You want to own your own Business. That is very good. Now find the best opportunity for you by following the most simple guidelines below:
1) Price-usually 17x’s weekly gross in asking price
2) Equipment being left with the sale
3) Rent-key to succeeding in your business
4) Taxes-you may have to pay a portion of taxes once a year, or monthly
5) Other expenses you need to know about-electric,heat,water,insurance
6) Location-important but if owner is doing this business for 12 years or more that is a good indication. Be open minded to other locations other than where you reside in.
7) Minimum the weekly gross income should be is $3,500 dollars or more.
8) Negotiating the price- Only if the rent is fair, doable, it is best to make an all cash offer for example, at 13 x’s the weekly gross. You want a fair price, fair rent, and low expenses.
9) Whether you buy the business yourself or you partner up with someone, after you pay rent, taxes, electric, water , hot water bill this is the minimum you should net for yourself and a partner, about $1400-$1500 per week. Otherwise double that if you go it alone. You must take the time, and have a game plan when looking to purchase an ongoing business.
10) Lease-try to always get a new lease if possible. Otherwise have your attorney go over the current lease with you to explain everything.