Would 1.5 million buy a small business ????

Hi all , can anyone advise me if 1.5mil HKD would buy a small business on the Island ? What I'm looking to get out of it is to pay all rent and exspenses a few employees , and pay myself 12k for my rent and 15k living costs is this possible ? I have no skills in small biz so would need training , has anyone done this and can offer an opinion on what I could do .

I know many factors involved , i guess the question is , if you had to buy a business in that price range and no skills , only willingness to learn , what would be your expectations , what type of business would you go for ?

I do not know what the statistics are like in Hong Kong, but in general it is probably true that a large number of new businesses fail.


So the first question would be, are you prepared to fail? If not, do not start up a small business.


The next question is, what are you good at, what experience do you have, what are you interested in. You need to have some experience working in the sort of small business that you are thinking of buying. This would have two advantages, firstly the obvious one of getting some expertise, secondly, you would have a chance to make some contacts and get to know the financial aspects and so on.


Bear in mind that you also need a reasonable amount of working capital to allow you to run a business, to pay for your living expenses during the build up period, etc. If you do not have an accountant, I would definitely make sure you have one available to look at the books of any prospective business, and to give you proper advice in the financial aspects.


Finally, are you prepared to work very hard? If not, forget about it, especially in a place like Hong Kong.