Previously, we talked about choosing your business’ bank partner. Now, we delve into another money matter: Can you afford your next business?
Have you ever heard the saying that “Opportunity knocks only once”? Yes, in your career as an entrepreneur, you might get wind of business deals that are just too good to let up. Now, the only question is CAN YOU AFFORD IT? Maybe a better question would actually be SHOULD YOU ACTUALLY GO THROUGH THE TROUBLE?
You should consider a few things. How much is this deal actually worth? Once you know that, you need to check how much you have and how much more do you need to be able to afford it. So now, you know how much money you need to go through with this decision. However, the questions don’t end there. You need to be able to determine how soon you can get your money back and how sure is it that those returns will happen? The idea may sound nice and the person selling the idea may sound very sure of the returns but you have to keep a very objective viewpoint on all of this. Do your research on the industry and do a check on how strong this business is and how well it will do within the industry. Is it unique enough to get enough sales? Once you’ve determined that and have checked whether this business opportunity is really worth all the trouble, that’s when you should start looking at your options on whether to get your money for it.
The situations, of course, are different from case to case but check for any similarities with your situation and from there, you can assess on how you’ll make your move with your situation. If it’s a go, then go ahead and check what financial options are open to you.
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.