How to Start a Business Brokerage Company

If you love sales, you might consider a career as a business broker. Business brokers assist others in the sale and acquisition of businesses. Because businesses cost quite a bit, earning a commission of the sale could provide you a hefty payday. In order to successfully broker the sale of a business, you need don't need a whole lot of previous experience. The most basic requirement includes that you simply enjoy interacting with people. If you do, you could enjoy a long, happy career.

Instructions

1. Determine your state's licensing requirements for starting a business brokerage service. For instance, nearly one quarter of the states require licensing. Licensing consists of a real-estate license, but you might also benefit from an appraiser's license, so you can estimate the approximate worth of a business.

2. Take the appropriate business-law and real-estate classes. You can typically take continuing-education college courses at your local community college or university. You can usually register for real-estate classes online at sites like US Real Estate Classes.com and complete them on your own schedule.

3. Contact local or regional business broker offices. Often, such business brokerages will hire qualified sales people on a commission basis. Although you won't have a salary, it will give you experience that can help you get a job. It will also expose you to clients and the opportunity to network with people in the market for a business.

4. Set up an escrow account. For instance, an escrow company oversees the payments of one party to another. Escrow.com offers a variety of services that would help keep your business broker services safe for you and your clients.

5. Setup a base of operation. For instance, rent a small office space, or work from your home. Make sure you have a dedicated cell phone, a fax machine, and a copier.

6. Make sure you have enough capital. You will need business cards, brochures, a website, college classes, real-estate exams, and perhaps an office. You can obtain business cards and brochures for $100 to $200. You can have a professional website designed for $200 to $1,000. Real estate exames typically frun $300 to $500. If you take 12 credits of business law and business courses, you might pay $100 to $300 per credit hour. Depending on your city, a 300 square-foot office can cost $400 to $600 per month.

References

• Business Book Press: "Enjoy a Lucrative Business Broker Career With Your Own Business Brokerage Company"
• A Touch of Business: "Quick Tips For Getting Into The Broker Business"