To own a business is to fulfill the American Dream. It brings to mind the ideas of success, financial freedom, and the sense that youíve made it. These are all moving ideas that still hold true today, many years beyond the initial emergence of the American Dream. Fortunately, for the modern entrepreneur the path to business ownership is even more accessible than ever. Financing options are a plenty, small business is valued across American culture, and the business for sale market is booming with viable small businesses for purchase.
When dreaming of owning a business, most entrepreneurs donít begin with the concept of buying a business - usually their vision involves a startup business. But as a visionary professional it is important to weigh your options to business ownership to ensure a path paved with success.
How unique is your business idea? If you are one of the lucky few to develop a highly unique business concept, than kudos to you for your savvy innovation. But most small businesses are based on similar business models, that have withstood the test of time. This means that itís very likely you can buy a business and mold it into your dream business with a few tweaks here and there.
What is your level of risk aversion? Starting a business is risky business, pardon the pun. 50% of small businesses fail within the first 5 years of operation. That is a statistic to take under serious consideration. Buying a business is much less risky, because the business already has a proven concept, customer base, revenue, and cash flow. If youíre ready to take control of your financial future through business ownership, but donít want to risk the high level of failure associated with a startup business, buying a business may be for you.
Can buying a business provide me with much needed assets? Business owners who choose to grow through acquisition are very familiar with this gem of wisdom, but buying a business for its assets can be utilized as a new entrepreneur as well. Buying a business can offer a business owner access to a location that would be otherwise unavailable, or trained employees, inventory & FF&E, and even a previously built out space to get ahead of the curve.
What is it about business ownership that draws you in? If your draw to business ownership is because you are type A and want to control every last detail of your business, then the startup business may be for you. But if you are more drawn to running the business operations, managing employees, talking with customers, or improving operations, then buying a business will offer this opportunity to you.
Above are just a few of the considerations when thinking about becoming a business owner. If buying a business is the path to business ownership you want to take, we invite you to visit our website for more information.