Some people start their own businesses to get away from corporate life, so they can build something of their own. Others want the flexibility that running your own business presents. Maybe you want autonomy or to work for yourself and not for someone else.
It’s just as important to think about how you’ll manage and grow your business, even before it starts up and if it does fail, what then?
Consider this blog post a helpful guide on how you can become a business owner.
1) Purchase an existing business
Buying a business is often overlooked as a way in which you can become a business owner. However, there are some distinct advantages to doing so.
Firstly, you don’t need start-up capital and they are often in a good financial position to be bought.
Secondly, as the owner of the business, you can earn income from day one – you would not get that benefit if you were to start your own company. You will also have access to your investment money more easily.
Thirdly, there is considerably less risk than in starting a business from the ground up. You already have a proven business model and an existing client base. You might need to tweak the business model to make it better, but you will be way ahead of the start-up game.
Finally, your previous skills might help you be a more effective business owner. For example, you might be currently working in a bookkeeping/accounting job, and have strong business administration skills that could easily transfer.
There is plenty of support to help you succeed, for example, Poe Group Advisors can help find a CPA firm for sale. Don’t go looking for the perfect company though; consider something that needs improvement and has some potential. You can pour in your expertise and work ethic to make it profitable again.
2) Start your own business
Often seen as the more common method of becoming a business owner is to start from scratch and create your own business. Starting your own business will require some investment upfront. However, once the business is running, you are the one in control. This might mean that hiring people is easier.
It’s a big step and requires huge amounts of hard work and determination, but the rewards are potentially many if your business does well. You can therefore reap the rewards of being a business owner.
As with purchasing a business, there is plenty of support to help you succeed. For example, there are many very good online resources available for small business owners to help them succeed.
Becoming a business owner is an endeavor to be taken very seriously. You will be investing time, energy, and money into your business.
The above options are just two of the many ways in which you can become a business owner. The point of this blog post is to give you a starting point from which to begin your journey.
