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Figuring Out Your "Why" For Business Ownership and Putting Your Dreams into Action

The idea of running a business is appealing to you, and it's easy to understand why. Business ownership means independence, being the master of your own destiny, and it can create a greater sense of freedom. But knowing that you want to have your own business isn't enough; you need to have clarity on what your dream business looks like so that you can take the necessary steps to turn it into reality.

What Are You Looking For In Business Ownership?

If you are crystal clear about what attributes the business you want to own must have, and in which areas you have more flexibility, you'll be able to save lots of time and zero in on the opportunities that fit your criteria. To help you gain that kind of clarity, here are a few questions you can ask yourself if you want to buy a business.

Do I Want To Build A Business From Scratch Or Buy An Existing One?

While starting a brand-new business will allow you to shape it exactly the way you want to, buying a business has the distinct advantage of coming with a built-in customer base, having an infrastructure Figuring Out Your "Why" For Business Ownership and Putting Your Dreams into Action transworld minnesotaalready in place, and employing a business model with a track record of success. When you buy a business that already exists, you can hit the ground running since there isn't a lengthy process of putting everything in place before you can start to get clients and generate revenue.

What Industry Or Field Of Endeavor Do I Want?

For some business owners, the thrill and the passion come from successfully running the business and what the company does has less importance. However, for most business owners, it's critically important that they feel connected and passionate about what it is the company does.

It's not necessary to focus your attention on the field in which you have the most experience through your working career, especially if you're not particularly passionate about it. Think about the things that you love to do, the things that you can spend hours doing and not notice the time pass.

Do I Want To Manage Employees?

A company with employees means more administration because of things like payroll. However, business ownership that includes employees is more easily scalable and therefore has a greater potential for growth.

If you prefer not to have employees, you need to buy a business that can be run by a single individual, and that means you'll have to wear several hats. Of course, some functions such as bookkeeping can be outsourced.

How Much Do I Need To Earn From The Business?

Everybody's situation is different. The amount of money that you need to get from your business every month to cover your living expenses may be quite different from someone else's. When you keep that figure in mind, you can filter out business opportunities that might not be able to provide what you need.

Taking Action

Armed with a clear picture of what your ideal business looks like, you can now take the necessary steps to make it happen. If you're opting to buy an existing business, you'll need a resource that will help you find the businesses that are for sale in your area. Transworld is that resource in Minnesota.

The last piece of the puzzle is to figure out how you're going to finance the purchase of your new business. For more information on that, consult our blog entitled Buying a Business Financing: Where to Start.

Find the Minnesota-based businesses for sale that meet all of your criteria by consulting our current listings.

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I Want To Sell But Have A PPP Loan  If your business has a PPP loan and you are selling all or part of the business, you may need approval from the SBA or the bank that handled your loan. You may also need to put the amount of any unforgiven portion into escrow at close. 

Is Buying A Business A Good Idea?

Yes!  Buying a business is a good idea.  Why?

Ten Steps To Selling Your Business

Our Sellers except us to achieve the highest and best offer for their business while taking the least amount of their time away from it as possible. That is because the absolute best use of their time is to continue to run and grow the company.  If revenue or profits begin to decline, buyers will walk away or decrease their offer. Transworld's philosophy can be summed up in a ten step, how-to strategy that culminates with the sale of a company. This proven method has been used to sell hundreds of businesses.  Here are the steps. Step1 Comprehensive Business Analysis and Feedback As your business broker, the first thing in our how-to strategy is to analyze your operation, finances, market potential and industry trends. We take that information and advise you on steps to prepare your business for sale, and  generate a business profile that represents your company in the most attractive way possible. Step2 Sale Structure We identify the best possible price range to sell your company. This is based on solid facts, the condition of the market, projected growth, sales potential and the sale of similar businesses within your industry. Transworld’s experts apply sophisticated, time-proven valuation techniques to ensure that your price is appropriate for the current market condition. The price must not be too high or too low. Yet, it must represent an attractive investment potential for the buyer. Step3 Confidentially Network The Business For Sale During the selling process, we utilize the latest technology to present your company to other business brokers and strategic buyers all over the world. This greatly multiplies the effort in your favor. With Transworld Business Advisors, you have literally thousands of industry professionals confidentially representing your company to buyers.   Step4 Confidentially Advertise To Buyers Our aggressive marketing program ensures your confidentiality and provides maximum exposure for your company. Your listing is placed in various industry databases, Internet sites, and publications which are constantly updated. We spend more money in advertising and marketing for buyers than anyone else in our industry. Step5 Control The Information Flow We organize all necessary documentation and release information only as needed. We use limited information when advertising to maintain confidentiality. Buyers are pre-qualified and required to execute a confidentiality agreement before receiving any sensitive business information. Step6 Create Competition For Your Company We attract thousands of buyers, creating competition for your business. Buyers are qualified for financial ability to meet the offer, and we engage you with only the most qualified buyers. Once you meet the best of the buyers, we urge them to prepare and present all offers. We can continue to engage potential buyers on your behalf as negotiation on an offer is in process and have another interested party ready to go should a buyer change their mind. Step7 We Negotiate For You To Achieve The Best Price Appropriate negotiation is crucial to achieving your best price and terms. We have the expertise to establish sound and resourceful negotiating techniques on your behalf. Transworld has trained all of its agents in the art of negotiating through curriculum that we have created specifically for our industry. Never negotiate without planning, expertise, or from a position of weakness. Step8 We Provide Exceptional Support To You Through The Due Diligence Process We take pride in our exceptional service. Only half of the job is finding the right buyer who will pay your price and meet your terms. The other half is getting that buyer to the closing table. We quarterback the deal, work with the accountants, lawyers, banks, landlords, and other third parties that could jeopardize the success of the transaction. We realize that you depend on us to guide you through the sale of your business. We make the transition simple and easy for you. We know when an opportunity for you may arise and are always there to take advantage of it. We also know when someone is trying to kill your deal or is being unreasonable and how to handle those situations. Step9 We Are There From Beginning To The Closing We help manage all administrative procedures, licenses, inventory counts and lease assignments that may be required. Transworld works closely with your advisors to ensure a smooth transition. Using the latest technology, we strive to be ready to work on your behalf to get the deal done! Step10 We Are There For The Transitional Phase And Beyond! Because we are in the business community, you may want to consult us from time to time after the sale. We will provide you with the assistance after closing. Transworld will always remain in your corner! Schedule Consultation Now

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