Buying a business ? retail shop?
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Hi all,
I have always been interested in owning a little shop that coud bring in a profit. From an early age I have pictured the scene I then got a job in a small high profit newsagents which i enjoyed a lot when I was 14 and learned quite a bit about the trade. It is now up for sale and I would absolutely LOVE to buy it but having no capital to put upfront even as part payment would there be anyway I could acquire it ? I don't think it would be a good idea to get a loan - and I don't think I would get it anyway (I'm 18) Is there an I do like the owner quite a lot and visit but I've always been afraid of mentioning that I would actually like to own the shop.....
Any advice ? Is it just not going to happen?
Buying a business ? retail shop?Go to your local job centre and ask them to advise you about small business grants and assistance in setting up a business plan. Approach the owner and tell them you are interested in buying the property and that you are looking into options available. If you are working in conjunction with a personal business advisor at the job centre they may be able to assist you in obtaining a commercial mortgage on the property. It'll probably be a hard slog to accomplish this but if you are serious and have determination it is possible. Good Luck. x
Buying a business ? retail shop?Before buying someones business have a CPA go over their books. To find out how much profit they are really bringing in. You don't want to buy someone elses problems or, white elephant! There is a small business loan, the interest is 20% &, you have a long time to pay it off.
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