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7 Tips for Buying a Business After the Pandemic
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If you’re thinking about buying a business after the COVID-19 pandemic ends, you’re probably asking yourself quite a few questions. While I won’t guess at exactly what those questions are, I hope the following seven tips will help you make your decision. Decide how much money you want to make. This should be the first question you should ask yourself. The amount of money you want to make determines what kind of business you are going to buy. Pursue a business you would enjoy. Buy a business that reflects your interests and brings you enjoyment. If you love spending time outdoors, don’t buy a business that chains you to a desk all day. Make a list of all your talents. Leave no talent unconsidered. Make a list of everything you know how to do, from playing an instrument to using Microsoft Excel. Any one of those talents may help you make a profit in your business. Select where you want to work. Do you want to stay put, or are you willing to relocate? My advice is to follow the growth. Look for cities or areas that are starting to boom and let your business ride that growth to success. Know who you are as a potential business owner. Determine if you’re a fairly self-driven person or if you would benefit from the accountability that comes with a partnership. Also, consider how you’ll communicate and work with employees of the business. Know your comfort level. Do you like servicing and interacting with the general public, or would you be more comfortable working behind the scenes? Work wherever you’re comfortable. I’ve seen several people end up selling their businesses at a loss because they didn’t take their comfort level into account. Don’t get hung up on where to find the money. Whether you have to use a credit card, buy a business with no money down, bring a partner on board to finance the project, or even borrow money from family and friends, don’t worry — money is attracted to opportunity. Many business owners are tired of operating their businesses after this past year — and more open to selling. As the saying goes,“Luck is where preparedness meets opportunity, and opportunity is always there.”
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