Buying a Business or Family Business
100 $ challenge
On the activity 100 $ challenge. I keep selling the boxes the brand ones sell more than the others and I don't know why but most people like the Swarovski boxes. So this week I was able to find some other ones used and in meanwhile I found even a place where they sell packing and other material so I can get even new ones boxes. Question mark is this people who are buying the boxes using them for the right purpose. I don't want that ,they will buy a boxes and than put a fake product and sell it for real Swaorvski, so I don't know what happened with my product after I sell it. I don't know if I am helping the counter fit, but in the same time its interesting how many people asked for this product in inbox.
Learning
In the learning material this week was interesting to see the vantages of buying an existing business. Buying an actual business can be very profitable and you will not started from the beginning but this option is when you don't have time to start a new business, and of course when you don't have an idea and think the idea of other can be profitable.
When you buy an existing business need to figure out why they are selling, and this can be different reasons like, problems with the location, problem with the marketing in the area, problems with the furniture and other question that need to be resolved before enter in this adventure.
Family business something that really stuck in mind this week was the succession ownership plan. Its something that most of the business in Albania don't have it or they never think about it since its a problem with the vision they don't think they will make it that long. It important to have in mind that who is going to be the successor of the company and what are the criteria of choosing him. What will happen with the company and the family too. It something that want to discussed as family with the all the members.
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