Answer:
1. Think about what kind of business you are thinking of buying. Ask yourself if you have the relevant knowledge, experience and management skills to operate and manage a business in that particular industry;
2. Consider the kind of legal structure that the business is operating as;
3. Think about why the business is being sold and if there are any existing factors that might impact your success as its new owner – as with anything, consider the risks! Do your due diligence, think about any external factors that might affect the smooth sailing of the business, such as the location, competition, council regulations and any relevant legislation;
4. Plan ahead financially. Think about whether you are financially stable enought to purchase and then run the business.
