National Brokers Network

How to Avoid a Bad Business Idea

Owning a business is a dream come true for many. Imagine, working on your own terms since, of course, you’re the boss. This scenario what other people at the workforce earn money for. Securing their life after retirement or retiring early and still earn a lot of money through a business is one of the best, but not all dreams come true. Sorry to burst your bubble, but going to do what you love will still undergo a process that will decide your fate — if the business is right or not.

If you’re new to the industry, you’ll need an idea to start a business and become aware of one of the greatest challenges you’ll encounter, which is choosing the right type of business. Avoid a bad business idea and start turning your dreams into a reality through these tips:


Tip #1: Think Local

Business owners tend to prioritise the global market. They always think that selling to an international market is the best solution. Experts always remind business owners that before proceeding to the global market they should make sure to understand your local ones first.

The local market can get as complicated as the international market. In the local market, there are different areas included on this and each area has their one response to a certain product. In other terms, products that are sought for in Melbourne may not become popular in Adelaide and vice versa. With this, it’s important to also consider your market before starting a business.


Tip #2: Avoid Ideas that are Too Much

How much is too much, you ask? Too much is when the resources and level of expertise required is more than what you currently have. So, if you don’t have those resources, then stick with a plan that is aligned with your current status. Loaning money from the bank is a solution, but what if the business doesn’t work? Before starting a business, understand first your current standing and how much you can set aside for your business to start.


Tip #3: Get Expert Help

Starting a business idea doesn’t necessarily mean it should be from scratch. As a potential business buyer, you can buy a business that is aligned with your goals and idea so that you can get started. Or, you can buy a business and rebrand it to something based on your marketing goals and business plan. If you’re ready to buy one, business buyers can contact business brokers melbourne to help you with business listings and negotiations.

Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

Client Signature (Sign on the box below)