You’ve decided to break out on your own, to become your own boss. Now it is time for the business search stage of your journey. What kind of business will be right for you? Here’s how to start:
Think about what industry you would like to work in.
Do some general research in the fields where you have some practical experience. Having a background in the field you are entering will be critical to your success as a new business owner. Practical experience can be work experience, education or time spent on a particular type of work. For instance, if you are someone who has spent the last few decades restoring old cars for fun – an automotive business might work for you because you already know a lot about the industry. Experience in one industry might also translate well to another, so keep an open mind when you first start your search. You might be surprised to find a suitable business that would meet your goals for business ownership in an industry you wouldn’t initially have considered. Once you have an industry or two in mind, do a cursory search of business listings online within these industries to get a general idea of what’s available. You can start your online search by clicking here.
Hire a business broker.
Business brokers act as intermediaries in a business transaction. They can talk to you about your goals for business ownership, your background and the funds you have available – and then make suggestions for the businesses currently on the market that fit with those criteria. As we said before, keep an open mind when it comes to your initial business search, there are many options out there. It is also important to use a business broker because they have access to business search sites that you may not be able to access, they know of businesses that are not yet on the market, and they can market you as a buyer to the business sellers they know.
Try to find out as much as you can about your desired industry.
In every sector, there are positives and negatives to business ownership. It is important during the business search process to try and discover what these positives and negatives are so you are not surprised later on down the line. Check industry organization websites, articles written by those who already work in the industry, blogs created by industry insiders – you get the idea.
No matter what industry you end up in, it is important to think about your goals when beginning your business search. Let your business broker help you determine what businesses might be right for you, and then follow up by finding out everything you can about that particular type of business. By starting your search this way, you are sure to end up with a business you love.
Have you always thought about owning your own business, but don’t know what type of industry would be right for you? Do you have questions about the business search process? Please feel free to leave questions or comments here and we would be happy to help!
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