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Most people don’t realize it, but one of your first and most important business decisions can be picking your business name. A great name is one that attracts customers and can really give your business legs in terms of starting a buzz. Do you think Google would have created the fanatical sensation it has with a name like Search Engine USA? If you are not the creative type, then bring in others to help you to name your baby. Work with a team of advisors, family or even just some business savvy friends, but don’t delegate this task completely to someone else, and especially not to a stranger or some internet naming company. A naming company is not going to understand your business or know you. If it is your business it should be a name that you like and that links back to your unique value proposition and the personality of your company. People will ask you, where did you come up with your name. This can be a golden opportunity for you to say something really brilliant and memorable, come up with a name that allows you to take this opportunity. If you are conservative, don’t be persuaded into something wild, that makes you uncomfortable and if you are zany, then don’t go conservative just because everyone else in your industry does. Picking a name should happen over a period of time, not in a day or an hour. Forcing creativity seldom works, so give yourself and your team time to percolate on it. Hold a series of brainstorming sessions until you are comfortable and excited about saying, seeing, hearing and owning a particular business name. During these brain storming sessions you should work through these eight rules for choosing a business name:

1) Be distinctive and be memorable, but be easy to spell and pronounce.

Your potential clients should be able to easily remember your business name. However, they also need to be able to find it easily if they’re looking for it in a phone book, directory or online. So choosing a business name such as “Phorgetmeekknot” is not a good idea. While we usually encourage the unique, we also suggest that you be unique without the difficult spellings. Your business name should also be easily pronounced, which is why, for instance, we discourage our clients with predominately American clientele from using French words or names.

The test: If someone were to say your business name over the radio, would people be able to remember it, spell it correctly and easily translate it into a properly spelled dotcom address for surfing at another time during the day? A good name is something that can be mentioned on the radio or over the phone, without a lot of explanation. A great name does this and is memorable.

2) An attractive business name needs a visual element.

What popped into your head when you read “Phorgetmeekknot?” Most people wouldn’t visualize anything when they read this name. Generally we are hard-wired to “See” images when we read or hear language. Incorporating a visual element into your business name can be a powerful aid to customers’ memory and a powerful advertising tool. So you want your business name to have a strong visual element to it.

3) An attractive business name should have a positive connotation.

Many words suggest both literal meanings and emotional meanings. A word’s literal meaning can be positive, neutral or negative depending on the emotional associations that people generally make. The classic example is the difference between “Mom,” which has a very positive literal meaning and “Mother,” which has a neutral connotation. It would not be advisable to name your company Mother’s Toffee when Mom’s Toffee has a more positive underlying suggestion.

When you create your business name, you need to choose words that suggest positive meanings that people will associate with your business while making sure that these meanings are suitable for your business. So, don’t name your business Dad’s Cookies if you’re going to be selling Tofu.

4) An attractive business name should allude to what your business does.

You need to be sure that your new business name gives your potential clients some clues about what you actually do. That’s why almost all banks have the word “Bank” in their name, and bars include words such as “Pub,” “Saloon” or even “Bar” in their names.

Including information about what your business does in your business name also makes it easier for potential clients to find your business in phone books and directories on and offline.

Including a descriptive component in your name can help customers understand the nature of your business. However, you should avoid including descriptive elements that could quickly become out of date or inaccurate. We encourage our technology clients to not use technical abbreviations or words in their business names as those terms can quickly become archaic.

5) An attractive business name should be short, but not too short.

This is vital because you want your clients to be able to remember your business’s name so they can tell other people what it is. It’s also important for promotional purposes. You want a business name that will fit on a business card and stationary, look good displayed on a sign or in an ad and work well as a domain name for search engines if you choose to use search engine optimization. So, keep it as short as you can. That being said, avoid abbreviations or initials as a startup. Your name is part of your branding so it needs to convey meaning. Standalone letters do not convey meaning. This is a case where it is not wise to emulate the big boys. Names like IBM and DHL while now household names, are not good names for a startup, because they carry no meaning. You can shorten to initials after you have developed your image, but it will be easier to develop your brand image if you start with a name that has meaning built into it.

6) An attractive name should distinguish you from your competitors.

If your top competitor is Jewelry Works, you should not choose the business name, Jewelry Worx or Working Jewelry. You need to choose a name that will distinguish you from your competitors. There is a lot to be said for being the black sheep in business and targeting a market based on your unique value. Better to be bold and stand out then be timid and blend in.

7) An attractive business name in today’s world has a dotcom option.

As the Internet reaches a critical mass, owning a good dotcom domain name has a tremendous value. If you believe the Internet will play an important role in the future of your business, you’ll want to factor the availability of dotcom names into your name choice.

It’s easy to find out what domain names are available, and which ones are taken. Use free online resources that determine the availability of a particular name. While .net, and .us are other options for the most part they are not seen as having the same status as a dotcom, so keep that in mind depending on your target market and their status sensitivity.

A lasting business name should not violate IP rights.

You must be sure to choose a name that does not violate the intellectual property rights of another business or organization with the name you choose, which could put your ability to use the name in jeopardy. You can use the internet to research if there are other businesses with your name or search businesses by name with the State government division in charge of registered businesses. This is a state affair so the body governing business registration will not let your register an already existing name. When searching a database, try different spacing and word combinations to find all possible matches. For example, try Prairie Dog, PrairieDog, PrairieDog.Com and Prairie Dog Café.

If you want to trademark your business name you should search the US Patent and Trademark Office website before you choose your name. You can also hire an attorney to do this work for you.

One last tip: think about colors and images when you’re choosing a business name. Colors and images will be an important component of your business logo and other business promotion materials and your business web site. Colors and images have strong emotional associations that you and your team of advisors should take the time to consider. You can read up on this on the internet or at your local bookstore.

For more business tips or information about starting or developing your business visit www.flourishingbusiness.com.



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Entrepreneurialism is alive and well and most likely happening in all around you right were you live, or if you are lucky it’s happening on your own kitchen table! Proof of this, is the 79 Million Americans who plan to start their OWN businesses in the next 3 years according to Forbes Magazine. You might be surprised to find that some of the greatest minds in American business today are investing in the future of home based businesses as their next phase – Personal Franchising. And while Personal Franchising is growing with exciting new concepts and brands, there is another side of the home business market that is underappreciated yet equally very important and that is leveraging your Personal Franchise into an incubator of a larger business model.

Both Donald Trump and Robert Kiyosaki recommend starting a Personal Franchise in their latest book “Why We Want You to Be Rich”. Trump and Kiyosaki BOTH say that if they had to do it all over again, they would build their fortunes in THIS industry. Industry influencers include a spectrum of the who’s who:



Warren Buffet purchasing companies last year like Pampered Chief

Richard Branson starting Virgin Cosmetics

Donald Trump promotes ACN

Oprah offered a large section in her O magazine to women who sell direct thru the home



The Good, the Bad and the Ugly in regard to the current-home based network marketing business

· The bad – Less than 1 out of 1000 people in this industry will ever make a six figure income.

· The bad – 90% make less than $10 a week. Why is this?

· The ugly – 90% of all business WILL fail within their first 5 years according to Entrepreneur Magazine.

· The good – Over 30, Million (yes million) Americans have either attempted Network Marketing or are currently involved in the industry. This gives the traditional non-business owner exposure to his/her own business.

Why is the perception of this industry one of easy-riches when in reality it appears most are failing? Just a couple of points might help explain the figures.

· Most people are introduced into an opportunity not as a business to build, as one would a traditional business, but instead as a way to get their products at a “wholesale” price.

· Many people jump into a business with no research on the business or firm understanding of what it takes to meet the criteria of the opportunity and match those to their goals.

· Many people do not have the motivation or goal setting objectives to be successful in ANY business and may find their comfort level more appropriate to the structure of working for someone else.

· They were presented with an inflated view of unrealistically attaining short term riches and material wealth very simply and quickly. They look beyond the work it will take to get there and in their hastiness to sign on don’t ask the right business questions. Unfortunately it seemed early on that it was acceptable for the industry to sell at such a superficial level.

Now the tough numbers start to make more sense. Many of them never intended to have a business in the first place!

What if success was far more attainable? What if you could find a high level of success in a Personal Franchise and use it as a springboard to starting your own business from the ground up or what we refer to as green fielding a business? Here’s what often happens with motivated and well educated Personal Franchise owners. The owner is building his or her business, finds some room for innovation, revolutionizes a business practice or sees other opportunity that compliments their current business and decides to start a side business. What makes their odds much better at starting their new business is their success with their Personal Franchise business. They learned business management techniques, they learned how to listen to people’s needs, how to build them up and how to sell. They also discern what people want to hear vs. what is unimportant information that wastes their time, so their efficiency as a business owner is far greater.

So while the opportunity is substantial to take your business to a higher level, getting started at the Personal Franchise level is the right place to begin your business journey. Why? Simply because the business management exists already, the marketing plan is established, your support network and best practices are well established and your infrastructure is managed so you don’t have to. This provides a more essential experience of selling and marketing your business which is where many traditional businesses fail when they overlook those key areas. So many business owners are working IN the business that they are not working ON the business. They are hiring people; they are dealing with regulatory issues, manufacturing and facility issues, etc. Sales and marketing needs, while absolutely critical to their business, falls to the back of the list so that high dollar expenditures can be handled first. And of course, business 101 tells us that no sales, equals no revenue and no revenue equals no business.

With Personal Franchising you buy into the right to distribute an established brand, using their business systems and infrastructure. Your critical mass is focused on introducing your business to buyers and other Personal Franchisees so you can build your organizational strength. With a narrowed focus and elimination of operational distractions, your success will be more assured. The formula is simple – strong output of effort and a strong team along with a proven business program, will insure your success. Any deviance from this program and you fall into some of the statistics we pointed out earlier. The reward can be substantial, and like any traditional business your effort is your biggest asset.

So what key elements would you need to be successful in a Personal Franchise?

First you will need to find YOUR solution through the same pattern for success that has worked since the start of time. What is that pattern?

1. Find your passion

2. Find a legitimate business opportunity associated with that passion

3. Find a TEAM that will truly help you build your business

What are your chances of finding all three at one time? The chances are good if you have the right tools to evaluate that which drives your passion and helps you translate that into the RIGHT business opportunity. Next, in order to achieve complete success, you will need to find a team that is wholly dedicated to the common good of the entire team and willing to leverage the strongest skills of each team member. When the synergy of the team is achieved, and three people are moving the business forward as one, that is where substantial revenue momentum exists. Like all great businesses, the success of your business depends on the quality and drive of the talent in the team.

Leverage our 30+ years of collective experience to learn partnership strategies which will help you succeed. We will help you focus on the most important elements of your business and how to avoid the mistakes commonly made that take people of the road to success. All of a sudden, instead of this being a money game, you are building something you can stand behind and be incredibly proud of, using a marketing system that actually works based on teamwork and passion!

Think about it! What are YOUR chances of success if you were able to solve most of the variables and leverage the success of every entrepreneur that went before you? Rarely in life do you have that kind of information presented to you. Most people seek the answers, but live a life of painful experience to find what others already know. The knowledge is at your fingertips; increase your odds of success. Go find YOUR Passion, YOUR Business, Your Team, YOUR mentor! Go to: www.cashflowpotentials.com

 

Zyzyrgy – The Power of Three



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There are several options for a person to consider when looking getting into the car wash business. Should the person buy an existing business? Should it be automatic-self service or one with a staff of washers? Should you consider a mobile business or a business with a fixed location? Should the business be a hand wash business or equipment oriented? All of these questions must be answered and the potential owner must come to grips with these options. The amount of money the person has available to put into the business will be a determining factor on what way would be the best way to go. A fixed location will cost more to do than a mobile business. Buying an existing business is usually more costly upfront than starting one from scratch, but in this case it would depend on which way the person chose. For example the mobile car wash would be far less expensive than a fixed location operation. The mobile business would have the cost of equipment and a truck. The fixed location would entail a building and the equipment for the bay or bays.

Starting either from scratch would cost a certain amount. Whether this would be more of less than buying an existing business would depend on the deal that could be made with the current owner. If the owner is motivated and trying to just get out of the business, then a better deal may be possible. The circumstances would dictate the answers to these questions.

Talking with business brokers and looking on the Internet could help in finding a person with a mobile business. The fixed property would probably be easier to find.

Another possibility would be to start with a mobile business and as the cash flow became more stable, look into getting or adding a fixed location car wash.

The Internet is a terrific way to find businesses/equipment for sale

A person thinking about starting one of these car wash associated businesses can easily find car washes for sale and brokers who represent them. The mobile businesses may be slightly harder to find, but they are available. The advantage of buying an existing business is almost always a better way to go than starting one from scratch. The immediate cash flow and clients is a huge plus to a new owner. This factor could be the difference between success and failure. An existing business is much easier to push past the break-even point and to a successful venture. A true start-up business has to gain clients and slowly build up cash flow. The question for the owner of this business is will it happen soon enough for the business to survive.

Talk with a broker about what is available and the terms they feel they can obtain from the current owner. If this is out of your reach financially, then a mobile hand wash could be the answer or using a small power washer to get the business off the ground and started. There are several options in this business that could lead to a successful new business. Getting clients will be the biggest problem facing the new owner of such a business, as there are few to none when the business is opened.

The Internet can be used to find equipment, which is new or used. This is another real advantage of using this tool to help a potential owner find what is needed. Just put in what you are looking for in the search box and you will be surprised at how many sources will show up.



Arranging financing of an existing business



The current owner is the obvious source of some financing of an existing business. The problem is the buyer will have to pay a higher price for the business than if it were being purchased for cash. Having your financing in place when making your offer for the business will save money on the purchase price.

The Internet is an excellent way to find business financing for your purchase. There are several firms that show up on the Net for this type of loans. These firms are in the business of doing this kind of lending and are much more understanding of the problems a new owner faces when buying a business. They are certainly worth contacting and discussing your situation.

Car Wash information and Car Wash business planning

There are great sources on the Net that will help the potential owner of any type of business. The Car Wash business is well covered and a buyer can get good information about running and owning this type of business. Having prior knowledge of what is needed to be successful in this business will help a potential buyer decide if this is the correct move for them to follow. A book that tells the facts is invaluable to the buyer of such a business. Getting an up close and personal look before the fact lets the buyer imagine what it would be like to own a car wash business. If they like what the see in their minds eye they can pursue the project.

Another way to get information is to speak with people in the business. They may be willing to talk if they are sure that you will not be in competition with them. They could lead you to brokers and companies that would be helpful in getting more information. The one question that you should try to get them to answer is would they do it again. Has it panned out like they thought it would before they got into it?

Any information from all sources will help you evaluate even better the advantages and disadvantages of going into such a business. This is true of any type of business that a person is considering.

The problem as always is one size does not fit all. One owners experience could be great and another could wish they never made the decision



Conclusions



This business, car washing, has so many options available to owners and potential buyers that need to be looked at and considered very carefully.

It is not like buying a restaurant or a plumbing company. Those businesses have limited variations such as location or the type special services they offer. This business has many different levels of financial commitment to buy or start. All of these options make this an interesting business to consider. People are very particular about their cars these days. Their car represents a substantial investment that needs care and ongoing maintenance. This means this business niche is likely to grow and be used by more people all of the time. A trend like that makes this business even more attractive to the potential owner.

Finding a business for sale and the needed money to make the purchase is fairly easy for a person that is used to using an Internet search engine. If you speak with someone in the business, they may be very helpful and even better they may be in the market to sell. If they are, the obvious question is why do they want to sell. In any event they could give you valuable insight into the business.



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After buying their first home, Debra Cohen and her husband faced the unenviable chore of finding reliable home improvement contractors. Fed up with blindly picking names from the Yellow Pages and waiting for contractors who didn’t show up, it occurred to Cohen that if she and her husband were having trouble finding contractors, other homeowners in their community must be facing a similar predicament. This bleak reality sparked the creation of a unique service that has since expanded into a profitable cottage industry across the U.S. and internationally.

After extensive conversations with lawyers, business consultants, contractors and insurance agents, Cohen, 38, started Hewlett, New York-based Home Remedies of NY Inc. from her home in February 1997. This stay-at-home mom used a $5,000 loan, a computer and a refurbished fax machine to launch her part-time business. Right away, the response from homeowners was tremendous, and after three months in business, she repaid her loan. Her gross earnings in the first year were almost $30,000.

Today, Home Remedies is a contractor referral service that matches home-owners with reliable home-repair workers. The appeal to customers is that the company takes on the time-consuming task of locating and screening qualified contractors, checking to make sure they’re adequately insured and licensed, and serving as a liaison between the contractor and the homeowner throughout the course of a job. Home Remedies provides a win-win situation for both parties: Services are provided free of charge to the homeowner, and contractors represented by Home Remedies only pay a commission for any work they secure.

At first, Cohen worked approximately 15 hours to 20 hours per week; she now works about 30 hours per week. Last year, sales for Home Remedies exceeded $100,000. Cohen earns additional income by selling manuals and packages on how to get started in the referral business.



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We’ll be posting many more case studies within the next few weeks answering the question: How can our New York Virtual Office service help your growing business?

With our virtual office service, you can literally run your business from anywhere in the World and still have a fully operational, fully staffed office in New York. Your business will have a physical office address in an actual Corporate Office Business Center – not an obscure PO Box or made-up suite number in a simple mailbox operation. Hence, if one of your clients happens to show up at our office, they will be greeted by a receptionist in a pleasant and professional workplace in the trendy Flatiron District on Broadway! Yup, Broadway… The Great White Way! Having a physical New York City office address on Broadway can help bolster your business image. Everyone knows Broadway… It’s a World renown NYC thoroughfare!

If you need to physically meet with your clients, we will be ready for you! With meeting space located directly at your virtual office address (keep in mind that you may be using the address virtually, but it’s a full fledged brick and mortar operation!). The meeting space is equipped with a computer workstation with all the latest software and a nice big flat screen monitor; wifi internet connection, so you can connect directly with your laptop, internet phone, or other wireless device; a contemporary conference table with black leather seating for 5; a 4′ x 6′ whiteboard, with a colorful variety of markers and eraser; easel with a pad – you can use the easel for your presentation or use the Post-it brand easel pad with plethora of presentation markers; stereo speakers and an 84″ x 84″ projection screen. Have your presentation on your laptop? Then we have a state of the art projector available for you to project on our 9′ x 9′ screen. All of the artwork in our facilities are by a World renowned artist. You’ve seen his work!

While in the office, you will have a knowledgeable administrative assistant assigned to your meeting to assist with administrative support, supplies, technical help, digital projector setup, printing, copying, water service, catering, lunch recommendations, car service, transportation bookings, etc. Just like in any fully functional and staffed office.

VH International Business Solutions has been doing this since 1990, so rest assured, you and your business will be well taken care of.

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There is a role for a business broker in selling your business. Basically they will make it happen quicker and often at a better price than you could have received on your own.



Reasons for a business broker



There are many reasons to use a business broker when selling your business. The most basic reason is they are in the business of selling businesses. They will market your business and help to get prospective buyers to look at your deal. They will help in setting an asking price based on their knowledge and experience. If they have gone through the certification program their price would be considered expert testimony and therefore is given a great deal of creditability. Keeping the owner from underselling their business or over pricing their company is part of their legitimate function to their client. Since they know how to find buyers who are qualified and ready to deal on a business of their liking, they can help to cut down the time a business has to be on the market. Consistently a business broker will move a business quicker and usually at a very fair price.



What does a business broker do



They can help the seller get the information needed by the buyer to make a decision on buying the business. This role is critical as nothing happens until a price is established and the business facts are known. Presenting the facts in a professional form is another common service that a business broker will give a client. This service can be the difference between a seller making a deal and the deal going south. Professional presentation of pertinent facts about a business is necessary in order to attract potential buyers. It is this factual information that helps buyers make intelligent decisions about such a purchase. Since the business broker does this type of work year round, the information is shown in its most positive form. Practice does make perfect in this case.

The business broker is also the go-between for passage of information between the buyer and the seller. This enables better communication and cooperation between the buyer and the seller. The role of a disinterested third party is effective in letting the business broker move the dealing along on the sale of the business. The business broker must treat both sides fairly as his next clients are given existing clients as references for his work. It is imperative that the fairness issue is communicated to the next client. Since all aspects of the sale pass through the broker, this neutrality is important and also the advice given to both sides of the deal.



Marketing the business



Without a broker, the seller would have to market the property and would not have access to a pool of potential buyers. The buyer would not have access to the pool of sellers the broker has available. This need by both parties is the reason that most businesses are sold with the help of a business broker. Their expertise in helping to set the selling price cannot be overstated. A busy broker over time helps to sell many types of businesses and this real time experience is invaluable to the process coming to completion. A competent broker will also know the legal requirements for many types of businesses that the brokers in a geographical area. This prevents problems that can be prevented from taking place and decisions being made without all of the facts.

If he is not a certified broker as to setting a selling price, he will have referrals to brokers or CPAs that do have this credential. The advantage to the seller is the business will be set at a selling price that can be logically defended when questioned about how the price was set. It is not just a price that the seller picked from thin air of a wish list price.



Broker assisted negotiation



Since the broker will usually know what the buyer is willing to pay and what the seller is willing to accept, the broker can lead both sides to a price that is somewhere in the area that both are willing to live with. Without this outside force, either party may never approach this price.

A broker has another ability to deliver that makes their service worth the cost. Maybe the business is a one of a kind business and not one that comes to market every day. Businesses like this are hard to evaluate as to their market value and even more importantly there may be a need to come up with a unique marketing plan to sell the business. A good brokerage firm can do both and solve the problem with a greater chance of success than the owners of the business could do by themselves. They have access to a network of brokers who handle all types of businesses that are for sale. The business may be unique in the geographic area it is located in, but there could well be one in another part of the country that was successfully marketed by a broker in that area. Use of the network is exclusive to the broker community and private individuals will not have access to the information that can be obtained from the network. Information is power, and this kind of help may be the only way the business could be successfully marketed. How other brokers sold a similar business can lead the broker in question to come up with a plan that has a good chance to work. This service to the seller is priceless and could make the difference between no-sale and sold. The seller could have wasted a great deal of time and money on an approach that would not work. Ferreting out potential buyers is the name of the game. The wrong approach could easily come up empty. All of this is sufficient reason to employ and expert when selling a business.



Conclusions



The fact that they will actively market your business is plus. The current owner does not have the time or knowledge to find buyers and set a fair price. They will usually set their price too high or too low. If they have a hard time coming up with any buyers, this can bring on frustration and an unneeded reduction of the selling price. It the wrong buyers are seeing the ad for your business, then only a bargain will attract their attention. A buyer who understood your business would readily see the value in a fairly priced offer. This is tricky and the result can be dramatically influenced by hiring a pro to help with the sale.

Another reason for the use of a pro is they can talk the language of professional people the buyers bring into the sale negotiation. If the terms that they communicate in are not understood, the buyer’s advisors will not be impressed and may kill the sale. Hiring the professional business broker can prevent lack of intelligent conversation. He will know the terms and their meanings and be able to give the needed answers to move the sale along. This knowledge and expertise is the reason that such a person should be hired to help you make the sale of your business. Their ability to use previous sales and how they were completed is a facet of their knowledge base. There is no way the current owner could bring that to the negotiating table.



Find certified business brokers in your area





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Pets have a great deal of money spent on them each year by their adoring owners. People feel an obligation to take care of their pet and will spend money on their pet that they would not spend on themselves. These well known facts create a business need that can be very lucrative and easy to get into by those that possess the knowledge and the skill.

Pet shops, pet salons, pet grooming, pet babysitting and pet care are all potential businesses for a new owner. The new owner can buy an existing business or start one up on their own. Many pet groomers get their start grooming part time and then go full time when they have enough clients. Pet shops and pet care are booming businesses as there are always new pet owners and new pet needs that an owner must take care of.

Many of these pet businesses have a very loyal clientele and buying an existing shop can be tricky. If it is strictly a grooming shop, part of the reason for its success has to be the groomers that work there. If it is for sale, make sure that the seller is not going to open another shop in the area. This can be accomplished by making a non-compete clause part of the sales contract. The advantage to a buyer is there is a built in cash flow and a client list. This is one of the reasons that many experts say that a new owner should buy an existing business if they want to gain an edge on future success.

If the shop sells pets and supplies, then that is a different story and the business can be evaluated like any other retail business. In this case, the buyer would be buying reputation and location as well as the business has some following from existing customers.

A good groomer can start a business in their home and as they grow move into a shop. They then can further expand by adding other groomers to the staff. The profit margins in this business are pretty good as the grooming skill is what is being sold and not a product. This opens the door to a start-up business and a groomer with little capital can grow the business from home.



Where to find a business or grow a clientele



Look on the Internet for brokers that handle this kind of business. Or ask around locally if there is a broker in the area that specializes in buying and selling businesses. Once you find one to talk with, they will help you or lead you to a broker that handles the type of business you are looking for. This is a very good way to start your search for a pet business of any kind. You can also ask groomers if they know of a shop that is for sale or a retail outlet.

One way to get a feel for the business is to work in one for a few months and check out the pluses and minuses. A real hand on experience is an eye opener to a potential owner. Working in the business for a few months will let the possible buyer of such a business see if the business is for them or not. They will see the day-to-day frustrations and small victories that make up a retail business.

Special features such as pick up of pets and delivery will make your business different than other groomers. Special prices on certain days of the week and deals if the customer uses your service three out of every four months are incentives to keep your customers returning to your business. Referrals are worth a discount to the customer that refers a new customer. New customers will return again if treated right the first time they use your service.



Using the Internet to find businesses



A person that is looking to buy a specific type of business can enter the business type in a good search engine and the results will be amazing. The search engines will find many brokers that deal with the buying and selling of businesses. With this information, a buyer can find great information about the businesses for sale and the location and the price in some cases. This is a quick way to gather pertinent facts about the businesses the buyer is looking for. The more precise the input in the search engine, the better the results will be. The modern search engines do a marvelous job of ferreting out the needle from the straw. If you were interested in Pet Shops for sale, you could enter that and you will get a list of places that have such listings. The same would be true with any business related to pets or their care. You could also limit the search to areas of the country or even cities. The point is you can use the Internet to do some of the work and investigate the possibilities.



Arranging financing in advance



If you have good credit and a reasonable down payment, you can arrange your financing of a business before you find such a business. This could easily save you money on the purchase price as most businesses for sale have a lower all cash price than one where the old owner has to take back some paper. Cash is king when negotiating the sale. Your own financing will also give you a quicker look at the financials of a business. Owners like to deal with serious people and a person with their own financing in place will be taken seriously. There are companies that do nothing but finance business purchases. These are easily found on the Internet. You would not do yourself any harm by checking out some of these companies, just in case they are needed. Money talks when negotiating and having the ready cash available will give you a leg up in this discussion.



Conclusions



There are many positives about the pet business. There will always be a call for the services and supplies that these businesses offer. The grooming aspect of it can be started from your home with little start-up money needed. This will allow a person to grow into a full time business and continuously make money. This fact makes the grooming part of the business very attractive if a person has the requisite knowledge to do the grooming.

The supply part of the business is like most retail enterprises. Location and following will make an existing business more valuable than another. The terms of purchase are important and may make or break the deal. A thorough financial study of the existing business is needed to see if the price to be paid is justified or not. These facts are easily documented through sales records and bank statements. A potential owner would like to see a steady growth pattern over several years. Growth curves and a study of how the business is being run, from an efficiency standpoint, are worth the look-see How does the business respond to marketing campaigns and have they been successful. The point is a study should be made of the business in question..



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The cost of a new business vs. an existing one



Starting a business from scratch is usually far less expensive than buying an existing business. This is the biggest factor between these two choices. There are many reasons to buy an existing business. If money is not a limiting factor, then buying a business that is successful makes more sense that starting one from the get-go. One of the most important reasons for buying an existing company is they are established and the company has a monthly cash flow. The existing business enjoys a following of customers, which means immediate money coming in through the cash register. This one fact helps to offset the higher cost of an existing business vs. starting one up. Another factor is a new business has to do a great deal of advertising to let a potential customer know they are open and where they are located. The existing business does not need to do this kind of advertising.



Success chances of a new business vs. an existing business



A new start up business is far more likely to fail than an existing business with a successful history. The reason for failure in most cases is lack of cash flow and gross under financing. An existing business will have cash flow and a customer base, which will allow it to survive. A new start up business has neither of these critical elements. In addition the start up in many cases has little ready cash for waiting out the start up period and all of the expenses of getting a new business off the ground.

Given a choice, purchasing an existing business is far more likely to be the better investment. A start up while attractive due to lower beginning investment has a greater chance of failure. These considerations should be taken into account by a person looking to own a business



Reasons not to go with an existing business



A startup business is less expensive than buying a business that is up and running. When you buy a company that has been around for a while, you assume the reputation of the business. You will have to live with the good will it has generated over time. If the good will has been slipping, then be prepared to spend some money letting the public know the company is under new management. In any event it is good to let the world know that new people are running the company. If your idea for the business is an offshoot of the current business, then you may or may not be better off starting fresh with a new company. If your business plan fits with the existing company then that should be the way to go. If they are contrasting or completely incompatible then a new start up is the way to own you new business life. Do not let your ego get in the way and lead you into a start up situation. There is absolutely no reason to feel that an existing business is less brave.

A reason for buying an existing business is you may be able to get the old owner to help you learn the ropes if it is a new experience. Many owners of startups are fearful they might fail at running a business so they try to take the less expensive way to try managing a company. This is not a valid reason but somewhat of a cop out.



Which situation will cost more in advertising dollars



A start up will need a great deal of early publicity to attract customers to the business. This is required as the location, the name and what you are doing is not known when you first open your doors. This type of advertising is far different than what you would do with an existing successful company. You might want to show the public that new management has taken over the existing company.

A new company that never existed before will need to spend money on TV, radio and newspaper ads to attract customers to the new establishment. They will have to repeat the ads in order to get their message across so the customer will give them a try. In some ways this expense could be considered part of the initial cost of the new business.



New business employees



An existing business will have employees who know their job and are very likely to be responsible for the overall success of the business. Any company is only as good as the people who work for it. A successful business has gone through the shake out period of finding good employees. A start up business needs to find employees and this takes time to develop a good staff. This adds another critical factor to the start up time of the first year or so. A new owner cannot do everything by himself or herself. They will need help from their family or need to hire it in. If the business is new to the new owner as far as experience, this start up time also requires a very quick learning curve.



Customer base



The customer base has to reach critical mass in order for the business to grow and stay successful. An existing business will have developed a base of customers. A new start up has very few customers when the doors are first opened. The problems for both situations are different and need to be addressed. An existing company will need to maintain its existing customers and then try to add to that number. As long as the standards that allowed the company to get where it is are continued, the base should remain stable. If there is a fall off in the work or treatment, the customer base could begin to erode. This is not uncommon when a new inexperienced owner takes charge. The wise new owner will make every effort to not let this happen. A start up business has no base and needs to grow one as quickly as possible. A sizable customer base will automatically generate cash flow for the company.

Without this luxury, a new business must get new customers the hard way, one at a time. There are very few referrals in a start up business’s early months. This is a significant difference between an existing business and a start up business. The new owner of an existing business would be wise to spend the time on meeting all of the important customers of the company. If the old owner would take the time to make the introductions, that would be even better.



Conclusions



If money is not a consideration, then an existing business is the way to go. The odds are definitely in the favor of new owner of an existing business. The start up is the way for a less financed person to own a business. It will be more difficult to make a go of it, but it can be done. A good idea and a great deal of hard work can make it successful. Study your situation and compare the pluses and minuses for a business that you want to own. If you cannot find one for sale on favorable terms then you may be forced to start from scratch. In either case, you will end up with a different kind of boss. The boss will be you.



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There are two questions you should ask yourself before purchasing any business. Why do I want to buy a business and what kind of business would fit in with your personal experience. The “why” is in many cases more important than the “what” when answering these two questions? You need to know why you want to own a business and are you ready both financially and emotionally. After you answer this question you can look into what kind of business you think you should own.



Why do you want a business?



Why you want to take on the responsibility of a business is important. Owning and running a business is a challenge to do successfully. If you want to be your own boss that is OK as long as you realize that your future earnings will be in your hands and not those who run the business where you are working now. You must have sufficient money to get the business up and running and still pay your monthly bills that you currently have. You cannot count on taking any money out of the business for several months to a year. Your own business does mean some freedom, but it also means you are the owner seven days a week and with little time off. You also need to figure if the business you are thinking of getting into is one that you can run without many extra people or is it one where you will need help. This is important for several reasons. More people means the business has to generate more income. There are also rules that need to be complied with as far as employees are concerned. Let’s assume you are financially and emotionally ready to take this big step. What kind of a business are you going to buy?



Which type of business would be a match?



The type of business depends on your interest and knowledge. If you have an area of expertise, then this area should be looked into very seriously. Are you a people person, then a business with a retail or business-to-business element would make sense. People businesses need a front person to capture the clientele. If this is your forte, then this business area should be looked into with a serious intent. One of the ways to find out which types of businesses are available is to look into a business broker and see what they have listed. Another way to find a business that may not be listed is to ask bankers you know or other business owners. Accountants could be another source of businesses that are not listed for sale. Business brokers list most of the businesses for sale in the market online. Listings by private owners and Business Brokers online are available at the Buy a Business Section of Acquireo.com.If you do not have the patience to browse each of them by state or category,Search the business you are looking for with a keyword or location

With these two questions answered or at least a tentative decision made, the buyer needs to look at each business that meets the criteria that has been set. Formal meetings that allow for full disclosure of the business’s situation both current and future are an important step in finding out more about the business. How the business has done in the past is useful for predicting the future. This meeting is also the time to find out if there are any problems coming up or like building code changes or possible lawsuits. Are there any obligations, which will be assumed that can be brought forward in time as to payment? Are key employees going to stay with the business and if not can they be easily replaced. Is there a way to quickly add to the business or change some of its functions to add to the sales? Are the prices being charged at a fair level? The real reason for these meetings is to exchange information. Win-win deals can only be made when both parties are equally informed.

Buying a business outside of your experience or knowledge

If the business is one where you will need training to learn the business, make sure you have a timely agreement with the old owner for their help for a period of time. You would also be well advised to have the owner introduce you to the important clients that have made the company successful. This introduction could be the difference in keeping the client and losing them to a competitor.

Learn as much as you can about the competition. These are the people who can move in on a new owner. Make sure they have not suddenly developed a product that is superior to what you will be selling. Also find out if you can who they sell to and why the old owner could not make any headway with the competitor’s clients.



Price negotiation



With the exchange of information out of the way, the hardest part of any purchase comes into play. The price that the business will sell for is usually a negotiated sum. There are many ways to come up with the selling price. The owner will have a price in mind and you will have an offering price you will start the bargaining with. Another price can be obtained from a third party who is certified to set prices for businesses that are put up for sell. The certified brokers have passed a series of tests that qualify them to come up with an unbiased value for the business being sold. This price is fair to both the buyer and the seller, because it is arrived at by standard business evaluation principles. This expert price is the result of hard work and careful analysis of the business both current and future prospects.



Terms of the deal



Once a price is set, the terms of the deal can be negotiated. There is always a cash price and a price, which involves terms. Most owners are willing to carry back some of the purchase price in order to expedite the sale. This is an area that usually can be dealt with by reasonable bargaining and private negotiating.

Banks can be a source of funds for some buyers if they have assets and very good credit. Sometimes a person can arrange for private financing among friends of relatives. The seller is always a potential lender for the buyer if they have a big enough deposit. Some times the seller’s asking price is too high, but the buyers counter offer can be “I will meet your price, but you will need to give me very good terms”. This is all part of the buy-sell negotiating. Simple rules should be in play during the negotiating. Remember the seller wants to sell and if you make reasonable counteroffers, there is a good chance that one of them will be accepted. Do not try to win by just being stubborn. Compromise is the way to make the sell happen for the buyer and the seller.



Conclusions



Keep the old owner on your side, as you never know when you may need them for something that comes up after you have made the purchase. The problem may have happened to them in the past and they may know the perfect solution.

The final advice for buying a business, is do your homework and do not believe that all will just go smoothly during the first year. There will be problems, and since you are the owner, you will have to resolve them in a timely manner. If you have to employ others, treat them with respect and if they know the business, ask them what they would do if they were in your shoes. Knowledge is power and respect will help you gain the employees willingness to share with you.

Firm and fair are the traits of a good employer.



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Want to know how to start a computer repair business?  All small businesses use computers and depend on them to work consistently, predictably and dependably.  However, it is not cost effective for most small businesses to have their own in-house IT department.  Still, they need someone like a computer repair business to help keep their IT assets up and running, so they can stay competitive in the marketplace.

No matter what your business experience or level of technological expertise, you can start your own computer repair business.  Those that love computers, technology and working with people find that running their own business is incredibly fulfilling and can bring them substantial revenue.  All it takes is following some logical, plotted steps and planning very carefully how to start a computer repair business.  

The following 5 tips can help you figure out how to start a computer repair business.

#1: Determine the Characteristics of Your Ideal Clients.  Before you start your own computer repair business, you need to figure out who you want to serve.  Know who your ideal clients are and which characteristics they share.  How large are their businesses?  Which major business problems do they face?  As you start to fine-tune your idea of the ideal computer repair business client also think about whether you are serving a niche and what your specialty is.  Are your clients all in a specific industry or do they naturally all use the same specific software or hardware?  Having a niche and a specialty can really help you with marketing and sales.  You will position yourself to offer solutions that no other technology professionals in your area are offering and thus be even more indispensable to your clients.

#2: Know Your Strengths and Weaknesses.  As you figure out how to start a computer repair business, you need to know your own strengths and weaknesses.  You might have a very strong technical background but are not very business savvy.  In order to succeed, you need to have a good balance of business, technical and also strong social skills, so you can best respond to the needs of your clients and build long-term relationships with them.  Make sure you take the time to go outside your comfort zone and work on honing skills that come less readily to you than others.

#3: Set Your Rates Right from the Beginning.  When you run your own computer repair business, time is money.  You can’t afford to set your rates too low in the beginning.  Not only will you have to work incredibly hard just to make ends meet, but you will also have a hard time raising rates substantially once you’ve already started your business, without losing clients and compromising relationships and your reputation.  To make sure you start your business using competitive rates, identify your local competitors and research what they are charging their clients and how their services compare to yours.

#4: Be Patient and Let Your Business Evolve Over Time.  You can’t expect to instantly get a full roster of clients and steady revenue for your business.  When you are starting your computer repair business, you should expect it to take a while to get off the ground – sometimes as much as 6 months or even a year.  Why?  A successful computer repair business is built on strong client relationships and relationships take time to evolve.  You need to get prospects for your business that know, like and trust you in order for them to turn into steady, high-paying, long-term clients.  Be patient and follow clear steps when qualifying clients and forging connections through marketing and networking events. And take each client carefully through the sales cycle.  If you are diligent with your efforts, they will pay off in time.

#5: Remember that Marketing is Key.  When you are just figuring out how to start a computer repair business, you’re going to be wearing a lot of different hats.  You will probably have to do the marketing, sales, administrative and all other tasks by yourself in the beginning.  Establishing a well-crafted, diversified marketing plan that incorporates a lot of different targeted activities is the only way to build your business and make sure your sales funnel is fed. So this way, you can attract new clients on a regular basis and still have time to manage other elements of your business. 

In this article, we explored 5 critical tips to help you as you learn how to start a computer repair business. To learn more about how you can get more steady, high-paying clients, sign up for free tips on How to Start a Computer Repair Business now at http://www.StartComputerRepair.com 

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