Buying an existing business represents less of a risk than starting a new business from scratch, but it’s important that you consider your talents and interests. Being honest about your skills and experience can help you make the right choice. Only you can determine the right business for your needs, but you’re going to be spending a lot of time, thought, and energy on the business you purchase. You don’t have to have exact experience in the industry or business you’re buying but, in order to be successful, you must have skills that will transfer well.
Being honest about your skills and experience can help you eliminate options that won’t be a good fit. Since we don’t always see ourselves as others see us, it can be very useful to talk to people you trust who know you well and to former colleagues and bosses. Find out where their assessment of your strengths and skills match your own and where they differ.
One you have a good, realistic analysis of your strengths, you can identify potential businesses to buy that will let you make good use of those talents.
Only you know what truly interests you, but you do know you don’t want to find yourself trapped in trying to run and grow a business that you find tedious and boring.
Once you figure out your unique skills and how to translate your experience to different situations, there are many positive reasons to buy an existing business. A good place to start is knowing yourself and your talents and interest. After all, they’re important!