You know you have what it takes to be an entrepreneur and you have big dreams. However, you don’t want to achieve those big dreams by starting a business from scratch. You simply don’t want to because of the work involved, or a great idea just hasn’t come to you yet. In this case, you need to consider buying an existing business and developing it by yourself.
It may cost a bit, it’s true, but you won’t have to deal with all the risks you’d take if you had started a new business from nothing. If you’re convinced you want to run your own business and are looking for a business for sale, then this is where you should be.
So.. why are they selling their businesses?
People have the idea that if someone is selling their business, there must be something wrong with it. This is a very popular misconception. It’s always about money.
The truth is that there are many reasons why people sell their businesses. Maybe they don’t want to work in that industry anymore, or this job no longer matches their lifestyle. They’re definitely on their way to selling it, but it’s not that easy to give up on something you built from scratch. Those people take their time to find the right buyer – someone who’s worthy of their lifetime of work. They need to know that their work is in great hands. It’s actually easier to move on this way.
See what you really want
It is a big deal – having your own business. It will have a great impact on your life, for many years to come. That’s why before you start digging for business, you need to decide what you are looking for.
Think about the location: see if you are willing to move your life to another place, or you need a business that’s close to your present home. Or perhaps you don’t want a business that’s tied to just one place. You need to keep in mind that this will affect your costs and taxes. For example, if you are looking for a business for sale in San Diego, you need to be familiar with California tax law, and also decide if San Diego is the right place for you.
Think about the size: see what is it that you’d prefer; a small family business or a large enterprise. Of course, the latter option comes with bigger profits, but it will also come with higher purchase costs and even more stress.
Think about the industry: see what the industries you have experience in and a passion for. It’s important that you buy a business that interests you and will hold your attention for years to come.
Think about the lifestyle: perhaps you want to travel a lot, or you only work at night, or you want to stick to the normal schedule, the nine to five one. You might get emergency calls at 3 a.m. See if you’re willing to answer those and even get to the place if needed.
Once you’ve established this criteria, it’s time to look for a business that you think will meet all of this. Only then are you truly ready to own and operate a successful business.