What To Do If Your Home Business Fails

Even if you have a very sucessful home business, you should
know that over 90% of home businesses end up doing poorly in
their first two years and don't last longer than four years.

Many people have a very viable business but become sick of
doing it, while others see changes in technology that make what
they do obsolete. What do you do with all your customers in this
situation? How can you transition out of your home business
without losing money? This guide answers all these questions,
and then some.

1. Selling Your Business

Yes that's right, selling your business might be a good idea,
depending on a few things. If your business was incorporated
you will have a better chance of being able to sell it. Other
businesses, such as electronic repair, rely on your own
personal knowledge and effort to run. In essence, you can't
sell a business where you basically are the business. If your
business would be inoperable without your training or
knowledge, no one will want to buy it.

2. Selling A Home Business

You often get far less for a home based business than you would
others. The business will not come with premises and likely
won't be able to transfer any employees you have. The only
exception to this rule is when a very large business decides to
buy you because of your unique branding and customer base. In
essence, they will both eliminate a competitor and expand their
customer base at the same time.

3. Make Your Business Attractive

OK so you are going to sell. Great. Now what? You have to make
your business as attractive to potential buyers as you can,
right? Being able to provide potential buyers with sales
figures, trends, and growth patterns is a great way to convince
people to buy. Theyre in it for the money, and even if the
business costs them a lot if you can prove to them that they
will start seeing profits they won't have any reason to turn
you down.

4. Get The Price You Want

Never sell to the first person who offers, you need to get
offers on the table from everyone you can think of who might be
interested. If you have the ability, get an accountant and a
laywer to take care of the details of the transaction. If you
can, plan your sale in advance. The best sales usually come
from businesses that take a year or more to sell and are always
prepared to walk away from the bartering table. You also have to
pay tax on the sale of your business.

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