You will have a pretty good idea of the many ways to expand your business. New marketing campaigns will no doubt be at the forefront of your expansion plans. As might adding new products and services to your growing brand.
But, one thing that might not have crossed your mind is to buy another business. I’m not talking about one completely unrelated to what you do now. No, I’m referring to firms that can add value to your brand.
For many small business owners, buying going concerns from other entrepreneurs might seem far-fetched. In fact, some people assume that’s only the kind of thing large companies can do. It might shock you to learn that almost any small business can buy similar-sized firms.
Of course, the question is whether that is an idea you should be exploring? My response to that question is yes. Let me explain why:
It’s not as risky as starting from scratch
Let’s assume you have an idea for a new product or service that you’d like to sell. Sure, you could just resell someone else’s products and services. But, what if you want to keep control over all aspects of such new offerings?
Your first thought might be to develop a new brand and incorporate it under a new name. With this option, buying a going concern isn’t as high a risk as starting a new business from scratch.
For a start, you’ve got proof that shows how well the products and services sell so far. And you’ve got an established customer base that you could easily build upon. A brand acquisition is one of several small business ideas that can boost your firm’s revenue!
Almost any kind of business is for sale
Now, I know what you’re thinking. You reckon that investing money into an existing brand might not be possible. You suspect that there isn’t a business for sale that has something your brand could use. The truth is, many kinds of businesses go on sale every day!
Even if you think you have a micro-niche, you’ll still find a business for sale that can meet your needs. So, don’t assume that you have no choice but to start from scratch.
Your money will be safe
You are doubtless wondering just how safe your money is when buying another business. After all, the last thing you want is for someone to sail off into the sunset, leaving you with nothing!
Such financial transactions can take place safely using a business broker. In a nutshell, their job is to ensure the transaction between you and the third party is smooth. They will also take care of any fund transfers and check that everything is legal.
Yes, you’ll have to pay a business broker for their services. But, even if you know the person whose business you are buying, your money will still be safe. It’s crucial to leave nothing to chance when embarking on a business acquisition!
So, isn’t it about time you thought about investing in another business?