Questions to ask a small business owner?

Nicolas Cooley: 1. How tough is it starting your own business?2. Have you ever considered a franchise before starting your own business?3. Are you familiar with the risks where small businesses usually go under?4. How long have you been in business?5. Have you incorporated?6. What type of things have you written off on your business to avoid paying taxes?7. Do you have a partnership? if not have you ever considered it and the risk/reward?8. Would you recommend people starting their own business?9. How much stress is having your own business in comparison to working for someone?10. Do you like what you do?...Show more

Galen Gowers: You need to see the Utility bills, these will be 5% higher than domestic. Also has it a water meter and how much are the bills. You most definitely need to see the lease. If its a Full Repairing & Insuring lease you could be liable for any repairs inside or out (we got caught by that one) When is the next rent review. How much is the publi! c liability Insurance.You might have the current takings, but how much are the monthly outgoings. Is there anything left after all the bills are paid. Its not your problem if there are debts as they will be in the owners name. For comparisons, buy Daltons Weekly and have a look in your area for similar business's. Do nothing without giving these facts to an Accountant first. Good Luck and be careful....Show more