Running a business may seem like a dream to many, but the reality is that it’s hard work and often less financially rewarding than continuing on a sure path through a regular career. However, a life-long career with the same employer seems more like a reality of a distant era than the norm with growing global instability and mergers and redundancies in the headlines on what seems a daily basis.
The lure of plentiful business opportunities in small businesses can prove too tempting for some and many dive into a purchase without considering the skills, demands and time required to succeed.
Most business owners who are selling have put a great deal of effort into establishing and maintaining a successful business and want to see the buyer succeed. If the business broker has done their job properly, a buyer can walk into a business confident that the health and demands of the business have been fully disclosed and discussed.
If you’re not sure if a business is right for you, start with some soul-searching and the two most important questions to ask yourself.
- Why do you want to start a business?
- What skills and experiences can you leverage?
Even if you’re looking at buying an established business, you’re going to need some entrepreneurship skills to succeed. Market dynamics change and you need to be able to innovate and adapt to meet the demands of a customer base that’s beholden to trends.
Take for instance, a café. In a growth suburb with a high percentage of young families, you’ll need high chairs and perhaps a play area where parents can sit comfortably, and easy access and storage for prams, too. In an inner-city area of young professionals, a take-away window manned during the early hours will capture commuters looking for a caffeine fix on the way to work.
Skills and Experience
With so many reality TV shows bringing “food dreams” alive and helping home renovators launch careers from hobbies; it’s tempting to think that an interest can easily translate to a successful business.
Whilst the dream of running your own business may seem attractive at first, you should consider what you bring to the business. As a managing director or CEO, you’ll be called on to know something about everything in the business. So unless you can afford to bring in expertise, be prepared to do everything in your small business – from accounting to filling in for staff.
If you’re not sure where to start looking for purchasing a business that’s right for you, click here or call 02 9552 1111 (9am – 5:30pm Monday to Friday AEST). You can speak to an expert business broker at LJ Hooker to find an ideal Sydney business for sale.