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It is essential to get a full understanding of your business environment. Knowing why some in your industry fail while others succeed; whether your industry is growing or contracting; and what the critical points are for success, will help give you the edge. Time and effort acquiring this knowledge before you commit yourself is a sound investment.
Here are some questions to help you acquire a greater understanding: - Do you know and understand the fundamentals?
- What previous experience do you have relative to the same type of business
- Have you spoken to an accountant or financial advisor;
- Help research and assess the business?
- Validate financial information?
- Help prepare a budget?
- Help prepare a business plan?
- Value the business including goodwill, stock and all other assets?
- Have you contacted the appropriate trade association?
- Have you contacted organizations which can give you advise and assistance?
- Have you talked to others already in the same type of business?
- Prior to signing any documents, has your attorney read and explained any contracts, leases and legal structures to you?
- Have you Looked at the industry publications available and information on the type of business you are interested in?
- Have you sought the opinions of potential customers or suppliers?
If you believe that you have the talent, capability and determination to succeed, your next decision is whether to start from scratch or buy an existing business or a franchise. |
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