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Six top tips for buying a new UK business

Written by  Mar 02, 2018
Acquiring a new business can be a daunting prospect for even the most confident individual. While it can bring huge rewards, it can also be a very long process entangled with risks and difficult decisions; a task certainly not for the faint hearted.
Buying a mobile phone business in particular may seem like a walk in the park – people always need mobile phones in this day and age – there are still many teething problems to conquer.

Startup Business Plan

Plan, plan, plan

The very first step to take when looking to buy a business is to formulate a reliable and efficient business plan. Don’t go in blind; set out a realistic timescale, carry out comprehensive historical data research and make sure that the numbers stack up.

No business owner wants to be in the position months down the line where they realise they’ve forgotten an important detail or discover a nasty surprise. Surround yourself with a team of trusted advisers and ensure that each and every detail is covered.

Identify your market

We can all dream of starting up or owning our own dream business in whatever industry encompases one’s particular passion, however if the market isn’t present for the particular product or service you’re hoping to sell, then you have to ask yourself if you can, realistically, expect to see much, if any, success?

That’s not to say that you should abandon all hope if the market isn’t particularly huge; you never know, you could become the pioneer of something new and groundbreaking – you just need to have self belief and determination.

That being said if the market is present, healthy and flourishing, then you really have to take advantage of this opportunity and put everything you have into securing success. You’re in a very fortunate position in that you know that people already desire your product, and with that consumer lust being such an imperative part in the buying journey, it’s vitally important that you make the most of your situation.

Establish honest relationships

Once you know that there is demand for your product or service, and there’s a market to engage, you need establish strong and healthy relationships with both your suppliers and customers; without one, the other will abandon your trust and leave.

Meet with suppliers where possible; make sure that you’re both on the same page both financially and ethically and that the trust flows from both sides. This working relationship needs to be honest and open to avoid any unexpected situations that could jeopardise your business.

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With a mobile phone business you need to ensure that there is absolute transparency between you and your affiliates and network providers. It could be so easy for a huge network to take away their business from you, so make sure that you nurture a successful professional relationship with them; make it so that they need you.

Similarly meet with your marketing team to ensure that the message going out to your customers is one that will engage and establish a level of trust that will turn them from new buyers to loyal consumers. Secure the best deals and push them out there as soon as they are available; always think about what you can do to make your service the best your customer can get.

work break

Cultivate a brilliant team

One of the most sensitive issues around taking on a new business is cultivating the relationship between new employer and existing employees. It can be a somewhat scary position to be in if your employer ‘hands you over’ to someone new; what will they be like? Will work still be enjoyable? Most importantly, will you still have your job?

As new business owner it can’t be stressed enough how important it is to go in with a positive attitude to make sure that morale is raised and that it stays at a strong level. Be open and honest with your employees, let them know that they can come to you with any concerns and you will listen with empathy.

Equally make sure that the new recruits feel welcome and safe in the knowledge that they are entering into a strong, united team of like minded people.

In any business it’s essential that strong leadership is present, but it’s the people who work for you, who do the groundwork, that will really carry your business forward.

You can have all the foundations of a great mobile phone company, the latest handsets, exclusive deals, great relationships with affiliates and networks, but if you don’t have the right team around you then none of that will matter and before long you’ll run into issues that could snowball and become your downfall.

However if you can ensure you surrounded by hard working, efficient individuals with bags of initiative who feel appreciated and supported, then you’ll thrive time and time again.

Implement the best systems

Every workplace has systems that work specifically for them. When you enter into a new business it’s important that you’re aware of these systems and appreciate that certain employees may be very used to adhering to said ways of working.

Review the systems in place and ensure that they are still going to work with the new business. If yes, then fantastic, speak to your employees to make sure that you fully understand how things work and you should be onto a winner.

If not then you need to make sure that the systems that you implement are the very best in class. You may want to make small changes over a period time rather than completely restructure everything; that way you’ll more than likely be able to have everyone working together in a calm and cordial environment.

Also see: Startup UK News

Always look at the bigger picture

So the deal is done, work is starting to tick along and you’re officially the owner of a new business; what next? Unfortunately you can’t just breathe a sigh of relief and sit back and watch the magic happen. This is where the work really begins.

Part of your initial business plan should have take into account realistic targets for your first week, month, year etc. Now’s the time to evaluate these targets, make sure that they’re still realistic and attainable, and start to track progress so that you constantly know where you stand.

Make sure that you don’t take your eye off the ball, but equally don’t lose sight of the big picture. It can be very easy to get lost in numbers, graphs and statistics; you can get over zealous over the most minute success and can fall apart should you suffer the slightest fail. Remain calm, confident and composed and ensure that you’re always thinking with patience and perspective.

As time goes by you’ll look back at the teething problems of acquiring a new business as a distant memory, and you’ll soon settle into your new role. Going forward with your business make sure that you are always involved with every detail; it’s so important to be aware of everything that happens within your business to ensure that you’re never in the dark or have information hidden from you.

You spent so much time building up a team of reliable and efficient employees, so show them how much you appreciate their hard work by celebrating successes and giving praise where and when it is due. With this you will ensure that you’re well on the way to building a culture where people don’t just need to work, but where they want to work. And once you have a team like that behind you, you’re sure to be reaping the reward of your work in no time.

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