How To Buy A Business Opportunity is not an easy question to answer off the top of my head. I get asked this question at least once a day hence this blog post to better define my live calls I’ve had with potential buyers considering self-employment.
How To Buy A Business Opportunity: Business opportunities that you can buy come in all shapes, sizes and have a wide range of costs. Let’s dig deeper…
In general, a business opportunity can be a service, product(s), idea or system created by a company or individual that you can buy once and earn income forever from. This is unlike buying a Franchise in many ways that I will outline below. I will also give you some great ideas on how to get the badly needed training, mentoring, business education, funding, legal advice and loads of other self-help methods that you can employ to aid the growth of your budding new business opportunity.
How to Buy A Business Opportunity has been asked time and again over the last ten years while I have worked on this project–almost daily by callers as I mentioned. We’ve had professional writers for years try to tap out a code for people just like you are reading this article who enter into a business opportunity to allow themselves a better understanding as to what to expect before he or she gets started or puts out any money. The reason for this is quite simply – not everyone is cut out to be a small business owner or self-employed. Ha! I said it and it is so true that if some well-intentioned and all-be-it nicer than heck people didn’t buy a business opportunity and got a job or did anything else it would benefit them.
How to Buy a Business Opportunity – You need to know that people just like you are often sold at shows across the Country that taught people/buyers that ‘all you need to do is X, Y, and Z’ and man money will rain down on you 24/7. If anyone tells you this, run as fast as you can the other direction because it is a sure sign that is not the business for you in my opinion.
So, then how do you know when the business opportunity is right for you? Look for growth for sure and money being made of course, but look past the curtain to real success stories by what you consider your peers. You need to get in contact with said people before you buy to investigate not just the opportunity, but what it takes to really be a success at said business. Ask these folks a lot of questions and dig into how they did what they did. Then try to us that treasure-trove of valuable information as a roadmap if you intend on buying into the said business.
Next, try to also maintain a relationship with other like-minded business owners in your field or that have the exact same opportunity that you do. Remember that working as a team can yield more benefits that working solo in many cases. You might find on one call that the business you have in mind to get involved with is super and you should buy now. Others will find the reality of being in business might take more than they expected. What is the biggest pitfall you ask? Being underfunded or going into business with zero funds expecting the business opportunity to pay all of your bills and even make you a profit straight-from-the-gate will find the reality of the business world quite different than what they envisioned.
My experience has shown me over the last decade that money will come out half as fast or slower than you expected or were told by the person who sold you the opportunity. Did you ask questions? Did you investigate? Did you get to talk to others? Remember buyer beware does apply to this industry as any. Remember expenses are usually much higher than you expect since you have a life, rent or a loan and possibly others to care for. Even pets are a consideration when opening a business.
I saw a recent poll out that cited that more than half of all Americans dream of owning a business. That was a stunner for me since most know how hard it is to eke out a profit and how many hours are involved in making that happen. For most, there are three possible options that make sense: starting a business, buying a franchise, or buying an existing business. All have their pros and cons, and the choice depends on the specific needs, goals, and expectations of each individual.
Yet, it is my belief that almost everyone should start a business of some sort in their lifetime no matter the cost. No matter if it is a home-business selling party supply or a full-on C Corp. It can be one of the most rewarding experiences that you will even endeavor into if you really plan and buy smart. One key thought to share with you that you need to really make an effective plan to feel the pain of what can be a turtle-like-slowness period to profit.
How to Buy a Business Opportunity – I also wrote an article not long ago that anyone who is thinking of buying a business opportunity, maybe a Distributorship, a Route, a Dealership, A Licensee Opportunity or even a Franchise should read: Who Should NOT Buy a Business Opportunity or Franchise?
So, often the key to success with How To Buy A Business Opportunity or buying any business really is understanding yourself, your surroundings, your geolocation, your families needs if married with children and so many other factors that my best advice I give potential business opportunity buyers is to READ FIRST as much as possible about the industry as a whole. Get a better feel for what a Business Opportunity is vs. a Franchise for instance. Ask yourself: What Are The Advantages of Buying A Business Opportunity Versus A Franchise?
How to Buy a Business Opportunity – Let me answer one of your next questions that after reading this far you have started to ask yourself… What are some other serious perks to pine when looking to buy a Business Opportunity, versus a Franchise you ask my friends? Well, the answers are pretty easy and most will pop right out at you. You are often not helped with site selection if it applies, free legal advice, free mentoring, a tried, tested and proven system of operation that is uniform that anyone can follow, free training, better and more marketing and adverting strategies that most independent potential business owner(s) can’t afford or have the knowledge to go it on their own. However with all that said I have some solutions for you that can fill in most of these blanks and by buying a business opportunity often the most vital aspect of ownership is no ongoing royalties. That aspect alone can be the game-changer for most. Others like the structure though that a Franchise can offer. Get started on our Home Page and begin to potentially become a small business owner yourself!
Carpe Diem My Friends