Have you always been an entrepreneur or is owning a business something you’ve dreamed about? If you’ve operated a small company in your home country, then you already know the satisfaction that comes from following your passion. Perhaps you haven’t yet ventured into business ownership and are keen to apply your skills. If entrepreneurship is in your blood, here are a few pointers to help you buy a business in your adopted Canadian city of Calgary.
Type of company
First, think about where your interests lie. For example, if you’ve managed a grocery store before, are you looking for something similar? Or, have you always wanted to share your love of cooking by opening a neighbourhood restaurant? Remember that you have transferable skills that can be applied to many types of businesses, even if you don’t have direct experience with them. Take into account also whether you’ll need to employ staff and, if so, how many. This is where connecting with an employment office in Calgary can help you determine how easy it is to hire the specific local talent that you may need.
Previous success of the business
If you’re thinking seriously about putting a purchase offer in on a particular business, make sure that you thoroughly check their books. Having a professional bookkeeper or accountant help you review the business financials is indispensable. Ask why the current owner is selling. For instance, are they simply ready to retire or is the company not doing as well as it once did? Take a little time to do your own research into the market trends for the business you’re considering and any changes in the customer base. By doing a little detective work you may be able to see additional future potential and perhaps some untapped markets.
Location of the property
You’ve probably heard that the three most important considerations in buying a home are “location, location, location”. This applies equally, if not more so, when buying a business. Take note of the neighbourhood surrounding the property and the traffic flow. Is the company you’re interested in located in a busy community strip mall with sufficient parking and lots of foot traffic? Maybe it’s in an industrial plaza with easy access to a major highway. Is new construction booming in the area or is there an abundance of empty stores for lease or sale? Don’t forget that the transactions the company relies on will influence the location. If you’re buying a small manufacturing plant that ships products to customers your needs will be different from a dry-cleaning company or variety store that survives on being close to where the customer lives or works.
Statistics Canada reports that first-generation immigrants are more likely than Canadian-born individuals to start a business, so you’re in good company! What’s more, Alberta has established the Immigrant Entrepreneurship Program to encourage and assist you. Buying a business is a great way to quickly feel settled in your new country and city. I would be thrilled to help you on the road to success by showing you some outstanding business opportunities for sale!
