Should I Buy a Business?
There comes a time in many employees life when they wonder ... “should I buy a business?” … The dream of escaping the boss and gaining more control is a common dream. Buying a business is one way to shake up the system and change your lifestyle.
The 3 common reasons why people consider buying a business:
1. To Be the Boss
The common Facebook meme of ‘dreading Monday mornings’ are all too common. Whilst working for bosses, employees often see shortcomings or how they could improve a system, product or procedure. This drive to want more control over a situation often leads employees to start looking at options, whether its internal growth in a company, transferring companies, or looking at buying a business.
Buying a small business gives an individual the ability to be in control. They manage the business processes from day to day operations, budgeting, marketing, HR management and more. Business owners need to be diverse in management skills and capable of handling multiple tasks.
2. Freedom and Flexibility
In the hectic lives we lead managing families, work and kids the idea of having more freedom and flexibility sounds amazing. Being able to set your own work hours and no longer suffering long commutes and set hours, is what many people wish to achieve.
Surely buying a business will give you more time and you can control your hours. This is possible, but it depends on the business you buy. Many small business owners will tell you about the long hours, numerous problems to solve, and very little money they receive for all the added work. Though if you look for a business that is already under management, this could provide you the answer.
3. Buying a Business is Easier than Starting One
Its easier to buy a business then to start one. Many established businesses already have customers, suppliers, premises, procedures, staff etc. It’s much easier to buy an established business then it is to start one. If you have the capital and can find a quality business that you can continue to grow and improve, it can lead to faster returns then starting your own business.
When your ready to take the jump and buy a business, be sure to get your accountant and solicitor involved and go through the due diligence process. Whilst the dream of owning a business is a great one, be sure to use your head as well as your heart when making this decision.