Tips for Starting Your Own Business

Starting your own business will prove a rigorous endeavor; nobody has ever coasted through it. However, if done properly (with a little luck), all that hard work will pay off on a company you can feel proud of. To help you on your journey, we’ve put together some tips for those who’ve just started out.

Start Small:

In the beginning, don’t overreach yourself. Plenty of big businesses started small. Keep a low overhead and set up a proper business bank account.

Prepare Cash Flow:

Assuming your clients will pay you promptly can cause a lot of headaches; they often won’t. However, you can coax them into setting payment terms, charge interest for late payments, or even join the Federation of Small Businesses. 

Network:

Nowadays, you can’t get by on hard work alone; you have to know people. Market yourself and get the word about your business out there. It will eventually pay off.

 

This includes just of a few of the things you’ll have to keep in mind while starting your new business. As much effort as it may turn out to take to keep it running, few things instill pride like building something from the ground up. If you need business services such as a valuation or merger, Venture Opportunities Inc. can help. To find out more about our services, please give us a call at (972) 783-1662.

Small Business FAQ

If you’ve got a small business, you may experience struggle trying to keep up with all the daily tasks alongside big picture trends. Running a business always proves a tough venture, but well worth it in the end when you pull it off. To help make this whole process a little easier, we’ve put together a few small business FAQs:

I want to sell my business, how do I determine its worth?

While “how to” guides do exist out there, you don’t wan’t to risk getting taken advantage of on your business. Higher a professional to perform a business valuation to make sure you don’t overshoot or undershoot its worth.

What does DBA stand for?

DBA stands for “Doing Business As…” In more states, they require that businesses whose name does not reflect the owner’s file for a DBA.

How do I find minimum wage information for where I do business?

If you want to find out this information, go to the Department of Labor site. There, you can find the laws for your state.

 

Hopefully these FAQs answered a question or two you might have had. If you should require any of a host of business services ranging from valuations to mergers, give Venture Opportunities, Inc. a call. For more information, you can reach us at (972) 783-1662.

Why Buy A Franchise?

You’ve saved up money and experience; you feel ready to own a business. Starting from the ground up can prove very difficult, and also lessen your chances of success. On the other hand, you could invest in a franchise. We’ve presented some information about why a franchise could fit your needs:

Pre-made business plan:

Your franchise will already have a way of doing business; you will have access to the efficacy of the results in the required disclosures made available to you.

Existing brand-name:

Much of the marketing work will have already gotten done for you. Your franchise will have already built a brand across the state or even the country.

Training:

Most franchise companies will train you to help you start out smoothly. Operational support will also remain available for any questions you may have after you get the business up and running.

Low risk:

This factor makes franchises such a tempting option; the risk of your franchise business not taking off doesn’t even touch what it would reach if you started your own business. You’ll still have to work hard, but you’ll have much more confidence that it will end up for something worthwhile.

 

Has this sparked your interest in buying a franchise? Venture Opportunities Inc. can help; we can help you get your franchise, and also offer many other business services. For more information, don’t hesitate to give us a call at (972) 783-1662.

Importance of a “Letter of Intent”

What is a letter of intent (sometimes called a term sheet)? Basically, it’s the precursor to a legal contract: a two to four page overview of the agreement between a buyer and seller of a business. It lays out all the terms of the transaction, such as purchase price, how that will be paid, assets sold, terms of non-compete agreement, etc.

Letters of intent are not binding agreements, those are made afterwards. They do have some very important benefits, however; when you hash out all the agreements before hiring your lawyers, you can save a fortune on legal fees. With all the grunt work done beforehand, lawyers can usually print up a sale document on the first or second draft. If you skip the letter of intent, the whole of your business arrangement and its conversion into legal language will be money in the lawyer’s pocket from both sides. 

 

Here at Venture Opportunities INC, we’re happy to help you with all of your business-related needs: buying, selling, mergers and acquisitions, valuations, etc.  For more information, please give us a call at (972) 783-1662.

Why Confidentiality is So Important

You’ll notice we talk a lot about confidentiality and the agreements of such on this website. That’s because when it comes to business sales, confidentiality is extremely important. Unfortunately, the age of the Internet, email and text-messaging has made and continues to make confidentiality more and more difficult achieve. More inexperienced brokers may not succeed, but here at Venture Opportunities, we know confidentiality is paramount to our success and yours.

Sometimes, people interested in buying or owning a business will see an ad for a business and immediately send an email asking for more information, expecting the current owner will happily email them back with the full financial and operational information. But that’s not how business sales work. When you work with a broker from Venture Opportunities, you know that you are only going to have qualified potential buyers to choose from.

Furthermore, often, a business owner will post an ad for the sale of his business without the knowledge of his customer base, partners, suppliers and staff.

Ensuring confidentiality throughout the duration of a business deal is one of the most important aspects of our jobs as business brokers. This is why we ask all of our clients to sign confidentiality agreements at the beginning of the process. Buying a business is not the same as buying a house or a car, and first-time potential business owners need to know that.