Im considering buying an established small business, what do I need to think about?
I have the opportunity to buy a bridalwear boutique local to me. They are unfortunately needing to close due to ill health, so are willing to sell me the premises, business and stock for remarkably cheap. I am meeting with them this week to view the premises and ask some questions. They have been open for 7 years and target the plus size market so they don't have lots of local competition.
I would absolutely love to go ahead with this, but im aware I need to keep my feet on the ground and be smart. I currently work full time and earn roughly £26k a year so I dont want to give up stable income to chase a dream. Im planning to ask what the current owners pay themselves, as well as their turnover and profit. After that im not too sure what I should be asking about.
Are there any questions I need to be asking before diving into this opportunity? Is there anything I won't be thinking about as I haven't owned my own business before? Any comments and help would be really appreciated.