More and more people are choosing to buy businesses rather than start their own due to the convenience it comes with. Although an established business is almost always easier to run, it takes quite a lot of effort to make it sustainable, even with the existing customers that reduce the time it takes to start making profits. Here are some of the ways you can find businesses for sale to start or expand your entrepreneurship journey.
Directly
Just like starting a business from scratch, you need to know exactly what you are after. That means having a business plan. This will help you when looking for businesses that fit your expertise, budget and interests. In addition to their physical location, you need to do extensive research on their websites and digital presence before contacting the owners. Find out how much traffic they receive, their conversions and the quality of backlinks by use of tools such as Ahrefs and Alexa. That will help you determine if the digital platforms of the business are worth investing in and how long it will take to get a return on your investment and start making profits. After finding businesses you like, you will need to contact the owners or intermediaries and make your pitch. Your business plan will let them know how serious you are about buying the business and if they are selling they will reach out and make a deal.
Auction sites
These are sites where sellers post their businesses for sale and buyers can place their bids. Sellers use these sites to attract interest to their websites and increase the selling price according to the demand they get. However, some sellers do not have an idea of the real value of their sites, and if you are lucky you can get a business on sale for far much less than it’s worth. These sites have many listings and it can be a great place to shop when you do not have much time look. These auction sites are often focused on local areas. For example, if you are looking for a business for sale in Houston, you can you use one of these sites that specializes in business located in Texas. However, a majority of the businesses on sale on these auction sites are not vetted and it is your responsibility to look into them before making any purchases.
Online Marketplaces
There are several online marketplaces on the internet where you can search for businesses for sale. Search for the best and most credible marketplace online and set up your account. Once you find a business you are interested in, you can request more information and the seller will be notified of your interest and then respond. Ensure you do your due diligence on the businesses you are interested in to avoid any disappointment, as it may be difficult to get a refund once you have made the purchase.
Business Brokers
Business brokers sell businesses on behalf of those looking to sell their businesses for a commission. They make work easier for both the buyers and the sellers as the sellers will spend their time on other things and the buyers do not have to spend too much time researching the business. This is because trustworthy brokers vet the businesses they are selling by using their network, knowledge, expertise and several tools at their disposal. Therefore, businesses sold by brokers are usually legitimate, established and the information they will give you about them is correct. Since they are building their reputation, they strive to ensure both parties are satisfied and will work to resolve any issues that may arise during and after the purchase. Ensure you are dealing with well-known business brokers with a good reputation to get the best deals.
Network
There are often many businesses for sale that are not advertised. There is a very big chance that being in contact with business owners in the same industry as yours can help you get a good business you can buy. You can network on the internet or through local networking events to connect with business owners. Apart from getting information on the right business to buy, your network will help you in other aspects of your business through their experience and enable you to grow.
Advertise
Sometimes it is easier to let the sellers come to you. You can post on social media or relevant industry publications exactly what you need and have sellers respond with their bids. This is a fast and competitive method as it will make the sellers adjust their prices to be considered. It is advisable to exclude your budget in your ad as sellers may raise their prices to fit your budget and you may end up with a business that is not worth what you were looking for. Ensure you conduct proper research on the businesses before making your choice
There is no one guaranteed method to find the best business on sale; all of the aforementioned require your due diligence. Ensure you research thoroughly before you buy from legit brokers or sellers and to get the best value for your money. Buying an already established business for sale is a faster way to climb the business ladder as long as you work to grow the business.
