08 Feb Around the Web: A Week in Summary
The following information has been sourced by Business Brokerage Press for the benefit of the business brokerage community. The views of these articles do not necessarily represent the views of Business Brokerage Press. We hope you find this information helpful.
A recent article from Forbes entitled “Should You Buy a Franchise Instead of Starting Your Own Business?” discusses the decision between starting a business from scratch or buying into a franchise.
There are undeniable benefits to purchasing a franchise. This includes inheriting an established brand and reputation that can make it easier to gain loyal customers. Franchises also tend to have established business models that a new franchisee can pick up on. Support and training are often included with franchises as well, which can help a new franchisee establish a marketing and advertising plan.
Franchises aren’t right for everyone, however. The benefits of a franchise tend to come with a higher price tag. There also aren’t as many creative opportunities since you’ll be operating within the guidelines of the franchise.
If you’re considering buying or starting a business, it can be worth looking into franchises. However, you should also keep in mind that franchises are not right for everyone. If you have a specific business idea in mind or if you’re a person who wants creative freedom with their business, a franchise might not be right for you.
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A recent article from Bankrate entitled “How to Get a Loan to Buy a Business” explores the process of securing financing to purchase an existing business.
For some entrepreneurs, a business loan can be an attractive option due to the relative ease of obtaining financing. This is especially true if you already have built a positive history as a business owner, but first-time business owners could obtain these loans as well.
The requirements to succeeding at getting a loan to buy a business are similar to the requirements to get a personal loan. As the business owner, it’s important to have a good personal credit history and credit score. If you can prove your experience in the industry that is related to your new business, that can be helpful as well.
There is a process involved with getting a loan to buy a business. The loan application often requires a business plan that includes a market analysis and details about the business acquisition. You’ll also need to consider the available loan options to find the right loan for your business.
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A recent article from Up & Coming Weekly entitled “Timing the market: When is the best time to sell your business?” discusses the complexities involved in determining the optimal time to sell a business.
There are several reasons that might prompt a business owner to consider selling their business. This can include moving onto new opportunities, retirement, or making more time for family or other interests. However, as a business owner, it’s important to be strategic when it comes to timing the sale of your business to get the best results.
It can be quite easy for businessowners to hang onto their business for too long. Maybe your interests shifted to another industry or other endeavor. Or perhaps you just don’t have the time you need to keep growing the business. The key is to consider selling your business before you reach this point.
To get the best return on your investment into the business, it’s important to sell while the business in a sustaining phase. In this phase, the business is consistently doing well, having moved past the highs and lows of the early days. If you’re thinking that you might want to sell at some point, it’s a good idea to have a transition plan ready so you can strike when the time is right.
