There is a lot to consider when building a small business. While there is a great deal of opportunity available in the marketplace, finding a business that is both available and worthwhile is not easy. Taking on a business that isn’t well-positioned for profitability will only lead to frustration and possible failure. To help you avoid this pitfall, take the time to do some research and evaluation before buying a business that isn’t worth the effort.
A good place to start is to consider your skills and education. Your background in the industry that you want to buy can be a guide. For example, if you have a green thumb and have worked in retail since college, you may be ready to open your own flower shop.
It’s often easier to get a loan for a small business acquisition when you buy an existing operation. Lenders like to finance businesses that have a history of turning a profit. An established brand can also help you to build a customer following when you launch your own small business.