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There are several types of structures for those wanting to become a business broker such as operating your own business, working under a licensee as either an employee or a contractor & even owning a franchise. Benefiting from a network rather than working alone.
The decision may be in your future if you are considering to become a business broker. Have you always wanted to be your own boss and run your own company?
Do you want to start with a business that is already successful?
Consider becoming a business broker!
Business brokers are in demand in today's economic climate and offer many opportunities for businesses owners who wish to sell their company without the hassle of running the day-to-day operations.
Many people looking for a new career often consider becoming a business broker.
A business broker is someone who advises people on buying or selling their business, negotiates the terms of the transaction, and then helps with transferring ownership from one party to another.
You may have been thinking about this as a way to supplement your existing income or as a way to start working from home; however, to become a qualified business broker, you'll need to complete the proper certification process.
A career in business brokering can be very lucrative. You do need to have a business broker license to become a business broker, but it is a process that you can complete relatively quickly.
Get Licensed to Become a Business Broker
There are a few steps that are needed in order to legally work as a Business Agent. The first step is to get your license which can vary from state to state, in NSW for example, you will need as a minimum either the certificate of registration or get a Class 2 Agent in Real Estate - Business Agent License.
In order to gain a class 1 or 2, you will need to have completed the subjects and have worked in the industry for 2-3 years where as for a certificate of registration, you can simply complete the approved courses offered by many online and face to face RTOS’s then apply for your certificate, this will allow you to work and gain experience from a licensed agent.
What a Business Broking Agent's License Allows You To Do
You can exercise business broking operations, which include:
- Selling, buying, exchanging or dealing with businesses or professional practices.
- Negotiating a sale, purchase or exchange of businesses or professional practices.
However, you cannot authorise the withdrawal of money from a trust account.
Research the requirements for obtaining a broker's licence and find a business broker accredited program that meets your needs
Some of the requirements to be a business broker are completing a Certificate IV in Property Services (Business Broking), at least 18 years of age, and paying the license fees before you can be issued with a license.
If you would like to learn how to become a certified business broker, many options are available for this type of training.
The Australian Institute of Business Brokers has an agreement with a recognised Registered Training Organisation, the NSW Real Estate Training College to provide those people wishing to enter the profession.
Some standard courses include classes online, in person, or hybrid classroom/online systems. It is vital to research the certification requirements in your state before enrolling in any training classes as all states in Australia have different requirements.
With a business broker course program, you will learn:
- What questions to ask during the sale process
- Learn about what makes a business sellable
- How to negotiate terms when making offers on potential companies
- When to walk away from a deal
Becoming a business broker can be an excellent opportunity for you because it allows you to use your skills and abilities while expanding into new fields that you may not have had experience in before.
Look for Jobs to Become a Business Broker
Many people want to become a business broker. If you're looking for a new career, exploring your options in this field might be beneficial.
Here is what you need to know about the industry and the education it takes.
Business brokers have a demanding job but also have many rewards. While most brokers work in an office setting, others may choose to work on a flexible schedule from home.
If you decide to pursue becoming a business broker, there are several steps involved with getting started. Here are two examples:
- Research the industry
- Network with professionals in the industry
Research the industry
It is essential to understand what you are getting into before starting any new venture. The business brokering industry is no exception.
Spend some time reading about the industry and familiarising yourself with the basics. This will help you when it comes time to start your job search.
The opportunity to become a business broker is one that not many people know about. It can be a lucrative, as well as challenging, profession.
A business broker's job is to find the right buyer for businesses that are for sale.
They assist with determining the value of these companies and work to find buyers who will offer the company an acceptable price.
Network with professionals in the industry
Networking is key when looking for a job in any industry. Connect with business brokers in your area who may be able to give you advice on how they got their jobs or where else you can look for work.
You never know if someone you meet at an event could end up being a future employer!
No matter which route you choose, it is crucial to have the right skills and knowledge to succeed in this career.
There are many ways to become a business broker. You can find a job with a business brokerage firm, or you can start your own business brokerage firm.
Start Your Own Business Broker Business
Are you looking for a way to make money and become your own boss? Have you thought about starting your own business broker business?
You can work with businesses that are in trouble or with ones that are already up and running.
You can be independent or work as an agent of an established company.
Develop a business plan
It is essential to develop a solid business plan. A business plan consists of details about your business, including company goals, what you will sell, who your market is, the competition in the industry, and how much money you will need to get started.
The information in your business plan has to be accurate, so that prospective investors know what to expect from your company.
Choose a business structure
There are three common ways to structure your business:
- Sole trader
- Company
- Partnership
Each business structure has its advantages and disadvantages that You should consider before deciding on the structure for your new business.
Sole trader
A Sole Trader is legally responsible for all aspects of the business. A Sole Trader does not have any other partners and therefore cannot share profits with anyone else.
The main advantage of being a sole trader is that it allows you to keep all the money earned by yourself, but this also means that there will be no one to help support you in case something goes wrong.
Company
A Company can include more than one person as a shareholder or director.
This gives each shareholder/director responsibility over different parts of the company's activities.
Each director must hold shares equal to at least 25% of the total number of shares issued (or less than 50%) plus two additional votes per share held.
Partnership
A Partnership business structure has two partners who are jointly responsible for running and managing the business.
They may have separate roles within the partnership, such as manager and secretary.
Partnerships usually involve sharing profit from sales between the partners.
All business owners and entrepreneurs should register their business if they are looking at starting a business brokerage company.
Join a Business Brokerage Company
The idea of joining a business brokerage company may be something that has crossed your mind before.
You may have talked to family and friends about working for a business brokerage company. They may even encourage you to take the next step and become an agent yourself.
A growing number of people are looking for a job as business brokers, but many have no idea what the industry entails.
Join a company known for brokering the best deals, is highly reputable in the industry and provides the best broker training and support so that you can succeed.
Benefits of joining a business brokerage company
There are many benefits of joining a business brokerage company.
First, in most companies, you will have the flexibility of working from home and creating your own schedule.
Second, the success rate of a broker's deals is much higher than a broker working independently.
Here are a few more benefits of joining a business brokerage company or owning your own franchise:
- Increased income potential
- Opportunity to learn from experienced franchise owners
- Continued support from mentors
- Increase your options and abilities
- Be your own boss and maximise your potential
- Become a part of a growing national network of successful brokers
A career as a business broker is a great way to make money.
You can find a job with a company or start your own business.
Network Infinity business brokers is one of the largest business brokerages in Australia, if you're looking at becoming a business broker, get in touch with us today by giving us a call on
02 8197 9954.
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