Should You Consider Buying a Business Instead of Growing One Yourself?

Growing a business is an extremely time-consuming and difficult task that can take several months if not years. In fact, for a business to start and grow to a profitable level within a few months is an incredible feat that won’t happen often. However, there is another option that you can rely on if you’re looking to start your own business; buying a company.

Buying a business comes with many great benefits, so we’ll be explaining the majority of them in this article and giving you a better understanding of why it’s done.

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You’ll have a business that is already somewhat established

One of the top reasons why people buy businesses is because they’re already somewhat established. Instead of trying to come up with a unique idea that may or may not work, you can look for small business brokers that have listed businesses with working ideas that are already generating profits. By adding your expertise and connections to these businesses, you can improve on what’s already there and transform it into a profit-generating company.

Employees will already have the knowledge and expertise to run the company

When you buy a business, it typically comes with all of the employees that worked for it. While some of them might be reluctant to work for someone new, they’re going to have all of the expertise and knowledge you need to ensure that the business runs smoothly. This is why you should do whatever you can to keep those staff in the company.

There should be a reliable source of income already

Generating profit while running a small business is incredibly challenging. Most small businesses will take years of paying off debts before they can actually reach a sustainable level of profit. However, if you’re buying a business, then it means you can actually secure a reliable source of income sooner than you think.

However, there are downsides that you should consider too

Just don’t forget that there are a few downsides to buying a business.

  • A large investment is needed for buying a business. It’s not going to be cheap because not only are you paying for the business itself, but you’ll also be paying for all of the services it uses and the staff it employs.
  • You also need working capital to ensure that the business can continue running. While it might be generating a decent amount of profit, you still need money for things like buying stock and paying for services.
  • You inherit outstanding contracts, meaning you’ll have to understand the position that the business was in before you took over and fulfill those outstanding contracts in the previous manager’s place.
  • Don’t forget that there’s likely a reason why the business is being sold. Perhaps the industry isn’t as popular as it was before, or maybe there are problems with the retail store that aren’t being revealed yet. Always be cautious when buying a business.

Hopefully, this article has given you some things to consider before you decide to grow or buy a business.

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Don’t Settle For Less: Find Your Ideal Career

Don’t Settle For Less: Find Your Ideal Career

Not many jump at the idea of working from a nine to five desk job that pays minimum wage with little to no benefits. Unfortunately, for many people, this is their reality. 

To many, even having sufficient funds doesn’t cover basic necessities, home repair (e.g., Boulder window, foundation repair, roof repair, etc.), or other additional expenses. 

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In It For What?

In other words, why do you want to pursue your career? Is it money, fame, power, impact, or goals?

For many, a successful life encompasses a fancy car, expensive shoes, shiny rocks, and endless amounts of money to spend. However, successful life is about service, family, or adventure for others. Whichever your dreams are regarding your career path, you must know why you want to pursue it. 

No amount of money can diminish your desire to find passion in an ideal career. 

As a matter of fact, a study resurfaced in various newspapers that happiness is at its peak once a person hits a 75,000 salary. Anything higher than that amount won’t bring you the joy you crave. 

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Earning a good wage is vital for anyone’s quality of life, but as Nobel laureate recipient Angus Deaton found, money doesn’t necessarily buy happiness. So, be careful of choosing a career merely for the zeros in the salary. 

How Far Are You Willing To Go?

Successful careers can be gratifying, but sometimes the price may be too high to pay. For example, say you’re the type to want to wander the world but get easily homesick or fear leaving your family. 

Then, becoming a diplomat in a foreign country may not be the wisest choice. 

What if you dislike interacting and working with teams to accomplish projects? Then, training to be a management consultant will prove to be complicated. 

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Commitment is also a significant factor to consider before settling on a career. Once again, if you enjoy spending significant time at home with your loved ones, you’ll narrow down your choices to fit your needs. 

Some jobs require a commitment to training and rigorous study (e.g., neurosurgeon, lawyer, political scientist, analyst, physicist, etc.). 

Another thing to factor to consider is its impact. Think about what sort of impact will this career have in your life. Some jobs are more stressful than others, while a few require extensive hours of dedication and hard work.  

When In Doubt Try & Fail

Not sure if a particular job is for you? Give it a try!

College students feel the pressure of declaring a major. Approximately eighty per cent of college students change their majors. Certainly, stressing about questioning career paths in college is entirely normal. 

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Study in college, earn an online degree, learn any skills online, or develop your own business, but start somewhere. Nothing is more frustrating than having the passion for something you never gave yourself the chance to try. 

Growth is about doubting. Discover what interests you. Challenge what you know and question if you’re happy working in your chosen career. 

It’s Never Too Late

How old are you? If a digit number is the only thing holding you back, you’ll learn that age is a state of mind with time. Some of the most successful individuals have failed during their 20s, 30s, and 40s. 

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An ideal career may be many. Some people become writers, philosophers, professors, and entrepreneurs in a single lifetime. Look at Mae Carol Jemison’s life. She became the first African American woman in space. Not only was she a NASA astronaut, but she was also an engineer, physicist and conducted various experiments. 

Jemison never settled. She began writing autobiographies inspiring thousands of others to reach for the stars. Why should you settle for anything less?

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