It’s important to identify an industry with the potential to increase the value of your investment. Additionally, you will need to examine the market in your geographic area to determine whether it is already saturated or if there is room for you to compete and grow your company. Consult with a business broker for help in evaluating the condition of the regional marketplace as well as local trends that could impact your success. Business Network Small business buyers often overlook the importance of their existing business networks in the search process. Whether you know it or not, your current business network is an asset that can be a valuable source of customers and strategic partnerships. Although it’s not necessarily a deal-breaker, buying a business in an industry outside of your existing network will require you to build a new network from scratch, which could delay the achievement of key growth benchmarks. Finding the right small business is challenging. But the rewards of owning a business can far outweigh the costs–especially if you let your personal interests and professional capabilities inform your search.
MsDanielle 