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DON'T LIMIT YOUR POSSIBILITIES OR SQUANDER YOUR POTENTIAL, BECAUSE YOUR OWN NATURAL RESOURCES ARE UNLIMITED!
 

Factors To Consider

DON'T LIMIT YOUR POSSIBILITIES OR SQUANDER YOUR POTENTIAL,
BECAUSE YOUR OWN NATURAL RESOURCES ARE UNLIMITED!

No business plans to fail, but many fail to plan. Good business plan helps you draw a clear picture of your own business objectives and it gives you goals to shoot for. It shows the potential, weaknesses and strengths of the business you propose. It gives prospective lenders or investors the means to determine whether your company is a good risk or a suitable investment. Business plan gives you a chronology of events and financial data to which you can compare your actual results.

WHAT YOU SHOULD KNOW
Each year many businesses are bought and sold. The decision to buy a small business should not be made lightly. A lot of key issues must be considered before you complete the final purchase. Before you sign on the doted line, make sure that you know what is included in the terms of sale. You would be wise to consult a lawyer with experience in this field before making any purchase decisions.

You should find out the answers to the following questions:

Are you just buying the business or does the purchase price include the land and the building?
If the purchase is for business only, what type of lease exist?
What are the seller's future plans? Perhaps you should include a clause in the contract to prohibit the seller from opening a similar business during the next five years in the same community.
Does the day-to-day operation of the business depend on the presence of the owner?
Is the equipment owned or rented?
What is the reputation of the business in the community?
Why is the business for sale?
How much you should pay?
If there are employees, are they properly trained?
Are all present employees needed?
How much are employees paid?
Is there a union contract?

CONSULT PROFESSIONALS

Consult a professional accountant to find out the following:

Whether the inventory (merchandise available for sale) is selling as quickly as it should be?
Whether the customers are paying their bills on time?
Whether the expenses of the business are in line with its sales?
Does the business owes to much money?
How much profit the business is earning?
What is the cash flow position?

RELATED INFO

Buying An Established Businesss
Buying A Franchise
Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

RECOMMENDED  LITERATURE

How Customers Think: Essential Insights into the Mind of the Market - Building on research from disciplines as diverse as neurology, sociology, literary analysis, and cognitive science, Zaltman offers rich insights into what happens within the complex system of mind, brain, body, and society as consumers contemplate their needs and evaluate products. Zaltman illustrates how leading companies are "mining the unconscious" - with remarkable results, and introduces innovative tools & techniques that help marketers:
* Develop research questions that speak to the unconscious brain.
* Evoke valuable meaning through a customer's metaphors and instill those images in brand communications.
* Measure consumer reactions to marketing stimuli and alter advertising or positioning strategies accordingly.
* Build "consensus maps" that reflect a market segment's universal thinking-and reengineer them to boost customer satisfaction, loyalty, and sales.
* Understand how their own minds work-and how they can think in creative new ways. The mind of the market is waiting to be explored. Make sure your competitors don't get there first.

Tested Advertising Methods - A legend in advertising for more than 60 years, John Caples still serves as a guide to generations of creative marketing people. Now his classic work on how to create successful advertising has been updated by respected advertising consultant Fred Hahn. It retains all the clarity, candid analysis, time-tested experience and invaluable award-winning ideas from the original, while bringing it right up-to-the-minute on the many new changes in the field.
 
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