There has never been a better time to buy a business in the UK. With the budget announcements yesterday (March 2016) businesses are being encouraged to boom with the lowering of rates, corporation taxes and the already low borrowing. Here we give you five top tips on buying a business in the UK.
Just Shutters offer the perfect opportunity to people looking to be their own boss, start their own UK business while being supported by market leaders, with expertise and bespoke systems already in place. Giving you everything you need to be up and running and making sales. For more information please call 01202 233744 or download a brochure by using the form on this page.
We are always told to ‘think outside the box’ which is all very well when we want to be creative, but when it comes to buying a business there are tried and tested methods for making money – which after all is what business is all about.
Having great ideas and new concepts is fantastic, however the risks involved can be very high. When looking to buy a business, look at what the business does well, look at the facts and figures not the ideas and promises, does it have good brand awareness and identity – is it distinctive and stand-out? And does it have real brand affection? This is a key test, do people love the brand, is there customer loyalty? And does it have a great reputation? These points are of upmost importance when you buy in to a business, a damaged reputation can be a very hard and costly thing to repair, while a great reputation, repeat customers and recommendations are worth their weight in gold!
If you are going into an industry you do not know well then seek expert advice, there are lots of places you can go to for advice, business advice through businesslink.co.uk is great, but nothing substitutes industry experience so speak to people in the trade.
A franchise like Just Shutters is perfect, as you will be working with a company that already dominates the market and has the hard earned experience to support and guide you. If buying a trading business speak at length to the current owners and do not be afraid to ask difficult questions for example ‘why are you selling?’ ‘What advice can you give me?’ And ‘What are the main pitfalls of the industry or difficulties I should be aware of?’
If you cannot fund buying a UK business outright, you will be looking for additional funding and there are a few options available to you, borrowing money from the bank is usually the preferred method as it allows you to be the outright business owner without sharing or selling equity to raise capital.
When trying to raise money from a bank, proving the trading history of a business is singularly the best way to help you raise finance. If you are thinking of starting your own business this will be extremely difficult, however when buying a UK business with a trading history or a franchise, you will be able to take accounts and solid facts to a lender, on which they can decide financial feasibility.
Just Shutters can help you with this process if you need to raise finance for one of our franchises – 01202 233744.
When buying into an existing business or franchise this has been done for you in the most part, however getting the full picture buy looking at accounts and forward projections for your circumstances can really help you test whether the business is a) right for you and b) likely to be as profitable as your hopes and projections.
This is the part that only you can do; any business requires hard work and lots of it, especially at start up and take over. However, pick the right business to buy and your hard work will not be going towards lining your bosses pockets, but towards your own legacy, something for yours and your family’s future.
Whatever type of business you are thinking of buying, if you are looking to invest in a business in the UK we wish you every success. If you would like to know more about the just Shutters franchise opportunity please call us on 01202 233744 or fill in the form on the contact page for our downloadable brochure.