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How to Choose a Business That’s Right for You
How to Choose a Business That’s Right for You 940 600 Business Brokers

Once you’ve decided to start an entrepreneurial journey, the first step is deciding which type of business you want to start. From restaurants and retail stores to automobile manufacturing, there are many options to choose from. But how do you choose a business that’s right for you? Read on and find out!

Identify the Industry

The first step towards finding the right business to start is to brainstorm. Start by gathering ideas and discover what you’re truly passionate about. Turning a personal interest into a business is a great way to do what you love and make money in the process.

Do Your Research

Once you’ve determined the industry you’re genuinely interested in, it’s time to do your research. Having a passion for what you do is important, without a doubt. However, don’t forget to look at the reality of the current market. Perform market research to find a need that hasn’t been met yet and create a business to fill it. This can involve a number of needs: geographic, financial, or a need for a specific service or product.

Another important step to take is researching other business models and types of businesses within the chosen industry to understand the competition.

The research process will help you evaluate the market potential for your business before actually starting it. Matching genuine interest in the industry with a consumer need and good market potential is an ideal starting point for any business.

Finance Options

Once you’ve determined the desired industry and market potential and need, it’s a good time to find out how much you’ll need for your startup funding. Determine the total cost of starting your business and how long it will actually take you to start profiting from it.

Take an in-depth look into your personal funds to get an idea of how much you already have in your existing savings and whether you’ll need third-party financing, such as a bank loan or investment.

Final Thoughts

Starting a business can be a risky and complicated process, especially if it’s done in a rush. When considering embarking on a journey of entrepreneurship, it’s important to take all aspects into consideration. As such, figuring out the details, such as the desired industry, market potential, and financial limitations, is a step that shouldn’t be overlooked. If all the preparation work is done, however, starting a business can be a very exciting experience.

Common Business Sales Myths
Common Business Sales Myths 940 600 Business Brokers

For most business owners, selling their business is a huge decision. And when you enter the business sales grounds, you might find that there are many myths about selling a business that are based on a singular transaction. Keep reading to find out some of the common myths!

You Will Receive the Full Asking Price

Receiving the full asking price in cash is a rare sight. Professionals usually consider the asking price as subject to negotiation. The final price you will receive will be a figure that’s mutually satisfactory and often below the original price.

You Can Sell Your Business Without Any Help

Some entrepreneurs have been lucky to arrange a sale through their own network. However, that’s not the case for most business owners attempting to sell the business independently. You’ll most likely have to try out many different ways to find a prospective buyer. This is where the services of a professional business broker can come in handy. An expert can offer you valuable advice and promote your business to sell faster at a good price.

Your Business Will Sell Within a Few Weeks

There have been stories of owners selling their business practically overnight. However, these success stories should never be taken as a rule of thumb. Realistically, it can take months to attract the right buyer. Not to worry, though. Keep in mind that finding a buyer that will meet all of your objectives and selling at a suitable price takes time.

The Company Is Ready to Sell Anytime

Before listing your business for sale, there is plenty of work to be done. Contrary to what many people may believe, a significant amount of time and energy needs to be put into preparing your business for the marketplace. Even the most prosperous business owners often spend months or even years increasing the value of their business, organising financial records, and carrying out other tasks that affect the chances of a successful sale.

Final Thoughts

As you now know, there are plenty of myths surrounding business sales that you should be aware of. Selling a business is not an easy task to undertake and it can take a while to find the best buyer. However, if done correctly, you’ll be looking at a successful sale soon enough!

6 Reasons to Buy a Franchise
6 Reasons to Buy a Franchise 150 150 Business Brokers

Buying a franchise can be an exciting venture. A well-designed franchise system can be an excellent way to expand or buy a new business. So why exactly can this option be beneficial for you? Below are the top 6 reasons why you should consider investing in a franchise.

6. Proven System

When you purchase a franchise, you’re not only investing in a functional business but also an entire business system. Typically, franchises have a system in place that is followed when distributing the services or products. An existing system that is proven to work will prevent many common errors that a business owner can face. There is also a higher chance of running a successful business from the start.

5. Easier to Get Approved for Funding

You are more likely to receive a loan to finance your purchase. Lenders are inclined to provide you with funding for a successful business that already has a proven track record because it poses a lower risk of repayment default. What’s more, some franchise systems may also provide leasing or financing options.

4. Easier to Get the Business up and Running

Getting a business up and running from zero can be time-consuming and pose various obstacles, such as defining negotiating terms, picking the right location, establishing vendor relationships, and obtaining funding. Buying an existing franchise can save you time and energy by having established functional systems.

3. Lower Risk

Opting for a franchise will help you steer clear of the many risks associated with starting a new business. During the due diligence process, you’ll be able to gain as much knowledge as possible about what will happen when you become the owner and avoid unwanted surprises.

2. Training Programs

Many franchise companies provide training programs to bring you up to speed on the best methods to run the business. Training will ensure that you operate the business efficiently, using effective strategies that have worked in the past.

1. Assistance With Marketing

The franchisor typically provides you with marketing assistance. The staff will assist you with developing marketing strategies with the help of their tools in order to attract and retain customers. You will have an outline, marketing materials and graphics to follow to market the franchise in the most efficient way possible.

Bottom Line

As we can see, there are many reasons why purchasing a franchise can be advantageous for any entrepreneur. From proven systems to higher chances of obtaining finance, becoming a franchisor can be an excellent, lower-risk option for those looking to expand an existing business or purchase a new one.

How do you show value to customers?
How do you show value to customers? 150 150 Business Brokers

Here are 5 steps you can take:

  1. Understand what drives value for your customers. …
  2. Understand your unique value proposition. …
  3. Identify the customers and segments where are you can create more value relative to competitors. … (market and competitor analysis
  4. Create a win-win price. …
  5. Focus investments on your most valuable customers – apply 80:20 rule.
Essential to build good business relationships!
Essential to build good business relationships! 150 150 Business Brokers

Great business relationships aren’t as mysterious or complicated as you might think.

  1. Set a positive tone for your company (culture).
  2. Know your unique value proposition.
  3. Find win-win for both parties.
  4. Err on the side of humility.
  5. Embrace your own personality.
  6. Manage client expectations – don’t over promise and under deliver.
  7. Keep the lines of communication open.