» What is important to know when buying a business or starting up a business?
What is important to know when buying a business or starting up a business?
The most important thing is to have a business plan.
In starting a business or attempting to buy one, you should consult with your attorney and your accountant to get their input before doing so.
When buying a business, it may also be of help to discuss the matter with a business planner who may be able to help you with the business plan and give you a better idea what the appropriate purchase price should be.
Before signing a contract, you must, of course, do a complete and thorough investigation.
It’s always a good idea to spend some time at a business and see how it works, see how the revenues are, see how the management is, and see what kind of customers come to the business.
Once you’ve done your due diligence, it’s then time to make a decision.