This week I am going to publish a different reason each day on why a newsagency is a good business to buy – in no particular order.
#3: you’re part of something bigger
Even though newsagencies are independently owned and operated, vary significantly in range, service and location, trade under different brands and vary in terms of local community connection, they are all part of something bigger.
Whether this connection is seen or unseen, at the very core of every newsagency is the common connection of newspapers, magazines, cards and stationery and for many, lotteries. These product category cores provide newsagents with reasonable base traffic today and this is what you can leverage for success.
This about it. Buy a retail business selling gifts and you have one category on which to rely. Buy a newsagency with gift or one you plan to add gifts to and you have a base on which you can build thanks to being part of something bigger.
Even with declines in some categories we carry, being part of it is better than being in a retail category without this. I know of retail categories which would love even half the daily traffic of an average newsagency.
So, yes, newsagencies are part of a bigger, sometimes unseen, network and this can be leveraged to our success.
Newsagencies are good businesses to buy. We newsagents need to do more to demonstrate that this is the case. It starts with us making our businesses more appealing and is assisted by stories we tell about being a newsagent.
Hi,
I have been looking into buying a news agency for about a year now and I’m happy to say have in the last 2 days had my offer accepted on one in Sydney.
Sale is subject to the successful transfer of all licences.
My question is how long should I expect the transfer of the lotteries licence to take and I understand that there is an approval process to go through, having all my ducks in a row what would the chances be of the transfer not being approved, therefor the purchase of the business not happening and all my dreams coming crashing down?
Thanks for your time!
Steve
Steve you will need to be approved by the landlord, lotteries (tatts) and some other suppliers. Your contract should be conditional on this. The Tatts rep for the business can advise you of their current application processing and approval timeframe.
Approval comes down to your experience and your plans for the business. You need to sell them.