Buying an HVAC Repair business
There are good prospects for a HVAC Repair business on Long Island. Just ask the owners of www.longislandhvacrepair.com. You can venture into the air conditioning business by either starting a new business or buying an established business. While it may not be the easiest business to start, buying an established business helps you escape the teething problems faced by new companies as they get acquainted with the market. It is thus important to seek HVAC business that you can buy.
Funding for a new business
There are a few methods in which you can get funding to buy an HVAC business. Here are a few of the possible sources of funding.
You can fund the business from your funds. This could be proceeding from your other business or savings in your bank account. This is a preferable method of business financing as you pick the business without any liens.
Another cheap option of getting funds to run a business is by seeking loans from family members and close relatives. Most of them are flexible and would not charge interest on the amount loaned. You can also negotiate to turn the loan into equity should out find it hard to pay the amount within the agreed period.
Banks usually offer loans to would-be business owners. This method of financing is a bit expensive as it requires you to have collateral and prove your ability to pay for the loan. The amount of interest charged on the loans depends on your credit score and the financing bank.
There are high net worth individuals that seek good opportunities to finance for a profit. Angel financiers buy equity into the firm, but there is also an option of converting the amount into a loan. Find out if there are angel investors willing to invest into air conditioning service in your area. Be sure to create a good proposal that will excite them.
SBA-insured loans (Small business Administration loans)
There are several SBA programs designed to help new and existing businesses get the funding to run their entities. SBA does not give loans from itself but connects the entrepreneurs to the lending communities. These communities include community development organizations and micro-lending entities. Visit the SBA.gov website to view requirements for getting loans and apply online for your loan.
Use of business brokers
Business brokers are critical when you are buying an existing business. Just like buying real estate, the existing business has obligations, existing clients as well as legal and civil obligations. None of the air conditioning repair Long Island will tell you that they had a legal tussle with a client. The broker unravels any hidden truth in the air conditioning service so that you are sure of what you are buying.
The business broker also helps in the negotiations on the terms of sale for the business. This includes the price of the business, equipment, and staff. He also found if the owner would remain around for some time for smooth transition.
A good furnace repair Long Island business has good prospects.
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