If you are thinking of quitting your job and looking for a new business or buying an existing business you need to consider every circumstance related to business.
If you are buying a business then there are certain questions you can ask a vendor.
1. Ask the vendor how has the business been valued?
2. Are the financial records of the business accurate?
3. Does the business require any permits or licenses?
4. How much profit you have made over the years?
5. What is the annual gross revenue?
6. What is your marketing plan?
7. Who are your competitors in your business?
8. Are there any pending lawsuits in your business?
9. How rapidly does your business get paid for services and goods?
10. Are you ready to take a standby position?
11. Are the company’s incomes rising or decreasing? If decreasing, what is needed to improve them?
12. What is the target market for the business? Is that market rising, strong, or shrinking?
13. Does the company enjoy strong brand recognition in its market?
14. Does the company have sufficient working capital?
15. What marketing strategies does the business practice? Which are most effective and least effective?
16. What is your management structure?
17. Do you depend heavily on limited major clients?
18. Does the business have any debts?
19. What has been the biggest factor in your achievement of the business?
20. What has been your greatest challenge in the past year? And how did you cope with it?
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