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Looking to buy a business but unsure what type of business to buy?

Business mergers and acquisitions expert Jonathan Jay suggests that the best starting point is to ask yourself, ‘What do I know?’

If you already own a business the decision may be easier, as you can look at complementary services or similar businesses in different locations. However, if you're buying a business for the first time, you should start with what you know. Create a list of the industries you're familiar with, based on previous work experience or interests.

By starting with something you know, you'll cut down on the learning curve and increase your chances of success.

Jonathan Jay also suggests considering a business partner if you feel like you don't know much about the industry you're interested in. Having a partner who knows the sector can help you get the project off the ground successfully.

Another factor to consider is the location of the business. Jonathan Jay recommends buying a business that's close to you, as it's easier to manage and visit regularly.

Lastly, Jonathan Jay advises buyers to think bigger and consider purchasing a larger business. Although buying a smaller business may feel more comfortable, purchasing a larger business could prove more profitable in the long run.

If you're looking for a comprehensive guide on how to buy a company or purchase an established business, check out Jonathan Jay's channel for more tips on acquisition, acquisition strategies, and business mergers and acquisitions.