Have you always wanted to be an entrepreneur? If you love the idea of being your own boss, setting your own hours, and being able to take pride in every aspect of your job, then becoming a business owner may be the right step for you. But you don’t have to be sitting on a brilliant business idea in order to become a business owner. Buying a small business for sale enables you to start a business without beginning from scratch.
Finding a business to buy can be a challenging but rewarding experience, and there are plenty of ways to go about this process. Read on to learn about the various methods you can use to find a small business for sale to purchase.
5 Strategies for Discovering a Small Business for Sale
It’s important to take a strategic approach to find a business to purchase. This approach will enable you to peruse and compare a variety of options before making your decision. Here are five methods you can use to discover small businesses for sale.
Connect with Businesses in Your Area
If you’re interested in local small businesses that are for sale, the first step is to network with business owners in your area. While it’s not a guarantee that any of them will be interested in selling, making these connections will give you a better feel for the current market in your community. It will also help get the word out that you’re looking to buy a business in the area.
It’s important to keep in mind that many businesses hesitate to advertise that they’re for sale. There are a number of reasons for this, including the fear of alarming customers and staff. That means you may only be able to find out that an owner is interested in selling by asking them directly. Even if they’re not looking to sell, they might point you in the direction of business owners they know who are in search of potential buyers.
Browse Websites Listing Small Businesses for Sale
Websites like BizBuySell.com and Franchisegator.com are a great place to start looking for businesses for sale, especially if you’re open to buying a business that’s not in your local community. These online aggregators list a wide range of small businesses and franchises for purchase and make it easy to search through their extensive listings by factors like price, location, and industry.
Doing research online makes comparing different options quick and easy and provides you with a wealth of details almost instantaneously. Plus, you can often set them to notify you when a business goes on sale that meets your specific criteria.
Keep an Eye Out for Advertisements
While small businesses aren’t all that likely to put up advertisements on their own property, many do choose to post “For Sale” ads in local newspapers, industry publications, and classified ad websites like Craigslist.org. Be sure to check these sources frequently so that you don’t miss out on an opportunity in your area.
Spread the Word with Your Network
You’ve likely built business connections over the years with people who are in your industry or share your interests. This network is a valuable resource that you can turn to as you begin searching for a business for sale. Your network will have a good idea of the fields you’d prefer to work in and business types that would best fit your skills and lifestyle.
Turn to a Business Broker
Business brokers are often hired to connect sellers with buyers and assist with the negotiating process. Both individual business brokers and larger brokerage firms typically have access to a large pool of businesses for sale and share this list with potential buyers.
Working with a business broker is almost always the best option for first-time buyers. One often-overlooked advantage is a broker’s ability to help buyers determine what they want out of a business so they don’t waste time during the search. A business broker can introduce you to industries you may not have previously considered and will provide much-needed guidance as you assess different options.
A business broker won’t just help you move in the right direction concerning industries and business types. Their experience can be extremely valuable in understanding the difference between a good deal and a bad one. With a broker, you’ll be more likely to avoid pitfalls that could lead to making a decision you ultimately regret.
Finally, business brokers take over the complicated process of negotiating the deal between the buyer and the seller. You’ll sidestep a lot of stress, save time, and have a clearer understanding of what you’re purchasing when you choose to go through a business broker. For these reasons, using a business broker is one of the most efficient ways to discover small businesses for sale that are right for you.
If you’re ready to find a small business for sale, don’t hesitate to contact Murphy Business Brokers today. Call (888) 561-3243 to connect with one of our local business brokers and get started with a free consultation.