2020 was a rough year, for everyone. This New Year’s holiday holds special meaning for many of us. It’s a chance to start again.
That’s right, it’s New Year’s resolution time.
We all do it. We come up with fabulous and complicated New Year’s resolutions and then fail miserably within the first three weeks of the new year. We all want to be thinner, in better shape, more organized.
If you consider them as a whole, what are all of our collective New Year’s resolutions really about? They’re about happiness. If you are thinner, then perhaps you’ll be happier. If you’re in better shape or if you’re more organized, then perhaps you’ll be happier.
The reason these resolutions fail is they only scratch the surface of the underlying goal you are trying to achieve. Losing 20 pounds might initially make you happy, but you still have to get up and go to the job you hate every day.
Happiness is less about superficial changes and is more about living with a sense of purpose. It comes when you feel fulfilled in your daily life. How do you reach fulfillment?
Take control of your career and follow your passion by becoming your own boss.
It may seem like a daunting proposition to become your own boss, but taking the entrepreneurial plunge doesn’t mean you have to come up with a genius idea and build a business from the ground up. You can enter the world of small business ownership by simply buying a business that already exists.
The benefits of taking this route to business ownership are easy to see. Buying an existing business means you don’t have to contend with coming up with a concept, finding and then equipping a location, finding and training a new staff, establishing a customer base, obtaining initial licenses and permits – the list goes on and on. All of this “start-up” work has already been done, and you even have the previous owner to train you when you take over so you aren’t walking in cold.
If you are thinking that buying a business might be a great part of your 2021 plans, you probably have some questions:
How much money does it take to buy a business?
The answer is, it depends. Sure, there are multi-million dollar businesses on the market – but there are also many smaller businesses that would require a much smaller initial investment. Many business sellers also offer the option of seller financing, so you may be able to get a business that would suit your goals without having to pay all cash.
What kinds of businesses would be right for me?
Remember that the point of business ownership is to have control over your own destiny and to feel fulfilled in your daily life. You shouldn’t buy a business where you aren’t going to be happy – without drive and passion you will most likely run the business into the ground. You also shouldn’t buy a business you know nothing about. Giving yourself the massive hurdle of trying to learn a whole new industry on top of learning how to run your new business just means you are setting yourself up for failure.
Think about what your goals for business ownership are. Do you want a more flexible schedule? Do you have a particular passion that you want to turn into a career? Are you looking to make a long term commitment to a business or are you looking to grow and then sell your new business for a profit? These types of questions will help you decide what types of businesses would be right for you.
What’s the next step?
Contact a business broker. They can help you figure out what businesses would be right for you based on your goals for business ownership and the capital you have available.
Get yourself on the path to business ownership and happiness in 2021!
Do you have more questions about the process to buy a business? Would you like to know what businesses are currently available? Ask us! Please feel free to leave any questions or comments here and we would be happy to help.
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