14 May Thinking Outside the Boss
THINKING OUTSIDE THE BOSS
Have you ever thought about owning your own business? If so you’re in good company. Surveys from business organizations like Vistaprint and UPS Store show that 60% to 70% of us wish that we worked for ourselves. However, only a small number of that select group of would-be entrepreneurs ever end up fulfilling that dream.
Risks, Excuses and More
There are lots of excuses that get in the way of us ever fulfilling our dreams of owning our own business. Sometimes it’s hard to figure out where to start. We ponder over what business to own since the world seems different each day we wake up.
Change is scary, especially when we already have a steady income. There are certain risks involved in starting up a new business. Going into business usually requires money. When we don’t have a whole lot of cash, it’s tough to imagine investing it in something risky.
Thoughts such as… Can I still provide for my family? What will the in-laws think? What if I fail? The list goes on and on; you get the idea.
Just like many of us who wish we could lose weight, run a marathon, or become fluent in a new language, the idea seems reasonable, but there are so many things that get in the way.
Let me say this… when you own a business that is the right fit, and you can pull out a reasonable income, your world changes for the better. The vast majority of us find that it’s not only financially rewarding but incredibly satisfying to be able to call all the shots.
Many business owners and entrepreneurs will tell you that they love being the boss – even when the going gets rough. As a business owner, you get to apply your creativity, imagination, and ingenuity. If you do it right, you get to discover that people, hopefully, lots of people, are so grateful that they become loyal customers, maybe even raving fans, and they spread the word.
Owning Your Own Business – Keys to Entrepreneurial Success
Of course, it doesn’t always work out for everyone. Owning your own business, like many things in life, involves preparation and research. The trick is finding out how to minimize the risk. If you do the right homework, conduct the proper research, and spend some real personal time reflecting on what you genuinely want to do, what your passion is, and where you want to pour your energy, you too might achieve the entrepreneurial success that many find so rewarding.
And if you don’t ever choose the path of entrepreneurship, if you decide to play what seems like the safe hand and join the 98% of those who dream but never do, then you might find yourself many years down the road, living with regret and wondering if you could’ve been a success, if you’d only tried.
Over the next few weeks, I will share a series of insights that I hope will help encourage, maybe even inspire and empower you to fulfill your entrepreneurial dream. While I will focus on the advantages of acquiring an existing business as a means to this end, some of this information will undoubtedly apply to those of you who insist on starting a business from scratch or paying to start up a franchise concept.
If you are considering starting up from scratch, you might be interested in checking out my article about why buying an existing business is less expensive than starting up from scratch. In this article, I compare three different scenarios to help illustrate my point.
So Why Acquire an Existing Business?
There are at least ten advantages of acquiring an existing business over starting a business, franchised or not, from scratch. Some of those benefits include:
– an existing customer base,
– an established cash flow (in most situations),
– trained employees already in place,
– possible SBA financing when the cash flow is strong enough, and
– being able to look at the business from the outside to see those things that need to be improved.
By the way, this last item, looking at a business from the outside and seeing the things that you can improve, is an incredible superpower and essential in the business world.
I will do my best to shed light on and debunk the myths surrounding how to acquire your own business. There are significant advantages to owning your own business, but there are also plenty of challenges that can get in the way. Unfortunately, there are unscrupulous people out there that are willing to take advantage of your first-time experience. With the right knowledge and tools, you can learn to steer clear of the hazards and find your place among other successful entrepreneurs.
I would love to hear from you along the way. Feel free to share your ideas, ask questions, share a story of success, or even share an experience that did not work out so well.
What I can offer you is over 20 years of experience working with some of the best and brightest people who left their corporate careers, retired from the military, or came from overseas with visas so they could become the entrepreneurs of their dreams.
Reach out to us at Info@BuyBizUSA.comto share your business successes and failures as well as your entrepreneurial dreams and ideas!
We’d love to hear from you.