Buying an existing business
Posted by JMH on May 6, 2010I am interested in eventually purchasing an existing IT business in Minnesota. I have minimal business experience, but 11 years of experience in Information Technology. I don’t currently have the capital to acquire an existing business immediately, but would like to start teaching myself, through the SBA or another resource, how to run a small business. Any tips on what path I should take would be very helpful and appreciated?
Some people work on business plans for years. I would think of the process as a journey and seek assistance from multiple mentors as unoffcial advisors who help refine your plan. Every plan has its own timing issues so your skill sets are just needs of the personnel part of the plan. You might check out a Kauffman entrepreneurial course in your area as well. Its a hands on way to accelerate the understanding of your own BP
If you go to http://www.buzgate.org/8.0/nh/ch_vethome_whatif.html they have a online training program which may be helpful with the many complexities of starting a business. another good source of information relating to getting an EIN # and filing issues is the IRS Small Business Workshop at http://www.tax.gov/virtualworkshop/ and www.sba.org which has online courses as well.