Every day at First Choice we meet people who are about to buy a business. Some of them have done this before, and know exactly what they want. Others are first timers, and are less sure about what type of opportunity to take up. We have so many types of business for sale, that sometimes people become confused because of the wealth of opportunities available.
The best advice we can give you? Go for something that suits you. We get our job satisfaction from seeing you buy something you will love doing for years.
So, how do you narrow it down? What should you be thinking about? Here are some ideas:
• Think about your past goals, hopes and dreams, or what you wanted to do when you were little. These are good clues about what makes you happy, and gives you fulfilment. So, an artistic person might think about a signwriting business, or a hairdressing business. A mechanical person might think about a mechanical repair workshop or franchise. A lively, friendly, social person might be suited to buying an opportunity in the retail or hospitality sectors. A person who likes to serve and help others might be well suited to an aged care or health care opportunity, or even a hotel-motel opportunity.
• Think about your personality, and what activities you do that make you feel alive, or activities that make the hours seem to slip by. If you’re an outgoing person, you might want an opportunity that gets you front-of-house, or managing a lively team, such as something in hospitality. But a shy person might want an opportunity that requires a few hours in the office, behind the scenes – perhaps ordering stock, or balancing the books?
• Do you want to work alone, to manage others, or simply invest? This question is all about whether you see yourself as hands-on in the business, or whether you would be better suited to an opportunity that is under management. This question also strikes at the heart of how large an opportunity you want to buy. For example, a smaller business might not have the cash flow to employ a large team, so you might need to be more hands-on, or there might not be many staff to “lead”. A large franchise, café, or retail opportunity, on the other hand, might already have a manager, in which case, your input will be needed less regularly.
• Think about lifestyle questions: do you require a high income, or do you have more simple requirements? This question strikes at how much time and energy you want to invest, and (usually) how much money you have to invest. A business with a higher turnover will cost more to buy than one with a lower turnover.
Buying a business is an exciting time, but can also cause some people stress. Don’t be shy about giving your broker feedback along the way. If they’ve shown you an opportunity that didn’t suit you, let them know. To match you with an opportunity that really suits you, you should let them know your needs, dreams, plan and vision. A good agent will answer your concerns, so that you can make a wise decision.
First Choice have been helping buyers over the past two decades to make their dreams a reality. We have had over a thousand successful business transactions. With this experience, we know that we will only be able to match you with something that suits you if we spend a good amount of time getting to know you. A good agent will want to understand what you want, so that they can do a better job. Think of this as a real partnership – if you tell us your hopes for your future, we have a better chance at matching you with an opportunity that will change your life for the better.