Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
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WWW.UPANDCOMINGWEEKLY.COM 16 UCW JUNE 16-22, 2021 THOMAS KELSEY, Transworld Business Advisors of Fayetteville. Comments? tkelsey@tworld.com BUSINESS & FINANCE Finding the right business to buy by THOMAS KELSEY A lot has certainly changed since this time last year, therefore, inevita- bly so have the markets. And maybe you have decided it's time to own your own business and do what you've been putting off for years. As a potential buyer or entrepreneur, it is important to understand which industries you might be interested in, what types of businesses find success in your area, etc., in order to find the right business to buy. Buying an existing business alrea- dy comes with several benefits. For instance, an existing operational and financial history (i.e., you are not starting from scratch), offers less risk. Particularly this past year, surviving businesses had to change and/or evolve to stay af loat uring lockdowns and capacity limitations. By purchasing an existing business, you inherit this insider knowledge. Of course, choosing the right business goes beyond surviving the pandemic. There are a few personal elements to consider and evaluate: 1. W hat is your current lifestyle? 2. W hat are your skills and strengths? 3. W hat is your target market? In what industry? Have both factors been positively or negatively inf luenced by the pandemic? 4. W here are you located? W here will your business be located? 5. W hat are your price parameters? First and foremost, do you already own several businesses? Are you hoping to add another to your port- folio? In this case, you may need to look for something that does not need much day-to-day involvement as you may already have your hands full. Or, are you free as a bird and looking for your next large project? In this scenario, a business that needs a more hands-on approach may be better suited for you. This goes hand-in-hand with your skills and strengths. Depending on your level of involvement, you will need to choose a business that falls within your skillset. Does it need help with its marketing? Are there operational or inventory issues? Is it a computer- based business or more consumer- facing? You do not want to get invol- ved in a business that does not fall within your comfort or skill level. Next, you need to consider what industry you'd like to enter — and therefore, your target audience, as well. Is this business within fashion and beauty or IT support? Although both can impact large groups of peo- ple, you should narrow down what your specific consumer might look like. Understanding this will help you best perform within specific marketing and sales parameters. Finally, two very important things to consider that will also affect each other — location and pricing. Before you buy a business, think about whether you know and understand consumer preferences in the market area or segment of your choice. Although you can virtually run a business from any where, is that the best option for you specifi- cally? Keeping that in mind, location will also inevitably affect business' sales price. You need to figure out what you are willing to invest, and how long until you may see a return on your investment. Contact us today to get started on your path to entrepreneurship. Transworld Business Advisors has created the Buyer Match program that will match you with busines- ses that meet your criteria when searching for the right business to buy. With a wide array of businesses for sale, our advisors can help you narrow down your wish list and find the perfect business based on your criteria. VOLUME 14 | ISSUE 10 OCTOBER | 2020 Inspiring, educating, empowering and celebrating women in our community M A G A Z I N E West Fayetteville Farm Girls Fall Flavors for Your Table Help for Women's Health Carve and Craft Pumpkin Art More inside: VOLUME 14 | ISSUE 11 NOVEMBER | 2020 Inspiring, educating, empowering and celebrating women in our community M A G A Z I N E Easy Entertaining with Friends and Family Amplifying Thanks with a Grateful Attitude Destressing the Holidays Soup's On: Simple Suppers More inside: Simple Pleasures Simple Pleasures BY, FOR & ABOUT Inspiring, educating, empowering and celebrating women in our community