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How To Buy A Business With No Money

Item ID#:3118303Location:
Seller ID#:904888 Views:

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It is commonly known that most new businesses fail within the first 2 years, and
yet people continue to choose starting their own business over buying a going

While this may be the only option if you are doing something
that has never been done before, it is certainly not the case for most
businesses. There are hundreds of businesses for sale listed on and other similar websites, and a major task is learning how to
get a loan to buy a business.Annother option people look
for when trying to finance their business purchace, is how
to buy a business with bad credit. Ideally you want to buy a
business for less than it would cost you to create one, and one in which your
input can have an immediate positive impact.These opportunities are
easier to find than many people think. Owner operated businesses have their own
lifecycles of establishment, growth, plateau, and eventually decline.Buying a
business in the later half of its life-cycle can provide great
opportunity to add value, provided you can get in while the customers are still
happy. With many of the baby boomers entering their retirement years, there is
likely to be a continual stream of these opportunities for the next five to ten
years.A quick look at the major hurdles for new businesses also
clarifies why buying a business can be a better way to go. Here are the top
ones:Establishing a customer baseInternal systems &
proceduresMarket awareness and credibilityPremises and
staffingCash-flowThere is no doubt that the top 3 are the reason
why franchising is such a growing industry as this is generally what a franchise
is offering.However if you are opening a new franchise then in many
cases you are still going to need to tackle the number one hurdle - establishing
a customer base.If you are seriously considering a potential purchase of
a business, then ask yourself not only if the business already has these things,
but also how you can ensure that they will continue to exist when you are in
charge.One of the ways of doing this, particularly in a service
business, is to have a ‘work-out’ clause in the transfer. This requires the
existing owner to continue to work in the business for a nominated period of
time to ensure that the intellectual property, staff and customer loyalty are
all smoothly transitioned over to the new owner.Although it is always a
good idea to meet the owner first, you may not want to spend the next few months
working with them.Also remember that price is not the only thing you
need to negotiate. It is essential to understand how the business works, and
what is required to keep it working.Only then can you ensure that these
things are appropriately covered in the transfer of sale contract. One other
thing to watch out for is any outstanding debtors - including Tax and
Superannuation liabilities.There is more information available on these
issues as part of the information area on the bizexchange website including a
checklist on buying a business with no money
down. Creating A
Plan To Get Business Financing- Discover
what you really want out of life.- What-When-Where-Why-How and How Much
will it take to turn your dream into amoney making reality. Establish
realistic and dynamic goals. Tap the power of your subconscious
mind. Overcome fears and doubts.Wishful thinking is not the way
to financial independence. It never has been. It never will be.Financial
independence comes by sitting down and carefully planning a specific course,
then following through on those plans no matter what the obstacles.98%
of Americans reach age 65 without sufficient financial resources for a
comfortable retirement, primarily because they do not analyze their lives,
organize their goals, and persist with definite purpose toward financial
freedom.If financial independence (or building great wealth) through
business ownership is your dream, let’s look at how to make your dream a
reality…with a six-step program that can take you from where you are now to
wherever it is you want to go in your life.The Best Business Financing ModelFirst,
how much can you reasonably expect to get? Refer back to your business plan. If
it still doesn’t answer the question, let’s go step-by-step.In our guide
on Accounting and Cash Flow, you will learn how to predict future cash needs by
using a cash flow control form.The cash flow control form will spell out
all of your sources of income and expenses. For example, some expense items
might include: Buying supplies and inventory while waiting to get
paidPaying payroll and rentBuying equipment and
fixturesGetting a computerBuying the businessPrioritize
those areas where your options are limited to paying in cash, and review your
alternatives where there may be another way.For example, it is not
necessary to pay all cash for a delivery truck when you can rent or lease one.
Next, review what might serve as collateral for your
loans.Unsecured Loans For Business FundingSome credit is granted
on an unsecured basis, such as credit cards, but most small business loans are
secured by the assets of your business, your personal assets, or both. Unsecured
means that there is no collateral granted for the loan.Examples
of Unsecured Are :Credit
cardsUnsecured lines of credit (like you get in the mail)Friends
or relativesSecured LoansSecured loans mean
that there are assets pledged to secure the payment in the event you are not
able to pay. Examples of this are Computer leaseHome
mortgageCar loan or leaseSmall Business Administration
LoanCollateralCommon types of
collateral are equity in your home, accounts receivable, inventory of the
business and equipment. Lenders go through an evaluation of the
collateral to determine how much they can lend. Some key variables as to what
kind of loan terms you can get are Number of years in business - This is
your track record and is very important. Banks usually require three years while
others are less stringent.Size of your company and the amount needed -
Financing institutions vary in the way they service the public. For example,
you would probably not get a car loan and a large corporate loan at the same
place. Do your research. Ask around. Get to the right spot.If you count
yourself as one of the masses that is sick and tired of the daily grind of your
mindless job, then getting out and starting your own business is a real
possibility.It may seem like a daunting task; but you can get into
business on your own with as little as $5,000.Erase the notion that you
need hundreds of thousands or millions of dollars to make it on your own. If you
can get your boss (read: spouse) on board then you’re on your way to a
liberating experience. Here are some tips for you to get started on opening your
own business:Having More Than Good IdeasOnce
you’ve created your business model you’ll have to develop the skills necessary
to make it in this nitty-gritty world of the unknown.Pure smarts aren’t
enough to be successful. You need to rely on determination, guts, tough skin and
confidence. You are sure to encounter many roadblocks along the way and you have
to be ready to face these head on.Put Together All Your
Available CashYou have to assess how long you can get by with
little or no income. Aside from turning into a frugal being, you have to
be completely honest with yourself when it comes to your personal
finances.Make sure you credit is in good order as this will help you
when it comes to applying for bank loans.Keep Things
LeanAs much as you’d want to have a luxurious office you have
to be reasonable. Work out of your home and set up an office that has all the
amenities minus the rental costs.If you need space for conferences or
meetings then ask around friends and see if you can share their space for cheap.
Remember you will have to have some face-to-face meetings, so plan
accordingly.Make do with what you’ve gotA new
computer system could cost upwards of $2,000 so maybe what you’ve already got
could be sufficient. If you need a new system then lease instead of
buy.Think outside the boxThere are many ways to be frugal
without looking cheap.Search bargain outlets for office materials, scour
the internet for deals and just keep your eyes and ears open for opportunities
as they come knocking because the best deals aren’t advertised but are found out
through word of mouth!
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6/18/2018 2:18:49 AM UTC