Finding a Business to Buy

Finding a business to purchase should be the final step in a process that begins with self-evaluation and a sound financial assessment. Obviously, before buying a business, you'll need to determine what type of business you are qualified to run and would enjoy owning. Based on your own skills, technical knowledge, abilities, interests, and personality, you can determine which type of business will provide you with the best opportunity to use your talents most effectively and turn a profit.

Once you have determined which type of business is best for you, it's time to start your search. One of your first considerations will be location. Questions regarding location that you will want to ask yourself include:

• How far will your business be from your home?
• Do you want to own a business in another location and have others handle the day-to-day activities?
• How important is location to the success of your business? (Obviously, location will have less of an impact on an Internet or mail-order business than with a retail operation.)
• What is the competition in your prospective location?
• What are the zoning and tax laws there?
• Will you be able to expand, or are you limited to space as it is currently configured?
• Can the business be easily relocated if necessary?

Along with answering questions about location, you need to know how much you can afford to spend. Once you have an idea about where to look and what your budget is, start by reading local newspaper advertisements under the Business Opportunities heading. In most metropolitan areas, the Sunday papers will have a large listing section. Conversely, you can also place an ad stating that you are looking to purchase a specific type of business.