This year has been a strange one. The news changes minute by minute, and the pandemic still overshadows daily life. You’ve had a chance to reflect for the first time in a long time – and now you know entrepreneurship is your path.
Is this a good time to make the jump to business ownership? Absolutely, yes.
It may have seemed like the world ground to a screeching halt, but business has been happening all along. Essential businesses like manufacturing and delivery services have been booming. Small businesses with the creativity to pivot to fit the times have done well.
Many small businesses have had to scale back, but they are ready and able to scale up as soon as the situation allows.
What does this mean for you as a future entrepreneur? Now is a great time to consider buying a business.
Why buy? Starting from scratch, from the ground up – is tough when times are great. Right now a start-up would probably be even more difficult to get off the ground. People aren’t looking for new. They’re looking for a return to what they know and miss. An existing business gives them that.
Buying an existing business also gives you as a buyer some stability as well. You know the business model works because the business is currently running and generating cash flow. You know it’s a business that is well-run with an eye on growth and creativity because it survived the rise and fall of the economy. These proven features of an existing business just don’t exist with a start-up.
I want to be an entrepreneur, but I have my own concept that I think would work. Why would I buy something else?
Your concept might be great, but you can’t know for sure if it works. If you’ve considered entrepreneurship, you should consider purchasing a business instead. You get handed the keys to something you know can and does work, you get training from the seller so you know what to do and you get an existing brand that people will be excited to come back to. If you really have your heart set on your own idea, perhaps the smarter move in these unprecedented times is to buy an existing business in an industry where you could make your concept a reality. Take some time to figure out how to implement your idea within a business model that is tested and successful, then roll it out carefully to see if it really works.
This year might be a strange one, but it can also be a year of positive change. If you’ve always dreamed of business ownership, now is a great time to get started. Talk to an experienced and qualified business broker about your goals for business ownership and they can help you search for the perfect business for you.
Have you always wanted to own your own business but don’t know where to start? Has 2020 made you rethink your life choices? Would you like to know more about the process to buy a business? Please leave any questions or comments here and we would be happy to help.
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