Like many other people during the COVID-19 pandemic, I was also someone that found myself without a job. Because of the lockdowns, social distancing rules, and layoffs, my old job wasn’t something I could do anymore – which is why I found myself in quite a predicament.
Things looked quite bleak for some time, and the bills kept piling up. COVID seemed far to be over, and at some point, I was actually concerned about what I could do. The lockdowns made it quite difficult for me to hold a job, so even if I did find something eventually, I would have lost that one too. But then I found the perfect opportunity that allowed me to recover, without placing me in any danger of layoffs.
My Road to Recovery
Since the beginning of 2020, one thing became clear: if you could work from home, you were all set. You wouldn’t run out of work – because you could do your job from your own couch so to speak. You were safe from exposure too, because you did not have to be in physical contact with other people. I didn’t have that luck at first, which is why I lost my job.
However, my luck took a turn when I came across an online marketplace called BuySellEmpire.com, a marketplace to buy and sell profitable online businesses. I was already in a tight spot here, with no opportunity to get my job back, so I made a decision. I dug into my savings and bought a small content website for $95,000.
Indeed, it was painful for my budget at first – but when I saw that I began making four figures every month per post-acquisition, I had no more concerns. The company eventually paid itself off and got even more than my money’s worth. The more I worked on the content, the more I was able to generate – and within 6 months, I was already making double.
If someone came right now to tell me that COVID was over and that I could have my job back, I can honestly say that I wouldn’t go back. The old job kept me tied to one spot, on a particular schedule. Now that I have this business, I can do this job from wherever I want – no matter if it’s from my own couch or a beach in the Bahamas. I have more freedom of movement than I ever had before.
BuySellEmpire helped me from the beginning, with their speed of delivery, as they also stated: “From doing the site search to negotiating or fixing a fair deal, to shifting and getting ownership, we have simplified everything to assist you in acquiring the best Internet business for sale, for your company or investment goals.” Before long, I found the perfect company and now I’m no longer worried.
How to Buy a Business?
Buying this business took me out of a predicament, but there were some steps that I had to follow. This way, I ascertained that my investment would turn out to be a success. Here is what I suggest that you do:
- Conduct through Due Diligence
If you are planning to buy a business, you might conduct due diligence first. Make sure you know all about its resources and its rate of success. Learn everything you can about the business. BuySellEmpire helped me with that, but I suggest you do your own homework as well.
- Make Sure It Fits Your Budget
Don’t stretch more than you could handle. When buying a business, you want to make sure that it’s within your budget. If you have the funds already available (for example, some savings) then you might want to stick to the amount of those funds. However, if you want to get a loan, don’t get something that is too big right away. It might take some time to get actual profit, which is why you don’t want your payments to drown you from the very beginning.
- Make Sure You Can Grow
Whenever you think of buying a business, you need to make sure that you can grow – or at least, sustain it. Due diligence is important here, but you also need to think about it in the long run. Learn from business scaling resource websites such as EmpireCrafter.com and then go for a business that you have the confidence you can flourish with your skill.
Things buyers need to know before buying any online business.
Start with your own solo research first. And here a little bit of extra inputs from Ansh Gupta, CEO of BuySellEmpire.com on things you need to know:
- Talk to the seller about potential seller finance offers
If you do not have the cash on you, then you might ask the seller for some potential finance offers. Here, they will become lenders, with the agreement that you’ll give the money back once the cash starts flowing. In most cases, if the seller knows the business is a good one, they won’t shy away from financing you.
- How long will it take to buy a business?
That mostly depends on the business that you are buying. With BuySellEmpire, the process is usually between 1-2 months to complete the deal. However, bigger companies have more resources to handle, and the process might take a bit longer.
- Do I need a lawyer?
Yes, if you do not have the knowledge or experience on business mergers/ takeovers, you might want to get a lawyer. You aren’t required by the law, but a lawyer will know exactly what questions they should ask and will be able to handle your legal interactions for you. Deals under the $500k range can be done without a lawyer since our own inhouse team is usually there to help both buyers and sellers mitigate the risk. However, we suggest both parties to compulsory get an attorney for all deals above the $500k range.
- Does it matter where I am located?
Not at all.. Nowadays, pretty much every transaction can be done over the Internet – even the talks with your lawyer – which means you won’t have to get out of the house. This is a pretty good opportunity if you are bound by lockdowns and regulations.
The Bottom Line
The biggest piece of advice that I have for you is this: if you have the opportunity to grow, go for it. If you are too afraid to take the step, then you won’t be able to reach your full potential. Even through the pandemic, business mergers haven’t stopped and people are investing in more business opportunities than ever before. At the same time, it is imperative to note that most online businesses come with risk and require constant efforts and monitoring to scale it to the desired level.
