The 3 BIG Tenerife Business Inventory Mistakes

If you are considering buying a business in the Canary Islands, then you will want to know the three most common inventory mistakes that buyers make. Although new owners will scrupulously read the inventory and compare it to the stock, machinery and physical items attached to the business, they often completely neglect the marketing assets. The three types of marketing assets you will read about below can be far more valuable than any of the equipment in a Tenerife business, and often they will be far more useful to a new business owner.

The most important marketing asset that a business may have is their website and many Tenerife business inventories forget to mention it. The domain name will already be established, with links from other sites pointing to it. The longer a domain is established and the more pages linking to it, the higher the value because search engines are more likely to discover the page. It would take a lot of investment to make up all that lost ground, not to mention the cost and hassle of getting a new website. A website is a great way to promote your business on the internet and more and more people research the bars, restaurants and businesses in Tenerife before they spend their money. It is absolutely crucial to ensure that the business website is included on the inventory when you buy a business in Tenerife.

The business Facebook page is the second important marketing asset that buyers forget to look for in the inventory. Facebook pages are ‘liked’ by people who have visited the business and they are a great way to keep customer loyalty and keep them coming back. You can send messages directly to your followers and they often recommend your Facebook page to their friends. So promoting your Tenerife business on Facebook is a fantastic way to spread the word to new customers as well. It is also a very useful tool to introduce new management to your new business in Tenerife. Some local businesses on the island have hundreds of ‘likes’ which may have taken months or even years to build. Replacing such a valuable direct route to your business target market may be expensive, or even impossible.

The third most important marketing asset left off the average Tenerife business inventory are the other identities, pages and entries belonging to the business. These might include directory entries, Google Ids that control where the business is on Google Maps or accounts with other social media networks. Don’t underestimate the power of these marketing assets for your new Tenerife business. When you take over, you’re going to want as many sales as possible, and that means that you need to control your marketing assets, not spend money re-inventing the wheel again so make sure that the inventory of the Tenerife business you are buying includes them.

There are so many things to think about when buying a business in Tenerife, that marketing assets can be forgotten by both the buyer and the seller. Often it is only afterwards that the buyer will realise that they have forgotten to include assets like the website, Facebook page or Google ID. It is not uncommon for unscrupulous sellers to then try to charge extra for passing over these assets that were forgotten on the inventory when the business was sold. In this article you will have undoubtedly learned to avoid these three common Tenerife business inventory mistakes which will not only save you time and money, but also give you the tools you need to get customers through your door.