Published on 14/01/2021 by Any Business.Com.Au

Could now be the ideal time to buy a business?

Professional opinions, forecasts and conjecture. On the back of an indifferent 2020, there are thousands of these applied to almost every industry and medium early in the year as the world hopes to get back to some sort form of normal in 2021.

With businesses, in particular hospitality and retail, bearing the brunt of a Covid affected economy, you'd be forgiven for thinking now may not be the ideal time to take the plunge into business yourself.

Statistics however are to the contrary, and according to some, with the right strategies and plans in place, now might be the time to snap up a business bargain.

Figures from leading online businesses for sale website AnyBusiness.com.au show that business searches soared 29% in December in comparison to the same time last year with January already taking on a similar trajectory.

"Our latest numbers show that there has been a 50% increase in people searching and enquiring on businesses for sale this month (January) when compared with the previous month," Director of Operations, AnyBusiness.com.au, Mary Tamvakologos said.

"There seems to be a lot of interest in purchasing businesses in the early stages of what we hope will be a better year for small business. This means also that if you're a business looking to sell, now may be the time to contact a business broker and set the wheels in motion as there are buyers willing and waiting."

While there may be some bargains to be found in the business market place, Mrs Tamvakologos urged anyone searching and enquiring to ensure they still complete the required amount of due diligence before beginning their business journey.

She said the sentiment among business brokers was that there were a large number of people actively seeking opportunities to purchase but that any potential new business owner should ensure that their new business has the ability to survive any further forced closures due to pandemic outbreaks.

"If you're looking to pounce on a business then it's imperative that you are ready to go when you find it," Mrs Tamvakologos explained.

"That means doing a thorough search for the right business, doing your due diligence once you've identified it, getting your finances ready, identifying the core value of the business and enquiring that 'value' is transferred."

She said there was no doubt that the current economic environment was a different one, but added that potential buyers believed the market was quite bright in regards to small business ownership.

In fact, with many Australians losing their jobs due to coronavirus, she said it was likely that many more potential buyers will be keen to purchase their own businesses as the year progresses.

"Whilst profits may be down, serious buyers are still looking to purchase businesses and serious sellers are putting them on the market," Mrs Tamvakologos added.

To find the business that's right for you, search businesses for sale here or to find a Business Broker that can help get your business sold click here.

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AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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