Starting Your Own Business in Shortcut

Are you trying to start a business in Thailand now? Entrepreneurs are basically impatient, so following all the steps needed to start a business - from writing a business plan to applying for a license and permit - can be difficult for many people.

There is a shortcut for starting a business that can quickly get you in the driver's seat. Buying an existing business is an easier way to start a business than starting from scratch. Here you need to know about these two options.

Startup shortcut: Buying an existing business

When you start a business from scratch, you must do everything from finding locations and identifying suppliers to developing brands and recruiting employees. When you buy an existing business, many of these steps are already done for you. Another plus: Because existing businesses have a track record and assets, it's often easier to get a loan to buy an existing business than it is to get a start-up to start a business.

Before you start buying a business, get to know your skills and interests and what industry you want to go to. You can get an idea of the type of business you want to do by searching on Bizbuysell: This will give you many choices, with a business listing of more than 45,000 businesses at a time. Are there specific businesses in your community that you are interested in? Reach out to owners and see that they are open to sales ideas - you never know!

What to Ask Before Buying a Business

After you have identified a number of potential businesses to buy, do your due diligence to explore any problems with this business and make sure it is worth the asking price.

• Find out why the owner sells. Why did they retire or move? Or is there a problem with a business (such as a declining customer base or "cursed" location) that makes them want to bring it down?
• What business assets will you buy (such as equipment, real estate or inventory)?
• Who are the key employees? If they are important for business, you want to make sure they will stay with your business after purchase.
• What kind of brand recognition does the business have? Investigate the online reputation of the business, including online reviews, social media, and the Better Business Bureau, to see if the business has a positive image.
• Review all business financial information, including bank account statements, accounts receivable /payable, and at least three years financial statements and tax returns. Find out if there are loans, liens or lawsuits.
• Look at existing licenses, permits, contracts, trademarks and other legal documentation to make sure everything is okay. If there is intellectual property involved, make sure it is part of the sale.
• Is seller financing available? Making payments to sellers from time to time can be a more affordable way to pay for a business rather than taking out a loan.

A business consultant  can help you find a business for sale and negotiate prices. This is a complex purchase with many risk factors, so you should also review the finances of your accountant's business when they become serious and the lawyer reviews the contract before signing.

Read Also: Setting Up Your Company in Thailand - Biz Blog Writer