The last article on our series dealt with the Act Now Policy. Let’s have a look at the next situation in this series that we will be evaluating: THE REVERSAL.
We have previously stressed on being familiar with a business and how it operates before you buy it. There are so many entrepreneurs who make this mistake. They buy a business they aren’t familiar with and fail… either that or they just aren’t that good in running the said business. Now, the trick is to FIND these kinds of business and buy them. Look to your own skills and see whether you can think of something to turn their business around. That’s where the gold mine lies.
However, it doesn’t stop there. Also consider that maybe they already thought of your idea and maybe it just wasn’t feasible. This is where research and planning come in. You need to check whether your idea will work. More importantly, you need to check their reasons for selling. Is it a problem that you can solve? Was it really just a case of them not knowing what to do? You need to find these things out and, from there, see whether you can really turn things around and make a huge profit from the purchase.
Another application of this is to find start-ups who aren’t really making the most of their business due to lack of knowledge and experience. In other words, they are unaware of the full potential of their business. Once again, do proper research. There are many opportunities in small businesses that fit your skills but the key is to ALWAYS know what you’re getting into and see whether you can really turn things around. If you find one, it’s a DEAL!
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.