It’s actually really common for an employee to get the entrepreneurship bug and start planning to quit their job. Then the responsible thinker inside them tells them to save money, get more experience, and do it the right way.
If you’ve been thinking about becoming your own boss, buying an existing business might very well help to limit some of the potential risks and market exposures that come with starting from scratch. Below, we offer a few ideas for how you can look into getting a business loan to buy an existing business and effectively achieving your dream of being your own boss.
The First Steps…
Before ever stepping into the bank or applying online for a small business loan, you need to check the Personal Property and Security Register to see if there are any outstanding debts on the assets of the business you wish to purchase.
Furthermore, it is also probably a good idea to take an in depth look at the financial records of the business to determine potential profitability. Also, if you plan to substantially change the business structure in order to suit your own ideas, plans, and needs, it is important to inform yourself regarding the different requirements to this proposed change, including legal, tax and record keeping requirements.
Find a Suitable Loan
Once you have determined that purchasing an existing business is the best option for your entrepreneurial vision, you need to take the time to search the market for business loans that are specifically tailored to purchasing existing businesses.
EBroker is one online platform that will help you to quickly find and compare several short term business loans and other financing instruments to help you purchase the business of your dreams. You can also check your local Business Enterprise Centre to find low cost advice and support. These agencies will also most likely have information about local banks and financial institutions that offer business financing options for people interested in purchasing an existing business.
With a bit of planning and research, finding an existing business to purchase could very well become a long-term, profitable career that allows you to become your own boss.