Season’s Greetings from MBIC Buying a business?

aspiring business people and young people set up new ventures,” says Avniesh. “So through word of mouth, friends and friends of friends came forward soliciting advice”.

From business consulting, Avniesh forayed into real estate. “People started asking me to have a look at a business they wanted to buy, asking whether it was the right one, or should they invest and so on?” All these queries led him to explore the property market and so YABS Real Estate was born, with its head office in Melbourne CBD.

Some useful tips

In 2004 Avniesh Bhardwaj began his entrepreneurial journey by opening a convenience store on Chapel Street, Windsor. The success of this store led to the opening of three more convenience stores under the name of YABS Supermart. Around the same time, he also opened a bottle shop and a tobacco store.

But with higher sights in mind, he sold these two and in their place bought a large post office with a Tattslotto newsagency and a

Ticketmaster. After mentoring this venture for three years successfully, he bought three more Tattslottos and another newsagency.

Because of this success, friends and acquaintances started seeking his advice for investments and other businesses. Soon Avniesh was seen helping a lot of new entrants buy the right business or guiding their decisions.

“Since many people were approaching me for help, I decided to monetise my service and started working as a consultant helping

Many Indians buying a business in Australia, think that as a buyer, they have to pay commission to a real estate company too. But this is completely wrong, as buying a business is just like buying a property in Australia, Avniesh points out. Real estate companies get their commission from the vendor (the seller). What is important to understand is that by keeping the agent in the middle you are fully secured, as the transaction is looked after by the agent. Your deposit is secured and can very easily be refunded to you in full if the conditions of buying the business are not met.

Most vendor’s don’t understand that exclusive authority means that they cannot sell the business themselves, and if they do, they still have to pay the commission to the agent. They have appointed an agent who will do all the work for you, including all of the paperwork and will help you at every stage till settlement (takeover of the business by the purchaser).

Another misunderstanding is that running a food business is going to be the easiest thing. However, after being open for 2–3 weeks they realise the impact of the long hours needed on their lives. Often they want to resell the same business within three months, Avniesh advises.

Another myth that people have is that it is cheaper to set up a business than to buy an existing one. “I have helped many people set up businesses from scratch and I can confirm that it costs more to set one up from scratch than to buy an existing one,” says Avniesh. “Also, with new businesses the performance is not guaranteed. With an existing business, there are existing customers, which can be built on through marketing. So it is worth paying a goodwill to buy a property purchase. We invite you to contact us for personal assistance in your preferred area of investment; whether it is a house and land, an apartment a townhouse or high income properties, I am sure MBIC has the property to assist you.

MBIC wishes you and your family all of the best wishes for health, wealth and happiness for the festive season and we hope the holidays are full of joy and more importantly safe as well.

Should you have any question or would like to seek further assistance on property investment options, please feel free to call on 03 9813 8188, 0417 483 355 or e-mail: carlo@mbic.com.au

Please note: The office will close 12noon on 24th December 2013 and will re-open 2nd January 2014 Carlo

Ruscitti

– Founder MBIC business”.

The other thing that people believe in the Indian community is that if they open in a shopping centre the business will succeed. This is not true, as the setup costs are very high, and you need to maintain a standard shopfit which is approved by the shopping centre. There’s also high rent, broken up into different parts; base rent, outgoings, advertising fees and maintenance (running costs). This means that in turn you are paying for cleaning, rubbish removal, temperature control, and in most centres, for the wages of staff as well.

It is now very important to have a website and to use social media, like Facebook for your business, he advises. People prefer to first check out your website, and then form an opinion about you and your company before deciding whether to call or to do business with you, or not. “If your website does not carry your image, I can assure you that you are loosing business” Avnish finishes. Contact: Avniesh Bhardwaj 03 9600 YABS (9227) www.yabsdomains.com or www. yabsrealestate.com.au Rajesh Vinayak