Grab a pen and write your resolution down for the new year: #1 BUYING A BUSINESS!
All of us have goals for the New Year! Some of us want to earn more money, buy a bigger car, be healthier… but the common goal we all have (in general) is that we want to be happier!
In my view I have never been happier, being self employed. I couldn’t bare the thought that the common goal of all my colleagues was to make my boss’s dreams come true! He would tick off his whole bucket list and my goals couldn’t stretch as high because I was held back by the power of money with a restricted income.
Why couldn’t WE (ordinary colleagues of each other) do what our bosses did? Why couldn’t we have a holiday in Hawaii on our bucket list or swimming with sharks in South Africa, visiting Machu Picchu?!
Would you want to have bigger goals and have a bucket list worthy of an Academy Award, one day? Grab a pen and a piece of paper and write your first New Year’s resolution down for the new year: #1 BUY A BUSINESS!
Let me help you achieve this goal! Any time you have a question big or small, you can call or email me and I will not charge you a penny for my advice. The catch is that you have to help me achieving your goals; by doing it the S.M.A.R.T. way.
SMART goals stands for
Be specific in what kind of business you want to purchase. Look at your skill set, geographical area, industry, budget you have to spend and the maintainable income for the foreseeable future.
In most cases we measure the size of a business with the return (income) it will provide. Be realistic and talk to a business broker what sort of income you can expect for the kind of money you are prepared to pay in a certain industry. Don’t buy a business on its potential! To reach the full potential of a business you will need to spend money.
Look at your budget and make sure it is realistic. If you have saved $50,000 you will never be able to borrow more than another $50,000 (if you are lucky) unless you have more equity in property or other assets.
No need to elaborate more. There is nothing wrong with dreaming, we all do and we will always want more than we already have, but be realistic about the expectations of what you buy and where you want that business to be in 3 – 5 years time.
Have a timeframe in mind to work towards. Certainly in Northland, where lots of businesses are seasonal, you would need to time the purchase to ensure you optimise the cashflow (at least for the first season).
If buying a business is really your goal for this year, have a chat to us at LINK Northland. We can target businesses and negotiate on your behalf, meaning we can often keep the price lower because we work for you (and it this case not the Vendor) or we can keep an eye out for something you are looking for. The more specific about industry, location and budget you are, the better we can help!
For us it doesn’t matter if you are in Northland, Auckland or anywhere else in New Zealand. We have a network of brokers all over New Zealand that can assist with your goal.
Lots of businesses have approached us to find an add-on business for their existing business and lots of people have successfully engaged a business broker to find that one opportunity that suits them.