Do you want to sell your small business? Or you are already in the process of selling your small business? If any of the criteria above best describes you, then read on as I share with you seven common mistakes you must avoid when selling a small business.

To succeed in the world of business, as an entrepreneur, you must get rid of every get-rich-quick mindset of a hunter and begin to embrace the grow-rich-big mindset of a farmer. Hunters are more into business for the immediate gains it can bring, while farmers are in it for the long haul. Success as it ironically turns out, comes only to the farmer and not to the hunter.

With our struggling economy and people trying to make ends meet, everyone is looking at anything they can do to increase their income. Maybe a second job or even a change of careers, there is nothing that is left off the table.

Of course the primary requirement to purchasing a business is financial ability. But let’s not leave another important factor alone. I’m talking about whether or not you have the ability to learn and run a business. It’s very different compared to just working for someone and getting a pay check every other week.

Decide on your product. Yes, an ice cream Business sells ice cream but you have to create a product that can make your ice cream Business to business stand out from the rest. You may want to put some distinguishing style, taste or packaging to your ice cream so you can offer something different to the market. Of course, one very important thing is to decide on a product that people would surely love.

Many business owners do not put the principle of the remarkable purple cow to work in their businesses because they do not know how to come up with that really magnificent idea that will blow everyone away. This takes work and a few people putting their heads together and coming up with some ideas.

This was an ideal product for small business growth. If small business growth can fulfill a need that no one else is, then the growth can be exponential. In starting your own business there is nothing better than a product that excites a lot of people and is something they want.

As I conclude, I would like to advice all people, who want to start any kind of business or who already have business without a business plan, to think about creating one as way to building a successful business. One of the causes of failure in business is lack of proper planning. Create a business plan if you want to succeed in your online home business!