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What it takes to start a business

Investing in a business opportunity can be an exciting adventure. North Carolina residents who have always wanted to start their own business should have an entrepreneurial spirit. This character trait does not define if a person is good or not; however, it can have a huge impact on the success of the business. For example, those who possess one are not afraid of high risks and have the ability to lead and manage well.

Another important requirement is sufficient investment capital. For example, it is a good idea that the prospective business owner should be able to make a down payment of 20 percent or more on the purchase price of the business. Prospective business owners can also succeed if they have a strong support team, whether it consists of family members or other people qualified for the type of business, such as professional advisers. These people should be able to help direct the business owner through their insight and advice.

Those who wish to purchase and run a business should do all they can to ensure they select the business that is right for them. One way to do this is to look at all types of businesses and narrow down the ones they like best. It can also be a good idea for hopeful entrepreneurs to make a list of certain factors they like and dislike as they study different businesses.

Buying a business can be fraught with unforeseen details, such as zoning and liability issues. Prior to entering into such transactions, individuals may want to contact an experienced attorney who could help them perform the requisite due diligence and then, if the decision is made to proceed, review the applicable documents prior to signing.

Source: Business Journal, "How to know if you're ready to buy a business", Andy Kocemba, Dec. 16, 2016

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What it takes to start a business | Britton Law, P.A.