2020 was a strange year. A pandemic, a contentious election, protests and the like. If you were contemplating the leap to business ownership, are recent events causing you reconsider your jump?
Should you wait until things settle down to buy a business?
Nope. Here’s why.
There is no such thing as the perfect time to buy a business.
Sure, small business ownership can be impacted by changes in the overall economy and many small businesses struggled or didn’t survive the shut downs brought about by the pandemic. Here’s what’s also true. Some businesses have been weathering the storm well. Some have thrived. Why?
You can’t let what’s happening in the news dictate your entrepreneurial success.
The news has always been scary, but this last year it was on a whole new level. If you watch any news at all it might look like the whole world is on fire and every small business tanked. It isn’t, and they didn’t either.
In reality there are always going to be issues when you own a small business. Things that are completely out of your control. The wider economy. Global health crisis. Weather events. Political strife. Here’s what separates successful entrepreneurs from the pack. They don’t let the outside world determine their destiny.
They are willing to rethink every aspect of their business when things change. They aren’t afraid to do things differently when necessary. They pivot quickly and creatively when the needs of their customer base change. When something they’ve tried doesn’t work, they dust themselves off and move on. They focus on growth, always.
What successful entrepreneurs don’t do is wallow in news-driven fear. They take the information they gain from what’s happening around them and use that information to move their business in the right direction.
The message here is if you’re waiting for the perfect time to buy a business – don’t. It will absolutely keep you from your entrepreneurial dreams forever.
A few examples?
If you’re waiting for the economy to return to full strength, remember that in a booming economy businesses are far more expensive than they are when it’s not. If you wait, you might price yourself out of the game. If you’re waiting for the pandemic to be over, remember that it might take a really long time for life to return to some semblance of normal – and many things are likely permanently changed. The business owners who will do well in our post-pandemic world will be the ones who were creative enough to survive today. Waiting means you will be missing out on that boots-on-the-ground practical knowledge that will help you be successful down the line. Be a part of that tough bunch now instead of having to compete with them later. If you are waiting for political changes, remember that people have been building successful businesses throughout history – and it never really mattered who was in charge. You are responsible for what happens in your business, not a politician on the other side of the country.
Don’t wait. Fulfill your dreams of business ownership now.
Were you considering buying a business but aren’t so sure anymore? Do you have questions about what types of businesses are doing well right now? Would you like to know more about what types of businesses would meet your business ownership goals? Ask us! Please leave any questions or comments and we would be happy to help.
5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242