Joining the Entrepreneur Club

Buying Businesses October 30, 2016

Do you want to start a business but are unsure whether you’ve got the entrepreneurial flair? The good news is that anyone can join the entrepreneur club. Becoming an entrepreneur is more about the actions you take, not the person you are.

If you’re unhappy with your current circumstances, you must first admit that no one can fix them except you. Many people get caught up in blaming the economy or their boss or some other external factor for their problems. Entrepreneurs understand that change can only occur when you make a conscious decision to make it happen.

With the right attitude, you can achieve your entrepreneurial dreams. Here are a few steps to help you get started.

Find the Right Business for You

Take the time to explore a lot of options. Look at different aspects of yourself, like your interests, passions and personality, and choose something that excites you and fills you with motivation.

There are three common approaches to finding the ‘right’ business:

  • Do what you know – leverage your skills and offer them as your own products or services
  • Do what interests you – find a business or industry that interests you and emulate it from scratch or buy an existing business
  • Solve a problem – Find a gap in the market and fill it. This approach is the most difficult and highest risk. Ensure you do your homework beforehand.

Plan for Success

A failure to plan is the biggest mistake a new business owner can make. Planning and setting goals helps you to gain knowledge, focus, clarity and confidence. Ask yourself what you want to achieve for customers and yourself, who you’re serving and what objectives, strategies and steps you need to take to achieve your goals.

Know Your Market

Ensure you do plenty of market and industry research – find out if people will actually buy your products or services. Finding this information can be a lot easier when you’re buying an existing business. After all, they come with an established location and performance data that you can evaluate before making a purchase.

Get Support

Once you’re an entrepreneur, your personal finances are connected to the success of your business. Making a mistake can have severe and long-lasting consequences. To reduce this risk, you should seek the advice and services of professionals who can help you make good decisions.

If you’re buying an existing business, you should enlist the services of an experienced business broker to help you find a quality business that is right for you.

Buying a Business? Talk to an Experienced Broker

If you’re thinking about buying an existing business in Sydney, get in touch with LJ Hooker Business Broking. We are Australia’s leading business broker with experience selling high-quality small businesses and handling well-known clients like Dominos, Kwik Copy and Michel’s Patisserie.

We’ll help you join the Entrepreneur club with minimal risk and high-quality support. Call 02 9552 1111 or contact us online to get in touch with one of our experienced brokers.

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