Franchise Money Maker

This article is written by Richard K Parker
Copyright (c) 2009 Richard K Parker

The one thing, in only one word, that you really have to understand when purchasing a business is PREPARATION. This particular eleven letter word is so extraordinarily valuable because it’s what invariably separates successful buyers from everyone else. It’s methodical preparation that gives business buyers the chance to pounce on fantastic opportunities when they surface. They notice a good deal when they get near it because they follow well laid out preparation guidelines.

When buying a business, you need to be prepared in every aspect of the buying process. Your search for business opportunities is futile unless you know how to recognize a sound investment. And that takes preparation. In order to get prepared, it means knowing business operations inside and out.

Let’s consider the importance of preparation when buying a business. With it you will understand the essential questions that you should ask a seller. You will know the critical areas of a business to investigate. You will know the key issues to review and which business materials to request from the seller. You will know a fair price to propose. And you will know which specific clauses in the terms of a sales agreement to negotiate.

Educating yourself on the business buying process is relatively simple when you consider all the information that is available online and written in books. Preparing yourself for a business opportunity involves knowing the industry, identifying the competition, knowing the market’s future predictions and identifying avenues of financing.

Before buying a business, preparation is also necessary for conducting a business valuation, formulating questions to ask the seller, identifying the strengths, weaknesses, areas of growth and problem areas of the business, and negotiating the main areas in order to formulate a good deal.

There isn’t anything that frustrates a seller more than having to respond to questions from potential buyers who aren’t prepared. When purchasing a business, prospective buyers are supposed to have at least a little business knowledge before agreeing to any sort of contract with a seller. If you’re not prepared to commit to a purchase and sales agreement, it’s best not to waste the seller’s time.

Although you might be a first-time buyer, it is expected that you are prepared to enter the buying a business process. By gaining knowledge about all aspects of the business buying process, you will have the preparation needed to close the deal on the business opportunity you seek.

A common mistake made by those buying a business is to address things as they arise. But buying a business is a major investment and not one that should be left to a haphazard strategy. You can avoid common, yet costly, mistakes through preparation.

When buying a business, the key to success is learning all you can about the business and its industry before entering into any contract. As you progress through the business buying process, learn all you can about the company’s financials and everyday business operations. Through methodical preparation, you can be confident knowing you’re buying a business that’s viable and in a great position for future expansion.

One major mistake you can make when buying a business is to underestimate all that is involved in purchasing a business. Without proper preparation, you will quickly feel overwhelmed without the knowledge to make key decisions or understand issues that you might encounter. The buying process is complex and includes many different stages, but with the proper knowledge and research, you can be well prepared to face them all with confidence.

When it comes to buying a business, the wise saying, “If you fail to prepare, then be prepared to fail,” so aptly applies. Preparation is the key to success when looking to buy a business that is sound and profitable. It is also preparation that will lead you in running and growing a success venture for many years to come.

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Richard Parker is the author of the How to Buy a Good Business at a Great Price series. As President and founder of Diomo Corporation - The Business Buyer Resource Center, his materials, seminars and consulting have helped thousands of business buyers realize their dream of buying a business. Want to find out more about business buying strategies that really work, then look no further than=> http://www.diomo.com/
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How to Stop Spinning Your Wheels and Fully Enjoy Your Business
This article is written and owned by Christine Kloser

I got off the phone yesterday with a colleague who reminded
me of myself. (Well, he reminded me of my past self.) He
had experienced a good level of success, was respected by
his colleagues, had a wonderful family and all the clients
he could ask for.

But, there was something very wrong. He was exhausted,
overworked, stressed out, and feeling like his life was his
business… missing out on the other things that meant a
lot to him.

I call this the “spinning your wheels” syndrome. It
happens when you find yourself constantly running on the
hamster wheel of your business (and your life). Only to
realize that when you “get” to where you think you want to
go, it’s not what you had envisioned. The “success”
experience falls flat in comparison to what you thought it
would be. Where is the bliss? Where is the freedom?
Where is the joy from doing the work you love so much?
Ahhhh… these are all very good questions.

And, here are three steps you can take immediately that’ll
help you get off the never-ending “merry go round” of your
business and enjoy more ease in your life. These were the
very steps I took to shift things in my business to a place
where I truly love my business and my life.

Step 1: Create Your Personal Definition of Success When it
comes to experiencing entrepreneurial success, so often we
see that definition being (according to the external world)
about financial success. However, if the sole focus of a
business is on financial reward, your life will be
compromised in that pursuit.

It’s important as you look at redefining success for
yourself, that you look at the entire picture of success.
Here are some things to consider as you contemplate this…
that go beyond your financial goals. What is the work that
truly calls to your soul? How do you want to spend your
time in your business? What types of clients do you want
to work with? How many hours a week do you want to be
working on your business? Do you want to offer more
products or services, or cut back on your offerings? What
kind of team do you need in place to help you experience
your definition of success? How involved are you with your
team? Do you want to travel for your business, or stay
closer to home? What support do you have on your journey?

These are all questions to consider as you define what real
success means to you. You’ll see that success is about
much more than money… it’s about fulfillment, peace of
mind and joy in your life.

Step 2: Reevaluate Your Business Once you’ve gotten
clarity on your personal definition of success, it’s time
to take a closer look at your current business. It’s
important to give yourself a half day (or preferably a day)
to step back from the operations of your business, and
focus on the big picture. Too often, I see entrepreneurs
who are working to create a business based on someone
else’s model of success. But, in this step, the only model
you need to allow to emerge is the one that works for you.

As you reevaluate your business, identify if there is
anything you’re doing that you don’t want to do? On the
other hand, are there things you want to do, but aren’t
getting to? Are there aspects of your business that you
think you “should” do, but they just aren’t working for
you? Once you evaluate your current business, turn your
focus on creating a vision for the business you really
want. If you could create anything for yourself in your
business, what would that be? This type of reevaluation
is a necessary step in getting your “wheels to stop
spinning” and fully enjoying your business.

Step 3: Be Proactive Being proactive is a key step to take
your insight and clarity from the previous two steps and
create positive change for yourself. When you do this type
of work (to create your personal definition of success and
reevaluate your business), chances are you’ll see some
things that require a change to be made.

But, it’s up to you to take your new understanding and
shift something in your business as a result. Nothing is
more painful than knowing it’s time to make a change, yet
not being proactive to it. This has been the step that’s
allowed me to release entire businesses, projects,
strategies, or programs that didn’t fit with what I saw for
myself, my life and business. As a result, more aligned
opportunities keep showing up for me, and I’m feeling more
fulfilled in my business (and my life) than ever before.

These three simple steps aren’t necessarily easy, but they
are indeed simple. If you feel like you’re spinning your
wheels in your business and want to enjoy your life more
fully, you owe it to yourself to give yourself the gift of
time to follow these three steps and move forward toward
the business and life you truly want.

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Christine Kloser, author of The Freedom Formula, helps
small businesses put soul in their business and money in
the bank. If you want to enjoy a purpose-driven business
and a soulful life, send for my free Conscious Business
Success Kit, which includes my report, How to Avoid the 3
Massive Mistakes Made by Conscious Entrepreneurs and audio,
7 Strategies Entrepreneurial Authors Need to Know Before
Writing a Word, at http://www.LoveYourLife.com .

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