Buying a preexisting business can be a great way to get a foot in the door of your industry. But, it’s important to consider how much time and energy you will be willing to devote to the business, as well as how profitable the business should be to make it worth your while. You should also be aware of the industry trends and local market that could impact the success of your business.
A good starting point is to find businesses for sale online. You can use websites such as Craigslist or BizBuySell to search for businesses for sale in your area. The key is to find a business that the seller really wants or, better yet, needs to sell. Signs of this include a seller who is close to retirement age, a seller facing a health challenge or a business that has been on the market for several months with no offers.
If you’re going to buy a business with no money down, it’s essential that the business generates enough profit to cover its operating expenses. This will allow you to grow the business or set aside a “rainy day” fund during slow times.
Also, be sure the business has all of the proper licenses and permits to operate legally. The Secretary of State should be able to provide you with this information, or the business owner should be able to show you their proof of legal operations. How to buy a business with no money