Help Topics

Selling Your Business

Perhaps it’s time for new challenges.  Perhaps your business is just not doing so well or maybe retirement is on the cards.  When considering selling your business there are many important decisions to be made.  To make wise informed decisions you need to know specific details about the best method of selling your business.  Selling a Business is different than selling anything else you own, because your business is a lifestyle as well.

Negotiating a Sale

Negotiations can be complex and time-consuming and more often than not break down, sometimes at a very late stage; this can be very stressful for both parties.  However, if both parties take the right approach from the outset, there is a much better chance of Negotiating a Sale and a deal being struck that both parties are happy with.

Bankruptcy is the orderly administration of an individual's affairs to provide a fair distribution of their assets to their creditors.  Bankruptcy and You is the process used when a person is insolvent and it is a legitimate and just way for a debtor to solve their debt problems.

Confidentiality

Most business owners wanting to sell their business require confidentiality in dealing with a prospective buyer and it is a good idea to have any prospective buyer sign a Confidentiality Agreement, for commercial reasons owners may not want their competitors and suppliers to know they are selling.

Buying a Business

You may have made the decision to become an entrepreneur, but Starting a Business is no easy task.  Nevertheless, if you are serious about operating your own business, you might want to consider minimising some of the anguish and pain associated with a new business by purchasing an established business. 

Evaluating a Business

Buying a Business and managing it takes motivation, desire and talent.  It also takes research planning and a procedure described as Evaluating a Business.  Like a chess game, success in small business starts with decisive and correct opening moves.  Although initial mistakes are not fatal, it takes skill, discipline and hard work to regain the advantage.

A business that's right for you.

There are many reasons credited for starting a business, including Entrepreneur or Employee, but the main reason without any doubt is to make money.  People who start a business know very well that they can never become rich by working for wages – even a brain surgeon can only work on one brain at a time.  However, some Entrepreneurial Skills will be required whatever type of business you decide to take on.

Being Self Employed

So you have a dream of Being Self Employed, it’s not an uncommon desire.  Surveys indicate that almost 90 per cent of Australians want to stop earning money for someone else and start making it for themselves.  And why not?  However, Before you Start, you should recognize that how you live your life is shaped and influenced by how you earn your living.  

Business Failure

Starting a Business is a major decision, it will affect you financially and change your lifestyle, but in spite of all the Business Failure Statistics there are more than 640,000 examples in Australia that show it can be done profitably.

Buying a Franchise

Franchising has assumed such a profile in the Australian marketplace that it is difficult to imagine the Main Street or local shopping centre, without franchised outlets.  Franchising your Business has also become popular.  The concept of "cloning" business outlets was virtually unknown until the early 1970s, when the pioneering US fast-food systems introduced this dynamic method of business operation to the local marketplace. 

The development of Franchising in Australia since this business format was introduced has been impressive, but What is a Franchise?  Franchising provides a proven business system plus the support of a much larger organization and if you are a first-time business owner, the benefits of Buying a Franchise are many.

Accredited Franchise Companies

Australian franchisees are protected by a comprehensive regulatory regime.  The Trade Practices Act 1974 protects against unconscionable, misleading or deceptive business conduct. The following is a list of Accredited Franchise Companies.  Franchisees are further protected by the mandatory Franchising Code of Conduct, which is underpinned by the Trade Practices Act. 

Buyer Beware

What is Due Diligence?  To ensure you are buying the right business or franchise, you need to do a thorough investigation of the target business, its historical performance, operations, current financial status, competition and in particular, the businesses future potential, this is called Due Diligence.

Home Based Business

There are many different kinds of businesses and small business owners in Australia Working from Home.  Some people just prefer to work out of their homes while others do this out of necessity.  Whatever the reason, the best home based business for each person is as different as the people that run them.  You might also like to know The Truth about MLM.

Create a Sales Letter.
I know a lot of people hate to act like salespeople and hate to push their product or service, but if you don't do it and you do not have a sales team – who will do it?  That’s why it’s good advice to learn effective marketing and one way is to Create a Sales Letter or email.

No Such Thing as a Free Lunch.
There is No Such Thing as a Free Lunch.  That saying has been traced back to around 1950.  It means that nothing in life is free; you cannot get something for nothing.  Moreover, if it appears to be free, someone somewhere is paying for it.  That is extremely valuable information to keep in mind when you’re surfing the net looking for a Home-Based Business.  Beware of the “nothing down for something” scams.  They go against all the generally accepted rules of business and commerce.

Managing the Business.

To succeed in business you also need to allocate time and energy to Managing the Business, over and above creating and delivering the product or service.  Managing a business is definitely rewarding – but it is not easy. 

Business Goals.

Overseeing everything from Hiring Staff, finance, sales and purchasing, to administration and planning means that sometimes things can get a little hectic and Setting Business Goals is an absolute necessity, because there are certainly Risks and Responsibilities in any business.

Business Plan.

Have you prepared a Business Plan?  It’s the perfect tool for tracking your progress and can put you in a much better position to discuss your financial needs with a potential lender when Raising Finance.

Marketing the Business.

The words Market Research are often scary to entrepreneurs, but hey do not need to be.  Your challenge is to determine if there are customers for your product or service, how many customers are there, how much will they pay and how you will get them to buy.

This is not an academic exercise.  Its objective is to generate meaningful operating numbers and Marketing Principles that can be used for your projected income and operating expenses of your company.  Growth in your industry and Affiliate Marketing is only beneficial if you can relate it to your increased revenues.

The Internet and Business.

With the surge of businesses having their own Web sites, now is the time to consider Getting an Online Presence by putting your own business on the internet.  It can be a relatively inexpensive way of reaching a mass market, while at the same time becoming an effective marketing tool.

Exporting Goods.

Of all the manufacturers in the country, only a small percentage are actually Exporting Goods to markets in other countries and although it seems obvious that all manufacturers would want a worldwide market, it is not easy.

Business Reality Check.

As a business owner, is your enterprise truly thriving, or are you feeling the pressure from your competitors who are breathing down your neck?  If your business is not what you want it to be, it could be time for a Business Realty Check.

Break-Even Analysis.

It is important to know the level of sales required to cover your total costs.  A Break-Even Analysis will allow you to determine this level as every dollar above break-even will contribute to profits.  The actual profit can then be worked out by deducting variable costs from the increase in those sales.  This gives you the profit per dollar earned.

Financial Forecast.

Your Financial Forecast indicates past performance.  This information will certainly interest potential investors.  What's more important, they will look to your company's projected financial statements to see whether your business is a good investment and one that will generate a return on their investment.

Feasibility Study.

A Business Feasibility Study can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes and assessing the range of costs and benefits associated with several alternatives for solving a problem.

Business Categories.

Bakery Patisserie Shop.

There is nothing more enticing than the smell of freshly baked bread and pastries.  However, the ingredients for success go well beyond an exquisite cheesecake or hearty oat bread.  They are a complex blend of passion, vision, risk-taking and business acumen.  Opening a Bakery/Patisserie Shop is hard work and the failure rate is significant.

Beauty Salon.

The hair styling industry is a multi-million dollar market with a steady annual growth.  Australians are very style conscious and more than willing to pay a good Beauty Salon and as long as everyone continues to need haircuts on a regular basis, the market should remain healthy.

Business Consultant.

A Business Consultant works with the management of a business to improve the profitability of the business.  Working with the top management, you can rest assured the consultant is a very highly paid individual.

Carpet Cleaning.

If you want to make money working for yourself and be your own boss, Carpet Cleaning is an easy business to get into.  When you start up a business, there are two key components that you need and that’s a product to sell and someone who is willing to buy it.

Child Care.

The demand for quality day-care centres has never been greater as parents seek to find a warm, caring and trust-worthy Child Care facility to watch their children while they are at work or at play.

Coffee Shop.
Specialty coffee shops are often a franchise business owned by major corporations.  However, many a fine specialty Coffee Shop is privately owned and run by smaller groups of people.

Commercial Cleaning.

Are you thinking about starting your own Commercial Cleaning Business?  Running your own business offers many rewards and gives you the freedom of being your own boss.  You can also achieve great personal satisfaction from starting with just a few cleaning clients and building a successful and thriving business.

Computer Consultant.

Love them or hate them, no one can survive in today's world without a computer.  Computers are the backbone of most businesses and have become almost as prevalent in the home.  This is a very dynamic industry and the Computer Consultant is undoubtedly here to stay, the industry is constantly evolving and businesses have to evolve with it in order to survive.

Convenience Store.

Nearly every suburb in the country has some sort of smaller Convenience Store.  These stores help to fill the gaps in a shopping trip or aid travellers who are on their way to other locations.  However, starting convenience stores requires knowledge of what people need and where they might need it.

Crafts Business.

The Crafts Business is an evergreen business.  Even in today's high-tech world, people are still craving for that nice, sweet, little hand-made craft item because it adds a personal touch and demonstrate sincerity, something that high-tech products have not been able to achieve.

Foods Industry.

One business sector often overlooked for jobs and new business opportunities is the Foods Industry.  The food industry ranks high in the nation in terms of employment and works quietly behind the scenes creating new foods and processes to feed the domestic as well as the world population.

Home Based Photo Studio.

It's easy enough.  You can start with the absolute basics and build up over time with a new piece of equipment as and when your budget permits.  A Home Photo Studio can be as sophisticated as the local commercial shooting space, or as simple as a sheet pined against a wall and lit with floodlights.  Depending on your needs, studio photography opens up new opportunities for the photographer in search of more creative possibilities.

Internet Retailing.

Internet shopping today is a significant part of the retail sector.  Internet Retailing is the new shopping experience of the future.  Of course, the major hurdle for internet shopping is the shipping charges; sometimes they are just too expensive.  The growth rate for Internet shopping is on the rise, Internet shopping is secure using encryption and SSL techniques and Internet shopping is easier, safer and more convenient than at any point in history.

Limousine Business.

The Internet and wireless technology has brought about many new changes to the Limousine Industry including new ways in which business is conducted; particularly the fact that clients can now book on-line reservations for your limousine services.  Limousines are a well-known form of transport for Presidents and Celebrities.  However, there is a lot more to it than that.

Opening a Café.

There has been a significant change in the last ten years or so.  Eating out during the day has become much more than just attending to a physical need and there are many opportunities for Opening a Cafe.  It has become a positive pleasure which increasing numbers of people indulge in – and not just at lunchtime.  You will see people snacking or drinking at all times of the day.

Retail Business.

The essence of retailing is buying something and reselling it for a profit.  What you sell, where you sell it, how you price and display it and whom you sell it to are all factors that help make the Retail Business an extremely interesting challenge.  Retailing is about change and if you like change then you will love the retail business.

Starting a Restaurant.

As entrepreneurial enterprises are concerned, Starting a Restaurant is by far one of the hardest endeavours to undertake.  While the rate of restaurant failure isn't nearly as bad as it's purported to be, restaurants do fail at a much higher rate than many other types of self starter business.  For that matter, even franchised restaurants have a failure rate just a few percentage points below self-starters.

Vending Machine Business.

If you are considering business alternatives, the Vending Machine Business is a good place to start.  Once the experience is accumulated, you can make good profit.  If you put a little thought in to it and with a small investment, vending machines make for a great business and provide a nice income in no time…  Moreover, no staff is required.

Wholesale Business.

Getting into the Wholesale Business has become a very attractive thing to do these days, especially with how easy it is to sell things over the Internet.  It's gotten to the point where you don't even have to handle product anymore.  However, before deciding to dive in head first, there are some things that you should know.

Why a Pet Shop.
All across the country thousands of households are not only home to people, but to pets as well and these pets need to be fed, cleaned and cared for.  Pet care cannot be completed without buying pet supplies and that is Why a Pet Shop is chosen by many individuals rather than a large retail store.  A pet shop is classified as a shop that specifically sells pet products, department stores or other large retail stores that carry pet products are known only as having a pet department.