Can you still buy a business in the post-quarantine economy? Absolutely. The keys to success are adaptability and creativity.
Everyone can agree that the past few months have been difficult, unprecedented and just plain strange. If you were thinking about changing career paths before the quarantine hit, or if the time trapped in your house made you rethink your life choices – you might be wondering if now is the time to make the switch to entrepreneurship.
It certainly can be. While some segments of the economy are currently struggling, there are a few key industries that are booming. Think about what people are using/needing and you can come up with a whole host of ideas. Here’s a few:
health care and health care supply businesses
The list of newly named “essential businesses” is a long one. If you were thinking about making the switch to business ownership then a business in the “essential” sector is a good buy.
If you had your heart set on a different industry, you might still be able to make it work by adapting your business model and the business you purchase to fit with the times. For instance, if you’ve always wanted to own a restaurant you could perhaps find an existing restaurant to buy and change the model to a take out counter that also offers retail food options like fresh baked bread and other staples – making your business a one-stop shop.
The key to success in 2020 is adaptability and creativity. If you have that and are willing to put in the hard work – business ownership can be a very successful path.
What about all of the news about struggling small businesses? Yes, there are businesses out there who will not make it back. Many were faltering anyway, or didn’t have a business plan or model that could survive the shut down. The silver lining? Those struggling businesses might be a good buy for future entrepreneurs. Some businesses that have decided to remain closed permanently will likely be offered as asset sales, while those who don’t show the best numbers over the last few months might be purchased for a discounted price. Talk to your business broker about the pros and cons of snapping up a currently struggling business to see if the effort it would take to pull the business back from the brink aligns with your goals for business ownership.
Are you considering the jump to business ownership? Do you have more questions about what industries would be a great buy right now? Ask us! Leave any questions or comments and we would be happy to help.
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