One of the keys to happiness is having the ability to get up every morning and go to a job that you love. If you are looking to become a business owner, then you can’t overlook this pivotal aspect – you need to buy a business you won’t hate.
How do you ensure the business you buy is one you’ll actually love? Spend the time before you actually start searching for a business doing some serious personal reflection.
Things to think about:
- Where do you want to be in 5 years, 10 years?
- What do you really love to do? What in your employment history has brought you enjoyment? What do friends and family see you doing as your “dream job”?
- Are there things about your dream business that you would dislike doing? Is this something that you would have to do yourself? Could you bring in a partner or hire someone to do those tasks, enabling you to focus on the parts of the business that are your passion?
Once you’ve considered these thoughts, have a conversation with an experienced and qualified business broker about your goals for business ownership. Are you looking for a passion project? Do you want more flexibility in your schedule? Are you looking for a business with a lot of room for growth?
When you have solidified your goals you and your business broker will work together to find businesses that fit you and the amount of capital you have available.
A caveat here; don’t assume that loving your business means that running it will be easy. Everyone who owns a business works really hard, it’s all about enjoying what you do. This is why determining your goals is such a critical step.
If you haven’t taken the time to consider your goals and the things about business ownership that will mean real happiness, you run the risk of being lured into a great deal on a business that might not be right for you in the end.
Are you thinking about buying a business and have questions about what industries would match with your goals? Do you want to know what businesses are currently available that would work for you? Ask us! Feel free to leave any questions or comments and we would be happy to help.