Tag Archives: buying a business

business broker

Why use a business broker?

In a world full of DIY options, ‘do it yourself’ business buying and selling sound appealing to the ever-learning, multi-tasking business owner that you are. You’ve managed to establish and grow a business of your own, maybe from scratch, maybe from one that was previously showing little profit! Either way, you’ve got this… right? Unfortunately, no. We hate to be so blunt, but there is a reason why Business Brokers exist. Actually, there are many reasons! Let’s outline a few to break the ice.

  1. Legal Guidance
    Not only do Business Brokers know their way around all necessary legal documents and agreements that feature in the business sale journey, but they are also able to explain them to you in a way that actually makes sense! Your Broker will be the middleman (or woman, so to speak) between yourself and all other parties you are dealing with; the buyer or seller, conveyancers, accountants etc. Trust us when we say, for this reason alone – they’re worth hiring.
  2. Objective third party for negotiations
    Your Broker assists the sale journey in an objective capacity. Providing advice and guidance along the way, helping with negotiations and providing clear-cut, honest feedback from beginning to end.
  3. The little black book (of Business Broking)
    Contacts and connections! Your Broker (at least if you choose to embark on your journey with us here at Core Business Brokers) is connected and experienced. Their list of contacts is extensive, and they may just know the ideal buyer or seller for what you’re after. Industry expertise can be incredibly beneficial. After all, it’s not what you know – it’s who you know (or in our case, it’s both!)
  4. Time management!
    By allowing a Business Broker to take the wheel, it allows you to focus on your day-to-day in the meantime. Whether that’s wrapping up at your current workplace or working on the business plan, you can trust that we will do our job to the best of our ability, giving you back the vital time needed to continue yours.
  5. Years of knowledge and experience
    Let our many years of business sale knowledge and experience in the industry serve you well. Here at Core, we operate in a professional manner at all times; maintaining confidentiality, providing valuable feedback and advice, sharing our valuation expertise and wealth of knowledge with you during your business sale or purchase journey.

Hoping to embark on your own buying or selling journey in the new year? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected] and we’ll schedule an appointment today.  

hospitality business

5 tips to create a successful hospitality business

Hospitality will always be an industry with a lot of competition. Why? Because it’s an industry that turns a necessity into a luxury. Sure, we could always cook our dinners and never travel anywhere – but that wouldn’t be much fun at all! So hospitality has created a world where you can experience cuisines from foreign cultures, stay in caravan parks to lavish hotel suites and everything in between – and although 2020 has thrown some speedbumps in the mix, hospitality will always exist in some way, shape or form. So, it’s no surprise that it’s a popular choice for savvy businesspeople when creating a new business.

But what are some things to consider when entering the hospitality sector? How can your business become a success and stand out from the crowd? Here are 5 tips on making your hospitality business the best it can be, and a successful business in its own right.

  1. Customer experience

Plan your customer’s journey from start to finish. From booking to leaving and everything within that timeframe. How can you make it easy? How can you make it special? Find ways to make your customer say “wow”. Whether that’s an SMS reminder 24 hours before their booking, or a complimentary house wine while they wait for their table – make the customer feel special and they will always return.

  • Find your niche

In a sea of restaurants or hotels, how will yours be different? Is it a design feature? A price point? Particular inclusions? A live music happy hour each night? A specific dish you do exceptionally well? Find what makes you stand out and then make sure everyone knows about it. Soon, it’ll be what you’re known for – so make sure it’s something you’re happy keeping long term!

  • Digital presence

It’s not enough anymore to have a good brick and mortar business. You need to be online and you need to be really good at it. Website, Facebook, Instagram – you name it, you need it. Instagram is a particularly important social media platform when it comes to hospitality, as most people nowadays look on Instagram to gauge the feel of the business before deciding to book their stay/meal. The old saying “never judge a book by its cover” doesn’t apply anymore. These days, almost everyone judges a business based on their cover photo!

  • Care about people and the environment

The world is shifting into a more sustainable place, with younger generations focusing on how they can reduce their environmental footprint in any way they can. Find ways to do your bit for the environment and let your customers know how their business helps contribute to your efforts. Likewise, if you can give back to those in need, why not use your business as a positive platform to do so!? Positive publicity through good deeds is priceless, although it shouldn’t be the sole reason for doing good. Good karma comes to those who care about others.

  • Be a local leader

Take a step forward in your local community and be present. Sponsor local sporting events, attend local gatherings and become a local business that people know and care about. Being an active part of your neighbourhood and community is a valuable marketing tool and encourages loyalty when it comes to your customers.

Thinking about buying a hospitality business? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy on [email protected] to chat through your options. We have a wealth of hospitality experience under our belt and would love to discuss the businesses we currently have available.