Do you have a business which doesn’t make profit?.
There are varieties of reasons why people want to sell their business. One of the main reason is that it does not generate income as expected, or a business owner has been attracted to another form of business, why because another business owner is making profit fast.
Selling a business is like resigning from your current employment. The employment you secured 10 yrs ago. It generated income and built assets in that period. Now if you sell or resign, you have no income. It’s a dream that you will jump from one business venture to another hoping you succeed.
One of the drawbacks, is that if you give up something you also give up money, time and expertise, look at it in broader context. I strongly urge you not to part ways with your business venture.
Why certain people buy unsuccessful business?
Because they have business expertise, they know what makes business succeed and what makes it fail. They choose a failing business and work/develop it to prosper, ultimately the business is successful again. The bottom line is that there is no such thing as failing business, business once setup does not fail, but it’s a business owner that fail.
What makes business to fail?
Because the owner does not have business growth strategy/plan. A business strategy is a tool/method/plan to make business to grow. If the business generates more income, you need to establish why and work on that method which caused the business to grow.
If the plan shows sign of irrelevance, you need to change and bring about something that will replace the outdated plan. The process is ongoing.
If you ignore this method of business development then your business venture will fail, and the option is to sell it. Those who have expertise will move in and offer to buy. They will implement a proper business plan. You may be asking me what the plan is all about. That’s topic for another day
Word of warning, if you setup a business you must make it succeed, generate income for you and your family, don’t cause it to fail, because money, expertise, time you accumulated will go away with it. If you have taken time, effort to build something, if it doesn’t yield good results, it doesn’t mean that it’s bad business.
What is lacking is good business training & lack of skills to make it succeed. I suggest to get some advice. Any advice that you should abandon it, can’t be correct. Get someone to look at it. Someone who will identify its shortcomings, and modify it.
A good coach will point out deficiencies, give time to work on them. Put it back, test, and move forward. A good coach will be someone who will give an honest opinion, not to give a negative assessment but give a suggestion to improve. Where to find such people? Well you have to embark on a search preferably online. Visit reputable sites, read their posts/suggestions and recommendations