Who are the types of people who buy a business opportunity or small franchise According to people in the field, this type of career move appeals to a wide range of personalities. If you’re worried that you don’t have what it takes, relax. Entrepreneurs come in all shapes and sizes.
You don’t need to be a natural born salesperson or a management whiz to make it worth, though those characteristics wouldn’t hurt! Here is a look at the types of people who are buying business opportunities and making them successful.
Who Buys Biz Opps? And Why?
People who are successful at becoming their own boss make the most of their strengths and take the time to match the franchise or other business opportunity to their personalities and their interests.
Here is a look at three traits that can help you make a go of it when you buy a business opportunity.
Management skills. If you have experience supervising workers, you’re ahead of the game. Most small businesses require you to hire outside help at least occasionally. As your grow, you will need regular employees. And you can’t even get away from this need with the myriad internet businesses available because they use outsourcing to expand their reach.
Clearly you need management skills to be successful. But don’t worry if you don’t have hands-on experience. The most important person for an entrepreneur to manage is himself. It is essential to stay on task, get jobs done, work with suppliers and customers and stay on top on your finances. These are the critical management skills you need to run your business successfully.
Work with people well. There are few, if any, businesses that let you operate in a vacuum. Customers, suppliers, banks and employees are part of an entrepreneur’s day. As long as you can build and maintain relationships, you have what it takes to run a small business.
Detail person. Running your business on a daily basis is dealing with one detail after another. Unless you have the money to hire a manager, you need to effectively handle all the daily tasks thrown at you. The better you master the small tasks, the more streamlined your business will operate. And the more money you will make.
Responsibility and autonomy. The most common traits among entrepreneurs are the need to work free of oversight and the ability to make their own decisions. If that describes you, you are a natural for owning your own business opportunity.
Where Are These Entrepreneurs?
People who want to work for themselves are all over the demographic spectrum. Millennials, those born between the early 1980s and 2000, are starting their own businesses in record numbers. And at the other end of the spectrum, Boomers, who were born between 1946 and 1964, are choosing to start a business after getting downsized or after retirement. Those in Generation X, born 1965 through 1984, report great satisfaction after leaving the cubicle culture for the risks of operating their own business.
Both men and woman enjoy the freedom that comes with owning their own company. There are a large number of stay-at-home moms who are using the internet to create thriving businesses that they can operate in their own time, working around their children’s needs. Men who are tired of office politics and worries about getting laid off are starting sideline businesses that they hope to turn into full-time occupations.
How Do I Start?
Research is the key to successful entrepreneurship. First take stock of your own interests, skills, education and financial needs. Crunch the numbers so you know where you are right now. How much do you require for living expenses? How much savings can you fall back on? Do you and your family have enough to live on for 6 or 12 months while your business takes off?
Then research the right opportunity that matches your strengths. Make sure it is something that captures your interest because you will be living it 24 hours a day while you get it started. Is there a market for your product or service? What are your competitors charging? Are they selling enough to make a stable income?
If you want to buy an established business, find an accountant who understands how to evaluate its possibilities. If you want to buy a franchise, research the potential sales and how other franchisers are doing. Ask about training, marketing support and financial terms.
Where Do I Get Support?
Get your first tier of support close to home. Make sure your family is behind your decision. You can’t start a new business successfully if your spouse and children aren’t happy with the decision. Talk to relatives and friends. They can be a source of referrals, advice about suppliers and even as lenders or investors in your new enterprise.
If you want to buy a business, ask the current owner if he will act as a consultant, probably for a fee, in the early months. If you are buying a small franchise, make sure that the one you are interested in has ongoing training and provides regular marketing materials and help with campaigns. This is one of the biggest advantages of owning a franchise, so make sure the one you pick has the resources and system to help you after you invest in it.
Check out the Senior Corps Of Retired Executives, better known as SCORE, a resource from the Small Business Administration, or SBA. Take classes offered by your SBA and community college on a wide range of topics dealing with starting a new business. Find out if your local university or other group has a small business incubator open to businesses like yours.