Tips for New Entrepreneurs

fast food restaurantEvery business model has its own set of challenges and rewards, and the fast food business is no exception. Many owner-operators who have chosen fast food enterprises have no idea what they are signing up for until they get started, and they will tell you there is no shortage of excitement. But the most exciting part about starting this type of business isn't the food; it's the earning potential!

tips for buying a small business 2There's something about the phrase "vertical integration" that sounds like more of a buzzword than a way to make money; but it has actually become a worthwhile endeavor for many entrepreneurs. In the online dictionary, vertical integration (ver•ti•cal in•te•gra•tion) is defined as "the combination in one company of two or more stages of production normally operated by separate companies." In more practical terms, vertically integrated companies have a hand in more than one part of a given industry.

work smarterOver the past five years, as companies have downsized, employees have been pushed beyond the limits of a typical 9 to 5 workday. In order to get everything done workers are getting into the office earlier and staying longer than ever. But are these long hours really necessary? If you want to achieve balance in your life and get more accomplished in less time, try working smarter instead of longer.

The whole concept of working smarter may seem like an old cliché, but if you can achieve this it will change your life. It takes some effort, but isn't it worth it if your entire working life gets easier? Take the time and the tedium out of almost any task by learning to work smarter.

starting a businessAre you tired of worrying about your job security?  Perhaps you’re ready to quit the 9 to 5 job and work on your side business full-time.   Maybe you are exhausted from trying to lead a “double life” until it’s time to be a full-time business owner.  The question of when to take the plunge is the biggest dilemma for entrepreneurs.  If you leave too soon you may run out of cash too quickly, but if you wait too long you may miss the best growth opportunities. 

Unfortunately, buying a business isn’t as simple as perusing the business listings and finding the one you like best.  It is a long and arduous process that requires a thorough investigation of financials, including an inspection of the premises, interviews with employees and an assessment of business assets.  Any experienced entrepreneur will tell you how important it is to do your due diligence when acquiring an existing business.

If you aren’t working with a business broker, then the process of vetting an existing business may become a long process.  Brokers offer valuable experience with business valuation and industry expertise, which could help you establish whether a business is a worthwhile investment.

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