Thinking of starting a business blog 2

Thinking of buying a new business, what you need to know.

Thinking of buying a new business? You may be cautious about buying an existing business, toying with the idea of starting from scratch or you may just not have the confidence yet, either way we hope to help you in your decision.

Not sure about buying a new business?

Top five tips to consider when buying a business for the first time:

  1. Businesses at this end of the market are more than likely going to be leasehold and the landlord will want to see references so previous experience in the type of business you are looking to buy would be ideal.
  2. At the entry end of the market, be prepared to put in the work yourself, you’ll need to be hands on and want to get stuck in! It is unusual to find a valid investment opportunity at this end of the market.
  3. Can you afford to buy? Don’t forget, you are likely to need money for Stock, Legal fees etc. on top of the purchase price. Add a contingency into that too for any unexpected costs!
  4. Ask if the seller is willing to stay on for a period of time after you buy the business to introduce you to the customers and show you how they do things.
  5. Be aware that to properly transfer a business can take some time, especially if it’s done through a firm of solicitors; as it should be. On average, the legal process can take two to three months, so bear that in mind.

From little acorns grow mighty oaks

Turning a hobby into a career

Whether it’s baking cakes or tying bouquets, lots of people just like you turn their hobbies into a business.

Many people have made huge successes out of their desire to turn a hobby into a career, such as Nicole Snow who started Darn Good Yarn, and Christine Watanabe turned her passion for tennis into a business.

What though is the difference between making a bit of money on the side and going full force into business with your hobby. Will you enjoy it just as much when you’re working to pay the bills?

Running a business as a hobby is great, you can pick and choose which friends birthday cakes you do or which relatives flowers you tie, but when you do your hobby for a living, you can’t be so choosy. You will need to love what you do enough to do it whenever and for whoever, so you can pay your bills and make some money!

Do you understand business

You don’t need a degree or qualification, but are you confident in the basics? It can be a scary thought if you don’t understand the absolute basics of finances, book keeping, employment law etc. If you aren’t fully up to speed on the basics, don’t worry; there are lots of places to get good free advice, but don’t leave it until you’ve bought the business to take those first steps into the unknown!

Can you afford to buy a business

Remember, buying a business is only the starting point. You’ll have stock and fees to pay on top of the asking price in most cases, so please don’t forget that. Also, make sure you have enough spare cash to fund your initial cash flow when you eventually do take the keys to your new shop. The last thing you want to do is run out of money!

Looking to change your lifestyle

BUYING A lifestyle

Maybe you’re looking to buy a lifestyle business to compliment your retirement or invest your redundancy pay-out. Either way, we can help you in your decision to find the business that suits you and your lifestyle

Early retirement/lifestyle

We see lots of people buying businesses because they want a lifestyle change. They want the freedom of working hours around the kids or their social lives, the answer? Buy a lifestyle business. From online jewellery to dating sites, we have lifestyle businesses for sale to suit everyone’s taste and at bargain prices.

Redundancy

Want a way to invest your redundancy pay-out? Our cheap businesses for sale may be the right answer. Rather than looking for another job or investing your money in the bank, where else could you see such a great return on your hard-earned cash?

Savings

If you’re tired of the poor interest rates and you want to invest in a business, buying one for under £25k could be the answer. If you’re looking for a change and want to invest some of your savings… well, look no further.

Whatever your skills, find a business for sale that suits you and your lifestyle.

Why buy a business

Hilton Smythe have helped thousands of buyers find their dream businesses for sale. Whatever it is you’re looking for; we have the skill and expertise to help you every step of the way.

With access to lenders, lawyers and everything in between, we can get you the help you need to buy your dream business. No stress, no fluff.

Reasons to buy with Hilton Smythe

  1. Trusted and recognised name in the businesses for sale market place.
  2. Access to preferential rates for lawyers and lenders.
  3. Upfront, honest advice.

Process

Find your dream business.

  1. Get in touch to arrange a meeting with the seller.
  2. Find out all the information you need by meeting the seller at the business.
  3. Make an offer and agree terms.
  4. Get the keys to your new business.

Buying vs. Starting – Three reasons why you should buy a business

With so many cheap businesses for sale, why wouldn’t you buy instead of starting from scratch?

  1. Somebody else has made all the mistakes for you. When you start a business, as with buying an existing one to some extent; it’s one big learning curve! When you buy an existing business, you already have a customer base, maybe established staff and the processes are already in place, so the impact of learning about being in business can be less severe.
  2. People already know about the business so you don’t have to start from scratch building a customer base. You can focus your efforts on adding to that customer base and growing an already established business.
  3. You don’t need to come up with a name, logo or brand straight away; it will already be there; in time, you could add your own touch to it or change it all together… the choice is yours.

Tel: 01204 556 302
Email: movingon@hiltonsmythe.com

If you need any further information or want to talk to someone about selling your business simply fill in your details below:

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VintageWheels3

To truly enjoy your job you should pick something that you’re passionate about

For Gerry Wheeler that is certainly true. Read how he built a successful vintage wedding car business from an early purchase.

A fan of everything transport-related, Gerry built a successful vintage wedding cars business from an early purchase. Now, at the age of 85, it’s time for Gerry to hand over the keys to his collection of vintage cars and enjoy his retirement.

Married with three sons, Gerry had already set up a successful specialist transport business and was enjoying his spare time racing motorbikes. After forty years of relatively safe racing, his wife decided enough was enough and he was too old. Pride comes before a fall, so Gerry swallowed his and looked at other motor-related hobbies he could pursue. His wife suggested that if he bought a vintage car, she could follow him and partake in the events.

From hobby to business
Not wanting to turn down an opportunity to attend a car auction, he attended a specialist sale and saw a rather forlorn looking Cadillac on the end of a row and thought he could do it up. Unfortunately the car he purchased was too big for his wife and Gerry thought he would sell it on after he finished doing it up. Before he could, local girls and dads were asking him to use the car for weddings. Initially Gerry drove the car as a favour, but people insisted on paying and soon enough he was full up with bookings and the wedding business began.

He added: “I was worried about letting people down if the car broke down, so I bought another one. By the time I’d rebuilt both of them, I was hooked on it and that’s how I got into the wedding business.”

Vintage Wheels started 27 years ago and Gerry has not lost any of his enthusiasm and loves rebuilding them. He says:-’We strip them right down, body off and from the ground up. From then on they don’t give us any trouble’. The other aspect is meeting people – a real mix of people. We’ve even done various film work. We have one car which is now referred to as the ‘Downton Abbey’ car which featured in three or four episodes. We also featured in several of the Poirot detective series.

A business that delivers memories and emotions – tips to good service
With a business that is associated with people starting new chapters in their lives, clients can often be highly emotional. Gerry comments, “We’re focused on being there on time and being calm and patient. From there on, it’s a little bit out of our hands, for example if the bride uses her prerogative to be late for the church. That’s why we only use one car per wedding per day. To ensure there’s no rush or stress on the day for either party.”

We also make sure the cars have a number of adaptations including two fuel systems to avoid any problems during the journey. In the 27 years we’ve only had to change cars twice.

While the cars are highly cherished original they are not concourse. Gerry comments: “Cars are meant to be used and not kept hidden away polished to the nth degree and carried to shows. All our cars are originals and only four have had their engines replaced if needed.”

Get a FREE valuation from the UK’s leading expert in small to medium business sales.
Tel: 01204 556 302
Email: movingon@hiltonsmythe.com

If you need any further information or want to talk to someone about selling your business simply fill in your details below:

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