After working diligently to turn your business idea into a well-oiled enterprise, you have a lot to be proud of. Your product photos are on point, you’re building online communities and engaging with customers in the ways that matter to them, and your fulfillment process is running like clockwork.
But what’s next? Whether your goal is to stay small, focusing solely on satisfying loyal customer relationships and managing things yourself, or to reach for the moon and expand internationally, there are many different steps to take. From seeking additional funding to hiring employees, building a small business can be a complex undertaking, and there are many different variables to consider.
You may also decide to buy an existing business, rather than start from scratch. If you choose to do that, it’s essential to set clear goals for what you want from the business and to understand how to value it properly. A business for sale that generates an annual income is much more likely to sell than one that isn’t, so be sure to focus on the former. But don’t forget that the owners will probably have some specific wishes for whom they sell their company to – and these might differ from your own. They might want to keep the name of the business and their current suppliers for example, or they might wish to maintain a positive relationship with the new owner in order to protect their reputation in the market.