After a client asked me to help advise him about the choice of a business, I asked the following questions:
- What Return do you want from this business?
- What Time and Effort do you want to put into the business to earn this?
- What are your Values?
- What are your Skills?
........these are the Looking Inside Yourself questions!
These questions help you avoid being a round peg trying to fit into a square hole. If you find a business that sounds attractive and you haven't done this thinking, take the time to go back to basics and define what it is that you want and what are your needs from a business. Otherwise, you might find you are simply buying someone elses worries!
Once you have defined and listed these criteria - you have the paramaters within which you will find a business that will be a good fit for you. Then you are ready for and can start the Looking Outside Yourself process of research and due dilligence:
- List all the businesses that could fit all of these criteria
- Explore and do due dilligence on all of those businesses.
- Prioritise each business on the basis of best fit through to least best fit.
- Negotiate the best deal for the best fit business
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1 comment:
Nice post. I want to run my own business soon, so I'll remember this one. I know it'll be challenging, so I can use all the help and advice I can get. I've been thinking about buying a business lately instead of starting one from scratch. Maybe a franchise? I don't know. Do you have any suggestions or advice? Thanks!
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