Anyone who decides to buy a retail business will face several important decisions, such as the desired location, whether to invest in a corporate franchise or an independent store and how much capital to put in. Prior to picking a location, it is important to check out other close-by retail businesses. You may not want to open a store near a major competitor that sells the same products.

People who want to sell a retail business can receive assistance online. There are websites that help business owners with locating buyers for their companies.

Once you have chosen to invest in a retail business, you must be ready to put in a lot of time, money and effort. It essential to be certain that the business opportunity you are interested in is right for you. There are a few factors you must consider, such as:

1. The expenses you will be faced with, such as purchasing fees, marketing costs, royalties and inventory;

2. If the retail business for sale has a well-known and reputable name or brand;

3. How many employees must be hired and trained;

4. Whether to work with a retail business broker or make the purchase on your own.

Action Steps
The best contacts and resources to help you get it done

Work with a franchisor that provides retail business sales

Purchasing an existing franchise offers many advantages that you will not get if you start a brand new retail business. An established chain will have a well-known company name, an efficient business plan in place and ongoing support from the franchisor. The company that established the franchise did the ground work to start up the business, and you will be able to benefit from their time and effort.

I recommend: Look into the retail business franchises available from Glamour Secrets, Play N Trade, Once Upon a Child or Dollar Castle.

Purchase a retail business that is independently owned

There are websites you can use to find retail businesses for sale in every state. Search through them to discover the type of business you are interested in owning anywhere throughout the U.S.

I recommend: See examples of business for sale on BizQuest and VR Business Brokers.

Hire a lawyer to help you purchase a retail business

A business lawyer is able to explain all the pertinent details of any contract you need to sign when purchasing a retail business, notify you of all the rights a buyer has and tell you about the legal obligations you will have after completing a transaction.

I recommend: Receive business law advice from McDonald Hopkins and franchise law help from the Franchise Law Team.

Sell a retail business

Any business owner might decide to sell for a variety of reasons. Whether they be personal or of a business nature, this decision could lead to an ideal opportunity for an interested buyer. A retail business owner who is ready to sell can list their available facility on websites that are dedicated to assisting in the buying and selling of businesses. The sites will act as a retail business brokerage and connect buyers and sellers together so they can work out the details of a purchase.

I recommend: Sell your company with help from BizBen or BizBuySell.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Check with the Better Business Bureau for important details about the retail business for sale that you are interested in buying
• •  Find out whether the retail franchises you are considering are regulated by your state government.
• •  Hire a certified public accountant to investigate the financial history of any business you are interested in, explain all the expenses that would be involved and help you understand your earning potential.
• •  Consider hiring a retail business broker who will help you to track down and buy a retail business anywhere in the United States.