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shadrowley88603Labor and material costs are also directly proportionate to sales. These are things that go directly into the making of the product or into doing the service.
There is one universal truth to be taken from this. How you feel about yourself in your business will always determine how far you will go. The greatest help for small business resides inside you, the owner.
Are you sure you want to sell your small business? How much do you want to sell? Who have you decided to sell to? These are questions you must put to rest before putting up your business for sale. If you don’t find the answers to the questions above ahead of time, you are only avoiding a stumbling block that will get back at you in the heat of the process.
What’s your plan for getting customers? One of my coaches says the secret to business success is spending 85% of your time doing things that will lead to sales and 15% of your time doing everything else. You’ll need a marketing plan. How do you plan on attracting prospects and converting them to paying customers? Design your advertising to generate sales. Your advertising should always include an offer and an easy way for prospects to respond.
A small business owner must be approached only from a mindset of help and benefit. You are there to help him. You are there to benefit him. You can help increase his sales. You can get more people to notice his business. You have to truly believe you will help him or you shouldn’t be talking to him.
Spilling the beans may also earn you some unnecessary competition, unsolicited publicity and media misinterpretation. Or worst still, you might end up with several lawsuits dangling on your neck. So once again I repeat, never let the cat out of the bag until the deal is sealed.
I don’t know of better way than to let your business give you what you want for your lifestyle. Whether it’s a sample business plan for a small business or one where your business gives you a plan, it should tell you what is needed to take you where you want to go and when and how you can get there and site (engineering.com) it should be in clear simple terms, supported with all the specifics.
Will you market a product or service? A service business is one where you offer your expertise to clients. For a product business, you will need to offer a tangible product. Typically, a product business is more expensive to launch than a service business.
But don’t be fooled. Finding the right business broker takes some homework. I recommend never to settle for less. Call and see at least a few business brokers before you make up your mind. Once you know your budget for your small business purchase ask the brokers if they will work with that budget. Sometimes they have general price ranges that they work between. For example, they only sell businesses prices between 500k to 5million. So in this case it is probably a waste of time to talk with them if your budget is 100k. And please try not to get stressed out in this entire process of buying a small business. It’s not as hard as it sounds. And in case you feel it’s not for you don’t be sad because it is not for everyone.
