How to Buy a Business in India

Focus Economics reported that India’s GDP grew from 7.2% in 2014 to 7.6% in 2015, which is very good news for entrepreneurs. Due to measures improving education, health and standard of living the middle class is expanding leading to excellent development in the private sector. Almost 60% of the Indian economy relies on private consumption so investors can benefit from this booming market.

Questions to ask yourself

Of course, the basic steps for purchasing an existing business are pretty much the same all over the world because it’s only logical that you prepare yourself for it.

What are my strengths?

Go to people who know you well and ask them to define your strong and weak points. Check your past work and academic records to build a personal profile that tells you which business role or category would suit you.

Have I got the resources?

You cannot proceed without sufficient funds so first you need to secure them. Make a rough estimate of business values in the market to help you gather a suitable amount.

Do I have professional support?

You will need to hire an accountant, lawyer, banker, insurance expert and business broker to get started with your project.

Is it worth the effort?

Purchasing an existing business may be risky so make sure you have something to fall back on if the unexpected happens and you face loss.

Acquiring an existing business in India

Now that you are in the right frame of mind to buy a business, move to the next stage.

Seller’s motivation

It may sound strange but you must understand the reason why the business is on the market. If it is a failure then it will probably not make a good investment unless you are Rumplestiltskin.

Is it something you love doing?

Passion is half of success when it comes to business because it is the ultimate drive for an entrepreneur. Without being invested in your business heart and soul, you will not be able to generate new ideas and it will become stagnant.

Market forecast

Even if your interest matches, it might not be the best time to purchase that business due to low stocks or some other issue. Sometimes demand for a product/ service suddenly falls so you need to be patient then. Wait for the perfect market conditions to make an offer. For instance, restaurants, fashion stores, beauty salons and IT companies are thriving in India this year.

Financial records

The most important step is checking the company’s financial state since its establishment particularly recent performance. This will give you an idea of its growth and future potential. Don’t just look at the documents, make it a point to visit the location and survey the hardware, software and management.

Offer and negotiation

When you are satisfied with the company’s market position, extend an offer to the seller. Tim Ferriss explained how Indians are masters at negotiation so beware. They cleverly make a proposition that gives them maximum profit and play mind games. It is a tactic that ensures no one cheats them of their rights so always be fair and honest in your dealings with Indians.

Letter of Intent and closing

A non-binding agreement like a Letter of Intent (LOI) is always better because it allows greater freedom to scrutinize the company before Due Diligence and signing the final documents.

Building A Successful Online Business From The Ground Up!

Building a successful online business from the ground up is a lot like building a “brick and mortar” business from the ground up. It’s damn serious and no one ever starts an offline business just to make some quick bucks. Every man and woman involved in the offline business venture often invest all they have got in their business. Their hard-earned savings, their time, their energy and pride are completely invested in the business. They are determined to go the extra mile to make their business work. They had an idea. They did their research. They weighed the odds to see whether their idea can work in the market place or not. They researched and worked on the idea in a tedious manner because they knew that the idea had potential and that the idea can change their life for good. Once you are convinced that something works then make a decision to implement that immediately. This is how successful people become successful.

The main motivation that these men and women had while conceiving and nurturing their business idea was the need to have more in their life. They realized that only they had the power to change their life for the good. This helped them to move out of their comfort zone. That same frame of mind helped them to chase their dreams and deal with temporary defeats that got in their way.

If you need to build up a successful business online (or offline business for that matter) build up that same frame of mind. Take a look at your life. Take a look at your salary. Take a look at the car you are driving and the home you are living in. Do you need a better job, a better income or a better car? Or perhaps all of the above?

If you need more in your life, then you need to become more. Making a few thousand bucks through online jobs won’t change your life. You may spend the thousands that you earned through online jobs on things that would only give you short-term pleasure. If you want to start a stable flow of income into your life, then you need to build up a stable business. You need to get uncomfortable about your current money flow. You need to believe that you need to get more from your life. To build a successful offline or online business you need to follow the following steps.

1. Always Brainstorm and Conceive Ideas

Analyze an existing business and think of ways to make it better. Before starting my online business, I used to do exactly that. If you are a frequent customer to any traditional store, then you can directly ask the business owner “Why you are doing that and what is the benefit of doing that?” The answers these successful entrepreneurs gave me changed my mind-set.

If you ask questions and do the research, you will get the answers. Keep asking questions and keep learning and improving your entrepreneur mindset. After a bit of practice, you will see some businesses as models that can be replicated. You can also use these techniques to learn about online businesses. In the future, you may use these skills to buy non performing online businesses and convert them to money making-machines!

2. Create a Rough plan and act on your ideas immediately

Once you began to conceive great ideas in your mind, then the next thing you need to do is to create a rough map of your business idea. Include your target audience, the nature of supply and demand for the product or services you are selling, your competitors, your company’s goals, marketing strategies (like social media, and advertising, etc.). You can create a concrete business plan with the help of an accountant and your investor (or banker). Internet business models also need constant cash flow and accountability just like traditional business models do. People who do not know that almost always fail in their online marketing efforts. So if you do not have the expertise, find a team of advisors who will give you the truth you need to hear and not just what you “want to hear.”

Once everything is set then you should act on your idea immediately. Keep moving forward even if you are faced with setbacks. You can always over come setbacks with your creativity.

7 Tips to Help You Profit More From Your Online Business

Business owners always want to earn profits. It’s always the goal, no matter how big or small your business is. Earning good profits can be a challenge, but it’s very possible. Just be willing to study the tactics to earn good profits online. With that in mind, here are 7 tips to kickstart your profit-earning from your online business.

1. Give Back to Your Customers

Your customers will surely feel valued if your business has a loyalty or rewards programme. Giving back to your customers builds loyalty with them, and so they will keep on buying and buying your products in the long term. Maybe you can reward your customers every time they buy, say, more than £100 worth of your products. Alternatively, you could give bonuses to customers who refer your business to other people they know.

2. Hold a Christmas / Holiday Term Sale

Holding a sale for holiday seasons like Christmas is one of the best ways to make money online. Don’t worry about selling your products at a discount, because in the end you’ll drive traffic to your site, attract more customers, and make more sales. It’s also a good way to promote your business to others, as people are always attracted to products sold at cheaper prices.

3. Talk to Your Customers (via Chat Room)

Put up a chat room on your website, where your customers can talk to you, ask questions, and voice their concerns. It gives them the chance to get their questions answered immediately. As a result, your clients will feel that your business is always accessible. This way, they will trust your business even more.

4. Be Sociable (in Social Media)

Of course, having an online business means having social media accounts. Get comfortable with Twitter, Facebook, Instagram, Pinterest, and other social networks. Use these tools to market your products. Leverage the power of crowdsourcing: allow your followers to do the advertising for you! Your followers will make your product known through shares, retweets, and reviews on their personal accounts. The further your reach in social media, the more products you’ll sell, and the more money you’ll make. And if you get lucky, next thing you know a celebrity is already endorsing your product through their social media accounts!

5. Welcome Media Exposure

Don’t pass up any opportunity to get interviewed. This way, you can show people your expertise in your field, especially if you’re running a consulting business. Once people know you as someone who is very good at what you do, they will look up to you and trust your business. This will surely build up your customer base quickly.

6. Make Use of Webinars

Webinars are great sources of passive income. Take advantage of this and sell your products online through live webinars, where many people are listening. And if you’re in a webinar with trusted people, just like #5, people will likely trust you as well. Thus, this is another great way to expand the reach of your business.

7. Advertise on Google

You’ll have the whole world as your audience when you run an ad on Google. Nearly everyone uses Google daily, and people use Google more than any other site. Your reach will be massive!

Follow these top 7 tips to boost your earnings from your online business now! You’ll never regret them.