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Dream of Being Your Own Boss…Then Buying a Business Makes Sense

best boss 300x300 - Dream of Being Your Own Boss...Then Buying a Business Makes Sense

best_boss-300x300If you’ve ever thought about buying a business, you’re one of many people who have dreamed of being their own boss. Buying a company could be one of the best decisions you ever make, one that leads to independence and the potential for big rewards. But running your own business can also be challenging and risky. So, before you invest your time and money, make sure you understand what it takes to be a successful business owner and be sure you understand both the advantages and disadvantages of being your own boss.

On the plus side:

You’re in control of your work life–you can choose the projects or clients to go after

You can make a living doing something you want to do

You have a chance to earn more than you could working for someone else

You build something that’s your own and that can provide a sense of accomplishment that’s difficult to match when you’re working for someone else

On the other hand

You may find yourself working more

You may face an uncertain income and cash flow

Finances will be more complicated

You have to do everything yourself or hire someone to help you

Owning your own business requires the traits and spirit of an entrepreneur: drive, energy, self-confidence, focus, goal-setting and problem-solving.

The failure rate for start-ups is high, but it’s much lower for businesses that have been around five years so, if you’ve considered all of the above and still believe you want to own your own business, think about buying an existing business. They can represent excellent opportunities. Instead of starting from nothing it makes sense to look for a small business with a track record and at least three years of verifiable financial records and tax returns.

So how do you find one of these opportunities? A good business broker will make the task much easier. Once a broker understands your needs, he or she can help you find an opportunity that will be a good match and help you fulfill that dream of being your own boss.