Do You Have A Business Or A Job?

Many readers will answer that they have a business; after all they are self-employed and perhaps have their own Company.

But can a buyer buy your business and carry on running your business at the same profitability level.

You see, many peoples businesses are based around their own skill set or personal contacts, remove the owner from the business and if affects the business.

What they have is not business goodwill but personal goodwill and if they were to sell their business then their business contacts that used their business because they trusted that person might wish to look elsewhere, because no one can do it like the owner.

Many small businesses can be sold for up to two years profitability, so how can you ensure that you get paid that £40,000 -£50,000 for exiting your business?

The answer lies in creating a brand for your business and ensuring that it can be run without you.

The main criterion for assessing whether you have a business or a job is looking at what happens to your business when you go on holiday.

If your business has to stop trading then you have created a job for yourself not a business and to be able to sell your business you will need to make changes.

This entry was posted on 10/02/2010 at 11:06 am and is filed under Selling Your Business, General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.