Communicate and Calculate – How to Buy a Business For Sale

An entrepreneur has to be able to take on a wide variety of roles as he or she develops and masters the art of running a business. While the entrepreneur may well have other people working for and within the business, our understanding of every process is nevertheless important. In short, you must know the business “inside and out,” in order to have the best chance of success. Success certainly doesn’t come easily, yet the rewards are worth pursuing. There may very well be longer hours associated and spare periods of time may appear to be few and far between, yet when you’re in business for yourself you have the ability to fashion a much more solid future and can likely determine your own destiny. While you have to be a great all-around communicator when you’re running a business of any kind, this characteristic will become increasingly important whenever you seek to buy a business for sale. Not only must you be able to communicate effectively with the seller and all other associated entities, but you must also be skilled at deciphering the data and information that you receive in return. You might think that you need to become a modern-day Sherlock Holmes in some cases, but you will always need to read between the lines and take the information that you receive in a certain way, in order to be able to make informed decisions.

One of the biggest challenges facing an entrepreneur when attempting to buy a business for sale, is the ability to remain impartial. Human nature dictates that we become interested and enthused and this can sometimes get the better of us – if we’re not careful, and if you find you’re dealing with a strong-willed entrepreneur on the other side, you could end up facing a very determined personality. The seller is naturally enthusiastic about his or her creation and you must be careful to recognize this enthusiasm and keep it in its place. Outwardly, you may feel that this business is the right fit for you, but once again keep your natural enthusiasm in-check and take on the role of the master logistician. Those of us who remember the original Star Trek movies will undoubtedly remember the character known as Spock. He appeared to show no human emotions and was able to logically decipher any situation. In many respects, you should try to be like Spock and analyze the worth of the business for sale without any attached emotion.

You will receive a great deal of information when you’re looking to buy business assets, much of it factual, but also structural and anecdotal. Question everything to a degree and never accept any information passed to you at face value. If you feel that there might be an agenda attached, reveal whether this is or is not the case. Remember that when you buy a business for sale, you’re looking at a very long-term arrangement and the amount of time that you spend during revelation and due diligence is critically important to your success.

How to Become a Successful Business Networker

As a business professional, you bring different talents and personalities to the table when you meet people. However, not everyone has an outgoing personality and sometimes feel lost when faced with networking (especially amongst large groups of people). However, these easy steps will help you successfully network at social functions and business events.

o Keep it real – The main ingredient to successful networking is to be genuine and authentic. People can spot a fake immediately. The only way to build trust and rapport is to keep it real and be honest.

o Prioritize your networking goals – Ask yourself what you want to accomplish when you network in particular groups. Some networking groups lean towards education/learning purposes. Define what meetings/groups will help you achieve your particular business and/or networking goals.

o Know your business inside and out – Have a clear understanding of your business and how your services and products help others. You need to articulate clearly what sets your business/company apart from your competitors. This is very important in referral-based businesses such as real estate. This is essential when you belong to a new group and have to give your “30 second” introduction about your business.

o Volunteer for organizations – Volunteering for a position in a networking group is a great way to become involved. It’s also a great way to give back to a group/organization that has helped you, or has helped the community.

o Visit networking groups that catch your interest – You don’t have to join every group, but it helps to visit groups to see if they are a good match. If you have friends or colleagues who belong to certain groups you like, ask them if you can be their guest at the next meeting. When you visit groups, ask yourself the following questions: Is the group supportive? Does it fit your industry/business scope?

o Ask open-ended questions during meetings – A key trick during group meetings is to ask open-ended questions. Open-ended questions address the following: “who, what, when, why and how.” These questions also engage other group members in a lively discussion (as opposed to just asking yes or no questions). It also makes group members feel important, and shows you are really interested in their opinions and feedback.

o Become a viable resource for others in your group – Offer suggestions, advice and be looked upon as a viable, informative resource in your networking group. When people look to you as an expert in your field, you become more visible and they will turn to you for help (which equates to more referrals and business in the future).

o Always follow through on referrals – No matter how busy you are, it’s important to follow through quickly and efficiently when you receive referrals from other group members. Remember that your actions are a direct reflection of the person who gave you the referral – don’t let that person down. It’s also seen as professional courtesy and respect, and further builds your credibility as a member of your business networking group.

Home Business Expert – Top 10 Myths About Home Based Business

Today we have more home businesses than at any time before and the number of such businesses seem to be increasing with each passing day. This only points to one direction and this is that, home businesses are making a lot of money for their owners. Yes, it is true you can start a business from your home and begin to amass wealth. But to make it really successful you need to know what are the myths about home businesses, and then work around them.

So here are the top 10 myths about home based businesses for your convenience.
1. It is too technical.
2. Running a home business is easy.
3. You just need to work for a few hours.
4. Since I am working with Bob and Bob is a millionaire I will be one too.
5. Only the first people or the top people will ever make any money in a business.
6. You don’t even need a website!
7. You don’t have to pay for advertising!
8. You won’t have to spend any money.
9. There is no need to meet people at all.
10. You can put things on autopilot.

It is too technical : This is one big myth. There are thousands of entrepreneurs with very little technical skills, and no technical skills even who are making money all the time from their work at home enterprises. So you can too. Most businesses do not need you to be a technical wizard.

Running a home business is easy : Yes it may seem that there are many who are easily earning a 6 figure income, but you should know that this is not necessarily an easy job. To become really successful, you will obviously have to know your business inside out and then do the right things properly and only then can you begin to amass enough wealth. But yes, it can be done.

You just need to work for a few hours : Of course you can decide the number of hours you want to work and even select the time of the day when to work when you are working from home, but this does not mean that just working 1 hour a day for 3 days a week will make your business a hit. There are many small business owners who really slog it out and many of them even work on weekends. But this work is usually fun because you are working for yourself and not your boss.

Since I am working with Bob and Bob is a millionaire I will be one too : Here’s another popular myth. Yes Bob has been a great success story, but you still have to make it happen even though you are following him.

Only the first people or the top people will ever make any money in a business : Many believe that only those who join first or the ones who are at the top will ever make money in a program. But this is wrong. If you do the right things, you can succeed too, no matter where you are placed or when you start. You simply have to start!

You don’t need a website : At the very beginning when you are starting off, in many businesses, you may not have a website, but as your business progresses, you will see that having a website has become a necessity. We are now in the Information Age & the Internet isn’t going anywhere.

You don’t have to pay for advertising : No matter what your business, you still need to inform your customers about it and thus you need advertising. Advertisements are most effective when you are paying for them and this can also give you the mileage you need.

You won’t have to spend any money : This is another myth because often you will find that it becomes necessary to spend money for many reasons such as business promotion, paying people etc.

There is no need to meet people : You might be working from home, but that does not mean that there will be a need to meet anyone at all for your business.

You can put things on autopilot : There are those who think that you just start the business and put the things in place and the autopilot will take care of everything. If your business has systems & the tools in place, you’ll have the ability to leverage your time & make money while you sleep. However, you will always be the constant & therefore your business will never be on autopilot.

These are the top 10 myths about home business. Needless to say, they are not true.

Online Network Marketing – Home Business For Baby Boomers

The time is right for baby boomers to embrace their new home business. The baby boomers have been a major force to be reckoned with ever since the first one was born in 1946 and until the last one came along in 1964. If you were born during this time period, then you are a baby boomer. There are about 80 million of us and we represent about one third of the U.S. population. It’s estimated that we control 65% of the money.

If you were in the right industry (or picked the right stock) as the wave of boomers grew, then you could have enjoyed a ripe harvest. While the first wave may be retiring, the rest of us need to make sure that we are positioned correctly to enjoy our turn when the time comes.

Year of the Entrepreneur

Entrepreneur magazine says that 2010 is the year of the entrepreneur. And I want to challenge you to claim your spot as a new home business owner. Are you ready to stretch and grow into a business model that’s a perfect fit? We have tons of experience and a lot to offer. Have you ever thought about starting your own business? If you genuinely want to help people, a home based business works well because you can start it part-time with less than $1,000.

What would it be like being the boss? Would you work harder for yourself than you have for your employer? Are you ready to start building the life you see when you close your eyes and dream? We were taught to go to school, get a good job, work hard, and then retire to do the things we always wanted to do. How is that working out for you? The old way is broken and doesn’t work anymore. Putting your future in your boss’ hands just doesn’t make sense – emotionally or financially.

Four Keys to the Right Business

But how do you decide to start a business? What should you consider before you begin your new enterprise? Let me give you four essential keys to help put the odds in your favor. There’s nothing fancy or mysterious about them. They are just common sense.

1. The first key is to look for a market that is growing. Being part of the baby boom generation, you’ve had a huge impact on markets throughout your life. Ask yourself, ‘What is important in your life, right now?’ What kinds of products and services will you be looking for and buying over the next ten to fifteen years?
2. The second key is to look for something that is purchased over and over again. If you market a product or service that is used rarely or doesn’t run out, then your next paycheck will depend on finding a new customer. If you offer a widget that gets used up on a regular basis, you will build up a steady clientele that will buy from you on a consistent basis. Which would you rather have?
3. The third key is finding a product that cannot be purchased just anywhere. Most commonly available products are purchased on either convenience or price. People will pay more for something if it’s something they need right away and they don’t want to run all over town to get it (e.g., convenience stores). If price is important to them, then they will buy what they need at the lowest cost (e.g., Walmart). You want to make sure that you are not competing on either of these levels.
4. The fourth key is to find a business model that allows you to leverage the efforts of other people. There are only so many hours in each day. If you are the sole worker in your business, then your business will grow only as fast as eight hours each day will allow. However, if you train others to build their business inside of yours, then you will benefit from the efforts of others in addition to your own.

Carpe Diem

The time is now. It’s important to understand the four keys to choosing the right business in order to set yourself up for success. Decide today that this will be your year. Isn’t it time for you and your family to win? Seize the day and create long lasting prosperity in your home business today.