These are my top three tips on how to thrive and prosper right NOW and be poised to profit from the emerging economy. With time tested proven, yet cutting edge and radically different system for marketing your business, attracting customers or client that literally change everything… for owners of Any Kind OF Business, For Sales Professionals in Any Field…….
You want to bind the Seller to the deal as much as possible. Prior to signing the letter of intent, you, the buyer, should clearly think through the terms of the deal. Pay close attention to the language used in the document. You should write the letter of intent and then fax it to your attorney just to have him read it. You don’t let him try to make a 20 page contract out of my letter of intent. You want his legal advice only. Use the Letter of Intent as a leverage tool to be able to go back and re-negotiate different parts of the deal.
So you own the show, good for you. You may even have a sign on your desk that says “The Buck Stops Here…But Not For Long” or some other humorous sign. The reality is though that selling your business is deadly serious – here’s why.
Let’s first deal with location. If you are looking at an existing laundromat business that is for sale, try to talk to the owner to get an idea on business volume. You can also ask what works and what doesn’t work. Also ask questions that relates to prices and hours of operation. Here is where I must give away a trade secret. Franchising is the best kept secret of the 21st century. If you find a laundromat Business for sale Thailand but it is not doing well, think of buying a franchised cleaning service. That way you can reopen the existing laundromat under the well branded name of the franchise. With a little paint and elbow grease, a couple of new magazines and the new “brand name” over the door, you transform a failing business to a profitable one.
There’s no question that research and understanding your finances are important. Going into business requires money and what goes on around it. However, if you want to borrow money to help fund your new business you are going to need at least 4 things. If you can’t be bothered getting these together you will not be taken seriously by sellers, landlords, Business for sales, lenders or other related parties. Or worse still, you’ll be taken seriously, asked for these documents and when they found not to be in order, your dream will be shattered.
The obvious way to get into the business is to buy an existing firm and capture many pluses that come with an existing business. Equipment, a place to do the work and a customer base are very good advantages when buying an existing business. A cabinet shop is really a creature of its reputation with contractors and the advertising it does to the homeowners. A good sales staff with a portfolio of quality pictures of prior jobs is also important in getting new business. The homeowner business will be far more profitable than the contractor business.
Seek professional advice from a qualified accountant and attorney during the purchase process. But be careful, most attorneys are hypersensitive to over protecting their client to the point of killing deal. Get a deal-maker attorney, not a deal-breaker.
If you have one picture on your homepage, try to change it several times during the year on a rotating basis. Depending on the traffic, you might want to change that picture as often as weekly.