These are interesting times, to say the least. Making the call to buy a business and jump into entrepreneurship was a difficult decision before the pandemic invaded all of our lives – now it seems like an impossible decision to make.
Should I really buy a business right now?
If living through this madness has you rethinking all of your life choices and has you seriously considering making the jump – then you still can if you do so with the right planning and a good dose of flexibility.
If you were seriously considering buying a business before the madness, the madness doesn’t necessarily mean you should stop. Whether entrepreneurship was the plan then or suddenly now, you should take another look at the businesses you consider and ask this question – will this business help me meet my goals for business ownership?
Defining your goals for business ownership will be pivotal to finding the right business for you – one where you can be successful and achieve the life you are looking for. Think about how much money you need to make to keep your life moving. Think about what you want your work week to look like. Think about how many hours you are willing to work everyday. Think about how much money you want to realistically spend right now. Think about jobs and industries where you think you would do well.
These considerations will be very important, as will the ability to be flexible. You might have your heart set on a specific type of business, but buying that business will be an exercise in futility if that business meets none of the goals we discussed above. The current world we live in will also play a part in what business will meet your goals. For instance, if you are a buyer without a lot of free cash available, it’s probably not a good idea to buy a business that can be affected by shutdowns – you won’t have the cash to sustain it.
The message here is that business ownership is still in cards if you want it to be. There are good businesses for sale and with the right planning and forethought you can find one that will meet the goals you have for your life.
It probably also needs to be said that not only will you need to be flexible with your initial business choices, but also with the process. There are new protocols to keep everyone safe – so meetings will need to be planned ahead of time or take place via conference call or Zoom, masks will need to be worn for on-site visits, documents will be signed electronically instead of in person and requests may take a bit longer than they once did.
If you want to buy a business, you can. If you have questions – about the businesses that are currently for sale, about the changes to the business buying process, about how you can find a business that meets your goals – ask us! Please feel free to leave any questions or comments and we would be happy to help.
5111 Ocean Boulevard, Suite E
Siesta Key, FL 34242