The best way to set yourself up for success as a new entrepreneur is to get yourself into a business that you already know. You have a great deal of workplace knowledge and practical experience in the fields where you have already worked, and it will be important to tap into those personal resources of knowledge when you set out on your own.

If owning and operating a bar has long been a dream of yours, but you’ve never even worked in one, then it’s probably a bad idea to buy into this industry. You want to start your business on day one with at least a general idea of what to expect. Entering a completely new field often ends with disastrous results.

While staying within a field you know is the probably the most important consideration, there are some other aspects of business ownership that you should consider before deciding on a business to buy.

You need to have realistic expectations about business ownership. Make sure that you understand the time constraints and level of responsibility that will be necessary for any type of business that you are considering.

Also, pick an industry that plays to what you love. Someone who loves golf but is not a big fan of kids should go into a golf retail business instead of a children’s’ sporting goods store. The most successful entrepreneurs love what they do, so take some time early on in your decision deciding what will make you happy for the long run.

Set yourself up for success on your entrepreneurial journey by going with your strengths, keeping realistic expectations, and deciding on a business that you will love.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com