GlobalBX

There are so many types of businesses for sale. But how do you know what is the right business for you? You, your friends and family have some idea about the type of business that is right for you. Consider the pros and cons. If you make the right choice, you can have fun, fulfillment, control and money at the same time.

Here are a few questions to help you choose the right business for you:

1. What do you want to do? What are you passionate about? For example, if you are into arts, buy a business selling art supplies, paintings, books, art lessons, framing, etc. You can be earning while doing what you enjoy.

2. Will you sell products or offer a service? If you want to sell an existing product, consider how to improve it. Offer the product to a new market or put a unique spin on it. If you want to offer a service, you should know what pleases your customers and how to address their needs, so they keep coming back. The right idea for a business should excite you and your market or customers alike. Find out what they want and give it to them.

3. What do you do best? Get into a business where you can make use of your interest, expertise, previous work experience and training. What are your strengths? Focus on making the business grow rather than on learning a new skill and probably making costly mistakes along the way. Think of your hobbies and what you do in your spare time. Can these be developed and be profitable? For example, if you know a lot about computers, you can sell computer units, peripherals and accessories, or offer repair and programming services.

4. What suits you? What business do you want – retail, manufacturing, service, home-based, online, etc.? If you have excellent people skills, select a business with lots of interpersonal activity such as sales, marketing, or public relations. What are your life style needs? If you want to be near your family, consider a business near your residence or a home-based operation such as an online business, perhaps.

5. Is the business profitable? Does it have growth potential? Is there demand for the product or service that you offer? Even if the business you want is in an industry you love, seriously consider the profitability of the business for sale. It has to provide a satisfactory return on the money and effort you put in.

6. How many employees do you want? Should you look at businesses for sale with 2 employees or 30? How many employees do you want to manage?

7. Are you considering only businesses in your area? Do you foresee putting up branches in various cities? Do you like traveling or are you content with staying in one location?

8. How much are you willing to spend to buy a business? If you do not have much money, you can start small and build on it; or take out a loan and buy a bigger business.

9. How much time will you devote to the business? Will you personally run it? How involved will you be? If you want to be a hands-on owner, you should have the skill, knowledge and passion about the product or service that you sell. If you like what you are doing and you are excited about it, you won’t mind working long hours.

Write your criteria down on to a list. Do things methodically and take your time before deciding. The right business should meet almost all of your criteria. Have you narrowed down your choice?