Successful Business Ideas – Buying an Existing Business
Instead of working to come up with your own successful business ideas, consider taking a shortcut and buy an existing business. True businesses operate like machines and in the same way a machine can be bought and sold so to can a business. Here are just a few examples of businesses you might find available for sale in your area:
Automatic car wash
A laundromat
A real estate management company
A vending machine route
A convenience store
An apartment building
An auto body shop
A pizzeria
These are just a few examples. Open your Yellow Pages or Google local businesses to find out more about what’s in your area. Once you have an idea of the kinds of businesses you might be interested in, start asking people in your network and call your state corporation commission and local chamber of commerce to find out what resources are available to find businesses that are up for sale.
Why would somebody sell their business?
There are a variety of reasons for selling a successful business.
The owners may be advanced in years and are interested in passing along their business to a new owner with the energy to continue it. Someone may be looking to move and owns a business that relies on local clientele. In a situation like this it makes much more sense to sell the business even if that person intends to start the same business up again in a new location. Other times, you may find someone who is a great idea person but doesn’t have the skills required to operate and maintain a successful business.
Before you ever agree to buy a business you need to do due diligence and check all of the parts of the machine to ensure it are healthy and functioning. Consider hiring a lawyer and a CPA to review contracts, the operating agreement, the balance sheet, accounts receivable, any outstanding debt or liabilities of which you need to be aware before making a purchase decision.
In many cases it is possible to buy an existing business without any money of your own. Sometimes the current owner will be willing to sell their business with no upfront money in exchange for residual income from the business. If you were going to get a loan and make payments on a business anyway, this sort of arrangement could be a great deal.
In other cases you may be able to demonstrate to a lender that you are buying a business that already has a steady cash flow which can support a business loan. Based solely on the financials of the business itself you could find yourself owning a business and receiving its cash flow more quickly than you ever thought possible.
Sometimes an existing business may contain hidden assets which the original owner didn’t realize or wasn’t willing or interested to exploit.
A friend of mine purchased a coin operated car wash from a relative using a business loan from the bank. Immediately she got to work making minor improvements to the business which resulted in an increase of car traffic and better cash flow. The car wash was built on a property which had over an acre of raw land not used by the car wash. While operating the car wash she developed a business plan and obtained a construction loan to build a self storage unit on the remaining land. Cars that came to get washed noticed the new storage facility and she quickly sold out all of the available lockers. What started as one business became two and her personal wealth exploded.
Not only can buying an existing business be a great way to shortcut the path to one of your successful business ideas, it can also yield additional assets and opportunities you may have never thought of otherwise. As you work to build a new business don’t forget to look and see if one is already waiting for you.
Gardening Soil – Analyzing It’s Health
To achieve a good healthy organic soil structure in your garden, evaluation is very important. studying and analyzing it’s existing composition is the beginning to improving it’s health.
Soil structure, the way mineral particles are bound together and the proportion of solid matter, along with pore space. To have a healthy garden soil, these proportions of solids and pore space should each take up about 50 percent of the total volume. A good soil structure will allow plant root systems to penetrate the soil easily, retain moisture well, drain properly, retain air and retain the nutrients needed for plants to thrive. Organic matter is the key to a good healthy soil structure, there are four simple tests that can help you determine the health of your gardens soil.
First check your gardens soil for drainage by digging a hole about 1 foot deep and 1 foot in diameter. Once the hole is dug, fill it with water. after the water has drained, refill the hole again and watch to see how long it takes to drain. The water should drain gradually into the surrounding soil within 8 hours to have a good drainage. If the soil drains quickly, it means it wont retain the moisture or nutrients needed to benefit your plants, amendments can be added to improve the structure of sand type soils.
Evaluating the soil profile of your garden next is also very important in assessing the health of your gardens soil. Pick a location in your garden and dig a trench about 3 feet long and 2 feet deep, leaving one of the 3 foot sides smooth and vertical when digging. Once you have finished digging, examine the smooth side, is the top 4 to 6 inches of soil a dark rich loam, is there organic life in the soil like earthworms and are there signs of root systems penetrating deep into the soil. The absence of living organisms in the soil is a good sign of a poor soil health.
Feeling and smelling the soil is another way to determine if the soil is healthy. Take a loose handful of soil, rub it in your hand and smell it. The soil should feel spongy and have a pleasant, earthy aroma if it is a healthy organic soil. If it has a sour or vinegar smell then most likely it’s ph level needs some attention.
With these few simple tests, you can get a basic idea on the condition of the soil you are working with.
Container Gardening – Ideal During Winter
Green vegetation and colorful blossoms add color to the surroundings. However during the winter months, the landscape appears drab and depressing which is a grouse that most people have, besides complaints of freezing temperatures. Probably, any color appearing during November through February would be due to holiday displays. Winter container gardening is a beautiful way to spruce up the front of the house, the patio or deck with colorful displays of plants and flowers.
Container gardening in the ordinary sense is very easy and convenient, because any type of container will serve the purpose. Winter container gardening on the other hand needs to be approached differently. The container must be frost proof. Selection of the right type of container is of paramount importance. Ceramic or terracotta pots are not the best choice for winter gardening, as they tend to crumble in extremely cold climates. Metal, wood or resin containers with the customary drainage hole are ideal for winter container gardening.
The next step is to add the soil into the container. Due to dry winter conditions, extra moisture is essential for the plant growth. A soil mix containing sphagnum moss and peat may be used in winter container gardening. Experts recommend mixing polymer granules to retain water in the soil. The container is ready for planting once it is filled with soil. Plant nurseries usually stock seasonal plants for sale. A visit to the local nursery may provide plants like ornamental cabbage that can be grown in winter. Variegated sage is a beautiful plant, so also ornamental chard. Pansies are sturdy plants and have the ability to bounce back after a freezing winter. Pansies can add more color and variety to the display. A little imagination can go a long way in getting a beautiful winter garden display. Ornamental cabbage can be the focal point of the display with ivy gracefully trailing over the sides of the container. Smaller plants may be planted around the ornamental cabbage with pansies to add a splash of color.
Winter container gardening is worth the effort for the pleasing effect it has on the landscape. Since the container is portable, it can be used as holiday table decorations or generally add color to an otherwise drab scene, reminding all that spring is not far away. Winter gardening is not a difficult task if one wishes to add the warmth of color to the cold winter months.