My husband and I are thinking of buying a small business. Any advice?

Question

I have experience in sales and marketing and my husband is an expert in the business we want to buy. We've never run a business before and would like to learn.

Answer 1

Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.

Some things you need to consider:
- "How can I support my family while I build up by business?"
- "What are my abilities?"
- "Is there a market for the product or service I have chosen?"
- "How long will it take this business to reach the financial goal I have?"

You may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:

1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success
6. Market, market, market

To give you ideas on what exactly do you need to start your own business, here are ten things you need to know before launching your own business “10 Things You Need to Know When Starting Your Own Home Business” http://www.powerhomebiz.com/052006/startingbiz.htm .

I recommend that you read the following books:

- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs
- Starting From Scratch: How To Start A Business When You Don't Have Money
- If You're Clueless About Starting Your Own Business and Want to Know More
- On the Move : How to Succeed and Survive As an Entrepreneur
-How to Make 1000 Mistakes in Business and Still Succeed

There is so much to learn about starting a business that it is hard to put everything here. I suggest that you to check out the following websites and learn from their content:

Entrepreneur http://www.entrepreneur.com
Inc.com http://www.inc.com
SBA http://www.sba.gov/starting_business/...

If you think you need help and guidance in starting your business, you may want to find a mentor to help you. There are several places where you may be able to find a mentor:

- Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html ; or the Women's Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_roundtables.html
- Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs
- Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs/globallinks.html , Helzberg Entrepreneurial Mentoring Program http://www.helzbergmentoring.org/HEMP/ , or The Aspen Institute MicroMentor Program http://www.micromentor.org
- Professional organizations such as the National Women’s Business Council http://www.nwbc.gov/Mentoring/programs.html
- Industry and trade associations
- Local business groups, such as the chamber of commerce
- Local chapters of business groups

Answer 2

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert
* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert
* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman
* Business Start-Up Kit by Steven D. Strauss
* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 3

I would recommend you the most profitable online business which is fully automated. This homebased business is very much different from other business which requires lot of time,energy and money. This incredible system allows you to earn fortune without selling, advertising, prospecting, closing or answering questions. It works 24/ 7 and you can earn profit for each automatic sale, sitting in your home, enjoying life with family and friends or on vacation. . This system allows you to earn $3000 everyday. This business has been selected to be featured in National television ( Discovery channel and CNN )
Visit the website and then place the CALLBACK request to see how powerful the system is.

Answer 4

Make sure that you understand the lease and what your commitments are. I would recommend having it reviewed by your attorney. Also to protect your personal assets either start a corporation or Limited Liability Partnership. Lots of advice available at the Small Business Administration.

Answer 5

Make sure you are buying a business and not a JOB!!! The business should give you net profits above a level a job you might hold and give you flexibility with your time. Working for yourself, investing in yourself is a tough decision but you will not regret it!

Answer 6

You will need 3 key people for stating a new business. 1st-Banker or financial adviser. 2nd is a Lawyer for all legal advice regarding business decision and 3rd is a great Insurance Agent.

Research, research research - location location location. Good luck to you both!

Answer 7

Read a book called "The E(ntrepreneurial) Myth". I don't know who wrote it but it is a good layout about what kind of business to get into and how to run it so it doesn't run you.

Good Luck! You are braver than I am.

Answer 8

I have an awesome opportunity for anyone interested to work with the 3rd fastest growing company in the world which has paid over 2 billion dollars to consultants in the past 10 years. if you are interested please email me at [e-mail]

Answer 9

You should study the information provided here:

http://www.sba.gov/

Answer 10

make sure that there is somebody capable (overlycapable even) of managing the finances