How To Sell A Business Fast

Business markets trend high and low in repeating cycles over the years. Sometimes businesses sell quickly; sometimes they sit in the doldrums and sell slowly. But that doesn’t mean that you can’t influence how fast your business sells. If you are a Tampa business broker,  you can be an excellent and fast business seller. Here are a few things to remember when trying to sell a business fast.

Be Knowledgeable About The Business Product

It’s a no-brainer that you must know about what you’re selling. It isn’t enough that you explain some facts or features, but you also must be knowledgeable when your customers suddenly ask questions about the product. There could be objections or opinions that are beyond the product features and you have to make sure that you answer all confidently.

Sell a business fastShow Customers What They’ll Get

If you’ve ever heard the saying, “all bark and no bite,” then remember: there’s an equivalent of sorts here. Stop just telling your customers all the benefits, etc., and instead, start showing them. It could be through actual testimonies or results, or you could show product samples and give them a few days’ trials. The main goal is to let the customers see what they’ll be getting when they buy the business.

Focus On And Target Your Customers

Targeting customers is essential if you want your business to sell fast. Identify first what they want and need, and that’s when you decide what product to sell, or if your product will sell among this population. Once you fully understand your customers’ needs, it will be easier for you to sell products fast because you know whom to sell the product to and how.

Try Your Luck At Getting Referrals

Back your sales pitch with referrals from previous customers. Get as many referrals as you like. What matters is that your new customers will trust the referrals. In turn, new customers can also refer you to potential customers. This strategy also builds your reputation, as well as the company.

Present Reasonable Prices

When you have a business, the price of your products plays a vital role in whether a customer decides to purchase or not. A first step would be to find out what your competitors’ pricing is. Then, that’s when you make your own reasonable and affordable price. Not too cheap, but not too expensive as well.

A Tampa business broker can help you sell your business fast.

 

 

Who Can Qualify for a Small Business Loan?

Like most good things, small business loans don’t come handily. Compared to personal loans, they entail a higher risk for the lenders, resulting in more stringent eligibility requirements. With many businesses wanting to get a business loan, they may be uncertain whether they qualify for it.

If you are one of these enterprising owners looking to get an SBA loan, don’t fret! Here’s everything you need to know about the requirements for an SBA loan:

  1. Credit

Lenders are keen on looking at both personal and business credit history. However, since many small-business owners don’t have business credit, your personal credit score becomes more significant. Typically, you will need a credit score of at least 600 to qualify for an SBA loan.

  1. Cash Flow and Income

Cash flow is a representation of the status of your business, and it can make or break your application. Remember, lenders like to see that you have a healthy and steady stream of cash to ensure that you are capable of sustaining your loan payments. Moreover, lenders may also scrutinize your business expenses to know how profitable it is.

  1. Business Age

Unfortunately, around 20% of businesses go under within their initial year. It’s not surprising that most lenders and banks require a minimum business age for their borrowers.

For most loans, businesses must be from six months to two years old. However, be reminded that lenders don’t take into account how long the company has been registered with the government but instead on how long its bank accounts have been open.

  1. Industry

The kind of industry where your business falls can significantly affect the decision making for most lenders. Keep in mind that many lenders steer away from specific industries that are risky. Businesses considered to be socially unappealing or those that are seasonal and don’t have a steady cash flow are more likely to be rejected.

After getting approved for a business loan, it would be up to you to use it responsibly and reap the benefits it can give to your business. However, we understand that any business is a risk. So, whether things go your way or the other, don’t worry as you can always consult a Tampa business broker to help to achieve that win-win situation.

in so that the business can be sold fast. No investor would put money into something that has no future.