By coming up with a plan early, you won’t find yourself in a risky situation where you need to make hasty decisions. That’s often key when it comes to business ownership decisions. After all, if you’re going to purchase a business, there’s quite a lot that needs to be done. It may be an exciting, even overwhelming time, but having a plan allows you to navigate all of it swimmingly. If you’re in the early stages of purchasing a business, you may want to think about these first steps you should take after the purchase is complete.
Consider Advertising Budgets
A new business is exciting. Once the purchase is complete, it may be tempting to try to boost the advertising and convince everyone to get on board with the new ownership. Radio, television, newspaper—they are certainly all avenues through which this can be done. However, you may end up finding that you’ve overspent and underdelivered with advertising. Not all marketing needs to be done through paid channels. Making headway in the community, being a visible face and voice, and providing quality service can all be good ways of getting your name out there. It’s old school but traditional networking never stopped working. You don’t need to break the bank to get your new business’s name out there.
Dive Into Paperwork
Often, new business owners aren’t familiar with all the necessary day to day paperwork. While they may know how businesses operate, the books and all those necessary pieces of paper can be elusive. This may mean taking the time to learn some accounting on your own, bringing an experienced bookkeeper on board, or splitting the responsibilities between yourself and outside help. You certainly don’t need to become an expert. You just need to know enough to navigate the day-to-day challenges of being your own boss.
With any business, your pricing is a big sticking point. Finding the right price point can make or break any business, especially one that just went through a transition in ownership. The good news is that if you just purchased a business, they were likely doing well enough that you shouldn’t need to change things around too much. Some people panic in this position and immediately try to slash prices—this can end up doing more harm than good, so be careful with any price changes you may make.
Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.