Individuals who want to buy a business contact business brokers and sellers.  How will the latter know who among these are serious buyers?  Who are the “time wasters”?  If you meet the following list of criteria, you are a serious business buyer.

· You know what you want.  As a serious buyer, you know the type of business you want to get into.  You want one that matches your skills and experience.  You also know where this business should be located.  You are not a “tire kicker” who inquires about businesses for sale and cannot make up your mind on whether to get into sales, retail, service, manufacturing, etc.

· You do not waste time.  You identify target businesses or acquisition prospects, do your research, and you are ready to make contact, set up appointments and visit these companies.  You meet with potential financial partners.  You discuss with the seller or broker important considerations.  You focus on businesses that are suitable for your background.

· You have realistic expectations.  You understand that there is no perfect business for sale and that you have to take on some risk. 

· You are “transparent” to the seller.  You disclose your identity as the buyer.  You are forthcoming about your reasons for wanting to get into the business and your financial situation or capability.  This will lay the foundation for building trust as the transaction proceeds.

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Those looking for a business to get into should try franchising.  Franchises are doing better than most industries, and it has grown 40% over the past ten years.  Steve Caldeira, CEO of the International Franchising Association, is optimistic that franchising will steadily grow in 2012 and beyond.  Consider these favorable factors mentioned at TheStreet.om – available commercial spaces and talented job applicants, support from franchisors and loosening of credit.

One of the easiest and more predictable ways to do that is to look for those companies aiming to grow and buy a franchise.

Franchising means you run a business of your own, but with a proven method of success as well as support and marketing assistance from the franchisor.

Joel Libava, a franchise-acquisition consultant and author of Become a Franchise Owner! says franchising means building equity in a business, controlling the circumstances to reach your career goals and dreams and creating an opportunity for your children to join you.

Here are some reasons 2012 is a particularly good time to own a franchise:

1. Credit is loosening.

“The big issue has been a lack of credit to meet the demand for [franchisors' and franchisees'] growth.” Caldeira says.

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Not everyone is fit to be an entrepreneur.  It takes a certain mix of character to be a success in business.  You must have some know-how and skills in the business you are getting into.  You must be willing and comfortable in taking educated risks.  You should have people skills.  Entrepreneur.com came up with a guide to assess if you have what it takes to be an entrepreneur.

There is an enormous difference between wanting to do something and being able to make a living at doing that something.

Being a successful business owner requires investing your own money in addition to a ton of time and effort. Despite the appeal of being your own boss, the reality is that not everyone is cut out to be a successful business owner.

Here are five quick personality assessments to evaluate before taking the entrepreneurial plunge:

Are you Santa or an elf?
Entrepreneurship requires managing a wide variety of tasks as part of the business, from marketing and accounting to training, customer service and more. Can you wear multiple hats, as Santa does with Christmas, or do you prefer to be the elf that loves to execute specific tasks? Do you take initiative or do you want clear instructions? Santas make better entrepreneurs than elves do.

What’s your relationship with money?
Starting a business requires money to start, to operate and for you to live on while it scales. If you are a big spender and aren’t great at managing money, those bad habits are likely to follow you into a business. And if you are usually unable to make worthwhile investments in the future of your business for fear of ending up living in a cardboard box if things go wrong then you may end up penny wise and pound foolish, as they say.

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Doing something you love and at the same time earning from it is the best place to be.  Peggy Kennedy is such a lucky person who left her corporate job to do what makes her happy – caring for pets.  “Obviously these are people who love pets. Often they come from a job in middle management, looking for something they can have as their own,” says Fetch! CEO Paul Mann.  Entrepreneur.com cited Kennedy for her success in her 5-year-old Fetch! Pet Care franchise which now grosses over $30,000 per month.

“I’m working all the time–weekends, vacations, I’m always checking in. And I’m adding administrative staff just to keep up,” says Kennedy, referring to the Fetch! Pet Care franchise she’s been running in the Los Angeles area since 2006. Buoyed by a largely word-of-mouth clientele sprinkled with Hollywood celebs and their pets, her pet-sitting and dog-walking operation hit all-time highs this summer for monthly revenue, grossing more than $30,000, up from $1,500 in its early days.

The revenue surge by Kennedy’s operation, one of 140 Fetch! franchises in 32 states, even caught the attention of Fetch! CEO Paul Mann, who founded the company in 2002.

If Kennedy is working too hard, it’s because of her passion for companion animals.

Being a successful Fetch! franchisee also demands a skill set strong in operations, marketing, staffing and managing people, Mann explains. “Obviously these are people who love pets.

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Thousands of soldiers returning home from overseas deployment at the end of the year are most likely to try entrepreneurship rather than seek employment in companies as reported at BusinessNewsDaily.com.  With their training and discipline, they have high chances of success in running their own businesses.  Civic and business organizations are offering them assistance to guide them in this new chapter in their lives.

With thousands of troops scheduled to return home this winter from the war in Iraq, a shaky economy and a declining job market could send many on the path to becoming entrepreneurs on the home front.

Veterans increasingly are forgoing the more traditional route of finding a job working for someone else in exchange for the opportunity to own their own business. There are already more than 3 million veteran-owned businesses operating nationwide. And there are a number of organizations, businesses and associations looking to help them get started, offering everything from marketing help to the basics for a launch.

Terry Powell is the founder and chief executive officer of the Entrepreneur’s Source, which has helped thousands of veterans become business owners.

“In the last year or two, we have seen a lot more,” Powell told BusinessNewsDaily of veterans’ interest in becoming entrepreneurs.

Newly released U.S. Census Bureau statistics show that nearly 12 percent of the veterans who have left the service in the last decade are unemployed, and the grim economic climate is forcing more of them to become self-sufficient, Powell said.

Prepared for entrepreneurship

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Business ideas spring from filling a need.  Successful start-up businesses start with a unique and sometimes quirky idea that addresses a need.  We could just smile and say, “I wish I had thought of that”.  Below are two such examples of startup business ideas, as reported in All Business, that visionaries had turned into million dollar businesses.

Passion and persistence are the key to entrepreneurial success. If you’ve got an outrageous business idea that everyone tells you is bound to fail, take inspiration from these true believers who flouted conventional wisdom to make their startup dreams come true.

1.  Rico Elmore is a big guy. At 6’3″ and 300 pounds, he could never find sunglasses wide enough for his head. He saw a market opportunity but others scoffed. “I knew I had an idea that would be something people would appreciate. I knew I wasn’t the only person who couldn’t find eyewear to fit,” Elmore says.

He spent his evenings tinkering with designs and materials in his living room. In 2005, after two years of work, he had his first pair of Fatheadz sunglasses ready to sell. Finding retailers willing to take a gamble and able to showcase his limited product line presented another challenge.

Fatheadz sold $2 million worth of eyewear in 2010 and, if you still think sunglasses for fat heads have limited appeal, try this on for size: Elmore just inked a deal with Walmart.

2.  In 1999, Jacob D’Aniello heard an interview with a professional pet poop remover and realized that the guy was making more money than he was. A year later, the management consultant founded DoodyCalls.

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Former employees have difficulty looking for new jobs. To keep afloat, they start new businesses or buy franchises. Although one has to undergo a completely different work environment from being an employee to an entrepreneur, some consider being a franchisee less risky. There is already an existing name and reputation. In an article that appeared in the Dayton Daily News, two new businessmen share their experiences.

The recovery in the job market just hasn’t happened. So, many people who lost their jobs well after the recession ended in June 2009 have decided not to look for work. They’ve gone into business for themselves.

Starting a company can be daunting. Some entrepreneurs have made the process easier by buying a franchise business. But they still have challenges. There’s a steep learning curve — maybe many learning curves — in making the transition from employee to entrepreneur. It’s a completely different lifestyle, often requiring longer hours. And many new owners are trying to work out personal difficulties while trying to build a business.

Here are the stories of two people who started companies in the last year.

From advertising to senior care

Chris Blaine was the vice president of branding and advertising at an insurance company in Omaha, Neb., when he was laid off in December 2009. He decided to open his own business, one that would give him more control over his future. So he chose a Home Instead Senior Care franchise.

Blaine opened a business in an industry that was entirely new to him.

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What is in store for soldiers coming home from Iraq and other foreign deployments?  Will they join the long list of unemployed? Huffington Post says the International Franchise Association is encouraging veterans to try franchising.  Franchisors believe that the discipline imposed in the military training of soldiers make the latter ideal for the franchise system.

Rick Bisio, a Bradenton, Florida-based author, franchise consultant and broker with FranChoice Consulting says that you see unemployed people everywhere. “Another person you know has lost their job.” He continues, “Friends, relatives, neighbors and business acquaintances (are unemployed) – it’s epidemic.”

Consequently Bisio is focusing on “franchises that thrive in recessionary economies,” because many unemployed workers are opting for self-employment.

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Buying a business requires that you, the buyer, make an informed decision before closing the deal.  Researching about the business starts the moment you are thinking about buying a business.  Start making inquiries from your friends and entrepreneurs in the same industry.  You should read trade and industry publications, and search the Internet.  If you like the preliminary information you heard or read from your initial meeting with the seller, make an offer.  If the seller accepts this, he or she will grant you a period of time, usually a month to several months, to access the company’s records and books.  Take this time to know everything about the company you intend to buy. Get a realistic picture of how the business is performing now and how it is likely to perform in the future.  This whole process is known as due diligence.

Why is Due Diligence Important?

· You approximate the value of the business for sale. 
By reviewing the financial, commercial and operational records of the company and analyzing the numbers, you can determine the appropriate price to counteroffer the seller. Make a list of all the assets, particularly everything you want from the business.  Are the company name, product brands and other proprietary assets included in the sale?  You do not want to be the new owner of a company with branded products only to find out that certain trademarks were not included in the sale. 

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With today’s rising unemployment, there is a corresponding rise in the number of prospective buyers looking for businesses for sale.  Most people dream of owning their own business, being the boss, setting the rules, controlling their lives, and earning for themselves.  Starting a business can be difficult.  You have to spend a lot of time and money coming up with an idea or service; testing it; developing its production or operation, marketing and selling it; hiring people; finding a location; sourcing equipment and vendors, and attracting customers.  Many of these start-up frustrations are bypassed when you buy an existing business.  There is no better time than today to pursue your dream of owning your own business.

Why should you buy a business?

1.  The business has immediate cash flow from day one.
You start earning as soon as you sign the purchase contract.

2.  Existing customers are already in place.
Start-up ventures sometimes fail because customers do not come for some time despite the initial investment and the work you put in.  Contrast this with an established business that has a loyal customer base.  You should keep your customers by maintaining the status quo for some time before introducing any changes.

3.  The risk of business failure is lower.
Buying an established business with ongoing cash flow, proven systems, a known brand, existing customers, and a good reputation is less risky than starting a new business.

4.  People know the business brand and logo.
You do not need to introduce the product or service because the public is already familiar with the brand or image of the company. The company name and logo are integral to the value of the business. 

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The biggest problem that most small business owners have with PR is that they don’t fully understand the process or how it can help build their business or establish their brand. Most think that public relations is only for large corporations or those in the entertainment world and that it has to do with stunts and smoke and mirrors. None of those perceptions are correct. PR is a multi pronged process that includes traditional media, an online presence including blogs, sites and social media, byline articles, public speaking and establishing yourself as an expert in your field. PR can and should be utilized by entrepreneurs, authors, contractors, service providers, business professionals such as physicians and attorneys, home workers, as well as any and all small businesses.

It is inexpensive compared to other forms of marketing and the only marketing avenue that can offer you and your business credibility and validation and position you as a go-to expert in your field. Although effective media relations is an art, it need not be mysterious. It is in essence the art of effective storytelling. Sounds strange, but it’s true. It is a way of communicating to the media and the public that is compelling, accurate, and valuable. Defining your story and your message is the first and probably most important step in any campaign. Whether you’re a veterinarian, florist, restaurateur or hair stylist, you need a clear effective story that is interesting to the media and to the public as a whole. This is where many companies make their biggest PR mistake, they develop stories that are of interest to them, but not necessarily stories that interest the media. Most business owners go with the obvious story, which is telling the basics about the service they offer or the product they sell. That is an important part of any story but very rarely is that enough in and of itself.

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Three years ago marked the beginning of the recession. And, although the country is not entirely healed, signs of progress are visible. Americans have begun to trust in the economy again and spend. An industry that is experiencing financial growth and promise is used car dealerships.

Sales within the car industry grew over 10% from 2010 to 2011. If this increase continues, by the end of 2011 almost 40 million used cars will be sold. If you’ve always wanted to start your own business and have a passion for the automotive industry, a used car dealership is full an opportunity showing prosperity for the future years.

What are the steps to start your own car dealership?

1. Find locations in your area to start your shop. The area should be a commercially zoned, flat lot.
2. Should you not already have one, secure a dealer’s license from your state Department of Motor Vehicles. Typically this consists of passing a written test, completing an application, and paying a fee before receiving a license.
3. Obtain a used car dealer bond to meet state surety requirements. This will ensure your customers are protected from cars with hidden problems.
4. Supply your inventory. Determine whether you will buy and trade used cars from community members.
5. Find a bank to become the lender for your dealership.
6. Hire staffers. You’ll need mechanics and salesmen to help you take the load of your shoulders.

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Time to launch your PR campaign? Make sure you’ve asked yourself the right questions to prepare yourself for success. Create a media relations checklist. Better yet, read this article and review the 15 most important public relations questions you can ask. Each business is different, so you need to supply your own answers, but the following questions offer you a framework around which you can build your campaign.

Before starting this process the first question you need to answer is: what is your primary reason for launching your PR campaign? You don’t want to take step one until you’ve carefully answered that one. Once you’re ready, answer each of these questions with thought, care and honesty. The journey starts below:

1) What are your main stories and pitches?
2) What are your primary target markets?
3) What is your secondary target market?
4) What media outlets reach those markets?
5) How can your stories and pitches be modified to meet the needs of various media outlets?
6) What are your primary anecdotal stories that can be used as pitches?
7) How can your personal story be used as a media pitch?
8 What are the business or entrepreneurial stories that can be pitched?
9) What are some quick phone pitches that you can make?
10) Are there events or anything you can stage that will interest the media in covering your story?
11) What are some strong visual stories you can pitch for TV segments?
12) Does your pitch have a hook?
13) Is there a media call to action?
14) Is there a consumer angle? For example, is your product safer, time-saving, less expensive, more convenient, better quality, etc.?
15) Is there a different, unusual or one-of-a-kind angle?

Approach these questions from your perspective first. Then review them again from a journalist’s perspective.

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It isn’t always easy to organize your day in an effective manner. The busier your schedule gets, the more you will start to panic and feel overwhelmed. This is a big problem for many, especially those who have to balance a career, a family and a social life. But learning to cope with it and eliminate most obstacles is as easy as discovering how to better manage your time.

Time management is an important skill that we are sadly often lacking in. It isn’t a natural process that we learn in school, and if our parents weren’t that good at it than it can be assumed that we never learned it at home, either. But it is never too late to discover the in’s and out’s of organizing your day, week and month.

Here are five easy ways that you can better manage your time and improve your life in the process.

• Learn to prioritize your tasks. It may seem overly simplistic, but just knowing what you can put off and what needs to be completed immediately is a big step towards your ultimate time management goal. After all, if you panic about a task that isn’t due to be done for a week, you are wasting time that can be applied to what needs to be done by the end of the day. Not to mention, putting a lot of unneeded stress on yourself.
• Use a day planner or list. Whether you get a PDA or you scribble it down on a piece of paper, having your day planned out and tasks listed is a great way to get them done quickly and without hassle. It will also keep you from forgetting anything, and so wasting more time having to make it up, or adding to your responsibilities the next day. Plus, seeing it all categorized can be soothing, as you see it is doable.
• Combine tasks. You don’t have to do one thing at a time. You can bunch tasks together to save minutes or even hours of your day.

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The first order of business when beginning a PR campaign is to figure out your stories. Study the media and what kinds of stories they cover especially when it is a specific topic in which they interview an expert in that field to bring more credibility to the story. For example, if the media is discussing a top athlete’s recent injury and they need a doctor or pain specialist to comment on this, you could be that doctor. Notice which outlets discuss topics that are in your area of expertise. Once you have an idea of the media you want to pitch, and some stories you’re ready to pitch, you can begin to take the following steps:

1. Write a press release. A one pager that shows your knowledge about the topic with a catchy, useful angle for the media.

2. Build a media list. This can be tricky if you don’t have access to a database. Here are some databases to check out:
Cision
BurrellesLuce

3. Once you have a list of contacts, begin narrowing them down. Write a paragraph with a pitch about your story and attach the press release. Send it out!

4. Then begin Follow-up calls.

Some helpful tips when pitching:

How many people do you know that react well to hard sales techniques? Although hard sells might initially get people to react to them, they’re certainly not the way to forge a long term working relationship. In fact, if you approach people with the used car salesman approach, chances are good that they’re going to do their best to avoid you. The media is no different. When pitching the press, trying to hard sell your story is not the way to go. Remember, you are trying to position yourself as a media resource. You want the media to understand that you’re on their side; and that you can help them meet their needs by giving them interesting stories.

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The clients are out there, you just need to reach them. And the best way to get them to take notice is to sell your value not your product or service. But, before you can present your value, you have to understand exactly what it is. Your product or service is what is most apparent, that’s what people see, but your value is generally a bit more hidden. If you own a beauty salon, your service is pretty straightforward, you cut, style and color hair. But what is the value you’re offering? You help people feel younger, more attractive, happier, or more successful. Your value depends on your client, but your value is more the emotion than the actual hair you cut or style.

What is it you’re selling? And I don’t mean what product or service. Are you selling health, wealth, beauty, success, fun? What is the value or effect that your product or service offers your customer? Focus on that. Sell your value not your product. This can be trickier than it seems. I’ve worked with several companies that understood the product they were selling, but not the value. Take some time and figure out who your target market is and what your product or service truly offers. What is the core value? When you’ve figured that out, the next step is to find the best avenue(s) to reach them. Once you know exactly what value you’re offering your clients, find the unique marketing mix specific to your needs. Then you’re set to reach and land more clients – now!

Most businesses are looking for clients or customers. The trick is to reach them and then to effectively communicate with them. Even in a shifting economy, people still spend money, buy products, and use services. The economy may take a downturn but it will eventually start to go up again. You not only want to be prepared for the upswing, you want to use strategic marketing and promotional tools now to find your clients and build your business, even during the most challenging times.

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The class on improving time management looked as if it would be a smart idea at first. You had every employee attend, and now months down the line schedule slippages are worse than ever. What is the problem? Could it be because your concept of how training works is outdated? According to this oversimplified view, training works like a magic potion. With this uncomplicated perspective, by attending training classes, desirable results for your company will come about automatically. Similarly, on this view, by enrolling workers in an online class and giving them access to computers for learning, it is thought that you will see gains in your workplace.

How training leads to a great business outcome on this view can be shown like this:

Trainee Attendance >> Business Results

The arrows show this idea of how an employee attending a well-designed and implemented training event creates the improved business results. Some possible outcomes for the business could be less time for a product or service to make it to market, a decrease in customer complaints, or an increase in customer loyalty, to name a few examples.

This is your preferred perspective if you view training as primarily telling workers “what and how.” Managers that behave from this viewpoint are mainly concerned with the “content” of the program. As they choose a program, they concentrate solely on the information that their workers will be provided.

You can compare this approach to seeing your trainees as pieces of hardware or robots. With this approach, training people works the same way as with programming a machine: an employee is led to the programming area, the brand new instructions are “programmed” for the employee, and the employee then returns to their task at hand.

You may not even realize that you view your employees as machinery, waiting to be instructed.

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While you may be at the very beginning of your research, you should know what you ultimately need to consider after you’ve done all your research and are ready to sign and move forward. Question: Does the franchise offer a product or service for which there is a viable, long-term market in your area?

Viable market can mean many things to many people.
I’m often asked,   “Has the Franchisor has done the market research in my area to see if this is gonna work?” Are you kidding me? Most franchisors have barely done it for their own market let alone your neighborhood. I believe some good old-fashioned leg work (some online research is OK too) – BY YOU- is in order before moving forward with a concept if you don’t believe in your heart of hearts that there is a market for the product or service in your area.

I also hear “Well, my area is different than Corporate’s.” Really?
Well, depending on the business, that may well be true. One thing to look at is the competition. How many real vs. perceived competitors are there? NO COMPETITORS in your area? Either that is a good sign or a very bad sign depending on how you look at it. Let me share a story with you…

Two shoe salesmen go to Tahiti. They both get off the boat and immediately notice something – NO ONE IS WEARING ANY SHOES! The first one calls back to his office dejectedly saying, “Cancel the orders, I’m coming home tomorrow, NO ONE HERE IS WEARING ANY SHOES!” The other salesman calls to his office excitedly, “DOUBLE THE ORDERS, TELL MY FAMILY I’LL BE HERE FOR A MONTH, NO ONE HERE IS WEARING ANY SHOES!” THAT, my friend, is who the franchisor is typically looking for.

Is it a B2B product or service? Do you feel comfortable calling on other businesses or would you rather just deal with consumers as customers.

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“I’m Looking to Buy a Business“.  As a business broker based here in Florida  this is a statement that I hear often.  Within  the industry various statistics are stated regarding business buyers.  I have heard that 9 out of 10 of those that say they want to buy a business actually don’t buy a business.  Based on my experiences that statistic may hold true.  There are so many currently employed that during their 40- hour work week aspire to “be their own boss” by starting their own business or buying their own business.  There are many unemployed out there that also think they may want to buy or start a business.  So while there are probably as many as millions of those both currently employed or unemployed that aspire to buy a business or start  a business, there is a much much smaller subset of those that even attempt to act on those aspirations.  Of that small percent that actually act on their dreams and or  goals a small percent may contact a business broker such as myself, and a small percentage of that group may find themselves at a closing table signing documents and actually buying a business.

Many business acquisitions are done with out the assistance of a business broker.

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If you want to build loyalty for you and your organization, your products and your goals, you have to constantly refine your leadership talents. Whether you’re working at the retail, distribution or manufacturing level; the development of a successful team means you must bring forth the extra effort and support required today to compete in a tough, aggressive, ruthless market. Examining, evaluating, improving your skills is a tough, dirty job.

For example, after three months of developing and discussing a special group of prospects in your best salesperson’s territory, they still haven’t been contacted–even though everyone agrees that the goal for the quarter is to expand new business.

What do you do?
More likely than not, you lay down the law …tell the salesperson that by the end of the week, you want all of those prospects contacted and a report on your desk. On Friday afternoon, your salesperson turns in his/her report and has opened three new accounts. The job was done…it was done on time.   But was it good leadership? Some will say yes, because sometimes the end justifies the means. Others would contend that it wasn’t good leadership because results were achieved in an undesirable manner. Successful leadership would have resulted in the salesperson wanting to do the job at hand to support the entire team, rather than being forced to do it.

So is there a “right” kind of leadership?
It’s not “right” to take over responsibility that should properly be assumed by another member of your organization.  When you do that, you lower his or her self-esteem. It’s not “right” to issue edicts.  The total scope of the program should be discussed with the individual involved.

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