When it comes to buying a business, there’s no need to break the bank to find the right opportunity for you. An important part of success is not over-extending yourself when it comes to your finances.
That’s why it’s important to keep in mind that there are businesses available no matter your budget options.
We give you some ideas of businesses and industries that you should consider if you’re on a budget.
The internet has really opened up a whole world of opportunities for entrepreneurs. If you spend enough time researching, you should be able to find an internet business for sale that fits into your price range.
Of course, you will still need to do a very thorough due diligence to make sure that your investment will pay off. Make sure that you’re not just buying a website. You should be buying a functioning business that has customers and marketing and social media just as a brick and mortar business would.
You will still need to see their sales records and their profit margins so that you can be sure that you are buying a business that will bring you returns in the long run.
To value an online business, you will have to look at web traffic, whether the domain name is of worth and the recognisability of their brand. Keep this in mind, though: the better these are, the more you will have to pay for the business.
The beauty of internet business is the fact that you don’t need to buy assets like machinery along with the business. This can help to drastically reduce what you need to pay in order to purchase the business.
You are also more likely to be able to extend the area of your search as an internet business can usually be run from anywhere. This will make it so that you’re able to get a better deal.
Work from home
There are several businesses that don’t require office or shop premises. Any business that is being run from home will also be valued at less and will be perfect for anyone who wants to buy a business with a decent profit without a huge price tag.
This is a very broad sector and so you should narrow down what exactly it is that you want to do before you try and find the right business for you.
Many online businesses will overlap with businesses that you can run from home. For example, an online adventure travel company that can be run from anywhere will cost around £30,000.
Another type of business that will not set you back too much are mobile businesses. Often these will be van-based or services that you take to your clients.
For example, a mobile valeting business that is valued at £15,500. Businesses like this one will usually be a lot more flexible in the hours that you run them. This makes it perfect for someone with an unpredictable schedule or someone that’s looking for a second income.
While internet, mobile and run-from-home businesses are an obvious choice when it comes to reasonably-priced businesses, there are plenty others. Finding a leasehold business will allow you to find a business that you can afford.
Many leasehold contracts can be negotiated to be freehold in the future once you are up and running, however, you can run a profitable business leasehold. When you consider this, the possibilities are endless.
Finding a business that is leasehold will mean that you are able to venture into various kinds of retail or service niches.
The shared economy and online booking sites have also transformed the types of businesses that are available to entrepreneurs. Serviced accommodation can be advertised on Airbnb or Booking.com and can become a lucrative business opportunity.
There are opportunities to take over an already existing portfolio and hit the ground running renting out accommodation from these leasehold properties.
If you are looking for a business on a budget, searching for a business online can be really helpful as you can use the filter function to set the maximum price you are able to pay.
The rest will be up to your research and due diligence.
Jo Thornley is head of brand and partnerships at Dynamis.