Buying a Business: What to Ask Before Doing So

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Couple buying a businessOwning a business gives anybody a sense of stability and control. After all, being their own boss has always been a lifelong dream of many people. However, not everyone is blessed with the skills to start their own venture. Fortunately, there are still ways to be your own boss — minus the initial processes of business planning. This can be done by buying a business.

Buying a business in Salt Lake City is not as easy as buying your next OOTD. As a huge amount of money is involved, it’s best to evaluate all the factors involved in sealing a deal. Asking these two simple questions can help you make or break a deal.

1. Why are you selling the business?

No one wants to buy a business that has a bad image or basically zero customer patronage. Asking this question upfront can give you an idea of what to expect. People sell their businesses for a variety of reasons like bankruptcy, retirement, change of careers, or simply because they’re tired of being their own boss. As the new potential owner, it’s up to you to evaluate whether their reason for selling will do the business well or not.

2. Are there any skeletons in the closet?

As a potential new business owner, you have the right to know whether the business is currently facing issues. These often include financial and legal issues. While such problems are normal, its severity is something that you should take into consideration. Transparency is the key to help you evaluate whether the business is worth buying or not.

Going to be your own boss soon and getting your own business? Let these two simple questions guide you in finding the right type of business that you need.


The Road to Becoming a Professional Vintner

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Classy wines on a shelvesThere is no question why many people like to work with wine. The distinct and elegant alcoholic beverage involves a meticulous process that requires patience and finesse. Taste and grace aside, wine-making is a thriving and profitable craft that allows vintners, or winemakers, to work with diverse and talented people. If you wish to become one, below are the things you need to know.

Understanding the Job of a Vintner

Vintners are winemakers who work in close collaboration with vineyard professionals such as viticulturists (people responsible for growing the grapes) and coopers (people responsible for building wine barrels). As wine experts, vintners make decisions regarding the harvesting, crushing, fermenting, and maturing of the grapes meant for wine production. They are also responsible for the flavour and ageing, especially if they own the whole wine company.

Education and Licensure

A degree in oenology or viticulture is essential to become a professional vintner. If you also wish to build a winery from the ground up, a certificate in business management is ideal. Apart from the education, it is important to obtain a business license that allows you to create alcoholic beverages in your state. In some cases, prospective wineries require approval from the department of agriculture. Certification is only necessary if you wish to demonstrate your knowledge to potential clients.

Pointers to Becoming Successful

Becoming a vintner requires utmost patience and dedication. When you’re ready to take the path to becoming a successful one, remember that research is always essential. There are different wine-making techniques that you can only learn from wine tastings and fellow vintners. Sign up for seminars and thoroughly study the wine business. Know your materials like wooden barrels and wine bottle labels, and make sure that they suit your business as well as your brand.

As a vintner, it is important always to trust your instincts as you remain consistent in your craft. Work hard, and you’ll soon become the winemaker you have always dreamt of.

The Psychology Behind Retail Marketing

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retail marketingShopping appears to be a mundane activity. The products are on the shelves, and all you have to do is reach out for your choice, put it in your trolley, repeat the process until your trolley’s full, and then proceed to the checkout counter. But, there’s definitely more than that.

Retailing companies don’t just simply invest in POS solutions for their small or big enterprises. Their marketing teams come up with strategies that will help them understand the behavior of the people coming into the stores. Once they have an idea of how some consumer groups behave, they will come up with plans to persuade them to buy the displayed products. And they use some psychology. Here’s how:

On Placements of the Items

Costly products are sometimes the most strategically placed items. More often, they’re placed in the middle rows of shelves, so they’re easy to see. These products are also usually placed close to the front of the shop, as some consumers tend to make expensive purchases first. Candies, chocolates, and junk food are usually placed in the sections of the shelves where kids can easily see them.

Enticing the Senses

Bakeries or rotisseries are often placed near the front section of the grocery. Their smell wafting through the nearby areas entices hungry buyers who are looking at promos or are falling in line at the checkout counter. There may be also kiosks distributed within the shopping center for food samples, some of which are cooked on the spot.

Reaching the Checkout Counter

Checkout counters are also stocked with items that the buyer may consider for his last-minute purchase. This is often the place dreaded by impulsive buyers. It’s usually filled with batteries, chocolates, magazines, and toiletries.

These are only some of the psychology hacks that retailers employ to influence your shopping. They’re not, however, always used to manipulate buyers. Most of the time, they’re utilized to help buyers come up with their purchasing decisions.

Know Your Way around the American Business Culture

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Business and office cultures vary greatly, especially in distant regions. When deciding to apply for an investor visa in the United States, you should be open to new office cultures and business environments. By being aware of office cultures, you can avoid a misunderstanding with your business partners. It is important to adjust to a different culture when you really want your investment to strike success.

To create a sustainable and smooth sailing business venture, here are a few notes about the American business and office cultures you should take note of:

San FranciscoBe direct when communicating

As Rahbaran & Associates notes, Americans are direct and tend to value logic and linear reasoning. They simply expect people to speak with clarity and in a straightforward manner. When discussing a business proposition, keep in mind that it would be effective to get to your main point across as quickly as possible. Beating around the bush will not help. If you come from a culture with a subtle communication approach, don’t take their directness as an insult. Their direct communication style simply echoes a professional stance in the business.

Punctuality is a must in business meetings

Never be late as punctuality can make or break your business. People from the Northeast and Midwest are very punctual. They brand being late as a sign of disrespect, especially during meetings and appointments. For people hailing from the Southern and Western states, they tend to be a little more relaxed. You should, however, maintain business etiquette by arriving on time, every time.

It’s a serious business

As your meetings may appear relaxed, do not let your guard down because they take business seriously. Most of the time, they follow and accomplish the business agenda. They are keen with the details of the meeting, so it is important to write a summary of the next steps in the implementation. When presenting your data, back it up with hard evidence and data. A handful of American businessmen relies on verified statistics and facts.

Building a professional relationship with other investors requires distinctive work etiquette. Make sure to adjust to varying office environments to ensure a strong foundation in the business. This can also help you maintain a credible reputation as you enter a competitive business landscape.

Talking Points: The Impact of PR

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reliable public relations agencyBusiness ‘battles’ are won with a combination of strength and strategy, but neither exist without support and know-how. Popular perception is one of the most reliable barometers to measure the likelihood of success for any institution. This is why democratic governments closely monitor approval and satisfaction ratings for their nominated politicians. In any democratic system where the public has all the power, governments and businesses spend a lot of time convincing people to choose them.

The Public Relations Model

PR agencies in the UK enjoy a best of both worlds situation when it comes to delivering their services to companies. When an audience looks at a commercial piece of PR, they listen, because that’s what public relations agencies know. People also understand the aim of successful PR is to outline the benefits of whatever a product or service does.

If there’s any kind of weakness to the public relations model, it’s that their success depends on results that may take weeks, if not months, to manifest for their clients. The challenge in that situation doesn’t then lie with convincing the public, but in convincing their clients of the effectiveness of any proposed campaign. Although there are numerous examples of successful PR, it does take time and strategic planning to succeed.

PR Effectiveness

Large companies depend on PR experts and agencies to convey their message to as many people as possible. But, delivering a single message in the hopes of pleasing thousands (possibly millions) of people, all of which have their own diverse opinions, as well as dealing with competition, isn’t a simple task.

The most recent example of PR one-upsmanship came in the gaming console wars over Christmas between Sony and Microsoft. Sony announced that the PS4 was the top selling console of the year, while Xbox said they were the ‘fastest’ selling console of the year. Statistically speaking, they were both correct at the times they were printed.

The effectiveness of PR in influencing the general public is always a contentious issue. But, what is an undisputed fact concerning the industry, is that high-quality PR gets people to talk about their clients products or services. Essentially, the goal is to let people know that you’re there, and you’re there to stay.