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What is the right business for you?

By Richard K Parker

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Published: 06Aug2009
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You will have a long list of questions when you are looking into the possibility of buying a business. You might already think that this list of questions represents a daunting enough proposition, but extra attention at this phase will help you select the enterprise that is right for you and give you the best chance of becoming one of those relatively rare people who actually become successful business owners.

One of the first things that you need to do is to take a long hard look at yourself. What are your strengths and weaknesses? You will honestly need to identify the weaknesses first, understanding how important these factors are, how you might deal with and overcome them and whether they represent a "showstopper" when it comes to certain categories of business. You will need to understand that to own a business requires a multitude of talents, some of which may be natural, others may need to be acquired and still more will dictate that you turn to professionals and advisers for assistance.

Ask yourself whether you are comfortable dealing with the wants and needs of numerous customers or have the ability to interact with a very wide range of personalities. Are you a people person? Or would you be happier dealing with a business with a smaller number of clients who may represent a larger source of income between them?

When it comes to dealing with people, would you be happy handling a large number of employees, who themselves have their own wants and needs, schedules and problems. It may be that you would be happier in a one or two-person environment.

How many hours are you willing to dedicate to the business. When you own a business, the experience can very often be around-the-clock, and some retail enterprises have lengthy operating hours by their very nature. Would you be happier with a 9 to 5 commitment?

Another critical question to ask yourself - do I want a product or service oriented business? At this stage you should ask yourself whether you are happy handling large amounts of inventory or whether you would prefer to deal in a more intangible way.

Take a look at your strengths and weaknesses, again. Identify your areas of familiarity and whether you know a particular industry better than others. You may already be an expert within a particular niche, and when buying a business you should try and exploit every advantage that you have. Is there one industry that you are particularly excited about? It almost goes without saying that you should steer away from an industry that you least desire. Within your current and former careers, is there a particular position that suited you best? If you are naturally good at one role or the other, seek to buy a business that enables you to capitalize on this position.

Many people advise against this, but you could consider turning your hobby into a business. On the one hand, you will be especially motivated if this is something that you really like to do. Some would advocate that additional stresses and pressures involved when you own a business based on your erstwhile hobby will quickly lead to you losing the interest and passion that existed before. However, rarely does a hobby qualify you to run that type of business and so making sure you have the right skills to be successful are far more important than having a passion for the product. After all, it is the profit, not the product, that pays the bills and builds value when you buy a business.

How much money do you have to invest, or how much money do you have access to? Value a business or two and ask yourself whether you would be happier buying a struggling and maybe undervalued business, using your particular skills and time to turn the enterprise around, or whether you are looking for a steady business that is profitable right now.

The right business is the one that meets all your criteria and you should be enthusiastic and passionate about your final selection. Make sure that you bring in trusted accountants and financial advisors, never let your heart rule your head during the decision-making process and buy a business that is right for you, for the long haul.

Richard Parker is the author of the How to Buy a Good Business at a Great Price series. As President and founder of Diomo Corporation - The Business Buyer Resource Center, his materials, seminars and consulting have helped thousands of business buyers realize their dream of buying a business. Want to find out more about business buying strategies that really work, then look no further than=> http://www.diomo.com/

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