Buyer Types: How To Make Your Business Appealing To The Most Common Buyer Types.
Someone once said that a job well planned is a job half done. That's why buyer types provides you with information that you can plan with. It deals with the various types or categories of buyers, and helps you understand and plan for their buyer expectations.
Understanding their expectations will help guide you through preparing your business to meet all or most of these expectations. To understand their expectations it will be necessary to identify the different buyer types. Then it will be necessary to discuss their various and different perspectives and wishes.
Some expectations are common to all buyer types. But each will have its own peculiar requirements. In tough economic times, where many people have been laid off, or have been forcibly retired, there will likely be a disproportionate number of job buyers. Each job buyer is looking for a business to buy that can provide him with a job. He has determined that his chances of reemployment are very slight.
Or he has decided that he wants to be the master of his own fate. He no longer wants the uncertainty of working for someone else. He will be mostly focused on affordability and some assurance that the business can provide him a level of living comparable to his lost job. He may consider himself to be a competent manager, capable of meeting all challenges.
Another of the buyer types will be less certain about his ability to meet all challenges. He wants a business in a box. Meaning that when he opens the box, the business and all of its necessary systems will be in place for him to operate.
In other circumstances he might be a buyer of a franchise. But either can't afford the price, or doesn't want the start up period, or for some other reason is taking another route. This is another of the buyer types that will be price conscious, and seeking to replace his lost job. That he may have to work longer hours than previously is likely unimportant as he has convinced himself that he will be working for himself.
Another broad category includes the person who will look at your business as an investment. He is not interested in working full time in the business. He may not even be wishing to work in it part time. He may be happy to work on the business to make it worth more than it is today. Buyer expectations in this category will differ considerably from those mentioned previously. Expect fewer buyers in this category.
Buyers also interested in business opportunities and start ups form another category of buyer type. These will include people interested in starting a business, but have read and internalized the statistics on the failure of businesses in their early years. They have thought it through, and would prefer to eliminate that risk as much as possible by buying something a bit more mature. They may also believe themselves up to most management challenges.
The reason for discussing the different types is to prepare you for their particular areas of focus when preparing to sell your business. You need your business to look attractive to more than one type of buyer. Once you understand buyer expectations of the various types, you can examine and evaluate your business as if you were a buyer with these expectations.
As in any other marketing and selling situation, the greater the number of targeted prospects you can attract, the more sales you will make. In the case of selling a business, you only have one business, so increased demand will help you get more for your business.
The main types are discussed in more detail in the pages that follow. Click on the following links for
Business In A Box
For Sale By Owner
Find A Job
Start Up Business
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