Friday, September 01, 2006

Buying an Existing Business

After busy weeks (with no time for posting) preparing the acquisition of a business I again realised the importance of a proper business plan.

So, if you want to buy a business, but don't know how to create a
business plan, then this post will show you how to get one done
and ready within a few weeks.

Listen: In order to get a good business plan in your hands, you
are going to have to do one of two things:

1.) Hire someone to do it for you

2.) Do it yourself

Now, if you hire somebody to write your business plan for you (and
this is the ideal way of doing it), it will usually cost you
between five or ten thousand dollars.

On the other hand, if you're starting with little or no money of
your own, and want to do it yourself, there's a number of programs
in the business section of your library that can help you. Most
decent libraries will have CDs, books and computer programs you can
use to put together a business plan.

Another way to do it yourself -- and this is a little more
"unconventional" -- is to simply go online, put "business plan"
into a search engine, and you will find dozens of companies that
will give you samples of business plans (you can use as
"templates") -- 100% free -- because they're trying to sell you
financing or something like that.

Whatever the case, if you decide to go out and raise money to buy a
business and don't put together a business plan, the chances of you
getting the money is zero and none. Luckily, it can be done for
little or no money.

But the ideal way is to hire someone who's done them before (and
has a track record of having created successful business plans) if
possible.

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