With nearly 3 full months of quarantine behind us, we are heading into uncharted territory as Utah cautiously opens its doors. The new normal is fluid, with updated information about the coronavirus coming all the time. What does regular business look like now? Will customers return? What if there’s a second-wave of COVID-19? As featured in a prior blog post, the pandemic has offered a unique opportunity for entrepreneurs, and you can find success in buying or selling despite the pandemic pause.
While we don’t have a crystal ball, we can help you make the best decisions for your business or career right now based on the latest market research and trends. If you were looking to buy or sell a small business earlier this year, you may have placed those plans on hold, but opportunity is definitely out there. I’d like to give a few insights on what you can do now to strategically purchase or reopen a small business in Utah right now.
Document the Process:
You worked out the kinks of working remotely, perfected delivery orders, and dealt with other coronavirus curve-balls. Make sure these new processes are well-documented to show prospective buyers you’re on top of things. As a buyer, this information will be critical for your evaluation of any prospective business so that you know you can operate within the current and/or future health constraints.
Convenience is King:
While customers may start to return to your brick-and-mortar shop, keep extra conveniences like curbside pick-up or online/virtual shopping in place. Some customers may prefer these methods for the foreseeable future, and providing these options will help to maintain your business value.
Stay Active:
Starting a new journey is possible! A wide variety of businesses are available for purchase right now, including everything from a high end audio & home theater seller/installer to a soda and sandwich shop. You can also review all of our current businesses for sale by clicking HERE.
For most of us, this is our first experience living through a global pandemic, but Transworld has successfully weathered many economic storms in the past. We’re here to help you find the smoothest course to buying or selling a small business. Email our team at utahcounty@tworld.com or call us directly at (801) 753-5655.
