During the sales process it’s important for interested buyers to have a business viewing. But why are they so important?
Idea of the area
By attending a viewing it allows you to understand the area that the business is situated. What kind of customers will be in the catchment area? For example if you are looking at a cafe to buy, what kind of people will be passing by? Could it be mothers on the school run, is it near by a university/college? These different types on consumers will expect different offerings and it might give you an idea of when the business would be the busiest (e.g. if its near by a college, just before college, during dinner time and after college could be peak times for the cafe).
During a viewing it’ll give you the opportunity to check out local competition. If there is competition in close proximity how can you differentiate? It’s important to also see if there are any new businesses opening up near by or have recently closed – why did they close down?
‘Feel the business’
When looking online you will only really get the facts about the business, but do you see yourself working there? A viewing is the best time for you to get a feel for the business.
Understand what’s involved
The viewing of the business will be done by the owner of the business, therefore this is prime time to get the fully understand what is needed to run the business. The business owner is the person who will best know the business, so make sure you ask them questions, such as what hours they currently work – are ready to commit the same amount of time?
See what you’re buying
Finally the most important reason for a viewing a business is to see what it is you’re buying. Sometimes the business seems different to what you have read, it’s important to check out the premises. Also it gives you the chance to see how you can develop the business.
Thinking of buying a business? Check out our businesses for sale in the UK here.