Tips for Business Beginners
1.Buying
2. Operating and
3. Selling
A Retail Business
Buying:
- Choose the appropriate sector to suit your experience, knowledge or passion
- Look for the right location, brand & price
- Prepare a Business Plan with comprehensive financial planning
- Obtain an expert valuation of the business
- Equip with adequate training
- Make sure that you are trained and ready
- Hire the right staff
Operating:
- Customer service should be the #1 priority
- Train your staff regularly
- Train yourself regularly
- Update and concentrate on stock, category management & merchandising
- Maintain competitive pricing & promotions
- Ensure you maintain a professional presentation of the store
- Look after yourself – working hard is always effective but do not burn yourself out by working too hard
- Work on the business, not in the business.
Selling:
- Exit planning should start as soon as you buy a business
- Determine a time frame based on your needs to sell
- Plan ahead
- Be safe & ready
- Accept reality. Market demand is subject to change & may not be always what we want
- Price the business to reflect its value, but don’t overvalue it.
- Prepare all the necessary paperwork with your accountant
- Select the right proactive agent & reputable brokerage with industry knowledge
Lastly, … always start with the end in mind.
Karthik Arasu – Service Station Specialist Business Broker
Benchmark Business Sales and Valuations
