Commentary: 10 steps to buying a small businessThomas L Wolf
You’re buying an existing firm to avoid the negatives of starting your own shop. Look for a business that has good employees, a loyal customer base, growing sales, established procedures, and a positive cash flow. Also, make sure the business is in an area near your current location or ...
15. Get financing to grow your business Once you’ve been in business for six to 12 months, you may start qualifying for business loans. Financing can help your business grow and expand — by buying equipment, renovating an office or expanding your inventory, for instance — or float you ...
The third phase of the purchasing process is the actual purchase. For the man buying lunch, this is as simple as ordering his food, paying at the window and driving away. For the IT manager, this may include negotiating pricing, obtaining purchase approval, signing contracts, taking delivery ...
2. Make a Spreadsheet Prior to buying or opening a business, construct a spreadsheet to estimate what total dollar amount and percentage of your revenue will need to be allocated toward raw materials and other costs. It's a good idea to contact any suppliers you'd have to work with before...
01. Identify your online business niche While it may seem counterintuitive, your chances of making it big in eCommerce are better when you start by thinking small—that is, when you start by defining a niche for your online business. While it’s helpful to study the general trends, broad ...
“Most I.T. buyers have been burned by the old ways of buying, with a high proportion of projects behind in terms of time and/or budget.” The fact that they have adopted a more street-wise approach to buying I.T. is hardly a surprise therefore. ...
With a merchant cash advance, you’re borrowing against the value of your future credit card receipts. In the case of equipment financing, the equipment you’re buying or leasing serves as collateral for the loan. Peer-to-peer (P2P) lendingis another option for small-business f...
Local requirements vary, especially in cities like Houston, Austin, and Dallas. Your city or county may have specific rules about business types, signage, parking, and building usage. Before you set up shop: Check zoning permitswith your county clerk before leasing or buying property ...
Writing a business plan can be complicated—but it doesn’t have to be. Learn how to create a business plan in less than 10 steps.