Unless you have truly invented the better mouse trap or created a new service that consumers can’t live without, it is more than likely that you won’t be the first to bring it to market. It may be your best bet to buy an established business opportunity that can give you an existing platform on which to build and prosper. A home-based business doesn’t have to be a pie-in-the-sky dream. It can represent a real job and real income when thoroughly researched before buying.
The challenge for many then becomes, “How should I go about buying a business?”
• You need to ask yourself if you’ll be buying an opportunity that provides you with a full-time job, supplements an existing income, or simply allows for the purchase as a part-time investment.
• Doing your homework is a recurring theme in my blog postings and in this case, it couldn’t be truer. The more you know the less risk you’ll expose yourself to when you finally make the decision to buy. You need to thoroughly investigate the industry you are considering and determine if it’s a target market niche that you will enjoy working in. This will aid you in deciding if this is really a business you should buy.
• You need to do additional research by attending industry meetings, reading various blog postings, visiting related websites, signing up for business opportunity information on this site so that you can talk to existing business owners who bought into that same opportunity to see what their pitfalls and successes have been.
• A critical step is to appraise your own experience, skills, and background to determine if this business is a prime fit for you.
• Ask yourself if there’s a reasonable predictability of future growth in earnings? If not, then don’t buy and continue your research until you find the right fit for you.