Starting or investing in a business can be an intimidating pursuit. There’s a lot to consider, from the type of business to the type of property and the most beneficial way to acquire it. The International Franchise Professionals Group (IFPG) is here to help by providing insights, resources, and support through our membership network of 1,300 franchise consultants and professionals. Our network provides experienced, reliable insights on the steps to take when buying or investing in a business.
When starting or investing in a business, buyers often come to us with a common set of questions on the type of property, industry, logistics, costs, and advice on the best steps to success. In this article, we will explore the most helpful answers to some frequently asked questions on buying or investing in businesses.
What types of businesses should I look into?
When choosing an industry, the great thing is that there are so many to explore. But if you’re just starting out or have been searching for a while, the vast options can be overwhelming.
The first step is to identify your skillset and experiences. What do you excel at and what do you enjoy doing? If you’re a seasoned entrepreneur then you may already have the experience and vision to understand the potential of specific industries. But if you’re a first-time buyer then it’s important to cast a wide net and seek professional help.
Our network of members cover various industries, from accommodation and food services, to healthcare, retail, and more. We can help start the journey of creating the right plan and selecting the business opportunity that’s best for you. This often includes researching existing franchise businesses in the industry and evaluating existing customer behavior and trends in the market.
What type of property do I need?
To own and operate a business, buyers typically need to have a variety of properties to get started. These may include a warehouse, a restaurant, a retail space, or any other type of real estate structure.
It’s important to consider all the costs associated with the property type with a keen eye, as every location and business will have different costs. These range from property taxes, insurance payments, the cost of repairs, maintenance fees, and more. This is where having local market knowledge and professional help can be invaluable in helping make the best business decisions.
How do I go about finding the right business?
When selecting the right business, you need to have a well-defined plan and strategy. This includes understanding the market, researching applicable business regulations, accounting for finances, and more.
Our network of members can provide you with the vital assistance needed to identify the right industry and location. Our expertise that covers both the local and international markets, will help make informed assumptions and decisions. We can also offer advice on the best methods for researching a business that’s available for sale, which is important for forming your long-term business plan.
What happens once I’ve chosen a business?
Selecting the right business is just the beginning. After a suitable business is chosen, you will need to focus on how it’s going to be managed and operated.
Another step that’s vital to business success is understanding the legal, financial, and tax implications. Engaging experienced professionals here is paramount; our network consists of dedicated professionals who guide members through the process of acquiring and investing in businesses with great success.
Also, our members have existing expertise in the local industry that can be of great help, from attracting and recruiting workers, to evaluating different customer data sets and current trends. This is to ensure that the business plan is effectively implemented.
How can I optimize my chances of success?
There are a multitude of factors that can influence the success of a business. But one of the best and most efficient ways of securing long-term success is through the use of tried and tested business models.
Franchise businesses are highly beneficial for owners and investors, because they typically come with a pre-established customer base, a comprehensive set of procedures, and tailored marketing and brand awareness techniques.
Our network of members can offer exceptional advice on franchising and associated legalities, our members have expertise in what’s needed to acquire a franchise business, from the background checks and applications, to the cost of purchasing a franchise and evaluating its potential.