The History of Business Week Magazine

Business Week is a magazine that is currently published under the name Bloomberg Businessweek, after a recent merger, and is a publication that is familiar to many people, having been coming to homes and businesses weekly since 1929. Bloomberg Businessweek was first published in September of 1929, just a few weeks before the stock market crashed and now, has a circulation of nearly a million, and competes with the only other major business magazine available on the market – Forbes Magazine, a bi-weekly business publication.

When BusinessWeek first began, they covered marketing and finance, labor and management, but were the first of the time to begin reporting on political issues that affected American businessmen. The magazine also published a list of executives and the pay that they receive, a tradition that started in 1950. While Forbes and Bloomberg Businessweek compete for readership among businessmen and women and those interested in the financial world, BusinessWeek concentrates much more heavily on the economy than Forbes does, and in fact, published a thermometer on the cover from the 1930′s to 1961 that gauged how well the economy of the United States was doing.

BusinessWeek has had trouble itself in the recent economy due to a lack of advertising with print magazine sale revenues being cut in half. Previously $120 million to around $60 million in the last few years, and the move to the digital form hasn’t had the effect the editors had hoped either, with the current online revenues only approaching around $20 and a half million. In 2009, reports began to appear with the news that McGraw-Hill was interested in selling BusinessWeek. They hired Evercore Partners to handle the sale, and a common suggestion at the time was that they might sell the magazine for a dollar because of all the liabilities the publication had.

Bloomberg announced that it had acquired the magazine on October 13th, 2009, and while the figure was reported to be around $5 million dollars, but the actual sale price wasn’t disclosed. December 1st, 2009, the deal was closed and the name Bloomberg was added to the magazine’s cover.

How to Build an Online Business With LinkedIn Ads

LinkedIn is considered to be the most professional social networking site that even has access to the professional industry. Along with creating a LinkedIn profile for yourself, explore the LinkedIn ads for increasing the traffic on your website to promote the business. These ads are the best way to reduce the ad costs, thus increasing the profitability.

The edge LinkedIn is going to have is that they are launching their own ad network site soon, which would give a boom to all those companies and their advertising associated with LinkedIn ads. This site would be targeting the industry, company, gender, seniority, geography, and other connections. This will be much like Facebook ads in which you can direct your advertisements towards the specific demographics your target.

There is more you can do to your business with the help of LinkedIn ads:

1) Through LinkedIn ads, your online business could become the target of the most influential professionals and audiences of interest.

2) Before launching yourself, prepare an actionable and descriptive ad copy.

3) LinkedIn displays the ads in the most premium and highlighted locations which will prove very beneficial for your business as it would gain the attraction of millions of active users around.

4) Other social networks have not been able to work that well as LinkedIn ads. It offers the cost per impression of $30 which increases to $76.50. In case of text ads, the cost per impression ranges between $12 to $20.

5) Now, along with LinkedIn ads individual site, it will sign up with its existing partners like CNBC, New York Times and Business week which would give more exposure to your business.

LinkedIn ads are sure the best way to advertise and market your business, as it has the ability to capture the major target market and professionals which would be beneficial for your business by the end. And now that the LinkedIn network would have its separate site for advertisement, it would be like a jackpot for the online business holders. So just click, link and there you go in!

If you are out to attract prospective customers and develop your online presence and exposure, you owe it to yourself and the financial future of your business to learn everything you can about Internet marketing.

How to Plan Your Business Week for Maximum Impact

There are many items which need your time and attention, both in your network marketing business and in your everyday life. If you take time to plan your business week for maximum impact, you’ll be able to get more done in less time with a lot less stress.

Create a Schedule

The first thing you need to do is to create a schedule for each day of the work week. Since everyone needs some free time to rest and recharge their batteries, start by blocking off some time for this in your schedule for each day. You will want to make sure that you plan adequate times for sleep, eating well, interacting with your family and other activities that form part of your daily life.

Once you have these times blocked off, you need to look at the different kinds of tasks that you need to do to work in your business and on your business.

Working “In” Your Business

Working in your business involves all the tasks necessary to generate income. For network marketers, you can include tasks such as prospecting, dealing with questions and concerns from people in your network, contacting potential joint venture partners, and the like.

If it has to do with making money, it falls into the working “in” your business category. When you are making your schedule for the week, most of the time should be spent on committees which fall within this category.

When Do You Do Your Best Work?

Since working in your business is the reason you started your network marketing venture, you’ll want to make sure you’re performing these activities at the time of day where you can focus and concentrate most clearly. For some people getting down to business first thing in the morning is the best approach, and you should block off some time before noon several times during your work week to look after these tasks.

Working “On” Your Business

Unfortunately, your network marketing business doesn’t run itself. You will need to set aside some time in your weekly schedule for administrative tasks, such as reading and responding to e-mail, cleaning up your e-mail inbox, filing and other related tasks.

If your goal is to get the maximum impact from your weekly business schedule, make sure you are scheduling the activities which will generate income during times when you are most alert. Administrative and other tasks, such as reading, evaluating, and reviewing items, are best left for times when you are not in your most focused zone.

Contrary to what you may be thinking, you will be more effective and a higher degree of productivity for your network marketing efforts by making sure you have adequate free time in your schedule. Trying to perform at a peak level without taking breaks will only lead to fatigue and eventual burnout.

Small Business Weekly – How to Plan Your Business

Every business big or small has to plan how to operate the business to ensure that your business succeeds. When you have a plan, it is always easier to manage your business and see problems before they actually arise. A business plan gives you a contingency plan that can be a life saver in the long run. You can choose to do this weekly, twice weekly or even monthly. It is always a good idea to discipline yourself to have a small business plan on a weekly basis.

When you are organizing your business on a weekly basis, it is a viable idea to have a meeting with your employees. In this briefing, you can analyze the business based on the previous week and it will be easier for you to correct or improve on any shortcomings in the current one. In addition you can easily organize how your employees will work especially if one of them will be unavailable. This will ensure the smooth running of the business.

It is also essential that the small business owner organize the financial aspect of his or her business every week. This means gaining access to the bills to be paid, the priority, the amounts to be allocated to each etc. It will make easier for you to make payments without delays. You will appear to be a reliable small business owner when you have a consistent pattern especially in the eyes of your debtors.

When you organize your small business on a weekly basis you will be in a position to see the progress of your business. You will be able to analyze which part of the business is weak and needs improving. This will give you a chance to make changes before the month is over. Planning and strategizing your business in this manner will always give you a hands-on approach on your small business.

A Business Coach/Consultant Is a Change Merchant

Being a business consultant/coach in today’s ever-increasing competitive world frequently involves getting one’s clients to consider making changes in their structures, systems, and procedures if they are to maximize the return they expect. Frequently my role is to become like a chiropractor for the business. Chiropractic which is now recognized as a legitimate approach to ensuring sustainable health is very different from the traditional medical route but it shares a common denominator. Most people will not seek out the care of either a medical doctor or a chiropractor until they begin to experience “pain.” Here’s the problem with this. Pain is nothing more than a symptom and in virtually all cases it is the last symptom.

Someone who has been a heavy smoker might finally show up in a waiting room complaining that they are experiencing pain when they breathe. But weren’t there a myriad of symptoms that occurred before the decision was made to go and see “somebody?” They might have noticed a shortness of breath; their teeth were getting discolored, they might have developed a hacking cough, there was dryness in the throat, there might have been a deepening in the sound of their voice, they smelled bad; you get the picture. Perhaps all of these symptoms were ignored until they got to “pain.” At that point, the medical doctor might have his proverbial hands full and may have to go the route of surgery or something that is equally catastrophic and invasive to the patient. And regrettably, it is from scenarios like this one that we get the expression that the “cure is worse than the disease.”

The chiropractic approach to health care differs dramatically from the fix it when it’s broken model of the traditional doctor. “Chiropractors work with the spine, not just because it’s often the source of neck and back pain, but because it houses and protects the central nervous system – that system, which monitors, controls and regulates all body function, and allows the body to adapt to internal and external influences.” The business consultant/coach frequently works in an analogous way from the top down and taps into the company’s nervous system with the hope of getting the systems to get back into or maintain their alignment. So having said that, when does change occur?

For you numbers people out there let me put it this way. Alan Webber, co-founder of Business Week, wrote that change is a math formula. Change happens when the cost of status quo is greater than the risk of change. C (SQ) > R(C). This translates as “Are you in enough pain, yet? The reality is it would be so much better for everyone if we would all exercise the “ounce of prevention is better than a pound of cure” logic but it just doesn’t seem to work that way. So the next time you start to take notice of things going a little awry in your business; before it gets really broken and painful you might want to just take a closer look at it and ask yourself Dr. Phil’s ubiquitous question, “So how’s that working for you?” Asking yourself that one question might save you a lot of time, and money and relieve you of the pain before you begin to experience it.

Small Business Marketing Hacks Every Business Owner Should Use

There’s a lot that’s changed recently with online marketing. Most people now go straight to Google to search for something they want. The phone book is out and Google, or search traffic is in. If you are a small business owner you can benefit from the internet as a source of business. What’s even better is that you can tap into this resource for free if you have a physical business.

Google Places

Google Places lets you advertise your local business for free in the search results. When someone searches for a local business in your area, your results will come up first for many searches. This is a simple cost effective strategy you should definitely be employing in your business. With Google Places, you list your local business and Google will send you a confirmation postcard with a Google verification code on it. Once you have verified your listing with this code, Google knows you actually reside at this address, or run a business from it.

Google Places works wonders for small business owners who work from a certain location. If you’re not on it you are definitely missing out on business. Plus, your competitors could be using it which means they could be taking your potential customers. To use Google Places just do a quick search for it on Google and it will take you through the setting up process.

Bing Places

Bing also offer this same listing on their own search engine. It’s just like Google Places so not much to add here really. Simply fill out your details on the online platform and verify your listing when you receive a code in the post. When you create your listing you will have to list your business within a certain category, or two. Look through the existing categories and find the one or ones which are the best fit for your business. This is the same as Google Places. By listing in more than one category, if the platform allows, you can benefit from a number of searches within your local area.

Other Listings For Free

Yell and Yahoo also offer free listings for businesses too. Also do a ‘Google search’ for local directories and free listings and you will find a range of sites which offer free business listings in your area. In some cases even the extra links back to your website can make a difference to your ranking, even if the link itself doesn’t bring you more business.

Blogging

You may well not have the time or inclination to start a blog. However, in some business areas blogging is a good way to increase your business reach online in a fairly cost effective way. Depending on your business, and whether it opens itself to a blog, you can get some good results by targeting some keywords in your business niche, or simply writing compelling content and sharing on social media.

Keyword Research

You can use Google’s free keyword planner to search for terms which are already getting hits on the search engine. By finding long tail keywords in your business niche and writing good content for them, you stand more chance of being listed on the search engine. If you can find untapped keywords which bring in customers to your business, you can write articles which will bring in customers for free for years to come for free.

Paid Advertising

After you have exhausted the free methods of advertising, you can start looking at paid advertising methods. Many business owners try and fail with paid advertising. This is why it is worth learning properly the do’s and don’ts of paid advertising.
Pay per click advertising can make a massive impact on your business. But you should also be very careful. Make sure you start out with a small budget and get properly educated on how to create adverts and which keywords to choose. In particular look at the different types of keyword matches. Get this wrong and you can easily burn through your budget and list your advert for entirely the wrong audience.
However, paid advertising is remarkably scalable. Once you have a campaign which works you can easily increase your budget and you are in a position to pay for new customers.

Return On Investment

When I started with pay per click I didn’t understand return on investment. I ‘dipped my toe in’ and dabbled very tentatively. If I didn’t see an immediate profit, I stopped altogether. This is a mistake. Initially there is a lot of testing and measuring to do with paid advertising. After a while you get an advert which successfully brings you customers. However, knowing the return on investment from successful doing this is a game changer. If your customer goes on to purchase again and again, how much are they worth to your business over a year, or 10 years? Knowing this is a huge key to having the confidence to put money into an advertising campaign. Even if you lose money in the short term, your new customers will bring you new business over the long term. Learn the average spend from each customer over a year and then 10 years. Then decide what each customer is worth in terms of advertising. Does this change your view on what you can afford?

Paid Advertising Methods

There are various paid advertising methods available to use for small businesses online. Start with one method and become good at that before moving on to the next. Facebook advertising lets you target potential customers down to their interests, location and other variables. Pay per click advertising lets you target intent driven adverts. With pay per click you start with the keyword your visitor is looking for online. Once you have tested and measured an advertising method and you have a profitable model, you can leave it running and scale it easily. Then move on to the next one.

Even if you only use a couple of the methods suggested in this article, you can dramatically improve your business with only a small amount of effort. Once you have learned all these methods, you will know how to scale up your business and increase your profits. You can then invest in other forms of advertising, testing and measuring as you go. Whether these are on the internet or offline, using the same strategy (which lets you measure the response of a customer) means you can gradually improve all your advertising methods over the long term, increase profits and grow your business.

10 Reasons Why You Should Start An Online Business

Whether you are attracted to an internet business because you hate your current job, want to improve your circumstances, or would like a more flexible lifestyle, the internet offers all these opportunities.

Why An Internet Business?

1- Flexibility

Many people come to find themselves with an internet business through necessity rather than deliberate creation. For me, I needed a flexible job which I could work around contract work. It didn’t come in often but when the phone rang, I needed to take the work. This presented all kinds of problems. Normal work didn’t pay as well and employers didn’t want me taking large chunks of time off when the other work came in!

I tried juggling several jobs over a number of years but nothing seemed to fit. At around the same time I was attempting to use e-bay to buy and sell for a bit of extra money. It wasn’t until later that I discovered affiliate marketing. Affiliate marketing, for those who don’t know is a kind of referral selling. You point links from your website to other people’s goods and services. The link is tracked so that when you make a sale you are rewarded for it with a commission.

Once you know how to do this you can set up links from your online content to other people’s products and services. You can also use paid advertising to find people all over the world to sell to. This was perfect for my work because I could take my laptop anywhere with me and as long as I had an internet connection I could work. It didn’t interfere with the work when it came up, I had no boss to answer to so it was the perfect solution.

2 – Automation

There’s also a number of other reasons why I chose an internet business – and why you should too! The flexibility of the business was my primary concern. I wanted to be able to choose my own hours so I could take work when it came without any complications. But the other reason I chose this particular model was the ability to use technology to ‘leverage’ my time and income.

Once I had a website and content up and running, it kept going and I was able to make sales and deliver products without being physically present. This is the ‘magic’ of an online business. The automation involved with an online business means that you can do the work once and let that work keep running in the background. You can make sales and deliver products over and over through the same piece of content or advert, which can run an virtual autopilot 24 hours a day, 7 days a week and 365 days a year.

Each piece of content you create can send people to a landing page and sell a product. By creating many pieces of content and sharing them online you can build multiple sources of income which can all run continually, working as your own ‘automated sales team’.

3 – Ability To Scale

Along with this amazing automation is the ability to scale your business. Because there is no human intervention in the ‘sales loop’, multiple sales can happen instantaneously through the same platforms. Your content and advertising can be grown over time and scaled instantly (in the case of paid advertising). As your content gets more shares and more people flow through your website and content, your sales grow as a result. If you use paid advertising you can also scale a profitable campaign up easily by increasing your daily budget.

The automation of an online business makes it very easy to scale. In the case of a physical business this often means more staff, sales tools, larger office space and a whole lot more expense and hassle. With an online business everything is already in place. You simply need to send more customers through the automated sales systems with content and/or paid advertising methods.

4 – Low Startup Costs

When I started an online business I did it from my own pocket. I didn’t need a massive loan and I worked at a level which suited my budget. An internet business is very cost effective and you can start from scratch from pretty much any budget. If you have more to invest you can grow it faster with paid advertising. But, if you are on a budget like I was when I got started, you can get started easily and cheaply.

With a regular ‘bricks and mortar’ business there are many overheads to consider. Your costs include a business premises, staff, hardware and stock. Then there’s advertising and delivery costs. With an online business you just need a laptop and an internet connection – two things many people already have. Your main cost is getting the right education and learning the best strategy to build on.

5 – Simplicity

Technology has made it much easier than was previously possible to set up your own website and learn how to use simple online platforms to connect people to products and services. Advertising and content creation is now available for anyone to use. Websites can be set up with a few clicks and anyone with an email can learn to use the tools and strategies of online marketers.

Whereas previously website building was the domain of the tech savvy programmer, now anyone can use simple user friendly platforms and programs. An online business sounds like something for a technical person, but anyone can now learn the skills needed to build their own online business.

6 – Control

An internet business gives you control over your life. Of course it takes time to build up to a stage where it can replace your current income. But the flexibility of an internet business means you can work it around your existing employment until you can make this happen.
Once your income is beyond that of your employment, you are in a very good position to take charge of your life. You don’t have to do the daily commute, or put up with an uncomfortable working situation. If you don’t like your job you can quit. Don’t like your boss? Fire him/her!
One of the very best things about an internet based business is the control it gives you over your life. You can also build your work around your lifestyle, rather than the other way round. Most people are forced to put work first in everything they do. Family time, holidays and hobbies all tend to depend and evolve around work. An internet business allows you to prioritize the things in your life which mean the most. It can put you back in the driving seat of your life, both in terms of what you earn and how you spend your time.

7 – Work From Anywhere

Not only does an internet business offer great flexibility in terms of working hours but it also offers you the choice to work from anywhere globally. This appeals to many people who would otherwise be more trapped by conventional work in a localized workplace.
For me, it was the flexibility of being able to choose my own hours and not have a boss. But for many the ability to travel anywhere globally is the most important factor to owning their own online business.
Take your laptop anywhere with an internet connection and work while abroad and travelling.

8 – Learn Life Skills

The skills I have learned from building my own internet business also make me much more employable. I also worked for an internet based company with the skills I learned from my laptop while sitting at home!

Being able to reach people globally and target specific types of people is a great skill and very desirable in business too. I was also able to use the knowledge I learned online to build one of my other physical businesses much more quickly by using both my website building skills and paid advertising.

The internet is a fantastic opportunity for anyone to be able to improve themselves, learn new skills and build another source of income. Skills learned are yours for life, whether or not you continue down the path of building an online business.

9 – Independence

We might believe ourselves to be independent but many of us are very dependent on our work for income. As such, our employers tell us how much we can earn, how much holiday we can take and what we will be doing while at work. Financial independence is the ultimate freedom.

When we are financially independent we can take a holiday whenever we please and work in our own time and on our own agenda. An online business gives you the automation and independence to live life on your terms, without the agenda of an employer running your life.

10 – Sovereignty

Being an owner gives you sovereignty. The ability to call the shots in your business is what many entrepreneurs aspire to. As a business owner your actions determine whether you make a success of your business or not.

Having a successful online business gives you the kind of freedom which most people will never see in their lifetime. The ability to create your own life on your terms is the reward of having worked hard on your business and on yourself.

How to Evaluate the Performance of Your Company Based on Your Business Plan

A business plan is one of the most important documents that is needed for the betterment of the business. It includes all the need to know strategies, marketing techniques, sales techniques and financial forecasting methods that will be used to increase profits and revenue of the business. However, writing a business plan is no walk in the park. It takes a lot of time and concentration and is one of the biggest responsibilities that will be undertaken. For this crucial task there are dedicated people called business plan consultants. They will be the people who take the ideas that the entrepreneur has and converts it into a document that will be viewable by the whole world. Since this is a very big responsibility business plan consultant fee is a bit high. There are many factors that affect a good business plan and a great business plan will help the business clarify the business idea, identify potential problems in the business, find out objectives of the business and monitor the progress of the business. Since this is a very important document it is vital to keep a keen eye on the following factors when writing the business plan.

Executive Summary

The executive summary is the highlight and the brief description of the entire business. This has to be highly detailed but short enough so that a potential investor is able to read and understand the status of the business. It does not mean that it has to be limited to one or two pages.

The executive summary will include the highlight of the business concept which will describe about the product or service and the market that they are being offered. Then there are the financial features which talks about all the sales, profits, return on investment and cash flow. Then the summary has to mention about the financial requirement that is need to invest in the business and talk about the capital and how to expand the business. The current position of the business will be stating about the business’s present state and how it got here. Finally, the major achievements of the business is needed to be mentioned so that the potential investors could be impressed by the achievement that the business has done.

Business Description

The business description is about the details of the business. This should not be a highlight about the entire business like the executive summary but the in depth analysis of the business. The description has to start with a short introduction which states about the past, present and future of the industry. Here you should mention about the markets that the business will be interacting with and the future market places that business will be willing to interact with. The products or services that the business is still developing should be thoroughly discussed here so that the potential investors who have got an idea and are willing to invest in the business can get a thorough knowledge about it.

The structure of the business has to be described in the business description. The hierarchy of the business and the business places should be described in detail. The legal considerations of the business should be thoroughly stated so that there is clarity for everyone.

Market Strategies

When developing the market strategies there has to be a lot of market research done on the market place. This will give the business entrepreneur a very good idea about the potential market and how he can use the market to increase the profits of the business. After observing the market the company will be in a position to identify the strengths and weaknesses of the business and will be able to develop a system in order to identify the potential opportunities and threats. These studies will also be able to develop strategies to forecast the market place’s prices and when to supply more goods and services. These has to be clearly mentioned in the business plan so that these strategies can be used when necessary.

Pricing and Distribution

The process of pricing and distribution has to be clearly detailed in the business plan. The descriptions about all the prices must be mentioned in detail in this section. How the business can lower the prices when necessary and how t react to the fluctuating prices has to be mentioned in detail. The process of distribution of the products until it reaches the hands of the customer has to be clearly stated.

Small Business Benefits of Training Employees

Small businesses aspiring for growth need to keep an eye on performance improvement through online business training courses. To measure up to the ever evolving business world, small businesses need new skills to facilitate workforce gains and to generally meet the competent needs of operations in tandem with its competitors.

Small business training for employees provides an additional skill and exposure to the individuals and to the business. It is more flexible and less strenuous to do an online business training course. This consequently improves your company to continue effectively. Most small businesses fail to recognise the beneficial aspects of training its employees. Among many other advantages that come with training are the following benefits:

To Effectively Improve Your Company’s Competence

Training your employees will result in a better customer service, improved business skills, and growth in productivity. This ultimately makes your business more competent and competitive in the market. It is important to always advance the skills of the employees as the business world is dynamic and overly competitive. The direct tragedy of non-trained employees is the incompetence to match up the necessities of a contemporary society. It is important to consider an online business training course if the difficulty is time or cost of doing a recommended training.

Improving Loyalty and Staff Retention

As a business, staff retention is a saving to the business and its future prospects. Employees have their own aspirations for growth and they may want to venture out to look for that satisfaction. However, if the training opportunity is available to them, they find their professional growth in the business and are likely to stay longer. It is a fact that such training will definitely add them new skills and promote their contribution to the business as well as building their self-esteem. Giving them a chance to improve their skills makes them realise that you value them enough to invest in them.

Improved Business Prospects and Profits

The ultimate objective of running a business is to maximise an opportunity to make profits. Training employees makes them more competent and qualified to promote your business in the marketplace. This will have an effect and an increased business means more profits.

Makes Your Business Competitive

Stagnating is the worst effect that can kill your business, so by ensuring that your staff are constantly advancing, you continue to grow in business and remain competitive within the industry. It is expensive and very disorienting to employ new staff. An online business course for your employees can make them more eligible for internal promotions. Unlike new employees, you will have the benefit of a complete and knowledgeable staff for your business, who are people you know and you can trust.

Exposes Business Weaknesses and Skill Gaps

Training makes the business realise what they have been doing wrong and henceforth, the business can more easily identify any skill gaps in the market and even within the existing employees. This will propel your business to work on filling the gaps which will assist the staff to fulfil their role effectively.

Conclusion

Training is therefore a valuable and profound investment for the business. For the many businesses that may not have adequate time, an online business training course would be more appropriate. The staff will have a much higher sense of job satisfaction, which will improve their motivation towards their work and the business generally.

Advantages and Disadvantages of Buying a Business and Initial Steps

Buying a business is considered as a safe haven by many entrepreneurs as it involves a lesser risk than starting a new business from scratch. Even though buying an existing business seems to have lesser hassles in many aspects, one should practice due diligence to ensure a successful landing.

It is true that business brokers can help you in completing business acquisition deals, but to make it in your best favor, you should make yourself fully knowledgeable about the process and also should gain a solid grip on the purchase to make it profitable.

Advantages of buying an existing Business

The major advantage of buying an existing business is avoiding the huge startup costs. It is not just all about the cost involved, but the time and effort to be invested in terms of start-up establishment is way too high when compared to acquisition of an existing business.

As the business concept, fundamental works, brand establishment, and customer base are already set, you can jumpstart with cash flow instantaneously on the basis of the receivables. You can also enjoy the benefits of having a solid and loyal client base.

Disadvantages of buying an existing business

Even though buying a business seems to be beneficial in many aspects, there are also some downsides to it. The cost of purchase of a profitable business can surely be much higher than the establishment cost of a business.

There may also be underlying problems associated with the business you purchase such as their debts, deterioration of assets, problems with receivables etc.

Starters’ right approach

Anytime when you are getting on to buying a business, there will be thousands of opportunities popping up. It is you who know it at best about which type of business you need to pursue and what your priorities are. Here is a right approach to narrow down your choices and land up on a perfect deal.

It is important to rightly identify your interests and area of expertise while getting on to buying a business. If you are totally blank about what type of business to invest, the best move is to eliminate those which don’t seem to be interesting to you to shorten the list.

Consider your expertise while you are planning to buy a business. You may not be able to run something which you are fully ignorant about. Such a filtering also will help you narrow down your considerations to the best acceptable businesses.

Do proper groundwork to come up with a set of conditions as location, timings, size of the business etc.. Only consider the business satisfactory meeting your demands. While considering a business, just drop those which don’t at least meet 80% of your conditions to end up with the best in hand.

You also need to quantify your investment before searching for opportunities for buying a business. Check out for reasons why the business is put on sale and take a decision accordingly.

Keeping all these in mind, you need to perform due diligence while planning to buy a business and if not confident on doing it on your own, consider the option of reliable business brokers to take it up on your behalf.