How long does it take to buy a business
How long does it take to buy a business?
In a normal economy, becoming an entrepreneur is attractive to many people for many reasons. In today’s economy, it’s become more attractive as there is a lack of good jobs and with unemployment so high including many more applicants than jobs. As a result, if you can’t get a job its practical to look for alternatives and this therefore includes looking at becoming an entrepreneur or small business owner.
How long does it take before I own and operate my own business?
I am suggesting 6-months as there needs to be a logical process and some structure to make sure that first, you ask the right questions, then you allow yourself time to find the right answers to those questions and then make the right decision. There are many analogies to support this approach, for example, you have to walk before you can run and you don’t sit for your driver’s license test after your first time driving a car. Deciding whether or not to become an entrepreneur is a big step, so let’s break it down and take it one step at a time.
Assess Your Personal Strengths & Experience
The first step should all be about you. Hopefully you already know yourself but do you know your personal strengths and weaknesses you’ll be called to use when running your own business? Consider seeking out business owners you respect and admire and ask them their personal strengths and weaknesses and if they know you well enough, ask them what they think are yours. If you ask family, be aware you may either not get the answers you are looking for or it may come to you through their own filter.
Once you’ve become comfortable with your personal strengths and weaknesses, do a little research on what it takes to own and operate a business. Find some good books, research some industries you know to see if this is where you would like to operate a business. It is critical that you look at going into business in an industry you know. If you are determined to go into an industry where you have limited knowledge and experience, decide how you plan to get the necessary experience in that industry and with the type of business you would like to run. This is another case where honesty is the best policy.
Once you’ve become comfortable with the above, consider doing some research on common reasons why a business fails or does not succeed. Is it a lack of management experience, new technologies that keep changing the market, poor record keeping, too many skills to learn too quickly, the industry is in decline as something bigger and better is replacing it, competition from new players with deep pockets or a combination of all and more of these reasons? Do some market analysis and even consider hiring some research students from a nearby college or university or adult learning centers to help you get your answers and provide a foundation for your next step.
As you can see, we have only covered the first step. It takes time, thought and energy all of which at the moment are free. Spend your time, thinking and energy wisely and it will help bring a great return on investment for you.