As an entrepreneur, it’s likely you are constantly on the lookout for new opportunities to earn an income and grow your portfolio. Starting a new business from scratch can be rather labour-intensive and daunting, so buying an established small business can get you off the ground much quicker. However, with so many small businesses for sale, it can be overwhelming to know which one is the right one for you. If you’re ready to explore investing in a new business opportunity, read on for our tips on the best ways to find a small business for sale.
The best ways to find a small business for sale
As an entrepreneur, it’s likely you are constantly on the lookout for new opportunities to earn an income and grow your portfolio. Starting a new business from scratch can be rather labour-intensive and daunting, so buying an established small business can get you off the ground much quicker. However, with so many small businesses for sale, it can be overwhelming to know which one is the right one for you. If you’re ready to explore investing in a new business opportunity, read on for our tips on the best ways to find a small business for sale.
Business Brokers is another to find businesses for sale
Often, your first port of call when searching for a small business to buy will be a business broker. Business brokers can be a great resource when looking for a small business for sale. They are often familiar with a wide variety of businesses and can provide valuable insights and information. However, it is important to choose a reputable broker who will have your best interests in mind. Here are some things to keep in mind when selecting a business broker to work with:
- Get recommendations from trusted sources. Ask friends, family, or other professionals you know for recommendations.
- Research the options. Once you have a few names, take some time to research each one online and read reviews from past clients.
- Meet with the broker in person. This is an important step to get to know the broker and see if they are someone you feel comfortable working with.
- Discuss your needs and objectives. Be upfront about what you are looking for in a business so that the broker can better understand your needs and help you find the right fit.
- Ask about their experience and expertise. Find out how long the broker has been in business and what kind of experience they have with businesses like yours.
- Get everything in writing. Before moving forward, make sure that all of your agreements with the broker are clearly outlined in a written contract
Facebook Groups might list businesses for sale in an off-market way…
If you’re interested in purchasing a small business, one great way to find businesses for sale is to look on Facebook. There are many groups dedicated to helping people buy and sell businesses, and you can use these groups to find businesses that fit your criteria. One such group in the UK is the “Small Businesses for Sale UK” Facebook group.
When you find a business that you’re interested in, reach out to the seller and ask questions about the business, including tough questions like revenue, profit margins and growth projections. Be sure to get as much information as possible before making a decision.
Word of Mouth
One of the best ways to find a small business for sale is through word of mouth. Ask family, friends and acquaintances if they know of any businesses that might be up for sale. They may have heard of something through the grapevine or know someone who is looking to sell their business.
Newspaper or Magazine Classifieds
Another way to find a small business for sale is to look through classified ads in newspapers or magazines. This can be a great way to find businesses that are not widely advertised and may be priced lower than those that are listed with brokerages.
When searching through newspaper or magazine classifieds, keep an eye out for key details such as the asking price, monthly revenue and number of employees. This information will give you a good idea of whether the business is a good fit for your budget and needs.
If you see a business that interests you, contact the seller to learn more about the business and schedule a meeting to view the premises or meet with the owner. Once you’ve done your due diligence, you’ll be ready to make an offer on the small business of your dreams.
Business Listing Websites
There are many business listing websites that can be used to find a small business for sale. Some of the more popular ones include DaltonsBusiness, RightBiz, and FranchiseDirect.
Each of these websites has a large database of businesses for sale, making it easy to find one that fits your needs. You can search by industry, location and price, among other factors.
When using a business listing website, be sure to do your research on the businesses you are interested in. Read reviews and check out their financial information to make sure they are a profitable venture.
Get professional advice for where to find businesses for sale that are a great deal
No matter how you choose to search for small businesses for sale, take the time to do your research and ask plenty of questions before making any decisions. Sometimes you may require the assistance of experts like financial advisers, accountants, attorneys or change managers to assess the viability of the business opportunity and guide you in managing the responsibility of running a business. This will help ensure that you find the right business for your needs and that you’re prepared for what’s involved in owning your own business.
Could you use some guidance managing the changes that come with purchasing a business? Yorkshire Change can help you manage the transition. Contact our team by filling in the contact form or giving us a call on 0333 090 8710.