Points to Remember: Buying / Operating / Selling a Business (Retail):

Buying:

• Choose Correct Field by Experience, Knowledge or Passion
• Look for right Location, Brand & Price
• Do a Business Plan with comprehensive Financial Planning
• Get an Expert Valuation of the Business
• Equip with adequate Training
• Make sure that you are trained and ready
• Hire right Staff
• Happy Trading

Operating:

• Customer Service should be No.1 Priority
• Train Staff regularly
• Train yourself regularly
• Update and concentrate on Stock, Category management & Merchandising
• Maintain Competitive Pricing & Promotions
• Presentation of the Store
• Develop a Point of Difference from other similar stores
• You – Working Hard is always effective but do not burn yourself out by working too hard
• Work on the business NOT IN the business

Selling:

• Exit Planning should start as soon as you buy a Business
• Determine a Time frame based on your needs to sell
• Plan ahead
• Be safe & ready
• Accept Reality (market demand is subject to change & may not be always what we want)
• Price the Business for Right Value, don’t overvalue the Business
• Prepare all the necessary paperwork with Accountant
• Select a Right Proactive Agent & Reputable Firm with Industry Knowledge
• Happy Selling
• Look for New Opportunities

  Service Station Specialist Karthik Arasu