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Member You - Entrepreneurs Understand the Information Provided about an Opportunity
What can you do to track down your progress on profit or expenses? When progress in numbers is checked, solid evidence is always needed because it’s the only basis of how much a restaurant is earning or losing each day. Is it doing well by average or is it doing better compared to how much you have expected it to earn from day 1? You need to always check on this on a regular basis because it could make or break your business.You also need to know the volume trend of your restaurant and a
The key is, find out what you want to know.
Before I met my partner of many years, he bought a large warehouse in Las Vegas. He was a very smart businessman, but he too got fooled. As part of his due diligence he asked for the rent roll. After he cl
With fuel costs rising and the use of computers, the Internet, and email continuing to increase, more and more people are beginning to consider the option of telecommuting, even if it's only one or two days a week. It may seem like an appealing option, but before you commit to trying your hand at telecommuting, here are a few questions to ask yourself. First, take a realistic look at your job. Does any part of your occupation lend itself to being done from home? Next, ta
How to Evaluate and Profit from a Business Opportunity - The Entrepreneur's Guide
When you start looking at an opportunity you will begin accumulating information about the business. Some of the information may be provided by the seller, some by the seller's agent if there is one, some from the industry's association, some from other research you do, some from competitors and customers, and some from employees.
Besides the hard facts; sales, costs, profits, market coverage, etc., you need to look for differences in the facts -- red flags, warnings that will prompt you to look further at specific points. What you want to see is confirmation of the situation.
For example if everything presented shows the business as being in great shape, but the suppliers tell you that they don't get paid on time and when they call they always wind up talking to somebody new who makes promises that aren't kept -- you have a red flag.
Information like that is not necessarily a reason to stop looking at the opportunity; it's an opening to talk very seriously to the seller about a specific item. How the seller reacts is critical. He or she may "fess up" and tell you what's really going on. This may lead to the start of a serious negotiation on the price and terms. While you are engaged in this process, you can start thinking about how you fix the problem or problems. If they star to dance around the issue or profess ignorance -- you have another red flag.
Many times a seller may prohibit you from talking with employees, or the suppliers or the customers -- and often times there is a valid reason for this constraint. Don't give up; find out what it will take to remove the prohibition. Maybe you have to pose as a new insurance agent, or a brother-in-law from back east.
The key is, find out what you want to know.
Before I met my partner of many years, he bought a large warehouse in Las Vegas. He was a very smart businessman, but he too got fooled. As part of his due diligence he asked for the rent roll. After he clo
Whether you have an online business or offline business, you must have a certain factor and element within you in order to succeed in both productive and financially. Today, 95% and more of businesses popping out online and offline fail because of two vital important factors in a businessman or businesswoman. Those elements and factors a businessman or businesswoman should have are: Passion and a Plan.You see, without passion you do not have enthusiasm and desire for achieving a task or a
Besides the hard facts; sales, costs, profits, market coverage, etc., you need to look for differences in the facts -- red flags, warnings that will prompt you to look further at specific points. What you want to see is confirmation of the situation.
For example if everything presented shows the business as being in great shape, but the suppliers tell you that they don't get paid on time and when they call they always wind up talking to somebody new who makes promises that aren't kept -- you have a red flag.
Information like that is not necessarily a reason to stop looking at the opportunity; it's an opening to talk very seriously to the seller about a specific item. How the seller reacts is critical. He or she may "fess up" and tell you what's really going on. This may lead to the start of a serious negotiation on the price and terms. While you are engaged in this process, you can start thinking about how you fix the problem or problems. If they star to dance around the issue or profess ignorance -- you have another red flag.
Many times a seller may prohibit you from talking with employees, or the suppliers or the customers -- and often times there is a valid reason for this constraint. Don't give up; find out what it will take to remove the prohibition. Maybe you have to pose as a new insurance agent, or a brother-in-law from back east.
The key is, find out what you want to know.
Before I met my partner of many years, he bought a large warehouse in Las Vegas. He was a very smart businessman, but he too got fooled. As part of his due diligence he asked for the rent roll. After he cl
In the last few years, the Philippine economy has seen the proliferation of quite a number of call centers or contact centers providing thousands of high-paying jobs to Filipinos. Recent estimates that the Philippines has replaced India and other countries as the preferred destination for many offshore contact centers that provide services to American and other western markets. This phenomenon has made the Philippines the country of choice for western companies who wish to set up call center op
Information like that is not necessarily a reason to stop looking at the opportunity; it's an opening to talk very seriously to the seller about a specific item. How the seller reacts is critical. He or she may "fess up" and tell you what's really going on. This may lead to the start of a serious negotiation on the price and terms. While you are engaged in this process, you can start thinking about how you fix the problem or problems. If they star to dance around the issue or profess ignorance -- you have another red flag.
Many times a seller may prohibit you from talking with employees, or the suppliers or the customers -- and often times there is a valid reason for this constraint. Don't give up; find out what it will take to remove the prohibition. Maybe you have to pose as a new insurance agent, or a brother-in-law from back east.
The key is, find out what you want to know.
Before I met my partner of many years, he bought a large warehouse in Las Vegas. He was a very smart businessman, but he too got fooled. As part of his due diligence he asked for the rent roll. After he cl
A great small business marketing strategy includes a mix of tactics. Advertising and PR are two very important tools that all small business owners need to be using regularly. Many small businesses I talk to do one of the other, but don't commit to doing both. Each has its strengths and weaknesses and are complimentary to each other.Small Business Advertising Strengths:-The biggest advantage with small business advertising is your complete control over the message. You get to focus
Many times a seller may prohibit you from talking with employees, or the suppliers or the customers -- and often times there is a valid reason for this constraint. Don't give up; find out what it will take to remove the prohibition. Maybe you have to pose as a new insurance agent, or a brother-in-law from back east.
The key is, find out what you want to know.
Before I met my partner of many years, he bought a large warehouse in Las Vegas. He was a very smart businessman, but he too got fooled. As part of his due diligence he asked for the rent roll. After he cl
How to get a business loan is one of the many questions that a prospective business owner or entrepreneur must answer in order to move forward on the road to business success. It may often seem like an exercise in patience and perseverance instead of a business transaction but the fact is that every business must go through this exercise if they want to survive, grow and prosper.There is no one correct answer to the question of how to get a business loan but there is a lot of advice that
The key is, find out what you want to know.
Before I met my partner of many years, he bought a large warehouse in Las Vegas. He was a very smart businessman, but he too got fooled. As part of his due diligence he asked for the rent roll. After he closed the transaction and began to receive the rent checks, he found that he was short a significant amount of income. He went to the warehouse to talk to the tenants and to his dismay found out that those who had not paid were not his tenants -- they were occupying another warehouse the seller owned. The seller had given him the rent rolls for both warehouses in order to justify the price he was asking for the one.
This was obviously done with intent to defraud and misrepresent and my partner could have sued for damages. He probably could have won, but he had long ago come to understand that the only participants in a lawsuit who win are the lawyers. Instead he and the seller worked out a deal which in effect adjusted the sale price. The seller didn't get as much as he wanted but probably got more than he would have if the transaction would have been based on the true rent roll and the buyer didn't pay as much as he did, but probably more than he would have based on the true rent roll.
As you review the information you are provided and find on your own, ask questions. See how the seller responds to questions about why sales fell in a particular quarter or why expenses spiked one month. In addition to learning some facts, you may also learn how well or poorly the business has been run. If it has been run well, it may be difficult for you to make big improvements. If that is the case then you should make a decision to buy based on the return on investment that has been shown -- so don't pay a penny more than you want. If the business has been poorly run and you can see how to make it better, then you might want to pay a little more -- because you will
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