I Want To Be My Own Boss! How Do I Start? Buying Your First Business

Are you tired of working for someone else? Are ready to take the entrepreneurial plunge?

Here are your first considerations when starting out on your own:


Should I buy or start a business?


Starting a business can be very tough, and a large percentage of start-up businesses don’t make it more than a few years. If this is your first foray into business ownership, it is usually a much better idea to purchase an existing business.


Why? In an existing business the business concept has proven itself to be effective because the business is still open. You will have the previous owner to show your the ropes when you first take over, and the physical space is already built out and functional. Systems of operation are already in place, all you have to do is learn how the business runs.


What kind of business is right for me?


This is where we always use the classic bar example. If you have always wanted to own your own bar, but have never worked in any aspect of the restaurant industry – then buying a bar will probably be a huge mistake. You need to choose a business where you already have some experience and expertise. Jumping into business ownership is difficult enough, you don’t want to add trying to learn an entirely new industry to the mix.


Think about work or education experiences you’ve had in your life that you enjoyed, or jobs you were very good at and try to find businesses that are in the same categories. Talk with your business broker about what industries you are considering, and they can help you narrow down your search.


How do I find a business for sale?


The best way to find businesses that might be right for you is to use the services of an experienced and knowledgeable business broker. They will know what is on the market, and will be able to find you businesses that fit your experience and budget.


Another way to scout potential businesses is to use an online business search like this one.


I found a business I want to buy, now what?


Tell your business broker that you have found a business that you are considering. They will contact the listing broker to get a non-disclosure agreement for you to sign. Once you have signed the non-disclosure, you will get to take a look at the business and some financial records to see if you would like to make an offer.


If you like what you see, you can make an offer. Once an offer gets accepted, you will enter a phase called due diligence where you will get a chance to look at everything – all financial records, contracts, etc. If you still want to buy the business, then negotiations will proceed based on what you found during due diligence. If you decide not to buy the business after due diligence, you don’t have to.


Buying a business is a big step. Make sure you choose a business that will be right for you. You also need to get help from a qualified business broker to make your transition to business ownership a positive one.


Are you thinking about buying a business, but you aren’t sure what kind of business would be right for you? Do you have more questions about the business buying process? Ask us! Please feel free to leave us a question or comment here and we will be happy to help you.

Michael Monnot


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Michael Monnot


5111-E Ocean Blvd
Siesta Key, FL 34242

Michael Monnot


9040 Town Center Parkway
Lakewood Ranch, FL 34202


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