Decide on your dream
Have you always wanted to be a florist? Or do you love to cook; could you run a café? Whatever your dream is, it can be made a reality. Have a think about what you’re passionate about and how you can turn this passion into a money making business idea.
Find the right location
After speaking to our customers, we know one of the most important things about a business is it’s location. Any existing business can be moulded into what you want it to be, but if the location isn’t right, you won’t get the customers you need. Other location considerations include whether it’s the right place for you. You want to enjoy running a business, so is it the right one if it’s a 3 hour drive away? Or would you rather travel a bit to work? Do you plan to relocate to join the new town which your business is located in? All of these are important things worth considering.
It is important to note here that the business you buy doesn’t have to be perfect. You’ll naturally want to change a business to make it how you want to be. You might change the name, the menu, or even the type of business. For example, some of our customers have bought cafés which they turned into bars or pubs.
Contact a business broker
Once you know where you would like to set up a business, it’s time to get onto Google! Find the right business broker for your needs. A lot of business brokers will specialise in what you want to buy, for example small businesses or food service businesses. Contact the right business broker and give them a description of the business you want. After that, leave it to them to find you one!
There is another way to find the right business. You can start looking yourself by browsing sites such as Rightmove. If you find the business you want, get in contact with the broker and ask for more details.
Look round possible businesses
Now it’s time for the fun bit. Arrange some viewings and have a browse of your options. Remember this is the time to ask the seller questions! There is no such thing as a stupid question at this point. Sellers will be happy to tell you everything you need to know about the business, after all, they’re trying to sell it to you!
Purchase the one you want
In doing research we found a lot of our buyers are surprised by how long it takes to actually buy a business. Although it might feel like it should be a simple exchange of money for business, in reality it is much more than that. Often businesses have landlords who have to be involved in the process. It is likely the sale could take a few months, depending on various factors. Both you and the seller should be prepared for this process. Brokers will do their best to push the sale and make it happen fast. It always helps for you to be organised and know what you want and how you’ll be financing it, so try and work on this early on!
Make it your own
After the purchase, it’s time for the exciting bit. Making the business yours. As we discussed, this could be doing anything. It might be something small like a lick of paint, or something big like a full refurb. You might add a few new drinks to the selection, or completely overhaul the menu. You might add a few new products to sell, or change suppliers completely. Because you planned earlier, you know how to get this existing business into a dream one. So what are you waiting for? Make it happen!
Get in touch if you’re interested in making your dream business a reality, or give us a call on 01204 556 312 and let’s start your journey together.
Need help with finance then why not speak to Hilton Smythe Finance and see how we can help you with all your commercial finance needs.