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Common Hazards To Avoid With a Small Business For Sale

If you are planning to sell your business on your own, there are numerous pitfalls along the way that you need to avoid. The problem is when you don’t even know how to spot these dangers even if they are staring you in the face. There are two ways to go about the sale of your business: either you market your business for sale online on your own or hire a credible and experienced business broker to assume that responsibility. The first route is more stressful and labour intensive, particularly when you have no prior expertise in the field. The second way is obviously more ideal if you want to sell your business at the highest price in a shorter time frame at little extra effort on your part whilst you continue to concentrate on running your business.

Mistake 1: Lack of planning

Whether you are looking to sell or buy a business in Australia, it’s all about the timing. You will miss an opportunity to obtain the best price if you wait too long or act too soon. Perfect timing takes careful planning. The important thing is to never be impatient. On average in the current market it takes 6 months to a year to sell a small business. Even putting your business in the hands of a really good broker doesn’t guarantee a quick sales because there are too many external factors to consider.

For example, you should have a good record-keeping system so when it’s actually the time to sell, you won’t have to go back through a mountain of paperwork or incomplete data just to show the status of your business at the time of the sale.

Mistake 2: Trying to take on too much

Just consider the task involved. You will have to carefully prepare the listing of your business, design an advert or some brochures, come up with proactive measures to aggressively market your business, available be always when the prospective buyer comes to call, contact a tax professional or legal counsel to handle the paperwork, and spruce up the place to add value to the property. Even then, there’s no guarantee you are going to get the maximum possible price for your business. These days most marketing takes place through sophisticated and professional websites most of which are not available to the general public, which means you will often miss the opportunity to reach the target market.

If you can’t make heads and tails about the business for sale market, taking on too much can be very dangerous indeed. Do notget too caught up about the broker’s fees because a professional broker can often obtain a higher price in the market which will more than pay for these costs when you put up your small business for sale. It’s the classic case of failing to see the forest for the trees.

Mistake 3: Jumping the gun

Jumping the gun is an idiomatic expression to denote over-eagerness. Just because somebody makes an offer does not mean you should immediately accept it. This is the most common mistakes by first-time sellers who did not hire the services of professionals.Knowing how to negotiate to obtain the best deal is very important when you sell one of the largest assets that you own, your small business for sale.

Victor John is an expert author and has years of experience in small business for sale, Online Business For Sale & buy business in australia

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4 Things to Avoid When Marketing Your Small Business

In the rush to open your small new business, you’re probably occupied with a thousand details. In many ways, the timeline sets itself according to what has to be done in order to launch your product or service.

Unfortunately, what gets left behind is often an equally important, but seemingly invisible consideration – marketing your small business.

By the time you get around thinking about marketing your small business, you may be low on time and money! Not exactly the best conditions in which to make important decisions about marketing strategy!

Making small business marketing decisions under the gun leaves you with a greater risk for making mistakes. Marketing is one place where even small mistakes can have lasting consequences.

Following are a few of the most common small business marketing mistakes.

Not Doing Your Homework

First and foremost, you have to spend a little time researching your industry. Start with your competition. What are they doing to market their business? Take note of where and how they market their product or service, especially the successful ones. Call in or email an inquiry as if you are a potential client. See what their process is, what type of material they send you, and how they follow up.

You can also join an organization like the local Chamber of Commerce to strategize with other business owners in your area or field. Developing relationships with other small business owners allows you to leverage combined expertise, and may also leads you to joint marketing ventures that can save you time and money.

Spending Too Much, Too Fast

It’s easy to jump in and start spending money, especially if you have it in the way of a small business loan or other start-up capital.

But this is one of the most dangerous mistakes you can make when planning your small business marketing strategy. More is not always better. Sometimes it’s just more.

You want to spend smart, not necessarily big. Don’t spend a dime until you’ve done the research to back up your investment, and then start small. It’s much, much easier to add additional marketing than it is to ramp back after you’ve already spent the money.

Spending money too fast can mean running through most of your start-up capital too soon, leaving your business without the funds it needs to survive.

Spending Too Little

In an effort to curb costs and ration your budget over the long, slow haul to profitability, you may just make the opposite mistake of spending too much money and spend too little.

Starting a business is scary, and most small business owners don’t have an unlimited time to turn to a profit. With a tangible or intangible deadline looming, it’s common for small business owners to keep a death grip on whatever capital they have “just in case”.

But you will have to spend money to make money, at least on some level.

If you have the jitters about spending your working capital, start small with something that has measurable results. You need to be able to determine if your campaign has produced results within a short period of time and before you’ve spent too much money. This way you can kill it and move onto something different if it’s not working or ramp up the existing campaign if it’s doing its job!

Information Overload

The internet makes it possible to tap into previously unheard of quantities of information. That’s both good and bad for anyone looking online for small business marketing advice.

With the advent of blogs and free websites, everyone’s an expert! But they’re not, really. They only play one on TV!

Seriously, though, carefully choose the advice you seek out and use to market your small business. To avoid getting bogged down with too much information, choose one or two sources you know to be reliable, and resist the urge to cruise the internet for fifty more opinions.

Take it Slow

Launching a small business is a learning experience above all else. Avoid making rash (or expensive) decisions when it comes to marketing your small business, at least in the beginning.

By taking it slow, you can try different marketing techniques and check the results as you go, mitigating the consequences for your long term small business marketing plan.

John Edmond worked for many years in insurance and finance and now writes on small business marketing and the Internet at A href=”http://www.business-in.info/blog”>Small Business Marketing. For ebooks on marketing off and on the web go to OneClickBooks where all single ebooks are just 99p

Kent Goods
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