There are different types of retail business, and every type requires a knowledge base and unique skills.
It would be great if you will study Cyprus industry business models before you will purchase your shop. Take a careful look at your potential competitors, their products and attributes.
Consider on the right location of your store. Most probably it will depend of the business you want to run, customers that you will attract and the percentage of total income which is dependent on passing trade.
Make a market research related your future business. Unsure, that there is sufficient demand on this business type.
When you have decided on the area of the future shop, unsure that there is sufficient space for parking and delivery bays. It may be a good idea to look at your shop form the customer’s position. Your shop has to be seen well, be attractive and should have easy access to it.
Consider on the part of a business you are going to buy. Will it be just the assets, a whole business or the implications of both? If you have decided to buy a whole business ensure documentation of the business as well as employment contracts of existing staff. Buying the assets ask the owner to show you documentation that proves his ownership.
Safety requirements are another thing you have to consider. Ask the owner if he can provide you with documentation that meets all the necessary regulatory requirements. If he cannot do so make sure you will include this cost into your projections.
It is necessary to get a company formation documents in order to establish whether the owner has rights to sell his business or there are any other parties involved.
Consider on the cost of the business. You may ask the price in similar shops for sale, estate agents that may have such properties or to use internet. You also have to keep in mind the cost of taking into business, as the shop may need redesign, or the business may have debts of any kind. Speaking with the owner about the price include all this factors into your offer.
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