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Jan
30

4 Critical Factors to Consider Before You Buy a Retail Business

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Factors to Consider Before You Buy a Retail BusinessBuying a Retail Business

Buying an existing retail business can be breeze. If you are lucky, you could end up with a business that has a great location, good reputation and strong customer base.  In the same vein, you could buy a retail business that could make you incur heavy losses and send you into bankruptcy. Before you purchase a retail business, there are some critical factors that you should consider.

Here are 4 of them:

  • Play Sherlock Holmes

Before you purchase a business, perform due diligence and monitor it for at least a month or two. Find out why the owner wants to sell. Never rely on what the owner will tell you. He could be economical with the truth. Do not jump into buying a retail business just because you think you are getting a bargain. There could be more to it that meets the eye, refusing to investigate properly could land you in a pit of problems.

  • Will it Stand the Test of Time?

Never splash cash on a dying business or something that would not be around for the long haul. Do you have a choice to sell hard cover books or to own a coffee shop? You will need to consider the dizzying trend of technology. Ipads, Android tablets and ebooks have taken over. Hardcover books are almost historic and are gradually going the way of the dinosaur. Under the circumstances, buying a coffee shop is a better bet.

  • Helpful Staff

A business does not just hit the ground and start running all by itself. It requires people to steer it through troublesome waters towards the land of paradise and profit. It is better to keep hold of previous staff if possible rather than employ new ones. The old staff can play the ropes and understand the terrain much better. This helps to make the transition from old to new much easier. Some employees get very agitated when working under new bosses. Assure your workers that their jobs are safe and get some pointers from the seller on how to run the business successfully.

  • Image is Everything

When you purchase a business decide on how you exactly want to run it. Do you want to maintain the status quo or create some marketing buzz about the new ownership?  If the business has a strong reputation or has strong brand presence, there really is no need to make too much noise. On the other hand, if the business is on the wane, you might need to give it a jolt in the arm. This might mean giving the place a facelift, changing the company logo and even reinventing service delivery or management.

Categories : Blog, Tips/Articles

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