The Tribune

By SIMON COOPER Res Socius IT IS very tempting when starting out in business - or moving into an existing one - to say "yes" to every customer who wanders in the door with unusual requirements. It is also equally enticing to take on new lines suggested by a seductive supplier too. Before you allow yourself to be lured into these traps in the hope of making money, first memorize these questions: Does it fit logically with your other offerings? Every business is a brand, and so is yours although you may not realize it. Surprisingly, this is often something quite informal in the public's mind like "the shop that sells the fishing tackle down on the beachfront". Before you decide to start selling camping equipment too, figure out how you are going to stretch your brand and persuade the market to relocate Is this within your area of expertise? This relates to more than what you believe you are capable of. It also relates to what others think of you. For example, if you are currently a gas station owner and have spare space, you may have a tough time convincing the public to have their computers repaired there too. Think again. Turn down that franchise offer. Do you have spare personal capacity? Let's face it. We all stretch ourselves in terms of time, because that's human nature. Taking on a new business project is going to need your personal attention. Do time-study on yourself. How much time will it take you to (a) get the new line going and (b) keep it going. There are only so many hours in every day. Do you have spare ones available? Is it going to make you money? Launching new lines and luring in new customers invariably involves special offers and extra discount breaks. Unfortunately these create perceptions that are hard to change later. Be realistic. How much money will the idea actually bring you? In my experience, you should say "no" unless there's a compelling reason. Do you actually want the distraction? Assuming you are doing okay, then this is perhaps the most important question of all. If you are not fully motivated, the chances are higher that you will fail, and in the public eye too. And that's about the worst thing to do to any business brand. People don't identify with failure. As business broker I have learned to turn down many prospective clients simply because their business is past it's sell by date, and I cannot get enthusiastic about it. The last thing I need is time-wasting distractions. That's why when Simon Cooper lists a business, you can be sure I sense there's value in it. NB: Simon Cooper is a founding partner of Res Socius, a business brokerage firm authorized by the Bahamas Investment Authority that facilitates the sale and purchase of businesses. Contact 636-8831 or visit www.ressocius.com.