Business Electronica

Buying a Business: A Guide for First-timers

business brokerage serviceThere are many good reasons people invest and buy an existing business rather than building a new one from scratch. For one, you do not need to find equipment and materials to get the business running. Sometimes, even workers are included in the package. Also, building a reputation and business name won’t be as hard as starting from scratch.

But, like other huge purchases, buying a business in Utah or in any other parts of the country is something that cannot be done overnight. It’s important to know the right things to make the purchase a wise and worthy one.

Know what type of business you want

Before buying a business, it’s important to first know what type of business you want. This can help you get into something that you’re truly passionate about and would make it easier for you to handle.

Know the competitors

Survey the area and know the competitors you would be up against if you decide to buy the business. This can give you a better picture of whether it is a wise purchase or not.

Know the price

Shop for businesses for sale. That way, you would know the market price and value and what to expect upon closing a transaction.

Know the reason for selling

This will tell a lot about the business history and its trajectory. A business that’s sold because the owner wants to retire is something worth buying as compared to one that’s sold because of internal problems or bankruptcy.

Know who will be your broker

Choose a business broker who can help with your transactions. Their role in the successful purchase of your business is integral as one wrong move in the paperwork can cause future problems to arise.

With these points in your head, buying a business can now be a lot easier. All the best in being a businessman.

May 11, 2018 at 6:25 pmBusiness Electronica

3 Things That Explain Why Utah Is a Great State to Do Business

Image of Utah skylineUtah consistently ranks as one of the best states for business-minded individuals. In 2017, Forbes placed the Beehive State in second place. What factors could have been influencing this excellent business climate?

Taxes

Unlike some states, Utah levies almost all types of taxes including personal and corporate income tax, as well as property tax. The biggest difference – and something business owners would appreciate – is the simplicity.

Utah now uses a flat rate of 5 percent for personal income tax. There is also a fixed rate of 4.7 percent for state sales tax. Local rates, on the other hand, can vary. Overall, the state’s taxes are near the national average.

Economy

Utah also has one of the most vibrant economies in the country. In a 2016 WalletHub report, it placed third after California and Washington in the overall rankings. Meanwhile, it ranked fifth in economic activity and fourth in innovation potential. It scored the highest, first place, in terms of financial health.

The state bested Florida in the highest GDP growth and California in the most startup activity. It placed first in the highest change of non-farm payrolls.

Business Community

Businesses thrive when the owners receive all the support they need from the government and their community. Utah has a publication called Doing Business in Utah, which provides all the essential information one needs to start and manage an enterprise in the state.

There are business organizations that offer workshops and guidance for starters. For those who are into tech, Utah is the place to be. With its numerous start-ups, others now see it as the next Silicon Valley. Doing business in Utah is easier than in other states as one can easily find funding.

However, out-of-state entrepreneurs can also establish here by opting to buy a business in Utah, which firms such as Utah Business Consultants can help you with. This option is even ideal as a homegrown professional can provide ideas on how to start with the least risks.

Utah is not a perfect state. It does have its own business-related issues including a softer economic outlook or a high labor cost. However, more often than not, the benefits outweigh the disadvantages.

December 12, 2017 at 1:36 amBusiness Electronica

Preparing Your Brand for the Online Market

Man surfing the internetOnline is where your business needs to be if you want to thrive. It simply doesn’t make sense to avoid the online world, where most of your potential clients are. If you know what’s right for your company, you’ll pay attention to online trends and adapt your brand to them.

Here are some things to remember: 

Your Website Is Your Company’s Face

When customers search for your brand name online, they should be directed to your website. In the real world, that’s like walking around a mall in Denver until they are in front of your store. Now, whether or not they come in to check your products will depend on how your store looks. If it looks boring and generic, they might not even remember your brand’s name. Your website should be memorable and enticing enough that customers will want to know more. Web development trends mention quick loading and intuitiveness as top reasons that customers like a website, so pay attention to those factors.

Customer Service Matters a Lot

You’re dealing with individuals with different end goals and preferences, and your business should offer each of them a satisfactory service. Provide options, and be willing to guide them through the whole process if they seem confused. Personalized customer service is important these days, as more customers want their needs addressed in the quickest way possible.

A Little Bit of Humor Never Hurt Anyone

Injecting a little bit of humor in your interactions with customers eases them into trusting your brand. Customers are fans of “human” brands more than they are of those that sound robotic. Feel free to banter if they seem to be in a good mood, but do make sure you are not crossing a line. Some brands also interact with their competitors in a humorous exchange of tweets or comments.

Your brand needs to exist online to get customer attention. But don’t just exist; be memorable.

September 27, 2017 at 6:41 pmBusiness Electronica