Friday, July 13, 2012
Small Business, Buy The Right One and Prosper in Belize
Buying a small business is a great way to get started in Belize and especially on Ambergris Caye. But, there are pitfalls. Read on for some opinionated, but truthful, information about what to watch out for and what to do when buying and operating a small business in Belize.
1. Beware of purchasing a small business with fancy accounting showing that it's making a small fortune. Chances are those books are "cooked." In order to get a good idea as to whether a business is making money hang around the place and observe the comings and goings of business customers. If the people traffic doesn't match the fancy books you should probably avoid it....something is clearly wrong.
2. Look for a business where the owner is willing to allow you access to whatever paperwork he or she uses themselves. If the owner hangs over your shoulder or won't leave you in private while you're looking don't be offended...it probably means the paperwork is genuine. Look all the harder because the information you're getting will probably be accurate.
3. Once you've verified that the business you're interested in is for real and has potential to make money and more money, go for it!
4. And last but not least....expect to work HARD making your new business maintain its promise and become even more successful. Don't get caught up in the world of booze, drugs and "friends" who are really just parasitical hangers-on. We have seen so many failures because of alcohol and drugs. Moving to Belize with the intention of buying and running a new business means you're not on holiday. This is your new life, your responsibilities here will be just as onerous as they were where you came from.
Keep your eye on the ball, work hard, live long and prosper on La Isla Bonita!