How to buy a low cost, high profit business in 2022 and beyond?
Whether you’re an industry veteran looking to mix things up, an office worker who’s fed up with their morning commute, or someone that’s decided to finally chase that elusive dream of working for themselves – no matter the walk of life you come from, we all arrive at the same destination... The thought of running your own business. However, for most, with a mortgage to worry about, a family to provide for and bills to pay, and perhaps the acute knowledge that 9 out of 10 new startups tend to dissolve & 2 out of 10 new businesses also tend to fail in the first year of operation, starting a business from scratch just isn't viable. But what if there was a shortcut to ditch the 9-5 grind and Monday morning commute? To increase your salary tenfold and finally release that dream of running your own business? Well, by buying a business, actually, to be more accurate, by buying the right business, you can get all of this and more! You see, buying a business is probably the most important decision you will ever make in your working life. It’s basically a gamble and throws up one of two scenarios; either giving you financial freedom or destroying your financial future. A scary prospect to say the least! So, the first thing you need to do is conduct due diligence. What is Due Diligence? Due Diligence is the process of a buyer reviewing and verifying documents and information provided by the seller about their business. This could encompass examining the business’ records, online searches, inspecting its premises and physical assets – just to name a few. Due diligence provides buyers with access to confidential and cardinal information about a business. It is the most effective way for you to assess the value of a business and the potential risks associated without purchasing it. This is a complex investigation that requires sound analysis of all aspects of the business, from financial statements to employment, customer relationships, taxation requirements and more. It can be a lot for some and more often than not, most buyers don’t even know where to begin. Our advice, start simple. For example, if the business has a shopfront, visit the place of business as a potential customer, and gauge for yourself the following: -Customer service levels -Cleanliness and state of disrepair -Staff enthusiasm -General business activity Another simple trick is to Google the business. Check customer reviews and the business’s overall star rating. Our tip, anything under 3 stars should be seen as having a negative reputation – do a little bit more digging (by reading reviews) and see if it’s repairable or not. And a quick word of warning, if the seller refuses to disclose any or all financial information, walk away. This should be an immediate red flag, regardless of anything else. But what if you wanted to go further and ascertain which business’s projected outlook signalled the most ROI (return-on-investment)? Even better, gave you the least pain and effort as a business owner? In an industry-first, now there is. Introducing The Business Buying Masterclass The Business Buying Masterclass, hosted by Damien Boehm, CEO of Urban Clean, is a FREE event that will provide you with the knowledge and understanding you need to easily find low-cost, high-profit businesses near you. Unlike other events, with a bunch of speakers trying to sell you something at every turn, this event is exclusively positioned around the principles designed to help you Find the Right Business that suits your lifestyle and, more importantly, your financial goals. Don’t fall into the trap of wasting time & money on risky business models or ventures that have already hit their ceiling. Know exactly what to look for and what to avoid by reserving your spot at The Business Buying Masterclass today. What about a Franchise? An alternative to buying a stand-alone business, would be to purchase a franchise instead. While still providing you with the financial freedom you’ve longed for, the ability to be your own boss, dictate your own working hours, delegate and choose your own responsibilities and even how fast you grow, owning a franchise can give you a headstart and, in a way, ‘fill in some gaps’. Firstly, If inexperience with running a business is something that is holding you back, then you'd be relieved to find that franchisee’s receive copious amounts of training from their franchisors. This training includes day-to-day management, manual operations, legalities, budgeting and more. On top of training, you’ll receive a proven and practised business model that has successfully grown and turned a profit for countless franchisees before you, as well as full control over the hiring/recruitment process. You’re also buying into a brand – most notably, a brand that already has customers. Most franchises are already well established and come with a positive reputation, brand awareness, significant market share and more, giving you a better chance at success and turning a serious profit. Consumers are more likely to frequent a business that they recognise and trust compared to a business they are unfamiliar with. The 2020 Edelman Trust Barometer special report found that company trust and familiarity is the most important factor during the buying decision for 53% of consumers. And, perhaps the most important part, a network of support. Being part of a franchise means belonging to a robust network of corporate leaders, founders and other franchisees within the company just like yourself. They will provide you with advice, tools, strategies, supplies and guidance needed to navigate difficulties well before they become a problem. And, depending on your franchise’s infrastructure, they might even take care of marketing, lead generation and send customers directly to your business. Now, this level of support and establishment does come with a recurring cost called a ‘franchising fee’, so it’s worth keeping that in mind when making your business buying decision. For more information on the benefits of becoming a franchisee, check out our article ‘Why Become a Franchisee?’ today. How do you know if a franchise or standalone business is right for you? Unfortunately, buying a standalone brick and mortar business or a franchise isn’t a simple or easy decision. And unfortunately, getting this decision wrong can be detrimental to your finances, growth perspectives and overall success in general. That’s where the Business Buying Masterclass comes in. On top of providing you with the knowledge and understanding needed to find a low-cost, high-profit business, the Business Buying Masterclass also unpacks all you need to know when choosing between buying a franchise or a traditional business. You’ll also learn: -How to choose the right business while avoiding costly mistakes that sellers don't tell you about -How to use the ultimate business buying checklist to fast-track your buying success -Learn the best way to find low-cost, high-profit business in your local area -Discover the 5 biggest mistakes people make when choosing between buying a franchise or a traditional business -How to use other people's successful marketing systems to grow your business -How to Stop your current self-sabotage habits -How to extract maximum Profit using this weird marketing trick -Creating an Effective Business Blueprint – knowing what business you’re in and what business you need to be in -How to drive traffic to your website and how to use “social media” so that it actually MAKES MONEY for you!! Plus much much more for absolutely nothing! With just 45 spots available, register today to ensure you don’t miss out on this incredible 2 hour event set to change your working life.