Drug testing

Adding a Service After You Buy a Business

When you buy a business, you should have a plan. Why have you chosen that particular business? Why that particular time to buy a business? What can you bring to the business? Some of the most successful business stories are of people who buy a business with the intention of bringing their specialized set of skills to it, and using them to grow the business.

However it can be hard to add a new service to a business, particularly when you're unfamiliar with the workings of the company, as you probably will be when you buy a business. The best person to help you understand the company, and thus make it easier for you to expand its services, is of course the seller. You might want to consider working out a deal whereby the seller stays on board as a consultant for a specified period of time, helping you get your bearings.

1) Writing a Business Plan After You Buy a Business

Business plans are usually written when you want to start a new business; however, writing a business plan is an excellent way for you to lay out on paper exactly what the company is about, and understand what it does best, what its weak points are, etc. This will prove very helpful when you're trying to work out how to go about adding a new service. Be open to advice from anyone in your company who might have a good idea.

How well does the service you want to add fit in with the current functioning of the company? If it's an extension of areas the company is already involved in, is it a service that existing customers will need? Or will you need to spend money to market the new facets of the company?

If you're venturing into an entirely new area of business, do you have the workforce and infrastructure in place to handle the changes, or will you need to hire new talent, purchase new equipment etc.?

Share your thoughts with your employees and take their feedback very seriously. They are the ones who will ultimately execute your ideas and make them work.

2) What Do the Customers Want?

Your business sense aside, the customers' ideas are easily your most valuable pointers to what your business needs. If you find several customers asking you whether you offer a particular service, that's a clear indication of the natural direction in which the company can grow. Your existing customer base will provide sufficient momentum to your initiatives to ensure that they get a fair chance. If you please your existing customers, word-of-mouth referral alone will help the new areas of your business grow and you may find that you don't need to market yourself aggressively at all.

3) Share Your Enthusiasm

Being a new boss, it's important that your first few big ideas don't fall flat, so err on the side of caution. Be a dynamic communicator so that you have the support of your employees and customers. Set realistic goals and motivate your employees into attaining them. Constantly revise progress with your team members, so that they feel that they're a part of the change, and have a stake in making it work. The company's enthusiasm will be passed onto the customers, giving any sensible business plan a good chance of success.

Timing is of the utmost importance, so be prepared to put your plans on hold until the company is ready to go through a change. When you buy a business, the period of transition can be somewhat unstable so any changes you plan need to be planned out to the smallest detail possible.

Get help from experienced business brokers to help turn your business dreams into reality. At Vested Business Brokers we have enough experience in putting together successful deals.

Our web page is www.vestedbb.com

limousine chicago service
In The News:

Cross Polination of Innovations in the Cleaning Industry

According to the latest edition of Pool and Spa news;... Read More

Be An Entrepreneurial Artist: Paint A Picture, then Commit It to Canvas

James had an original concept and he needed an investor.... Read More

The Fear Factor

I recently conducted a lil' survey asking my colleagues what... Read More

Street Smarts Vs Book Smarts, What Does It Takes To Be An Entrepreneur

The latest series in "The Apprentice" features 2 distinct group... Read More

The Heroic Entrepreneur: Profiting from Your Brilliance

If you look up the definition of hero in Webster's,... Read More

Find Out If You WILL Be Successful As a Franchisee?

Will I be successful as a franchisee?One of the soundest... Read More

Your Company Needs A Mission Statement; Make It Count

Does anyone remember that book "Built to Last" done y... Read More

Entrepreneurs, Are You Hauling Buckets?

Once upon a time, there was a village on the... Read More

10 Ways Entrepreneurs Shoot Themselves In The Foot

Entrepreneurs and their businesses have a tendency to ambush themselves... Read More

How To Find Focus And Turn Your Talent Into A Thriving Professional Business

There are tons of books and articles available to help... Read More

Coating Service Business Case Study

There are many coating businesses in the market today, but... Read More

How To Get More Clients and Customers; Dont Sell Be of Service

Whether you are just starting your business or focusing on... Read More

Leadership Attributes for Business Success

Business success is essentially the result of successful leadership. Contrary... Read More

Ex-Yankee Pitcher Pitches Barter As Powerful Business Tool

Mission Viejo, CA - June 14, 2005 - Bob Meyer,... Read More

Book Yourself Solid: The Simple Selling Process

As a service provider you may not want to think... Read More

Designing a Comprehensive Franchise Company Computer System

One of the most important management tools a franchised company... Read More

Definition of Entrepreneur

EntrepreneurAn entrepreneur is a man who organizes and manages the... Read More

100% of Nothing

What would it be worth to you to receive a... Read More

Do You Have What it Takes to be a Successful Entrepreneur?

Print off this page, take the quiz and find out... Read More

Strategies for Overcoming Obstacles to Discovering Your Gifts

What are the unique gifts that differentiate you from other... Read More

Entrepreneurial Hate, its out there

Today, I got an email from a lady who hates... Read More

How To Start a New Business

While it is tempting to just leap into a new... Read More

Ancient Warrior Secrets For The Modern Entrepreneur

The words you see onscreen trigger subconscious responses. Dark images... Read More

Franchises - Success and You

Many people believe owning a franchise will make them rich,... Read More

How Much Risk is Necessary to Grow Your Business?

A business owner is thoroughly responsible for their own financial... Read More

walkway lighting induction fluorescent lighting Pete's produce ..