biggest hit in the past few years and the crisis isn't over yet. With the US hovering at or near the debt ceiling, financing and subsidies may not be available. Don't rely on them. Pay cash whenever possible and offer incentives for others to pay you cash.
- If you're going to outsource, do it domestically: Stimulating the US economy by outsourcing to domestic manufacturers and distributors will benefit you more in the long run than saving a few pennies by sending your work overseas. The recent financial woes have shown us what a collapse on a national level can do to all small businesses. If you're doing well now and expanding, try to keep the money flowing inside the country.
- Look for clean, renewable, or green technology in new offices or factories: If you're going to invest in new real estate or office space, look for new energy technology that is clean, renewable, or green. This will help you be more self sufficient and decrease our overall dependency on foreign oil. You'll also be adding jobs in other industries - local industries that will help make the overall economy stronger.
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