Economy Sour, Could Be Time to Buy a Business
Many people will turn lemons into lemonade by investing in their own business during this economic downturn.
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PrintOkay. So I know the economy looks pretty sour right now and many small businesses are hurting. But that's no reason to stand still. If your small business needs help, it's time to crank up your marketing efforts and work really hard to get a business referral program working for your company.
Or maybe you could consider selling your business -- more than a few of the workers who have recently been hit with the economic melt down may just be shopping for a business to start.
Think it's a bad time to buy a business? Not everyone would agree with you.
According to a survey of 1,000 currently active business buyers conducted by BusinessesForSale.com:
- 48% of respondents saw the current economic conditions as an advantage when buying a business.
- 66% found banks to be accommodating to their needs, although 33% found their search for funding to be more difficult than expected.
- 28% viewed buying a business as a safer investment than equities or residential property.
- 36% of respondents believed that businesses for sale were more competitively priced as a result of the downturn.
- 60% of business buyers saw business ownership as a way of taking control of their life in difficult times.
Who would have thought?
The logic, says BusinessforSale.com director Tony de Vizio is that, "Interest rates are still historically low and asking prices can be lower as sellers look for an exit. It's a good time to buy your way into business ownership."
Hmmm... What do you think? Leave me a comment.
