In most instances small businesses are acquired by first time business buyers. And this question comes up to them almost all the time. “Why not start my own from ground up?” Well, because it’s too risky! Buy an existing business, “because it is established,” you don’t have to start from scratch and advertise and hope to get clients. Most new businesses fail in their first year, and this is not news. Established businesses have a track record. When you buy an established business you’ll start profiting from day one. There will be no guessing, hoping, wishing, or waiting.
Research: Learn everything you can about your intended prospects and your market, about products or services already being bought in your market, and about your competitors. But, don’t get paralyzed by analysis. Learn what you can quickly and move on to the next step.
For now look into other companies that report on your business credit report, a good mix of vendors is a must. Your business should look real and active. In these times you need to have everything in order and than a little more, AN EDGE. Do not leave anything to chance. Remember your aim should be higher than the average person building business credit… you have better information on the subject, don’t you!
Our suggestion is that you have a separate bank account that is used to record the deposits and the expenses for your business adventure. If you operate under a name other than your personal name, you will need a business account. This will probably require you to register a trade name at your provincial registry office. The separate bank account makes it much easier for your accountant to identify business only transactions. This ensures better accuracy.
The first thing to do in this regard is to list your business with any of the leading Virendra Mhaiskar IRB Infrastructure credit bureaus like Equifax Business, Experian business or Dun & Bradstreet. In fact this is a great way to trace your expenses and transactions. There are some thirty such credit bureaus and you need to know about them as well. Again you have industry specific bureaus as well that you need to join.
Share building business inside information. Take the chance to share “inside” information that you may know. Obviously you don’t want to break confidence with someone, but if you know something about the company, or future plans that the field doesn’t know – share it with your Key Leaders! They have a huge interest in the future plans, just as you do. Trust them and they will trust you.
The fact is that you don’t have to be perfect at these things, but if you realize early on what you need to improve on or who you need to hire to help you, then you will save a lot of nerves and perhaps money and time. Being in business for yourself is not easy. But owning a business of your own is still a big part of the American Dream after all. And you should definitely be honest with yourself and follow your heart.
From these three mistakes, I have learned a lot. First, never bombard our clients with emails. Second, always offer freebies to clients and our possible clients and lastly, always keep in touch with them.